# EDGAR Filing Document

**Accession Number:** 0001195734
**File Stem:** 0001193125-25-200179
**Filing Date:** 2025-9
**Character Count:** 92970
**Document Hash:** f5910e139a307d07386e788a0f4102ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-200179.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0001193125-25-200179

**CONFORMED SUBMISSION TYPE**: SC14D9C

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250910

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POTBELLY CORP
- **CENTRAL INDEX KEY:** 0001195734
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 364466837
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** SC14D9C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87909
- **FILM NUMBER:** 251306535

**BUSINESS ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3129510600

**MAIL ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POTBELLY CORP
- **CENTRAL INDEX KEY:** 0001195734
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 364466837
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** SC14D9C

**BUSINESS ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3129510600

**MAIL ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14D-9** 

**Solicitation/Recommendation Statement** 

**Under Section 14(d)(4) of the Securities Exchange Act of 1934** 

## Potbelly Corporation
**(Name of Subject Company)** 

**(Name of Person Filing Statement)** 

**Common Stock, $0.01 par value per share** 

**(Title of Class of Securities)** 

**73754Y100** 

**(CUSIP Number of Class of Securities)** 

**Adiya Dixon** 

**Senior Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary** 

**Potbelly Corporation** 

**500 W Madison St. Suite 1000** 

**Chicago, Illinois 60661** 

**(312) 951-0600** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications** 

**on Behalf of the Person Filing Statement)** 

**With *copies to:*** 

**Robert M. Hayward, P.C.** 

**Ashley Sinclair** 

**Kirkland & Ellis LLP** 

**333 West Wolf Point Plaza** 

**Chicago, IL 60654** 

**(312) 862-2000** 

☒ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

------

This Schedule 14D-9 filing consists of certain communications relating to the proposed acquisition of Potbelly Corporation, a Delaware corporation (the "<u>Company</u>"), by RaceTrac, Inc., a Georgia corporation ("<u>RaceTrac</u>"), pursuant to the terms and subject to the conditions of an Agreement and Plan of Merger, dated as of September 9, 2025 (the "<u>Merger Agreement</u>"), by and among the Company, RaceTrac and Hero Sub Inc., a Delaware corporation and a wholly owned subsidiary of RaceTrac (the "<u>Merger Sub</u>"). Pursuant to the Merger Agreement, upon the terms and subject to the conditions thereof, Merger Sub will commence a tender offer (the "<u>Offer</u>") to purchase all of the shares of common stock of the Company, par value $0.01 per share, issued and outstanding (the "<u>Shares</u>"), at a price of $17.12 per Share in cash, without interest thereon (but subject to applicable withholding). If successful, the Offer will be followed by a merger of Merger Sub with and into the Company (the "<u>Merger</u>") pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, with the Company continuing as the surviving corporation in the Merger.

This Schedule 14D-9 filing consists of the following documents relating to the proposed Offer and the Merger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Excerpts from a Wall Street Journal article, published on September 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Email from the President and Chief Executive Officer of the Company provided to employees of the Company on
September 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Email from the President and Chief Executive Officer of the Company provided to franchisees of the Company on
September 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Email from the Senior Vice President and Chief Operating Officer of the Company provided to vendors and
partners of the Company on September 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employee FAQs, first used on September 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Franchisee FAQs, first used on September 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Investor FAQs, first used on September 10, 2025.

The information set forth under Item 1.01, 5.02, 8.01 and 9.01 of the Current Report on Form 8-K filed by the Company on September 10, 2025 (including all exhibits attached thereto and incorporated therein by reference) is incorporated herein by reference.

**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The Offer described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac and Merger Sub will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of the Company common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE

------

DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>, and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by the Merger Agreement, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement,

------

which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the Merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.

------

**Exhibit Index** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | [Excerpts from a Wall Street Journal article, published on September 10, 2025.](d947202dex991.htm) |
| 99.2 | [Email from the President and Chief Executive Officer of the Company provided to employees of the Company on September 10, 2025.](d947202dex992.htm) |
| 99.3 | [Email from the President and Chief Executive Officer of the Company provided to franchisees of the Company on September 10, 2025.](d947202dex993.htm) |
| 99.4 | [Email from the Senior Vice President and Chief Operating Officer of the Company provided to vendors and partners of the Company on September 10, 2025.](d947202dex994.htm) |
| 99.5 | [Employee FAQs, first used on September 10, 2025.](d947202dex995.htm) |
| 99.6 | [Franchisee FAQs, first used on September 10, 2025.](d947202dex996.htm) |
| 99.7 | [Investor FAQs, first used on September 10, 2025.](d947202dex997.htm) |

---

## Exhibit 99.1

**Exhibit 99.1** 

Potbelly Chief Executive Robert Wright said that Potbelly and RaceTrac would remain distinct brands after the deal closes. "Their strategy isn't necessarily to put a Potbelly in every RaceTrac," he said.

