<SEC-DOCUMENT>0001010549-17-000285.txt : 20170726
<SEC-HEADER>0001010549-17-000285.hdr.sgml : 20170726
<ACCEPTANCE-DATETIME>20170726162444
ACCESSION NUMBER:		0001010549-17-000285
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20170726
DATE AS OF CHANGE:		20170726

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAVE RESTAURANT GROUP, INC.
		CENTRAL INDEX KEY:			0000718332
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
		IRS NUMBER:				453189287
		FISCAL YEAR END:			0628

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-219483
		FILM NUMBER:		17983130

	BUSINESS ADDRESS:	
		STREET 1:		3551 PLANO PARKWAY
		CITY:			THE COLONY
		STATE:			TX
		ZIP:			75056
		BUSINESS PHONE:		469-384-5000

	MAIL ADDRESS:	
		STREET 1:		3551 PLANO PARKWAY
		CITY:			THE COLONY
		STATE:			TX
		ZIP:			75056

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIZZA INN HOLDINGS, INC /MO/
		DATE OF NAME CHANGE:	20110923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIZZA INN INC /MO/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PANTERAS CORP
		DATE OF NAME CHANGE:	19901126
</SEC-HEADER>
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<FILENAME>raves3072517.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on July 25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Registration No.[_________]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">FORM S-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><B>UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RAVE RESTAURANT GROUP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Missouri</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>45-3189287</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3551 Plano Parkway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Colony, Texas 75056</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(469) 384-5000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone
number,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">including area code, of registrant&rsquo;s
principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Scott Crane</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>President and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rave Restaurant Group, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3551 Plano Parkway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Colony, Texas 75056</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(469) 384-5000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Name, address, including zip code, and
telephone number, including area code, of agent for service)&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Copies to:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>Steven D. Davidson</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>Melissa M. Winchester</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>McGuire, Craddock &amp; Strother,
        P.C.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2501 N. Harwood</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 1800 </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dallas, Texas 75201</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>(214) 954-6800</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Approximate date of commencement of proposed
sale to the public:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">From time to time after the effective date
of this registration statement.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the only
securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the
following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If any of
the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, please
check the following box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this Form
is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the
same offering. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this Form
is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this Form
is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this Form
is a post-effective amendment to a registration statement pursuant to General Instruction I.D. filed to register additional securities
or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&#168;
</FONT><FONT STYLE="font-size: 10pt">Accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-size: 10pt">Non-accelerated
filer </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-size: 10pt">Smaller reporting company </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT><FONT STYLE="font-family: Wingdings">&#168;&#9;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title of Each Class of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities to be Registered</B></P></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed
    Maximum Aggregate Offering Price (1)</B></FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    of Registration Fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt">Common Stock, $0.01 par value per share,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt">issuable upon exercise of nontransferable rights&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$5,000,000 (2)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$579.50</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Estimated
                                         solely for the purpose of determining the registration fee in accordance with Rule 457(o)
                                         under the Securities Act of 1933, as amended.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Represents
                                         the gross proceeds from the assumed exercise of all nontransferable rights issued.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>The registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective
on such date as the Commission, acting pursuant to said Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in; color: red">The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is
not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; padding: 3pt 5.4pt 6pt; text-align: center"><FONT STYLE="font-size: 10pt; color: red">SUBJECT
    TO COMPLETION, DATED JULY 25, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt"><B>PROSPECTUS</B></FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10.5pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 16pt"><B>Rave
    Restaurant Group, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>[____________] Shares of Common
        Stock</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Our board of directors
has declared a dividend of subscription rights to purchase our common stock to holders of record as of August 1, 2017. Through
this prospectus, we are offering the shares of common stock that rights holders may purchase upon exercising such subscription
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">You received one
right for each share of common stock you owned on the record date of August 1, 2017. Each right will entitle you to purchase [__]
shares of our common stock at a subscription price of $[__] per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The rights are currently
exercisable and will expire if they are not exercised by 5:00 p.m., Dallas, Texas time, on [_______________], 2017. We may extend
the period for exercising the rights for up to 30 days in our sole discretion. If you want to exercise your rights, you must submit
your subscription documents before the expiration date. Rights that are not exercised by the expiration date will expire and will
have no value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The proceeds from
the exercise of rights are intended to be used to repay indebtedness, fund continued restaurant development activity and provide
working capital for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Shares of our common
stock are traded on the Nasdaq Capital Market under the symbol &ldquo;RAVE.&rdquo; The aggregate market value of our common stock
held by non-affiliates is approximately $14.3 million based on the closing price of such common stock on the Nasdaq Capital Market
of $1.89 per share on July&nbsp;21, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">AN INVESTMENT IN OUR COMMON
STOCK INVOLVES RISK. YOU SHOULD CAREFULLY CONSIDER THE INFORMATION UNDER THE HEADING &ldquo;RISK FACTORS&rdquo; ON PAGE 5 OF THIS
PROSPECTUS BEFORE EXERCISING YOUR SUBSCRIPTION RIGHTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NEITHER THE SECURITIES
AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">_______________________<BR>
<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center">The date of this prospectus is __________,
2017.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 67.5pt 6pt 0; text-align: center"><B>TABLE OF CONTENTS&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right"><FONT STYLE="font-size: 10pt"><U>Page</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="width: 24%; padding-left: 43.35pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Special Note Regarding Forward-Looking
    Statements</FONT></TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Company Overview</FONT></TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Rights Offering Summary</FONT></TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="padding-left: 43.35pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Rights Offering</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Description of Common Stock</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Federal Income Tax Considerations</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Information Incorporated by Reference</FONT></TD>
    <TD STYLE="padding-left: 38.1pt; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">This prospectus
is part of a registration statement that we filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;). You should
carefully read this prospectus, as well as the information incorporated in this prospectus by reference. See, &ldquo;Information
Incorporated by Reference.&rdquo; Any information in any prospectus supplement or any subsequent material incorporated herein
by reference will supersede the information in this prospectus or any earlier prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless the context requires
otherwise, in this prospectus the term &ldquo;Rave&rdquo; refers solely to Rave Restaurant Group, Inc., and the capitalized term
&ldquo;Company,&rdquo; as well as first person references to &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us,&rdquo; refer to
Rave and its direct and indirect subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">This
prospectus, any prospectus summary and the materials incorporated herein by reference contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, which are intended to be covered by the safe harbors
created thereby. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future
events or conditions, or which include words such as &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo;
&ldquo;believe,&rdquo; &ldquo;estimate&rdquo; or similar expressions. These statements include the plans and objectives of management
for future operations, including plans and objectives relating to future growth of our business activities and availability of
funds. Statements regarding the following subjects are forward-looking by their nature:</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our business and growth strategies;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our performance goals;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our projected financial condition and operating results;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our understanding of our competition;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">industry and market trends;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">our use of the proceeds of this offering; and</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">any other statements or assumptions that are not historical facts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The forward-looking
statements included in this prospectus, any prospectus summary and the materials incorporated herein by reference are based on
current expectations that involve numerous risks and uncertainties. Assumptions relating to these forward-looking statements involve
judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework, and business
decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we
believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate
and, therefore, there can be no assurance that the forward-looking statements included in this prospectus, any prospectus summary
or any of the materials incorporated herein by reference will prove to be accurate. In light of the significant uncertainties
inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation by
us or any other person that our objectives and plans will be achieved.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>COMPANY OVERVIEW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We operate and franchise
domestic fast casual restaurants (&ldquo;Pie Five Units&rdquo;) under the trademarks &ldquo;Pie Five Pizza Company&rdquo; or &ldquo;Pie
Five&rdquo; and operate and franchise pizza buffet restaurants (&ldquo;Buffet Units&rdquo;), delivery/carry-out restaurants (&ldquo;Delco
Units&rdquo;) and express restaurants (&ldquo;Express Units&rdquo;) domestically and internationally under the trademark &ldquo;Pizza
Inn.&rdquo;&nbsp;&nbsp;We provide or facilitate the procurement and distribution of food, equipment and supplies to our domestic
and international system of restaurants through our Norco Restaurant Services Company (&ldquo;Norco&rdquo;) division and through
agreements with third party distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have offered consumers
affordable, high quality pizza since 1958, when the first Pizza Inn restaurant opened in Dallas, Texas.&nbsp;&nbsp;We awarded
our first franchise in 1963 and opened our first buffet restaurant in 1969.&nbsp;&nbsp;We began franchising the Pizza Inn brand
internationally in the late 1970&rsquo;s.&nbsp;&nbsp;In 1993, our stock began trading on the Nasdaq Stock Market, and presently
trades on the Nasdaq Capital Market, or Nasdaq, under the ticker symbol &ldquo;RAVE.&rdquo;&nbsp;&nbsp;In June 2011, we opened
the first Pie Five restaurant in Ft. Worth, Texas.&nbsp;We signed our first franchise development agreement for Pie Five in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our principal executive
offices are located at 3551 Plano Parkway, The Colony, Texas 75056, and our telephone number is (469) 384-5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our Concepts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We operate and franchise
restaurant concepts under two distinct brands: Pie Five and Pizza Inn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Pie Five</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pie Five is a fast-casual
pizza concept that creates individualized pizzas which are baked in 140 seconds in our specially designed oven. Pizzas are created
at the direction of our customers who choose from a variety of freshly prepared and displayed toppings, cheeses, sauces and doughs
and complete their purchase process in less than five minutes. Customers can also get freshly prepared entr&eacute;e and side
salads, also made to order from our recipes or at the customer&rsquo;s direction. They can also choose from several baked daily
desserts like brownies, cookie pies, and cakes. A variety of soft beverages are available, as well as beer and wine in some locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pie Five restaurants typically
occupy leased, in-line or end-cap space of between 1,800 and 2,400 square feet in retail strip or multi-unit retail space. The
restaurants typically are located in high traffic, high visibility urban or suburban sites in mid to large size metropolitan areas.
With seating for 65 to 85 customers in most units, and patio seating when available, Pie Five restaurants primarily serve lunch
and dinner to families, adults and children of all ages. Sales are predominantly on-premise though carry out is offered as well.
We recently began implementing online and mobile ordering capability. Future sales growth initiatives may include delivery, drive-through
and catering services. Due to the relatively compact footprint of the restaurants, and other operating advantages, we also believe
Pie Five is well suited for non-traditional locations such as airports and college campuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of the date of this
prospectus, we owned and operated 13 Pie Five restaurants and had 71 franchised Pie Five restaurants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Pizza Inn</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We operate Buffet Units,
Delco Units and Express Units under the Pizza Inn brand. Buffet Units and Delco Units feature crusts that are hand-made from dough
made fresh in the restaurant each day. Our pizzas are made from a proprietary all-in-one flour mixture, real mozzarella cheese
and a proprietary mix of classic pizza spices. In international markets, the menu mix of toppings and side items is occasionally
adapted to local tastes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Buffet Units offer dine-in,
carryout and catering service and, in many cases, also offer delivery service. Buffet Units offer a variety of pizza crusts with
standard toppings and special combinations of toppings in addition to pasta, salad, sandwiches, appetizers, desserts and beverages,
including beer and wine in some locations, in an informal, family-oriented atmosphere. We occasionally offer other items on a
limited promotional basis. Buffet Units are generally located in free standing buildings or strip center locations in retail developments
in close proximity to offices, shopping centers and residential areas. The current standard Buffet Units are between 2,100 and
4,500 square feet in size and seat 120 to 185 customers. The interior decor is designed to promote a casual, lively, contemporary,
family-style atmosphere. Some Buffet Units feature game rooms that offer a range of electronic game entertainment for the entire
family.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Delco Units offer delivery
and carryout service only and are typically located in shopping centers or other in-line retail developments. Delco Units typically
offer a variety of crusts and some combination of side items. Delco Units occupy approximately 1,200 square feet, are primarily
production facilities and, in most instances, do not offer seating. The decor of the Delco Unit is designed to be bright and highly
visible and feature neon lighted displays and awnings. We have attempted to locate Delco Units strategically to facilitate timely
delivery service and to provide easy access for carryout service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Express Units serve our
customers through a variety of non-traditional points of sale. Express Units are typically located in a convenience store, food
court, college campus, airport terminal, travel plaza, athletic facility or other commercial facility. They have limited or no
seating and solely offer quick carryout service of a limited menu of pizza and other foods and beverages. An Express Unit typically
occupies approximately 200 to 400 square feet and is commonly operated by the operator or food service licensee of the commercial
host facility. We have developed a high-quality pre-prepared crust that is topped and cooked on-site, allowing this concept to
offer a lower initial investment and reduced labor and operating costs while maintaining product quality and consistency. Like
Delco Units, Express Units are primarily production-oriented facilities and, therefore, do not require all of the equipment, labor
or square footage of the Buffet Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of the date of this
prospectus, we had domestic franchises for 93 Buffet Units, 11 Delco Units and 57 Express Units, as well as international franchises
for 12 Buffet Units, 41 Delco Units and eight Express Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Reasons for this Offering&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since 2013, we have funded
the rapid expansion of our Pie Five chain primarily from operating cash flow and the proceeds of at-the-market sales of shares
of our common stock under registration statements on Form S-3. To date, we have sold an aggregate of 2,083,372 shares of our common
stock and have realized aggregate gross proceeds of $16.1 million from such at-the-market offerings. However, as a result of declines
in our stock price, our board of directors determined that continued at-the-market sales of shares of our common stock were unnecessarily
dilutive to our existing shareholders. At the same time, decreases in average weekly sales and comparable store sales for Pie
Five restaurants diminished the available operating cash flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As an interim measure,
our largest shareholder, Newcastle Partners, L.P., provided the Company a $1.0 million short term loan in December 2016. The loan
is presently payable on the earlier of September 1, 2017, or the Company&rsquo;s receipt of at least $2.0 million in additional
debt or equity capital. In March 2017, we also completed a rights offering of our 4% Convertible Senior Notes due 2022, through
which we raised gross proceeds of $3.0 million. However, additional capital is required to continue development of the Pie Five
concept and provide necessary working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 10, 2017,
we received notice from The Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;) that, based on our Form 10-Q for the fiscal quarter ended
December 25, 2016, we were not in compliance with Nasdaq&rsquo;s continued listing standard for minimum stockholders&rsquo; equity
of at least $2.5 million. The notice further advised that, as of February 10, 2017, we also did not meet the alternative continued
listing standards of either (a) market value of listed securities of at least $25.0 million, or (b) net income from continuing
operations of $0.5 million for the most recently completed fiscal year or two of the three most recently completed fiscal years.
Nasdaq has granted us an extension until August 9, 2017, to regain compliance with its listing standards. The completion of this
offering is the first step in our plan to increase our stockholders&rsquo; equity above Nasdaq&rsquo;s $2.5 million requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our board of directors
believes that this rights offering provides the best means for satisfying our current cash needs by providing our existing shareholders
the opportunity to participate in funding these needs while maintaining their percentage ownership in the Company. However, our
board of directors is not making any recommendation as to whether you should exercise your subscription rights. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: center"><BR CLEAR="ALL">
    <FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;<B>RIGHTS OFFERING SUMMARY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Issuer:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Rave Restaurant Group, Inc. (&ldquo;Rave&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Rights Dividend:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Shareholders are entitled to one subscription
    right for each share of our common stock held of record as date of August 1, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Subscription Right:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Each subscription right entitles the holder
    to purchase [__] shares of our common stock at a subscription price of $[__] per share during the subscription period.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Securities Offered:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Shares of our common stock issuable upon
    exercise of subscription rights.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Subscription Price:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">$[___] per share.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Expiration of</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Subscription Period:</P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">5:00 p.m., Dallas, Texas time, on [__________],
    2017, unless extended by us for up to 30 days in our sole discretion.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Oversubscription Right:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">If less than all of the subscription rights
    are exercised, then those shareholders who have fully exercised their basic subscription right will be entitled to purchase
    an allocable portion of the shares of common stock unpurchased by other rights holders at the same purchase price of $[___]
    per share.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Escrow Account:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Until the offering is completed, subscription
    payments will be held in an escrow account with Securities Transfer Corporation.&nbsp;&nbsp;If the offering is not completed,
    subscription payments will be returned without interest.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Subscription Rights not</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Transferable:</P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">With limited exceptions, the subscription
    rights may not be sold, transferred or assigned by any shareholder.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">No Revocation:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Shareholders who exercise any of their subscription
    rights will not be permitted to revoke or change the exercise or request a refund of monies paid.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Use of Proceeds:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Repayment of indebtedness, continued restaurant
    development activities and working capital for general corporate purposes.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Book-Entry Form:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">We will issue certificates representing shares
    purchased in this offering to you or to the Depository Trust Company (&ldquo;DTC&rdquo;), on your behalf, as the case may
    be. </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Trading Market for</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Common Stock:</P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">Our common stock is traded on the Nasdaq
    Capital Market under the symbol &ldquo;RAVE.&rdquo;&nbsp;&nbsp;We expect that the shares of common stock issued in this offering
    will also be listed on Nasdaq under the same symbol.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Risk Factors:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 115%">See &ldquo;Risk Factors&rdquo; beginning
    at page 5.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The exercise of
your subscription rights for shares of our common stock involves a number of risks. Before you decide to exercise subscription
rights to purchase our common stock, you should carefully consider the risk factors set forth below and in the materials incorporated
by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>Risks Associated
with Our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The inability
to successfully implement any aspect of our growth strategy could adversely affect our revenues and operating profits.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our growth strategy
includes developing new Company-owned and franchised Pie Five restaurants, as well as franchised Pizza Inn restaurants reflecting
our updated Buffet Unit concept. Our growth strategy also relies on increasing Pie Five chainwide average per store sales, which
have recently declined. We may be unable to achieve all or any of these objectives, which could adversely affect our revenues
and operating profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We may be unable
to maintain or accelerate the pace of development of new restaurants in accordance with our growth strategy.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our ability to
open new Company-owned Pie Five Units is largely dependent on our ability to identify and secure suitable locations, to manage
and fund the development of such locations and to train and staff the restaurants.&nbsp;&nbsp;The rate at which we will be able
to expand both concepts through franchise development is determined in part by our success in attracting and selecting qualified
franchisees, by our ability to identify satisfactory sites in appropriate markets and by our ability to continue training and
monitoring our franchisees. Accordingly, we may not be able to open restaurants in markets now targeted for expansion or otherwise
meet our growth targets, thereby adversely impacting our revenues and operating profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The development
of new Company-owned Pie Five Units is partially dependent on the availability of adequate capital.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our ability to
develop new Company-owned Pie Five Units depends, in part, on the availability of adequate capital to finance development and
pre-opening costs and other growth-related expenses. We expect to fund planned capital expenditures primarily from operating cash
flow supplemented by the proceeds of this offering. We do not presently have any bank credit facilities in place. As a result,
lower than anticipated revenues, increased expenses, changes in our operating plans, or other events could result in the need
for additional capital for us to timely develop the desired number of new Company-owned Pie Five Units. If such additional capital
is not available on acceptable terms, or at all, our growth strategy could be compromised which, in turn, could adversely affect
our revenues and operating profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>We may be unable to consistently
develop high performing new Company-owned and franchised Pie Five Units.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our growth strategy
relies, in part, on increasing Pie Five chainwide average per store sales primarily by developing new Company-owned and franchised
Pie Five Units with higher average per store sales. Increasing average per store sales is largely a function of customer traffic,
customer experience and the average check per customer. These factors may be influenced by, among other things, general economic
conditions, the quality of restaurant sites, competitive pressures, consumer preferences, consumer perceptions of our reputation
and product offerings, and customer experiences in our restaurants. If newly developed Pie Five Units do not perform as we expect,
our revenues will be adversely affected and we may experience difficulty attracting new franchisees, thereby impeding our growth
strategy and adversely affecting our business and operating profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The closure of
existing restaurants or abandonment of development sites could offset the development of new restaurants.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A significant number
of franchised Pizza Inn restaurants have been closed in the past decade. In addition, several Company-owned and franchised Pie
Five Units have been closed during the last 18 months and several locations leased by us for future development of Company-owned
Pie Five Units have been abandoned. If these trends continue, the successful development of new restaurants could be partially
or wholly offset by the closure of existing restaurants or abandonment of development sites. Therefore, although closed restaurants
are typically underperforming units and abandoned sites are considered no longer attractive, the continued closure of restaurants
or abandonment of development sites could undermine our growth initiatives and adversely impact our revenues and operating profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Unfavorable resolution
of lease disputes with respect to abandoned development sites could adversely affect our cash flow and results of operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have determined
to close several Company-owned Pie Five Units and abandon several locations leased by us for future development of Company-owned
Pie Five Units. The leases for these closed stores and abandoned development sites have ten year terms. We previously reached
agreements with the landlords to terminate the leases at most of these locations. However, we are continuing to negotiate with
the landlords to terminate the leases with respect to several remaining sites. If we are unable to negotiate reasonable terms
for termination of these remaining leases, our cash flow and results of operations could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We may be harmed
by actions taken by our franchisees that are outside of our control.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A significant portion
of our earnings comes from royalties paid by our franchisees, as well as food and supply sales to franchised restaurants. Franchisees
are independent operators whose personnel are not our employees. We provide training and support to franchisees, but the quality
of franchised restaurant operations may be diminished by any number of factors beyond our control. Consequently, franchisees may
not successfully operate restaurants in a manner consistent with our standards and requirements, or may not hire and train qualified
managers and other store personnel. If they do not, our image and reputation may suffer, and revenues could decline. Our franchisees
may take actions that adversely affect the value of our intellectual property or reputation. The failure of our domestic and international
franchisees to operate their franchises successfully could reduce the amount of royalties payable to us and/or the amount of food
and supply sales by us. Further, since domestic franchisees are only required to purchase certain proprietary items from Norco,
changes in their purchasing practices could diminish our sales of food and supplies. Additionally, if one or more of our key franchisees
were to become insolvent or otherwise were unable or unwilling to pay amounts due to us, our business and results of operations
would be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Some of our Pie
Five franchisees may be unable to satisfy their obligations under franchise development agreements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pie Five franchisees
typically enter into multi-year development agreements for the opening of Pie Five Units. Each development agreement is scaled
relative to the estimated development potential of the specified geographic area and requires the franchisee to achieve specified
unit development milestones over a period of time, typically five years, to maintain their development rights in the area. If
these unit development milestones are achieved, the franchisee typically has the option to develop up to a specified number of
additional Pie Five Units in the territory. However, certain of our Pie Five franchisees have experienced difficulty in achieving
their unit development milestones, and we may be required to waive or amend some of these unit development milestones or terminate
the development agreements. As a result, we may not achieve the number of franchised Pie Five Units for which we have signed development
agreements within the anticipated time frame. Any delay or inability to open additional franchised Pie Five Units could adversely
impact our results of operations and financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Loss of key personnel
or our inability to attract and retain new qualified personnel could hurt our business and inhibit our ability to operate and
grow successfully.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our success will
depend to a significant extent on our leadership team and other key management personnel. We may not be able to retain our executive
officers and key personnel or attract additional qualified management. Our success also will depend on our ability to attract
and retain qualified personnel to oversee our restaurants, distribution operations and international operations. The loss of these
employees or any inability to recruit and retain qualified personnel could have a material adverse effect on our operating results.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We face risks
of litigation from customers, franchisees, employees and others in the ordinary course of business, which diverts our financial
and management resources. Any adverse litigation or publicity may negatively impact our financial condition and results of operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Claims of illness
or injury relating to food quality or food handling are common in the food service industry. In addition to decreasing our sales
and profitability and diverting our management resources, adverse publicity or a substantial judgment against us could negatively
impact our financial condition, results of operations and brand reputation, hindering our ability to attract and retain franchisees
and grow our business. Further, we may be subject to employee, franchisee and other claims in the future based on, among other
things, discrimination, harassment, wrongful termination and wage, rest break and meal break issues, including those relating
to overtime compensation. Franchisees may also assert claims alleging breach of a franchise or development agreement, unfair trade
practices or failure to satisfy franchise disclosure obligations, especially in circumstances where we have terminated a franchise
or development agreement. If one or more of these claims were to be successful or if there is a significant increase in the number
of these claims, our business, financial condition and operating results could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Shortages or interruptions
in the delivery of food products could adversely affect our operating results.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We and our franchisees
are dependent on frequent deliveries of food products that meet our specifications. Our Norco distribution division provides product
sourcing, purchasing, quality assurance, research and development, franchisee order and billing services, and logistics support
functions. We outsource warehousing and delivery services to third party restaurant distribution companies that deliver products
to all domestic restaurants. Interruptions in the delivery of food products caused by unanticipated demand, problems in production
or distribution by Norco, our suppliers, or our distribution service providers, inclement weather (including tornadoes, hurricanes
and other natural disasters) or other conditions could adversely affect the availability, quality and cost of ingredients, which
could adversely affect our operating results. Further, although our Company-owned domestic restaurants purchase substantially
all food and related products from Norco, domestic franchisees are only required to purchase certain proprietary items from Norco.
