# EDGAR Filing Document

**Accession Number:** 0001195734
**File Stem:** 0001193125-25-248610
**Filing Date:** 2025-10
**Character Count:** 70360
**Document Hash:** e852da048b5151e178083afd9ae4505e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-248610.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001193125-25-248610

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**FILER**: 

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36104
- **FILM NUMBER:** 251412856

**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

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): October 23, 2025

## Potbelly Corporation

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36104** | **36-4466837** |
| **(State or other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **111 N. Canal Street, Suite 325** |  |
| **Chicago, Illinois** | **60606** |
| **(Address of Principal Executive Office)** | **(Zip Code)** |

---

(312) 951-0600

#### (Registrant's Telephone Number, Including Area Code)

#### Not Applicable

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $0.01 par value | PBPB | The NASDAQ Stock Market LLC |
|  |  | (Nasdaq Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Introductory Note
As previously disclosed in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "**SEC**") by Potbelly Corporation (the "**Company**"), on September 10, 2025, the Company entered into an Agreement and Plan of Merger (the "**Merger Agreement**") on September 9, 2025, with RaceTrac, Inc., a Georgia corporation ("**Parent**"), and Hero Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("**Merger Sub**").

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| | |
|:---|:---|
| **Item 1.01.** | **Termination of a Material Definitive Agreement.**  |

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The information set forth in Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.

On October 23, 2025, effective as of the closing of the Merger (as described under Item 2.01 of this Current Report on Form 8-K), the Company terminated that certain Credit Agreement, dated as of February 7, 2024, among Potbelly Sandwich Works, LLC, the other loan parties thereto, the lenders party thereto, and Wintrust Bank, N.A., as administrative agent (a copy of which was filed with the SEC as Exhibit 10.1 to the Company's Current Report on Form 8-K on February 12, 2024), and concurrently repaid all commitments and other obligations outstanding thereunder.

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| | |
|:---|:---|
| **Item 2.01.** | **Completion of Acquisition or Disposition of Assets.**  |

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The information contained in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 2.01.

Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, on September 23, 2025, Merger Sub commenced a tender offer (the "**Offer**"), to purchase all of the issued and outstanding shares of common stock, par value $0.01 per share (the "**Company Common Stock**"), of the Company (the "**Shares**") at a price of $17.12 per Share (the "**Merger Consideration**"), in cash, without interest thereon (but subject to applicable withholding).

The Offer was not extended and the Offer and related withdrawal rights expired as scheduled at 5:00 p.m., New York City time, on Wednesday, October 22, 2025 (such date and time, the "**Expiration Time**"). Equiniti Trust Company, LLC, in its capacity as depositary and paying agent for the Offer (the "**Depositary and Paying Agent**"), has advised Merger Sub that, as of the Expiration Time, 28,280,576 Shares (excluding, for the avoidance of doubt, Shares presented pursuant to guaranteed delivery procedures which Shares have not yet been "received," as such term is defined by Section 251(h) of the General Corporation Law of the State of Delaware (the "**DGCL**")) had been validly tendered and not validly withdrawn pursuant to the Offer, representing approximately 90.7% of the issued and outstanding Shares as of the Expiration Time. Accordingly, the Minimum Condition (as defined in the Merger Agreement) was satisfied. As a result of the satisfaction of the Minimum Condition and each of the other conditions to the Offer, Merger Sub accepted for payment the Shares that were validly tendered and not validly withdrawn pursuant to the Offer by the Expiration Time. Parent has transmitted payment for such Shares to the Depositary and Paying Agent, which will disburse the Merger Consideration to tendering Company stockholders whose Shares have been accepted for payment in accordance with the terms of the Offer.

Following the consummation of the Offer, subject to the terms and conditions of the Merger Agreement and in accordance with Section 251(h) of the DGCL, on October 23, 2025, Merger Sub merged with and into the Company (the "**Merger**"), with the Company surviving the Merger as a wholly owned subsidiary of Parent in accordance with the DGCL. At the effective time of the Merger (the "**Effective Time**"), each Share that was not validly tendered and irrevocably accepted for purchase pursuant to the Offer, other than any Share (i) held by a holder who is entitled to demand appraisal and who has (or for which the "beneficial owner" (as defined in Section 262(a) of the DGCL) has) properly exercised appraisal rights with respect thereto in accordance with, and who has (and, to the extent applicable, for which the applicable beneficial owner has) complied with, Section 262 of the DGCL with respect to any such Shares held by such holder or (ii) held by the Company as treasury stock or owned by Parent, Merger Sub or any of Parent's other subsidiaries (including Shares acquired pursuant to the Offer), was cancelled and converted into the right to receive cash in an amount equal to the Merger Consideration, on the terms and subject to the conditions set forth in the Merger Agreement.

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Pursuant to the terms of Section 2.7(a) of the Merger Agreement, at the Effective Time, (A) each of the Company's restricted stock units (the "**Company RSUs**") that was outstanding and vested (but not yet settled) as of immediately prior to the Effective Time, taking into account any acceleration of vesting of any Company RSU that occurred upon the Effective Time (each, a "**Vested Company RSU**"), was automatically cancelled and converted into and became the right to receive an amount in cash, without interest thereon (but subject to applicable withholding), equal to the product obtained by multiplying (i) the Merger Consideration by (ii) the total number of shares of Company Common Stock subject to such Vested Company RSU and (B) each outstanding Company RSU that was not a Vested Company RSU as of immediately prior to the Effective Time (each, an "**Unvested Company RSU**") was automatically cancelled and substituted into the contingent right to receive from Parent or the Surviving Corporation an aggregate amount (without interest) in cash (a "**Substituted RSU Cash Award**") equal to the product obtained by multiplying (1) the Merger Consideration by (2) the total number of shares of Company Common Stock subject to such Unvested Company RSU. Each such Substituted RSU Cash Award continues to have, and is subject to, the same vesting terms and conditions as applied to the corresponding Unvested Company RSU immediately prior to the Effective Time, except that each such Substituted RSU Cash Award is afforded "double-trigger" accelerated vesting upon the applicable holder's termination without cause or resignation for good reason, in each case, that occurs during a post-closing period.

