Document:

EX-10.3

 Exhibit 10.3 
  

 
  

							
	3560 Bassett Street, Santa Clara, CA 95054-2704	  	www.intevac.com  	  	T    408 496 2220	  	F    408 654 9869

 PROFESSIONAL SERVICES AGREEMENT 

This Professional Services Agreement (hereinafter referred to as “Agreement”), dated May 18, 2022 (the “Effective
Date”), is made by and between Intevac Inc., having a place of business at 3560 Bassett Street, Santa Clara, California 95054-2704 (hereinafter referred to as “Intevac”), and Mark Popovich (hereinafter referred to as
“Consultant”). Intevac desires the services of Consultant as an independent consultant, and Consultant desires to perform such services. In consideration of the mutual covenants contained herein, the parties agree as follows: 

 

	1.	 Statement of Work 

Commencing on the Effective Date, Consultant shall perform the services, as defined below, for Intevac or as specifically
directed by the authorized representative(s) of Intevac, and shall at all times act as an independent contractor and not as an employee or partner of Intevac. 

The Consultant will provide all reasonable and necessary services as the Director of Marketing for Intevac Inc. Consultant will
commence providing services on May 23, 2022, and will continue to provide such services through December 31, 2022, at which time this Agreement will expire. 
  

	2.	 Payment 

In consideration for such services, and subject to the terms and conditions of this Agreement, Intevac will pay Consultant
$3,125.00 (three-thousand one-hundred and twenty-five dollars) per week for consulting services furnished by the Consultant under this Agreement, and will reimburse Consultant for expenses as described herein.
The maximum total amount of fees payable under this Agreement is $100,000. Consultant shall invoice Intevac on a monthly basis for all work performed and expenses incurred under this Agreement. Consultant’s monthly invoice shall contain
a written summary of all work performed in that month. All invoices should be addressed to the attention of Accounts Payable. 

All Invoices submitted by Consultant for services and expenses shall be in the form prescribed by Intevac and shall be subject
to approval by responsible technical and accounting personnel of Intevac prior to payment. The invoices are to be supported by a written summary of the work actually performed and the time expended thereon by the Consultant during such month.
Intevac will review each monthly invoice submitted and reserves the right to reject any invoice that does not adequately describe the service provided by Consultant. Intevac will issue payments within thirty (30) days from actual receipt of
Consultant’s invoice by Intevac. 
 Intevac will reimburse Consultant for all reasonable authorized expenses incurred by
Consultant. The maximum total amount of reimbursable expenses payable under this Agreement is $10,000. Intevac will only reimburse expenses incurred for services rendered under this agreement that are accompanied by itemized statements and
include copies of actual bills, receipts, invoices or other evidence of expenses. Consultant shall not incur any expense on behalf of Intevac except upon the prior written approval of Intevac. 

Consultant shall not be reimbursed for time spent during travel for services rendered under this Agreement, except to the
extent that work is actually performed during travel periods. Consultant shall comply with Intevac’s travel policies except as otherwise agreed by Intevac in writing. Consultant 

 
shall permit audit of Consultant’s compliance with the terms of this Agreement by Intevac’s internal audit staff or such other representative(s) as Intevac shall designate. Any
consulting work and related expenses that are not in accord with applicable laws, regulations, Intevac standards of Conduct, and other terms of this Agreement, will not be reimbursed. 

Intevac’s sole liability to Consultant shall be the consultation fees and approved expenses as expressly set forth in
this Agreement. Intevac makes no representations as to the scope or cost of Consultant’s services, other than as set forth in this Agreement, and shall have no liability whatsoever for any costs in excess of the amounts as authorized by this
Agreement. 
  

	3.	 Inventions and Data Developed under This Agreement 

The term “Invention” as used in this Agreement means any invention, discovery, improvement, design, idea or
suggestion, whether or not patentable, conceived and/or first actually reduced to practice by Consultant, its employees, agents or subcontractors, alone or jointly with others, in the course of or as a result of any work for Intevac. 

The term “Data” as used in this Agreement means any writings, sound recordings, pictorial reproductions, drawings, or
other graphic representations, and works of any similar nature, whether or not copyrightable, which are prepared by Consultant, its employees, agents or subcontractors, alone or jointly with others, in the course of or as a result of any work for
Intevac. Without further consideration, all Inventions and Data developed by Consultant under this Agreement, are and shall remain the property of Intevac, its successors or assigns, or its nominees, whether or not Intevac obtains patent or
copyright protection thereon, and regardless of whether such Invention or Data was developed solely by Consultant. 

