NOODLES & Co — Director's Dealing 2017

May 16, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NOODLES & Co (NDLS)
CIK: 0001275158
Period of Report: 2017-05-11

Reporting Person: PUBLIC SECTOR PENSION INVESTMENT BOARD (N/A)
Reporting Person: Argentia Private Investments Inc. (N/A)
Reporting Person: Dufresne Francois (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-11	Class A Common Stock	J	9615	—	Acquired	6754375	Indirect

Footnotes

F1: This grant to Francois Dufresne is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), pursuant to Rule 16b-3(d) of the Exchange Act, as the Restricted Stock Units ("RSUs") were granted pursuant to a plan approved by the board of directors of Noodles & Company (the "Company").

F2: Mr. Dufresne is legally obligated to direct the shares to Argentia Private Investments Inc. Mr. Dufresne has no direct pecuniary interest in the shares. Each RSU represents the right to receive one share of the Company's Class A common stock, and the RSUs settled in shares of the Company's Class A common stock on the date of the grant.

F3: Not applicable.

F4: Shares are owned directly by Argentia Private Investments Inc., which is a wholly owned subsidiary of Public Sector Pension Investment Board ("PSPIB"). PSPIB is an indirect beneficial owner of the reported securities.

F5: Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.