Document:

FORM OF GENERAL FINANCIAL ADVISORY AND INVESTMENT BANKING SERVICES ENGAGEMENT LETTER

 

April 22, 2020

 

Matthew Reid

Chief Executive Officer

APPlife Digital Solutions, Inc.

555 California Street, Suite 4925

San Francisco, CA 94104

 

 

Dear Mr. Reid: 

 

We are pleased that APPlife Digital Solutions, Inc., (the “Company”) has decided to retain Maxim Group LLC (“Maxim”) to provide general financial advisory, investment banking and digital marketing services to the Company as set forth herein.  This letter agreement (“Agreement”) will confirm Maxim’s acceptance of such retention and set forth the terms of our engagement.

 

1.Retention.  The Company hereby retains Maxim as its financial advisor and investment banker to provide general financial advisory and investment banking services, and Maxim accepts such retention on the terms and conditions set forth in this Agreement. In connection with this Agreement, Maxim may provide certain or all of the following services (collectively referred to as the “Advisory Services”):  

  

(a)assist management of the Company and advise the Company with respect to its strategic planning process and business plans including an analysis of markets, positioning, financial models, organizational structure, potential strategic alliances and capital requirements; 

 

(b)advise the Company on matters relating to its capitalization; 

 

(c)assist management of the Company with the preparation of the Company’s marketing materials and investor presentations; 

 

(d)assist the Company in broadening its shareholder base including non-deal road show activity;  

 

(e)assist the Company with strategic introductions;  

 

(f)work closely with the Company’s management team to develop a set of long and short-term goals with special focus on enhancing corporate and shareholder value.  This will include assisting the Company in determining key business actions, including assistance with strategic partnership discussions and review of financing requirements, intended to help enhance shareholder value and exposure to the investment community; 

 

(g)advise the Company on potential financing alternatives, including facilitation and negotiation of any financial or structural aspects of such alternatives;  

 

(h)assist the Company in enhancing exposure to the investing community by hosting a Company presentation(s) on the M-Vest Platform; 

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

    APPlife Digital Solutions Inc.

April 2020

(i)provide such other financial advisory and investment banking services upon which the parties may mutually agree. 

 

              It is expressly understood and agreed that: (1) Maxim shall be required to perform only such tasks as may be necessary or desirable in connection with the rendering of its services hereunder and therefore may not perform all of the tasks enumerated above during the term of this Agreement; (2) Maxim need not perform each of the above-referenced tasks in order to receive the fees described in Section 3; (3) Maxim’s tasks may not be limited to those enumerated in this paragraph; and (4) Maxim will not originate any content in the rendering the Digital Marketing Services, and all such content shall be deemed to be originated by the Company; and (5) Company owns all digital accounts and tools used during this engagement, and is responsible for the manner in which those accounts and tools are utilized..

 

2.Information.  In connection with Maxim’s activities hereunder, the Company will cooperate with Maxim and furnish Maxim upon request with all information regarding the business, operations, properties, financial condition, management and prospects of the Company (all such information so furnished being the “Information”) which Maxim deems appropriate and will provide Maxim with access to the Company’s officers, directors, employees, independent accountants and legal counsel.  The Company represents and warrants to Maxim that all Information made available to Maxim hereunder will be complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in light of the circumstances under which such statements are or will be made.  The Company further represents and warrants that any projections and other forward-looking information provided by it to Maxim will have been prepared in good faith and will be based upon assumptions which, in light of the circumstances under which they are made, are reasonable.  The Company recognizes and confirms that Maxim: (i) will use and rely primarily on the Information and on information available from generally recognized public sources in performing the services contemplated by this Agreement without having independently verified the same; (ii) does not assume responsibility for the accuracy or completeness of the Information and such other information; and (iii) will not make an appraisal of any assets of the Company.  Any advice rendered by Maxim pursuant to this Agreement may not be disclosed publicly without Maxim’s prior written consent.  Maxim hereby acknowledges that certain of the Information received by Maxim may be confidential and/or proprietary, including Information with respect to the Company’s technologies, products, business plans, marketing, and other Information which must be maintained by Maxim as confidential.  Maxim agrees that it will not disclose such confidential and/or proprietary Information to any other companies in the industry in which the Company is involved.  

 

The Company represents and warrants that all content to be hosted on the M-Vest Platform shall be created solely by the Company and shall have been reviewed and approved by counsel to the Company. The Company acknowledges that Maxim will not alter or opine on such content. The Company further agrees that any Information or content that is hosted on the M-Vest Platform will, prior to being hosted on M-Vest, be filed with the Securities and Exchange Commission on Form 8-K. The Company agrees and acknowledges that the hosting of any content on the M-Vest Platform is not guaranteed but is contingent upon Maxim’s completion of due diligence with respect to such content.

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

    APPlife Digital Solutions Inc.

April 2020

3.Compensation.  As consideration for Maxim’s services pursuant to this Agreement, Maxim shall be entitled to receive, and the Company agrees to pay Maxim, the following compensation: 

 

(a)The fees appearing in Exhibit B hereto (the “Fee Schedule”) shall be earned by and paid to Maxim by the Company in connection with any Financings or Transactions (as such terms are defined hereafter) undertaken by the Company, the terms of which will be mutually agreed upon under separate advisory, placement agency and/or underwriting agreements. 

 

(b)The Company will issue to Maxim Partners LLC 3,750,000 shares of the Company’s common stock (the “Common Stock”) based on the following schedule: 

 

i.1,000,000 shares of Common Stock to be issued upon the execution of the Agreement; 

 

ii.1,250,000 shares of Common Stock to be issued upon the execution of the Agreement and to be held in escrow until the date that is seven (7) months from the execution of the Agreement, unless the Company provides notice of termination of this Agreement within thirty (30) days of the date that is six (6) months from the execution of this Agreement.  Additionally, the Common Stock issued pursuant to this Section 3(b)(ii) shall be subject to a twelve (12) month lock-up following receipt of the Common Stock by Maxim; and 

 

iii.1,500,000 shares of Common Stock to be issued upon an up-listing of the Company’s Common Stock to a national exchange (NASDAQ or NYSE). 

 

The shares of Common Stock will have unlimited piggyback registration rights and the same rights afforded other holders of the Company’s Common Stock. Notwithstanding the foregoing, if a registration involves an underwritten offering, and the lead managing underwriter shall advise Company that the amount of securities to be included in the offering exceeds the amount which can be sold in the offering, the number of shares of Common Stock owned by Maxim to be included in the offering shall be reduced as required by the managing underwriter. Upon Maxim’s request, the Company will use its best efforts to promptly deliver an opinion of its counsel to the transfer agent to remove the restrictive legend from the Common Stock pursuant to Rule 144; however, this requirement does not apply if the Company reasonably believes in good faith that the conditions for removal of the restrictive legend under Rule 144 have not been met.

 

(c)The Company and Maxim acknowledge and agree that, in the course of performing services hereunder, Maxim may communicate with (as the Company’s advisor) or introduce the Company to third parties who may be interested in providing financing to the Company (a “Financing”) or in entering into a transaction with the Company, including, without limitation, a merger, acquisition or sale of stock or assets (in which the Company may be the acquiring or the acquired entity), joint venture, strategic alliance or other similar transaction (any such transaction, a “Transaction”).  The Company agrees that if during the term of this Agreement or within twelve (12) months from the effective date of the termination of this Agreement either the Company or any party to whom the Company was introduced, directly or indirectly, by Maxim, or who was contacted by Maxim on behalf of the Company in connection with its services for the Company, proposes a Financing or any Transaction involving the Company, then, if any such Financing or Transaction is consummated, the Company shall pay to Maxim fees in accordance with the Fee Schedule.  Such fees shall be  

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

    APPlife Digital Solutions Inc.

April 2020

payable to Maxim in cash at the closing or closings of the Financing or Transaction to which it relates.

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

    APPlife Digital Solutions Inc.

April 2020

4.Expenses.  In addition to payment to Maxim of the compensation set forth in Section 3 hereof, the Company shall promptly upon request from time to time reimburse Maxim for all reasonable expenses (including, without limitation, fees and disbursements of counsel and all travel and other out-of-pocket expenses) incurred by Maxim in connection with its engagement hereunder. Maxim will provide the Company an invoice and copies of receipts pursuant to its expenses and such expenses shall not exceed $500 without prior written consent of the Company. All costs and expenses from third-party service providers and ad platforms, such as Google and Facebook, relating to the Digital Marketing Advisory Services shall be borne directly by the Company, and Maxim shall have no responsibility or liability with respect to such expenses. 

 

5.Indemnification.  The Company agrees to indemnify Maxim in accordance with the indemnification and other provisions attached to this Agreement as Exhibit A (the “Indemnification Provisions”), which provisions are incorporated herein by reference and shall survive the termination or expiration of this Agreement.  

 

6.Future Rights.  As additional consideration for its services hereunder and as an inducement to cause Maxim to enter into this Agreement, if at any time during the term of this Agreement or within twelve (12) months from the effective date of the termination of this Agreement, the Company proposes to effect a public offering of its securities on a US exchange, private placement of securities or other Financing, the Company shall offer to retain Maxim as lead book running manager of such offering, or as its exclusive agent in connection with such Financing or other matter, upon such terms as the parties may mutually agree, such terms to be set forth in a separate engagement letter or other agreement between the parties.  This right shall not apply if the Company terminates Maxim for Cause as that term is defined below. Such offer shall be made in writing in order to be effective.  The Company shall not offer to retain any other investment banking firm in connection with any such offering or Financing, on terms more favorable than those discussed with Maxim without offering to retain Maxim on such more favorable terms.  Maxim shall notify the Company within 90 days of its receipt of the written offer contemplated above as to whether or not it agrees to accept such retention.  If Maxim should decline such retention, the Company shall have no further obligations to Maxim, except as specifically provided for herein. 

 

7.Other Activities.  The Company acknowledges that Maxim has been, and may in the future be, engaged to provide services as an underwriter, placement agent, finder, advisor and investment banker to other companies in the industry in which the Company is involved. Subject to the confidentiality provisions of Maxim contained in Section 2 hereof, the Company acknowledges and agrees that nothing contained in this Agreement shall limit or restrict the right of Maxim or of any member, manager, officer, employee, agent or representative of Maxim, to be a member, manager, partner, officer, director, employee, agent or representative of, investor in, or to engage in, any other business, whether or not of a similar nature to the Company’s business, nor to limit or restrict the right of Maxim to render services of any kind to any other corporation, firm, individual or association.  Maxim may, but shall not be required to, present opportunities to the Company. 

 

8.Term and Termination; Survival of Provisions.  Either Maxim or the Company may terminate this Agreement at any time upon 30 days’ prior written notice to the other party after the six (6) month anniversary of this Agreement.  In the event of such termination, the Company shall pay and deliver to Maxim: (i) all compensation earned through the date of such termination (“Termination Date”) pursuant to any provision of Section 3 hereof, (ii) all compensation which may be earned by Maxim after the Termination Date pursuant to Section 3 hereof, and (iii) shall reimburse Maxim for all expenses incurred by Maxim in connection with its services hereunder pursuant to Section 4 hereof.  All such fees and reimbursements due to Maxim pursuant to the immediately preceding sentence shall be paid to  

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

    APPlife Digital Solutions Inc.