Rather, Wright said, the sandwich brand hopes the new ownership will help it reach its goal of 2,000 stores.

. . .

Wright said that Atlanta-based RaceTrac made an unsolicited approach to the sandwich company, and that the deal came together quickly.

. . .

Wright said the investor pressure didn't affect the decision to sell the chain.

**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The tender offer (the "<u>Offer</u>") described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac, Inc. ("<u>RaceTrac</u>") and Hero Sub Inc. ("<u>Merger Sub</u>") will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of Potbelly Corporation (the "<u>Company</u>") common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE

------

DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them <u>under the "SEC Filings" section of the Company's website at https://investors.potbelly.com</u>, and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or <u>under the "SEC Filings" section of the Company's website at https://investors.potbelly.com</u>.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by an Agreement and Plan of Merger, dated as of September 9, 2025, by and among the Company, RaceTrac and Merger Sub (the "<u>Merger Agreement")</u>, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the

------

Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the merger of Merger Sub with and into the Company (the "<u>Merger</u>") may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.

## Exhibit 99.2

**Exhibit 99.2** 

**EMPLOYEE EMAIL**

**Subject:** Important Potbelly News

Team,

Following today's Town Hall, I'm excited to share the news that, as of this morning, Potbelly has entered into an agreement to be acquired by RaceTrac, one of the largest private companies and convenience retailers in the United States. You can read this morning's press release here.

Importantly, this acquisition will not change who we are as a brand. Through this transaction, we believe we will have more opportunities to accelerate our growth plans while deepening our focus on delivering delicious food and great customer experiences in every shop.

For those unfamiliar with RaceTrac, it operates more than 800 convenience stores across 14 states under the RaceTrac and RaceWay brands. It also fuels consumers through approximately 1,200 Gulf branded locations across the United States and Puerto Rico. As a family-owned business since 1934, we believe RaceTrac's vast resources and proven history of success will open the door to new opportunities for both our team members and franchise partners.

Over the last several years, we've built a strong foundation and generated tremendous momentum, positioning Potbelly for a moment like this. We've proven our ability to successfully grow into new neighborhoods, and today we are well on our way to achieving our long-term goal of reaching 2,000 shops. RaceTrac recognizes Potbelly's potential and believes in the opportunity to realize significant expansion through our strategic franchising model. Most importantly, they share our commitment to quality and operational excellence – and their vision to make people's lives simpler and more enjoyable aligns perfectly with our own mission to delight customers with great food and good vibes.

As we enter this exciting next chapter, I truly believe this transaction will take Potbelly to new heights. This is about growth, and it doesn't change who we are as a brand. As a subsidiary of such a large and successful private company, we can focus on what we do best – innovating with intention, operating with purpose, and delivering the exceptional experience that defines Potbelly and keeps customers coming back. We anticipate the transaction will close in the fourth quarter of fiscal year 2025, subject to the satisfaction of customary closing conditions, at which point we will no longer be a publicly traded company.

For now, it's **very important to note** that we are still a public company while the potential transaction goes through a customary closing process, subject to the satisfaction of customary closing conditions. During this transition period, we ask that you refrain from commenting on this news externally, including to investors and members of the press. If you do receive any questions from external parties, we ask that you please direct them to <u>PotbellyPR@icrinc.com</u>.

------

As we move forward, we will keep you posted on next steps, but unless directly notified by your manager, there will be **no changes to your day-to-day work**. It's still business as usual at Potbelly, and we need to focus on serving our customers with passion and craveable food as we always do.

Thank you for the passion and dedication you all bring to work every day. I am so proud of this team and the work we've done together to unlock opportunity for this incredible brand. The future is bright at Potbelly!

