Document:

EX-10.15

 Exhibit 10.15 
 FORM OF NON-QUALIFIED STOCK OPTION AWARD AGREEMENT 

POTBELLY CORPORATION 
 2013 LONG-TERM INCENTIVE PLAN 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 * * * * * 
  

			
	Participant:	  	  

		
	Option Grant Date (“Grant Date”):	  	  

		
	Exercise Price:	  	$                         per share
		
	Number of shares subject to Option:	  	  

 THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this “Agreement”), dated as of the Grant Date
specified above, by and between Potbelly Corporation, a Delaware corporation (the “Company”), and the Participant is entered into pursuant to the Potbelly Corporation 2013 Long-Term Incentive Plan (as the same may be amended, restated,
supplemented and otherwise modified from time to time, the “Plan”). All capitalized terms not otherwise defined in the text of this Agreement have the meanings attributed to them in the Plan. This Agreement is subject to the terms and
conditions of the Plan. 
 1. Grant of Options. Subject to the terms and conditions of the Plan and this Agreement, the
Company hereby grants to the Participant a Non-Qualified Stock Option (the “Option”) to purchase from the Company the number of shares of Common Stock set forth above (such shares of Common Stock are referred to herein as the “Option
Shares”) at the Exercise Price per share set forth above. 
 2. Vesting. Subject to the terms and conditions of this
Agreement, the Option granted pursuant to this Agreement shall vest as to twenty-five percent (25%) of the Option Shares subject thereto on each of the first, second, third and fourth anniversaries of the Grant Date (each a “Vesting
Date”), provided that the Participant’s Termination Date has not occurred before the applicable Vesting Date. Notwithstanding the foregoing: 
  

	 	(a)	[Include for Grants in 2015 and 2016] if the Participant’s Termination Date occurs prior to a Vesting Date due to a Qualifying Termination (as defined in
the Executive Employment Agreement between the Company and the Participant dated August 8, 2013 (the “Employment Agreement”)) and if the Release Requirements (as defined in the Employment Agreement) are satisfied as provided in
Paragraph 4(b) of the Employment Agreement, then the Option shall immediately vest with respect to all Option Shares then subject thereto; 

	 	(a)	[Include for Grants in 2017 and Later] if the Participant’s Termination Date occurs prior to a Vesting Date due to a Qualifying and if the Release
Requirements are satisfied as provided in paragraph 4(b) of the Employment Agreement, then the Option shall immediately vest with respect to all Option Shares then subject thereto; provided, however, that if the Participant’s Termination Date
occurs at the end of the Term of the Employment Agreement pursuant to the last sentence of paragraph 2(a) thereof, this paragraph (a) shall not apply with respect to the Option or any of the Option Shares subject thereto;

  

	 	(b)	if the Participant’s Termination Date occurs prior to a Vesting Date due to a Qualifying Termination and (i) on or within six (6) months prior to a
Change in Control and at a time when the Company is a party to a letter of intent relating to transactions which, if consummated, would constitute a Change in Control or the Company is in negotiations regarding a transaction which if consummated,
would constitute a Change in Control, (ii) within three (3) months prior to a Change in Control, or (iii) on or within two (2) years following a Change in Control, then the Option shall immediately vest with respect to all Option
Shares then subject thereto; 

  

	 	(c)	if the Participant’s Termination Date due to death or Disability (as defined in the Employment Agreement), the Option shall immediately vest with respect to that
number of Option Shares subject to the Option that would have otherwise vested on a Vesting Date occurring during the one (1) year period following the Termination Date. 