Therefore, changes in purchasing practices by domestic franchisees as a result of delivery disruptions or otherwise could adversely
affect our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>An increase in
the cost of commodities such as cheese, or other operating expenses, including utilities and labor, could adversely affect our
profitability and operating results.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">An increase in
our operating costs could adversely affect our profitability. Factors such as inflation, increased food costs, increased labor
and employee benefit costs and increased energy costs may adversely affect our operating costs. Most of the factors affecting
costs are beyond our control and we may not be able to pass along these increased costs to our customers or franchisees. Most
ingredients used in our pizza, particularly cheese, are subject to significant price fluctuations as a result of seasonality,
weather, availability, demand and other factors. Sustained increases in utility costs could also adversely affect the profitability
of our restaurants. Further, government initiatives, such as health care reform and minimum wage rate increases, could increase
our operating costs and adversely affect our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>If we are not
able to continue purchasing our key pizza ingredients from our current suppliers or find suitable replacement suppliers, our financial
results could be adversely affected.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are dependent
on a few suppliers for some of our key pizza ingredients. Domestically, we rely upon sole suppliers for our cheese, meat toppings,
sauce and certain other proprietary products. Alternative sources for these key ingredients may not be available on a timely basis
or be available on terms as favorable to us as under our current arrangements. Any disruptions in our supply of key ingredients
could adversely affect our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We are subject
to extensive government regulation, and any failure to comply with existing or adopted regulations could adversely affect our
business and operating results.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are subject
to numerous federal, state, local and foreign laws, rules and regulations, including those relating to:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         preparation and sale of food;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">building
                                         and zoning requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">minimum
                                         wage, citizenship, overtime, health insurance, and other labor requirements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">working
                                         and safety conditions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If we fail to comply
with existing or future laws, rules and regulations, we may be subject to governmental or judicial fines or sanctions. In addition,
our capital expenditures could increase due to remediation measures that may be required if we are found to be noncompliant with
any of these laws or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are also subject
to a Federal Trade Commission rule and to various state and foreign laws that govern the offer and sale of franchises. These laws
regulate various aspects of the franchise relationship, including terminations and the refusal to renew franchises. The failure
to comply with these laws and regulations in any jurisdiction or to obtain required government approvals could result in a ban
or temporary suspension on future franchise sales, fines or other penalties, or require us to make offers of rescission or restitution,
any of which could adversely affect our business and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We may be required
to defend our intellectual property rights, which could negatively affect our results of operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We depend on our
Pizza Inn and Pie Five brand names and rely on a combination of trademarks, copyrights, service marks and similar intellectual
property rights to promote these brands. We believe the success of our business depends on our continued ability to use our existing
trademarks and service marks to increase brand awareness and further develop our brands, both domestically and abroad. We may
not be able to adequately protect our intellectual property rights or we may be required to resort to litigation to enforce such
rights. Litigation or settlements could result in high costs and diversion of resources, which could negatively affect our results
of operations, regardless of the outcome.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Information technology
disruptions or security breaches could adversely impact our operations and business.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We rely on our
computer systems and network infrastructure for numerous aspects of our operations. Our operations depend upon our ability to
protect our computer equipment and systems against damage from physical theft, fire, power loss, telecommunications failure or
other catastrophic events, as well as from internal and external security breaches, viruses, worms and other disruptive problems.
In addition, any actual or alleged security breach of the credit or debit card information of customers of our Company-owned restaurants
could result in lawsuits, require notification of customers and/or result in adverse publicity. Therefore, any damage, failure
or breach of our computer systems or network infrastructure could have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Our current insurance
coverage may not be adequate, our insurance premiums may increase and we may not be able to obtain insurance at acceptable rates,
or at all.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our insurance policies
may not be adequate to protect us from liabilities that we incur in our business. In addition, in the future our insurance premiums
may increase and we may not be able to obtain similar levels of insurance on reasonable terms, or at all. Any such inadequacy
of, or inability to obtain, insurance coverage could have a material adverse effect on our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>Risks Associated
With Our Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Although our common
stock is currently traded on the Nasdaq Capital Market, it may be subject to delisting.</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On February 10,
2017, we received notice from Nasdaq that, based on our Form 10-Q for the fiscal quarter ended December 25, 2016, we were not
in compliance with Nasdaq&rsquo;s continued listing standard for minimum stockholders&rsquo; equity of at least $2.5 million.
The notice further advised that, as of February 10, 2017, we also did not meet the alternative continued listing standards of
either (a) market value of listed securities of at least $25.0&nbsp;million, or (b) net income from continuing operations of $0.5
million for the most recently completed fiscal year or two of the three most recently completed fiscal years. Nasdaq has granted
us an extension until August 9, 2017, to regain compliance with its listing standards. The completion of this offering is the
first step in our plan to increase our stockholders&rsquo; equity above Nasdaq&rsquo;s $2.5 million requirement. Depending on
our results of operations and other factors, we may need to raise additional equity capital to maintain such compliance. If we
fail to timely regain and maintain compliance with Nasdaq&rsquo;s continued listing standards, our common stock will be subject
to delisting from Nasdaq, which may cause the price of our common stock to decline or impair your ability to sell shares of our
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Although our common
stock is currently traded on the Nasdaq Capital Market, it has less liquidity than the stock of many other companies.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The trading volume
in our common stock on Nasdaq has been relatively low when compared with larger companies listed on the Nasdaq Global Market or
the other stock exchanges. Shareholders, therefore, may experience difficulty selling a substantial number of shares for the same
price at which shareholders could sell a smaller number of shares. We cannot predict the effect, if any, that future sales of
our common stock in the market, or the availability of shares of common stock for sale in the market, will have on the market
price of our common stock. Sales of substantial amounts of common stock in the market, or the potential for large amounts of sales
in the market, may cause the price of our common stock to decline or impair our future ability to raise capital through sales
of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The market price
of our common stock may fluctuate in the future, and these fluctuations may be unrelated to our performance.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">General market
price declines or overall market volatility in the future could adversely affect the price of our common stock, and the current
market price may not be indicative of future market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We do not expect
to pay any dividends for the foreseeable future and, therefore, our shareholders may be required to liquidate their shares in
order to realize a return on their investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have never paid
a dividend on our common stock and do not anticipate paying any dividends in the foreseeable future. Any determination to pay
dividends in the future will be at the discretion of our board of directors and dependent on our results of operations, financial
condition, capital requirements and other relevant factors. Therefore, the holders of our common stock will likely be required
to sell all or a portion of their shares in order to realize any return on their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Certain provisions
of state law could discourage certain transactions that our shareholders may otherwise deem to be in their best interest.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are incorporated
under the laws of the State of Missouri. Although there are no provisions in our Articles of Incorporation or Bylaws intended
to prevent or restrict takeovers, mergers or acquisitions, certain provisions of Missouri corporate law could have the effect
of discouraging others from attempting hostile takeovers of our Company. It is possible that these provisions could make it more
difficult to accomplish transactions which our shareholders may otherwise deem to be in their best interests. See, &ldquo;Description
of Common Stock -- Anti-Takeover Effects of Certain Statutory Provisions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Our primary shareholder
group may be able to exert significant influence over shareholder decisions.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Newcastle Partners
L.P. and its affiliates, including our Chairman, Mark E. Schwarz, and one of our other directors, Clinton J. Coleman, collectively
own or control approximately 28% of our outstanding common stock. Therefore, this group may be able to exert significant influence
over any matters submitted to a vote of shareholders, including the election of directors. As a result, other shareholders may
be discouraged from proposing, or unable to pass, any initiatives requiring shareholder approval, including the election of an
alternative slate of directors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>Risks Associated
with the Rights Offering </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Shareholders may
have their interest in the Company diluted as a result of this rights offering.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shareholders may
have their proportionate voting and ownership interest in the Company reduced as the result of this rights offering. Shareholders
who do not fully exercise their subscription rights will not have the opportunity to offset this dilution by their purchases of
additional shares of common stock. The magnitude of the reduction of your percentage ownership will depend upon the extent to
which you fail to exercise your subscription rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>This rights offering
may adversely impact the trading price of our common stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The subscription
price per share equals [___]% of the current market price of our common stock (based on the average closing price of our common
stock for the five trading days ending [__________], 2017). This discount, together with the number of shares we will issue if
this offering is completed, may result in an immediate decrease in the market value of our common stock. This decrease may continue
after the completion of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>We have broad
discretion over the use of proceeds from this rights offering, including the repayment of indebtedness held by affiliates.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our management
will have broad discretion over the use of the net proceeds from this offering. A portion of such net proceeds is expected to
be used to repay approximately $1.0 million in debt owed to Newcastle Partners, L.P., the largest shareholder of the Company and
an affiliate of our Chairman, Mark E. Schwarz, and one of our other directors, Clinton J. Coleman. The remaining net proceeds
are intended to be used for continued restaurant development activities, working capital and general corporate purposes that have
not yet been specified. Therefore, you may not agree with the manner in which we allocate and spend these net proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The net proceeds
of this rights offering may not be adequate to sustain our current operations or implement our growth plans.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In recent periods,
we have experienced negative cash flow largely as the result of losses from operations and significant capital expenditures, in
both cases primarily attributable to our efforts to develop new Company-owned Pie Five Units and expand the Pie Five franchise
network. There can be no assurance that the net proceeds of this offering will be adequate to sustain our current level of operations
or implement our future growth plans. If the net proceeds are insufficient for these purposes, we may be required to raise additional
capital, scale back our current operations and/or defer some of our growth initiatives, any of which could have an adverse impact
on our financial position, results of operations and share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The subscription
price per share is not an indication of our value and you may not be able to sell shares purchased upon the exercise of your subscription
rights at a price equal to or greater than the subscription price.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The subscription
price per share was determined by our board of directors, and does not necessarily bear any relationship to the market value of
our assets or to our operations, cash flows, earnings, financial condition or other established criteria for value. As a result,
you should not consider the subscription price as an indication of the current market value of our company or our common stock.
We cannot assure you that you will be able to sell shares purchased in this offering at a price equal to or greater than the subscription
price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>You will not be
able to revoke the exercise of your subscription rights.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Once you exercise
your subscription rights, you may not revoke the exercise. Therefore, even if the offering period is extended, there is a decline
in the market price of our common stock, or other circumstances arise that cause you to change your mind about investing in our
common stock, you will nonetheless be legally bound to proceed with your investment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Because we may
terminate this rights offering, your participation in the offering is not assured. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If we decide to
terminate the rights offering for any reason, we will have no obligation with respect to the subscription rights except to return
any subscription payments, without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>You will not receive
interest on subscription funds returned to you.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If we terminate
this rights offering for any reason, your subscription payments will be returned to you without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>The subscription
rights are not transferable and there is no market for the subscription rights.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You may not sell,
give away or otherwise transfer your subscription rights. The subscription rights are only transferable to your affiliates and
by operation of law. Because the subscription rights are non-transferable, there is no market or other means for you to directly
realize any value associated with the subscription rights. You must exercise the subscription rights and acquire common stock
to realize any value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>You need to act
promptly and follow subscription instructions to avoid your subscription being rejected. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shareholders who
desire to purchase shares in this rights offering must act promptly to ensure that all required forms and payments are actually
received by the subscription agent prior to 5:00 p.m., Dallas, Texas time, on the expiration date. If you fail to complete and
sign the required subscription forms, send an incorrect payment amount, or otherwise fail to follow the subscription procedures
that apply to your desired transaction, the subscription agent may, depending on the circumstances, reject your subscription or
accept it only to the extent of the payment received. Neither we nor our subscription agent undertakes to contact you concerning
such errors or to correct an incomplete or incorrect subscription form or payment. We have the sole discretion to determine whether
a subscription exercise properly follows the subscription procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>Risks Associated
With Our Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>If we are not
able to compete effectively, our business, sales and earnings could be adversely affected.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The restaurant
industry in general, as well as the pizza segment of the industry, is intensely competitive, both internationally and domestically,
with respect to price, service, location and food quality. We compete against many national, regional and local businesses. There
are many well-established competitors with substantially greater brand awareness and financial and other resources than we have.
Some of these competitors may be better established in markets where we or our franchisees operate restaurants. A change in the
pricing or other marketing or promotional strategies, including new product and concept developments, of one or more of our major
competitors could have an adverse impact on sales and earnings and our chainwide restaurant operations. We could also experience
increased competition from existing or new companies in the pizza segment of the restaurant industry. If we are unable to compete
effectively, we could experience downward pressure on prices, lower demand for our products, reduced margins, the inability to
take advantage of new business opportunities and the loss of market share, all of which would have a material adverse effect on
our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We also compete
on a broader scale with quick service, fast casual and other international, national, regional and local restaurants. The overall
food service market and the quick service restaurant sector are intensely competitive with respect to food quality, price, service,
convenience and concept. We also compete within the food service market and the restaurant industry for management and hourly
employees, suitable real estate sites and qualified franchisees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Norco is also subject
to competition from outside suppliers. If other suppliers who meet our qualification standards for non-proprietary items offer
lower prices or better service to our franchisees for their ingredients and supplies and, as a result, our franchisees choose
not to purchase these non-proprietary items from Norco, our financial condition, business and results of operations would be adversely
affected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Changes in consumer
preferences and perceptions could decrease the demand for our products, which would reduce sales and harm our business.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Restaurant businesses
are affected by changes in consumer tastes, national, regional and local economic conditions, demographic trends, disposable purchasing
power, traffic patterns and the type, number and location of competing restaurants. For example, if prevailing health or dietary
preferences cause consumers to avoid pizza and other products we offer, or quick service restaurant offerings generally, in favor
of foods that are perceived as more healthy, our business and operating results could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Poor economic
conditions could adversely affect our business, results of operations and financial condition.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The restaurant industry
depends on consumer discretionary spending. Weak, volatile or uncertain national, regional or local economic conditions can negatively
impact consumers&rsquo; ability and willingness to spend discretionary funds thereby decreasing customer traffic and/or average
check per customer at our restaurants. If these poor economic conditions persist, consumers could permanently alter their dining
habits and reduce the frequency with which they dine out. Therefore, such poor economic conditions could have a short-term or
long-term adverse impact on our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>USE OF PROCEEDS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will retain broad discretion
over the use of the net proceeds from our sale of shares under this prospectus. A portion of such net proceeds are expected to
be used to repay approximately $1.0 million in debt owed to Newcastle Partners, L.P. pursuant to a promissory note dated December
22, 2016, which bears interest at 10% per annum and matures on the earlier of September 1, 2017, or the Company&rsquo;s receipt
of at least $2.0 million in additional debt or equity capital. Newcastle Partners, L.P. is the largest shareholder of the Company
and an affiliate of our Chairman, Mark E. Schwarz, and one of our other directors, Clinton J. Coleman. We currently anticipate
that the remaining net proceeds will be used to fund continued restaurant development activity and provide working capital for
general corporate purposes.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE RIGHTS OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Terms of the Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our board of directors
has declared a dividend of subscription rights to holders of record of our common stock as of the record date of August 1, 2017.
You are entitled to one right for each share of common stock owned on the record date. Each right entitles you to purchase [___]
shares of common stock for the subscription price of $[___] per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The subscription rights
will expire if they are not exercised by 5:00 p.m., Dallas, Texas time, on [__________], 2017, which we refer to as the expiration
date.&nbsp;&nbsp;We may extend the expiration date for up to 30 days in our sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To exercise subscription
rights, holders must return by the expiration date a properly completed subscription rights certificate and any other required
documents, along with full payment of the subscription price for all rights for which subscriptions are exercised.&nbsp;&nbsp;Any
subscription rights not exercised by the expiration date will expire without any payment to the holders of those unexercised subscription
rights and become worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Until the offering is
completed, subscription payments will be held in an escrow account with our transfer agent, Securities Transfer Corporation. We
may cancel this rights offering at any time prior to the expiration date for any reason.&nbsp;&nbsp;If we cancel the rights offering,
all subscription payments will be promptly returned without interest or deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock is quoted
on the NASDAQ Capital Market under the symbol &ldquo;RAVE.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Subscription Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Basic Subscription Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We are distributing
to holders of record of shares of our common stock on August 1, 2017, at no cost, one nontransferable subscription right for each
share of our common stock they owned on the record date. The subscription rights will be evidenced by rights certificates. Each
right entitles you to purchase [___] shares of common stock. You are not required to exercise any of your subscription rights.
If the exercise of your subscription rights would result in your receipt of fractional shares, the aggregate number of shares
issued to you will be rounded down to the nearest whole number. You will not receive cash in lieu of fractional shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Over-Subscription Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subject to the allocation
described below, each subscription right also grants the holder an over-subscription right to purchase additional shares of our
common stock that were not subscribed by other rights holders pursuant to their basic subscription rights. You are entitled to
exercise such over-subscription right only if you exercise your basic subscription right in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you wish to exercise
your over-subscription right, you should indicate the number of additional shares that you would like to purchase in the space
provided on your rights certificate. When you return your rights certificate, you must also send the full purchase price for the
number of additional shares that you have requested to purchase (in addition to the payment due for shares purchased through your
basic subscription right). If the number of shares remaining after the exercise of all basic subscription rights is not sufficient
to satisfy all requests for shares pursuant to over-subscription rights, then the available shares will be allocated proportionally
(subject to eliminating fractional shares) in the proportion which the number of shares you purchased through the basic subscription
right bears to the total number of shares that all over-subscribing stockholders purchased through the basic subscription right.
However, if your pro-rata allocation exceeds the number of shares you requested in your rights certificate, then you will receive
only the amount of shares that you requested, and the remaining shares from your pro-rata allocation will be divided among other
rights holders exercising their over-subscription rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As soon as practicable
after the expiration date, Securities Transfer Corporation, acting as our subscription agent, will determine the number of shares
of common stock that you may purchase pursuant to the over-subscription right. If you are a record owner, you will receive certificates
representing these shares as soon as practicable after the expiration date and after all allocations and adjustments have been
effected. If you request and pay for more shares than are allocated to you, we will refund the overpayment, without interest.