Pursuant to the terms of Section 2.7(b) of the Merger Agreement, at the Effective Time, each of the Company's performance-based restricted stock units (the "**Company PSUs**") that was outstanding and unvested as of immediately prior to the Effective Time, was automatically cancelled and substituted into and became the contingent right to receive an amount in cash, without interest thereon (but subject to applicable withholding) (a "**Substituted PSU Cash Award**"), equal to the product obtained by multiplying (i) the Merger Consideration by (ii) the total number of shares of Company Common Stock subject to such Company PSU, with the achievement of the performance-based vesting metrics applicable to each Company PSU based on the greater of target or actual achievement of the applicable performance metrics, as determined by the Compensation Committee of the board of directors of the Company as of the day prior to the Closing Date. Each such Substituted PSU Cash Award is payable on the last day of the performance period that applied to the corresponding Company PSUs immediately prior to the Effective Time (such date, the "**Vesting Date**"), subject to the applicable holder's continued employment or service through the Vesting Date, except that each such Substituted PSU Cash Award is afforded "double-trigger" accelerated vesting upon such applicable holder's termination without cause or resignation for good reason, in each case, that occurs during a post-closing period.

Pursuant to the terms of Section 2.7(c) of the Merger Agreement, each of the Company's outstanding options to purchase shares of Company Common Stock (the "**Company Options**") that was outstanding, whether vested or unvested, as of immediately prior to the Effective Time, was automatically cancelled and converted into and became the right to receive an amount in cash, without interest thereon (but subject to applicable withholding), equal to the product obtained by multiplying (i) the total number of shares of Company Common Stock subject to such Company Option by (ii) the excess, if any, of the Merger Consideration over the exercise price of such Company Option, less applicable taxes required to be withheld with respect to such payment.

Pursuant to the terms of Section 2.8 of the Merger Agreement, at the Effective Time, (a) each of the Company's outstanding warrants to purchase shares of Company Common Stock (the "**Company Warrants**") that was outstanding and unexercised as of immediately prior to the Effective Time, was automatically cancelled and converted into and became the right to receive an amount in cash, without interest thereon (but subject to applicable withholding), equal to the product obtained by multiplying (i) the total number of shares of Company Common Stock underlying such Company Warrant by (ii) the excess, if any, of the Merger Consideration over the exercise price of such Company Warrant, less applicable taxes required to be withheld with respect to such payment (the "**Warrant Consideration**"), and (b) the holder of such Company Warrant, in lieu of shares of Company Common Stock immediately purchasable and receivable upon the exercise of such Company Warrant, became entitled only to receive the Warrant Consideration in respect of such Company Warrant and has no other rights pursuant to such holder's ownership of such Company Warrant.

------

The aggregate consideration payable by Parent to acquire the Shares and Company Warrants in the Offer and the Merger was approximately $530 million. The aggregate amount payable to holders of Company RSUs and Company Options was approximately $11 million.

The foregoing description of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which was filed as Exhibit 2.1 to the Current Report on Form 8-K filed by the Company with the SEC on September 10, 2025, and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 3.01** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**  |

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The information set forth in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.01.

On October 23, 2025, the Company notified The Nasdaq Global Select Market ("Nasdaq") of the consummation of the Merger and requested that Nasdaq file with the SEC a Form 25, Notification of Removal from Listing and/or Registration, to delist all of the Shares from Nasdaq and deregister the Shares under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). Upon effectiveness of the Form 25, the Company also intends to file a Certification and Notice of Termination of Registration on Form 15 with the SEC requesting the termination of registration of the Shares under Section 12(g) of the Exchange Act and the suspension of the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act.

Trading of the Shares on Nasdaq was halted prior to the opening of trading on October 23, 2025.

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| | |
|:---|:---|
| **Item 3.03** | **Material Modification to Rights of Security Holders.**  |

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The information set forth in the Introductory Note and Items 2.01, 3.01, 5.01 and 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

As a result of the consummation of the Offer and the consummation of the Merger, at the Effective Time, each Share that was issued and outstanding immediately prior to the Effective Time (except as described in Item 2.01 of this Current Report on Form 8-K) was converted into the right to receive the Merger Consideration pursuant to the Merger Agreement. Accordingly, at the Effective Time, the holders of such Shares ceased to have any rights as stockholders of the Company, other than the right to receive the Merger Consideration pursuant to the Merger Agreement.

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| | |
|:---|:---|
| **Item 5.01** | **Changes in Control of the Registrant.**  |

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The information contained in the Introductory Note and Items 2.01, 5.02 and 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.

As a result of the consummation of the Offer and the consummation of the Merger in accordance with Section 251(h) of the DGCL on October 23, 2025, a change in control of the Company occurred. At the Effective Time, the Company became a wholly owned subsidiary of Parent. The Merger Consideration is being funded through a combination of Parent's consolidated available cash and borrowings under a credit agreement of Parent.

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

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The information set forth in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02.