 Except as specifically provided above, any portion of the Option that is not vested upon the Participant’s Termination Date shall immediately expire and shall be forfeited and the Participant shall
have no further rights with respect thereto, including the right to exercise the Option. The Participant may only exercise the Option with respect to Option Shares to the extent the Option is vested with respect to such Option Shares and if and to
the extent that the Option is otherwise exercisable. 
 3. Expiration. The Option shall expire on the earliest to occur
of: 
  

	 	(a)	the ten-year anniversary of the Grant Date; 

  

	 	(b)	if the Participant’s Termination Date occurs by reason of death or Disability, the one (1) year anniversary of the Termination Date; 

 

	 	(c)	if the Participant’s Termination Date occurs for reasons other than death, Disability or Cause, the three (3)-month anniversary of the Termination Date;

  

	 	(d)	if the Participant’s Termination Date occurs for Cause, the date preceding the Termination Date; or 

 

	 	(e)	the date on which the Participant breaches any covenant set forth in the Confidentiality and Non-Compete Agreement between the Participant and the Company or any
covenant set forth in any other agreement between the Participant and the Company. 

  
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 The applicable date determined under the foregoing paragraphs shall be the “Expiration Date” for
the Option. Notwithstanding the foregoing provisions of this Section 3 or Section 4, no portion of the Option shall be exercisable after the Participant’s Termination Date except to the extent that it is exercisable as of the date
immediately prior to the Participant’s Termination Date. 
 4. Option Exercise. Subject to this Agreement and the
Plan, the Option may be exercised only after and to the extent that it has become vested and exercisable in accordance with Section 2 and prior to the Expiration Date. To the extent exercisable, the Participant may exercise the Option by filing
a written notice with the Committee in accordance with rules and procedures established by the Committee. Any such notice shall specify the number of Option Shares which the Participant elects to purchase, and shall be accompanied by payment of the
Exercise Price for such Option Shares indicated by the Participant’s election (except as otherwise provided by the Committee in connection with a broker-assisted cashless exercise program). Subject to applicable law, the Exercise Price shall be
payable (a) in cash or cash equivalents, (b) by tendering, by actual delivery or by attestation, shares of Common Stock owned by the Participant for at least six (6) months prior to the date of exercise and valued at Fair Market Value
as of the date of exercise, or (c) by a combination thereof; provided, however, that shares of Common Stock may not be used to pay any portion of the Exercise Price unless the holder thereof has good title, free and clear of all liens and
encumbrances. The Option shall not be exercisable if and to the extent the Company determines that such exercise would violate applicable state or Federal securities laws or the rules and regulations of any securities exchange on which the Stock is
traded. 
 5. Withholding. As a condition precedent to the issuance or transfer of any Option Shares, the Participant
shall make such arrangements to the satisfaction of the Committee for the satisfaction of any federal, state or local withholding tax obligations that may arise including requiring the Participant to remit cash to the Company in an amount equal to
such withholding. If the amount so requested is not remitted, the Company may refuse to issue or permit the transfer of the Option Shares. At the election of the Participant and subject to such rules and limitations as may be established by the
Committee from time to time, withholding obligations may be satisfied through the surrender of Common Stock which the Participant already owns or to which a is otherwise entitled pursuant to this Agreement; provided, however, previously-owned Common
Stock that has been held by the Participant Common Stock to which the Participant is entitled pursuant to this Agreement may only be used to satisfy the minimum tax withholding required by applicable law (or other rates that will not have a negative
accounting impact). 
 6. Miscellaneous. 
  

	 	(a)	Administration. The authority to administer and interpret the Agreement shall be vested in the Committee, and the Committee shall have all the powers with
respect to the Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding on all persons. 

  
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	 	(b)	Transfer Restrictions. This Agreement, the Participant’s rights hereunder, and the Option and Option Shares are not transferable by the Participant,
except as provided in the Plan. 

  

	 	(c)	Securities Law Requirements. Notwithstanding any other provision of this Agreement, the Company shall have no liability to make any distribution of Common Stock
under this Agreement unless such delivery or distribution would comply with all applicable laws. In particular, no shares will be delivered to a Participant unless, at the time of delivery, the shares qualify for exemption from, or are registered
pursuant to, applicable federal and state securities laws. 

