Noble Romans (NROM) chair exercises 450K warrants into common stock

Rhea-AI Filing Summary

Noble Romans Inc Executive Chairman and CFO Paul W. Mobley exercised warrants to acquire 450,000 shares of Noble Romans common stock at $0.10 per share. The exercise converted Redeemable Class A Warrants into common stock, leaving no warrants of this class outstanding and bringing his directly held position to 3,252,702 shares.

Insider Trade Summary

450,000 shares exercised/converted

Mixed 2 txns

Insider MOBLEY PAUL W

Role Executive Chairman and CFO

Type	Security	Shares	Price	Value
X	Redeemable Common Stock Purchase Class A Warrant	450,000	$0.00	--
X	Noble Roman's Common Stock	450,000	$0.10	$45K

Holdings After Transaction: Redeemable Common Stock Purchase Class A Warrant — 0 shares (Direct, null); Noble Roman's Common Stock — 3,252,702 shares (Direct, null)

Footnotes (1)

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Key Figures

Warrants exercised: 450,000 shares Exercise price: $0.10 per share Common shares after transaction: 3,252,702 shares +2 more

5 metrics

Warrants exercised 450,000 shares Redeemable Common Stock Purchase Class A Warrant converted to common stock

Exercise price $0.10 per share Conversion of warrants into Noble Romans common stock

Common shares after transaction 3,252,702 shares Direct holdings of Paul W. Mobley following warrant exercise

Warrants remaining 0 warrants Redeemable Common Stock Purchase Class A Warrant balance after exercise

Derivative exercise count 1 transaction In-the-money derivative exercise recorded in transaction summary

Key Terms

in-the-money derivative exercise, Redeemable Common Stock Purchase Class A Warrant, senior indebtedness, refinancing transactions

4 terms

in-the-money derivative exercise financial

"transaction_action: "in-the-money derivative exercise""

Redeemable Common Stock Purchase Class A Warrant financial

"security_title: "Redeemable Common Stock Purchase Class A Warrant""

senior indebtedness financial

"the date on which certain of the Company's senior indebtedness was repaid"

Senior indebtedness is the portion of a company’s debt that must be repaid before other debts if the company runs into trouble or is liquidated. Think of it like having first dibs on a limited pot of money — lenders holding senior debt are paid first, so their loans are less risky but may carry lower interest. Investors watch senior indebtedness to judge recovery chances and relative risk in a default.

refinancing transactions financial

"In connection with certain refinancing transactions, the Company extended the expiration date"

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MOBLEY PAUL W

(Last) (First) (Middle)

6612 E. 75TH STREET

SUITE 450

(Street)

INDIANAPOLIS INDIANA 46250

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NOBLE ROMANS INC [ NROM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman and CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/05/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Noble Roman's Common Stock	06/05/2026		X		450,000	A	$0.1	3,252,702	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Redeemable Common Stock Purchase Class A Warrant	$0.1	06/05/2026		X			450,000	11/08/2016	(1)	Common Stock	450,000	$0	0	D

Explanation of Responses:

1. In connection with certain refinancing transactions, the Company extended the expiration date of the applicable warrants to the date on which certain of the Company's senior indebtedness was repaid.

	/s/ Paul W. Mobley	06/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did NROM Executive Chairman Paul Mobley report on this Form 4?

Paul W. Mobley reported exercising warrants to acquire 450,000 Noble Romans common shares. The warrants were Redeemable Common Stock Purchase Class A Warrants, converted at $0.10 per share into common stock, increasing his direct holdings without any reported open-market sale.

At what price were the Noble Romans (NROM) warrants exercised in this filing?

The warrants were exercised at $0.10 per share into Noble Romans common stock. This in-the-money derivative exercise converted Redeemable Class A Warrants into 450,000 common shares, with the derivative position in this warrant class reduced to zero after the transaction.

How many Noble Romans (NROM) shares does Paul Mobley hold after the reported warrant exercise?

After the transaction, Paul W. Mobley directly holds 3,252,702 Noble Romans common shares. This reflects the addition of 450,000 shares from exercising Redeemable Common Stock Purchase Class A Warrants and shows his resulting ownership position following the derivative exercise.

What derivative security was involved in Paul Mobley’s NROM Form 4 transaction?

The transaction involved a Redeemable Common Stock Purchase Class A Warrant. Mobley exercised 450,000 warrant units into 450,000 Noble Romans common shares at $0.10 per share, leaving no remaining warrants of this specific class reported after the exercise.

Does the NROM Form 4 show any open-market buying or selling by Paul Mobley?

The Form 4 shows an in-the-money derivative exercise, not an open-market trade. Mobley converted 450,000 Redeemable Class A Warrants into common shares at $0.10 per share, with no reported open-market purchase or sale transactions in this filing.

What does the footnote about refinancing transactions mean in the NROM Form 4?

The footnote explains that, in connection with certain refinancing transactions, the company extended the expiration date of applicable warrants until specified senior indebtedness was repaid. This context ties the warrant terms to the company’s refinancing and debt repayment activities.