Consultant shall, without further consideration, promptly disclose all Inventions and Data to Intevac or its nominees.
Consultant shall assist Intevac and its nominees to procure and/or maintain patents, copyrights and trade secrets throughout the world on said Inventions and Data, and to record the existence of the right, title and interest to said Inventions and
Data in Intevac, its successors or assigns, or its nominees at Intevac’s expense, in every proper way, including signing papers. 

Intevac shall have the sole right to any Consultant Inventions or Data developed under this Agreement, including the right to
own or use any such developments, inclusions or recommendations in Intevac products without restriction and without further compensation to Consultant for such use or ownership. These rights to use and own shall extend to any Inventions or Data
developed under this Agreement by Consultant’s employees, agents and subcontractors. 
  

	4.	 Confidential Treatment Information 

Consultant, its employees, agents and subcontractors shall not, either during or after the term of this Agreement, directly or
indirectly publish or disclose to any third party any information (including but not limited to subject inventions or subject data) pertaining in any way to the business of Intevac, its customers or suppliers which is developed, acquired or derived
from association with Intevac, unless Intevac gives written authorization to do so. Such information shall not be used apart from Intevac business without the written approval of Intevac. The prohibition against disclosure to others shall not apply
to information after it is clearly disclosed to the public by Intevac in writing. 
 Drawings, sketches and any other
tangible material made or obtained by Consultant, its employees, agents or subcontractors at or for Intevac shall be promptly turned over to Intevac, and shall not be removed from Intevac’s premises without written permission of Intevac. If
written permission is given to remove any such material, the material shall be promptly returned to Intevac upon completion of the work for Intevac or at any earlier time requested by Intevac. 

	5.	 Term and Termination 

This Agreement shall expire on December 31, 2022. Notwithstanding the foregoing, Intevac may terminate this Agreement
without cause at any time for any reason by providing written notice thereof to Consultant. 
 Intevac may immediately
suspend or terminate performance under this Agreement if, in its sole judgment, it believes that Consultant may have, i) engaged in any illegal or unethical conduct, ii) engaged in any activity, employment or business arrangement which conflicts
with the Consultant’s obligations hereunder, or with the interests of Intevac, or iii) materially breached any other of its obligations under this Agreement. 

Consultant may terminate this Agreement upon providing written notice to Intevac. 

The obligations contained in this Agreement shall continue after termination or expiration. Intevac’s sole obligation
after termination, however, shall be to pay earned and unpaid consultation fees, and approved expenses as shall be due and owing for lawful consulting services requested by Intevac and rendered prior to such termination. 

 

	6.	 Conflicts of Interest 

During the term of this Agreement, Consultant shall not perform any work which might constitute a conflict of interest.
Consultant represents and warrants that Consultant has disclosed in writing to Intevac all other clients and any work which may represent a conflict of interest with respect to the work to be performed for Intevac under this Agreement. Consultant
shall during the term hereof advise Intevac prior to entering into any agreement with any other entity or performing any other work which may result in such a conflict of interest, and further shall during the term hereof not enter into any such
agreement or perform any other such work without the prior written approval of Intevac’s Director of Contracts. 
  

	7.	 Information Provided 

With reference to any information provided by Consultant to Intevac, Consultant warrants the following: i) Consultant has the
lawful right to transfer such information to Intevac, without breach of any law, regulation, contract obligation, or duty of employment, and that Intevac may use such information without incurring any liability or obligation to any other person or
entity, and ii) that any information provided to Intevac which may have been obtained directly by Consultant or from any other person or entity was properly obtained and not in violation of any law, regulation, contract obligation, or duty of
employment. Consultant shall indemnify, defend, and hold harmless Intevac and its employees, officers and directors from any damages and claims arising out of or related to any breach by Consultant of any of the foregoing representations and
warranties. However, Consultant shall have no liability as aforesaid for any information disclosed to Intevac as to which Consultant has made a full and complete written disclosure to, and obtained prior written approval for such disclosure from,
Intevac’s Director of Contracts and/or Chief Financial Officer of the circumstances regarding Consultant’s acquisition of such information. 
  