In accordance with the terms of the Merger Agreement, (i) each of Robert D. Wright, Joseph Boehm, Vann Avedisian, Adrian Butler, David Head, David J. Near, David Pearson and Jill Sutton resigned from their respective

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positions as members of the Company's board of directors and all committees thereof, and (ii) Natalie Morhous and Malanie Isbill, each a director on the board of directors of Merger Sub immediately prior to the Effective Time, each became a member of the board of directors of the Company, in each case, effective as of the Effective Time. In addition, Robert D. Wright resigned from his position as President of the Company at the Effective Time; Mr. Wright continues to serve as the Chief Executive Officer of the Company. These resignations were tendered in connection with the Merger and not as a result of any disagreements between the Company and the resigning individuals on any matters related to the Company's operations, policies or practices.

Effective as of the closing of the Merger, Adam Noyes, the Company's former Senior Vice President and Chief Operating Officer, was elected President of the Company. In connection with his promotion, Mr. Noyes's annual base salary was increased to $600,000. He is eligible to participate in a cash-based annual incentive program with a target incentive opportunity of $400,000, and a cash-based long-term incentive program with an annual target grant opportunity of $450,000, generally based on three-year performance periods. He is also eligible to purchase nonvoting common stock and membership interests of Parent and certain of its affiliates. For one year following the closing of the Merger, Mr. Noyes will be entitled to the severance compensation to which he would have been entitled to under his Executive Employment Agreement dated August 28, 2020 with the Company. His Executive Employment Agreement was otherwise terminated. The information required by Items 401(b), (d) and (e) and Item 404(a) of the SEC's Regulation S-K is incorporated by reference from the Company's Definitive Proxy Statement filed with the SEC on April 4, 2025 into this Item 5.02. The foregoing summary of the severance compensation under Mr. Noyes's former Executive Employment Agreement is qualified in its entirety by reference to such agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K, and it is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.03** | **Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.**  |

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On October 23, 2025, pursuant to the terms of the Merger Agreement, the certificate of incorporation of the Company was amended and restated in its entirety, effective as of the Effective Time, and the bylaws of the Company were amended and restated in their entirety, effective as the Effective Time. Copies of the Company's amended and restated certificate of incorporation and amended and restated bylaws are included as Exhibits 3.1 and 3.2, respectively, to this Current Report on Form 8-K, each of which is incorporated by reference herein.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

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On October 23, 2025, Parent issued a press release announcing the consummation of the Offer and the consummation of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 2.1\* | [Agreement and Plan of Merger, dated as of September 9, 2025, by and among RaceTrac, Inc., Hero Sub Inc. and Potbelly Corporation (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Potbelly Corporation on September 10, 2025).](http://www.sec.gov/Archives/edgar/data/1195734/000119312525199704/d91739dex21.htm) |
| 3.1 | [Amended and Restated Certificate of Incorporation of Potbelly Corporation.](d73150dex31.htm) |
| 3.2 | [Amended and Restated Bylaws of Potbelly Corporation.](d73150dex32.htm) |
| 10.1 | [Executive Employment Agreement, dated August 28, 2020, between Potbelly Corporation and Adam Noyes (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Potbelly Corporation on September 1, 2020).](http://www.sec.gov/Archives/edgar/data/1195734/000119312520236750/d66033dex101.htm) |
| 99.1 | [Press Release of RaceTrac, Inc., dated October 23, 2025.](d73150dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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\* Schedules omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule to the SEC upon request.

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: October 23, 2025 |  | **POTBELLY CORPORATION** |
|  | By: | /s/ Steven W. Cirulis |
|  |  | **Steven W. Cirulis** |
|  |  | **Senior Vice President, Chief Financial Officer and Chief Strategy Officer** |

---

## Exhibit 3.1

**Exhibit 3.1** 

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION** 

**OF** 

**POTBELLY CORPORATION** 

\* **\* \***

FIRST. The name of the corporation is Potbelly Corporation (the "<u>Corporation</u>").

SECOND. The address of the Corporation's registered office in the State of Delaware is 1521 Concord Pike Suite 201, in the City of Wilmington, County of New Castle, Delaware 19803. The name of the registered agent of the Corporation at such address is Corporate Creations Network.

THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the Delaware General Corporation Law. The Corporation shall have all powers that may now or hereafter be lawful for a corporation to exercise under the Delaware General Corporation Law.

FOURTH. The total number of shares which the Corporation shall have the authority to issue is 1,000 shares of Common Stock, and the par value of each of such shares is $0.01. The powers, preferences and rights and the qualifications, limitations or restrictions thereof shall be determined by the Board of Directors.

FIFTH. The Board of Directors of the Corporation is expressly authorized and empowered to make, adopt, alter, amend and rescind the bylaws of the Corporation.

SIXTH. The management of business and the conduct of the affairs of the Corporation shall be vested in the Corporation's Board of Directors, except for any matters requiring the approval of the stockholders pursuant to the terms of this Certificate of Incorporation or the Delaware General Corporation Law. The number of directors of the Corporation shall be fixed from time to time in the manner set forth in the bylaws of the Corporation. Election of directors need not be by written ballot except and to the extent provided in the bylaws of the Corporation.

SEVENTH. A director of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the Delaware General Corporation Law. If the Delaware General Corporation Law is amended after approval by the stockholders of this Article SEVENTH to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law, as so amended.

EIGHTH. Each person who is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (including the heirs, executors, administrators or estate of such person), shall be indemnified and advanced expenses

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by the Corporation, in accordance with the bylaws of the Corporation, to the fullest extent authorized by law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment), or any other applicable laws as presently or hereinafter in effect. The right to indemnification and advancement of expenses hereunder shall not be exclusive of any other right that any person may have or hereafter acquire under any statute, provision of this Certificate of Incorporation or the bylaws of the Corporation, agreement, vote of stockholders or disinterested directors or otherwise. The Corporation may, by action of the Board of Directors, provide indemnification to employees and agents of the Corporation with the same or lesser scope and effect as the foregoing indemnification of directors and officers.