In connection with the exercise of the over-subscription right, banks, brokers and other nominee holders of subscription rights
who act on behalf of beneficial owners will be required to certify to us as to the aggregate number of subscription rights exercised,
and the number of shares requested through the over-subscription right, by each beneficial owner on whose behalf the nominee holder
is acting.&nbsp;&nbsp;If you hold your shares through a brokerage account, you should note that most brokerages permit the beneficial
owner to exercise their rights on one occasion only. Accordingly, if you plan to exercise your over-subscription right, you should
do so at the time that you submit your subscription to your broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Subscription Price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The subscription
price under the subscription rights is $[___] per share of common stock subscribed. The subscription price was determined by our
board of directors, and is approximately [__]% of the current market price of our common stock (based on the average closing price
of our common stock for the five trading days ending __________, 2017). The subscription price does not necessarily bear any relationship
to our past or expected future results of operations, cash flows, current financial condition, or any other established criteria
for value. No change will be made to the cash subscription price by reason of changes in the trading price of our common stock
prior to the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Determination of Subscription Price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Our board of directors
set all of the terms and conditions of this offering, including the subscription price. In establishing the subscription price,
our board of directors considered various factors, including the historic and current market price of our common stock, the historic
volatility of the market price of our common stock, our business prospects, our recent and anticipated operating results, general
conditions in the securities markets, our need for equity capital, alternatives available to us for raising equity capital, the
amount of proceeds desired, the pricing of similar transactions, the liquidity of our common stock, and the level of risk to our
investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">After taking these
factors into account, our board of directors determined that $[____] represented a fair subscription price. We did not seek or
obtain any opinion of financial advisors or investment bankers in establishing the subscription price for the offering. You should
not consider the subscription price as an indication of the value of our company or our common stock. We cannot assure that you
will be able to sell shares purchased during this offering at a price equal to or greater than the subscription price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Expiration, Extension and Cancellation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The rights offering will
expire at 5:00&nbsp;p.m., Dallas, Texas time, on&nbsp;[__________], 2017, unless we decide to extend the rights offering. Any
subscription rights not exercised on or before the expiration date will have no value and expire without any payment to the holders
of the unexercised subscription rights.&nbsp;&nbsp;We will not be obligated to honor your exercise of subscription rights if the
subscription agent receives the documents relating to your exercise after the rights offering expires, regardless of when you
transmitted the documents, unless you have timely transmitted the documents under the guaranteed delivery procedures described
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have the sole discretion
to extend the expiration date from time to time for up to 30 days by giving oral or written notice to the subscription agent on
or before the scheduled expiration date. If we elect to extend the expiration date, we will publicly announce the extension no
later than 9:00 a.m., Dallas, Texas time on the next business day after the most recently announced expiration date.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
may cancel or terminate the rights offering at any time prior to the expiration date.&nbsp;&nbsp;Any cancellation or termination
of this offering will be followed as promptly as practicable by public announcement of the cancellation or termination and any
money received from subscribing rights holders will be promptly returned, without interest or deduction.</FONT><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Withdrawal and Amendment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We reserve the right
to withdraw or terminate this offering at any time for any reason. In the event that this offering is withdrawn or terminated,
all funds received from subscriptions by stockholders will be returned. Interest will not be payable on any returned funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We reserve the right
to amend the terms of this offering. If we make an amendment that we consider significant, we will:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">mail
                                         notice of the amendment to all stockholders of record as of the record date;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">extend
                                         the expiration date by at least 10 days; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">offer
                                         all subscribers no less than 10 days to revoke any subscription already submitted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The extension of
the expiration date will not, in and of itself, be treated as a significant amendment for these purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Non-Transferability of Subscription Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except in the limited
circumstances described below, only you may exercise your subscription rights. You may not sell, give away or otherwise transfer
your subscription rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
you may transfer your subscription rights to an existing 401(k), IRA or other similar investment plan (subject to all of the rules,
regulations and restrictions of such plan) established for your benefit, or that plan may transfer such rights to you, provided
that, in each case, such transfer is otherwise in compliance with all applicable federal and state securities laws.&nbsp;&nbsp;Your
subscription rights also may be transferred to any of your affiliates or by operation of law. For example, a transfer of rights
to the estate of the holder upon the death of the holder would be permitted. As used in this paragraph, an affiliate means any
person (including a 401(k), IRA or other similar investment plan subject to all the applicable rules, regulations and restrictions
of such plan, or a partnership, corporation or other legal entity such as a trust or estate) which controls, is controlled by
or is under common control with you. If your rights are transferred as permitted, evidence satisfactory to the subscription agent
that the transfer was proper must be received prior to the expiration date of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exercise of Subscription Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You may exercise your
subscription rights by delivering to the subscription agent on or prior to the expiration date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Your
                                         properly completed and duly executed rights certificate;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                         required signature guarantees or other supplemental documentation; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Payment
                                         in full of the subscription price for each share to be purchased pursuant to your basic
                                         subscription rights and your over-subscription right.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should carefully read
and follow the instructions accompanying the rights certificate. You should deliver your rights certificate and payment to the
subscription agent as provided below under &ldquo;Delivery of Subscription Materials and Payment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We reserve the right to
reject any exercise of subscription rights if the exercise does not fully comply with the terms of the rights offering, is not
in proper form or would be unlawful. We will not pay you interest on funds delivered for the exercise of subscription rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Signature Guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Signatures on the rights
certificate do not need to be guaranteed if either (a) the rights certificate provides that the shares of common stock being subscribed
are to be delivered directly to the record owner of the subscription rights, or (b) the rights certificate is submitted for the
account of a member firm of a registered national securities exchange or a member of the National Association of Securities Dealers,&nbsp;Inc.,
or a commercial bank or trust company having an office or correspondent in the United States. Signatures on all other rights certificates
must be guaranteed by an Eligible Guarantor Institution, as defined in Rule&nbsp;17Ad-15 of the Securities Exchange Act of 1934,
as amended, which include banks, brokers, dealers, credit unions, national securities exchanges and savings associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Delivery of Subscription Materials and
Payment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You should deliver your
rights certificate and payment of the subscription price or, if applicable, notice of guaranteed delivery, to the subscription
agent by mail, by hand or by overnight courier to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities Transfer Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2901 North Dallas Parkway, Suite 380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Plano, Texas 75093</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The subscription agent's
telephone number is (469) 633-0101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You are responsible for
the method of delivery of your rights certificate and subscription payment to the subscription agent. If you send your rights
certificate and subscription payment by mail, we recommend that you send them by registered mail, properly insured, with return
receipt requested. You should allow a sufficient number of days to ensure delivery to the subscription agent prior to the expiration
date of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Do not send your rights
certificate or subscription price payment to us. Your delivery to an address other than the address set forth above will not constitute
valid delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Method of Payment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Your payment of the subscription
price must be made in U.S. dollars for the full number of shares of common stock that you are subscribing for (including any exercise
of your over-subscription right) by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Personal
                                         check drawn upon a U.S. bank payable to the subscription agent;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certified
                                         check or bank draft (cashier's check) drawn upon a U.S. bank or money order payable to
                                         the subscription agent; or </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Wire
                                         transfer of immediately available funds, to the subscription account maintained by the
                                         subscription agent at EagleBank, ABA #055003298, Account #200280766, Account Name: Securities
                                         Transfer Corporation as Escrow Agent for Rave Restaurant Group, Inc. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Receipt of Payment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Your payment will be considered
received by the subscription agent only upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Receipt
                                         and clearance of any uncertified check;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Receipt
                                         by the subscription agent of any certified check or bank draft drawn upon a U.S. bank,
                                         or any money order;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Receipt
                                         by wire transfer of good funds in the subscription agent&rsquo;s account designated above.
                                         </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please note that funds
paid by uncertified personal check may take at least five business days to clear. Accordingly, if you wish to pay by means of
an uncertified personal check, we urge you to make payment sufficiently in advance of the expiration date to ensure that the subscription
agent receives cleared funds before the expiration date. We also urge you to consider payment by means of a certified or cashier's
check or money order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><B>Calculation of
Subscription Rights Exercised</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">If you do not indicate
the number of subscription rights being exercised, or do not forward full payment of the total subscription price for the number
of subscription rights that you indicate are being exercised, then you will be deemed to have exercised your basic subscription
right with respect to the maximum number of rights that may be exercised with the aggregate subscription price payment you delivered
to the subscription agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><B>Your Funds Will
be Held by the Subscription Agent Until Shares of Common Stock are Issued</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The subscription
agent will hold your payment of the subscription price payment in a segregated account with other payments received from other
rights holders until we issue your shares to you. If this offering is not completed, or we do not apply your full subscription
price payment to your purchase of shares of our common stock, the subscription agent will return promptly, without interest, all
excess subscription payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>No Revocation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Once you deliver your
rights certificate and payment to the subscription agent, you cannot revoke the exercise of your subscription rights, even if
the subscription period has not yet ended, we extend the expiration date, you learn information about us that you consider to
be unfavorable or the market price of our common stock declines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Issuance of Stock Certificates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Stock certificates for
shares purchased in this offering will be issued as soon as practicable after the expiration date. Our subscription agent will
deliver subscription payments to us only after consummation of this offering and the issuance of stock certificates to our stockholders
that exercised rights. Unless you instruct otherwise on your rights certificate, shares purchased by the exercise of subscription
rights will be registered in the same name as the person exercising the rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Guaranteed Delivery Procedures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you wish to exercise
your subscription rights, but you do not have sufficient time to deliver the rights certificate to the subscription agent on or
before the expiration date, you may exercise your subscription rights by the following guaranteed delivery procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Deliver
                                         your full subscription payment (including any exercise of over-subscription rights) to
                                         the subscription agent in the manner set forth above under &ldquo;Method of Payment&rdquo;
                                         on or prior to the expiration date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Deliver
                                         the form entitled &ldquo;Notice of Guaranteed Delivery,&rdquo; substantially in the form
                                         provided with the &ldquo;Instructions as to Use of Rights Certificates&rdquo; distributed
                                         with your rights certificates, at or prior to the expiration date; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Deliver
                                         the properly completed rights certificate evidencing your rights being exercised and
                                         the related nominee holder certification, if applicable, with any required signatures
                                         guarantee, to the subscription agent within three business days following the date of
                                         your Notice of Guaranteed Delivery. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Your Notice of Guaranteed
Delivery must be delivered in substantially the form provided with the &ldquo;Instructions as to Use of Rights Certificates&rdquo;
distributed to you with your rights certificate. Your Notice of Guaranteed Delivery must come from an Eligible Guarantor Institution,
or other institutions which are members of, or participants in, a signature guarantee program acceptable to the subscription agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In your Notice of Guaranteed
Delivery, you must state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Your
                                         name; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         number of subscription rights represented by your rights certificates and the number
                                         of shares of our common stock for which you are subscribing (and over-subscribing); and
                                         </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Your
                                         guarantee that you will deliver to the subscription agent any rights certificate evidencing
                                         the subscription rights you are exercising within three business days following the date
                                         the subscription agent receives your Notice of Guaranteed Delivery. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You may deliver your Notice
of Guaranteed Delivery to the subscription agent in the same manner as your rights certificates at the address set forth above
under &ldquo;Delivery of Subscription Materials and Payment.&rdquo; Alternatively, you may transmit your Notice of Guaranteed
Delivery to the subscription agent by facsimile transmission to (469) 633-0088. To confirm facsimile deliveries, you may call
(469) 633-0101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Determinations Regarding the Exercise of
Your Subscription Rights </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will decide all questions
concerning the timeliness, validity, form and eligibility of your exercise of your subscription rights, and our determinations
will be final and binding. We, in our sole discretion, may waive any defect or irregularity, or permit a defect or irregularity
to be corrected within such time as we may determine. We may reject the exercise of any of your subscription rights because of
any defect or irregularity. We will not accept any subscription until all irregularities have been waived by us or cured by you
within such time as we may decide, in our sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Neither we nor the subscription
agent will be under any duty to notify you of any defect or irregularity in connection with your submission of rights certificates
and we will not be liable for failure to notify you of any defect or irregularity. We reserve the right to reject your exercise
of subscription rights if your exercise is not in accordance with the terms of this offering or in proper form. We will also not
accept your exercise of rights if your ownership of shares of common stock could be deemed unlawful under applicable law or is
materially burdensome to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you are given notice
of a defect in your subscription, you will have five business days after the giving of notice to correct it. You will not, however,
be allowed to cure any defect after the expiration date of this offering. We will not consider an exercise to be made until all
defects have been cured or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Notice to Bankers, Trustees or Other Depositaries
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you are a broker, a
trustee or a depositary for securities who holds shares of our common stock for the account of others at the close of business
on the record date, you should notify the respective beneficial owners of such shares of this offering as soon as possible to
find out their intentions with respect to exercising their subscription rights. You should obtain instructions from the beneficial
owners with respect to the subscription rights, as set forth in the instructions we have provided to you for your distribution
to beneficial owners. If the beneficial owner so instructs, you should complete the appropriate rights certificate and submit
it to the subscription agent with the proper payment. If you hold shares of our common stock for the accounts of more than one
beneficial owner, you may exercise the number of subscription rights to which all such beneficial owners in the aggregate otherwise
would have been entitled had they been direct record holders of our common stock on the record date, provided that you, as a nominee
record holder, make a proper showing to the subscription agent by submitting the form entitled &ldquo;Nominee Holder Certification&rdquo;
which we provide to you with the offering materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Notice to Beneficial Owners </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you are a beneficial
owner of shares of our common stock or will receive your subscription rights through a broker, custodian bank or other nominee,
we will ask your broker, custodian bank or other nominee to notify you of this offering. If you wish to exercise your subscription
rights, you will need to have your broker, custodian bank or other nominee act for you. If you hold certificates of our common
stock directly and would prefer to have your broker, custodian bank or other nominee exercise your subscription rights, you should
contact your nominee and request it to effect the transaction for you. To indicate your decision with respect to your subscription
rights, you should complete and return to your broker, custodian bank or other nominee the form entitled &ldquo;Beneficial Owner
Election Form.&rdquo; You should receive this form from your broker, custodian bank or other nominee with the other offering materials.
If you wish to obtain a separate rights certificate, you should contact the nominee as soon as possible and request that a separate
rights certificate be issued to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of Common Stock Outstanding after
this Offering</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">Upon
the issuance of the shares of common stock offered in this offering, [__________] shares of our common stock will be issued and
outstanding. This would represent approximately a [___]% increase in the number of issued and outstanding shares of our common
stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Subscription and Escrow Agent </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have appointed Securities
Transfer Corporation as subscription agent and escrow agent for this offering. We will pay the fees and certain expenses of the
subscription and escrow agent, which we estimate will total approximately $15,000. Under certain circumstances, we may indemnify
the subscription and escrow agent from certain liabilities that may arise in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Fees and Expenses </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other than fees charged
by the subscription agent, you are responsible for paying any other commissions, fees, taxes or other expenses incurred in connection
with the exercise of the subscription rights. Neither we nor the subscription agent will pay such expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other Matters </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are not making this
offering in any state or other jurisdiction in which it is unlawful to do so, nor are we selling or accepting any offers to purchase
any shares of common stock from rights holders who are residents of those states or other jurisdictions. We may delay the commencement
of this offering in those states or other jurisdictions, or change the terms of this offering, in order to comply with the securities
law requirements of those states or other jurisdictions. We may decline to make modifications to the terms of this offering requested
by those states or other jurisdictions, in which case, if you are a resident in those states or jurisdictions, you will not be
eligible to participate in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will not be required
to issue to you shares of common stock pursuant to this offering if, in our opinion, you would be required to obtain prior clearance
or approval from any state or federal regulatory authority to own or control such shares if, at the expiration date of the offering,
you have not obtained such clearance or approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>No Board Recommendation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">An investment in shares
of our common stock must be made according to each investor&rsquo;s evaluation of its own best interests. Accordingly, our board
of directors makes no recommendation to rights holders regarding whether they should exercise their subscription rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>If You Have Questions about Exercising
Rights </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you have questions
or need assistance concerning the procedure for exercising subscription rights, or if you would like additional copies of this
prospectus, the &ldquo;Instructions as to Use of Rights Certificates&rdquo; or the &ldquo;Notice of Guaranteed Delivery,&rdquo;
you should contact Timothy E. Mullany, our Chief Financial Officer, or the subscription agent at the following addresses and telephone
numbers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Timothy E. Mullany</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rave Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3551 Plano Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Colony, TX 75056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone: (469) 384-5000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities Transfer Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2901 North Dallas Parkway, Suite 380</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Plano, Texas 75093</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone: (469) 633-0101&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF COMMON STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our authorized capital
stock consists solely of 26,000,000 shares of common stock, par value $0.01 per share. As of the date of this prospectus, 10,656,551
shares of our common stock were outstanding. In addition, 1,903,840 shares of our common stock are reserved for issuance under
our equity compensation plans. Our common stock is currently traded on the Nasdaq Capital Market under the symbol &ldquo;RAVE.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The following description
of our common stock is a summary and is qualified in its entirety by reference to our Articles of Incorporation and Bylaws, the
provisions of Missouri corporate law and other applicable state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B><I>Dividend,
Liquidation and Other Rights.</I></B> Holders of shares of our common stock are entitled to receive ratably those dividends that
may be declared by our board of directors out of legally available funds. Our board of directors will determine if and when distributions
may be paid. However, we have never paid dividends on our common stock and our board of directors intends to continue this policy
for the foreseeable future in order to retain earnings for development of our business. The holders of shares of our common stock
have no preemptive, subscription or conversion rights. All shares of our common stock to be outstanding following this offering
will be duly authorized, fully paid and non-assessable. Upon our liquidation, dissolution or winding up, the holders of our common
stock will be entitled to share ratably in the net assets legally available for distribution to shareholders after the payment
of all of our debts and other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B><I>Voting Rights.
</I></B>Each outstanding share of our common stock entitles the holder to one vote on all matters presented to our shareholders
for a vote. The holders of a majority of the outstanding shares of our common stock constitute a quorum at any meeting of our
shareholders. Assuming the presence of a quorum, directors are elected by the affirmative vote of the holders of a majority of
the outstanding&nbsp;shares represented in person or by proxy at the meeting. Our common stock does not have cumulative voting
rights. Therefore, the holders of a majority of the outstanding shares of our common stock can elect all of our directors. Amendments
to our Articles of Incorporation must be approved by the affirmative vote of the holders of a majority of all outstanding shares
of our common stock. Assuming the presence of a quorum, the affirmative vote of the holders of a majority of the outstanding&nbsp;shares
entitled to vote and represented at the meeting in person or by proxy is required for the approval of substantially all other
matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><B>Anti-Takeover Effects
of Certain Statutory Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">There are no provisions
in our Articles of Incorporation or our Bylaws intended to prevent or restrict takeovers, mergers or acquisitions of our Company.
However, certain provisions of Missouri corporate law could have the effect of discouraging others from attempting hostile takeovers
of our Company. It is possible that these provisions could make it more difficult to accomplish transactions which our shareholders
may otherwise deem to be in their best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><U>Control Share Acquisition Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Missouri corporate
law contains provisions governing &ldquo;control share acquisitions.&rdquo; These provisions generally provide that any person
or entity crossing a 20%, 33.33% or 50% threshold in ownership of the outstanding voting shares of a publicly-held Missouri corporation
will be denied voting rights with respect to any shares above the threshold, unless such voting rights are approved by the holders
of a majority of all outstanding voting shares and a majority of the outstanding voting shares held by disinterested shareholders.
The shareholders or board of directors of a Missouri corporation may elect to exempt its stock from the control share acquisition
statute through adoption of a provision to that effect in the articles of incorporation or bylaws of the corporation. However,
neither our Articles of Incorporation nor our Bylaws exempt our common stock from the Missouri control share acquisition statute.
