MARK E. SCHWARZ - 10 May 2022 Form 4 Insider Report for RAVE RESTAURANT GROUP, INC. (RAVE)

Role: Chairman, Director, 10%+ Owner
Signature: Steven D. Davidson as Attorney-In-Fact for each Reporting Person
Issuer symbol: RAVE
Transactions as of: 10 May 2022
Net transactions value: +$36,524
Form type: 4
Filing time: 12 May 2022, 17:00:05 UTC
Previous filing: 05 Apr 2022
Next filing: 18 May 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RAVE	Common Stock	Purchase	$9,869	+11,300	+11%	$0.8734	111,991	10 May 2022	Direct
transaction	RAVE	Common Stock	Purchase	$15,435	+18,000	+16%	$0.8575	129,991	11 May 2022	Direct
transaction	RAVE	Common Stock	Purchase	$9,306	+10,700	+8.2%	$0.8697	140,691	12 May 2022	Direct
transaction	RAVE	Common Stock	Purchase	$1,914	+2,201	+0.07%	$0.8697	2,991,654	12 May 2022	Directly owned by by Newcastle Partners, L.P.	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	RAVE	Director Stock Option (right to buy)						40,000	10 May 2022	Common Stock	40,000	$3.95	Direct
holding	RAVE	Director Stock Option (right to buy)						15,000	10 May 2022	Common Stock	15,000	$3.11	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Mr. Schwarz is the sole trustee of the Schwarz 2012 Family Trust (the "Trust") and a director and officer of NCM Services, Inc. ("NCMS"). The Trust is the sole shareholder of NCMS, which is the sole member of Newcastle Capital Group, L.L.C. ("NCG"), which is the general partner of Newcastle Capital Management, L.P. ("NCM"), which is the general partner of Newcastle Partners, L.P. ("NP"). Accordingly, Mr. Schwarz may be deemed the beneficial owner of all shares held by any of the Trust, NCMS, NCG, NCM or NP.

Content

Mr. Schwarz is the sole trustee of the Schwarz 2012 Family Trust (the "Trust") and a director and officer of NCM Services, Inc. ("NCMS"). The Trust is the sole shareholder of NCMS, which is the sole member of Newcastle Capital Group, L.L.C. ("NCG"), which is the general partner of Newcastle Capital Management, L.P. ("NCM"), which is the general partner of Newcastle Partners, L.P. ("NP"). Accordingly, Mr. Schwarz may be deemed the beneficial owner of all shares held by any of the Trust, NCMS, NCG, NCM or NP.