X0303 4 2010-11-24 0 0001265572 KONA GRILL INC KONA 0001453410 Bakay Berke 4975 PRESTON PARK BLVD., SUITE 775W PLANO TX 75093 1 0 1 0 0001434431 BBS CAPITAL FUND LP 4975 PRESTON PARK BLVD., SUITE 775W PLANO TX 75093 1 0 1 0 0001453530 BBS Capital GP, LP 4975 PRESTON PARK BLVD., SUITE 775W PLANO TX 75093 1 0 1 0 0001453529 BBS Capital Management, LP 4975 PRESTON PARK BLVD., SUITE 775W PLANO TX 75093 1 0 1 0 0001453528 BBS Capital, LLC 4975 PRESTON PARK BLVD., SUITE 775W PLANO TX 75093 1 0 1 0 Common Stock, $0.01 par value per share 2010-11-24 4 P 0 40000 4.2016 A 1330000 I By Fund Common Stock, $0.01 par value per share 10000 D Price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $4.07 to $4.24, inclusive. The reporting persons undertake to provide Kona Grill, Inc. (the "Issuer"), any security holder of the Issuer, 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 range specified above. The filing of this Form 4 shall not be construed as an admission that BBS Capital Management, LP ("BBS Management"), BBS Capital GP, LP ("BBS GP"), BBS Capital, LLC ("BBS Capital") or Mr. Berke Bakay are or were for the purpose of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the shares of common stock, par value $0.01 per share ("Common Stock"), of Kona Grill, Inc. (the "Issuer") owned by BBS Capital Fund, LP (the "Fund"). Mr. Bakay, BBS GP, BBS Management and BBS Capital each disclaim any such beneficial ownership except to the extent of their pecuniary interest. The Fund beneficially owns 1,330,000 shares of Common Stock of the Issuer as of November 24, 2010. BBS GP, as general partner of the Fund, BBS Capital, as the general partner of BBS GP, and Mr. Bakay may be deemed to have an indirect pecuniary interest in such shares due to the performance allocation from the Fund and their direct or indirect partnership interests in the Fund. BBS Management, as investment manager to the Fund receives an asset-based management fee from the Fund and, therefore, has no pecuniary interest. /s/ Berke Bakay 2010-11-24 /s/ Berke Bakay, manager of BBS Capital, LLC, general partner of BBS Capital GP, LP, general partner of BBS Capital Fund, LP 2010-11-24 /s/ Berke Bakay, manager of BBS Capital, LLC, general partner of BBS Capital GP, LP 2010-11-24 /s/ Berke Bakay, manager of BBS Capital, LLC, general partner of BBS Capital Management, LP 2010-11-24 /s/ Berke Bakay, manager of BBS Capital, LLC 2010-11-24