April 2020

Maxim on or before the Termination Date (in the event such fees and reimbursements are earned or owed as of the Termination Date) or upon the closing of a Financing or Transaction or any applicable portion thereof (in the event such fees are due pursuant to the terms of Section 3 hereof). In the event, however in the course of due diligence performed by Maxim, Maxim deems it necessary to terminate the engagement, Maxim may do so at any time upon immediate written notice. If the Company terminates the Agreement for Cause (as hereinafter defined), upon thirty (30) days’ notice and effective within five months of the execution of this Agreement, Maxim shall return the pro rata amount of the Common Stock described in Section 3(b) above based on the amount of time remaining in such five month period.  Pursuant to this Agreement, “Cause” shall mean gross negligence, willful misconduct or an uncured material breach of this Agreement by Maxim of which the Company has provided Maxim with reasonable notice and opportunity to cure.  Notwithstanding anything expressed or implied herein to the contrary: (i) any  other agreement entered into between Maxim and the Company may only be terminated in accordance with the terms thereof, notwithstanding an actual or purported termination of this Agreement, and (ii) the terms and provisions of Sections 3, 4, 5 (including, but not limited to, the Indemnification Provisions attached to this Agreement and incorporated herein by reference), 6, 8, 9, 10, 11, 15 and 17 shall survive the termination of this Agreement.

 

9.Notices.  All notices will be in writing and will be effective when delivered in person or sent via U.S. Mail or private carrier or via facsimile and confirmed by letter, to the party to whom it is addressed at the following addresses or such other address as such party may advise the other in writing: 

 

To the Company:

APPlife Digital Solutions Inc.

555 California Street, Suite 4925

San Francisco, CA 94104

Attention: Matthew Reid

 

With an electronic copy sent to: legal@applifedigital.com

 

To Maxim:James Siegel, Esq. 

Maxim Group LLC

405 Lexington Avenue 

New York, NY 10174 

Telephone:  (212) 895-3508

Facsimile:  (212) 895-3888

 

Mr. Clifford Teller

Maxim Group LLC

405 Lexington Avenue 

New York, NY 10174 

 

 

 

10.Governing Law; Arbitration.  This Agreement shall be enforced, governed by and construed in accordance with the laws of New York without regard to principles of conflict of laws.  Any controversy between the parties to this Agreement, or arising out of the Agreement, shall be resolved by arbitration before the American Arbitration Association (“AAA”) in New York City.  The following arbitration agreement should be read in conjunction with these disclosures: 

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

    APPlife Digital Solutions Inc.

April 2020

(a)ARBITRATION IS FINAL AND BINDING ON THE PARTIES; 

(b)THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO JURY TRIAL; 

(c)PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED THAN AND DIFFERENT FROM COURT PROCEEDING; AND 

(d)THE ARBITRATORS’ AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDING OR LEGAL REASONING AND ANY PARTY’S RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULINGS BY THE ARBITRATORS IS STRICTLY LIMITED. 

 

ARBITRATION AGREEMENT. ANY AND ALL CONTROVERSIES, DISPUTES OR CLAIMS BETWEEN MAXIM AND YOU OR YOUR AGENTS, REPRESENTATIVES, EMPLOYEES, DIRECTORS, OFFICERS OR CONTROL PERSONS, ARISING OUT OF, IN CONNECTION WITH, OR WITH RESPECT TO (a) ANY PROVISIONS OF OR THE VALIDITY OF THIS AGREEMENT OR ANY RELATED AGREEMENTS, (b) THE RELATIONSHIP OF THE PARTIES HERETO, OR (c) ANY CONTROVERSY ARISING OUT OF YOUR BUSINESS SHALL BE CONDUCTED BY THE AMERICAN ARBITRATION ASSOCIATION UNDER ITS COMMERCIAL ARBITRATION RULES. ARBITRATION MUST BE COMMENCED BY SERVICE OF A WRITTEN DEMAND FOR ARBITRATION OR A WRITTEN NOTICE OF INTENTION TO ARBITRATE. IF YOU ARE A PARTY TO SUCH ARBITRATION, TO THE EXTENT PERMITTED BY THE RULES OF THE APPLICABLE ARBITRATION TRIBUNAL, THE ARBITRATION SHALL BE CONDUCTED IN NEW YORK, NEW YORK. THE DECISION AND AWARD OF THE ARBITRATORS(S) SHALL BE CONCLUSIVE AND BINDING UPON ALL PARTIES, AND ANY JUDGMENT UPON ANY AWARD RENDERED MAY BE ENTERED IN THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK, OR ANY OTHER COURT HAVING JURISDICTION THEREOF, AND NEITHER PARTY SHALL OPPOSE SUCH ENTRY.

 

11.Amendments.  This Agreement may not be modified or amended except in a writing duly executed by the parties hereto. 

 

12.Headings.  The section headings in this Agreement have been inserted as a matter of reference and are not part of this Agreement. 

 

13.Successors and Assigns.  The benefits of this Agreement shall inure to the parties hereto, their respective successors and assigns and to the indemnified parties hereunder and their respective successors and assigns, and the obligations and liabilities assumed in this Agreement shall be binding upon the parties hereto and their respective successors and assigns.  Notwithstanding anything contained herein to the contrary, neither Maxim nor the Company shall assign any of its obligations hereunder without the prior written consent of the other party. 

 

14.No Third Party Beneficiaries.  This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person or entity not a party hereto, except those entitled to the benefits of the Indemnification Provisions.  Without limiting the foregoing, the Company acknowledges and agrees that Maxim is not being engaged as, and shall not be deemed to be, an agent or fiduciary of the Company’s stockholders or creditors or any other person by virtue of this Agreement or the retention of Maxim hereunder. 

 

15.Waiver.  Any waiver or any breach of any of the terms or conditions of this Agreement shall not operate as a waiver of any other breach of such terms or conditions or of any other term or condition, nor shall any failure to insist upon strict performance or to enforce any provision hereof on any one occasion  

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

    APPlife Digital Solutions Inc.

April 2020

operate as a waiver of such provision or of any other provision hereof or a waiver of the right to insist upon strict performance or to enforce such provision or any other provision on any subsequent occasion.  Any waiver must be in writing.

 

16.Counterparts.  This Agreement may be executed in any number of counterparts and by facsimile transmission, each of which shall be deemed to be an original instrument, but all of which taken together shall constitute one and the same agreement.  Facsimile signatures shall be deemed to be original signatures for all purposes. 

 

17.Disclaimers.  The Company agrees that any and all decisions, acts, actions, or omissions with respect to the services contemplated by this Agreement and the other matters contemplated herein shall be the sole responsibility of the Company, and that the performance by Maxim of services hereunder will in no way expose Maxim to any liability for any such decisions, acts, actions or omissions of the Company. 

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

    APPlife Digital Solutions Inc.

April 2020

If the terms of our engagement as set forth in this letter are satisfactory to you, please confirm by signing and returning one copy of this letter.  

 

 

 

Very truly yours,

 

MAXIM GROUP LLC

 

 

 

By: ___________________________________

Ritesh Veera

Senior Managing Director, Investment Banking

 

 

By: ___________________________________

Eddie Grossman

Director, Investment Banking

 

 

By: ___________________________________

Clifford A. Teller

Executive Managing Director, Investment Banking

 

 

 

 

Agreed to and accepted this ___th day of April, 2020

 

APPlife Digital Solutions Inc.

 

_____________________________

Matthew Reid

Chief Executive Officer

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

          APPlife Digital Solutions Inc. 

           March 2020 

Exhibit A

 

INDEMNIFICATION PROVISIONS

 

Capitalized terms used in this Exhibit shall have the meanings ascribed to such terms in the Agreement to which this Exhibit is attached.

 

The Company agrees to indemnify and hold harmless Maxim and each of the other Indemnified Parties (as hereinafter defined) from and against any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions, suits, proceedings and investigations in respect thereof and any and all legal and other costs, expenses and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise (including, without limitation, the costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursuing or defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is a party)) (collectively, “Losses”), directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with, Maxim’s acting for the Company, including, without limitation, any act or omission by Maxim in connection with its acceptance of or the performance or non-performance of its obligations under the Agreement between the Company and Maxim to which these indemnification provisions are attached and form a part (the “Agreement”), any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or in any instrument, document or agreement relating thereto, including any agency agreement), or the enforcement by Maxim of its rights under the Agreement or these indemnification provisions, except to the extent that any such Losses are found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted from the gross negligence or willful misconduct of the Indemnified Party seeking indemnification hereunder.  The Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with the engagement of Maxim by the Company or for any other reason, except to the extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted from such Indemnified Party’s gross negligence or willful misconduct.

 

These Indemnification Provisions shall extend to the following persons (collectively, the “Indemnified Parties”):  Maxim, its present and former affiliated entities, managers, members, officers, employees, legal counsel, agents and controlling persons (within the meaning of the federal securities laws), and the officers, directors, partners, stockholders, members, managers, employees, legal counsel, agents and controlling persons of any of them.  These indemnification provisions shall be in addition to any liability which the Company may otherwise have to any Indemnified Party.

 

If any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall notify the Company with reasonable promptness; provided, however, that any failure by an Indemnified Party to notify the Company shall not relieve the Company from its obligations hereunder.  An Indemnified Party shall have the right to retain counsel of its own choice to represent it, and the fees, expenses and disbursements of such counsel shall be borne by the Company.  Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company and any counsel designated by the Company.  The Company shall be liable for any settlement of any claim against any Indemnified Party made with the Company’s written consent.  The Company shall not, without the prior reasonable written consent of Maxim, settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect of such claim, and (ii) does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse statement with respect to the character, 

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

         APPlife Digital Solutions Inc.

           March 2020

professionalism, expertise or reputation of any Indemnified Party or any action or inaction of any Indemnified Party.

 

In order to provide for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case, even though the express provisions hereof provide for indemnification in such case, then the Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company and its stockholders, subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the other hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law, in such proportion as to reflect not only the relative benefits, but also the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses as well as any relevant equitable considerations.  No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for fraudulent misrepresentation.  The relative benefits received (or anticipated to be received) by the Company and it stockholders, subsidiaries and affiliates shall be deemed to be equal to the aggregate consideration payable or receivable by such parties in connection with the transaction or transactions to which the Agreement relates relative to the amount of fees actually received by Maxim in connection with such transaction or transactions.  Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the amount of fees previously received by Maxim pursuant to the Agreement.

 

Neither termination nor completion of the Agreement shall affect these Indemnification Provisions which shall remain operative and in full force and effect.  The Indemnification Provisions shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the Indemnified Parties and their respective successors, assigns, heirs and personal representatives.