Therefore, the statute could discourage persons interested in acquiring a significant interest in or control of our Company, regardless
of whether such acquisition was in the best interest of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Shares acquired
directly from the corporation or upon conversion of debt securities are not considered in calculating the ownership thresholds
of the Missouri control share provisions. Therefore, the exercise of rights to purchase our shares of common stock is not expected
to implicate these control share provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><U>Business Combination
Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Missouri corporate
law also contains provisions governing &ldquo;business combinations&rdquo; with interested shareholders, which may also have an
effect of delaying or making it more difficult to effect a change in control of our Company. The statute prevents an &ldquo;interested
shareholder&rdquo; in a Missouri corporation from entering into a &ldquo;business combination&rdquo; with such corporation or
any subsidiary of such corporation unless certain conditions are met. An &ldquo;interested shareholder&rdquo; is defined as the
beneficial owner, directly or indirectly, of 20% or more of the outstanding voting stock of a Missouri corporation, or an affiliate
or associate thereof. A &ldquo;business combination&rdquo; includes any merger or consolidation with an interested shareholder,
the sale, lease exchange, mortgage, pledge, transfer or other disposition of 10% or more of the corporation&rsquo;s assets to
an interested shareholder, and certain other issuances, adoptions and reclassifications involving an interested shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">A corporation affected
by these Missouri statutes may not engage in a business combination with an interested shareholder for a period of five years
following the date on which such interested shareholder became an interested shareholder, unless such business combination or
the purchase of stock was approved by the corporation&rsquo;s board of directors on or prior to such date. If pre-approval was
not obtained, then after the expiration of the five-year period the combination may be consummated with the approval of a majority
of the voting power held by disinterested shareholders or if the consideration to be paid by the interested shareholder is at
least equal to the highest of certain specified thresholds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><U>Takeover Bid Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Missouri law also
governs &ldquo;takeover bids.&rdquo; A &ldquo;takeover bid&rdquo; is the acquisition of or offer to acquire, pursuant to a tender
offer or request or invitation for tenders, any equity securities with voting rights, if after acquisition the offeror would own
more than 5% of any class of equity securities. An &ldquo;equity security&rdquo; is any stock, bond or other obligation of a target
company, the holder of which has the right to vote for the board of directors of the target company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The statute prohibits
any takeover bid by a person or entity unless a special registration statement is filed with the commissioner of securities and
delivered to the target company. The special registration statement must include a significant amount of information including,
among other things, all informational material that the offeror proposes to disclose to the offerees, the identity and background
of all persons and entities on whose behalf the acquisition is to be effected, the exact title and number of shares outstanding
being sought by the offeror, and the source and amount of funds or other consideration to be used in the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><B>Limitation of Liability and Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;Our Articles of Incorporation and
Bylaws include indemnification provisions under which we have agreed to indemnify our directors, officers, employees and agents
to the fullest extent permissible by law. These provisions may discourage derivative litigation against our directors and officers
even if such action, if successful, might benefit us and our shareholders. Furthermore, our shareholders may be adversely affected
to the extent we are required to pay the costs of defense, settlement or damages on behalf of our directors or officers pursuant
to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><B>Transfer Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">The transfer agent
and registrar for our common stock is Securities Transfer Corporation.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FEDERAL INCOME TAX CONSIDERATIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following discussion
is a summary of the material U.S. federal income tax consequences of (i) the dividend by us of subscription rights to holders
of common stock that hold such stock as a capital asset for federal income tax purposes, and (ii) the exercise of such rights.
This discussion is based on laws, regulations, rulings and decisions in effect on the date of this prospectus, all of which are
subject to change (possibly with retroactive effect) and to differing interpretations. This discussion applies only to holders
that are U.S. persons, which is defined as a citizen or resident of the United States, a domestic partnership, a domestic corporation,
any estate (other than a foreign estate), and any trust so long as a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions
of the trust. Generally, for federal income tax purposes an estate is classified as a &ldquo;foreign estate&rdquo; based on the
location of the estate assets, the country of the estate's domiciliary administration, and the nationality and residency of the
domiciliary&rsquo;s personal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">This discussion
does not address all aspects of federal income taxation that may be relevant to holders in light of their particular circumstances
or to holders who may be subject to special tax treatment under the Internal Revenue Code of 1986, as amended, including holders
of options or warrants, holders who are dealers in securities or foreign currency, foreign persons (defined as all persons other
than U.S. persons), insurance companies, tax-exempt organizations, banks, financial institutions, broker-dealers, holders who
hold common stock as part of a hedge, straddle, conversion or other risk reduction transaction, or who acquired common stock pursuant
to the exercise of compensatory stock options or warrants or otherwise as compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">We have not sought,
and will not seek, an opinion of counsel or a ruling from the Internal Revenue Service regarding the federal income tax consequences
of the distribution of the rights or the related share issuance. The following summary does not address the tax consequences of
the distribution of the rights or the related share issuance under foreign, state, or local tax laws. ACCORDINGLY, EACH HOLDER
OF COMMON STOCK SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES OF THE DISTRIBUTION OF THE
RIGHTS OR THE RELATED SHARE ISSUANCE TO SUCH HOLDER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The federal income
tax consequences for a holder of common stock on the receipt of subscription rights and the exercise of such rights are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         holder will not recognize taxable income for federal income tax purposes in connection
                                         with the receipt of subscription rights.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except
                                         as provided in the following sentence, the tax basis of the subscription rights received
                                         by a holder will be zero. If either (i) the fair market value of the subscription rights
                                         on the date such subscription rights are distributed is equal to at least 15% of the
                                         fair market value on such date of the common stock with respect to which the subscription
                                         rights are received or (ii) the holder irrevocably elects, by attaching a statement to
                                         its federal income tax return for the taxable year in which the subscription rights are
                                         received, to allocate part of the tax basis of such common stock to the subscription
                                         rights, then upon exercise of the subscription rights, the holder's tax basis in the
                                         common stock will be allocated between the common stock and the subscription rights in
                                         proportion to their respective fair market values on the date the subscription rights
                                         are distributed. A holder's holding period for the subscription rights received will
                                         include the holder's holding period for the common stock with respect to which the subscription
                                         rights were received. We believe that the fair market value of the subscription rights
                                         will not exceed 15% of the fair market value of the common stock to which the subscription
                                         rights relate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         holder that allows the subscription rights received to expire will not recognize any
                                         gain or loss, and the tax basis of the common stock owned by such holder with respect
                                         to which such subscription rights were distributed will be equal to the tax basis of
                                         such common stock immediately before the receipt of the subscription rights.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         holder will not recognize any gain or loss upon the exercise of the subscription rights.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         tax basis of the common stock acquired through exercise of the subscription rights will
                                         equal the sum of the subscription price for the common stock and the holder's tax basis,
                                         if any, in the subscription rights as described above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         holding period for the common stock acquired through exercise of the subscription rights
                                         will begin on the date the subscription rights are exercised.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0.5in"><B>&nbsp;PLAN OF
DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are offering the shares
of our common stock underlying the subscription rights directly to you. We have not employed any brokers, dealers or underwriters
in connection with the solicitation of exercise of subscription rights in this offering and no commissions, fees or discounts
will be paid in connection with this offering. Securities Transfer Corporation is acting as our subscription agent to effect the
exercise of the rights and the issuance of the underlying shares of common stock. Therefore, we anticipate that the role of our
officers and employees in this offering will be limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt">Responding to inquiries of potential purchasers, provided the response
is limited to information contained in the registration statement of which this prospectus is a part; and</LI></UL><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt">Ministerial and clerical work involved in effecting transactions pertaining
to the issuance of the shares of common stock underlying the rights.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We intend to distribute
and deliver this prospectus by hand or by mail only, and not by electronic delivery. Also, we intend to use printed prospectuses
only, and not any other forms of prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are distributing to
the holders of record of our common stock on August 1, 2017, at no charge, one nontransferable subscription right for each share
of our common stock they own on the record date. Each right entitles the holder to purchase [___] shares of common stock at the
subscription price of $[___] per share. You may exercise any number of your subscription rights, or you may choose not to exercise
any subscription rights. We will not issue any fractional shares or pay cash in lieu of fractional shares, but will round down
the aggregate number of shares you are entitled to purchase to the nearest whole number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We do not expect that
all of our shareholders will exercise all of their basic subscription rights. By extending over-subscription rights to our shareholders,
we are providing shareholders that exercise all of their basic subscription rights the opportunity to purchase the shares that
are not purchased by other shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you wish to exercise
your over-subscription right, you should indicate the number of additional shares that you would like to purchase in the space
provided on your rights certificate. When you send in your rights certificate, you must also send the full purchase price for
the number of additional shares that you have requested to purchase (in addition to the payment due for shares purchased through
your basic subscription right). If the number of shares remaining after the exercise of all basic subscription rights is not sufficient
to satisfy all requests for shares pursuant to over-subscription rights, then the available shares will be allocated proportionally
(subject to eliminating fractional shares) among those who properly exercised over-subscription rights based on the amount of
shares each rights holder subscribed for under the basic subscription right.&nbsp; However, if your pro-rata allocation exceeds
the over-subscription amount specified in your rights certificate, then you will receive only the number of shares that you requested,
and the remaining shares from your proportionate allocation will be divided among other rights holders exercising their over-subscription
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As soon as practicable
after the expiration date, Securities Transfer Corporation, acting as our subscription agent, will determine the number of shares
of common stock that you may purchase pursuant to the over- subscription right. If you request and pay for more shares than are
allocated to you, we will refund the overpayment, without interest. In connection with the exercise of the over-subscription right,
banks, brokers and other nominee holders of subscription rights who act on behalf of beneficial owners will be required to certify
to us and to the subscription agent as to the aggregate number of subscription rights that have been exercised, and the number
of shares of common stock that are being requested through the over-subscription right, by each beneficial owner on whose behalf
the nominee holder is acting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will pay Securities
Transfer Corporation, the subscription and escrow agent, a fee of approximately $15,000 plus expenses, for its services in connection
with this offering. We also have agreed to indemnify the subscription and escrow agent under certain circumstances from any liability
it may incur in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We expect that shares
of our common stock issued upon the exercise of subscription rights will be traded on the Nasdaq Capital Market under the symbol
&ldquo;RAVE,&rdquo; the same symbol under which our currently outstanding shares of common stock now trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">LEGAL
MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The validity of
the securities offered hereby and the description in this prospectus of the U.S. federal income tax consequences of this offering
will be passed upon for us by McGuire, Craddock &amp; Strother, P.C., Dallas, Texas.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our consolidated
financial statements at June 26, 2016 and June 28, 2015, and for each of the fiscal years then ended, appearing in our Annual
Report on Form 10-K for the year ended June 26, 2016, have been audited by Montgomery Coscia Greilich LLP, independent registered
public accounting firm, as set forth in their report thereon included therein. Such financial statements have been incorporated
in this prospectus by reference to our Annual Report on Form 10-K for the year ended June 26, 2016, in reliance on the authority
of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-transform: uppercase; text-align: center">WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">This prospectus
is part of a registration statement on Form S-3 filed by us with the SEC relating to the securities offered under this prospectus.
As permitted by SEC rules, this prospectus does not contain all of the information contained in the registration statement and
accompanying exhibits and schedules filed by us with the SEC. The registration statement, exhibits and schedules provide additional
information about us and our securities. The registration statement, exhibits and schedules are available at the SEC&rsquo;s public
reference rooms or the SEC website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We file annual,
quarterly and current reports, proxy statements and other information with the SEC. These documents are available for inspection
and copying by the public at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You
may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our filings are also
available to the public on the internet through the SEC website at www.sec.gov. You may also find our SEC filings and other relevant
information about us on our website at www.raverg.com. However, the information on our website is not a part of this prospectus
or any prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>INFORMATION INCORPORATED
BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The SEC allows us
to &ldquo;incorporate by reference&rdquo; into this prospectus the information we file with the SEC. This permits us to disclose
important information to you by referencing these filed documents. Any information referenced in this way is considered part of
this prospectus and any prospectus supplement. Any information filed with the SEC after the date of the initial registration statement
and prior to effectiveness of the registration statement, or after the date on the cover of this prospectus or any prospectus
supplement, will automatically be deemed to update and supersede this prospectus and any such prospectus supplement. We incorporate
by reference the documents listed below and any future filings made by us with the SEC with file number 0-12919 under Sections&nbsp;13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, until all of the securities described in this prospectus
are sold or the offering is terminated:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                         Annual Report on Form 10-K for the fiscal year ended June 26, 2016; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                         definitive proxy statement filed on October 4, 2016; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                         Quarterly Reports on Form 10-Q for the fiscal quarters ended September 25, 2016, December
                                         25, 2016, and March 26, 2017;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                         Current Reports on Form 8-K filed on July 26, 2016, November 17, 2016, December 22, 2016,
                                         January 12, 2017, February 10, 2017, February 13, 2017, and March 6, 2017; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         description of our common stock contained in our registration statement on Form S-1 (File
                                         No. 33-38729) filed with the SEC on January 23, 1991, including all amendments and reports
                                         filed for purposes of updating such description. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">You can request
a copy of any document incorporated by reference in this prospectus, at no cost, by writing or telephoning us at the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rave Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3551 Plano Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Colony, Texas 75056</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attention: Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in">Telephone: (469) 384-5000</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>PART II</B><BR>
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 14.</B></TD><TD><B>Other Expenses of Issuance and Distribution</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The following table
sets forth the expenses expected to be incurred by registrant in connection with this registration statement. All items below
are estimates, other than the registration fees payable to the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SEC registration fee&#9;</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Printing and mailing expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$ &nbsp;&nbsp;7,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Accounting fees and expenses</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$ &nbsp;&nbsp;1,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$ 25,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Subscription agent fees and expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$ 15,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$ &nbsp;&nbsp;1,420</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.1pt; text-indent: -35.1pt"><FONT STYLE="font-size: 10pt">&#9;Total</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$
    50,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 15.</B></TD><TD><B>Indemnification of Directors and Officers</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(1)
of the Missouri General and Business Corporation Law (&ldquo;MGBCL&rdquo;) provides that a corporation may indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses, including attorney&rsquo;s fees, judgments, fines and amounts paid in settlement actually and reasonably incurred
by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable
cause to believe his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(2)
of MGBCL provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise
against expenses, including attorneys&rsquo; fees, and amounts paid in settlement actually and reasonably incurred by him in connection
with the defense or settlement of the action or suit if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the corporation, except that no person shall be indemnified as to any claim, issue or
matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty
to the corporation unless and only to the extent that the court in which the action or suit was brought determines upon application
that, despite the adjudication of liability and in view of all circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses that the court deems proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(3)
of MGBCL provides that, except as otherwise provided in the corporation&rsquo;s articles of incorporation or bylaws, to the extent
that a director, officer, employee or agent of the corporation has been successful on the merits or otherwise in defense of any
such action, suit or proceeding referred to in subsection (1) or (2) of Section 351.355 of MGBCL, or in defense of any claim,
issue or matter therein, he shall be indemnified against expenses, including attorney&rsquo;s fees, actually and reasonably incurred
by him in connection with such action, suit or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(5)
of MGBCL provides that expenses incurred in defending any civil, criminal, administrative, or investigative action, suit or proceeding
may be paid by the corporation in advance of the final disposition of the action, suit, or proceeding as authorized by the board
of directors in the specific case upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to
repay such amount unless it shall ultimately be determined that he is entitled to be indemnified by the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Section 351.355(7)
of the MGBCL provides that a corporation may provide additional indemnification to any person indemnifiable under subsection (1)
or (2) of Section 351.355 of the MGBCL, provided such additional indemnification is either (i) authorized, directed or provided
for in the corporation&rsquo;s articles of incorporation or an amendment thereof, or (ii) is authorized, directed or provided
for in any bylaw or agreement of the corporation which has been adopted by a vote of the shareholders of the corporation, and
provided further that no person shall thereby be indemnified against conduct that was finally adjudged to have been knowingly
fraudulent, deliberately dishonest or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 45pt">Article XI of registrant&rsquo;s
Articles of Incorporation and Article XI of registrant&rsquo;s Bylaws require that registrant indemnify the persons specified
in subsection (1) or (2) of Section 351.355 of MGBCL to the full extent permitted thereby. Article XI of registrant&rsquo;s Articles
of Incorporation also permits the registrant to enter into agreements with any of its directors or officers, or any person serving
at its request as a director or officer of another corporation, providing such indemnification as deemed appropriate to the extent
permitted by law.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 16.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><U>Exhibit #</U></FONT></TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Description</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="width: 87%; padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Amended
    and Restated Articles of Incorporation of Rave Restaurant Group, Inc. (filed as Exhibit 3.1 to Form 8-K filed January 8, 2015
    and incorporated herein by reference).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Amended
    and Restated Bylaws of Rave Restaurant Group, Inc. (filed as Exhibit 3.2 to Form 8-K filed January 8, 2015 and incorporated
    herein by reference).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion
    of McGuire, Craddock &amp; Strother, P.C.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">23.1*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Consent
    of Montgomery Coscia Greilich LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">23.2*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Consent
    of McGuire, Craddock &amp; Strother, P.C. (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">24.1*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Power
    of Attorney (included on signature page hereto).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.1*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Instructions as to Use of Rights Certificates.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.2*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Notice of Guaranteed Delivery for Rights Certificate.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.3*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Letter to Security Holders Who Are Record Holders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.4*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Letter to Securities Dealers, Commercial Banks, Trust Companies and Other Nominees.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.5*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Letter to Clients of Security Holders Who Are Beneficial Holders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.6*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Nominee Holder Certification Form.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.7*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Substitute
    Form W-9 for Use with the Rights Offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.8*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Beneficial Owner Election Form.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.9*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Rights Certificate</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.10*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.05pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form
    of Subscription,     Escrow and Information Agent Agreement between Rave Restaurant Group, Inc. and
    Securities Transfer Corporation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
herewith.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 17.</B></TD><TD STYLE="text-align: justify"><B>Undertakings</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The undersigned
registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(1) To file, during
any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(i) to include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) to reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price
set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) to include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">Provided, however,
that paragraphs 1(i), 1(ii) and 1(iii) do not apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(2) That, for the
purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(3) To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(4) That, for the
purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(i) Each prospectus
filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the
filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(5) That, for the
purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(i) Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) Any free
writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) Any other
communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(6) That, for purposes
of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in this registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(7) Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(8) That, for purposes
of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the
time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(9) That, for purposes
of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of The Colony, State of Texas, on the 25th day of July, 2017.</P>

<DIV STYLE="padding: 0in; border: white 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in; background-color: white">RAVE RESTAURANT GROUP,
INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; border: white 1pt solid">By:&#9;<U>/s/
                                                                      Scott Crane</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; border: white 1pt solid">Scott
