Marcel Herbst - Oct 18, 2021 Form 4 Insider Report for NOBLE ROMANS INC (NROM)

Role: Director
Signature: marcel herbst
Stock symbol: NROM
Transactions as of: Oct 18, 2021
Transactions value $: $0
Form type: 4
Date filed: 10/18/2021, 11:43 AM
Previous filing: Sep 14, 2021
Next filing: Jun 1, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NROM	Common Stock	Other	$0	0	0%	$0.00^*	130K	Oct 18, 2021	footnote	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	60000 shares 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. 10000 shares are held direct.176000 shares are held in individual client accounts over which Marcel Herbst had discretionary trading authority. Marcel Herbst no longer has trading authority over 116000 of those shares. By virtue of removal of this discretionary trading authority, these shares can no longer be deemed beneficially owned.
F2	The purpose of this filing is to update the indirect beneficial ownership from 246000 to 130000 shares because of a change in discretionary trading authority. See other footnote for details.

Content

60000 shares 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. 10000 shares are held direct.176000 shares are held in individual client accounts over which Marcel Herbst had discretionary trading authority. Marcel Herbst no longer has trading authority over 116000 of those shares. By virtue of removal of this discretionary trading authority, these shares can no longer be deemed beneficially owned.

The purpose of this filing is to update the indirect beneficial ownership from 246000 to 130000 shares because of a change in discretionary trading authority. See other footnote for details.