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

         APPlife Digital Solutions Inc.

           March 2020

Exhibit B

 

FEE SCHEDULE

 

Capitalized terms used in this Exhibit shall have the meanings ascribed to such terms in the Agreement to which this Exhibit is attached.

 

1. For any Financing, the Company shall:

(i)pay Maxim a cash fee of 8% of the amount of capital raised, invested or committed; and  

(ii)pay Maxim a cash fee for unallocated expenses of 1% of the amount of capital raised, invested or committed; and 

(iii)deliver a warrant to Maxim (the “Agent Warrant”) to purchase shares of the Common Stock equal to eight percent (8%) of the number of shares of Common Stock underlying the securities issued in the Financing.  Such Agent Warrant will be issued at each Closing and shall provide, among other things, that the Agent Warrant shall (i) be exercisable at an exercise price equal to the price of the securities (or the exercise price of the securities) issued to the investors in the Financing, (ii) expire five (5) years from the date of issuance, (iii) contain standard anti-dilution protection and such other anti-dilution protection provided to the investors in the Financing, (iv) include customary registration rights, including the registration rights provided to the investors, (v) contain provisions for cashless exercise and (vi) include such other terms as are normal and customary for warrants of this type. 

 

2.Transaction Fees: 

The Transaction Fees shall be payable to Maxim in cash at the closing or closings of the Transaction to which it relates and shall be equal to three percent (3%) of Transaction consideration as defined below.  The amount of consideration paid in a Transaction shall include, for purposes of calculating such fee, all forms of consideration paid or received, directly or indirectly, by the Company and/or its stockholders in such Transaction, including, without limitation, cash, securities, notes or other evidences of indebtedness, assumption of liabilities (whether by operation of law or otherwise), or any combination thereof.  If all or portion of the consideration paid in the Transaction is other than cash or securities, then the value of such non-cash consideration shall be the fair market value thereof on the date the Transaction is consummated as mutually agreed upon in good faith by the Company and Maxim.  If such non-cash consideration consists of common stock, options, warrants or rights for which a public trading market existed prior to the consummation for the Transaction, then the value of such securities shall be determined based upon the closing or last sales price thereof on the date of the consummation of the Transaction.  If such non-cash consideration consists of newly-issued, publicly-traded common stock, options, warrants or rights for which no public trading market existed prior to the consummation of the Transaction, then the value thereof shall be the average of the closing prices for the twenty (20) trading days subsequent to the fifth trading day after the consummation of the Transaction.  In such event, the fee payable to Maxim pursuant to this Section 2 shall be paid on the thirtieth (30th) trading day subsequent to consummation of the Transaction.  If no public market exists for the common stock, options, warrants or other rights issued in the Transaction, then the value thereof shall be as mutually agreed upon in good faith by the Company and Maxim.  If the non-cash consideration paid in the Transaction consists of preferred stock or debt securities (regardless of whether a public trading market existed for such preferred stock or debt securities prior to consummation of the Transaction or exists thereafter), the value thereof shall be the maximum liquidation value (without regard to accrued dividends) of the preferred stock or the principal amount of the debt securities, as the case may be.  Any amounts payable by a purchaser to the Company, any stockholder of the Company or an affiliate of either the 

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

         APPlife Digital Solutions Inc.

           March 2020

Company or any stockholder of the Company in connection with a non-competition, employment, consulting, licensing, supply or other agreement (or payable by the Company if the Company is the acquiring entity) shall be deemed to be part of the consideration paid in the Transaction.  If all or a portion of the consideration payable in connection with the Transaction includes contingent future payments, then the Company shall pay to Maxim an additional cash fee, determined in accordance with this Section 2, as, when and if such contingency payments are received.  However, in the event of an installment purchase at a fixed price and fixed time schedule, the Company agrees to pay Maxim, upon consummation of such Transaction, an additional cash fee, determined in accordance with this Section 2 based upon the present value of such installment payments using a discount rate of ten percent (10%).  If with respect to any non-cash consideration the Company and Maxim are unable to agree on the fair market value thereof, then such value shall be determined by submission of the question to a reputable appraisal firm with experience valuing property of the nature of the subject consideration acceptable to the Company and Maxim (the fees and expenses of whom shall be borne equally by the Company and Maxim).

Members FINRA & SIPC

405 Lexington Ave. * New York, NY 10174 *  tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJEX-10.1

 Exhibit 10.1 

SETTLEMENT AGREEMENT 

This SETTLEMENT AGREEMENT (this “Agreement”) is made and entered into as of May 10, 2020, by and among
Potbelly Corporation, a Delaware corporation (the “Company”), on the one hand, and Intrinsic Investment Holdings, LLC, an Illinois limited liability company (“Intrinsic”), the Vann A. Avedisian Trust U/A 8/29/85, a
trust formed in the state of Illinois (the “Avedisian Trust”), Vann A. Avedisian, an individual, KGT Investments, LLC, a Delaware limited liability company (“KGT”), The Khimji Foundation, a charitable trust formed
in the state of Texas (“TKF”), Mahmood Khimji, an individual, Bryant L. Keil, an individual, Neil Luthra, an individual (each an “Investor” and collectively, with each of their respective Affiliates, the
“Investors”), David J. Near, an individual (“Mr. Near”), and Todd W. Smith, an individual (“Mr. Smith” and, together with Mr. Near, the “Investor
Designees”), on the other hand. The Company and the Investors are each herein referred to as a “party” and collectively, the “parties.” The Investor Designees shall be parties to this Agreement only for
purposes of the Investor Designees’ rights and obligations under Sections 1, 7, 10(a)(ii)(B), 10(b) and 12 through 16. 

WHEREAS, on December 18, 2019, the Investors filed a Schedule 13D with the SEC, which was subsequently amended on
February 18, 2020, March 2, 2020, March 18, 2020 and March 30, 2020 (as amended, the “Schedule 13D”); 

WHEREAS, on March 1, 2020, Intrinsic provided notice to the Company (as supplemented and revised on March 18, 2020,
the “Nomination Notice”) of its intent to nominate candidates for election to the Board of Directors of the Company (the “Board”) at the Company’s 2020 annual meeting of stockholders (the “2020 Annual
Meeting”); and 
 WHEREAS, the Company and the Investors have determined to come to an agreement with respect to
the composition of the Board and certain other matters, as provided in this Agreement; 
 NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound hereby, agree
as follows: 
  

	1.	 Board Composition and Related Matters. 

(a)    Effective upon the execution and delivery of this Agreement, the Investors withdraw the Nomination
Notice. 
 (b)    Effective upon the execution and delivery of this Agreement, the Board: 

(i)    increases the size of the Board by two directors; 

(ii)    appoints Mr. Near and Mr. Smith to fill the vacancies resulting from the
increase in the size of the Board pursuant to the foregoing clause (i); 

 (iii)    duly adopts a resolution to fix
the size of the Board at ten (10) directors; 
 (iv)    nominates each Investor
Designee for election to the Board at the 2020 Annual Meeting with a term expiring at the Company’s 2021 annual meeting of stockholders (the “2021 Annual Meeting”); and 

(v)    determines that each Investor Designee is “independent” under the rules
and regulations of the NASDAQ Stock Market LLC. 
 (c)    Simultaneous with the execution and delivery
of this Agreement and as a condition to the Investors’ rights and the Board’s obligations herein, each of the Investor Designees has executed and delivered to the Company a resignation letter in the form attached hereto as
Exhibit A. 
 (d)    The Company shall, with respect to the 2020 Annual
Meeting, (i) include each of the Investor Designees and Daniel Ginsburg, Joseph Boehm, Adrian Butler, Susan Chapman-Hughes, Marla Gottschalk, David Head, Alan Johnson and Ben Rosenzweig in its proxy statement and proxy card as director nominees
of the Board, and not include any other nominees without the prior written consent of the Investors, (ii) recommend the election of the Investor Designees to the Board to the stockholders of the Company and (iii) solicit proxies in favor
of the election of the Investor Designees to the Board in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees (the foregoing clauses (ii) and (iii), the “Election Support
Efforts”). In connection with the foregoing, each Investor Designee hereby consents to be named as a nominee of the Company for election to the Board in any applicable proxy statement, proxy card or other solicitation materials of the
Company. 
 (e)    For any Annual Meeting subsequent to the 2020 Annual Meeting and as long as one or
both of the Investor Designees is or are on the Board, the Company shall irrevocably notify the Investor Designees and the Investors in writing (a “Renomination Notice”), no less than fifty-five (55) calendar days before the
last day of the advance notice window for director nominations at such Annual Meeting pursuant to the Company’s Amended and Restated By-Laws (as amended from time to time, the “Bylaws”),
whether the Company intends to renominate one or both of the Investor Designees for election to the Board at such Annual Meeting. Each Investor Designee that has received a Renomination Notice shall have ten (10) Business Days from delivery of
such Renomination Notice (the “Renomination Response Period”) to notify the Company and the Investors in writing of his consent to such renomination (a “Renomination Consent”). With respect to each Investor Designee
who has been renominated for election at an Annual Meeting pursuant to a Renomination Notice and delivered a corresponding Renomination Consent, the Company shall nominate such Investor Designee for election to the Board at such Annual Meeting and
shall provide full Election Support Efforts for the election of such Investor Designee. Notwithstanding anything to the contrary contained herein, if the Company renominates both Investor Designees for election to the Board at the 2021 Annual
Meeting and both Investor Designees deliver a corresponding Renomination Consent during the Renomination Response Period, then, if the Investors agree in writing, the Terminable Date under Section 10(a) shall be extended to
the date that is forty-five (45) calendar days before the last day of the advance notice window for director nominations at the Company’s 2022 annual meeting of stockholders pursuant to the Bylaws. 

  
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 (f)    During the period between the 2020 Annual Meeting
and the Company’s delivery of the Renomination Notice for the 2021 Annual Meeting, the size of the Board shall not be increased beyond ten (10) directors without the approval of the stockholders of the Company; provided,
however, that the Company shall not submit a proposal to increase the size of the Board to a vote of the stockholders of the Company (other than as part of a proposal to approve an Extraordinary Transaction). 

