Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FOURTH
AMENDMENT TO 
 NOTE PURCHASE AGREEMENT 

(NEWSTAR COMMERCIAL LEASE FUNDING I, LLC) 

THIS FOURTH AMENDMENT TO NOTE PURCHASE AGREEMENT, dated as of February 28, 2014 (this “Amendment”), is
entered into by and among NEWSTAR COMMERCIAL LEASE FUNDING I, LLC, a Delaware limited liability company, as the borrower (in such capacity, together with its successors and permitted assigns, the “Borrower”), NEWSTAR EQUIPMENT
FINANCE I, LLC, a Delaware limited liability company (together with its successors and permitted assigns, “NEF”), as the Servicer and as the originator (in such capacity, together with its successors and permitted assigns, the
“Originator”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as the lender (in such capacity, together with its successors and assigns, the “Lender”), WELLS FARGO SECURITIES, LLC, a
Delaware limited liability company (together with its successors and assigns, “WFS”), as deal agent (in such capacity, together with its successors and assigns, the “Deal Agent”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as the backup servicer (in such capacity, together with its successors and assigns, the “Backup Servicer”) and the trustee (in such capacity, together with its successors and assigns, the
“Trustee”). Capitalized terms used and not otherwise defined herein are used as defined in the Agreement (as defined below). 

R E C I T A L S 

WHEREAS, the parties hereto entered into that certain Note Purchase Agreement, dated as of November 16, 2012 (as amended, restated
or otherwise modified from time to time, the “Agreement”); and 
 WHEREAS, the parties hereto previously amended the
Agreement as of September 26, 2013, December 12, 2013 and January 30, 2014; and 
 WHEREAS, the parties hereto
desire to further amend the Agreement in certain respects as provided herein. 
 NOW, THEREFORE, in consideration of the premises,
mutual covenants and other good and valuable consideration contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

A G R E E M E N T 

Section 1. Amendments. 

(a) Clause (d) of the definition “Turbo Event” in Section 1.1(b) of the Agreement is amended and
restated in its entirety as follows: 
 “(d) if, on the first Determination Date occurring eighteen (18) months
after the Closing Date, the ratio of the aggregate Outstanding Amount to the Advance Limit is less than fifty percent (50%) (unless the Originator has sponsored a Securitization Transaction);” 

(b) Section 2.3 of the Agreement is amended and restated in its entirety as follows: 

Fourth Amendment to Note Purchase Agreement 

(NewStar Commercial Lease Funding I, LLC) 

 “Section 2.3. Optional Termination of the Revolving Period. 

The Lender or the Borrower may, upon at least forty-five (45) days’ prior written notice to the Deal Agent, the Servicer and the
Borrower or the Lender, as applicable, terminate the Revolving Period on May 16, 2014. The effective date of such termination shall be the “Optional Revolving Period Termination Date.”” 

Section 2. Ratification of Agreement. As amended by this Amendment, the Agreement is in all respects ratified and confirmed
by all of the parties and the Agreement as amended by this Amendment shall be read, taken and construed as one and the same instrument. All references to the Agreement shall be deemed to mean the Agreement as amended hereby. This Amendment shall not
constitute a novation of the Agreement, but shall constitute an amendment thereof. The parties hereto agree to be bound by the terms and conditions of the Agreement as amended by this Amendment. 

Section 3. Representations. The Borrower, the Originator and the Servicer each hereby represents and warrants with respect
to itself as of the date of this Amendment as follows: 
 (a) it is duly organized, validly existing and in good standing under the laws of
its jurisdiction of organization; 
 (b) the execution, delivery and performance by it of this Amendment are within its powers, have been
duly authorized, and do not contravene (i) its articles of organization, operating agreement or other organizational documents or (ii) any Applicable Law; 

(c) no consent, license, permit, approval or authorization of, or registration, filing or declaration with, any governmental authority is
required in connection with the execution, delivery, performance, validity or enforceability of this Amendment by or against it; 
 (d) this
Amendment has been duly authorized, executed and delivered by it; 
 (e) this Amendment constitutes its legal, valid and binding obligation
enforceable against it in accordance with its terms, except as enforceability may be limited by Insolvency Laws generally or by general principles of equity; 

(f) all representations and warranties set forth in the Agreement are true and correct as of the date hereof (except those that expressly
relate to an earlier date) and all of the provisions of the Agreement and the other Transaction Documents, except as amended or waived hereby, are in full force and effect; 

(g) subsequent to the execution and delivery of this Amendment and after giving effect hereto, no unwaived event has occurred and is
continuing which constitutes a Turbo Event, an Event of Default, an Unmatured Event of Default, a Servicer Default or an Unmatured Servicer Default; 

(h) the Agreement continues to create a valid security interest in, and Lien upon, the Assets in the Asset Pool, in favor of the Trustee,
which security interest and Lien is perfected in accordance with the terms of the Transaction Documents and is prior to all Liens subject to Permitted Liens; and 

(i) in consideration of the Deal Agent, the Backup Servicer, the Trustee and the Lender entering into this Amendment, the Borrower, the
Originator and the Servicer hereby waive, release and discharge the Deal Agent, the Backup Servicer, the Trustee, the Lenders or any of their respective officers, employees, representatives, agents, counsel or directors from any and all actions,
causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known to the extent that any of the forgoing arose, on or prior to the date hereof, out of or from or in

  
 Fourth Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 
  

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any way related to or were in connection with the Agreement or the Transaction Documents, including, without limitation, any action by such Persons, or failure of such Persons to act, under the
Agreement or the other Transaction Documents on or prior to the date hereof, except, with respect to any such Person being released hereby, any actions, causes of action, claims, demands, damages and liabilities arising out of such Person’s
gross negligence or willful misconduct in connection with the Agreement or the other Transaction Documents. 
 Section 4.
Liens. Each of the parties hereto affirms any liens and security interests created and granted by it in the Agreement or the other Transaction Documents and agrees that this Amendment shall in no manner adversely affect or impair such
liens and security interests. In addition, each of the parties hereto agrees to execute and file any documents necessary to make this paragraph accurate as of the date hereof. 