        Crane, President and Chief Executive Officer</P></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in; background-color: white"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center">POWER
OF ATTORNEY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white; border: white 1pt solid">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mark E. Schwarz
and Clinton J. Coleman, and each of them individually, as his true and lawful attorneys-in-fact and agents, with full power of
substitution, for him in his name, place and stead, in any and all capacities, in connection with this registration statement
to sign and file in the name and on behalf of the undersigned as director or officer of the registrant (i) any and all amendments
or supplements (including any and all stickers and post-effective amendments) to this registration statement, with all exhibits
thereto, and other documents in connection therewith, and (ii) any and all additional registration statements, and any and all
amendments thereto, relating to the same offering of securities as those that are covered by this registration statement that
are filed pursuant to Rule 462(b) promulgated under the Securities Act of 1933 with the Securities and Exchange Commission and
any applicable securities exchange or securities self-regulatory body, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about
the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents, or their substitute, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: left; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated: </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; border: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Signature</U></P></TD>
    <TD STYLE="width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Title</U></P></TD>
    <TD STYLE="width: 27%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Date</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ MARK E. SCHWARZ&#9;&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mark E. Schwarz</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 16.85pt 0 0; text-align: justify">Chairman and Director</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">July 25, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ SCOTT CRANE&#9;&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Scott Crane</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President &amp; Chief Executive Officer (principal executive
        officer)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">July 25, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ TIMOTHY E. MULLANY&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Timothy E. Mullany</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer (principal financial and accounting
        officer)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">July 25, 2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ CLINTON J. COLEMAN&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Clinton J. Coleman</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 16.85pt; padding-left: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">July
    25, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ WILLIAM C. HAMMETT, JR.&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">William C. Hammett, Jr.</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">July
    25, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ STEVEN M. JOHNSON&#9; </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Steven M. Johnson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">July
    25, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ ROBERT B. PAGE&#9;&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert B. Page</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">July
    25, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ RAMON D. PHILLIPS&#9;&#9;</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ramon D. Phillips</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">July
    25, 2017</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">EXHIBIT 5.1</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">McGuire, Craddock &amp; Strother,
P.C.</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attorneys And Counselors</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2501 N. Harwood</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 1800</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dallas, Texas 75201</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone (214) 954-6800</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telecopier (214) 954-6868</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">July 25, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rave Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3551 Plano Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suite 1000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Colony, Texas 75056</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 24pt; margin-bottom: 24pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">Re:</FONT></TD><TD><FONT STYLE="font-weight: normal">Form S-3 Registration Statement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have acted as
counsel to Rave Restaurant Group, Inc., a Missouri corporation (the &ldquo;Company&rdquo;), in connection with the filing of a
registration statement on Form S-3 (as amended or supplemented, the &ldquo;Registration Statement&rdquo;) with the Securities and
Exchange Commissions (the &ldquo;SEC&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
relating to shares (the &quot;Shares&quot;) of its common stock, par value $.01 per share (the &quot;Common Stock&quot;), issuable
upon the exercise of outstanding subscription rights (the &quot;Rights&quot;), as more particularly described in the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In connection with
this opinion, we have examined the Company&rsquo;s Articles of Incorporation and By-Laws, the Registration Statement and such other
documents as we have considered appropriate for purposes of this opinion. We have relied, without independent verification, on
certificates of public officials and, as to matters of fact material to our opinion, on certificates and other inquiries of officers
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have also reviewed
such other matters of law and examined and relied upon such other documents, records and certificates as we have deemed relevant
hereto. In all such examinations we have assumed conformity with the original documents of all documents submitted to us as conformed
or photostatic copies, the authenticity of all documents submitted to us as originals and the genuineness of all signatures on
all documents submitted to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On the basis of
the foregoing, we are of the opinion that the issuance and sale of the Shares upon exercise of the Rights have been duly authorized
and when (i) the Registration Statement becomes effective under the Securities Act, (ii) the holders of the Rights have complied
with the terms of the Rights in connection with the exercise thereof, (iii) certificates representing the Shares have been manually
signed by an authorized officer of the transfer agent and registrar for the Common Stock and registered by such transfer agent
and registrar, and (iv) the Shares have been delivered to and paid for as contemplated by the Rights and the Registration Statement,
the Shares will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The opinions expressed
herein are subject to, qualified and limited by (i)&nbsp;applicable bankruptcy, insolvency, fraudulent transfer and conveyance,
reorganization, moratorium and similar laws affecting creditors&rsquo; rights and remedies generally, (ii)&nbsp;general principles
of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is
sought in a proceeding at law or in equity), (iii)&nbsp;commercial reasonableness and unconscionability and any implied covenant
of good faith and fair dealing, (iv)&nbsp;the power of courts to award damages in lieu of equitable remedies, and (v)&nbsp;securities
laws and public policy underlying such laws with respect to rights to indemnification and contribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We hereby consent
to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to our firm under the caption
&quot;Legal Matters&quot; in the prospectus constituting part of the Registration Statement. In giving such consent, we do not
hereby admit that we are within the category of persons whose consent is required by the Securities Act or the rules and regulations
of the SEC promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-indent: 0in; layout-grid-mode: line">/s/ <FONT STYLE="font-size: 10pt">MCGUIRE,
    CRADDOCK &amp; STROTHER, P.C.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 57%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-indent: 0in; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">MCGUIRE, CRADDOCK &amp; STROTHER, P.C.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<TYPE>EX-23
<SEQUENCE>3
<FILENAME>ex231.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 14pt">&#9;</FONT>EXHIBIT
23.1</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Montgomery Coscia Greilich LLP</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 4.5in; text-align: center; text-indent: -4.5in">972.748.0300
p</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 4.5in; text-align: center; text-indent: -4.5in">972.748.0700
f</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Consent of Independent Registered Public
Accounting Firm</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rave Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Colony, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Montgomery Coscia Greilich, LLP consents
to the incorporation by reference in this registration statement of our report dated September 23, 2016, with respect to the consolidated
balance sheets of Rave Restaurant Group, Inc. as of June 26, 2016 and June 28, 2015, and the related consolidated statements of
operations, shareholders&rsquo; equity and cash flows for the years then ended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">/s/ <U>MONGOMERY COSCIA GREILICH
LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">MONTGOMERY COSCIA GREILICH LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 65.5pt 0 0; text-align: justify">Plano, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">July 25, 2017</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT 99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RAVE RESTAURANT GROUP, INC.<BR>
<BR>
Instructions as to Use of<BR>
Rights Certificates<BR>
_______________________<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Consult the Subscription
Agent or your bank or broker if you have any questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following instructions
relate to a rights offering (the &ldquo;Rights Offering&rdquo;) by Rave Restaurant Group, Inc., a Missouri corporation (the &ldquo;Company&rdquo;),
to the holders of record (collectively, the &ldquo;Recordholders&rdquo;) of its common stock, par value $0.01 per share (the &ldquo;Common
Stock&rdquo;). Recordholders at the close of business on August 1, 2017 (the &ldquo;Record Date&rdquo;) are receiving non-transferable
subscription rights (the &ldquo;Rights&rdquo;) to subscribe for and purchase shares of the Common Stock (the &ldquo;Underlying
Shares&rdquo;). An aggregate of [__________] Underlying Shares will be offered by the Company&rsquo;s Prospectus dated [_______],
2017 (the &ldquo;Prospectus&rdquo;). Each Recordholder will receive one Right for each share of Common Stock owned of record as
of the close of business on the Record Date. The Rights will expire, if not exercised, at 5:00 p.m., Dallas, Texas time, on _________
__, 2017, unless extended in the sole discretion of the Company (as it may be extended, the &ldquo;Expiration Date&rdquo;). After
the Expiration Date, unexercised Rights will be null and void. The Company will not be obligated to honor any purported exercise
of Rights received by Securities Transfer Corporation (the &ldquo;Subscription Agent&rdquo;) after 5:00 p.m., Dallas, Texas time,
on the Expiration Date, regardless of when the documents relating to such exercise were sent, except pursuant to the Guaranteed
Delivery Procedures described below. The Company may extend the Expiration Date by up to 30 days by giving oral or written notice
to the Subscription Agent on or before the Expiration Date, followed by a press release no later than 9:00 a.m., Dallas, Texas
time, on the next business day after the previously scheduled Expiration Date. The Rights will be evidenced by non-transferable
Rights certificates (the &ldquo;Rights Certificates&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The number of Rights
to which you are entitled is printed on the face of your Rights Certificate. Each Right allows the holder thereof to subscribe
for [___] shares of Common Stock (the &ldquo;Basic Subscription Right&rdquo;) at a Subscription Price of $[___] per share of Common
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, each
holder of Rights who exercises their Basic Subscription Right in full will be eligible to subscribe (the &ldquo;Over-Subscription
Right&rdquo;) at the same Subscription Price for shares of Common Stock that are not purchased pursuant to the exercise of Rights
by other holders of Rights under the Basic Subscription Right (the &ldquo;Excess Shares&rdquo;), subject to availability and proration
as described below. Shares of Common Stock will be available for purchase pursuant to the Over-Subscription Right only to the extent
that Underlying Shares are not subscribed for pursuant to the Basic Subscription Right. If there are not enough Excess Shares to
satisfy all subscriptions made under the Over-Subscription Right, the Company will allocate the remaining Excess Shares pro rata,
after eliminating all fractional shares, among those Rights holders who exercised their Over-Subscription Rights. &ldquo;Pro rata&rdquo;
means in proportion to the number of Underlying Shares that each holder of Rights has purchased by exercising their Basic Subscription
Rights. If there is a pro rata allocation of the remaining Excess Shares and a holder of Rights receives an allocation of a greater
number of Excess Shares than they subscribed for under their Over-Subscription Right, then the Company will allocate to them only
the number of Excess Shares for which they subscribed. The Company will allocate the remaining Excess Shares among all other holders
exercising their Over-Subscription Rights. Such reallocation will be repeated until all Excess Shares have been allocated to the
full extent of the Over-Subscription Right. See &ldquo;The Rights Offering<FONT STYLE="font-family: Symbol">&#190;</FONT>Subscription
Rights<FONT STYLE="font-family: Symbol">&#190;</FONT>Over-Subscription Rights&#8221; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You should indicate
your wishes with regard to the exercise of your Rights by completing the appropriate portions of your Rights Certificate and returning
the certificate to the Subscription Agent in the envelope provided pursuant to the procedures described in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">YOUR RIGHTS CERTIFICATE,
OR NOTICE OF GUARANTEED DELIVERY, AND SUBSCRIPTION PRICE PAYMENT, INCLUDING FINAL CLEARANCE OF ANY CHECKS, MUST BE RECEIVED BY
THE SUBSCRIPTION AGENT ON OR BEFORE 5:00&nbsp;P.M., DALLAS, TEXAS TIME, ON THE EXPIRATION DATE. ONCE A HOLDER OF RIGHTS HAS EXERCISED
A RIGHT, SUCH EXERCISE MAY NOT BE REVOKED. RIGHTS NOT EXERCISED PRIOR TO THE EXPIRATION DATE OF THE RIGHTS OFFERING WILL EXPIRE.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Method of Subscription--Exercise of Rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To exercise your
Rights, complete your Rights Certificate and send the properly completed and executed Rights Certificate evidencing such Rights,
with any signatures required to be guaranteed so guaranteed, together with payment in full of the Subscription Price for each Underlying
Share subscribed for pursuant to the Basic Subscription Right and the Over-Subscription Right, to the Subscription Agent on or
prior to 5:00 p.m., Dallas, Texas time on the Expiration Date. Payment of the Subscription Price will be held in a segregated account
to be maintained by the Subscription Agent. All payments must be made in U.S. dollars for the full number of Underlying Shares
being subscribed for:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">by uncertified personal check, payable to Securities Transfer Corporation as Subscription
Agent for the Company, </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">by certified check or bank check drawn on a U.S. bank or money order, payable to Securities
Transfer Corporation as Subscription Agent for the Company, or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">by wire transfer of immediately available funds directed to the account maintained by the
Subscription Agent (the &ldquo;Subscription Account&rdquo;) at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">EagleBank<BR>
ABA # 055003298<BR>
Account No. 200280766</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">Account Name:&#9;Securities Transfer Corporation as escrow
agent for Rave Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any wire transfer should clearly indicate
the identity of the subscriber who is paying the Subscription Price by the wire transfer. Payments will be deemed to have been
received by the Subscription Agent only upon:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">receipt and clearance of any uncertified check;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">receipt by the Subscription Agent of any certified check or bank draft drawn upon a U.S.
bank or any money order; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">receipt of collected funds in the Subscription Account designated above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If paying by check,
bank draft or money order, please reference your Subscription Rights Certificate number on your check, bank draft or money order.
If paying by uncertified personal check, please note that funds paid by uncertified personal check may take at least five business
days to clear. Accordingly, holders of Rights who wish to pay the Subscription Price by means of an uncertified personal check
are urged to make payment sufficiently in advance of the Expiration Date to ensure that such payment is received and clears by
the Expiration Date, and are urged to consider payment by means of a certified or bank check, money order or wire transfer of immediately
available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights Certificate
and payment of the Subscription Price or, if applicable, Notice of Guaranteed Delivery (as defined below), must be delivered to
the Subscription Agent by one of the methods described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">By mail, by hand or by overnight courier to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">Securities Transfer Corporation<BR>
2901 North Dallas Parkway, Suite 380<BR>
Plano, Texas 75093<BR>
Telephone Number for Confirmation: (469) 633-0101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Delivery to any address or by a method
other than that set forth above does not constitute valid delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">By making arrangements
with your bank or broker for the delivery of funds on your behalf you may also request such bank or broker to exercise the Rights
Certificate on your behalf. Alternatively, you may cause a written guarantee substantially in the form enclosed herewith (the &ldquo;Notice
of Guaranteed Delivery&rdquo;), from a member firm of a registered national securities exchange or a member of the National Association
of Securities Dealers, Inc., or from a commercial bank or trust company having an office or correspondent in the United States
or from a bank, stockbroker, savings and loan association or credit union with membership in an approved signature guarantee medallion
program, pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended (each, an &ldquo;Eligible Institution&rdquo;),
to be received by the Subscription Agent on or prior to the Expiration Date, together with payment in full of the applicable Subscription
Price. Such Notice of Guaranteed Delivery must state your name, the number of Rights represented by the Rights Certificate held
by you, the number of Underlying Shares being subscribed for pursuant to the Basic Subscription Right and the number of Underlying
Shares, if any, being subscribed for pursuant to the Over-Subscription Right, and that you will guarantee the delivery to the Subscription
Agent of any properly completed and executed Rights Certificate evidencing such Rights within three business days following the
date of the Notice of Guaranteed Delivery. If this procedure is followed, the properly completed Rights Certificate evidencing
the Rights being exercised, with any signatures required to be guaranteed so guaranteed, must be received by the Subscription Agent
within three business days following the date of the Notice of Guaranteed Delivery. The Notice of Guaranteed Delivery may be delivered
to the Subscription Agent in the same manner as Rights Certificates at the address set forth above, or may be transmitted to the
Subscription Agent by facsimile transmission (Facsimile No. 469-633-0088). Additional copies of the Notice of Guaranteed Delivery
may be obtained upon request from the Subscription Agent at the address, or by calling the telephone number, set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Banks, brokers and
other nominee holders of Rights who exercise the Basic Subscription Right and the Over-Subscription Right on behalf of beneficial
owners of Rights will be required to certify to the Subscription Agent and the Company, in connection with the exercise of the
Over-Subscription Right, as to the aggregate number of Rights that have been exercised and the number of Underlying Shares that
are being subscribed for pursuant to the Over-Subscription Right, by each beneficial owner of Rights (including such nominee itself)
on whose behalf such nominee holder is acting. If more Excess Shares are subscribed for pursuant to the Over-Subscription Right
than are available for sale, the Excess Shares will be allocated, as described above, among beneficial owners exercising the Over-Subscription
Right in proportion to such owners' exercise of Rights pursuant to the Basic Subscription Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the aggregate
Subscription Price paid by you is insufficient to purchase the number of Underlying Shares subscribed for, or if no number of Underlying
Shares to be purchased is specified, then you will be deemed to have exercised the Basic Subscription Right to purchase Underlying
Shares to the full extent of the payment tendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the aggregate
Subscription Price paid by you exceeds the amount necessary to purchase the number of Underlying Shares for which you have indicated
an intention to subscribe (such excess being the &ldquo;Subscription Excess&rdquo;), then you will be deemed to have exercised
the Over-Subscription Right to the full extent of the excess payment tendered, to purchase, to the extent available, that number
of whole shares of Common Stock equal to the quotient obtained by dividing the Subscription Excess by the Subscription Price. Any
remaining amount shall be returned to you by mail, without interest or deduction, as soon as practicable after the Expiration Date
and after all prorations and adjustments contemplated by the terms of the Rights Offering have been effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company will
not issue any fractional Underlying Shares (or distribute cash in lieu thereof). If the number of Rights exercised by you would
result in your receiving a fractional Underlying Share, the aggregate number of Underlying Shares to be issued will be rounded
down to the nearest whole number.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Issuance of Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following deliveries
and payments will be made to the address shown on the face of your Rights Certificate, unless you provide instructions to the contrary
in your Rights Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Basic Subscription Right</U>. As soon as practicable after the Expiration Date and the
valid exercise of Rights, the Subscription Agent will mail to each exercising Rights holder certificates representing shares of
Common Stock purchased pursuant to the Basic Subscription Right. See &ldquo;The Rights Offering&mdash;Issuance of Stock Certificates&rdquo;
in the Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Over-Subscription Right</U>. As soon as practicable after the Expiration Date and after
all prorations and adjustments contemplated by the terms of the Rights Offering have been effected, the Subscription Agent will
mail to each Rights holder who validly exercises the Over-Subscription Right certificates representing the number of shares of
Common Stock, if any, allocated to such Rights holder pursuant to the Over-Subscription Right. See &ldquo;The Rights Offering&mdash;Subscription
Rights<FONT STYLE="font-family: Symbol">&#190;</FONT>Over-Subscription Rights&#8221; in the Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Excess Cash Payments</U>. As soon as practicable after the Expiration Date and after all
prorations and adjustments contemplated by the terms of the Rights Offering have been effected, the Subscription Agent will mail
to each Rights holder who has exercised, or is deemed to have exercised, the Over-Subscription Right any excess amount, without
interest or deduction, received in payment of the Subscription Price for Excess Shares that are subscribed for by such Rights
holder but not allocated to such Rights holder pursuant to the Over-Subscription Right.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Sale or Transfer of Rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights are not
transferable in any way, except to affiliates of the recipient and except by operation of law. Evidence satisfactory to the Company
that any such permitted transfer is proper must be delivered to the Subscription Agent prior to the Expiration Date by one of the
methods described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">By mail, by hand or by overnight courier to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in">Securities Transfer Corporation<BR>
2901 North Dallas Parkway, Suite 380<BR>
Plano, Texas 75093</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Execution.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Execution by Registered Holder</U>. The signature on the Rights Certificate must correspond
with the name of the registered holder exactly as it appears on the face of the Rights Certificate without any alteration or change
whatsoever. Persons who sign the Rights Certificate in a representative or other fiduciary capacity must indicate their capacity
when signing and, unless waived by the Subscription Agent in its sole and absolute discretion, must present to the Subscription
Agent satisfactory evidence of their authority to so act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Execution by Person Other than Registered Holder</U>. If the Rights Certificate is executed
by a person other than the holder named on the face of the Rights Certificate, proper evidence of authority of the person executing
the Rights Certificate must accompany the same unless, for good cause, the Subscription Agent dispenses with proof of authority.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Signature Guarantees</U>. Your signature must be guaranteed by an Eligible Institution
if you specify special payment or delivery instructions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Method of Delivery.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The method of delivery
of the Rights Certificate and payment of the Subscription Price to the Subscription Agent will be at the election and risk of the
Rights holder but, if sent by mail, it is recommended that such certificates and payments be sent by registered mail, properly
insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the Subscription
Agent and the clearance of payment prior to 5:00 p.m., Dallas, Texas time, on the Expiration Date. Because uncertified personal
checks may take at least five business days to clear, you are strongly urged to pay, or arrange for payment, by means of certified
or cashier&rsquo;s check, money order or wire transfer of funds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Special Provisions Relating to the Delivery of Rights Through the Depository Trust Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the case of Rights
that are held of record through the Depository Trust Company (the &ldquo;Book-Entry Transfer Facility&rdquo;), exercises of the
Basic Subscription Right and the Over-Subscription Right may be effected by instructing the Book-Entry Transfer Facility to transfer
Rights from the Book-Entry Transfer Facility account of such holder to the Book-Entry Transfer Facility account of the Subscription
Agent, together with certification as to the aggregate number of Rights exercised and the number of Underlying Shares thereby subscribed
for pursuant to the Basic Subscription Right and the Over-Subscription Right by each beneficial owner of Rights on whose behalf
such nominee is acting, and payment of the Subscription Price for each share of Common Stock subscribed for pursuant to the Basic
Subscription Right and the Over-Subscription Right.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">7</FONT><FONT STYLE="font-family: (normal text),serif">.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Substitute Form W-9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Rights holder
who elects to exercise Rights should provide the Subscription Agent with a correct Taxpayer Identification Number (TIN) on Substitute
Form W-9. See &ldquo;Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9.&rdquo; Failure to provide
the information on the form may subject such holder to a $50.00 penalty for each such failure and to 30% federal income tax withholding
with respect to dividends that may be paid by the Company on shares of Common Stock purchased upon the exercise of Rights (for
those holders exercising Rights).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT 99.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RAVE RESTAURANT GROUP, INC.<BR>
<BR>
Notice Of Guaranteed Delivery<BR>
For Rights Certificates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This form, or one
substantially equivalent hereto, must be used to exercise Rights pursuant to the Offering described in the Prospectus dated [_________], 2017 (the &ldquo;Prospectus&rdquo;) of Rave Restaurant Group, Inc., a Missouri corporation (the &ldquo;Company&rdquo;), if
a holder of Rights cannot deliver the certificate evidencing the Rights (the &ldquo;Rights Certificate&rdquo;), to the Subscription
Agent listed below (the &ldquo;Subscription Agent&rdquo;) at or prior to 5:00 p.m., Dallas, Texas time, on _________ __, 2017,
unless such time is extended by the Company as described in the Prospectus (as it may be extended, the &ldquo;Expiration Date&rdquo;).