(g)    Effective upon the execution and delivery of this Agreement, the Board duly appoints Mr. Near
to serve on the Compensation Committee of the Board and Mr. Smith to serve on the Nominating and Governance Committee of the Board. Mr. Near and Mr. Smith shall be entitled to continuously serve on the Compensation Committee and the
Nominating and Governance Committee, respectively, until the Termination Date, unless otherwise agreed by the Investors in writing. In addition, upon the reasonable request of an Investor Designee, the Board shall consult with such Investor Designee
regarding the appointment of such Investor Designee to one or more other committees of the Board, with the understanding that the intent of the parties is that the Investor Designees shall be considered for membership on committees of the Board in
the same manner as other members of the Board, subject to Section 1(h). An Investor Designee shall have the same right as other members of the Board to be invited to attend meetings of committees of the Board of which the
Investor Designee is not a member, and to receive the same information as other directors, subject to Section 1(h). The Investor Designees shall receive prior written notice of any proposal to form a new committee and shall
be considered for appointment to any new committee on the same basis as the other Board members, taking into consideration applicable skill sets and the number of committees on which the all directors, including the Investor Designees, already
serve. 
 (h)    The Investors agree that the Board or any committee thereof, in the good faith exercise
of its fiduciary duties (without the Investor Designees voting on such determination), shall have the right to recuse the Investor Designees from any portion of a Board or committee meeting and may restrict access to information of the Company to
the extent the Board or any such committee is deliberating and/or taking action with respect to (i) the enforcement or performance of this Agreement, (ii) an Investor Designee’s failure to comply with the Charter, the Bylaws or
applicable Company Policies, (iii) any demands made by any of the Investors or any of their respective Affiliates with respect to the Company if such demand is coupled expressly with the threat to take any of the actions prohibited in Sections
3(a) through 3(k), or (iv) any proposed transaction between the Company and any of the Investors or any of their respective Affiliates or any other matter where the interests of the Investors or any of their respective Affiliates are directly
adverse to those of the Company. For the avoidance of doubt, (A) consistent with his fiduciary duties as a director of the Company, each Investor Designee shall consider in good faith, to the same extent as any other director of the Company,
recusal from any Board or committee meeting in the event there is any other actual or potential conflict of interest between the Investors or an Investor Designee, on the one hand, and the Company, on the other hand, and (B) the Board may
restrict an Investor Designee’s access to information of the Company to the same extent it would for any other director of the Company, in accordance with applicable law. The Company represents and warrants that all Company Policies currently
in effect are publicly available on the Company’s website or have been provided to the Investors or their counsel. The Board shall not utilize committees of the Board (including an “executive” or similar committee) for the purpose of
discriminating against an Investor Designee or undermining the purpose of this Agreement. 

  
 3 

 (i)    The Investors agree that there shall be no
contracts, plans or arrangements, written or otherwise, between any of the Investors and any Investor Designee in effect during the term of this Agreement providing for any compensation, reimbursement of expenses or indemnification of an Investor
Designee related to such Investor Designee’s service on the Board. 
 (j)    While each Investor
Designee serves as a director of the Board, such Investor Designee shall receive compensation (including equity based compensation, if any) for Board and committee meetings attended, an annual retainer, benefits (including expense reimbursements),
director and officer insurance and any indemnity and exculpation arrangements on the same basis as all other non-employee directors of the Company. 

(k)    During the Standstill Period (as defined below), the Company shall not adopt a Rights Plan unless
the “Acquiring Person” definition exempts the Investors up to a beneficial ownership in the aggregate of the then-outstanding shares of Common Stock that is equal to the Ownership Cap. The term “Rights Plan” shall mean any
plan or arrangement of the sort commonly referred to as a “rights plan,” “stockholder rights plan,” “shareholder rights plan” or “poison pill” that is designed to increase the cost to a potential acquirer of
exceeding the applicable ownership thresholds through the issuance of new rights, common stock or preferred shares (or any other security or device that may be issued to stockholders of the Company, other than ratably to all stockholders of the
Company). 
 2.    Voting Commitment. The Investors shall, or shall cause their
Representatives to, appear in person or by proxy at each Stockholder Meeting and to vote all shares of Common Stock beneficially owned by such Investor and over which it has voting power in accordance with the Board’s recommendations as such
recommendations are set forth in the applicable definitive proxy statement filed in connection with such Stockholder Meeting with respect to (a) the election, removal and/or replacement of directors (a “Director Proposal”) and
(b) any other proposal submitted to the stockholders (other than a proposal to approve an Extraordinary Transaction); provided, however, that in the event both Institutional Shareholder Services, Inc. (“ISS”) and Glass
Lewis & Co., LLC (“Glass Lewis”) make a voting recommendation that differs from the voting recommendation of the Board with respect to any proposal submitted to the stockholders (other than Director Proposals and proposals
to approve an Extraordinary Transaction), the Investors shall be permitted to vote all or some shares of Common Stock beneficially owned by them and over which they have voting power at such Stockholder Meeting in accordance with the ISS and Glass
Lewis recommendation. 
 3.    Standstill. Prior to the Termination Date and except as otherwise
provided in this Agreement (including Section 10(a)(i)) (the “Standstill Period”), without the prior written consent of the Board, each Investor shall not, and shall instruct its respective Affiliates not
to, directly or indirectly (in each case, except as permitted by this Agreement): 
 (a)    (i) acquire
or offer to acquire, agree to acquire or acquire rights to acquire (except by way of stock dividends or other distributions or offerings made available to holders of voting securities of the Company generally on a pro rata basis including, for the
avoidance of doubt, exercise of any subscription rights granted to the Investors), directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition of control of another person, by joining a group, through swap or
hedging transactions or otherwise, any voting securities of the 

  
 4 

 
Company (other than through a broad-based market basket or index) or any voting rights decoupled from the underlying voting securities which would result in the ownership or control of, or other
beneficial ownership interest in, fifteen percent (15%) or more of the then-outstanding shares of the Common Stock in the aggregate (the “Ownership Cap”); provided, however, that the Board may increase the Ownership
Cap by an affirmative vote of a majority of the Board; or (ii) sell or otherwise transfer its shares of Common Stock, other than in open market sale transactions where the identity of the purchaser is not known; 

(b)    (i) nominate, recommend for nomination, give notice of an intent to nominate or recommend for
nomination a person for election at any Stockholder Meeting at which the Company’s directors are to be elected; (ii) knowingly initiate, encourage or participate in any solicitation of proxies in respect of any election contest or removal
contest with respect to the Company’s directors; (iii) knowingly submit, initiate, encourage or make any stockholder proposal for consideration at, or bring any other business before, any Stockholder Meeting; (iv) knowingly initiate,
encourage or participate in any solicitation of proxies in respect of any stockholder proposal for consideration at, or other business brought before, any Stockholder Meeting; or (v) knowingly initiate, encourage or participate in any
“withhold” or similar campaign with respect to any Stockholder Meeting; 
 (c)    form, join
or knowingly participate in any group with respect to any voting securities of the Company, including in connection with any election or removal contest with respect to the Company’s directors or any stockholder proposal or other business
brought before any Stockholder Meeting (other than with an Investor or one or more of its Affiliates or Associates who are instructed to comply with the terms and conditions of this Agreement); 

(d)    deposit any voting securities of the Company in any voting trust or subject any Company voting
securities to any arrangement or agreement with respect to the voting thereof (other than any such voting trust, arrangement or agreement solely among the Investors and their Affiliates and otherwise in accordance with this Agreement); 

(e)    seek publicly to amend any provision of the Company’s Charter or Bylaws; 

(f)    demand an inspection of the Company’s books and records; 

(g)    (i) make any public or private proposal with respect to, (ii) make any public statement or
otherwise knowingly publicly or privately encourage, advise or assist any person with respect to or (iii) knowingly initiate or in any way participate in, directly or indirectly: (A) any change in the number or term of directors serving on
the Board or the filling of any vacancies on the Board, (B) any change in the capitalization or dividend policy of the Company, (C) any other change in the Company’s management, business, operations, strategy, governance, corporate
structure, affairs or policies, (D) any Extraordinary Transaction, (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (F) causing a class of
equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; provided, however, that for the avoidance of doubt, the Investors shall be permitted to make
private proposals to the Company and its Representatives so long as such private proposals would not be reasonably expected to trigger public disclosure obligations for either party; 

  
 5 

 (h)    effect, offer or propose to effect, cause or
participate in, or assist or facilitate any other person to effect, offer or propose (other than directly to the Board, provided that such proposal does not require the Investors to amend the Schedule 13D) to effect or participate in, any
(i) material acquisition of any assets or businesses of the Company or any of its subsidiaries, (ii) tender offer or exchange offer, merger, acquisition, share exchange or other business combination involving any of the voting securities
or any of the material assets or businesses of the Company or any of its subsidiaries or (iii) recapitalization, restructuring, liquidation, dissolution or other material transaction with respect to the Company or any of its subsidiaries or any
material portion of its or their businesses; 
 (i)    enter into any negotiations or agreements with
any Third Party with respect to the foregoing, or advise or assist any Third Party to take any action with respect to any of the foregoing; 

(j)    publicly make or in any way advance publicly any request or proposal that the Company or the Board
amend, modify or waive any provision of this Agreement; or 
 (k)    take any action challenging the
validity or enforceability of this Section 3 or this Agreement. 
 For the avoidance of doubt, (x) the
restrictions in this Section 3 shall not prevent any Investor from (I) making any factual statement as required by applicable legal process, subpoena or legal requirement from any governmental authority with competent
jurisdiction over the party from whom information is sought (so long as such request did not arise as a result of action by any such Investor), (II) communicating privately with the Company’s chief executive officer, directors and the
Company’s Representatives so long as such private communications would not be reasonably expected to trigger public disclosure obligations for either party or (III) communicating privately with any other Investor and (y) the
restrictions in this Section 3 shall not restrict any Investor from tendering shares, receiving payment for shares or otherwise participating in any such transaction on the same basis as the other stockholders of the
Company or from participating in any such transaction that has been approved by the Board, subject to the other terms of this Agreement. For the avoidance of doubt, nothing in this Section 3 shall be deemed to limit an
Investor Designee’s exercise in good faith of his fiduciary duties in his capacity as a director of the Company. 

4.    No Public Statements. Prior to the Termination Date, neither party shall, nor shall it permit
any of its Representatives to, without the prior written consent of the other party, make any public statement or on the record or on background statement to any member of the media about the other party, the other party’s current or former
directors in their capacity as such (including any director who was serving immediately prior to this Agreement), officers or employees (including with respect to such persons’ service at the other party), the other party’s subsidiaries,
or the business of the other party’s subsidiaries’ or any of its or its subsidiaries’ current directors, officers or employees, including the business and current or former directors, officers and employees of the other party’s
controlled Affiliates, as applicable. The restrictions in this Section 4 shall not (a) apply (i) in any compelled testimony or production of information, whether by legal process, subpoena or as part of a response to a
request for information from any governmental or regulatory authority with jurisdiction over the party from whom information is sought, or (ii) to any disclosure required by applicable law, rules or regulations, with respect to each of
(i) and (ii), to the extent 

  
 6 

 
that such party reasonably believes, after consultation with outside legal counsel, that such disclosure is legally required; or (b) prohibit any party from reporting what it reasonably
believes, after consultation with outside counsel, to be violations of federal law or regulation to any governmental authority pursuant to Section 21F of the Exchange Act or Rule 21F promulgated thereunder. 

