# EDGAR Filing Document

**Accession Number:** 0001550728
**File Stem:** 0001209191-23-021924
**Filing Date:** 2023-3
**Character Count:** 14253
**Document Hash:** 692a9e564fa36dd6b28cbdfe587032dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-021924.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001209191-23-021924

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230329

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** LYNCH THOMAS E
- **CENTRAL INDEX KEY:** 0001244666

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35987
- **FILM NUMBER:** 23789591

**MAIL ADDRESS:**
- **STREET 1:** 382 GREENWICH AVE
- **STREET 2:** SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Mill Road Capital II GP LLC
- **CENTRAL INDEX KEY:** 0001550728
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35987
- **FILM NUMBER:** 23789592

**BUSINESS ADDRESS:**
- **STREET 1:** 382 GREENWICH AVE.
- **STREET 2:** SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-987-3500

**MAIL ADDRESS:**
- **STREET 1:** 382 GREENWICH AVE.
- **STREET 2:** SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Mill Road Capital III, L.P.
- **CENTRAL INDEX KEY:** 0001767199
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35987
- **FILM NUMBER:** 23789595

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MILL ROAD CAPITAL MANAGEMENT LLC
- **STREET 2:** 382 GREENWICH AVENUE, SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-987-3500

**MAIL ADDRESS:**
- **STREET 1:** C/O MILL ROAD CAPITAL MANAGEMENT LLC
- **STREET 2:** 382 GREENWICH AVENUE, SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Mill Road Capital II, L.P.
- **CENTRAL INDEX KEY:** 0001550729
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35987
- **FILM NUMBER:** 23789593

**BUSINESS ADDRESS:**
- **STREET 1:** 382 GREENWICH AVE.
- **STREET 2:** SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-987-3500

**MAIL ADDRESS:**
- **STREET 1:** 382 GREENWICH AVE.
- **STREET 2:** SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Mill Road Capital III GP LLC
- **CENTRAL INDEX KEY:** 0001767178
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35987
- **FILM NUMBER:** 23789594

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MILL ROAD CAPITAL MANAGEMENT LLC
- **STREET 2:** 382 GREENWICH AVENUE, SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-987-3500

**MAIL ADDRESS:**
- **STREET 1:** C/O MILL ROAD CAPITAL MANAGEMENT LLC
- **STREET 2:** 382 GREENWICH AVENUE, SUITE ONE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOODLES & Co
- **CENTRAL INDEX KEY:** 0001275158
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **IRS NUMBER:** 841303469
- **FISCAL YEAR END:** 0103

**BUSINESS ADDRESS:**
- **STREET 1:** 520 ZANG ST., SUITE D
- **CITY:** BROOMFIELD
- **STATE:** CO
- **ZIP:** 80021
- **BUSINESS PHONE:** 720-214-1906

**MAIL ADDRESS:**
- **STREET 1:** 520 ZANG ST., SUITE D
- **CITY:** BROOMFIELD
- **STATE:** CO
- **ZIP:** 80021

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NOODLES & CO
- **DATE OF NAME CHANGE:** 20040102

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Mill Road Capital III, L.P.<br><sub>(Last) (First) (Middle)</sub><br>382 GREENWICH AVENUE<br>SUITE ONE<br><sub>(Street)</sub><br>GREENWICH, CT 06830<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-29 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NOODLES & Co [ NDLS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Mill Road Capital III GP LLC<br><sub>(Last) (First) (Middle)</sub><br>382 GREENWICH AVENUE<br>SUITE ONE<br><sub>(Street)</sub><br>GREENWICH, CT 06830<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-29 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NOODLES & Co [ NDLS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Mill Road Capital II, L.P.<br><sub>(Last) (First) (Middle)</sub><br>382 GREENWICH AVENUE<br>SUITE ONE<br><sub>(Street)</sub><br>GREENWICH, CT 06830<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-29 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NOODLES & Co [ NDLS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Mill Road Capital II GP LLC<br><sub>(Last) (First) (Middle)</sub><br>382 GREENWICH AVENUE<br>SUITE ONE<br><sub>(Street)</sub><br>GREENWICH, CT 06830<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-29 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NOODLES & Co [ NDLS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>LYNCH THOMAS E<br><sub>(Last) (First) (Middle)</sub><br>382 GREENWICH AVENUE<br>SUITE ONE<br><sub>(Street)</sub><br>GREENWICH, CT 06830<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-29 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NOODLES & Co [ NDLS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock, $0.01 par value | 2023-03-29 |  | P |  | 5000 | A | $4.635 | 1126971 | D<sup>(1)</sup> |  |
| Class A Common Stock, $0.01 par value |  |  |  |  |  |  |  | 4699148 | I | See footnote<sup>(2)</sup> |
| Class A Common Stock, $0.01 par value |  |  |  |  |  |  |  | 22386 | I | See footnote<sup>(3)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Put Option (obligation to buy) | $7.50 | 2023-03-30 |  | S |  |  | 24 | 2023-03-30 | 2023-11-17 | Class A Common Stock | 2400 | $290.00 | 24 | D |  |
| Put Option (obligation to buy) | $7.50 | 2023-03-31 |  | S |  |  | 10 | 2023-03-31 | 2023-11-17 | Class A Common Stock | 1000 | $280.00 | 10 | D |  |

---

### Footnotes:

(1) The shares reported are directly held by Mill Road Capital III, L.P. ("Fund III"). Mr. Lynch is a management committee director of Mill Road Capital III GP LLC, which is the sole general partner of Fund III and has sole authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, these shares on behalf of Fund III. Each of the Reporting Persons disclaims beneficial ownership of such shares except to the extent of his or its pecuniary interest therein, if any.

(2) The shares reported are directly held by Mill Road Capital II, L.P. ("Fund II"). Mr. Lynch is a management committee director of Mill Road Capital II GP LLC, which is the sole general partner of Fund II and has sole authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, these shares on behalf of Fund II. Each of the Reporting Persons disclaims beneficial ownership of such shares except to the extent of his or its pecuniary interest therein, if any.

(3) Represents restricted stock units (or shares issued upon the vesting thereof) granted by the issuer as director compensation, in which the
Reporting Persons may have an indirect pecuniary interest. Mill Road Capital Management, LLC, an affiliate of the Reporting Persons that doesnot have Section 13(d) beneficial ownership of any securities of the issuer, has the right to receive the economic benefit of the reported sharespursuant to a contractual obligation with the holder of such shares. Each of the Reporting Persons disclaims beneficial ownership of such sharesexcept to the extent of his or its pecuniary interest therein, if any.

**Signature:** /s/ Justin C. Jacobs, Management Committee Director of sole general partner on behalf of Mill Road Capital III, L.P.  
**Date:** 2023-03-31

**Signature:** /s/ Justin C. Jacobs, Management Committee Director on behalf of Mill Road Capital III GP LLC  
**Date:** 2023-03-31

**Signature:** /s/ Justin C. Jacobs, Management Committee Director of sole general partner on behalf of Mill Road Capital II, L.P.  
**Date:** 2023-03-31

**Signature:** /s/ Justin C. Jacobs, Management Committee Director on behalf of Mill Road Capital II GP LLC  
**Date:** 2023-03-31

**Signature:** /s/ Justin C. Jacobs on behalf of Thomas E. Lynch by power of attorney  
**Date:** 2023-03-31

### Remarks:

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.**