Best regards,

Bob Wright

**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The tender offer (the "<u>Offer</u>") described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac, Inc. ("<u>RaceTrac</u>") and Hero Sub Inc. ("<u>Merger Sub</u>") will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of Potbelly Corporation (the "<u>Company</u>") common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

------

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>, and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by an Agreement and Plan of Merger, dated as of September 9, 2025, by and

------

among the Company, RaceTrac and Merger Sub (the "<u>Merger Agreement")</u>, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the merger of Merger Sub with and into the Company (the "<u>Merger</u>") may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.

## Exhibit 99.3

**Exhibit 99.3** 

**FRANCHISEE EMAIL** 

**Subject:** Important Potbelly News

Dear Potbelly Franchisees,

I am writing to you today with exciting news. As of this morning, Potbelly has entered into an agreement to be acquired by RaceTrac, one of the largest private companies and convenience retailers in the United States. You can read this morning's press release here.

Importantly, this acquisition will not change who we are as a brand. Through this transaction, we will have more opportunities to accelerate our growth plans while deepening our focus on delivering delicious food and great customer experiences in every shop. Most importantly, we believe this will position us to deliver even more value to you as our franchisee partners.

For those unfamiliar with RaceTrac, it operates more than 800 convenience stores across 14 states under the RaceTrac and RaceWay brands. It also fuels consumers through approximately 1,200 Gulf branded locations across the United States and Puerto Rico. RaceTrac's vast resources and proven history of success will also open the door to new opportunities for our Potbelly franchisee partners.

Importantly, RaceTrac recognizes Potbelly's potential and believes in the opportunity to realize significant expansion through our franchising model. They share our commitment to quality and operational excellence – and their vision to make people's lives simpler and more enjoyable aligns perfectly with our own mission to delight customers with great food and good vibes.

Your partnership has been, and will continue to be, central to our success. I am so proud of the work we have done together to advance Potbelly and am confident that this new chapter will bring greater opportunities to share our special experience with our customers.

I want to quickly address a few things of note. First, we anticipate this transaction will close in the fourth quarter of fiscal year 2025, subject to the satisfaction of customary closing conditions, at which point we will no longer be a publicly traded company. Second, at 8:45am ET today we will host a Franchisee All-Hands call to speak to this development – a meeting invite will be sent out shortly. In the meantime, if you do receive any questions from external parties, we ask that you please direct them to <u>potbelly.communications@potbelly.com</u>.

I am so proud to have you as a partner, and together we are ready to capture the opportunities ahead for this incredible brand. We thank you for your dedication and I'm excited for what this next chapter brings. The future is bright for Potbelly!

Best regards,

Bob Wright

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**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The tender offer (the "<u>Offer</u>") described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac, Inc. ("<u>RaceTrac</u>") and Hero Sub Inc. ("<u>Merger Sub</u>") will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of Potbelly Corporation (the "<u>Company</u>") common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>, and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal

------

and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by an Agreement and Plan of Merger, dated as of September 9, 2025, by and among the Company, RaceTrac and Merger Sub (the "<u>Merger Agreement")</u>, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the merger of Merger Sub with and into the Company (the "<u>Merger</u>") may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the

------

effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.

## Exhibit 99.4

**Exhibit 99.4**

**VENDOR/PARTNER LETTER**

**Subject:** Important Potbelly News

Dear [Partner/Vendor Name]

I am writing to you today with exciting news. As of this morning, Potbelly has entered into an agreement to be acquired by RaceTrac, one of the largest private companies and convenience retailers in the United States. You can read this morning's press release here.

Importantly, this acquisition will not change who we are as a brand. Through this transaction, we will have more opportunities to accelerate our growth plans while deepening our focus on delivering delicious food and great customer experiences in every shop.

For those unfamiliar with RaceTrac, it operates more than 800 convenience stores across 14 states under the RaceTrac and RaceWay brands. It also fuels consumers through approximately 1,200 Gulf branded locations across the United States and Puerto Rico. RaceTrac's vast resources and proven history of success will also open the door to new opportunities for our partners.

Importantly, RaceTrac shares our commitment to quality and operational excellence – and their vision to make people's lives simpler and more enjoyable aligns perfectly with our own mission to delight customers with great food and good vibes.

A quick note on timing: we anticipate the transaction will close in the fourth quarter of fiscal year 2025, subject to the satisfaction of customary closing conditions, at which point we will no longer be a publicly traded company.

Your partnership has been, and will continue to be, central to our success. Along with that, your current Potbelly point of contact and existing agreements remain in place.

I am so proud of the work we have done together to advance Potbelly and am confident that this new chapter will bring greater opportunities to share our special experience with our customers.