NINTH. The Corporation may, to the fullest extent permitted by law, purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise against any liability incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under applicable law. Any repeal or modification of Articles SEVENTH, EIGHTH or NINTH shall be prospective only and shall not affect the rights of any person under Articles SEVENTH, EIGHTH or NINTH in effect at the time of the alleged occurrence of any act or omission to act giving rise to any alleged liability or indemnification.

TENTH. The provisions of Section 203 of the Delaware General Corporation Law shall not apply to this Corporation.

ELEVENTH. In the event that any provision of this Certificate of Incorporation (including any provision within a single Article, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, the remaining provisions are severable and shall remain enforceable to the full extent permitted by law.

## Exhibit 3.2

**Exhibit 3.2** 

**AMENDED AND RESTATED BYLAWS** 

**OF** 

**POTBELLY CORPORATION** 

**(THE "CORPORATION")** 

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**ARTICLE 1 OFFICES AND AGENT** 

**1.1** **Registered Office** 

The registered office of the Corporation shall be at 1521 Concord Pike Suite 201, Wilmington, Delaware 19803. The name of the registered agent of the Corporation at such location is Corporate Creations Network.

**1.2** **Other Offices** 

The Corporation may have any number of additional offices, at such other places as the Board of Directors may from time to time determine, or as the affairs of the Corporation may require.

**ARTICLE 2 STOCKHOLDERS** 

**2.1** **Annual Meeting** 

The annual meeting of stockholders for the purpose of electing directors and of transacting such other business as may come before it shall be held at such time as may be specified by resolution of the Board of Directors.

**2.2** **Special Meetings** 

Special meetings of the stockholders or of a class of stockholders for any purpose or purposes may be called at any time by the Chairman of the Board, by the President, by resolution of the Board of Directors or by the Secretary. At a special meeting of the stockholders or of a class of stockholders, no business shall be transacted and no corporate action shall be taken other than that stated in the notice of the meeting.

**2.3** **Time and Place** 

Meetings of the stockholders shall be held at such time and place either within or without the State of Delaware as shall be designated from time to time by the Board of Directors and stated in the notice of meeting or in a duly executed waiver of notice thereof. Stockholders may participate in meetings of the stockholders by means of conference telephone or other telecommunications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.

**2.4** **Notice of Meetings** 

It shall be the duty of the Secretary to cause a notice of each meeting of the stockholders or of a class of stockholders of the Corporation to be mailed at least ten (10) and not sooner than sixty (60) days before the meeting, unless a different period is prescribed by law, to each stockholder entitled to vote at such meeting at his or her address as it appears upon the books of the Corporation, stating the place, date and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is held.

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**2.5** **Quorum** 

At any meeting of the stockholders or of a class of stockholders, the stockholders present in person or by proxy of a majority of the outstanding shares of capital stock entitled to vote shall constitute a quorum of the stockholders for all purposes (unless the representation of a larger number of shares shall be required by law or by the Certificate of Incorporation, in which case the representation of the number of shares so required shall constitute a quorum).

The holders of a majority of the outstanding shares of capital stock entitled to vote who are present in person or by proxy at any meeting (whether or not constituting a quorum of the outstanding shares) may adjourn the meeting from time to time without notice other than by announcement thereat; and at any adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally called, but only those stockholders entitled to vote at the meeting originally noticed shall be entitled to vote at any adjournment or adjournments thereof. However, if the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

**2.6** **Organization and Conduct of Meetings** 

The President shall call meetings of stockholders to order and shall act as Chairman of such meetings. In the absence of the President at any meeting, the Chairman of the Board shall act as Chairman. In the absence of the President or the Chairman of the Board at any meeting, the holders of a majority of the shares of capital stock entitled to vote present in person or by proxy at such meeting shall elect a Chairman.

The Secretary of the Corporation shall act as Secretary of all meetings of the stockholders; but, in the absence of the Secretary, the Chairman may appoint any person to act as Secretary of the meeting.

It shall be the duty of the Secretary to prepare and make, at least ten days before every meeting of stockholders, a complete list of stockholders entitled to vote at said meeting, arranged in alphabetical order and showing the address of each stockholder and the number of shares registered in his or her name. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting, during ordinary business hours, for the ten days preceding the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.

**2.7** **Voting** 

Except as otherwise provided in the Certificate of Incorporation or by law, every holder of capital stock of the Corporation which is entitled to vote shall be entitled to one vote in person or by proxy for each share of such stock registered in the name of such stockholder upon the books of the Corporation, but no proxy shall be voted on after three years from its date, unless the proxy provides for a longer period. All elections for directors shall be decided by a plurality of the vote of the shares of capital stock present in person or represented by proxy at the meeting and entitled to vote on the election of directors; all other questions shall be decided by vote of the majority of shares of capital stock entitled to vote on the subject matter who are present in person or by proxy, except as otherwise provided by the Certificate of Incorporation or the laws of the State of Delaware.

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**2.8** **Action by Written Consent** 

Any action required to be taken at any annual or special meeting of stockholders or a class of stockholders of the Corporation, or any action which may be taken at any annual or special meeting of such stockholders or class of stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of issued and outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.

**ARTICLE 3 BOARD OF DIRECTORS** 

**3.1** **General Powers** 

The business of the Corporation shall be managed by or under the direction of the Board of Directors, which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute, the Certificate of Incorporation or these bylaws directed or required to be exercised or done by the stockholders.