Such form must be delivered by hand or sent by facsimile transmission, first class mail or overnight courier to the Subscription
Agent, and must be received by the Subscription Agent on or prior to the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Payment of the Subscription
Price for each share of the Company's Common Stock subscribed for upon exercise of such Rights must be received by the Subscription
Agent in the manner specified in &ldquo;The Rights Offering -- Method of Payment&rdquo; in the Prospectus at or prior to 5:00 p.m.,
Dallas, Texas time, on the Expiration Date even if the Rights Certificate evidencing such Rights is being delivered pursuant to
the Guaranteed Delivery Procedures thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>The Subscription Agent is</U>:<BR>
<BR>
Securities Transfer Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>By mail, by hand or by overnight courier
to</U>:<BR>
<BR>
Securities Transfer Corporation<BR>
2901 North Dallas Parkway, Suite 380<BR>
Plano, Texas 75093<BR>
<BR>
Facsimile Transmission: (469) 633-0088<BR>
Telephone Number for Information or Confirmation: (469) 633-0101<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Delivery of this
instrument to an address other than as set forth above or transmission of this instrument via facsimile other than as set forth
above does not constitute a valid delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If you have any questions or require
additional copies of relevant documents, please contact the Subscription Agent at the address or telephone number set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">_______________________</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
hereby represents that the undersigned is the holder of a Rights Certificate representing _________ Rights and that such Rights
Certificate cannot be delivered to the Subscription Agent at or before 5:00 p.m., Dallas, Texas time, on the Expiration Date. Upon
the terms and subject to the conditions set forth in the Prospectus, receipt of which is hereby acknowledged, the undersigned hereby
elects to exercise (i) the Basic Subscription Right to subscribe for _______ shares of Common Stock with respect to the Rights
represented by such Rights Certificate and (ii) the Over-Subscription Right relating to such Rights, to the extent that shares
of Common Stock that are not otherwise purchased pursuant to the exercise of Rights (the &ldquo;Excess Shares&rdquo;) are available
therefor, for an aggregate of up to ________ Excess Shares, subject to availability and proration as described in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
understands that payment of the Subscription Price for each share of Common Stock subscribed for pursuant to the Basic Subscription
Right and the Over-Subscription Right must be received by the Subscription Agent at or before 5:00 p.m., Dallas, Texas time, on
the Expiration Date and represents that such payment, in the aggregate amount of $ __________, either (check appropriate box):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">[_]<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
being delivered to the Subscription Agent herewith; or</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">has been delivered separately to the Subscription Agent in the manner
set forth below (check appropriate box and complete information relating thereto):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD><FONT STYLE="font-size: 10pt">Wire transfer of funds</FONT><BR>
<FONT STYLE="font-size: 10pt">Name of transferor institution: _______________________________</FONT><BR>
<FONT STYLE="font-size: 10pt">Date of transfer: __________________________________________</FONT><BR>
<FONT STYLE="font-size: 10pt">Confirmation number (if available): __________________________</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Uncertified check: (Payment by uncertified check will not be deemed
to have been received by the Subscription Agent until such check has cleared. Holders paying by such means are urged to make payment
sufficiently in advance of the Expiration Date to ensure that such payment clears by such date.)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certified check</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Bank draft (cashier's check)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Money Order</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Signature(s) _________________________ &#9;Address ____________________________<BR>
___________________________________ &#9;___________________________________<BR>
Name(s) ____________________________ &#9;___________________________________<BR>
___________________________________ &#9;Area Code and Tel. No(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Rights Certificate No(s). (if available)
______________________________________</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Guarantee of Delivery<BR>
(Not To Be Used For Rights Certificate Signature Guarantee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned,
a member firm of a registered national securities exchange or of the National Association of Securities Dealers, Inc., or a commercial
bank or trust company having an office or correspondent in the United States, or a bank, stockbroker, savings and loan association
or credit union with membership in an approved signature guarantee medallion program, pursuant to Rule 17Ad-15 of the Securities
Exchange Act of 1934, as amended, guarantees that the undersigned will deliver to the Subscription Agent the certificates representing
the Rights being exercised hereby, with any required signature guarantee and any other required documents, all within three business
days after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">_______________________________________&#9;Dated:
___________________________<BR>
_______________________________________&#9;_________________________________<BR>
&#9;(Address)&#9;(Name of Firm)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">_______________________________________
&#9;__________________________________<BR>
&#9;(Area Code and Telephone Number) &#9;(Authorized Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The institution
that completes this form must communicate the guarantee to the Subscription Agent and must deliver the Rights Certificate to the
Subscription Agent within the time period shown in the Prospectus of Rave Restaurant Group, Inc., dated [_________], 2017. Failure
to do so could result in a financial loss to such institution.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT 99.3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RAVE RESTAURANT GROUP, INC.<BR>
<BR>
<BR>
[_________________] Shares of Common Stock<BR>
Offered Pursuant to Rights Distributed to Security Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">[_____________], 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dear Security Holders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This notice is being
distributed by Rave Restaurant Group, Inc. (the &ldquo;Company&rdquo;) to all holders of record of shares of its common stock,
par value $0.01 per share (the &ldquo;Common Stock&rdquo;), at the close of business on August 1, 2017 (the &ldquo;Record Date&rdquo;),
in connection with a distribution in a rights offering (the &ldquo;Rights Offering&rdquo;) of non-transferable subscription rights
(the &ldquo;Rights&rdquo;) to subscribe for and purchase shares of its Common Stock. The Rights are described in the Company's
Prospectus dated [___________], 2017 (the &ldquo;Prospectus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the Rights Offering,
the Company is offering an aggregate of [____________] shares of Common Stock (the &ldquo;Underlying Shares&rdquo;), as described
in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights will
expire, if not exercised, at 5:00 p.m., Dallas, Texas time, on _____________, 2017, unless extended in the sole discretion of the
Company (as it may be extended, the &ldquo;Expiration Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As described in
the Prospectus, you will receive one Right for each share of Common Stock owned of record at the close of business on the Record
Date. Each Right allows you to subscribe for [___] shares of Common Stock (the &ldquo;Basic Subscription Right&rdquo;) at the cash
price of $[___] per share (the &ldquo;Subscription Price&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, each
holder of Rights who exercises their Basic Subscription Right in full will be eligible to subscribe (the &ldquo;Over-Subscription
Right&rdquo;) at the Subscription Price for shares of Common Stock that are not otherwise purchased pursuant to the exercise of
Rights by other holders of Rights under the Basic Subscription Right (the &ldquo;Excess Shares&rdquo;), subject to availability
and proration as described below. Shares of Common Stock will be available for purchase pursuant to the Over-Subscription Right
only to the extent that any Underlying Shares are not subscribed for pursuant to the Basic Subscription Right. If there are not
enough Excess&nbsp;Shares to satisfy all subscriptions made under the Over-Subscription Right, the Company will allocate the remaining
Excess Shares pro-rata (subject to the elimination of fractional shares) among those Rights holders who exercised their Over-Subscription
Rights, in proportion to the number of Underlying Shares each beneficial holder exercising the Over-Subscription Right has purchased
pursuant to the Basic Subscription Right; provided, however, that if such pro-rata allocation results in any Rights holder being
allocated a greater number of Excess Shares than such holder subscribed for pursuant to the exercise of such holder's Over-Subscription
Right, then such holder will be allocated only such number of Excess Shares as such holder subscribed for and the remaining Excess
Shares will be allocated among all other holders exercising the Over-Subscription Right on the same pro-rata basis outlined above.
Such proration will be repeated until all Excess Shares have been allocated to the full extent of the Over-Subscription Right.
See &ldquo;The Rights Offering<FONT STYLE="font-family: Symbol">&#190;</FONT>Subscription Rights<FONT STYLE="font-family: Symbol">&#190;</FONT>Over-Subscription
Rights&#8221; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights are evidenced
by non-transferable Rights certificates (the &ldquo;Rights Certificates&rdquo;) and will cease to have any value at the close of
business on the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Enclosed are copies
of the following documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Prospectus;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rights Certificate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Instructions as to Use of Rights Certificates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notice of Guaranteed Delivery for Rights Certificates; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Substitute Form W-9 (including Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A return envelope addressed to Securities Transfer Corporation, the
Subscription Agent.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Your prompt action
is requested. To exercise Rights, you should properly complete and sign the Rights Certificate (or the Notice of Guaranteed Delivery
if you are following the Guaranteed Delivery Procedures) and forward it, with payment of the Subscription Price in full for each
share of Common Stock subscribed for pursuant to the Basic Subscription Right and the Over-Subscription Right, to the Subscription
Agent, as indicated in the Prospectus. The Subscription Agent must receive the Rights Certificate or Notice of Guaranteed Delivery
with payment of the Subscription Price, including final clearance of any checks, prior to 5:00 p.m., Dallas, Texas time, on the
Expiration Date. FAILURE TO RETURN THE PROPERLY COMPLETED RIGHTS CERTIFICATE WITH THE CORRECT PAYMENT WILL RESULT IN YOUR NOT BEING
ABLE TO EXERCISE YOUR RIGHTS. A Rights holder cannot revoke the exercise of its Rights. Rights not exercised prior to the Expiration
Date will expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Additional copies
of the enclosed materials and assistance or information may be obtained from the Subscription Agent. The Subscription Agent's telephone
number is (469) 633-0101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">Very truly yours,<BR>
<BR>
<BR>
RAVE RESTAURANT GROUP, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<SEQUENCE>7
<FILENAME>ex994.htm
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0.5in">EXHIBIT 99.4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RAVE RESTAURANT GROUP, INC.<BR>
<BR>
[______________] Shares of Common Stock<BR>
Offered Pursuant to Rights Distributed to Security Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0.5in">[___________], 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To Securities Dealers, Commercial Banks,
Trust Companies and Other Nominees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This letter is being
distributed to securities dealers, commercial banks, trust companies and other nominees in connection with the rights offering
(the &ldquo;Rights Offering&rdquo;) by Rave Restaurant Group, Inc. (the &ldquo;Company&rdquo;) of shares of its Common Stock (as
such term is defined below), pursuant to non-transferable subscription rights (the &ldquo;Rights&rdquo;) distributed to all holders
of record (collectively, the &ldquo;Recordholders&rdquo;) of shares of its common stock, par value $0.01 per share (the &ldquo;Common
Stock&rdquo;), at the close of business on August 1, 2017 (the &ldquo;Record Date&rdquo;). The Rights are described in the Company's
Prospectus dated August __, 2017 (the &ldquo;Prospectus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the Rights Offering,
the Company is offering an aggregate of [____________] shares of Common Stock, as described in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights will
expire, if not exercised at 5:00 p.m., Dallas, Texas time, on [___________], 2017, unless extended in the sole discretion of the
Company (as it may be extended, the &ldquo;Expiration Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Right entitles
the holder thereof to subscribe for [___] shares of Common Stock (the &ldquo;Basic Subscription Right&rdquo;) at the cash price
of $[___] per share (the &ldquo;Subscription Price&rdquo;). Each Right also entitles the holder thereof to subscribe (the &ldquo;Over-Subscription
Right&rdquo;) for additional shares of Common Stock that have not been purchased by other Recordholders pursuant to their Basic
Subscription Right, at the Subscription Price, if such holder has fully exercised its Basic Subscription Right. See &ldquo;The
Rights Offering&mdash;Subscription Rights&mdash;Over-Subscription Rights&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights are evidenced
by a non-transferable Rights certificate (a &ldquo;Rights Certificate&rdquo;) registered in your name or the name of your nominee.
Each beneficial owner of shares of Common Stock registered in your name or the name of your nominee is entitled to one Right for
each share of Common Stock owned by such beneficial owner at the close of business on the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are asking persons
who hold shares of Common Stock beneficially and who have received the Rights distributable with respect to those shares through
a broker, dealer, commercial bank, trust company or other nominee, as well as persons who hold shares of Common Stock directly
and prefer to have such institutions effect transactions relating to the Rights on their behalf, to contact the appropriate institution
or nominee and request it to effect the transactions for them. In addition, we are asking beneficial owners who wish to obtain
a separate Rights Certificate to contact the appropriate nominee as soon as possible and request that a separate Rights Certificate
be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you exercise
the Over-Subscription Right on behalf of beneficial owners of Rights, you will be required to certify to the Subscription Agent
and the Company, in connection with the exercise of the Over-Subscription Right, as to the aggregate number of Rights that have
been exercised pursuant to the Basic Subscription Right, whether the Basic Subscription Right of each beneficial owner of Rights
on whose behalf you are acting has been exercised in full, and the number of shares of Common Stock being subscribed for pursuant
to the Over-Subscription Right by each beneficial owner of Rights on whose behalf you are acting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Enclosed are copies
of the following documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Prospectus;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Instructions as to Use of Rights Certificates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A form of letter that may be sent to your clients for whose accounts
you hold shares of Common Stock registered in your name or the name of your nominee, with an attached form of instruction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notice of Guaranteed Delivery for Rights Certificates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nominee Holder Certification; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Substitute Form W-9 (including Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A return envelope addressed to Securities Transfer Corporation, the
Subscription Agent.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are asking you
to contact those of your clients for whose accounts you hold shares of Common Stock registered in your name or the name of your
nominee to obtain their instructions with respect to the Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All commissions,
fees and other expenses (including brokerage commissions and transfer taxes), other than fees and expenses of the Subscription
Agent, incurred in connection with the exercise of the Rights will be for the account of the holder of the Rights, and none of
such commissions, fees or expenses will be paid by the Company or the Subscription Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Your prompt action
is requested. To exercise Rights, you should deliver the properly completed and executed Rights Certificate (or the Notice of Guaranteed
Delivery, if you are following the Guaranteed Delivery Procedures), with payment of the Subscription Price in full for each share
of Common Stock subscribed for, to the Subscription Agent, as indicated in the Prospectus. The Subscription Agent must receive
the Rights Certificate or Notice of Guaranteed Delivery with payment of the Subscription Price, including final clearance of any
checks, prior to 5:00 p.m., Dallas, Texas time, on the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">FAILURE TO RETURN
THE PROPERLY COMPLETED RIGHTS CERTIFICATE WITH THE CORRECT PAYMENT WILL RESULT IN YOUR NOT BEING ABLE TO EXERCISE YOUR RIGHTS.
A Rights holder cannot revoke the exercise of its Rights. Rights not exercised prior to the Expiration Date will expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Additional copies
of the enclosed materials and assistance or information may be obtained from the Subscription Agent. The Subscription Agent's telephone
number is (469) 633-0101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify"><BR>
RAVE RESTAURANT GROUP, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">___________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Nothing in the Prospectus or in the
enclosed documents shall constitute you or any person as an agent of Rave Restaurant Group, Inc., the Subscription Agent or any
other person making or deemed to be making offers of the securities issuable upon valid exercise of the rights, or authorize you
or any other person to make any statements on behalf of any of them with respect to the offering except for statements made in
the Prospectus.</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>8
<FILENAME>ex995.htm
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0.5in">EXHIBIT 99.5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RAVE RESTAURANT GROUP, INC.<BR>
<BR>
<BR>
[______________] Shares of Common Stock<BR>
Offered Pursuant to Rights Distributed to Security Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0.5in">[____________], 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To Our Clients:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Enclosed for your
consideration are a Prospectus, dated August __, 2017 (the &ldquo;Prospectus&rdquo;), and the &ldquo;Instructions as to Use of
Rights Certificates&rdquo; relating to the offering (the &ldquo;Rights Offering&rdquo;) by Rave Restaurant Group, Inc. (the &ldquo;Company&rdquo;)
of shares of its Common Stock (as defined below) pursuant to non-transferable subscription rights (the &ldquo;Rights&rdquo;) distributed
to all holders of record of shares of its common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), at the close
of business on August 1, 2017 (the &ldquo;Record Date&rdquo;). The Rights are described in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the Rights Offering,
the Company is offering an aggregate of [_____________] shares of Common Stock (the &ldquo;Underlying Shares&rdquo;), as described
in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights will
expire, if not exercised, at 5:00 p.m., Dallas, Texas time, on [_____________], 2017, unless extended in the sole discretion of the
Company (as it may be extended, the &ldquo;Expiration Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As described in
the Prospectus, you will receive one Right for each share of Common Stock carried by us in your account as of the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Right allows
you to subscribe for [___] shares of Common Stock (the &ldquo;Basic Subscription Right&rdquo;) at the cash price of $[____] per
share (the &ldquo;Subscription Price&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, each
holder of Rights who exercises their Basic Subscription Right in full will be eligible to subscribe (the &ldquo;Over-Subscription
Right&rdquo;) at the Subscription Price for shares of Common Stock that are not otherwise purchased pursuant to the exercise of
Rights by other holders of Rights under the Basic Subscription Right (the &ldquo;Excess Shares&rdquo;), subject to availability
and proration as described below. Shares of Common Stock will be available for purchase pursuant to the Over-Subscription Right
only to the extent that any Underlying Shares are not subscribed for pursuant to the Basic Subscription Right. If there are not
enough Excess Shares to satisfy all subscriptions made under the Over-Subscription Right, the Company will allocate the remaining
Excess Shares pro-rata (subject to the elimination of fractional shares) among those Rights holders who exercised their Over-Subscription
Rights, in proportion to the number of Underlying Shares each beneficial holder exercising the Over-Subscription Right has purchased
pursuant to the Basic Subscription Right; provided, however, that if such pro-rata allocation results in any Rights holder being
allocated a greater number of Excess Shares than such holder subscribed for pursuant to the exercise of such holder's Over-Subscription
Right, then such holder will be allocated only such number of Excess Shares as such holder subscribed for and the remaining Excess
Shares will be allocated among all other holders exercising the Over-Subscription Right on the same pro-rata basis outlined above.
Such proration will be repeated until all Excess Shares have been allocated to the full extent of the Over-Subscription Right.
See &ldquo;The Offering<FONT STYLE="font-family: Symbol">&#190;</FONT>Subscription Rights<FONT STYLE="font-family: Symbol">&#190;</FONT>Over-Subscription
Rights&#8221; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights will
be evidenced by non-transferable Rights certificates and will cease to have any value at the close of business on the Expiration
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The materials enclosed
are being forwarded to you as the beneficial owner of Common Stock carried by us in your account but not registered in your name.
Exercises of rights may be made only by us as the record owner and pursuant to your instructions. Accordingly, we request instructions
as to whether you wish us to elect to subscribe for any shares of Common Stock to which you are entitled pursuant to the terms
and subject to the conditions set forth in the enclosed Prospectus. However, we urge you to read the Prospectus and other enclosed
materials carefully before instructing us to exercise your Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Your instructions
to us should be forwarded as promptly as possible in order to permit us to exercise Rights on your behalf in accordance with the
provisions of the Rights Offering. The Rights Offering will expire at 5:00 p.m., Dallas, Texas time, on the Expiration Date. Once
you have exercised your Basic Subscription Right and your Over-Subscription Right, such exercise may not be revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you wish to have
us, on your behalf, exercise the Rights for any shares of Common Stock to which you are entitled, please so instruct us by completing,
executing and returning to us the &ldquo;Beneficial Owner Election Form&rdquo; included herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any questions or
requests for assistance concerning the Rights Offering should be directed to Securities Transfer Corporation, the Information Agent,
at (469) 633-0101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<SEQUENCE>9
<FILENAME>ex996.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT 99.6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RAVE RESTAURANT GROUP, INC.<BR>
<BR>
<BR>
NOMINEE HOLDER CERTIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned,
a bank, broker, trustee, depositary or other nominee of rights (the &ldquo;Rights&rdquo;) to purchase shares of common stock (&ldquo;Common
Stock&rdquo;) of Rave Restaurant Group, Inc. (the &ldquo;Company&rdquo;), pursuant to the offering described in the Company&rsquo;s
prospectus dated [__________], 2017 (the &ldquo;Prospectus&rdquo;), hereby certifies to the Company and to Securities Transfer Corporation,
as Subscription Agent for such offering, that (1) the undersigned has exercised, on behalf of the beneficial owners thereof (which
may include the undersigned), the number of Rights specified below pursuant to the Basic Subscription Right (as defined in the
Prospectus) on behalf of beneficial owners of Rights who have subscribed for the purchase of additional shares of Common Stock
pursuant to the Over-Subscription Right (as defined in the Prospectus), listing separately below each such exercised Basic Subscription
Right and the corresponding Over-Subscription Right (without identifying any such beneficial owner), and (2) each such beneficial
owner's Basic Subscription Right has been exercised in full:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Number of Shares Owned</FONT><BR>
<FONT STYLE="font-size: 10pt">on the Record Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Rights Exercised Pursuant</FONT><BR>
<FONT STYLE="font-size: 10pt">to Basic Subscription Right</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">Number of Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">Subscribed for Pursuant to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">Over-Subscription Right</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-weight: normal; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: (normal text),serif; font-size: 10pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Provide the following information if applicable:<BR>
<BR>
______________________________________<BR>
Depository Trust Company (&ldquo;DTC&rdquo;)<BR>
Participant Number<BR>
<BR>
[PARTICIPANT]<BR>
<BR>
<BR>
By:__________________________________<BR>
Name:<BR>
Title:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">_____________________________________<BR>
DTC Basic Subscription Confirmation Number(s)</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<SEQUENCE>10
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0.5in">EXHIBIT 99.7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Important Tax Information Regarding
Backup Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under the United
States federal income tax laws, dividend payments that may be made by Rave Restaurant Group, Inc. (the &ldquo;Company&rdquo;) on
shares of its Common Stock, par value $0.01, issued upon the exercise of non-transferable subscription rights (the &ldquo;Rights&rdquo;),
may be subject to backup withholding. Generally such payments will be subject to backup withholding unless the holder (i) is exempt
from backup withholding or (ii) furnishes the payer with its correct taxpayer identification number (&ldquo;TIN&rdquo;) and certifies
that the number provided is correct and further certifies that such holder is not subject to backup withholding as a result of
a failure to report all interest or dividend income in the past. Each Rights holder that exercises Rights and wants to avoid backup
withholding should provide the Subscription Agent, as the Company's agent in respect of exercised Rights, with such holder's correct
taxpayer identification number (or with a certification that such holder is awaiting a taxpayer identification number) and with
a certification that such holder is not subject to backup withholding by completing Substitute Form&nbsp;W-9 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Certain holders
(including, among others, all corporations and certain foreign individuals) are exempt from these backup withholding and reporting
requirements. In general, in order for a foreign individual to qualify as an exempt recipient, that holder must submit a statement,
signed under the penalties of perjury, attesting to that individual's exempt status. Such statements may be obtained from the Subscription
Agent. Exempt holders, while not required to file Substitute Form W-9, should file Substitute Form W-9 to avoid possible erroneous
backup withholding. See the enclosed &ldquo;Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9&rdquo;
for additional instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If backup withholding
applies, the Company or the Subscription Agent, as the case may be, will be required to withhold up to 30% of any such dividend
payments made to a stockholder or other payee. Backup withholding is not an additional tax. Rather, the amount of backup withholding
is treated, like any other withheld amounts, as an advance payment of the person's tax liability, and the tax liability of persons
subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes,
a refund may be obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Purpose of Substitute Form W-9</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To prevent backup
withholding on dividend payments, a Rights holder that exercises Rights is required to notify the Subscription Agent of such holder&rsquo;s
correct TIN by completing the Substitute Form W-9 below and certifying on Substitute Form W-9 that the TIN provided is correct
(or that such Rights holder is awaiting a TIN). In addition, the holder is required to certify on Substitute Form W-9 that it is
(i) exempt from backup withholding, or (ii) not subject to backup withholding due to prior under reporting of interest or dividend
income, or (iii) the Internal Revenue Service (the &ldquo;IRS&rdquo;) has notified it that it is no longer subject to backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>What Number to Give the Subscription Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Rights holder
that exercises Rights is required to give the Subscription Agent the TIN of the record owner of the shares of Common Stock issued
upon the exercise of the Rights. If such record owner is an individual, the TIN is the taxpayer&rsquo;s social security number.
For most other entities, the TIN is the employer identification number. If the shares of Common Stock issued upon the exercise
of the Rights are in more than one name or are not in the name of the actual owner, consult the enclosed &ldquo;Guidelines for
Certification of Taxpayer Identification Number on Substitute Form W-9&rdquo; for additional guidelines on what number to report.