We are grateful to have you as a partner, and together we are ready to capture the opportunities ahead for this incredible brand. We thank you for your dedication and I'm excited for what this next chapter brings. The future is bright for Potbelly!

Best regards,

Adam Noyes

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**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The tender offer (the "<u>Offer</u>") described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac, Inc. ("<u>RaceTrac</u>") and Hero Sub Inc. ("<u>Merger Sub</u>") will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of Potbelly Corporation (the "<u>Company</u>") common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u><u>,</u> and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>.

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**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by an Agreement and Plan of Merger, dated as of September 9, 2025, by and among the Company, RaceTrac and Merger Sub (the "<u>Merger Agreement")</u>, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the merger of Merger Sub with and into the Company (the "<u>Merger</u>") may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the

------

Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.

## Exhibit 99.5

**Exhibit 99.5** 

**EMPLOYEE FAQs**

**<u>Transaction Rationale</u>**

**Q: What is being announced?**

A: Potbelly, the iconic neighborhood sandwich shop concept, announced today that it has entered into an agreement to be acquired by RaceTrac, Inc., one of the largest private companies and convenience retailers in the United States. Once the transaction closes, we will no longer be a publicly-traded company. We anticipate that this acquisition will enable us to accelerate our growth plans and will only further enhance our efforts to elevate our customer experience and provide high quality, craveable sandwiches.

**Q: How will this announcement impact/benefit Potbelly?**

A: We believe the acquisition positions Potbelly to dramatically accelerate its proven growth story, building on a strong foundation for sustainable expansion and the tremendous momentum generated over the last several years to realize our long-term goal of reaching 2,000 shops. RaceTrac recognizes Potbelly as a beloved brand with a talented team with potential for significant expansion. Franchise partners will also benefit from being part of a strong brand like RaceTrac, which will help amplify awareness and provide resources to support future franchise growth.

**Q. Who is RaceTrac?**

A: RaceTrac is one of the largest private companies and convenience retailers in the United States. RaceTrac is headquartered in Atlanta, Georgia, and operates more than 800 convenience stores across 14 states under the RaceTrac<sup>®</sup> and RaceWay<sup>®</sup> brands, offering guests competitively priced fuel, freshly brewed coffee, and an extensive selection of food and beverages. It also fuels consumers through approximately 1,200 Gulf branded locations across the United States and Puerto Rico. The family-owned company has been serving guests since 1934 and employs more than 10,000 team members.

**Q: Why is RaceTrac buying Potbelly?**

A: RaceTrac recognizes Potbelly as a beloved brand with many talented people that has potential for significant expansion. They've seen our success over the last several years and are committed to supporting our goal of reaching 2,000 Potbelly shops as standalone locations. This strategic move positions both companies advantageously in an evolving retail landscape, allowing RaceTrac to expand its portfolio while fueling Potbelly's accelerated growth plans.

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**Q: How will Potbelly benefit from joining RaceTrac? How will Potbelly's neighborhood sandwich shop concept integrate with RaceTrac's convenience store model?**

A: RaceTrac is one of America's largest private companies with tremendous success and resources in the multi-unit, multi-market consumer facing retail segment. RaceTrac has stated that its current plans are to buy Potbelly for the sake of continuing the growth trajectory that we've already begun. We believe RaceTrac's balance sheet will support Potbelly's accelerated growth. We are excited to be a part of the RaceTrac family and look forward to leveraging our companies' combined expertise in real estate and operations to support our goals.

**Q: You mentioned this transaction helps you "accelerate" our growth plan – how will RaceTrac support that?**

A: RaceTrac's resources will allow Potbelly to further accelerate our growth and create additional opportunities for our team members and franchise partners. RaceTrac is also significantly larger than Potbelly with a healthy balance sheet and other scaled resources we might not have achieved for years to come, if at all. We're excited about the partnership and mutual focus on growth.

**<u>Terms of the Transaction</u>**

**Q: When will the deal close?**

A: We expect the deal to close in the fourth quarter of fiscal year 2025, subject to the satisfaction of customary closing conditions.

**<u>Integration</u>**

**Q: Can you explain the process of integrating Potbelly into RaceTrac?**

A: This is a complementary transaction that is based on growth and focused on accelerating Potbelly's expansion, so it will be business as usual with Potbelly focused on delighting customers with great food and good vibes.