5.    No Litigation. Prior to the Termination Date, each party hereby covenants and agrees that it
shall not, and shall not permit any of its Representatives to, directly or indirectly, alone or in concert with others, pursue or assist any other person to threaten or initiate, any lawsuit, claim or proceeding before any court (each, a
“Legal Proceeding”) against the other party or any of its Representatives, except for (a) any Legal Proceeding initiated to remedy a breach of or to enforce this Agreement, (b) counterclaims with respect to any proceeding
initiated by, or on behalf of one party or its Affiliates against the other party or its Affiliates, (c) the exercise of statutory appraisal rights, (d) making any claim as a stockholder of the Company in connection with any class action
proceeding brought by a named plaintiff other than any Investor, so long as such plaintiff has not been assisted by any Investor with respect to such class action proceeding, and (e) enforcing such party’s rights as a stockholder of the
Company (other than initiating a stockholder derivative demand); provided, however, that the foregoing shall not prevent any party or any of its Representatives from responding to oral questions, interrogatories, requests for
information or documents, subpoenas, civil investigative demands or similar processes (each, a “Legal Requirement”) in connection with any Legal Proceeding if such Legal Proceeding has not been initiated by, on behalf of or at the
direct or indirect suggestion of such party or any of its Representatives; provided, further, that in the event any party or any of its Representatives receives such Legal Requirement, such party shall give prompt written notice of
such Legal Requirement to the other party (except where such notice would be legally prohibited or not practicable). Each party represents and warrants that neither it nor any assignee has filed any lawsuit against the other party. Each of the
parties shall not, and shall instruct their respective Affiliates not to, directly or indirectly, engage or continue to engage or use any private investigations firm or other person to investigate the other party or any Representative of the other
party. 
 6.    SEC Filings. 

(a)    Promptly following the execution and delivery of this Agreement, the Company shall issue a press
release (the “Press Release”) announcing this Agreement, substantially in the form attached hereto as Exhibit B. Following the execution and delivery of this Agreement and prior to the issuance of the Press Release, neither
the Company nor any of the Investors shall issue any press release or public announcement regarding this Agreement or take any action that would require public disclosure thereof without the prior written consent of the other party. 

(b)    No later than two (2) Business Days following the date of this Agreement, the Company shall
file with the SEC a Current Report on Form 8-K reporting its entry into this Agreement, disclosing applicable items to conform to its obligations hereunder and appending this Agreement as an exhibit thereto
(the “Form 8-K”). The Form 8-K shall be consistent with the terms of this Agreement and the Press Release. The Company shall provide the Investors and
their Representatives with a reasonable opportunity to review and comment on the Form 8-K prior to the filing with the SEC and consider in good faith any comments of the Investors and their Representatives.

  
 7 

 (c)    No later than two (2) Business Days
following the date of this Agreement, the Investors shall file with the SEC an amendment to the Schedule 13D in compliance with Section 13 of the Exchange Act reporting their entry into this Agreement, disclosing applicable items to conform to
their obligations hereunder and appending this Agreement as an exhibit thereto (the “Schedule 13D Amendment”). The Schedule 13D Amendment shall be consistent with the terms of this Agreement and the Press Release.
The Investors shall provide the Company and its Representatives with a reasonable opportunity to review the Schedule 13D Amendment prior to it being filed with the SEC and consider in good faith any comments of the Company and its Representatives.

 7.    Confidentiality. Each of the Investors acknowledges and agrees that the Investor Designees
shall be subject to confidentiality obligations under Delaware law, the Charter, Bylaws and applicable Company Policies and will have access to information concerning the Company that constitutes material
non-public information under applicable federal and state securities laws, and that no Investor Designee shall be asked to share any such material non-public information
with any Investor. 
 8.    Affiliates and Associates. Each party shall instruct its controlled
Affiliates and Associates to comply with the terms of this Agreement and shall be responsible for any breach of this Agreement by any such controlled Affiliate or Associate. A breach of this Agreement by a controlled Affiliate or Associate of a
party, if such controlled Affiliate or Associate is not a party to this Agreement, shall be deemed to occur if such controlled Affiliate or Associate engages in conduct that would constitute a breach of this Agreement if such controlled Affiliate or
Associate was a party to the same extent as a party to this Agreement. 
 9.    Representations and
Warranties. 
 (a)    Each Investor represents that it has the capacity to manage its own
affairs. Each of the Investors represents and warrants, severally and not jointly, that it has full power and authority to execute, deliver and carry out the terms and provisions of this Agreement, and that this Agreement has been duly and validly
executed and delivered by such Investor, constitutes a valid and binding obligation and agreement of the Investor and is enforceable against the Investor in accordance with its terms. Each Investor represents and warrants, severally and not jointly,
that the execution of this Agreement, the consummation of any of the transactions contemplated hereby and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or
violation of the organizational documents (to the extent applicable) of such Investor as currently in effect, the execution, delivery and performance of this Agreement by such Investor does not and will not violate or conflict with (i) any law,
rule, regulation, order, judgment or decree applicable to such Investor or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or
default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or
arrangement to which such Investor is a party or by which such Investor is bound. Each Investor represents and 

  
 8 

 
warrants, severally and not jointly, that, as of the date of this Agreement, its respective beneficial ownership of Common Stock is as disclosed in the Schedule 13D and that each such Investor
does not own Synthetic Equity Interests or any Short Interests in the Company. 
 (b)    The Company
hereby represents and warrants that it has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and that this Agreement has been duly and validly
authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms. The Company represents that the execution of this
Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational
documents of the Company as currently in effect, the execution, delivery and performance of this Agreement by the Company does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to the
Company or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material
benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound. 

10.    Termination. 

(a)    Subject to Section 1(e), either party shall have the right to terminate
this Agreement upon delivery to the other party of advance written notice of such termination at least five (5) calendar days prior to the effective date of such termination (the effective date of termination, the “Termination
Date”); provided, however, that the Termination Date may not be earlier than the date that is thirty (30) calendar days prior to the notice deadline under the Bylaws for the nomination of director candidates for election to the
Board at the 2021 Annual Meeting (the “Terminable Date”); provided, further, that the Termination Date may not be in any time period between the notice deadline under the Bylaws for the nomination of director candidates for
election to the Board with respect to any Annual Meeting and the conclusion of such Annual Meeting. Notwithstanding anything to the contrary in this Agreement: 

(i)    the obligations of the Investors pursuant to Sections 1,
2, 3, 4 and 5 shall terminate in the event that the Company materially breaches its obligations to the Investors pursuant to Sections 1, 4 or 5, or the representations and
warranties in Section 9(b) and such breach (if capable of being cured) has not been cured within ten (10) calendar days following written notice of such breach from the Investors, or, if impossible to cure within ten
(10) calendar days, the Company has not taken substantive action to correct within ten (10) calendar days following written notice of such breach from the Investors; provided, however, that any termination in respect of a
breach of Section 4 shall require a determination of a court of competent jurisdiction that the Company materially breached Section 4; provided, further, that the obligations of the
Investors pursuant to Section 5 shall terminate immediately in the event that the Company materially breaches its obligations to the Investors under Section 5; and 

  
 9 

 (ii)    the obligations of the Company
to the Investors pursuant to Sections 1, 4 and 5 shall terminate in the event that (A) an Investor materially breaches its obligations in Sections 1, 2, 3,
4, 5 or 7 or the representations and warranties in Section 9(a) or (B) an Investor Designee materially breaches its obligations under this Agreement or the Company’s Charter, Bylaws or Company
Policies that are applicable to all directors, and such breach (if capable of being cured) has not been cured within ten (10) calendar days following written notice of such breach, or, if impossible to cure within ten (10) calendar days,
the Investors or such Investor Designee, as applicable, has not taken substantive action to correct within ten (10) calendar days following written notice of such breach from the Company; provided, however, that any termination in
respect of a breach of Section 4 shall require a determination of a court of competent jurisdiction that an Investor materially breached Section 4; provided, further, that the obligations of
the Company to the Investors pursuant to Section 5 shall terminate immediately in the event that an Investor materially breaches its obligations under Section 5. 

(b)    If this Agreement is terminated in accordance with this Section 10, this
Agreement shall forthwith become null and void, but no termination shall relieve a party from liability for any breach of this Agreement prior to such termination.

11.    Expenses. No later than two (2) Business Days following the date of this Agreement, the
Company shall issue 130,000 shares of Common Stock (of which 41,311 shall be issued to the Avedisian Trust, 43,571 shall be issued to KGT and 45,118 shall be issued to TKF) (such shares in the aggregate, the “Reimbursement Stock”)
pursuant to a stock issuance agreement (the “Stock Issuance Agreement”) in the form attached hereto as Exhibit C as reimbursement for all documented
out-of-pocket costs, fees and expenses (including attorney’s fees and other legal expenses and expenses related to the engagement of other advisors and consultants)
incurred by the Investors and their Representatives in connection with, relating to or resulting from their efforts and actions, and any preparations therefor, prior to the execution and delivery of this Agreement, including the preparation and
delivery of the Nomination Notice and the negotiation and execution of this Agreement. In connection with such issuance, (a) each of the Avedisian Trust, KGT and TKF represent, severally and not jointly, that (i) such Investor is acquiring
the Reimbursement Stock for investment and not for resale and acknowledges that the Reimbursement Stock are restricted securities under the Securities Act of 1933, as amended (the “Securities Act”) and not subject to resale without
registration or an exemption under applicable securities laws and (ii) such Investor is an accredited investor as defined in Rule 501 of Regulation D promulgated under the Securities Act, and has such experience in business and financial
matters that it is capable of evaluating the merits and risks of an investment in the Common Stock, and (b) the Company covenants that promptly following the written request of such Investor it shall, at its own expense, arrange for the
transfer agent to remove the restricted legend from the Reimbursement Stock at the earliest practicable date that is in conformity with applicable securities laws. 