If the Subscription Agent is not provided with the correct taxpayer identification number in connection with such payments, the
holder may be subject to a penalty imposed by the IRS.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>SUBSTITUTE
FORM W-9</B><BR>
<B>Payer&rsquo;s Request for Taxpayer Identification Number (TIN)</B><BR>
<BR>
<B>PAYERS NAME: [_______________________________________________________________]</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%; border: Black 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Part
    1 &ndash; <FONT STYLE="font-weight: normal">PLEASE PROVIDE YOUR TIN AND CERTIFY BY SIGNING AND DATING BELOW</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 55%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; font-weight: normal">____________________________</FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-weight: normal">Social Security Number or</FONT><BR>
    <FONT STYLE="font-weight: normal">Employer ID Number</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt">Part 2 &ndash; <I>Certification
        &ndash; </I><FONT STYLE="font-weight: normal">under penalties of perjury, I certify that:</FONT><BR>
        <FONT STYLE="font-weight: normal">(1) The number shown on this form is my correct Taxpayer Identification Number (or I
        am waiting for a number to be issued to me), (2) I am not subject to backup withholding because (a) I am exempt from backup
        withholding, or (b) I have not been notified by the Internal Revenue Service (&ldquo;IRS&rdquo;) that I am subject to
        backup withholding as a result of failure to report all interest or dividends or (c) the IRS has notified me that I am
        no longer subject to backup withholding, and (3) all other information provided on this form is true, correct and complete.
        </FONT>[_]</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt; font-weight: normal">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Part
    3 &ndash; <FONT STYLE="font-weight: normal">Awaiting TIN </FONT>[_]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Part
    4 &ndash; <FONT STYLE="font-weight: normal">For Payee Exempt from Backup Withholding&nbsp;&nbsp;</FONT>[_]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 9pt; font-weight: normal">Please
        fill in your name and address below.</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 9pt; font-weight: normal">______________________________________________________</FONT><FONT STYLE="font-size: 9pt"><BR>
        <FONT STYLE="font-weight: normal">Name</FONT><BR>
        <BR>
        <FONT STYLE="font-weight: normal">______________________________________________________</FONT><BR>
        <FONT STYLE="font-weight: normal">Address (number and street)</FONT><BR>
        <BR>
        <FONT STYLE="font-weight: normal">______________________________________________________</FONT><BR>
        <FONT STYLE="font-weight: normal">City, State and Zip Code</FONT><BR>
        <BR>
        <I>Certificate Instructions &ndash; </I><FONT STYLE="font-weight: normal">You must cross out Item (2) in Part 2 above
        if you have been notified by the IRS that your are currently subject to backup withholding because of under reporting
        interest or dividends on your tax return. However, if after being notified by the IRS that you were subject to backup
        withholding, you received another notification from the IRS stating that you are no longer subject to backup withholding,
        do not cross out Item (2). If you are exempt from backup withholding, check the box in part 4 above.</FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; font-weight: normal">Signature_________________________________________________&#9;Date
    _____________________, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>NOTE: FAILURE
TO COMPLETE AND RETURN THIS FORM MAY RESULT IN </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>BACKUP
WITHHOLDING OF 30% OF ANY PAYMENTS MADE TO YOU.</B><BR>
<B>PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER</B><BR>
<B>IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.</B><BR>
<BR>
<B>YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECK</B><BR>
<B>THE BOX IN PART 3 OF SUBSTITUTE FORM W-9.</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>CERTIFICATE
        OF AWAITING TAXPAYER IDENTIFICATION NUMBER.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">I
        certify under penalties of perjury that a taxpayer identification number has not been issued to me, and either (a) I have
        mailed or delivered an application to receive a taxpayer identification number to the appropriate Internal Revenue Service
        Center or Social Security Administration Office or (b) I intend to mail or deliver an application in the near future.
        I understand that if I do not provide a taxpayer identification number within sixty (60) days, 30% of all reportable payments
        made to me thereafter will be withheld until I provide a number.<BR>
        <BR>
        Signature_________________________________________________&#9;Date _____________________, 2017</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Bookman Old Style, Times, Serif; margin: 0; text-align: center">GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<BR>
NUMBER ON SUBSTITUTE FORM W-9</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 16.2pt 0 5.4pt; text-align: justify"><B>Guidelines for Determining
the Proper Identification Number to Give the Payer - </B>Social Security numbers have nine digits separated by two hyphens: i.e.
000-00-0000. Employer identification numbers have nine digits separated by only one hyphen: i.e. 00-0000000. The table below will
help determine the number to give the payer.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>For this type of Account:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Give the</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>SOCIAL SECURITY</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>number of&nbsp;&nbsp;&mdash; </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>For this type of Account:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Give the EMPLOYER IDENTIFICATION</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>number of &mdash;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Individual</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Two or more individuals (joint account)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Husband and wife (joint account)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Custodian account of a minor (Uniform Gift to Minors Act)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Adult and minor (joint account)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Account in the name of guardian or committee for a designated ward, minor, or incompetent
        person</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">a. The usual revocable savings trust account (grantor is also trustee)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">b. So-called trust account that is not a legal or valid
        trust under State law</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The individual</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The actual owner of the account or, if combined funds, any one of
        the individuals (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The actual owner of the account or, if joint funds, either person
        (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The minor (2)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The adult or, if the minor is the only contributor, the minor (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The ward, minor or incompetent person (3)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The grantor-trustee (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The actual owner (1)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Sole proprietorship account</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">A valid trust, estate, or pension trust</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Corporate</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Association, club, religious, charitable, educational or other tax-exempt organization</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Partnership</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">A broker or registered nominee</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Account with the Department of Agriculture in the name of a public entity (such as a State
        or local government school district, or prison) that receives agricultural program payments</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The owner (4)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Legal entity (5)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The corporation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The partnership</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The broker or nominee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The public entity</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.7in 0 0.4in; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt/13.8pt Times New Roman, Times, Serif; margin: 0 0 0 1.8pt">(1) List all names first and circle the name of
the person whose number you furnish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.8pt">(2) Circle the minor's name and furnish the minor's social
security number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.8pt">(3) Circle the ward's, minor's or incompetent person's
name and furnish such person's social security number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -13.5pt">(4) Provide the name of the owner.
You may also enter your business or &quot;doing business as&quot; name. You may use either your Social Security Number or Taxpayer
Identification Number (if you have one).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -13.5pt">(5) List all names first and circle
the name of the legal trust, estate, or pension trust. (Do not furnish the identification number of the personal representative
or trustee unless the legal entity itself is not designated in the account title).</P>

<P STYLE="font: 10pt/12.6pt Times New Roman, Times, Serif; margin: 0 0 12.6pt 1.8pt">Note: If no name is circled when there is
more than one name, the number will be considered to be that of the first name listed.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">GUIDELINES FOR CERTIFICATION
OF TAXPAYER IDENTIFICATION<BR>
NUMBER ON SUBSTITUTE FORM W-9<BR>
Page 2</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt"><B>Obtaining a Number</B></FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0.05in 0.15in 0 0; text-align: justify"><FONT STYLE="font-size: 9pt">If
        you do not have a taxpayer identification number or you do not know your number, obtain Form SS-5, Application for a Social
        Security Number Card, or Form SS-4, Application for Employer Identification Number, at the local office of the Social
        Security Administration or the Internal Revenue Service and apply for a number.</FONT></P>
        <P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt"><B>Payees Exempt from
        Backup Withholding</B></FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0.15in 0 0"><FONT STYLE="font-size: 9pt">Payees specifically
        exempted from backup withholding on ALL payments include the following:</FONT></P>
        <P STYLE="font: 12pt/13.2pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">A corporation.</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">A financial institution.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;
        </FONT><FONT STYLE="font-size: 9pt">An organization exempt from tax under Section 501 (a) of the Internal Revenue Code
        of 1986, as amended (the &quot;Code&quot;), or an individual retirement plan.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0.05in 0 0 0.15in; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">The United States or any agency or instrumentality thereof.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0.05in 0 0 0.15in; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;
        </FONT><FONT STYLE="font-size: 9pt">A State, the District of Columbia, a possession of the United States, or any subdivision
        or instrumentality thereof.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0.05in 0 0 0.15in; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;
        </FONT><FONT STYLE="font-size: 9pt">A foreign government, a political subdivision of a foreign government, or any agency
        or instrumentality thereof.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0.05in 0 0 0.15in; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;
        </FONT><FONT STYLE="font-size: 9pt">An international organization or any agency, or instrumentality thereof.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">A registered dealer in securities or commodities registered in the U.S. or a possession
        of the U.S.</FONT></P>
        <P STYLE="font: 12pt/13.8pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">A real estate investment trust.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">A common trust fund operated by a bank under Section 584(a) of the Code.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">An exempt charitable remainder trust, or a non-exempt trust described in Section 4947(a)(1)
        of the Code.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">An entity registered at all times under the Investment Company Act of 1940.</FONT></P>
        <P STYLE="font: 12pt/13.2pt Times New Roman, Times, Serif; margin: 0 0 0 12.6pt; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">A foreign central bank of issue.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0.15in 0 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0.15in 0 0"><FONT STYLE="font-size: 9pt">Payments of
        dividends and patronage dividends not generally subject to backup withholding include the following:</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0.15in 0 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0.05in 0 0 12.6pt; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">Payments to nonresident aliens subject to withholding under Section 1441 of the Code.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0 0 0 12.6pt; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;
        </FONT><FONT STYLE="font-size: 9pt">Payments to partnerships not engaged in a trade or business in the U.S. and which
        have at least one nonresident partner.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0 0 0 12.6pt; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">Payments of patronage dividends where the amount received is not paid in money.</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 12.6pt; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">Payments made by certain foreign organizations.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0"><FONT STYLE="font-size: 9pt">Payments of
        interest not generally subject to backup withholding include the following:</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 0 0 16.2pt 12.6pt; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;
        </FONT><FONT STYLE="font-size: 9pt">Payments of interest on obligations issued by individuals. Note: You may be subject
        to backup withholding if this interest is $600 or more and is paid in the course of the payer's trade or business and
        you have not provided your correct taxpayer identification number to payer.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt/9.6pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.1in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;
        </FONT><FONT STYLE="font-size: 9pt">Payments of tax-exempt interest (including exempt interest dividends under Section
        852)</FONT></P>
        <P STYLE="font: 12pt/9.6pt Times New Roman, Times, Serif; margin: 0.1in 0 0 0.25in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">Payments described in Section 6049(b) (5) to non-resident aliens.</FONT></P>
        <P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">Payments on tax-free covenant bonds under Section 1451.</FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 5.4pt 0 0.05in 0.25in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">Payments made by certain foreign organizations. </FONT></P>
        <P STYLE="font: 12pt/9pt Times New Roman, Times, Serif; margin: 5.4pt 0 0.05in 0.25in; text-indent: -5.4pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;
        </FONT><FONT STYLE="font-size: 9pt">Payments made to a nominee.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0 0.05in 0.1in; text-align: justify"><FONT STYLE="font-size: 9pt">EXEMPT
        PAYEES DESCRIBED ABOVE MUST STILL COMPLETE THE SUBSTITUTE FORM W-9 TO AVOID POSSIBLE ERRONEOUS BACKUP WITHHOLDING. FILE
        THE SUBSTITUTE FORM W-9 WITH THE PAYER, FURNISH YOUR TAXPAYER IDENTIFICATION NUMBER, WRITE &quot;EXEMPT&quot; ON THE FACE
        OF THE FORM, AND RETURN IT TO THE PAYER. IF THE PAYMENTS ARE INTEREST, DIVIDENDS OR PATRONAGE DIVIDENDS, ALSO SIGN AND
        DATE THE FORM.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">Certain
        payments other than interest, dividends, and patronage dividends that are not subject to information reporting are also
        not subject to backup withholding. For details, see the regulations under Sections 6041, 6041A(a), 6045, and 6050A of
        the Code.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0.1in 0 0 0.1in; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Privacy
        Act Notice &ndash; </B>Section 6109 of the Code requires most recipients of dividends, interest, or other payments to
        give correct taxpayer identification numbers to payers who must report the payments to IRS. IRS uses the numbers for identification
        purposes and to help verify the accuracy of your tax return. Payers must be given the numbers whether or not recipients
        are required to file tax returns. Payers may be required to withhold 30% of taxable interest, dividends and certain other
        payments to a payee who does not furnish a taxpayer identification number to payer. Certain penalties may also apply.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in"><FONT STYLE="font-size: 9pt"><B>Penalties</B></FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0.1in 0 0 0.15in; text-align: justify"><FONT STYLE="font-size: 9pt"><B>(1)
        Failure to Furnish Taxpayer Identification Number - </B>If you fail to furnish your correct taxpayer identification number
        to a payer, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and
        not willful neglect.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0.1in 0 0 0.15in; text-align: justify"><FONT STYLE="font-size: 9pt"><B>(2)
        Civil Penalty for False Information With Respect to Withholding</B> - If you make a false statement with no reasonable
        basis which results in no backup withholding, you are subject to a penalty of $500.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0.1in 0 0 0.15in; text-align: justify"><FONT STYLE="font-size: 9pt"><B>(3)
        Criminal Penalty For Falsifying Information - </B>Willfully falsifying certifications or affirmations may subject you
        to criminal penalties including fines and/or imprisonment.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0.1in 0 0 0.15in; text-align: justify"><FONT STYLE="font-size: 9pt"><B>(4)
        Misuse of TINs</B> - If the requester discloses or uses taxpayer identification numbers in violation of Federal law, the
        requester may be subject to civil and criminal penalties.</FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0.1in 0 0 0.15in; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 12.6pt; text-indent: 0in"><FONT STYLE="font-size: 9pt"><B>FOR
        ADDITIONAL INFORMATION, CONTACT YOUR TAX CONSULTANT OR THE INTERNAL REVENUE SERVICE.</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-99
<SEQUENCE>11
<FILENAME>ex998.htm
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right; text-indent: 0in">EXHIBIT 99.8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">BENEFICIAL OWNER ELECTION FORM<BR>
<BR>
INSTRUCTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
acknowledge(s) receipt of your letter and the enclosed materials referred to therein relating to the offering of shares of common
stock (the &ldquo;Common Stock&rdquo;) of Rave Restaurant Group, Inc. (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This will instruct
you whether to exercise the Rights to purchase shares of Common Stock distributed with respect to the shares of Common Stock held
by you for the account of the undersigned, pursuant to the terms and subject to the conditions set forth in the Prospectus and
the related &ldquo;Instructions as to Use of Rights Certificates.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Box 1.
</FONT>[_] <FONT STYLE="font-size: 10pt">Please DO NOT EXERCISE RIGHTS for shares of Common Stock.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Box 2.
</FONT>[_] <FONT STYLE="font-size: 10pt">Please EXERCISE RIGHTS for shares of Common Stock as set forth below.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 22%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 21%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>Number of Rights</U></FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 26%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>Subscription Price</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 23%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>Payment</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Basic Subscription Right </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">______________</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">______________</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">$__________(line 1)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Over-Subscription Right</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">______________</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">______________</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">$__________(line 2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Total Payment Required (Sum of lines 1 and 2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">$_______________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.3in; text-indent: -0.8in"><FONT STYLE="font-size: 10pt">Box
3. </FONT>[_]<FONT STYLE="font-size: 10pt">&#9;Payment in the following amount is enclosed $________________.</FONT><BR>
<FONT STYLE="font-size: 10pt">(This amount must equal the amount set forth under &ldquo;Total Payment Required&rdquo; above).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.3in; text-indent: -0.8in"><FONT STYLE="font-size: 10pt">Box
4. </FONT>[_]<FONT STYLE="font-size: 10pt">&#9;Please deduct payment from the following account maintained by you as follows:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">_____________________________________</FONT><BR>
<FONT STYLE="font-size: 10pt">&#9;Type of Account</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">______________________________________</FONT><BR>
<FONT STYLE="font-size: 10pt">&#9;Account No.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Amount to be deducted: $________________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">______________________________________</FONT><BR>
<FONT STYLE="font-size: 10pt">______________________________________</FONT><BR>
<FONT STYLE="font-size: 10pt">Signature(s)</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Please type or print</FONT><BR>
<FONT STYLE="font-size: 10pt">name(s) below:</FONT><BR>
<FONT STYLE="font-size: 10pt">______________________________________</FONT><BR>
<FONT STYLE="font-size: 10pt">______________________________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Date: _____________________, 2017</P>



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<FILENAME>ex999.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT 99.9<BR>
Rights Certificate Number:_________<BR>
Number of Rights: ________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RAVE RESTAURANT GROUP, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SUBSCRIPTION RIGHTS CERTIFICATE<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Evidencing Subscription Rights to Purchase
Shares of Common Stock<BR>
of Rave Restaurant Group, Inc.<BR>
Subscription Price: $[_____] per Share<BR>
<BR>
SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., DALLAS, TEXAS, TIME, ON [______________], 2017, UNLESS
EXTENDED BY THE COMPANY FOR UP TO 30 DAYS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Stockholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As the registered
owner of this Rights Certificate, you are the owner of the number of subscription rights shown above. You have been issued, at
no charge, one subscription right for each share of common stock that you held on August 1, 2017. The subscription rights entitle
you to subscribe for shares of common stock, par value $0.01 per share, of Rave Restaurant Group, Inc. (the &ldquo;Company&rdquo;).