	8.	 Conformance with Applicable Laws 

Consultant represents and warrants that Consultant is familiar with and will continue to be familiar with all current laws and
regulations relating to gratuities, bribery, kickbacks, conflicts of interest, classified information and lobbying activity (as that term is generally defined in the Federal Regulation of Lobbying Act, 2 USC 261, et seq.). Consultant represents and
warrants that no principal or relative of any principal of Consultant is a U.S. Government official other than as expressly disclosed in writing by 

 
Consultant prior to the effective date of this Agreement. By executing this Agreement, Consultant represents that no U.S. Government official has or owns any beneficial interest in Consultant,
nor in any of compensation that will be paid to Consultant by Intevac, under this Agreement. 
 Consultant shall strictly
comply with all applicable statutes and regulations in the conduct of Consultant’s work for Intevac, and shall indemnify, defend, and hold harmless Intevac from any failure to do so. 

PROHIBITED DISCRIMINATION. Only if applicable, Executive Order 11246, 29 C.F.R. Part 471, Appendix A to Subpart A, and 41
C.F.R. Parts 60-1.4, 60-1.7, 60-4.3 are incorporated. This contractor and subcontractor shall abide by the requirements of 41 CFR
60-300.5(a) and 60-741.5(a). These regulations prohibit discrimination against qualified protected veterans and against qualified individuals on the basis of disability,
and require affirmative action by covered prime contractors and subcontractors to employ and advance in employment qualified protected veterans and qualified individuals with disabilities 

 

	9.	 Export Law Compliance 

Consultant represents and warrants that, except as allowed under applicable U.S. Government export laws and regulations, no
technical data, hardware, software, technology, or other information furnished to it hereunder shall be disclosed to any foreign person, firm, or country, including foreign persons employed by or associated with Consultant. Furthermore, Consultant
shall not allow any re-export of any technical data, hardware, software, technology, or other information furnished, without first complying with all applicable U.S. Government export laws and regulations.
Prior to exporting any technical data, hardware, software, technology, or other information furnished hereunder, Consultant shall obtain the advance written approval of Intevac. Consultant shall indemnify and hold Intevac harmless for all claims,
demands, damages, costs, fines, penalties, attorney’s fees, and all other expenses arising from Consultant not complying with this clause or U.S. Government export laws and regulations. 

 

	10.	 Standards of Conduct 

Consultant has read, understands, and shall comply, with Intevac’s Standards of Conduct, which can be accessed on
Intevac’s website at https://www.intevac.com under Terms and Conditions.. Consultant shall report to Intevac all contacts with U.S. Government employees and officials during which Intevac matters are discussed. 

 

	11.	 Reporting of Violations 

Consultant shall report to Intevac any request made by an Intevac employee to obtain any information or perform any other act
under this Agreement in a manner which would violate any i) applicable law or regulation, ii) contract obligation or duty of employment, or iii) Intevac Standards of Conduct. Consultant is requested similarly to report to Intevac’s Human
Resources Manager any observed violation of law or regulation by Intevac personnel. All such reports will be handled on a confidential basis and may be made anonymously, if desired. 

 

	12.	 Miscellaneous 

No employee, agent or subcontractor of Consultant, who is not made a party to this Agreement or
Non-Disclosure Agreement with Intevac, shall be permitted to have access to the premises, data, documents, property, or personnel of Intevac. 

If, in connection with this Agreement, Consultant performs services for any subsidiary or affiliate of Intevac or has access to
the premises, data, property, or personnel of any subsidiary or affiliate of Intevac, the term “Intevac” as used herein shall include each such subsidiary or affiliate of Intevac. 

 This Agreement contains the entire understanding of the parties hereto with
respect to the subject matter hereof, and supersedes all prior representations, warranties, understandings, and agreements, written and oral. It may not be modified except by written agreement executed by the parties hereto. Consultant waives any
and all provisions of law construing agreements against the drafting party. 
 No waiver of any term or provision of this
Agreement shall imply a subsequent waiver of the same or any other provision hereof, nor shall it constitute a continuing waiver. 

This Agreement shall be construed in accordance with and governed by the law of the State of California, without reference to
the rules of conflict of law. 
 In the event any term or provision hereof is held to be invalid or unenforceable by final
judgment of any court of competent jurisdiction, such term or provision shall there upon be severed from this Agreement and the remainder of the terms and provisions hereof shall remain in full force and effect. 