**3.2** **Number** 

The Sole Incorporator of the Corporation (as specified in the Certificate of Incorporation) shall determine the number of directors to constitute the first Board of Directors of the Corporation. Thereafter, the number of directors of the Corporation shall be determined from time to time by resolution adopted by the Board of Directors or by the stockholders, and in any event, the number of directors shall be not be less than one nor more than ten. The directors shall be elected at the annual meeting of the stockholders, except for the first Board of Directors, which shall be elected by the Sole Incorporator, and except as provided in Section 3.3 of this Article, each director shall hold office until his successor is duly elected and qualified or until his earlier death, resignation or removal. Directors need not be stockholders.

**3.3** **Vacancies, Removal and Newly Created Directorships** 

Vacancies occurring for any reason and newly created directorships resulting from any increase in the authorized number of directors shall be filled by the affirmative vote of a majority of the directors then in office, though less than a quorum, or by a sole remaining director, and each director so chosen shall hold office until the next annual election and until his successor is duly elected and qualified or until his earlier death, resignation or removal. If there are no directors in office, an election of directors may be held in the manner provided by statute. Except as otherwise provided by the Certificate of Incorporation, at any special meeting of the stockholders the notice of which shall state that the removal of a director or directors and the filling of a vacancy or vacancies are among the purposes of the meeting, the holders of capital stock entitled to vote thereon, present in person or by proxy, by vote of a majority of the outstanding shares thereof, may remove any director for or without cause and may fill any vacancy caused by such removal.

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**3.4** **Place of Meeting, etc.** 

The Board of Directors may hold its meetings and may have an office and keep the books of the Corporation (except as may be otherwise provided by law) in such place or places in the State of Delaware or outside the State of Delaware as the Board from time to time shall determine.

**3.5** **Regular Meetings** 

Regular meetings of the Board of Directors shall be held at such times and places as the Board shall determine. No notice shall be required for any regular meeting of the Board of Directors.

**3.6** **Special Meetings** 

Special meetings of the Board of Directors shall be held whenever called by the Chairman of the Board, by the President, or by a majority of the directors in office at the time. Notice of each such meeting shall be either delivered personally or by telephone to each director at least one day prior to the date of each such meeting, or sent by mail, telegram, telex, cable or like transmission to each director at least two days prior to the date of each such meeting. Each such notice shall state the time and place of the meeting but need not state the purposes thereof. Any notice given personally or by telephone shall be confirmed by mail, telegram, telex, cable or like transmission, which confirmation shall be sent at least one day before the meeting. Notice of any meeting of the Board need not be given to any director, however, if waived by him in writing or by mail, telegram, telex or like transmission, whether before or after such meeting is held, or if he shall be present at such meeting, and any meeting of the Board shall be a legal meeting without any notice thereof having been given, if all the directors then in office shall be present thereat.

**3.7** **Quorum** 

A quorum for the transaction of business shall consist of no fewer than a majority of the total number of directors, and except as otherwise provided in the Certificate of Incorporation or in these bylaws, the act of a majority of the directors present at any meeting of the Board of Directors at which a quorum is present shall be the act of the Board of Directors. If at any meeting of the Board there be less than a quorum present, a majority of those present may adjourn the meeting from time to time, and no notice need be given of any such adjourned session of the meeting.

**3.8** **Compensation of Directors** 

The amount, if any, which each director shall be entitled to receive as compensation for his services as such shall be fixed from time to time by resolution of the Board of Directors. Each director shall be entitled to reimbursement for reasonable, out-of-pocket traveling expenses incurred by him in attending any meeting of the Board of Directors. Such compensation and reimbursement shall be payable even though there be an adjournment because of the absence of a quorum. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

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**3.9** **Conduct of Meetings** 

At all meetings of the Board of Directors business shall be transacted in such order as the Board may determine.

The Chairman of the Board shall preside at all meetings of the Board of Directors. In the absence of the Chairman of the Board, a Chairman of the meeting shall be elected from the directors present. The Secretary of the Corporation shall act as Secretary of all meetings of the directors, but in the absence of the Secretary, the Chairman of the meeting may appoint any person to act as Secretary of the meeting.

**3.10** **Action Without Meeting** 

Unless otherwise restricted by the Certificate of Incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board of Directors or committee.

**3.11** **Telecommunication Meetings** 

Members of the Board of Directors, or any committee designated by the Board, may participate in a meeting of the Board or such committee by means of conference telephone or other telecommunications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.

**3.12** **Contracts** 

The Board of Directors of the Corporation in its discretion may submit for approval, ratification or confirmation by the stockholders any contract, transaction or act of the Board of Directors or any committee thereof or of any officer, agent or employee of the Corporation, and any such contract, transaction or act which shall have been so approved, ratified or confirmed by the holders of a majority of the issued and outstanding stock entitled to vote shall be as valid and binding upon the Corporation and upon the stockholders thereof as though it had been approved and ratified by each and every stockholder of the Corporation.