  
 10 

 12.    Notices. All notices, demands and
other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered by hand, with written confirmation of receipt; (b) upon
sending if sent by electronic mail to the electronic mail addresses below; (c) one (1) Business Day after being sent by a nationally recognized overnight carrier to the addresses set forth below; or (d) when actually delivered if sent by
any other method that results in delivery, with written confirmation of receipt: 
  

			
	 If to the Company:
  

Potbelly Corporation
 111 N. Canal Street, Suite 850

Chicago, IL 60606
 Attention: Matt Revord

Email: matt.revord@potbelly.com
	  	 with a copy (which shall not constitute notice) to:
  

Sidley Austin LLP
 787 Seventh Avenue

New York, NY 10019
 Attention: Kai H. Liekefett

Email: kliekefett@sidley.com

		
	 If to Intrinsic, the Avedisian Trust, and Vann A. Avedisian:
  

220 N. Green Street 
3rd Floor 
Chicago, IL 60607

Attention: Vann Avedisian
 Email: vavedisian@highgate.com
	  	 with a copy (which shall not constitute notice) to:
  

Cadwalader, Wickersham & Taft LLP 
200 Liberty Street 
New York, NY 10281 
Attention: Richard M. Brand

                 Daniel P. Raglan 
Email: richard.brand@cwt.com

           daniel.raglan@cwt.com

		
	 If to KGT,
 The Khimji Foundation, and

Mahmood Khimji:
  

545 E. John Carpenter Freeway
 Suite 1400

Irving, TX 75062
 Attention: Paul Womble

Email: pwomble@highgatecapinv.com
	  	 with a copy (which shall not constitute notice) to:

    
     

 
 Cadwalader, Wickersham & Taft LLP 
200 Liberty Street 
New York, NY
10281 
Attention: Richard M. Brand
                  Daniel P.
Raglan 
Email: richard.brand@cwt.com
            daniel.raglan@cwt.com

		
	 If to Bryant L. Keil:
  

825 S. Waukegan Road
 Suite
A8-50
 Lake Forest, IL 60045

Email: bryantkeil@gmail.com
	  	 with a copy (which shall not constitute notice) to:
  

Cadwalader, Wickersham & Taft LLP 
200 Liberty Street 
New York, NY 10281 
Attention: Richard M. Brand

                 Daniel P. Raglan 
Email: richard.brand@cwt.com

           daniel.raglan@cwt.com

  
 11 

			
	 If to Neil Luthra:
  

870 Seventh Avenue

2nd Floor

New York, NY 10019
 Email: nluthra@highgate.com
	  	 with a copy (which shall not constitute notice) to:
  

Cadwalader, Wickersham & Taft LLP 
200 Liberty Street 
New York, NY 10281 
Attention: Richard M. Brand

                 Daniel P. Raglan 
Email: richard.brand@cwt.com

           daniel.raglan@cwt.com

		
	 If to David J. Near:
  

1504 W. 6th Street

Austin, TX 78703
 Email: dave@pfoods.com
	  	 with a copy (which shall not constitute notice) to:
  

Cadwalader, Wickersham & Taft LLP 
200 Liberty Street 
New York, NY 10281 
Attention: Richard M. Brand

                 Daniel P. Raglan 
Email: richard.brand@cwt.com

           daniel.raglan@cwt.com

		
	 If to Todd W. Smith:
  

215 N. Admiral Byrd Road
 Suite 100

Salt Lake City, Utah 84116
 Email: imctodd@yahoo.com
	  	 with a copy (which shall not constitute notice) to:
  

Cadwalader, Wickersham & Taft LLP 
200 Liberty Street 
New York, NY 10281 
Attention: Richard M. Brand

                 Daniel P. Raglan 
Email: richard.brand@cwt.com

           daniel.raglan@cwt.com

 13.    Governing Law; Jurisdiction; Jury Waiver. This Agreement, and
any disputes arising out of this Agreement, shall be governed by and enforced in accordance with the laws of the State of Delaware, without giving effect to its conflict of laws principles. The parties agree that exclusive jurisdiction and venue for
any Legal Proceeding arising out of this Agreement shall exclusively lie in the Court of Chancery of the State of Delaware or, if such Court does not have subject matter jurisdiction, the Superior Court of the State of Delaware or, if jurisdiction
is vested exclusively in the Federal courts of the United States, the Federal courts of the United States sitting in the State of Delaware, and any appellate court from any such state or Federal court. Each party waives any objection it may now or
hereafter have to the laying of venue of any such Legal Proceeding, and irrevocably submits to personal jurisdiction in any such court in any such Legal Proceeding and hereby further irrevocably and unconditionally waives and agrees not to plead or
claim in any court that any such Legal Proceeding brought in any such court has been brought in any inconvenient forum. Each party consents to accept service of process in any such Legal Proceeding by service of a copy thereof upon either its
registered agent in the State of Delaware or the Secretary of State of the State of Delaware, with a copy delivered to it by certified or registered mail, postage prepaid, return receipt requested, addressed to it at the address set forth in
Section 12. Nothing contained herein shall be deemed to affect the right of any party to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF THIS AGREEMENT. 

  
 12 

 14.    Specific Performance. Each party
acknowledges and agrees that the other parties would be irreparably injured by an actual breach of this Agreement by the first-mentioned party or its Representatives and that monetary remedies may be inadequate to protect a party against any actual
or threatened breach or continuation of any breach of this Agreement. Without prejudice to any other rights and remedies otherwise available to the parties under this Agreement, each party shall be entitled to equitable relief by way of injunction
or otherwise and specific performance of the provisions hereof upon satisfying the requirements to obtain such relief without the necessity of posting a bond or other security, if another party or any of its Representatives breach or threaten to
breach any provision of this Agreement. Such remedy shall not be deemed to be the exclusive remedy for a breach of this Agreement, but shall be in addition to all other remedies available at law or equity to the
non-breaching party. 
 15.    Certain Definitions and
Interpretations. As used in this Agreement: (a) the terms “Affiliate” and “Associate” (and any plurals thereof) have the meanings ascribed to such terms under Rule
12b-2 promulgated by the SEC under the Exchange Act and shall include all persons or entities that at any time prior to the Termination Date become Affiliates or Associates of any applicable person or entity
referred to in this Agreement; provided, however, that the term “Associate” shall refer only to Associates controlled by the Company or the Investors, as applicable; provided, further, that, for purposes of this Agreement,
the Investors shall not be Affiliates or Associates of the Company and the Company shall not be an Affiliate or Associate of the Investors; (b) the term “Annual Meeting” means each annual meeting of stockholders of the
Company and any adjournment, postponement, rescheduling or continuation thereof; (c) the terms “beneficial ownership,” “group,” “person,” “proxy” and
“solicitation” (and any plurals thereof) have the meanings ascribed to such terms under the Exchange Act and the rules and regulations promulgated thereunder, provided, however, that the meaning of “solicitation”
shall be without regard to the exclusions set forth in Rules 14a-1(1)(2)(iv) and 14a-2 under the Exchange Act; (d) the term “Business Day” means
any day that is not a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or obligated to be closed by applicable law; (e) the term “Charter” means the Company’s Amended and
Restated Certificate of Incorporation (as may be amended from time to time); (f) the term “Common Stock” means the issued and outstanding common stock of the Company, par value $0.01 per share; (g) the term “Company
Policies” means the policies, procedures, processes, codes, rules, standards and guidelines that are applicable to all directors of the Company (as may be amended from time to time); (h) the term “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder; (i) the term “Extraordinary Transaction” means any tender offer, exchange offer, merger, acquisition, business combination or
other transaction with a third party that, in each case, (i) would result in a change of control of the Company, liquidation, dissolution or other extraordinary transaction involving a majority of its equity securities or a majority of its
assets and (ii) is submitted for a vote of the Company’s stockholders; (j) the term “Representatives” means (i) a person’s Affiliates and Associates and (ii) its and their respective directors,
officers, employees, partners, members, managers, consultants, legal or other advisors, agents and other representatives acting in a capacity on behalf of, in concert with or at the direction of such person or its Affiliates or Associates (but, for
the avoidance of doubt, the Investor Designees shall not be deemed Representatives of any Investor); (k) the term “SEC” 

  
 13 

 
means the U.S. Securities and Exchange Commission; (l) the term “Short Interests” means any agreement, arrangement, understanding or relationship, including any repurchase
or similar so-called “stock borrowing” agreement or arrangement, engaged in, directly or indirectly, by such person, the purpose or effect of which is to mitigate loss to, reduce the economic risk
(of ownership or otherwise) of shares of any class or series of the Company’s equity securities by, manage the risk of share price changes for, or increase or decrease the voting power of, such person with respect to the shares of any class or
series of the Company’s equity securities, or that provides, directly or indirectly, the opportunity to profit from any decrease in the price or value of the shares of any class or series of the Company’s equity securities; (m) the
term “Stockholder Meeting” means each annual or special meeting of stockholders of the Company, or any action by written consent of the Company’s stockholders in lieu thereof, and any adjournment, postponement, rescheduling or
continuation thereof; and (n) the term “Synthetic Equity Interests” means any derivative, swap or other transaction or series of transactions engaged in, directly or indirectly, by such person, the purpose or effect of which is
to give such person economic risk similar to ownership of equity securities of any class or series of the Company, including due to the fact that the value of such derivative, swap or other transactions are determined by reference to the price,
value or volatility of any shares of any class or series of the Company’s equity securities, or which derivative, swap or other transactions provide the opportunity to profit from any increase in the price or value of shares of any class or
series of the Company’s equity securities, without regard to whether (i) the derivative, swap or other transactions convey any voting rights in such equity securities to such person; (ii) the derivative, swap or other transactions are
required to be, or are capable of being, settled through delivery of such equity securities; or (iii) such person may have entered into other transactions that hedge or mitigate the economic effect of such derivative, swap or other
transactions; and (o) the term “Third Party” refers to any person that is not a party, a member of the Board, a director or officer of the Company, or legal counsel to either party. In this Agreement, unless a clear contrary
intention appears, (i) the word “including” (in its various forms) means “including, without limitation;” (ii) the words “hereunder,” “hereof,” “hereto” and words of similar import are
references in this Agreement as a whole and not to any particular provision of this Agreement; (iii) the word “or” is not exclusive; (iv) references to “Sections” in this Agreement are references to Sections of this
Agreement unless otherwise indicated; and (v) whenever the context requires, the masculine gender shall include the feminine and neuter genders. 

16.    Miscellaneous. 

(a)    This Agreement, including all exhibits hereto, and the Stock Issuance Agreement, contain the entire
agreement among the parties and supersede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

(b)    This Agreement is solely for the benefit of the parties and is not enforceable by any other
persons. 
 (c)    This Agreement shall not be assignable by operation of law or otherwise by a party
without the consent of the other parties. Any purported assignment without such consent is hereby voided. Subject to the foregoing sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by and against the
permitted successors and assigns of each party. 

  
 14 

 (d)    Neither the failure nor any delay by a party in
exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege
hereunder. 
 (e)    If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated. It is hereby stipulated and declared to be the intention of the parties that the parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared
invalid, void or unenforceable. In addition, the parties agree to use their reasonable best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or
unenforceable by a court of competent jurisdiction. 
 (f)    Any amendment or modification of the terms
and conditions set forth herein or any waiver of such terms and conditions must be agreed to in a writing signed by each party. 

(g)    This Agreement may be executed in one or more textually identical counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same agreement. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in “portable document format” (“.pdf”) form, or
by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, shall have the same effect as physical delivery of the paper document bearing the original signature. 

(h)    Each of the parties acknowledges that it has been represented by counsel of its choice throughout
all negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement,
and any and all drafts relating thereto exchanged among the parties will be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal
decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy over interpretations of
this Agreement will be decided without regard to events of drafting or preparation. 
 (i)    The
headings set forth in this Agreement are for convenience of reference purposes only and will not affect or be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision of this Agreement. 

(j)    Each of the parties shall be responsible for the performance of its own obligations under this
Agreement and each of the Investors shall be severally but not jointly liable for each Investor’s obligations under this Agreement. 

[Signature Pages Follow] 

  
 15 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, or
caused the same to be executed by its duly authorized representative, as of the date first above written. 
  