**Q: Will Potbelly's headquarters remain in Chicago?**

A: RaceTrac wants Potbelly to continue operating successfully, and team members are critical to achieving that mission, so no immediate changes are anticipated.

**Q: Will there be changes to job roles or responsibilities?**

A: It remains business as usual. We do not anticipate any changes to roles or responsibilities as an immediate result of the transaction.

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**Q: How can employees get more information or ask additional questions?**

A: We understand you may have questions that have not yet been answered. We encourage you to raise any questions or concerns to your manager or functional leaders. We believe it's important, and are committed to, open communication throughout this process. You may also send any questions to <u>potbelly.communications@potbelly.com</u>. We will do our best to answer frequently asked questions through ongoing communication.

**Q: What can I say if I am asked about the transaction?**

A: You can tell them that this is an exciting development that will take Potbelly to new heights. We'll be better positioned to continue to grow and deliver our high quality, craveable toasted sandwiches to more customers across the country. Please refer any further questions to <u>potbelly.communications@potbelly.com</u>.

**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The tender offer (the "<u>Offer</u>") described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac, Inc. ("<u>RaceTrac</u>") and Hero Sub Inc. ("<u>Merger Sub</u>") will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of Potbelly Corporation (the "<u>Company</u>") common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

------

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u><u>,</u> and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by an Agreement and Plan of Merger, dated as of September 9, 2025, by and among the Company, RaceTrac and Merger Sub (the "<u>Merger Agreement")</u>, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii)

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the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the merger of Merger Sub with and into the Company (the "<u>Merger</u>") may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.

## Exhibit 99.6

**Exhibit 99.6** 

**FRANCHISEE FAQs**

**Q: Does this transaction change who I interface with?**

A: No. Your partnership has been, and will continue to be, central to our success. Unless directly notified there are no changes to how we do business.

**Q: Where can I get more information?**

A: Please reach out to your Franchise Business Consultant or Angelica Lara.

**Q: Will this acquisition affect existing franchise agreements? How would you expect prospective franchisees to react to this announcement?**

A: There is no impact to existing Franchise or Shop Development Area Agreements. We believe new Franchisees will continue to be excited about joining the Potbelly family, given the strong performance results and the added investment for future growth.

**Q: What new resources will RaceTrac provide to your current and future franchise partners?**

A: RaceTrac values how important Franchisees are to our growing system. We anticipate similar support structures across the business.

**Q: Given RaceTrac's background in fuel and convenience retail, what restaurant-specific franchise support will be maintained or enhanced?**

A: We share a commitment and passion to serving our Shop teams, Franchisees and Customers every day. We will explore any opportunities to refine support across the business.

**Q: Will there be changes to franchise fees or royalty structures as a result of the transaction?**

A: No, we don't expect any changes.

**Q: How will RaceTrac's technology investments benefit franchise operations?**

A: This will be evaluated further as the relationship progresses. Any enhancements in technology or support will be explored to mutually benefit the system.

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**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The tender offer (the "<u>Offer</u>") described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac, Inc. ("<u>RaceTrac</u>") and Hero Sub Inc. ("<u>Merger Sub</u>") will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of Potbelly Corporation (the "<u>Company</u>") common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>, and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>.

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**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by an Agreement and Plan of Merger, dated as of September 9, 2025, by and among the Company, RaceTrac and Merger Sub (the "<u>Merger Agreement")</u>, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the merger of Merger Sub with and into the Company (the "<u>Merger</u>") may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in

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commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.

## Exhibit 99.7

**Exhibit 99.7** 

**INVESTOR FAQs**

**Q: Why do you think now is the right time to sell the company? You've been building momentum over the past 5 years and finally becoming a growth concept – why not capture more of that value creation for shareholders?**

A: We believe this transaction maximizes value for shareholders by delivering immediate and certain value at an attractive premium. We're excited about the partnership with RaceTrac, and we believe the offer price compensates shareholders for the momentum we see in the growth of our business. $17.12 represents a 47% premium to Potbelly's 90-day volume-weighted average price as of September 9, 2025. We're grateful to our investors for their investment and support and we're excited to cap their investment with such compelling returns.

**Q: Should we view the company choosing to sell now as an admission that the initiatives for growth in upcoming quarters and years is not as strong as anticipated or that franchisee demand for the brand is slowing?**

A: Absolutely not. We believe the offer price and multiple of trading and future earnings implied by the offer shows that RaceTrac clearly sees the continued momentum. As discussed during our recent quarterly call, we have seen the momentum continue.