  

	 	(d)	Notices. All notices, consents and other exchanges of written material required or implied under this Agreement shall be in writing and delivered in person or by
messenger, facsimile, overnight courier or certified mail and shall be sent to the following: 

  

			
	 If to the Company:
	  	Potbelly Corporation
		  	222 Merchandise Mart Plaza
		  	Suite 2300
		  	Chicago, Illinois
		  	Attention: Committee, General Counsel and Senior Vice President of Human Resources
		
	 If to Participant:
	  	The address on file with the Company

 All notices shall be deemed delivered and received by the receiving party (i) if delivered by
messenger, on the date of delivery or on the date delivery was refused by the addressee, (ii) if delivered by facsimile transmission, upon receipt of facsimile confirmation of the party transmitting such notice, or (iii) if delivered by
overnight courier or certified mail, on the date of delivery as established by the return receipt, courier service confirmation or similar documentation (or the date on which the courier or postal service, as applicable, confirms that acceptance of
delivery was refused by the addressee). A party may change its notice information set forth above by giving the other party proper notice of the change, but a change to such notice information is only effective when it is actually received.

  

	 	(e)	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of all successors and assigns of the Company and the Participant, including
without limitation, the estate of the Participant and the executor, administrator or trustee of such estate or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 

  
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	 	(f)	Severability. The terms or conditions of this Agreement shall be deemed severable and the invalidity or unenforceability of any term or condition hereof shall
not affect the validity or enforceability of the other terms and conditions set forth herein. 

  

	 	(g)	No Rights to Continued Service; No Rights as Stockholder. The grant of the Option does not constitute a contract of employment or continued service, and the
grant of the Option shall not give the Participant the right to be retained in the employ or service of the Company or any Related Company, nor any right or claim to any benefit under the Plan or the Agreement, unless such right or claim has
specifically accrued under the terms of the Plan and the Agreement. The Participant and the Participant’s beneficiary shall not have any rights with respect to Common Stock (including voting rights) issuable upon exercise of the Option prior to
the date on which the shares of Common Stock are issued upon exercise. 

  

	 	(h)	Governing Law. The grant of the Option and the provisions of this Agreement are governed by, and subject to, the laws of the State of Delaware, without regard to
the conflict of law provisions, as provided in the Plan. For purposes of litigating any dispute that arises under this grant or this Agreement the parties hereby submit to and consent to the exclusive jurisdiction of the State of Illinois and agree
that such litigation shall be conducted in the courts of Cook County, Illinois, or the federal courts for the United States for the Northern District of Illinois, where this grant is made and/or to be performed. 

 

	 	(i)	Amendment. The Board may, at any time, amend or terminate the Plan, and the Board or the Committee may amend this Agreement, provided that no amendment or
termination may, in the absence of written consent to the change by the Participant (or, if the Participant is not then living, the Participant’s beneficiary), adversely affect the rights of any Participant or beneficiary under this Agreement
prior to the date such amendment is adopted by the Board (or the Committee, if applicable). Certain adjustments under the Plan shall not be subject to the foregoing limitations. In no event shall this Agreement be amended to provide for any
provision that is inconsistent with the terms of the Plan. 

 IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed as of the Grant Date. 
  

							
	PARTICIPANT	 	 	 	POTBELLY CORPORATION
				
	  
	 		 	By:	 	  

	Name:                           
                                         
                 	 		 	Name:	 	  

		 		 	Its:	 	  

  
 5EX-10.16

 Exhibit 10.16 
 FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT 
 POTBELLY
CORPORATION 
 2013 LONG-TERM INCENTIVE PLAN

 RESTRICTED STOCK UNIT AWARD AGREEMENT

 * * * * * 
  

			
	Participant:                        
                                         
                                         
                                         
                                         
             
		
	Restricted Stock Unit Grant Date (“Grant Date”):	 	  

		
	Number of Restricted Stock Units:	 	  

 THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date
specified above, by and between Potbelly Corporation, a Delaware corporation (the “Company”), and the Participant is entered into pursuant to the Potbelly 2013 Corporation Long-Term Incentive Plan (as the same may be amended, restated,
supplemented and otherwise modified from time to time, the “Plan”). All capitalized terms not otherwise defined in the text of this Agreement have the meanings attributed to them in the Plan. This Agreement is subject to the terms and
conditions of the Plan. 
 1. Grant of Restricted Stock Units. Subject to the terms and conditions of the Plan and this
Agreement, the Company hereby grants to the Participant a Full Value Award in the form of restricted stock units (the “Restricted Stock Units”). Each Restricted Stock Unit constitutes an unfunded and unsecured promise of the Company to
deliver (or cause to be delivered) to the Participant, subject to the terms and conditions of the Plan and this Agreement, a share of Common Stock if and when the Restricted Stock Unit becomes vested and payable as described in Sections 2 and 3
hereof. 
 2. Vesting of Restricted Stock Units. Subject to the terms and conditions of this Agreement, the
Restricted Stock Units granted pursuant to this Agreement shall vest as follows: [Insert Applicable Vesting Schedule] (each a “Vesting Date”), provided that the Participant’s Termination Date has not occurred before the
applicable Vesting Date. Any portion of the Restricted Stock Units that are not vested upon the Participant’s Termination Date shall immediately expire and shall be forfeited and the Participant shall have no further rights with respect
thereto, including the right to acquire any shares of Common Stock hereunder with respect to such Restricted Stock Unit. Each Restricted Stock Unit which becomes vested on an applicable Vesting Date shall be referred to as a “Vested Restricted
Stock Unit” and each Restricted Stock Unit which has not yet become vested on an applicable Vesting Date shall be referred to as an “Unvested Restricted Stock Unit”).  

3. Payment of Restricted Stock Units. Vested Restricted Stock Units shall be paid promptly upon (but not more than thirty
(30) days after) the applicable Vesting Date by delivery of one share of Common Stock for each such Vested Restricted Stock Unit being paid as of such date, subject to the terms of the Plan and this Agreement. 

 4. Designation of Beneficiary. The Participant may designate a person or persons to
receive payment in respect of the Participant’s Vested Restricted Stock Units, in accordance with the terms of this Agreement, in the event that the Participant dies prior to the payment in respect of such Restricted Stock Units (a
“Beneficiary”). Such designation, or any change to a prior designation of a Beneficiary, must be done by giving notice to the Committee on a form designated by the Committee. If, upon the death of the Participant, the Committee has
determined that there is no designated Beneficiary for part or all of the Participant’s Vested Restricted Stock Units, such Restricted Stock Units shall be paid, in accordance with the terms of the Agreement, to the Participant’s estate
(and the estate shall be deemed to be the Beneficiary for purposes of the Agreement). 
 5. Withholding. All payments or
distributions for Vested Restricted Stock Units pursuant to this Agreement are subject to withholding of all applicable taxes. At the election of the Participant and subject to such rules and limitations as may be established by the Committee from
time to time, withholding obligations may be satisfied through the surrender of Common Stock which the Participant already owns or to which a Participant is otherwise entitled pursuant to this Agreement; provided, however, that previously-owned
Common Stock that has been held by the Participant or Common Stock to which the Participant is entitled pursuant to this Agreement may only be used to satisfy the minimum tax withholding required by applicable law (or other rates that will not have
a negative accounting impact). 
 6. Miscellaneous. 

 

	 	(a)	Administration. The authority to administer and interpret the Agreement shall be vested in the Committee, and the Committee shall have all the powers with
respect to the Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding on all persons. 

 

	 	(b)	Transfer Restrictions. This Agreement, the Participant’s rights hereunder, and the Restricted Stock Units are not transferable by the Participant, except as
otherwise provided in the Plan and this Agreement. 

  

	 	(c)	Securities Law Requirements. Notwithstanding any other provision of this Agreement, the Company shall have no liability to make any distribution of Common Stock
under this Agreement unless such delivery or distribution would comply with all applicable laws. In particular, no shares will be delivered to a Participant unless, at the time of delivery, the shares qualify for exemption from, or are registered
pursuant to, applicable federal and state securities laws. 

