MADSEN ANDREW H 4

What Happened
Andrew H. Madsen, a director of NOODLES & Co (NDLS), was granted 7,103 restricted stock units (RSUs) on 2026-05-15. The Form 4 reports the acquisition at $0.00 (award); the company used a notional price of $12.67 to value the grant, implying a total notional value of about $89,995. The RSUs settled in common stock on the grant date as part of the director compensation program.

Key Details

• Transaction date: 2026-05-15; Form 4 filed: 2026-05-19 (filing appears timely).
• Transaction type/code: Award/Grant (A); reported acquisition price $0.00.
• Shares granted/received: 7,103 RSUs, settled into common stock on the grant date.
• Notional valuation: $12.67 per share per footnote → ~ $89,995 total.
• Shares owned after transaction: Not specified in the filing.
• Footnote: Director compensation is partially paid in RSUs annually; RSUs equal the fees payable and settle immediately in common stock.

Context
This was a routine director compensation award, not an open-market purchase or sale. Awards and settlements like this are standard for non-employee directors and do not by themselves indicate a buy/sell view of the company’s stock. The Form 4 shows acquisition via grant (A) rather than a purchase (P) or sale (S).