					
	 THE COMPANY:

	
	 POTBELLY CORPORATION

			
	     
	 	 By:
	 	 /s/ Alan Johnson

		 	 Name: Alan Johnson

		 	 Title:   Chief Executive Officer

  
 SIGNATURE
PAGE TO SETTLEMENT AGREEMENT 

 
					
	 INVESTORS:

	
	 INTRINSIC INVESTMENT HOLDINGS, LLC

			
		 	 By:
	 	 /s/ Vann A. Avedisian

		 	 Name:   Vann A. Avedisian

		 	 Title:    Managing Member

	
	 VANN A. AVEDISIAN TRUST U/A 8/29/85

			
		 	 By:
	 	 /s/ Vann A. Avedisian

		 	 Name:   Vann A. Avedisian

		 	 Title:    Trustee

	
	 /s/ Vann A. Avedisian

	 VANN A. AVEDISIAN

	
	 KGT INVESTMENTS, LLC

			
		 	 By:
	 	 /s/ Mahmood Khimji

		 	 Name:   Mahmood Khimji

		 	 Title:    Manager

	
	 THE KHIMJI FOUNDATION

			
		 	 By:
	 	 /s/ Mahmood Khimji

		 	 Name:   Mahmood Khimji

	     
	 	 Title:    Trustee

	
	 /s/ Mahmood Khimji

	 MAHMOOD KHIMJI

	
	 /s/ Bryant L. Keil

	 BRYANT L. KEIL

	
	 /s/ Neil Luthra

	 NEIL LUTHRA

  
 SIGNATURE
PAGE TO SETTLEMENT AGREEMENT 

 
					
	 INVESTOR DESIGNEES:

	     
	 	     
	 	
	Solely for purposes of the Investor Designees’ rights and obligations under Sections 1, 7, 10(a)(ii)(B), 10(b) and 12 through 16:
	
	 /s/ David J. Near

	 DAVID J. NEAR

	
	 /s/ Todd W. Smith

	 TODD W. SMITH

  
 SIGNATURE
PAGE TO SETTLEMENT AGREEMENT 

 Exhibit A 

Form of Resignation Letter 

 May 10, 2020 

Board of Directors 
 Potbelly
Corporation 
 111 N. Canal Street, Suite 850 

Chicago, Illinois 60606 
 Re: Offer of
Resignation 
 Ladies and Gentlemen: 

This irrevocable offer of resignation is delivered pursuant to that certain Settlement Agreement (the “Settlement
Agreement”), dated as of May 10, 2020, by and among Potbelly Corporation, a Delaware corporation (the “Company”), on the one hand, and Intrinsic Investment Holdings, LLC, an Illinois limited liability company, the Vann
A. Avedisian Trust U/A 8/29/85, a trust formed in the State of Illinois, Vann A. Avedisian, an individual, KGT Investments, LLC, a Delaware limited liability company, The Khimji Foundation, a charitable trust formed in the state of Texas, Mahmood
Khimji, an individual, Bryant L. Keil, an individual, Neil Luthra, an individual (each an “Investor” and collectively, with each of their respective Affiliates, the “Investors”), David J. Near, an individual, and
Todd W. Smith, an individual, on the other hand. Capitalized terms used herein but not defined shall have the meaning set forth in the Agreement. 

If elected as a director of the Company, I hereby irrevocably offer to resign from my position as a director of the Board and
from any and all committees of the Board on which I serve, effective immediately upon (1) a material breach of the Settlement Agreement that terminates the Company’s obligations to the Investors pursuant to
Section 10(a)(ii) of the Settlement Agreement; or (2) the Termination Date (it being understood that the Board shall have the right to decline to accept my offer of resignation and that it shall be irrevocable for a
period of thirty (30) calendar days). 
 Very truly yours, 

  
 EXHIBIT A TO SETTLEMENT
AGREEMENT 

 Exhibit B 

Form of Press Release 

 

 
 Potbelly Corporation Appoints David J. Near and Todd W. Smith to Board of Directors 

Announces Agreement with Shareholders led by Vann A. Avedisian 

CHICAGO, May 11, 2020 – Potbelly Corporation (NASDAQ: PBPB) today announced that it has reached an agreement (the
“Agreement”) with shareholders led by Vann A. Avedisian (the “Shareholder Investors”) to appoint David J. Near and Todd W. Smith to the Company’s Board of Directors (the “Board”), effective immediately. With the
appointments of Messrs. Near and Smith, the Board will be comprised of 10 directors, 9 of whom are independent. 
 Dan Ginsberg, Chairman of
the Board of Potbelly, commented, “We are pleased to have reached this agreement and welcome Dave and Todd to the Board. Prior to the COVID-19 pandemic our turnaround plan was gaining traction, and with
Dave and Todd’s expertise, we look forward to executing our strategic priorities to enhance value for our shareholders.” 
 On
behalf of the Shareholder Investors, Vann A. Avedisian said, “We believe that Dave and Todd will be invaluable additions to Potbelly’s Board and are confident their deep restaurant operating experience, including Dave’s tenure as
Chief Operations Officer of Wendy’s and Todd’s as President and CMO of Sonic Drive-In, will be invaluable to Potbelly.” 

Pursuant to the Agreement, the Board also agreed to include David J. Near and Todd W. Smith in Potbelly’s slate of nominees for election
to the Board at the 2020 Annual Meeting. The Shareholder Investors agreed to vote in favor of all of the Company’s nominees at the 2020 Annual Meeting and have withdrawn their nomination notice. The Agreement will be included as an exhibit to
the Company’s current report on Form 8-K which will be filed with the Securities and Exchange Commission. 

Potbelly is represented by Sidley Austin LLP and Mayer Brown LLP. The Shareholder Investors are represented by Cadwalader,
Wickersham & Taft LLP. 
 About David J. Near 

Mr. Near is the founding partner of Pisces Foods L.P and is a third-generation restauranteur. For the past five years, he has been the
managing partner of Ramen Tatsuya Holdings LLC, which manages Tatsuya Brands, and now serves as a board member. He worked with Coca-Cola Fountain as Territory Sales Manager and previously operated Wendy’s restaurants as a franchisee from 1995
to 2012. Prior to that, he served multiple years as President of the Wendy’s Franchise Advisory council and was appointed Chief Operations Officer at The Wendy’s Company from 2006 to 2009. He was responsible for global operations,
franchising, new store development, and served as a board member of Wendy’s National Advertising Program. Mr. Near received his undergraduate degree from Duke University an MBA from The Fuqua School of Business at Duke. 

 About Todd W. Smith 

Mr. Smith has extensive experience in the restaurant industry, where he has led large public companies, small, fast-growing fast casual
companies, and has founded his own restaurant group. In 2017 he took an equity stake in Cafe Rio Mexican Grill, a fast growing, fast casual concept. In 2012, he was tapped to lead the turn-around at Sonic
Drive-In after three straight years of same store sales decline. Mr. Smith ultimately served as President and CMO and helped Sonic Drive-In to five straight years
of same store sales growth and record store-level profits. Prior to that, he worked in marketing at Yum! Brands for its KFC domestic business. After successfully turning around a struggling handheld chicken division, he joined Wendy’s
International in its innovation and new product marketing group. Mr. Smith received his undergraduate degree from Brigham Young University and a Masters of Science in Integrated Marketing Communications from Northwestern University. 

About Potbelly 
 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 400 company-owned
shops in the United States. Additionally, Potbelly franchisees operate over 40 shops in the United States. For more information, please visit our website at www.potbelly.com. 

CONTACTS 
 Investor Relations: 

Josh Littman or Chris Hodges 
 Alpha IR Group 

312-445-2870 

PBPB@alpha-ir.com 

Media: 
 Dan Zacchei / Joe Germani 

Sloane & Company 
 dzacchei@sloanepr.com /
jgermani@sloanepr.com  
 Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. Forward-looking statements, written, oral or otherwise made, represent the Company’s expectation or belief concerning
future events. Without limiting the foregoing, the words “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “strives,”
“goal” or “anticipates” or the negative of these terms and similar expressions are intended to identify forward-looking statements. Forward-looking statements may include, among others, statements relating to: the events
contemplated by the Settlement Agreement, our future financial position, business strategy and plans and objectives of management for future operations. By their nature, forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from those projected or implied by the forward-looking statement, due to reasons including, but not limited to, uncertainties regarding future actions that may be taken by the Shareholder Investors in connection
with their investment in the Company; risks related to the COVID-19 outbreak; compliance with our Credit Agreement covenants; competition; general economic conditions; our ability to successfully
implement our business strategy; the success of our initiatives to increase sales and traffic; changes in commodity, energy and other costs; our ability to attract and retain management and employees; consumer reaction to industry-related public
health issues and perceptions of food safety; our ability to manage our growth; reputational and brand issues; price and availability of commodities; consumer confidence and spending 

 
patterns; and weather conditions. In addition, there may be other factors of which we are presently unaware or that we currently deem immaterial that could cause our actual results to be
materially different from the results referenced in the forward-looking statements. All forward-looking statements contained in this press release are qualified in their entirety by this cautionary statement. Although we believe that our plans,
intentions and expectations are reasonable, we may not achieve our plans, intentions or expectations. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor
guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. See “Risk Factors” and “Cautionary Statement on Forward-Looking Statements”
included in our most recent annual report on Form 10-K, other risk factors described from time to time in subsequent quarterly reports on Form 10-Q and the risk factors
described in our current report on Form 8-K filed on May 8, 2020, all of which are available on our website at www.potbelly.com. The Company undertakes no obligation to publicly update or revise
any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. 
 Important Additional
Information 
 The Company intends to file a proxy statement on Schedule 14A and accompanying proxy card and other relevant documents
with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies from the Company’s stockholders in connection with the Company’s 2020 Annual Meeting of Stockholders (the “2020
Annual Meeting”). STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. 
 Participants in the Solicitation 

The Company, its directors and certain of its executive officers will be deemed participants in the solicitation of proxies from stockholders
in connection with the 2020 Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise of the Company’s directors and executive officers is set forth in the Company’s definitive proxy
statement for the 2019 Annual Meeting of Stockholders (the “2019 Annual Meeting”) filed with the SEC on April 2, 2019. To the extent that such participants’ holdings in the Company’s securities have changed since the filing
of the proxy statement for the 2019 Annual Meeting, such changes have been set forth on Initial Statements of Beneficial Ownership on Form 3 and Statements of Change in Ownership on Form 4. Updated information regarding the identities of potential
participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement in connection with the 2020 Annual Meeting and other relevant documents to be filed with the SEC.
Stockholders may obtain a free copy of the proxy statement, any amendments or supplements to the proxy statement and any other documents that the Company files with the SEC at the SEC’s website at www.sec.gov or the Company’s
website at www.investors.potbelly.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC. 

 Exhibit C 

Stock Issuance Agreement 

 THE SECURITIES ISSUED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND ARE BEING ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND STATE SECURITIES LAWS. 