BY EXECUTION HEREOF CONSULTANT ACKNOWLEDGES THAT CONSULTANT HAS FULLY READ AND UNDERSTOOD THIS AGREEMENT INCLUDING THE INTEVAC’S
STANDARDS OF CONDUCT AND AGREES TO ADHERE STRICTLY TO THE TERMS AND CONDITIONS CONTAINED THEREIN. CONSULTANT FURTHER ACKNOWLEDGES THAT THIS AGREEMENT REQUIRES STRICT COMPLIANCE WITH ALL APPLICABLE LAWS AND REGULATIONS AS WELL AS THE AVOIDANCE OF
CONFLICTS OF INTEREST RELATING TO THE WORK TO BE PERFORMED. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

  

									
	CONSULTANT	 		 	INTEVAC, INC.
	 By
	 	 /s/ Mark P. Popovich
	 		 	 By
	 	 /s/ Albert Zecher

		 	(Signature)	 		 		 	(Signature)

									
	 Name
	 	 Mark P. Popovich
	 		 	 Name
	 	 Albert Zecher

									
					
	 Citizenship
	 	 U.S.
	 		 	 Title
	 	 Corporate
Contracts

									
					
	 Date
	 	 05/24/2022
	 		 	    Date
	 	 05/25/2022potbellyamendmentno

Execution Version    AMENDMENT NO. 7  TO   SECOND AMENDED AND RESTATED CREDIT AGREEMENT    THIS AMENDMENT NO. 7 TO SECOND AMENDED AND RESTATED  CREDIT AGREEMENT (this “Amendment”) is entered into as of May 31, 2022 among  POTBELLY SANDWICH WORKS, LLC, an Illinois limited liability company (“Borrower”),  the other Loan Parties (as such term is defined in the Credit Agreement), the financial institutions  listed on the signature pages hereto as lenders (the “Lenders”), and JPMORGAN CHASE  BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative  Agent”).   W I T N E S S E T H:  WHEREAS, the Loan Parties, the Lenders and the Administrative Agent have  entered into that certain Second Amended and Restated Credit Agreement dated as of August 7,  2019 (as amended, supplemented or otherwise modified from time to time, the “Credit  Agreement”, and as amended hereby, the “Amended Credit Agreement”); and  WHEREAS, the Loan Parties desire to amend the Credit Agreement as set forth  herein, and the Administrative Agent and the Lenders are willing to do so on the terms and  subject to the conditions set forth herein;  NOW, THEREFORE, in consideration of the premises set forth above, the terms  and conditions contained herein, and for other good and valuable consideration, the receipt and  sufficiency of which are hereby acknowledged, the parties hereto agree as follows:  1. Definitions.  Terms defined in the Amended Credit Agreement that are  used herein shall have the same meanings as are set forth in the Amended Credit Agreement for  such terms unless otherwise defined herein.  2. Amendments to Credit Agreement.  Subject to the satisfaction of the  conditions set forth in Section 3 of this Amendment:  (a) The following defined terms set forth in Section 1.01 of the Credit  Agreement are amended and restated in their entirety as follows:   “Maturity Date” means August 31, 2023 or any earlier date on which the  Commitments are reduced to zero or otherwise terminated pursuant to the terms  hereof.   “Sanctioned Country” means, at any time, a country, region or territory  which is itself the subject or target of any Sanctions (as of May 31, 2022, the so- called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the  Crimea Region of Ukraine, Cuba, Iran, North Korea and Syria).  

 

 -2-   (b) Section 6.12 of the Credit Agreement is amended and restated in its  entirety as follows:   SECTION 6.12. Financial Covenants.    (a) EBITDA.  The Loan Parties shall not permit EBITDA for any  Computation Period set forth below to be less than the applicable amount set forth  below for such Computation Period:  Computation Periods ending on or about   (all dates are inclusive):      Minimum EBITDA:  May 31, 2022 $ 2,200,000  June 30, 2022    3,280,000  July 31, 2022    3,880,000  August 31, 2022    4,560,000  September 30, 2022    4,160,000  October 31, 2022    5,360,000  November 30, 2022    6,480,000  December 31, 2022     7,680,000  January 31, 2023    8,580,000  February 28, 2023    9,240,000  March 31, 2023  10,540,000  April 30, 2023   12,140,000  May 31, 2023  13,000,000  June 30, 2023  14,820,000  July 31, 2023 and thereafter  16,020,000      (b) Liquidity.  The Loan Parties shall not permit Liquidity on the last  day of any month set forth below to be less than the applicable amount set forth  below for such month:   

