<SEC-DOCUMENT>0001013594-25-000434.txt : 20250331
<SEC-HEADER>0001013594-25-000434.hdr.sgml : 20250331
<ACCEPTANCE-DATETIME>20250331093008
ACCESSION NUMBER:		0001013594-25-000434
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250328
FILED AS OF DATE:		20250331
DATE AS OF CHANGE:		20250331

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Nierenberg David
		CENTRAL INDEX KEY:			0001040899
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36104
		FILM NUMBER:		25789314

	MAIL ADDRESS:	
		STREET 1:		19605 NE 8TH STREET
		CITY:			CAMAS
		STATE:			WA
		ZIP:			98607

	FORMER NAME:	
		FORMER CONFORMED NAME:	NIERENBERG DAVID
		DATE OF NAME CHANGE:	19970611

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Nierenberg Investment Management Company, Inc.
		CENTRAL INDEX KEY:			0001282683
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36104
		FILM NUMBER:		25789313

	BUSINESS ADDRESS:	
		STREET 1:		19605 NE 8TH ST
		CITY:			CAMAS
		STATE:			WA
		ZIP:			98607
		BUSINESS PHONE:		360-604-8600

	MAIL ADDRESS:	
		STREET 1:		19605 NE 8TH ST
		CITY:			CAMAS
		STATE:			WA
		ZIP:			98607

	FORMER NAME:	
		FORMER CONFORMED NAME:	NIERENBERG INVESTMENT MANAGEMENT CO
		DATE OF NAME CHANGE:	20040304

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POTBELLY CORP
		CENTRAL INDEX KEY:			0001195734
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				364466837
		FISCAL YEAR END:			1229

	BUSINESS ADDRESS:	
		STREET 1:		111 N. CANAL
		STREET 2:		SUITE 325
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129510600

	MAIL ADDRESS:	
		STREET 1:		111 N. CANAL
		STREET 2:		SUITE 325
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-03-28</periodOfReport>

    <issuer>
        <issuerCik>0001195734</issuerCik>
        <issuerName>POTBELLY CORP</issuerName>
        <issuerTradingSymbol>PBPB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001040899</rptOwnerCik>
            <rptOwnerName>Nierenberg David</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>19605 NE 8TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CAMAS</rptOwnerCity>
            <rptOwnerState>WA</rptOwnerState>
            <rptOwnerZipCode>98607</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001282683</rptOwnerCik>
            <rptOwnerName>Nierenberg Investment Management Company, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>19605 NE 8TH ST</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CAMAS</rptOwnerCity>
            <rptOwnerState>WA</rptOwnerState>
            <rptOwnerZipCode>98607</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F5"/>
            </securityTitle>
            <transactionDate>
                <value>2025-03-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>22169</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.36</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>124167</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F7"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1590</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Children</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F7"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3150</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Spouse</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F6"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>887555</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: The D3 Family Fund, L.P.</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F6"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1561985</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: The D3 Family Bulldog Fund, L.P.</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F6"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>105469</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Haredale Ltd.</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F6"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>425555</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Benedict Value Fund, L.P.</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This Form 4 is filed jointly by Nierenberg Investment Management Company, Inc. and David Nierenberg.</footnote>
        <footnote id="F2">Nierenberg Investment Management Company (&quot;NIMCO&quot;) is the sole general partner of The D3 Family Fund, LP, The D3 Family Bulldog Fund, LP, and the Benedict Value Fund, LP and the sole investment manager of Haredale Ltd. (collectively, the &quot;Funds&quot;). Mr. Nierenberg is the president of NIMCO. By virtue of these relationships, each of the Reporting Persons may be deemed to beneficially own the securities owned directly by the Funds.</footnote>
        <footnote id="F3">Owned by children living in reporting person's household.</footnote>
        <footnote id="F4">Owned by spouse.</footnote>
        <footnote id="F5">The shares are owned solely by David Nierenberg.</footnote>
        <footnote id="F6">Each of the reporting persons disclaims beneficial ownership of these securities except to the extent of the reporting person's pecuniary interest therein.</footnote>
        <footnote id="F7">Mr. Nierenberg disclaims beneficial ownership of the securities reported herein as beneficially owned directly by his spouse and son except to the extent of his pecuniary interest therein, and this report shall not be deemed to be an admission that Mr. Nierenberg is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>NIERENBERG INVESTMENT MANAGEMENT COMPANY, INC.
By: /s/ David Nierenberg
Name: David Nierenberg
Title:President</signatureName>
        <signatureDate>2025-03-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ David Nierenberg
DAVID NIERENBERG</signatureName>
        <signatureDate>2025-03-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