  

	 	(d)	Notices. All notices, consents and other exchanges of written material required or implied under this Agreement shall be in writing and delivered in person or by
messenger, facsimile, overnight courier or certified mail and shall be sent to the following: 

  
 2 

			
	 If to the Company:
	  	 Potbelly Corporation

222 Merchandise Mart Plaza
 Suite 2300

Chicago, Illinois 60654
 Attention: Committee,
General Counsel and
 Senior Vice President of Human Resources

		
	 If to Participant:
	  	The address on file with the Company

 All notices shall be deemed delivered and received by the receiving party (i) if delivered by
messenger, on the date of delivery or on the date delivery was refused by the addressee, (ii) if delivered by facsimile transmission, upon receipt of facsimile confirmation of the party transmitting such notice, or (iii) if delivered by
overnight courier or certified mail, on the date of delivery as established by the return receipt, courier service confirmation or similar documentation (or the date on which the courier or postal service, as applicable, confirms that acceptance of
delivery was refused by the addressee). A party may change its notice information set forth above by giving the other party proper notice of the change, but a change to such notice information is only effective when it is actually received.

  

	 	(e)	Rights Are Unsecured. Under this Agreement, the right of a Participant or Beneficiary to receive payment hereunder shall be an unsecured claim against the
general assets of the Company and neither the Participant nor any Beneficiary shall have any rights in or against any specific assets of the Company or any of its affiliates. All amounts credited to the Participant shall constitute general assets of
the Company, and may be disposed of by the Company at such time and for such purposes as it may deem appropriate. 

  

	 	(f)	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of all successors and assigns of the Company and the Participant, including
without limitation, the estate of the Participant and the executor, administrator or trustee of such estate or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 

 

	 	(g)	Severability. The terms or conditions of this Agreement shall be deemed severable and the invalidity or unenforceability of any term or condition hereof shall
not affect the validity or enforceability of the other terms and conditions set forth herein. 

  

	 	(h)	No Rights to Continued Service; No Rights as Stockholder. The grant of the Restricted Stock Units does not constitute a contract of employment or continued
service, and the grant of the Restricted Stock Units shall not give the Participant the right to be retained in the employ or service of the Company or any Related Company, nor any right or claim to any benefit under the Plan or the Agreement,
unless such right or claim has specifically accrued under the terms of the Plan and the Agreement. The Participant and the Participant’s Beneficiary shall not have any rights with respect to Common Stock (including voting rights) issuable upon
payment of the Restricted Stock Units prior to the date on which the Restricted Stock Units are paid or settled. 

  
 3 

	 	(i)	Governing Law. The grant of the Restricted Stock Units and the provisions of this Agreement are governed by, and subject to, the laws of the State of Delaware,
without regard to the conflict of law provisions, as provided in the Plan. For purposes of litigating any dispute that arises under this grant or this Agreement the parties hereby submit to and consent to the exclusive jurisdiction of the State of
Illinois and agree that such litigation shall be conducted in the courts of Lake County, Illinois, or the federal courts for the United States for the Northern District of Illinois, where this grant is made and/or to be performed.

  

	 	(j)	Amendment. The Board may, at any time, amend or terminate the Plan, and the Board or the Committee may amend this Agreement, provided that no amendment or
termination may, in the absence of written consent to the change by the Participant (or, if the Participant is not then living, the Participant’s beneficiary), adversely affect the rights of any Participant or beneficiary under this Agreement
prior to the date such amendment is adopted by the Board (or the Committee, if applicable). Certain adjustments under the Plan shall not be subject to the foregoing limitations. In no event shall this Agreement be amended to provide for any
provision that is inconsistent with the terms of the Plan. 

  

	 	(k)	Code Section 409A. This Agreement is intended to be interpreted and operated to the fullest extent possible so that the payments and distributions pursuant
to this Agreement are exempt from the requirements of Section 409A of the Code (“Section 409A”). If an unintentional operational failure occurs with respect to Section 409A requirements, the Participant shall fully cooperate with
the Company to correct the failure, to the extent possible, in accordance with any correction procedure established by the U.S. Internal Revenue Service. 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the Grant Date. 
  

							
	PARTICIPANT	 		 	POTBELLY CORPORATION
				
	  
	 		 	By:	 	  

				
	Name:                           
                                         
                     	 		 	Name:	 	  

				
		 		 	Its:	 	  

  
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