 

 -3-   Months (all dates are inclusive):    Minimum Liquidity:  May 2022 $11,900,000  June 2022   15,800,000  July 2022   14,400,000  August 2022   15,300,000  September 2022   13,100,000  October 2022   12,500,000  November 2022   14,300,000  December 2022    14,100,000  January 2023   11,700,000  February 2023   12,600,000  March 2023   10,000,000  April 2023    10,000,000  May 2023   12,100,000  June 2023   16,900,000  July 2023 and thereafter   16,900,000         As used herein, the term “Liquidity” means, at any time, the sum of (i) the  Available Revolving Commitment at such time, plus (ii) the Consolidated Cash  Balance maintained with Chase at such time (excluding the aggregate amount of  the Consolidated Cash Balance of non-wholly owned Subsidiaries and Permitted  J/Vs in excess of $2,500,000).  3. Conditions.  When each of the following conditions has been completely  satisfied as determined by the Administrative Agent in its reasonable discretion on the date of  this Amendment (the “Effective Date”), the amendments to the Credit Agreement described in  Section 2 of this Amendment shall be deemed to have become effective as of the date hereof:  (a) Documents.  The Administrative Agent shall have received each of the  following agreements, instruments and other documents, in each case in form and substance  reasonably satisfactory to the Administrative Agent:  (i) this Amendment duly executed and delivered by the Loan Parties,  the Lenders and the Administrative Agent; and  (ii) such other documents, agreements, instruments, certificates,  opinions and other items as the Administrative Agent may reasonably request in  connection with this Amendment, including the documents, agreements, instruments,  certificates, opinions and other items listed on the document checklist attached hereto as  Exhibit A.  (b) Representations and Warranties; No Default.  As of the date hereof  (and, if different, also as of the Effective Date): (i) the representations and warranties contained  herein, in the Amended Credit Agreement (other than with respect to the second sentence of  Section 3.05(a) therein) and in each other Loan Document shall be true and correct in all material  respects (both immediately before and after giving effect to consummation of the amendments  

 

 -4-   and other transactions contemplated hereby), except to the extent any such representation and  warranty expressly refers to an earlier date, in which case such representation and warranty shall  be true and correct in all material respects as of such earlier date; provided, however, that, solely  for the purposes of the representation and warranty set forth in Section 3.04(b) of the Credit  Agreement, the term “Material Adverse Effect” will exclude the known and reasonably  foreseeable effects, as reflected in financial statements and projections delivered to the  Administrative Agent prior to the Effective Date on the Loan Parties and their Subsidiaries  (including, without limitation, on the business, assets, operations or condition, financial or  otherwise, thereof) of the COVID-19 epidemic, pandemic and disease; and (ii) no Default or  Event of Default shall exist (after giving effect hereto and consummation of the transactions  contemplated hereby).  (c) Proceedings.  All resolutions, consents and other corporate or limited  liability company proceedings taken or to be taken in connection with the transactions  contemplated hereby, and all agreements, instruments, certificates and other documents relating  thereto, shall be in form and substance satisfactory to the Administrative Agent, as determined in  its sole and absolute discretion, and shall be in full force and effect.  (d) Fees.  The Borrower shall have paid to the Administrative Agent, for the  account of Lenders in accordance with their respective Applicable Percentages, a non-refundable  amendment fee in the aggregate amount of $50,000 and all reasonable, out-of-pocket expenses  required to be paid to the Administrative Agent’s special counsel on or prior to the Effective  Date pursuant to Section 9.03 of the Amended Credit Agreement shall have been paid in full.  4. Release.  The Borrower and each other Loan Party hereby release,  discharge, and agree to hold harmless the Administrative Agent, each Lender and their respective  representatives, agents, employees, attorneys, directors, officers, parents, affiliates, assigns,  insurers, subsidiaries, and their successors and assigns (collectively, the “Released Parties”) from  any and all claims, defenses, affirmative defenses, setoffs, counterclaims, actions, causes of  action, suits, controversies, agreements, provisions, liabilities and demands in law or in equity or  under statute, whether known or unknown (collectively, the “Claims”) which any one or more of  the Borrower and the other Loan Parties ever had, now has, or may hereafter have against or  related to the Released Parties through the date of this Amendment relating to or arising out of (i)  this Amendment, the Credit Agreement, the Amended Credit Agreement, the other Loan  Documents or the transactions described herein or therein, (ii) any proposal letter, commitment  letter or term sheet, (iii) the Secured Obligations, (iv) the Administrative Agent’s or any  Lender’s administration of this Amendment, the Credit Agreement, the Amended Credit  Agreement or the other Loan Documents, or (v) the banking relationship of any one or more of  the Borrower and the other Loan Parties with the Administrative Agent or any Lender.  5. Representations and Warranties of the Loan Parties.  Each Loan Party  represents and warrants that: (a) the execution and delivery by such Loan Party of this  Amendment, each other document, instrument and agreement to be executed and delivered by  such Loan Party in connection herewith (this Amendment and such other documents, instruments  and agreements are referred to herein, collectively, as the “Amendment Documents”) and the  performance of such Loan Party’s obligations hereunder, thereunder and under the Amended  Credit Agreement: (i) are within the corporate or limited liability company powers of such Loan  

