Herbst Marcel 4
4 · NOBLE ROMANS INC · Filed Sep 12, 2022
Insider Transaction Report
Form 4
NOBLE ROMANS INCNROM
Herbst Marcel
Director
Transactions
- Disposition to Issuer
Convertible, Subordinated, unsecured promissory notes
2022-09-09$0.50/sh→ 280,000 total(indirect: see note)Exercise: $0.50From: 2022-01-31Exp: 2022-01-31→ Noble Romans Inc. (600,000 underlying)
Footnotes (2)
- [F1]Interest on the Notes accrues at the annual rate of 10% and is payable quarterly in arrears. Each holder of the Notes may convert them at any time into Common Stock of the Company at a conversion price of $0.50 per share. The Warrants expire 1/31/22 and provide for an exercise price of $0.57 per share of Common Stock
- [F2]The Convertible and attached warrants are held in the account of Herbst Capital Management, LLC. (the "fund") for which Herbst Capital Partners, LLC (the "General Partner") serves as its manager. Marcel Herbst is the General Manager of Herbst Capital Partners, LLC and also serves as the Portfolio Manager of Herbst Capital Management, LLC. Mr. Herbst may be deemed to beneficially own these securities held by the fund by virtue of the General Partner's position in the fund and Mr. Herbst's status as the general manager of the General Partner and his status as portfolio manager of the fund.