SEC Contract Filing

Filing Date: 2017-07-18

Document Content:
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<TYPE>EX-10.3
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<FILENAME>d399074dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RETENTION AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
RETENTION AGREEMENT (&#147;Agreement&#148;) is made and entered into as of July&nbsp;1, 2017 (the &#147;Effective Date&#148;) by and between Potbelly Corporation, a Delaware corporation (hereinafter referred to as &#147;Company&#148;), and Matthew
Revord, an individual (hereinafter referred to as &#147;Executive&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Statement of Purpose </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Company&#146;s current Chief Executive Officer will be leaving Company in August, 2017 and Company is currently in the process of
searching for a new Chief Executive Officer; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Company&#146;s the Board of Directors of Company (the &#147;Board&#148;)
recognizes that this is a time of uncertainty and that retention of existing talent and leadership during the transition to a new Chief Executive Officer is key to the continuing success of Company&#146;s business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby mutually covenanted and agreed by
Company and Executive as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Definitions.</U></B> To the extent not otherwise defined in this Agreement, the following
capitalized terms shall have the meaning specified. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(a) &#147;Cause&#148; </I>shall have the meaning specified in the Employment
Agreement.<I> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(b) &#147;Code&#148; </I>means the Internal Revenue Code of 1986, as amended.<I> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(c) &#147;Disability&#148; </I>shall have the meaning specified in the Employment Agreement.<I> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(d) &#147;Employment Agreement&#148; </I>means the Executive Employment Agreement between Company and Executive dated July&nbsp;25, 2013, as
amended dated April&nbsp;22, 2015.<I> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(e) &#147;Payment Date&#148; </I>means the sixtieth (60<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;day following the earlier of (i)&nbsp;Executive&#146;s Termination Date or (ii)&nbsp;the Retention Date.<I> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(f) &#147;Release </I>means the form of release provided by Company to Executive.<I> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(g) &#147;Release Requirements&#148; </I>will be satisfied as of any date if, as of such date, (i)&nbsp;Executive (or, in the event of his
or her death, his or her estate) has executed the Release, (ii)&nbsp;the revocation period required by applicable law has expired and Executive (or his or her estate, if applicable) has not revoked the Release within such revocation period, and
(iii)&nbsp;the Release has become effective.<I> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(h) &#147;Retention Date&#148; </I>means December&nbsp;31, 2018.<I> </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(i) &#147;Retention Period&#148;</I> means the number of days from and including the Effective
Date through and including the Retention Date.<I> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(j) &#147;Termination Date&#148;</I> means the date, prior to the Retention Date,
on which Executive&#146;s employment with Company and its affiliates (including any successors to Company or any of its affiliates) terminates for any reason. Executive&#146;s employment with Company shall not be considered terminated if
Executive&#146;s employment is transferred among or between Company and its affiliates or to a successor of Company and/or any of its affiliates. For the avoidance of doubt, if Executive becomes employed by an entity into which Company or any of its
affiliates is merged, or the purchaser of substantially all of the assets of Company, or a successor to such entity or purchaser, Executive shall not be treated as having terminated employment for purposes of determining whether Executive has
incurred a Termination Date for purposes of this Agreement until such time as Executive terminates employment with the merged entity or purchaser (or successor), as applicable.<I> </I></P>
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