How many PSUs were canceled for Potbelly Sandwich Works franchisees in 2022?
Potbelly_Sandwich_Works Franchise · 2025 FDDAnswer from 2025 FDD Document
| Number of PSUs (Thousands) | Weighted Average | |
|---|---|---|
| Fair Value per Share | ||
| Non-vested as of December 26, 2021 | 130 | $ 8.43 |
| Granted | 145 | 10.15 |
| Vested | — | — |
| Canceled | — | — |
| Non-Vested as of December 25, 2022 | 275 | $ 9.34 |
| Granted | 297 | 9.45 |
| Vested | (18) | 4.30 |
| Canceled | (40) | 9.25 |
| Non-vested as of December 31, 2023 | 513 | $ 9.59 |
| Granted | 212 | 12.08 |
| Vested | (232) | 7.11 |
| Canceled | — | — |
| Non-vested as of December 29, 2024 | 493 | $ 11.83 |
Source: Item 23 — RECEIPTS (FDD pages 79–355)
What This Means (2025 FDD)
According to Potbelly Sandwich Works's 2025 Franchise Disclosure Document, 40 PSUs (Performance Share Units) were canceled in 2022. These PSUs had a weighted average fair value of $9.25 per share.
PSUs are a form of stock-based compensation, and cancellations typically occur when performance targets are not met or when an employee or franchisee leaves the company. The cancellation of PSUs does not directly impact franchisees' operations but reflects the company's overall financial management and performance-based compensation strategies.
Prospective franchisees should be aware of how Potbelly Sandwich Works manages its equity and compensation programs, as this can be an indicator of the company's financial health and its approach to incentivizing performance. While the cancellation of PSUs is a normal part of corporate operations, significant fluctuations could signal underlying issues within the company.