 

 -5-   Party, (ii) are duly authorized by the board of directors or managers of such Loan Party, and, if  necessary, the shareholders or members of such Loan Party, (iii) are not in contravention of the  terms of such Loan Party’s articles or certificate of incorporation or formation, by-laws,  operating, management or partnership agreement or other organizational documents, (iv) are not  in (x) contravention of the terms of the provisions of any indenture, instrument or agreement to  which such Loan Party is a party or is subject, or by which it, or its property, is bound, or (y)  conflict therewith, nor will constitute a default thereunder, or result in, or require, the creation or  imposition of any Lien in, of or on the property of such Loan Party pursuant to the terms of any  such indenture, instrument or agreement (other than Liens in favor of the Administrative Agent,  for the benefit of itself and the Lenders, under the Security Agreement and any other Permitted  Encumbrances), (v) will not violate any Requirement of Law applicable to any Loan Party or any  of its Subsidiaries, which individually or in the aggregate, could not reasonably be expected to  have a Material Adverse Effect; and (vi) do not require any consent or approval of, registration  or filing with, or any other action by, any Governmental Authority, except (i) such as have been  obtained or made and are in full force and effect, (ii) for filings necessary to perfect Liens  created pursuant to the Loan Documents or (iii) those that individually or in the aggregate, could  not reasonably be expected to have a Material Adverse Effect; (b) each of this Amendment and  the other Amendment Documents has been duly executed and delivered by such Loan Party and  constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such  Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency,  reorganization, moratorium or other laws affecting creditors’ rights generally and subject to  general principles of equity, regardless of whether considered in a proceeding in equity or at law;  (c) the Amended Credit Agreement, and each other Loan Document, after giving effect hereto,  constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such  Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency,  reorganization, moratorium or other laws affecting creditors’ rights generally and subject to  general principles of equity, regardless of whether considered in a proceeding in equity or at law;  (d) as of the date hereof, and (after giving effect hereto and consummation of the transactions  contemplated hereby) as of the Effective Date, there exists no Default or Event of Default; (e) no  Domestic Subsidiaries have been formed or acquired after August 7, 2019 (except for Permitted  J/Vs, if any); and (f) all conditions set forth in Section 3 of this Amendment have been satisfied  in full (provided that no representation or warranty is made as to the Administrative Agent’s or  any Lender’s acceptance or satisfaction with any matter).  All representations and warranties  contained in this Amendment shall survive the execution and delivery of this Amendment.  6. Consent of Loan Guarantor.  Each Loan Party (other than Borrower), in  its capacity as a Loan Guarantor under Article X of the Credit Agreement, hereby consents to  this Amendment and the amendments contained herein and confirms and agrees that,  notwithstanding this Amendment and the effectiveness of the amendments contained herein, the  Loan Guaranty is, and shall continue to be, in full force and effect and is hereby confirmed and  ratified in all respects notwithstanding the terms of this Amendment or any other amendment to  the Credit Agreement.  Nothing herein is intended or shall be deemed to limit the Administrative  Agent’s or any Lender’s rights under the Loan Guaranty to take actions without the consent of  any Loan Guarantor.  7. Reference to/Effect on the Credit Agreement, Etc.  

