DAVID T. PEARSON - 23 Oct 2025 Form 4 Insider Report for POTBELLY CORP (PBPB)

Role
Director
Signature
/s/ Adiya Dixon as Attorney-in-Fact
Issuer symbol
PBPB
Transactions as of
23 Oct 2025
Transactions value $
-$845,488
Form type
4
Filing time
27 Oct 2025, 21:20:49 UTC
Previous filing
06 Jun 2025

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
PEARSON DAVID T. Director 500 W. MADISON ST., SUITE 1000, CHICAGO /s/ Adiya Dixon as Attorney-in-Fact 27 Oct 2025 0001575492

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PBPB Common Stock Disposed to Issuer -$845K -49.4K -100% $17.12 0 23 Oct 2025 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

DAVID T. PEARSON is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Pursuant to the Agreement and Plan of Merger, dated as of September 9, 2025 (the "Merger Agreement"), by and among the Issuer, RaceTrac, Inc. ("Parent"), and Hero Sub Inc. ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving the Merger as a wholly owned subsidiary of Parent. At the effective time of the Merger (the "Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, each share of common stock, par value $0.01 per share ("Common Stock"), of the Issuer that was issued and outstanding as of immediately prior to the Effective Time was automatically cancelled, extinguished and converted into the right to receive $17.12 per share in cash, without interest thereon (but subject to applicable withholding) (the "Per Share Price").
F2 Includes 10,498 unvested restricted stock units ("RSUs"). Pursuant to the terms of the Merger Agreement, at the Effective Time, (A) each RSU that is outstanding and vested (but not yet settled) as of immediately prior to the Effective Time, taking into account any acceleration of vesting of any RSU that occurs upon the Effective Time (each, a "Vested RSU"), was automatically cancelled and converted into the right to receive an amount in cash, without interest thereon (but subject to applicable withholding), equal to the product obtained by multiplying (i) the Per Share Price by (ii) the total number of shares of Common Stock subject to such RSU and (B) each outstanding RSU that was not a Vested RSU (each, an "Unvested RSU") was automatically cancelled and substituted into the contingent right to receive an aggregate amount (without interest) in cash (a "Substituted RSU Cash Award") equal to the product obtained by multiplying (i) the Per Share Price by (ii) the total number of shares
F3 (continue from footnote 2) of Common Stock subject to such RSU. Each such Substituted RSU Cash Award will continue to have, and will be subject to, the same vesting terms and conditions as applied to the corresponding Unvested RSU immediately prior to the Effective Time, except that each such Substituted RSU Cash Award will be afforded "double-trigger" accelerated vesting upon the applicable holder's termination without cause or resignation for good reason, in each case, that occurs during a post-closing period