POTBELLY CORP — Director's Dealing 2014

Nov 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POTBELLY CORP (PBPB)
CIK: 0001195734
Period of Report: 2014-11-10

Reporting Person: Avedisian Vann A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-10	Common Stock	J	25813	$0.00	Disposed	1004724	Indirect
2014-11-10	Common Stock	J	9286	$0.00	Acquired	190449	Indirect
2014-11-10	Common Stock	J	864	$0.00	Acquired	2592	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	348	Indirect
Common Stock	348	Indirect
Common Stock	2558	Direct

Footnotes

F1: On November 10, 2014, Concorde Holdings IX, LLC ("Concorde") distributed 25,813 of the shares held by it to its members without the payment of any consideration, including to various trusts controlled by the reporting person as reflected on this Form 4.

F2: Includes 875,664 shares held by Oxford Blackpoint Venture Partners VII, LLC ("Oxford Blackpoint") and 129,060 shares held by Concorde. Oxford Blackpoint is an investment fund managed by Oxford Capital Partners, Inc. ("Oxford Capital"). Mr. Avedisian is co-owner of Oxford Capital and co-owner of Concorde. Accordingly, Mr. Avedisian may be deemed to share power to vote and dispose of shares owned directly by such entities. Mr. Avedisian disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F3: Mr. Avedisian is the trustee of the Armen G. Avedisian Trust (the "AGA Trust"). Accordingly, Mr. Avedisian may be deemed to have the power to vote and dispose of shares owned directly by the AGA Trust. Mr. Avedisian disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.