 

 -6-   (a) On and after the Effective Date: (i) each reference in the Credit Agreement  to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import shall mean and be  a reference to the Amended Credit Agreement, and (ii) each reference to the Credit Agreement in  all other Loan Documents shall mean and be a reference to the Amended Credit Agreement.  (b) Except as otherwise provided herein, the Credit Agreement, all other Loan  Documents, all covenants, representations and warranties made therein, and all other documents,  instruments and agreements executed and/or delivered in connection therewith, shall remain in  full force and effect, and are hereby reaffirmed, ratified and confirmed.  (c) The execution, delivery and effectiveness of this Amendment and the  other Amendment Documents shall not (i) except as specifically stated herein, amend the Credit  Agreement or any other Loan Document, (ii) operate as a waiver of any right, power or remedy  of the Administrative Agent or any Lender, or (iii) except as specifically stated herein, constitute  a waiver of, or consent to any departure from, any provision of the Credit Agreement or any  other Loan Document or any other documents, instruments and agreements executed or delivered  in connection therewith.  (d) Each Loan Party acknowledges and agrees that: (i) as of the date hereof  (and, if different, also as of the Effective Date), such Loan Party has no defenses, claims or set- offs to the payment of the Secured Obligations or to the enforcement of the Secured Obligations,  the Amended Credit Agreement or any of the other Loan Documents; and (ii) the Liens granted  to the Administrative Agent, for the benefit of itself and the Lenders, by such Loan Party are and  remain valid perfected Liens in the assets of such Loan Party securing the payment and  performance of the Secured Obligations.  (e) This Amendment and the other Amendment Documents shall each be  deemed a Loan Document for the purposes of the Amended Credit Agreement.  8. Miscellaneous.  (a) Choice of Law.  This Amendment shall be governed by and construed in  accordance with the internal laws of the State of Illinois, but giving effect to federal laws  applicable to national banks.  (b) Severability. Any provision of any Amendment Document held to be  invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to  the extent of such invalidity, illegality or unenforceability without affecting the validity, legality  and enforceability of the remaining provisions thereof; and the invalidity of a particular  provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.   (c) WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT  IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR  INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, ANY OTHER  AMENDMENT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR  THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).   EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OR OTHER  

 

 -7-   AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE  EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND  (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN  INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.  (d) Headings.  Section headings used herein are for convenience of reference  only, are not part of this Amendment and shall not affect the construction of, or be taken into  consideration in interpreting, this Amendment.  (e) Counterparts.  This Amendment may be executed and accepted in any  number of counterparts (and by different parties hereto on different counterparts), each of which  shall constitute an original, but all of which when taken together shall constitute a single  contract.  Delivery of an executed counterpart of a signature page of this Amendment and any  Amendment Document that is an Electronic Signature transmitted by telecopy, emailed pdf. or  any other electronic means that reproduces an image of an actual executed signature page shall  be effective as delivery of a manually executed counterpart of this Agreement and such  Amendment Document.  The words “execution,” “signed,” “signature,” “delivery,” and words of  like import in or relating to this Amendment and any Amendment Document shall be deemed to  include Electronic Signatures, deliveries or the keeping of records in any electronic form  (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an  image of an actual executed signature page), each of which shall be of the same legal effect,  validity or enforceability as a manually executed signature, physical delivery thereof or the use  of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall  require the Administrative Agent or any Lender to accept Electronic Signatures in any form or  format without its prior written consent and pursuant to procedures approved by it.  If the  Administrative Agent or any Lender agrees to accept any Electronic Signature, it shall be entitled  to rely on such Electronic Signature purportedly given by or on behalf of the signers without  further verification thereof and without any obligation to review the appearance or form of any  such Electronic Signature and any Electronic Signature shall be promptly followed by a  manually executed counterpart.  Without limiting the generality of the foregoing, the signers  hereby (a) agree that, for all purposes, including without limitation, in connection with any  workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among  any one or more of the Administrative Agent, the Lenders and signers of the Credit Agreement,  this Amendment or any Amendment Document, Electronic Signatures transmitted by telecopy,  emailed pdf. or any other electronic means that reproduces an image of an actual executed  signature page and/or any electronic images of the Credit Agreement, any Loan Document, this  Amendment and any Amendment Document shall have the same legal effect, validity and  enforceability as any paper original, (b) agree that the Administrative Agent and each Lender  may, at its option, create one or more copies of the Credit Agreement, any Loan Document, this  Amendment and any Amendment Document in the form of an imaged electronic record in any  format, which shall be deemed created in the ordinary course of such Person’s business, and  destroy the original paper document (and all such electronic records shall be considered an  original for all purposes and shall have the same legal effect, validity and enforceability as a  paper record), (c) waives any argument, defense or right to contest the legal effect, validity or  enforceability of the Credit Agreement, any Loan Document, this Amendment and any  

