X0306 4 2015-01-28 0000709005 NOBLE ROMANS INC NROM 0001539953 Privet Fund Management LLC 79 WEST PACES FERRY RD, SUITE 200B ATLANTA GA 30305 0 0 1 1 See Explanation of Responses 0001414517 Privet Fund LP 79 WEST PACES FERRY RD, SUITE 200B ATLANTA GA 30305 0 0 1 1 See Explanation of Responses 0001363032 Levenson Ryan 79 WEST PACES FERRY RD, SUITE 200B ATLANTA GA 30305 0 0 1 1 See Explanation of Responses Common Stock 2015-01-28 4 P 0 236644 2.18 A 2722402 I By Privet Fund LP This report is filed jointly by Privet Fund LP, Privet Fund Management LLC and Ryan Levenson (collectively, the "Reporting Persons"). The Reporting Persons are filing this report because each of the Reporting Persons may be deemed to be a member of a Section 13(d) group disclosed in the Schedule 13D filed on behalf of the Reporting Persons and the other members of such group. As of December 29, 2014, the members of this Section 13(d) group collectively owned more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock held by the other members of such Section 13(d) group except to the extent of his or its pecuniary interest therein. As of January 28th, 2,622,402 shares were owned directly by Privet Fund LP and indirectly by Privet Fund Management LLC and Ryan Levenson, and 100,000 shares were owned by Privet Fund Management LLC and indirectly by Ryan Levenson. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.17 to $2.18, inclusive. The Reporting Persons undertakes to provide to Noble Roman's, Inc., any security holder of Noble Roman's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (3). /s/ Ryan Levenson 2015-01-29 /s/ Ryan Levenson, Managing Member, on behalf of Privet Fund Management LLC 2015-01-29 /s/ Ryan Levenson, Managing Member, on behalf of Privet Fund Management LLC, Managing Partner, on behalf of Privet Fund LP 2015-01-29