**Q: Did the board evaluate continuing as a standalone company, pursuing a different strategic partnership, or exploring other growth acceleration strategies before accepting the offer from RaceTrac?**

A: Yes, of course. The decision to entertain and ultimately accept this proposal is rooted in the objective review of the value creation for the shareholders. We believe this transaction maximizes value by delivering immediate and certain value at an attractive premium.

**Q: Is $17.12 per share truly fair value given your current growth trajectory? Why are we accepting what appears to be a discount? If we were on track to accelerate growth, shouldn't that be reflected in a higher valuation?**

A: RaceTrac is paying for the current and anticipated future growth of the company. We believe this transaction maximizes value by delivering immediate and certain value at an attractive premium.

**Q: How was the $17.12 figure arrived at? What peers or precedent transactions were used to value the company?**

A: The $17.12 figure represents the future value of the company after continued growth over the coming years.

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**Q: If the board believed that $17.12 was a fair value for the company, why have they not allowed you to more aggressively buy back shares in recent quarters?**

A: We've been executing our SRP under the parameters put in place through a 10b5.1 plan several quarters ago. As you know such plans are designed to govern the share repurchase activities without the untimely intervention of the board or management – in the interest of protecting the shareholders. We executed that plan and are pleased to have shared our repurchase results over the previous several quarters.

**Q: Is there a "go-shop" provision in the agreement? Who are you expecting to solicit additional bids from?**

A: No. The merger agreement contains a customary "no shop." Please refer to the merger agreement we filed on Form 8-K on September 10, 2025 for additional details.

**Q: How will Potbelly benefit from joining RaceTrac? How will Potbelly's neighborhood sandwich shop concept integrate with RaceTrac's convenience store model?**

A: RaceTrac is one of America's largest private companies with tremendous success and resources in the multi-unit, multi-market consumer facing retail. RaceTrac has stated that its current plans are to buy Potbelly for the sake of continuing the growth trajectory that we've already begun. One can see clearly their strengths in the areas of real estate, supply chain, talent development and leadership, franchising and technology. Moreover, they have a very strong balance sheet and the ability to support even further acceleration of growth here at Potbelly. We are excited to be a part of the RaceTrac family and look forward to accelerated growth at Potbelly.

**Q: Will your restaurant management team remain the same? What operational changes can our team members and franchise partners expect?**

A: We have had multiple conversations with RaceTrac leadership including the CEO, Natalie Morhous, regarding the future of Potbelly and their foremost objectives are to continue to grow and even accelerate the growth of Potbelly as well as maintain and strengthen the Potbelly brand and culture. We believe that our team will remain largely the same, especially as we operate to support our franchisees and their growth. I also believe that our franchisees will enjoy and appreciate being part of such a large and successful family business. After all, franchisees themselves are primarily family businesses as well.

**Q: RaceTrac operates primarily as a fuel and C-store retailer – how will you preserve Potbelly's unique neighborhood sandwich shop experience?**

A: RaceTrac has stated that its objective is to keep growing Potbelly as the brand we are today. I'm sure we will be able to take advantage of the towering strength in real estate, especially in the southeast where we're developing with our franchisees and their exclusive Shop Development Areas.

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**Q: You mentioned this transaction helps you "accelerate" your growth plan – what is RaceTrac providing that allows you to accelerate your growth plan that you did not already have as a standalone company?**

A: We believe RaceTrac's resources will allow Potbelly to be able to further accelerate our growth and create additional opportunities for our team members and franchise partners. Not only that, but RaceTrac is also significantly larger than Potbelly with a healthy balance sheet and other scaled resources we might not have achieved for years to come. We're excited about the partnership and focus on growth.

**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The tender offer (the "<u>Offer</u>") described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac, Inc. ("<u>RaceTrac</u>") and Hero Sub Inc. ("<u>Merger Sub</u>") will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of Potbelly Corporation (the "<u>Company</u>") common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com,</u> and (once they become available) will be mailed to the stockholders of the Company free of charge. The

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information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by an Agreement and Plan of Merger, dated as of September 9, 2025, by and among the Company, RaceTrac and Merger Sub (the "<u>Merger Agreement")</u>, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the

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possibility that any or all of the various conditions to the consummation of the Offer or the merger of Merger Sub with and into the Company (the "<u>Merger</u>") may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.