 

 -8-   Amendment Document based solely on the lack of paper original copies of the Credit  Agreement, any Loan Document, this Amendment and any Amendment Document, respectively,  including with respect to any signature pages thereto and (d) waives any claim against the  Administrative Agent and each Lender for any liabilities arising solely from the Administrative  Agent’s or such Lender’s reliance on or use of Electronic Signatures and/or transmissions by  telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual  executed signature page, including any liabilities arising as a result of the failure of the signers  hereto to use any available security measures in connection with the execution, delivery or  transmission of any Electronic Signature.      [signature page(s) follow]  

 

        EXHIBIT A  Document Checklist  See Attached  

 

    AMENDMENT NO. 7 TO SECOND AMENDED AND RESTATED CREDIT  AGREEMENT  among  POTBELLY SANDWICH WORKS, LLC,   as Borrower and as a Loan Party  THE OTHER LOAN PARTIES PARTY THERETO,  THE LENDERS PARTY THERETO  and  JPMORGAN CHASE BANK, N.A.,  as Administrative Agent  May 31, 2022    Definitions  Borrower  Potbelly Sandwich Works, LLC, an Illinois limited liability company   Loan Parties  Borrower    Potbelly Corporation, a Delaware corporation     Potbelly Illinois, Inc., an Illinois corporation     Potbelly Franchising, LLC, an Illinois limited liability company     Potbelly Sandwich Works DC-1, LLC, an Illinois limited liability company    PSW West Jackson, LLC, an Illinois limited liability company    PSW 555 Twelfth Street, LLC, an Illinois limited liability company    PSW Rockville Center, LLC, an Illinois limited liability company    PSW DC Acquisition LLC, an Illinois limited liability company    PSW PBD Acquisition LLC, an Illinois limited liability company    Administrative Agent JPMorgan Chase Bank, N.A.  Lender   JPMorgan Chase Bank, N.A. (“Chase”)  SH    Schiff Hardin LLP  SA    Sidley Austin LLP  Facility Information  

 

   2   Potbelly Sandwich Works, LLC  UCN: 790278964000  Facility ID: 198731685      Contact Information for Counsel for Administrative Agent  ArentFox Schiff LLP  233 S. Wacker Drive - Suite 7100  Chicago, Illinois 60606  Attention:  Scott E. Pickens  Electronic Mail: scott.pickens@afslaw.com  Telephone:  312.258.5515      Signed by:   __________________________    Scott E. Pickens       Document Checklist Responsible  Party  1. Amendment No. 7 to Second Amended and Restated Credit Agreement by and  among the Loan Parties, the Lenders and the Administrative Agent   Exhibit A             Document Checklist    SH  2. Secretary’s Certificate of each Loan Party certifying as to (a) no change to the  certificate or articles of formation or incorporation, as applicable, of such Loan  Party since August 7, 2019, (b) no change to the by-laws or limited liability  company agreement, as applicable, of such Loan Party since August 7, 2019, (c)  the names and true signatures of the officers of such Loan Party authorized to  execute, deliver and perform the Amendment, and (d) the resolutions of the  applicable governing body of such Loan Party authorizing the execution,  delivery and performance of the Amendment   SA  

 

   3   3. Certificate of good standing of each Loan Party from the applicable office set  forth below for such Loan Party  Loan Party    Office    Potbelly Sandwich Works, LLC Secretary of State of Illinois  Potbelly Corporation  Secretary of State of Delaware  Potbelly Illinois, Inc.  Secretary of State of Illinois  Potbelly Franchising, LLC  Secretary of State of Illinois  Potbelly Sandwich     Works DC-1, LLC  Secretary of State of Illinois  PSW West Jackson, LLC  Secretary of State of Illinois  PSW 555 Twelfth Street, LLC Secretary of State of Illinois  PSW Rockville Center, LLC Secretary of State of Illinois  PSW DC Acquisition LLC  Secretary of State of Illinois  PSW PBD Acquisition LLC Secretary of State of Illinois    SA

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