How many RSUs were granted to Potbelly Sandwich Works employees in 2023?
Potbelly_Sandwich_Works Franchise · 2025 FDDAnswer from 2025 FDD Document
| RSUs | Number of RSUs | Fair Value per |
|---|---|---|
| (Thousands) | Share | |
| Non-vested as of December 26, 2021 | 1,151 | $ 4.87 |
| Granted | 498 | 6.11 |
| Vested | (693) | 5.77 |
| Canceled | (48) | 5.90 |
| Non-vested as of December 25, 2022 | 908 | $ 4.25 |
| Granted | 612 | 7.46 |
| Vested | (630) | 5.63 |
| Canceled | (89) | 6.98 |
| Non-vested as of December 31, 2023 | 801 | $ 7.18 |
| Granted | 411 | 10.09 |
| Vested | (419) | 9.00 |
| Canceled | (53) | 8.69 |
| Non-vested as of December 29, 2024 | 740 | $ 8.54 |
Source: Item 23 — RECEIPTS (FDD pages 79–355)
What This Means (2025 FDD)
According to Potbelly Sandwich Works' 2025 Franchise Disclosure Document, 411,000 RSUs (Restricted Stock Units) were granted in 2023. The table provided in Item 23 details RSU activity over several years. In 2023, these RSUs were granted at a fair value of $10.09 per share. By the end of 2023, the number of non-vested RSUs totaled 801,000, valued at $7.18 per share.
For a prospective franchisee, this information provides insight into the equity compensation Potbelly Sandwich Works uses for its employees. While it doesn't directly impact the franchise operation, it can reflect the company's overall financial health and its approach to employee compensation. Understanding the value and number of RSUs granted can help a franchisee assess the company's stability and potential for long-term growth.
It's important to note that RSUs are a form of stock-based compensation that vest over time, meaning employees don't receive the full value immediately. The vesting schedule and any conditions attached to these RSUs are not detailed in this excerpt but would be important for understanding their true value to employees. Additionally, the cancellation of RSUs (53,000 in 2023) suggests employee turnover or performance-related forfeitures, which could be a point of interest for further investigation.
While this data is primarily about employee compensation, it indirectly reflects on the franchisor's financial management and employee retention strategies. A potential franchisee might consider this information as part of a broader due diligence process to evaluate the overall health and stability of Potbelly Sandwich Works.