**ARTICLE 4 COMMITTEES** 

The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the directors of the Corporation. If provision be made for any such committee or committees, the members thereof shall be appointed by the Board of Directors and shall serve during the pleasure of the Board of Directors. The Board may designate one or more directors as alternate members of any such committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution of the Board, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to the following matters: (i) approving

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or adopting, or recommending to the stockholders, any action or matter expressly required by the General Corporation Law of Delaware to be submitted to stockholders for approval or (ii) adopting, amending or repealing any provision of these bylaws. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors. The Board of Directors may at its pleasure discontinue any such committee or committees. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

**ARTICLE 5 OFFICERS** 

**5.1** **Officers** 

The officers of the Corporation shall be a President and a Secretary who shall be elected by the Board of Directors. The Board of Directors may elect from among its members a Chairman of the Board and a Vice Chairman of the Board. The Board of Directors may also from time to time appoint a Treasurer or one or more Vice Presidents (who may be further classified by such descriptions as executive or senior, as determined by the Board), Assistant Treasurers and Assistant Secretaries and such other officers as the Board may deem advisable, and who shall have such authority and shall perform such duties as from time to time may be prescribed by the Board of Directors. In the event of any office becoming vacant because of removal, resignation or other reason, the Board of Directors may fill the vacancy at such time as it may determine. The officers may, but need not, be directors. Any number of offices may be held by the same person, unless the Certificate of Incorporation or these bylaws otherwise provide.

All officers, agents and employees shall be subject to removal, with or without cause, at any time by the affirmative vote of a majority of the directors in office at the time. Any agent or employee other than one elected or appointed by the Board of Directors shall also be subject to removal at any time by the officer or by the committee appointing him or her.

In addition to the powers and duties of the officers of the Corporation as set forth in these bylaws, the officers shall have such authority and shall perform such duties as from time to time may be determined by the Board of Directors.

**5.2** **The Chairman of the Board** 

The Chairman of the Board, if any, shall preside at all meetings of the Board of Directors and of the stockholders at which he shall be present. He shall have and may exercise such powers as are, from time to time, assigned to him by the Board of Directors and as may be provided by law. In the absence of the Chairman of the Board, the Vice Chairman of the Board, if any, shall preside at all meetings of the Board of Directors and of the stockholders at which he shall be present. He shall have and may exercise such powers as are, from time to time, assigned to him by the Board of Directors and as may be provided by law.

**5.3** **The President** 

In the absence of the Chairman of the Board and the Vice Chairman of the Board, if any, the President shall preside at all meetings of the stockholders and the Board of Directors. The President shall have such additional powers and shall perform such duties as from time to time may be assigned to him by the Board of Directors. The President shall, subject to the control of the Board of Directors, have general and active management and control of the affairs and business of the Corporation, and shall perform all other duties and exercise all other powers commonly incident to his office, or which are or may at any time be authorized or required by law.

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**5.4** **The Vice Presidents** 

The Vice Presidents in the order of their seniority, unless otherwise determined by the Board of Directors, shall, in the absence or disability of the President, perform the duties and exercise the powers of the President. They shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

**5.5** **The Treasurer** 

The Treasurer (or, if no Treasurer is elected by the Board of Directors, the Secretary) shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors or by any officer appointed by the Board of Directors. The Treasurer (or, if no Treasurer is elected by the Board of Directors, the Secretary) shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the President and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his or her transactions as Treasurer and of the financial condition of the Corporation. If required by the Board of Directors, the Treasurer shall give the Corporation a bond for such term in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his or her possession or under his or her control belonging to the Corporation. The Treasurer shall have the additional responsibilities and duties as set forth by the Board of Directors.

**5.6** **The Assistant Treasurers** 

The Assistant Treasurers in the order of their seniority, unless otherwise determined by the Board of Directors, shall, in the absence or disability of the Treasurer, perform the duties and exercise the powers of the Treasurer. They shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

**5.7** **The Secretary** 

The Secretary shall attend all meetings of the Board of Directors and all meetings of the stockholders or a class of stockholders and record all the proceedings of the meetings of the Corporation and of the Board of Directors in a book to be kept for that purpose and shall perform like duties for the standing committees of the Board when required. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders or a class of stockholders and special meetings of the Board of Directors, and shall perform such other duties as may be assigned to him or her by the Board of Directors or the President, under whose supervision he or she shall be. The Secretary shall have custody of the corporate seal of the Corporation and he or she shall have authority to affix the

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same to any instrument requiring it and, when so affixed, it may be attested by his or her signature. The President or the Board of Directors may authorize any other officer to affix the seal of the Corporation and to attest the affixing by his signature. The Secretary shall have the additional responsibilities and duties as set forth herein or by the Board of Directors from time-to-time.

**5.8** **The Assistant Secretaries** 

The Assistant Secretaries in the order of their seniority, unless otherwise determined by the Board of Directors, shall, in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary. They shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

**5.9** **Giving of Bond by Officers** 

Any officer of the Corporation, if required to do so by the Board of Directors, shall furnish a bond to the Corporation for the faithful performance of his or her duties, in such penalties and with such conditions and security or surety or sureties as the Board shall require.

**5.10** **Voting Upon Stocks** 

Unless otherwise ordered by the Board of Directors, the President, or any other officer of the Corporation designated by the President, shall have full power and authority on behalf of the Corporation to attend and to act and to vote in person or by proxy at any meeting of the holders of securities of any corporation in which the Corporation may own or hold stock or other securities, and at such meeting shall possess and may exercise in person or by proxy any and all rights, powers and privileges incident to the ownership of such stock or other securities which the Corporation, as the owner or holder thereof, might have possessed and exercised if present. The President, or any other officer of the Corporation designated by the President, may also execute and deliver on behalf of the Corporation powers of attorney, proxies, waivers of notice and other instruments relating to the stocks or securities owned or held by the Corporation. The Board of Directors may, from time to time, by resolution confer like powers upon any other person or persons.

**5.11** **Compensation of Officers** 

The officers of the Corporation shall be entitled to receive such compensation for their services as shall from time to time be determined by the Board of Directors.