Section 5. Conditions. The effectiveness of this Amendment is subject to the delivery to the Administrative Agent of this
Amendment duly executed by each of the parties hereto. 
 Section 6. Miscellaneous. 

(a) This Amendment may be executed in any number of counterparts (including by facsimile), and by the different parties hereto on the same or
separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement. 

(b) The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed
to affect the meaning or construction of any of the provisions hereof. 
 (c) This Amendment may not be amended or otherwise modified except
as provided in the Agreement. 
 (d) Whenever the context and construction so require, all words used in the singular number herein shall be
deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine. 

(e) This Amendment represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or
subsequent oral agreements between the parties. There are no unwritten oral agreements between the parties. 
 (f) THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS. 

[Remainder of Page Intentionally Left Blank] 

  
 Fourth Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	NEWSTAR COMMERCIAL LEASE FUNDING I, LLC, as Borrower
		
	By:	 	 NEWSTAR FINANCIAL, INC.,
 as
Designated Manager

		
	By:	 	 /s/ MICHAEL EISENSTEIN

	Name:	 	 Michael Eisenstein

	Title:	 	 Managing Director

	
	NEWSTAR EQUIPMENT FINANCE I, LLC, as Servicer and Originator
		
	By:	 	 NEWSTAR FINANCIAL, INC.,
 as
Designated Manager

		
	By:	 	 /s/ MICHAEL EISENSTEIN

	Name:	 	 Michael Eisenstein

	Title:	 	 Managing Director

 [SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
 Fourth Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 

S-1 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Lender

		
	By:	 	 /s/ PETER ROGERS

	Name:	 	 Peter Rogers

	Title:	 	 Director

 [SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
 Fourth Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 

S-2 

 
			
	 WELLS FARGO SECURITIES, LLC,

as Deal Agent

		
	By:	 	 /s/ WILLIAM EUSTIS

	Name:	 	 William Eustis

	Title:	 	 Director

 [SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
 Fourth Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 

S-3 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ BRETT HUDSON

	Name:	 	 Brett Hudson

	Title:	 	 Assistant Vice President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 Fourth Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 

S-4 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Backup Servicer

		
	By:	 	 /s/ BRETT HUDSON

	Name:	 	 Brett Hudson

	Title:	 	 Assistant Vice President

 [SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
 Fourth Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 

S-5 

 Acknowledged and agreed to as of 

the date first written above. 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Hedge Counterparty

		
	By:	 	 /s/ JOHN MIECHKOWSKI

	Name:	 	 John Miechkowski

	Title:	 	 Authorized Signatory

  
 Fourth Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 

S-6EX-10.18

 EXHIBIT 10.18 

2014 Director Compensation Plan 

In accordance with the Potbelly Corporation 2013 Long-Term Incentive Plan (the “Plan”), the compensation for each
non-employee/non-investor director of Potbelly Corporation (the “Company”) and Potbelly Illinois, Inc. for services rendered in calendar year 2014 shall be $40,000 in cash plus unrestricted shares of Common Stock (as defined in the
Plan) (the “Shares”) having a Fair Market Value (as defined in the Plan) of $40,000 on the date of grant, subject to the director’s election to receive Shares having a Fair Market Value of $80,000 on the date of grant. 

Each of the following directors shall be deemed a non-employee/non-investor director for calendar year 2014: 

Peter Bassi 
 Daniel Ginsberg 

Marla Gottschalk 
 Each
non-employee/non-investor director listed above may elect between the following form of payment for his or her 2014 compensation: 
  

	 	1.	The director receives Shares having a grant date Fair Market Value of $80,000 (with a grant date on or before June 29, 2014); or 

 

	 	2.	The director receives: 

  

	 	a.	$40,000 in cash (half of which will be paid on before June 29, 2014 and half of which will be paid on or before December 28, 2014); plus 

 

	 	b.	Shares having a grant date Fair Market Value of $40,000 (with a grant date on or before June 29, 2014). 

If any non-employee/non-investor director fails to make an election prior to May 30, 2014, such director will be deemed to have elected
to receive $40,000 in cash plus Shares having a grant date Fair Market Value of $40,000. 
 If any non-employee/non-investor director joins
the Board of Directors of the Company and/or Potbelly Illinois, Inc. after January 1, 2014, such director’s 2014 compensation shall be pro-rated accordingly and paid in 2014. 

All non-employee Directors (Bryant Keil, Vann Avedisian, Gerald Gallagher and Dan Levitan) are eligible to receive compensation of Shares
having a grant date Fair Market Value of $40,000 (with a grant date on or before June 29, 2014).

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