STOCK ISSUANCE AGREEMENT 

THIS STOCK ISSUANCE AGREEMENT (this “Agreement”) is being entered into as of May 10, 2020 by and
among Potbelly Corporation, a Delaware corporation (the “Company”), on the one hand, and the Vann A. Avedisian Trust U/A 8/29/85, a trust formed in the state of Illinois (the “Avedisian Trust”), KGT Investments,
LLC, a Delaware limited liability company (“KGT”) and The Khimji Foundation, a charitable trust formed in the state of Texas (“TKF”) on the other hand. The Company, the Avedisian Trust, KGT and TKF are each herein
referred to as a “party” and collectively, the “parties.” 
 R E C I T A L S 

WHEREAS, on May 10, 2020, the Company, the Avedisian Trust, KGT, TKF and certain other parties entered into
a Settlement Agreement (the “Settlement Agreement”) (capitalized terms used but not defined herein shall have the respective meanings set forth in the Settlement Agreement); 

WHEREAS, pursuant to Section 11(Expenses) of the Settlement Agreement, the Company agreed to issue 130,000 shares
of Common Stock (of which 41,311 shares are to be issued to the Avedisian Trust, 43,571 shares are to be issued to KGT and 45,118 shares are to be issued to TKF) (such shares in the aggregate, the “Reimbursement Stock”) as
reimbursement for all documented out-of-pocket costs, fees and expenses (including attorney’s fees and other legal expenses and expenses related to the engagement
of other advisors and consultants) incurred by the Investors and their Representatives in connection with, relating to or resulting from its efforts and actions, and any preparations therefor, prior to the execution and delivery of the Settlement
Agreement, including the preparation and delivery of a Nomination Notice; and 
 WHEREAS, the parties are executing
and delivering this Agreement for the issuance of the Reimbursement Stock. 
 NOW THEREFORE, the parties, intending
to be legally bound hereby, agree as follows: 
 1.    Stock Issuance. 

1.1    No later than two (2) Business Days following the date of this Agreement, the Company shall
issue (a) 41,311 shares of the Reimbursement Stock to the Avedisian Trust, (b) 43,571 shares of the Reimbursement Stock to KGT and (c) 45,118 shares of the Reimbursement Stock to TKF. 

1.2    The Reimbursement Stock shall be issued in book-entry form with the legend listed in
Section 2.9 below. 
 2.    Representations, Warranties and Agreements
of the Avedisian Trust, KGT and TKF. Each of the Avedisian Trust, KGT and TKF represents and warrants, severally and not jointly, that: 

2.1    It has the knowledge and experience in financial and business matters necessary to evaluate the
merits and risks of its prospective investment in the Company, and has carefully reviewed and understands the risks of, and other considerations relating to, the acquisition of the Reimbursement Stock.

  
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It has adequate means of providing for its current and anticipated financial needs and contingencies, and is able to bear the economic risks of the investment for an indefinite period of time and
has no need for liquidity of the investment in the Reimbursement Stock. It can afford the loss of its entire investment. 

2.2    It is acquiring the Reimbursement Stock for investment for its own account and not with the view
to, or for resale in connection with, any distribution thereof. It understands and acknowledges that the issuance of the Reimbursement Stock has not been registered under the Securities Act of 1933, as amended (the “Securities Act”)
or any state securities laws, by reason of a specific exemption from the registration provisions of the Securities Act and applicable state securities laws, which depends upon, among other things, the bona fide nature of the investment intent
as expressed herein. It further represents that it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to any third person with respect to any of the shares of Reimbursement
Stock. It is an “accredited investor” as defined in Rule 501(a) of Regulation D and shall submit to the Company such further assurances of such status as may be reasonably requested by the Company. Neither it nor any of its Affiliates (as
defined below) has taken any of the actions set forth in, or are subject to, the disqualification provisions of Rule 506(d)(1) of Regulation D. “Affiliate” means, with respect to any person, any other person that, directly or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 144 under the Securities Act. 

2.3    It represents that (a) it was not formed for the specific purpose of acquiring the
Reimbursement Stock, (b) it is duly organized, validly existing and in good standing under the laws of the state or jurisdiction of its organization, (c) it has full power and authority to execute and deliver this Agreement, and to carry
out the provisions hereof and to acquire and hold the Reimbursement Stock, and (d) the execution and delivery of this Agreement has been duly authorized by all necessary action by or on its part, this Agreement has been duly executed and
delivered on its behalf and is its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting
creditors’ rights generally and general principles of equity. 
 2.4    The execution, delivery and
performance of this Agreement by it and the consummation of the transactions contemplated hereby do not and will not (a) conflict with or violate any provision of, or result in any breach of, its organizational or formation documents,
(b) conflict with or result in any violation of any provision of any law applicable to it or any of its properties or assets, or (c) violate, conflict with or result in a breach or default under any contract, agreement or instrument
binding on it or its property or assets, except (in the case of clauses (b) or (c) above) for such violations, conflicts, breaches or defaults that would not, individually or in the aggregate, have a material adverse effect on its ability to
perform its obligations under this Agreement. 
 2.5    No consent, approval or authorization of, or
designation, declaration or filing with, any governmental authority or notice, approval, consent waiver or authorization from any third party is required on its part or any of its Affiliates with respect to its execution, delivery or performance of
its obligations under this Agreement or the consummation of the transactions contemplated hereby. 

2.6    It understands that the Reimbursement Stock are being issued to it in reliance on specific
exemptions from the registration requirements of federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and its compliance with, its representations, warranties, agreements, acknowledgments and
understandings set forth herein in order to determine the availability of such exemptions and the eligibility of such Investor to acquire the Reimbursement Stock. It acknowledges and understands that the Company is relying on the representations and
warranties made by it hereunder and that such representations and warranties are a material inducement to the Company to enter into this Agreement. It is not acquiring the Reimbursement Stock as a result of or subsequent to any “general
solicitation” or “general advertising” within the meaning or Regulation D. 

  
 3 

 2.7    It understands that the Company does not intend
to register the Reimbursement Stock under the Securities Act, and that the Reimbursement Stock will be “restricted securities” within the meaning of Rule 144 under the Securities Act and will be subject to restrictions on transfer under
applicable law. 
 2.8    It acknowledges that the Reimbursement Stock must be held unless subsequently
registered under the Securities Act or an exemption from such registration is available. It is aware of the provisions of Rule 144 promulgated under the Securities Act, which permit resale of shares purchased in a private placement subject to the
satisfaction of certain conditions. It acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time it wishes to sell the Reimbursement Stock and that, in such event, it may
be precluded from selling the Reimbursement Stock under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. It understands and acknowledges that, in the event the applicable requirements of Rule 144 are not met,
registration under the Securities Act or an exemption from registration will be required for any disposition of the Reimbursement Stock. 

2.9    It understands and agrees that the book-entry accounts maintained by the Company’s registrar
and transfer agent representing the Reimbursement Stock shall bear a restrictive legend substantially in the following form (and a “stop transfer” order may be placed against transfer of the Reimbursement Stock bearing such legend): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE
WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES
WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE
SECURITIES REPRESENTED HEREBY. 
 3.    Representations and Warranties of the
Company. The Company hereby represents and warrants to the Avedisian Trust, KGT and TKF as follows: 

3.1    (a) It is duly organized, validly existing and in good standing under the laws of the State of
Delaware, (b) it has full power and authority to execute and deliver this Agreement and to carry out the provisions hereof, and (c) the execution and delivery of this Agreement has been duly authorized by all necessary corporation action
by or on the part of the Company, and (d) this Agreement has been duly executed and delivered on behalf of the Company and is a legal, valid and binding obligation of the Company, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights generally and general principles of equity. 

  
 4 

 3.2    The execution, delivery and performance of this
Agreement by it and the consummation of the transactions contemplated hereby do not and will not (a) conflict with or violate any provision of, or result in any breach of, its organizational documents, (b) conflict with or result in any
violation of any provision of any law applicable to it or any of its assets, (c) violate, conflict with or result in a breach or default under any contract, agreement or instrument binding on the Company or its assets, or (d) result in the
creation of any lien upon its assets, except (in the case of clauses (b) or (c) above) for such violations, conflicts, breaches or defaults that would not, individually or in the aggregate, have a material adverse effect on the
business, results of operations or financial condition of the Company and its subsidiaries taken as a whole or on the ability of the Company to perform its obligations under this Agreement. 

3.3    No consent, approval or authorization of, or designation, declaration or filing with, any
governmental authority or notice, approval, consent waiver or authorization from any third party is required on the part of the Company with respect to its execution, delivery or performance of its obligations under this Agreement or the
consummation of the transactions contemplated hereby. 
 3.4    The Reimbursement Stock that is being
issued to the Avedisian Trust, KGT and TKF hereunder, when issued and delivered in accordance with the terms of this Agreement, will be duly authorized and validly issued and will be fully paid and
non-assessable. 
 3.5    Assuming the accuracy of the
representations and warranties of Section 2 above, no registration of the issuance of the Reimbursement Stock is required under the Securities Act or any state securities laws. 

3.6    Each of documents filed by the Company with the Securities and Exchange Commission since
December 29, 2019 (the “SEC Reports”), as of the respective date of its filing, and as of the date of any amendment, complied in all material respects with the applicable requirements of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and any rules and regulations promulgated thereunder applicable to the SEC Reports. None of the SEC Reports, as of their respective dates (or if amended or superseded by a filing prior to the date
hereof, then on the date of such filing), contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading. 
 4.    Covenant of the Company. Promptly
following the written request of the Avedisian Trust, KGT or TKF, the Company covenants that it shall, at its own expense, arrange for the Company’s registrar and transfer agent to remove the restrictive legend from the Reimbursement Stock at
the earliest practicable date that is in conformity with applicable securities laws. 

5.    Incorporation by Reference. The parties hereby agree that Sections 12 (Notices), 13
(Governing Law; Jurisdiction; Jury Waiver), 14 (Specific Performance), 15 (Certain Definitions and Interpretations) and 16 (Miscellaneous) of the Settlement Agreement shall be incorporated herein by reference and apply mutatis mutandis to
this Agreement. 
 [Signature page follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereby execute this Agreement as of the date
first set forth above. 
  

			
	POTBELLY CORPORATION
		
	By:	 	 /s/ Alan Johnson

		 	Name: Alan Johnson
		 	Title:   Chief Executive Officer
	
	VANN A. AVEDISIAN TRUST U/A 8/29/85
		
	By:	 	 /s/ Vann A. Avedisian

		 	Name: Vann A. Avedisian
		 	Title:   Trustee
	
	KGT INVESTMENTS, LLC
		
	By:	 	 /s/ Mahmood Khimji

		 	Name: Mahmood Khimji
		 	Title:   Manager

 [SIGNATURE PAGE TO STOCK ISSUANCE AGREEMENT] 

 
			
	THE KHIMJI FOUNDATION
		
	By:	 	 /s/ Mahmood Khimji

		 	Name: Mahmood Khimji
		 	Title:   Trustee

 [SIGNATURE PAGE TO STOCK ISSUANCE AGREEMENT]

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