MICHAEL F. BURNS JR - 16 Oct 2023 Form 4 Insider Report for RAVE RESTAURANT GROUP, INC. (RAVE)

Role: CHIEF OPERATING OFFICER
Signature: /s/ Michael F. Burns, Jr
Issuer symbol: RAVE
Transactions as of: 16 Oct 2023
Transactions value $: -$36,043
Form type: 4
Filing time: 18 Oct 2023, 16:09:36 UTC
Previous filing: 27 Sep 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RAVE	COMMON STOCK	Options Exercise	$0	+42.3K		$0.00	42.3K	16 Oct 2023	Direct	F1
transaction	RAVE	COMMON STOCK	Tax liability	-$36K	-18.1K	-30%	$1.99	42.3K	16 Oct 2023	Direct	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
transaction	RAVE	RESTRICTED STOCK UNITS	Disposed to Issuer		-53.7K	-100%		0	16 Oct 2023	COMMON STOCK	60.4K		Direct	F2

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

Explanation of Responses:

Id	Content
F1	Reflects the shares of Common Stock (a) issued on October 16, 2023, after vesting of restricted stock units awarded under the Issuer's 2015 Long Term Incentive Plan pursuant to completion of the requirements and performance criteria set forth in such plan, (b) net of the Issuer's retention of 8,741 shares the Reporting Person had the right to receive for tax withholding purposes pursuant to the plan based on the closing price of the Issuer's Common Stock on October 13, 2023.
F2	Reflects restricted stock units representing the right to receive shares of Common Stock upon satisfaction of vesting requirements and performance criteria. The performance criteria are based on multiple financial metrics.

Content

Reflects the shares of Common Stock (a) issued on October 16, 2023, after vesting of restricted stock units awarded under the Issuer's 2015 Long Term Incentive Plan pursuant to completion of the requirements and performance criteria set forth in such plan, (b) net of the Issuer's retention of 8,741 shares the Reporting Person had the right to receive for tax withholding purposes pursuant to the plan based on the closing price of the Issuer's Common Stock on October 13, 2023.

Reflects restricted stock units representing the right to receive shares of Common Stock upon satisfaction of vesting requirements and performance criteria. The performance criteria are based on multiple financial metrics.