Marcel Herbst - 09 Sep 2022 Form 4 Insider Report for NOBLE ROMANS INC (NROM)

Role
Director
Signature
Marcel Herbst
Issuer symbol
NROM
Transactions as of
09 Sep 2022
Transactions value $
$-200,000
Form type
4
Filing time
12 Sep 2022, 10:25:46 UTC
Previous filing
01 Jun 2022
Next filing
28 Feb 2024
SEC
View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction NROM Convertible, Subordinated, unsecured promissory notes Disposed to Issuer $-200,000 280,000 09 Sep 2022 Noble Romans Inc. 600,000 $0.5000 see note F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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.

Remarks:

The notes are being transferred to Paul Mobley, CFO and Chairman of Noble Romans