**ARTICLE 6 CAPITAL STOCK CERTIFICATES – TRANSFER OF STOCK – SEAL – FISCAL YEAR** 

**6.1** **Certificates for Shares** 

The shares of stock of the Corporation may be represented by certificates or may be uncertificated as the Board of Directors may determine; provided that the Board of Directors may also provide by resolution or resolutions that some or all of any class or series shall be uncertificated shares that may be evidenced by a book-entry system maintained by the registrar of such stock. If shares are represented by certificates, such certificates shall be in the form, other than bearer form, approved by the Board of Directors. The certificates representing shares of stock

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of each class shall be signed by, or in the name of, the Corporation by any two authorized officers of the Corporation. Any or all such signatures may be facsimiles. Although any officer, transfer agent, or registrar whose manual or facsimile signature is affixed to such a certificate ceases to be such officer, transfer agent, or registrar before such certificate has been issued, it may nevertheless be issued by the Corporation with the same effect as if such officer, transfer agent, or registrar were still such at the date of its issue.

**6.2** **Lost, Stolen, or Destroyed Certificates** 

Any person claiming a stock certificate in lieu of one alleged to have been lost, stolen or destroyed shall give the Corporation or its agent an affidavit as to his or her ownership of the certificate and of the facts which go to prove that it has been lost, stolen or destroyed. If required by the Board of Directors, he or she also shall give the Corporation a bond, in such form as may be approved by the Board of Directors, sufficient to indemnify the Corporation against any claim that may be made against it or on account of the alleged loss, theft or destruction of the certificate or the issuance of a new certificate.

**6.3** **Transfer of Shares** 

Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.

**6.4** **Regulations** 

The Board of Directors shall have power and authority to make such rules and regulations as it may deem expedient concerning the issue, transfer and registration of certificates for shares of the capital stock of the Corporation.

**6.5** **Fixing of Record Dates** 

In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholder or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

**6.6** **Fiscal Year** 

The fiscal year of the Corporation shall be determined by resolution of the Board of Directors.

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**6.7** **Only Record Holders Recognized** 

The Corporation shall be entitled to treat the holder of record of any share of capital stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim to or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as otherwise expressly provided by the laws of the State of Delaware.

**6.8** **Addresses of Stockholders** 

It shall be the responsibility of every stockholder to notify the Corporation of his or her post office address and of any change therein. The latest address furnished by each stockholder shall be entered on the stock ledger of the Corporation and the latest address appearing thereon shall be deemed conclusively to be the post office address and the last-known post office address of such stockholder. If any stockholder shall fail to notify the Corporation of his or her post office address, it shall be sufficient to send corporate notices to such stockholder at the address, if any, understood by the Secretary to be such stockholder's post office address.

**ARTICLE 7 MISCELLANEOUS PROVISIONS** 

**7.1** **Checks, Notes, etc.** 

Checks and other orders for the payment of money shall be signed by an officer of the Corporation or by such person or persons as the Board of Directors shall from time to time by resolution determine.

**7.2** **Notices** 

Whenever any notice is required to be given to any stockholder, director, committee member or officer, whether by statute, the Certificate of Incorporation, these bylaws or otherwise, such notice, except as otherwise provided by law, may be given personally or, in the case of directors, committee members or officers, by telephone or by telegram, telex, cable or like transmission, addressed to such director, committee member or officer at his or her place of business with the Corporation, if any, or at such address as appears on the books of the Corporation; or the notice may be given in writing by mail, in a sealed wrapper, postage prepaid, addressed to such stockholder at the address as it appears on the books of the Corporation, or to such director, committee member or officer at his or her place of business with the Corporation, if any, or at such address as appears on the books of the Corporation. Any notice given by telegram, telex, cable or like transmission shall be deemed to have been given when it shall have been delivered for transmission and any notice given by mail shall be deemed to have been given when it shall have been deposited in a post office, in a regularly maintained letter box or with a postal carrier.

**7.3** **Waivers of Notice** 

Whenever notice is required to be given under any provision of law or of the Certificate of Incorporation or of these bylaws, a written waiver thereof, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting of stockholders or of directors or of a committee shall constitute waiver of notice of such meeting, except where otherwise provided by law.

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**ARTICLE 8 LIMITATION OF LIABILITY** 

A director of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the Delaware General Corporation Law. If the Delaware General Corporation Law is amended after approval by the stockholders of this Article 8 to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law, as so amended.Any repeal or modification of this Article 8 shall be prospective only and shall not affect the rights of any person under Article 8 in effect at the time of the alleged occurrence of any act or omission to act giving rise to any alleged liability or indemnification.

**ARTICLE 9 INDEMNIFICATION** 

Each person who is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (including the heirs, executors, administrators or estate of such person), shall be indemnified and advanced expenses by the Corporation, in accordance with these bylaws, to the fullest extent authorized by law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment), or any other applicable laws as presently or hereinafter in effect. The right to indemnification and advancement of expenses hereunder shall not be exclusive of any other right that any person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation or these bylaws, agreement, vote of stockholders or disinterested directors or otherwise. The Corporation may, by action of the Board of Directors, provide indemnification to employees and agents of the Corporation with the same or lesser scope and effect as the foregoing indemnification of directors and officers.

The Corporation may, to the fullest extent permitted by law, purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise against any liability incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under applicable law.

Any repeal or modification of this Article 9 shall be prospective only and shall not affect the rights of any person under Article 9 in effect at the time of the alleged occurrence of any act or omission to act giving rise to any alleged liability or indemnification.

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**ARTICLE 10 AMENDMENTS** 

These bylaws may be altered, amended or repealed or new bylaws may be adopted by the stockholders or by the Board of Directors, when such power is conferred upon the Board of Directors by the certificate of incorporation at any regular meeting of the stockholders or of the Board of Directors or at any special meeting of the stockholders or of the Board of Directors if notice of such alteration, amendment, repeal or adoption of new bylaws be contained in the notice of such special meeting. If the power to adopt, amend or repeal bylaws is conferred upon the Board of Directors by the certificate of incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal bylaws.

## Exhibit 99.1

**Exhibit 99.1** 

**RaceTrac Completes Acquisition of Potbelly Corporation** 

***Acquisition brings beloved neighborhood sandwich shop concept into RaceTrac family of brands***

**ATLANTA – Oct. 23, 2025 (GLOBE NEWSWIRE)** – RaceTrac, Inc., ("RaceTrac") a family-owned, high-growth leader in the convenience store industry, confirms it has completed the acquisition of Potbelly Corporation ("Potbelly") previously announced in September.

As part of the transaction, RaceTrac acquires Potbelly's iconic neighborhood sandwich shop brand, which includes more than 445 company and franchise-owned shops across the United States, and Potbelly's proven franchise development platform with a long-term goal of reaching 2,000 shops.

"Potbelly has spent more than 40 years creating the neighborhood sandwich shop experience customers love, and we are excited to welcome this beloved brand to the RaceTrac family," said RaceTrac CEO and Chairman Natalie Morhous. "This acquisition represents a natural evolution of our growth strategy, adding fast-casual expertise to our portfolio while maintaining the unique identity that makes Potbelly special. We're pleased to welcome more than 5,200 Potbelly team members and franchise partners to our organization."

The acquisition strengthens RaceTrac's position in the evolving retail landscape, combining both brands' capabilities in real estate, franchising, operations, food innovation and marketing to drive growth and customer loyalty.

As part of the acquisition, Adam Noyes, who previously served as Potbelly Chief Operating Officer, has been appointed President of Potbelly, effective immediately. Bob Wright will remain with the company as CEO through the end of the year.

"Today marks an exciting new chapter for Potbelly as we join the RaceTrac family," said Wright. "With RaceTrac's resources and expertise, we're positioned to accelerate growth toward 2,000 plus shops while staying true to our mission of delighting customers with great food and good vibes."

Potbelly will continue to operate as usual, offering guests the same warm, toasty sandwiches, signature salads, and hand-dipped shakes they've come to love. The acquisition adds another consumer-facing brand to RaceTrac's growing portfolio, which includes more than 800 RaceTrac<sup>®</sup> and RaceWay<sup>®</sup> convenience stores and approximately 1,200 Gulf<sup>®</sup> branded locations.

RaceTrac's tender offer for all of the issued and outstanding shares of Potbelly's common stock at a price of $17.12 per share, without interest, net to the seller in cash, less any applicable withholding taxes, expired as scheduled at 5:00 p.m., New York City time, on October 22, 2025, and was not extended. Equiniti Trust Company, LLC, the depositary for the tender offer, has advised RaceTrac that, as of the expiration of the tender offer, 28,280,576 shares were validly tendered and not validly withdrawn, which represented approximately 90.7% of the then-issued and outstanding shares of Potbelly's common stock. All of the conditions to the tender offer were satisfied, and Hero Sub Inc., a wholly owned subsidiary of RaceTrac ("Merger Sub"), accepted for payment, and will promptly pay for, all shares validly tendered and not validly withdrawn in the tender offer.

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The acquisition was completed on October 23, 2025 through a merger of Merger Sub with and into Potbelly under Section 251(h) of the Delaware General Corporation Law without a stockholder vote. In connection with the merger, each share not purchased in the tender offer (other than shares owned by stockholders who validly assert statutory appraisal rights, treasury shares and shares owned by RaceTrac or its subsidiaries) was cancelled and converted into the right to receive $17.12 in cash, without interest, less any applicable withholding taxes. Following the consummation of the merger, Potbelly became a wholly owned subsidiary of RaceTrac.

In connection with the completion of the merger, Potbelly's common stock ceased trading on Nasdaq.

**Advisors** 

BofA Securities acted as exclusive financial advisor and Kilpatrick Townsend & Stockton LLP acted as legal advisor to RaceTrac. Piper Sandler acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Potbelly.

**About RaceTrac, Inc.** 

Headquartered in Atlanta, Georgia, family-owned RaceTrac, Inc. is one of the largest privately held companies in the United States, serving guests since 1934. The company's retail brands include more than 800 RaceTrac<sup>®</sup> and RaceWay<sup>®</sup> retail locations, approximately 1,200 Gulf<sup>®</sup> branded locations, and more than 445 Potbelly<sup>®</sup> neighborhood sandwich shops throughout the United States. RaceTrac employs more than 15,000 team members across RaceTrac, RaceWay, Potbelly and affiliated companies Energy Dispatch and Gulf, Inc. For more information, please visit RaceTrac's website at <u>RaceTrac.com</u>.

**About Potbelly Corporation** 

Potbelly Corporation is a neighborhood sandwich concept that has been feeding customers' smiles with warm, toasty sandwiches, signature salads, hand-dipped shakes and other fresh menu items, customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country - with more than 445 shops in the United States including more than 105 franchised shops in the United States. For more information, please visit Potbelly's website at <u>Potbelly.com</u>.

Contact:

For RaceTrac:

James Taylor

Full Tilt Consulting

<u>jtaylor@fulltiltconsulting.com</u> 

For Potbelly:

Investor Relations

Jeff Priester

ICR

332-242-4370

<u>investor@Potbelly.com</u> 

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Media Contact:

Marisa Breese

ICR

<u>Potbellypr@icrinc.com</u>