Each subscription right will entitle the holder to purchase [____] shares of our common stock (the &ldquo;Basic Subscription Right&rdquo;)
at the subscription price of $[___] per share (the &ldquo;Subscription Price&rdquo;). If you subscribe for all of the shares available
pursuant to the Basic Subscription Right, you are also entitled to subscribe for additional shares (subject to pro-ration) at the
Subscription Price (the &ldquo;Over-Subscription Right&rdquo;). For a more complete description of the terms and conditions of
these subscription rights, please refer to the Prospectus and the &ldquo;Instructions as to Use of Rights Certificates&rdquo; accompanying
this Rights Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THESE SUBSCRIPTION RIGHTS ARE NON-TRANSFERABLE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">You have four choices:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You can subscribe for all of the shares underlying the number of
rights listed at the top of this page;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">You can subscribe for less than all of the shares underlying the
number of rights listed above, and allow the rest of your subscription rights to expire;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If you have subscribed for all of such shares (exercised your Basic
Subscription Right in full), then you can also subscribe for additional shares of common stock, subject to an allocation process
as described in the Prospectus; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If you do not want to purchase any shares, you can disregard this
material.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To subscribe for any number of shares,
full payment of the Subscription Price is required for each share of common stock you are subscribing for (including under the
Over-Subscription Right). You must complete the reverse side of this form to subscribe for new shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date:&#9;[_________________], 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 211.5pt; text-indent: 0.5in">RAVE RESTAURANT GROUP, INC.<BR>
<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-indent: -0.5in">By:&#9;<U></U><BR>
Name:&#9;[____________________]<BR>
Title:&#9;[_______ &nbsp;_____________]&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DELIVERY OPTIONS FOR RIGHTS CERTIFICATE</B><BR>
<BR>
Deliver by mail, hand or overnight courier to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><BR>
Securities Transfer Corporation<BR>
2901 North Dallas Parkway, Suite 380<BR>
Plano, Texas 75093<BR>
(469) 633-0101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">Delivery other than in the manner or to
the address listed above will not constitute valid delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PLEASE PRINT ALL INFORMATION CLEARLY
AND LEGIBLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If you wish to subscribe for shares
pursuant to your Basic Subscription Right in full or a portion thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">I subscribe for ____________ shares&#9;x&#9;$[____]&#9;=&#9;$______________________<BR>
&#9;(Line 1)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If you subscribed for your Basic Subscription
Right in full and wish to subscribe for additional shares pursuant to the Over-Subscription Right:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">I subscribe for ____________ shares&#9;x&#9;$[____]&#9;=&#9;$______________________<BR>
&#9;(Line 2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Total amount of payment enclosed (sum of line 1 and line 2):
&#9;$______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">I acknowledge that I have received the
Prospectus for this offering and I hereby irrevocably subscribe for the number of shares indicated above on the terms and conditions
specified in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">______________________________________________<BR>
Signature(s)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">IMPORTANT: The signature(s) must correspond
with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or enlargement,
or any other change whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">If you wish to have your shares delivered
to an address other than that shown on front, your signature must be guaranteed by an eligible guarantor institution (bank, stock
broker, savings &amp; loan association or credit union) with membership in an approved signature guarantee medallion program pursuant
to Securities and Exchange Commission Rule 17Ad-15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Signature Guaranteed: __________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Name of Bank or Firm)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">__________________________________________________________<BR>
&#9;(Signature of Officer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FOR INSTRUCTIONS ON THE USE OF THE
RIGHTS CERTIFICATES, CONSULT SECURITIES TRANSFER CORPORATION, THE SUBSCRIPTION AGENT, AT THE ADDRESS OR TELEPHONE NUMBER INDICATED
ABOVE.</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Method of Payment (Check One)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Uncertified personal check, payable to &ldquo;Securities Transfer
Corporation, as Subscription Agent.&rdquo; Please note that funds paid by uncertified personal check may take at least five business
days to clear. Accordingly, subscription rights holders who wish to pay the purchase price by means of an uncertified personal
check are urged to make payment sufficiently in advance of the expiration date to ensure that such payment is received and clears
by the expiration date, and are urged to consider payment by means of a certified or bank check, money order or wire transfer of
immediately available funds.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certified check or bank check drawn on a U.S. bank or money order,
payable to &ldquo;Securities Transfer Corporation, as Subscription Agent.&rdquo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Wire transfer of immediately available funds directed to the account
maintained by the Subscription Agent, Securities Transfer Corporation, at:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">EagleBank:</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">ABA # 055003298</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">Account # 200280766</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">Account Name Securities
Transfer Corporation as escrow agent for Rave Restaurant Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the amount enclosed
or transmitted is not sufficient to pay the purchase price for all shares of common stock that are subscribed for, or if the number
of shares of common stock being subscribed for is not specified, the number of shares of common stock subscribed for will be assumed
to be the maximum number that could be subscribed for upon payment of such amount. If the amount enclosed or transmitted exceeds
the purchase price for all shares of common stock that the undersigned has subscribed or over-subscribed for (such excess amount,
the &ldquo;Subscription Excess&rdquo;), the Subscription Agent shall return the Subscription Excess to the subscriber without interest
or deduction as soon as practicable after the expiration of the offering.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>13
<FILENAME>ex9910.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; background-color: white"><B>SUBSCRIPTION,
ESCROW, AND INFORMATION AGENT AGREEMENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">This
Subscription, Escrow, and Information Agent Agreement (the &ldquo;<B><I>Agreement</I></B>&rdquo;) is entered into as of [<U>&#9;</U>]2017
by and between, Rave Restaurant Group, Inc., organized and existing under the laws of Missouri (the &ldquo;<B><I>Corporation</I></B>&rdquo;),
and Securities Transfer Corporation, a corporation having its principal offices in Plano, Texas (&ldquo;<B><I>STC</I></B>&rdquo;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">WHEREAS,
pursuant to a rights offering (the &ldquo;<B><I>Rights&nbsp;Offering</I></B>&rdquo;), the holders of the Corporation&rsquo;s common
stock, par value $.01 per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;) will be given the right (the &ldquo;<B><I>Subscription
Rights</I></B>&rdquo;) to subscribe for and purchase [<U>&#9;]</U> shares of the Corporation&rsquo;s common stock at the subscription
price of $[<U>&#9;]</U> per share (&ldquo;<B><I>Basic Subscription Right</I></B>&rdquo;) each registered under the Securities Act
of 1933, as amended, in each case as more fully set forth in a prospectus and related offering documents (the &ldquo;<B><I>Offering
Documents</I></B>&rdquo;) to be prepared by the Corporation and filed with the Securities and Exchange Commission for the purpose
of effecting the Rights Offering. These Rights shall expire at 5:00 p.m., Dallas time, on the date set forth in the Offering Documents
or on such subsequent date or time to which the Corporation may extend such Rights Offering (each an &ldquo;<B><I>Expiration Date</I></B>&rdquo;),
and be evidenced by non-transferable subscription right certificates (&ldquo;<B><I>Rights Certificates</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white"><B>WHEREAS</B>,
the Corporation desires that STC act as Subscription Agent, Information Agent and Escrow Agent under the Rights Offering (the &ldquo;<B><I>Agent</I></B>&rdquo;),
and STC has indicated its willingness to do so;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white"><B>WHEREAS</B>,
the Corporation has authorized and directed the Agent to hold funds submitted by stockholders who exercise Subscription Rights
(the &ldquo;<B><I>Subscription Funds</I></B>&rdquo;) in accordance with the terms and provisions of this Agreement; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white"><B>WHEREAS</B>,
upon the terms and conditions set forth in the applicable Offering Documents, the Agent will record properly exercised Subscription
Rights from holders of the Common Stock on August 1, 2017 (the &ldquo;<B><I>Record Date</I></B>&rdquo;), as well as record and
deposit the Subscription Funds for the purchase of the Basic Subscription Rights pursuant to the Rights Offering;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white"><B>NOW,
THEREFORE</B>, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Appointment of Subscription, Escrow, and Information Agent</B>. The Corporation hereby confirms
the appointment of STC as Agent, and STC hereby agrees to serve as Agent, upon the terms and conditions set forth herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0 42.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Acceptance and Receipt of Subscription Documents</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">After receiving from the Corporation acknowledgement of the commencement of the Rights Offering,
on the date specified by the Corporation, which shall be at least five (5)&nbsp;business days prior to the anticipated mailing
date, the Agent shall mail to each holder of Common Stock as of the Record Date&nbsp;the appropriate Offering Documents as approved
by the Corporation which shall specify that the exercise of Subscription Rights shall be effected, and risk of loss of Subscription
Funds shall pass, only upon receipt by the Agent of the properly completed Rights Certificates and Subscription Funds required
to effect the exercise of Subscription Rights under the Rights Offering (the &ldquo;<B><I>Mailing</I></B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0 78.5pt; background-color: white"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0 78.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Agent, upon receipt of Subscription Funds and duly, completely and correctly executed Rights
Certificates and other documents that the Corporation requires for the exercise of Subscription Rights and has provided to Agent,
shall create a report of the exercise of Subscription Rights and Subscription Funds received. Upon the closing of the Rights Offering
and as promptly as feasible upon the Agent&rsquo;s receipt of the Corporation&rsquo;s acceptance and approval of said Rights Certificates,
(i)&nbsp;the Corporation will authorize the Agent to no longer accept any subscription documents and to prepare the final subscription
list, which list shall accurately identify the number Basic Subscription Rights for which each stockholder has subscribed, for
the issuance of Basic Subscription Rights by the Corporation&rsquo;s transfer agent, and (ii)&nbsp;the Agent will release to the
Corporation the aggregate Subscription Funds minus any agreed upon fees and expense reimbursements (incurred or reserved for disbursements)
due to the Agent from the Corporation as set forth in&nbsp;<U>Exhibit A</U>&nbsp;(sections (i)&nbsp;and (ii)&nbsp;directly preceding
constituting the &ldquo;<B><I>Closing</I></B>&rdquo;). No interest on the Subscription Funds will accrue to either the Corporation
or the Corporation&rsquo;s stockholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0 78.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Notification and Processing</B>. The Agent is hereby authorized and directed to, and hereby
agrees to perform certain functions, including but not limited to the following:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Accept and respond to all telephone requests from stockholders for information relative to the
exercise of Subscription Rights (except that Agent will not answer questions relating to the sufficiency of the consideration or
the tax implications of the Rights Offering); answer questions regarding the proper method of exercising Subscription Rights, including
the completion of Rights Certificates and other documents related to the Rights Offering; maintain a toll-free number to respond
to inquiries; provide assistance to holders of Common Stock and monitor the response to the Rights Offering; enclose and re-mail
the subscription documents in the Mailing to interested holders of Common Stock; and provide periodic reports to the Corporation
as to the status of the Rights Offering.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Date stamp each document relating to its duties hereunder when received;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Receive and examine all documents submitted to Agent in connection with the exercise of Subscription
Rights under the Rights Offering and confirm whether such documents are executed in accordance with their terms. If a Subscription
Right is held by more than one record holder, the applicable Offering Documents must be signed by each such holder; if a holder
or joint holders (registrants) hold more than one position in the Corporation, as indicated by different accounts on the relevant
record holder list, then separate, properly completed and executed subscriptions must be submitted for each such position held
by that or those joint holders (registrants).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">d.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Return to any holders (as applicable) those Rights Certificates evidencing some deficiency in
execution; provided, however, that in any instance where the Agent cannot reconcile such deficiencies, prior to returning the Rights
Certificates, the Agent shall consult with the Corporation for instructions as to whether the Agent may accept such exercise of
Subscription Rights. In the absence of such instructions by Corporation in writing or email within twenty-four (24)&nbsp;hours
after Agent first requests such instructions, Agent is authorized not to accept such exercise of Subscription Rights and shall
notify the exercising stockholder that its exercise is deficient;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">e.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Accept Rights Certificates and other documents signed by persons acting in a fiduciary or representative
capacity only if such capacity is properly shown on the subscriptions and proper evidence of their authority so to act has been
submitted or a signature medallion guarantee described in Section 3(f) is obtained;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">f.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Accept subscriptions for Basic Subscription Rights to be issued other than in the name that appears
on the Corporation record stockholder list submitted for such subscription, where (i)&nbsp;the signature thereon is guaranteed
by a financial institution which is a participant in the Securities Transfer Agents Medallion Program (&ldquo;<B><I>STAMP</I></B>&rdquo;),
the New York Stock Exchange, Inc. Medallion Signature Program (&ldquo;<B><I>MSP</I></B>&rdquo;), or The Stock Exchanges Medallion
Program (&ldquo;<B><I>SEMP</I></B>&rdquo;), (ii)&nbsp;any necessary stock transfer taxes are paid and proof of such payment is
submitted or funds therefore are provided to the Agent, or it is established by the holder that no such taxes are due and payable
and (iii)&nbsp;the &ldquo;Special Issuance Instructions&rdquo; on the Rights Certificate have been properly completed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">g.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Retain all subscriptions accepted and retain such related documents pending further instructions
from the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">h.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Return at the Corporation&rsquo;s request any and all necessary records, copies of information
and material concerning and representing unsubscribed Basic Subscription Rights under the Rights Offering; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">i.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Maintain on a continuing basis a list of holders of Common Stock that have not yet exercised
their Subscription Rights.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 78.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Concerning the Subscription and Information Agent</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0 42.5pt; background-color: white">The Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shall have no duties or obligations other than those set forth herein, including those described
under &ldquo;Included Services&rdquo; on&nbsp;<U>Exhibit A</U>, and no duties or obligations shall be inferred or implied, nor
shall Agent be obligated nor expected to perform those services described under &ldquo;Non-Included Services&rdquo; on&nbsp;<U>Exhibit
A;</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">May rely on, and shall be held harmless by, the Corporation in acting upon any certificate, statement,
instrument, opinion, notice, letter, facsimile transmission, telegram, electronic mail or other document, or any security delivered
to it, and reasonably believed by it to be genuine and to have been made or signed by the proper party or parties;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">May rely on and shall be held harmless by the Corporation in acting upon written or oral instructions
from the Corporation or its then authorized counsel with respect to any matter relating to its acting as Agent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">d.</FONT></TD><TD><FONT STYLE="font-size: 10pt">May consult, at the Corporation&rsquo;s expense, on documents with counsel reasonably satisfactory
to it (including counsel for the Corporation) and shall be held harmless by the Corporation in relying on the advice or opinion
of such counsel in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice
or opinion of such counsel;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">e.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shall make the final determination as to whether or not a Rights Certificate received by Agent
is duly, completely and correctly executed in order to qualify for the Rights Offering and Agent shall be held harmless by the
Corporation in respect of any action taken, suffered or omitted by Agent hereunder in good faith and in accordance with its determination;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">f.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shall not be obligated to take any action hereunder which might, in its reasonable judgment,
subject or expose it to any expense or liability unless it shall have been furnished with an indemnity satisfactory to it;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">g.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shall not be liable or responsible for any recital or statement contained in any Offering Document
or any other documents relating thereto, unless such statement was provided or confirmed in writing by the Agent; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">h.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shall not be liable or responsible for any failure of the Corporation to comply with any of its
obligations relating to the Offering, including without limitation obligations under applicable regulation or law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0 78.5pt; background-color: white"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white">No later than the
first business day after the Mailing, the Corporation will provide Agent with a final list of talking points for dealing with
anticipated questions from holders of Common Stock. It is understood and agreed that Agent will not provide tax advice, will not
interpret tax regulations, will not opine regarding the merits of the Rights Offering, and will not provide any comments related
to any legal proceedings related to the Corporation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Concerning the Escrow Agent.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; background-color: white">The Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Accepts <FONT STYLE="background-color: white">the designation as escrow agent under this Agreement
and agrees to receive and hold the Escrow Funds (as defined below) and to disburse the Escrow Funds as provided in this Agreement.
Each holder exercising a Rights Certificate will pay to Agent the applicable Subscription Funds. Agent agrees that it will from
time to time accept funds from the holders of the Rights Certificates for the exercise of Rights Certificates in the form of checks
or by wire transfer in immediately available funds. All checks shall be made payable to Securities Transfer Corporation as Escrow
Agent for Rave Restaurant Group. If any check does not clear normal banking channels in due course, Agent will promptly notify
the Company. Any check, which does not clear normal banking channels and is returned by the drawer&rsquo;s bank to Agent will be
promptly returned to the proper party along with all other documents relating to the Rights Offering. Any check received that is
made payable to a party other than Securities Transfer Corporation shall be returned to the proper party.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shall <FONT STYLE="background-color: white">hold the Subscription Funds in escrow and shall only
make disbursements in respect thereof upon written notification to Agent by the Company following the Expiration Date (the &ldquo;<B><I>Release
Notice</I></B>&rdquo;), and, subject to subsection (c)&nbsp;below, Agent will pay to the Company out of the Subscription Funds
the specific amount set forth in the Release Notice.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Agrees that <FONT STYLE="background-color: white">if the Corporation terminates the Rights Offering
at any time prior to the Expiration Date and delivers the Release Notice to Agent of such termination, Agent shall return the Subscription
Funds, Rights Certificates and all other documentation it has received in connection with the Rights Offering to the parties from
which it received them. </FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 78.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Compensation of the Agent by the Corporation.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0 42.5pt; background-color: white">The Corporation shall
pay fees for the services rendered hereunder, as set forth in the Fee Schedule attached hereto as&nbsp;<U>Exhibit A</U>. The Agent
shall also be entitled to reimbursement from the Corporation for all reasonable and necessary expenses paid or incurred by it in
connection with the administration by the Agent of its duties hereunder. The total Base Fees listed in <U>Exhibit A</U> must be
paid upon commencement of the Rights Offering. Any invoice for out-of-pocket and/or per item fees or other fees incurred will be
rendered to and payable by the Corporation within fifteen (15)&nbsp;days of the date of said invoice, except for invoiced estimated
postage, printing and mailing expenses, which funds must be received five (5)&nbsp;business days prior to the scheduled Mailing
date. It is understood and agreed that all responsibilities and duties of, and services to be performed by, Agent shall cease if
full payment for its services has not been received in accordance with the above schedule, and said services will not commence
thereafter until all payment due has been received by Agent.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0 42.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Reminder Mailings.</B>&nbsp;The Corporation agrees that any follow up mailing program will
be coordinated exclusively through Agent, either by Agent or using a vendor that Agent has previously approved. Agent may conduct
follow up mailings through electronic mail, to the extent the email address of the intended recipient stockholder has been provided
by Corporation to Agent.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Performance</B>. The Agent shall at all times act in good faith and agrees to use its commercially
reasonable efforts within reasonable time limits to ensure the accuracy and timeliness of all services performed under this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Indemnification, Limitation of Liability</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Corporation covenants and agrees to indemnify and to hold the Agent harmless against any
claims, actions, judgments, liabilities, costs, expenses (including reasonable fees of its legal counsel), losses or damages, which
may be paid, incurred or suffered by or to which it may become subject, arising from or out of Agent&rsquo;s performance of its
duties under this Agreement in accordance with the terms hereof, other than claims arising as a result of Agent&rsquo;s gross negligence
or willful misconduct. Promptly after the receipt by the Agent of notice of any demand or claim, or the commencement of any action,
suit, proceeding or investigation relating to its duties under this Agreement, the Agent shall notify the Corporation thereof in
writing. The Corporation shall be entitled to participate at its own expense in the defense of any such claim or proceeding, and,
if it so elects at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim
or of any other legal action or proceeding. Neither Agent nor Corporation will, without the other&rsquo;s prior written consent,
settle or compromise or consent to the entry of any judgment to any pending or threatened action in respect of which indemnification
may be sought hereunder. For the purposes of this Section&nbsp;9, the phrase &ldquo;any costs, expenses (including reasonable fees
of its legal counsel), losses or damages&rdquo; means any amount paid or payable to satisfy any claim, demand, action, suit or
proceeding settled, and all reasonable costs and expenses, including, but not limited to, reasonable counsel fees and disbursements,
paid or incurred in investigating or defending against any such action, suit, proceeding or investigation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Agent&rsquo;s aggregate liability during any term of this Agreement with respect to, arising
from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement,
whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid or payable hereunder by the
Corporation to Agent as fees and charges, but not including reimbursable expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt; background-color: white">The Corporation and Agent understand and agree that Agent is not liable
for failure of the bank into which the Subscription Funds are deposited and Corporation understands and agrees that any Federal
Deposit Insurance Corporation insurance will be insufficient to cover the vast majority of funds received by Agent in connection
with its duties and Corporation further understands, agrees, and directs that Agent need not and will not procure any additional
insurance against bank failure of its depository institution. </FONT><FONT STYLE="font-size: 10pt">The provisions of this Section&nbsp;9
shall survive the termination of this Agreement and Agent&rsquo;s resignation or removal hereunder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 78.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Further Assurance</B>. From time-to-time and after the date hereof, the Corporation shall
deliver or cause to be delivered to the Agent such further documents and instruments and shall do and cause to be done such further
acts as the Agent shall reasonably request (it being understood that the Agent shall have no obligation to make any such request)
to carry out more effectively the provisions and purposes of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Term</B>. The Corporation may terminate this Agreement at any time by providing 10&nbsp;days&rsquo;
written notification to the Agent. Upon the effective date of termination of this Agreement, all cash and other payments, without
interest, and all other property then held by the Agent on behalf of the holders of Common Stock hereunder shall be delivered by
it to such successor agent or as otherwise shall be designated in writing by the Corporation. Upon termination of this Agreement,
all subscription documents received and related documentation will be returned to the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>12</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></TD><TD><FONT STYLE="font-size: 10pt"><B>Notices</B>. Until further notice in writing by either party hereto to the other party, all
written reports, notices and other communications between the Agent and the Corporation required or permitted hereunder shall be
delivered or mailed by first class mail, postage prepaid, addressed as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Corporation, to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Rave Restaurant Group, Inc.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">3551
        Plano Parkway</P>
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 1.5pt solid">

        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The Colony, Texas 75056</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Attn: Chief Executive Officer</P>
</DIV></TD></TR>
<TR>
    <TD></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif; width: 52%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Agent, to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt/107% Calibri, Helvetica, Sans-Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Securities Transfer Corporation</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">2901 N. Dallas Parkway, STE 380</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Plano, Texas 75093</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt">Attn: George Johnson</P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>13</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></TD><TD><FONT STYLE="font-size: 10pt"><B>Governing Law</B>. This Agreement shall be governed by and construed in accordance with the
laws of the State of Texas.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>14</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></TD><TD><FONT STYLE="font-size: 10pt"><B>Assignment</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Except as provided in Section&nbsp;14(b) below, neither this Agreement nor any rights or obligations
hereunder may be assigned by either party without the written consent of the other party.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Agent may, without further consent on the part of the Corporation, subcontract with subcontractors
for systems, processing, telephone and mailing services, and reminder mailing activities, as may be required from time to time;
provided, however, that the Agent shall be fully responsible to the Corporation for the acts and omissions of any subcontractor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 12pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be
construed to give any rights or benefits in this Agreement to anyone other than the Agent and the Corporation, and the duties and
responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Agent and the Corporation.
This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 78.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>15.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Amendment</B>. This Agreement may not be modified, amended or supplemented without an express
written agreement executed by each of the parties hereto.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>16.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Counterparts</B>. This Agreement may be executed in separate counterparts, each of which,
when executed and delivered, shall be an original, but all such counterparts shall together constitute but one and the same instrument.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>17.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>No Joint Venture</B>. This Agreement does not constitute an agreement for a partnership or
joint venture between the Agent and the Corporation. Neither party shall make any commitments with third parties that are binding
on the other party without the other party&rsquo;s prior written consent.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>18.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Force Majeure</B>. In the event either party is unable to perform its obligations under the
terms of this Agreement because of acts of God, strikes, equipment or transmission failure or damage that is reasonably beyond
its control, or other cause that is reasonably beyond its control (except, in the case of the Agent, for acts of subcontractors),
such party shall not be liable to the other for any damages resulting from such failure to perform or otherwise from such causes.
Performance under this Agreement shall resume when the affected party or parties are able to perform substantially that party&rsquo;s
duties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>19</B></FONT><B><FONT STYLE="font-size: 12pt">.</FONT></B></TD><TD><FONT STYLE="font-size: 10pt"><B>Consequential Damages</B>. Neither party to this Agreement shall be liable for any consequential,
indirect, special or incidental damages under any provision of this Agreement or for any consequential, indirect, penal, special
or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen
the possibility of such damages.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt"><B>20.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Severability</B>. If any provision of this Agreement shall be held invalid, unlawful, or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>21.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Confidentiality</B>. The Agent and the Corporation agree that all books, records, information
and data pertaining to the business of the other party which are received pursuant to the negotiation or the carrying out of this
Agreement, including the fees for services set forth in the attached schedule, shall remain confidential and shall not be voluntarily
disclosed to any other person (except the party&rsquo;s attorneys and advisors), except with the written approval of the other
party or as may be required by law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>22.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Survival</B>. The provisions of Sections&nbsp;4, 5, 6, 9, 13, 14, 19, 21, 22 and 23 shall
survive any termination of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 42.5pt; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>23.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Merger of Agreement</B>. This Agreement constitutes the entire agreement between the parties
hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; text-align: center; background-color: white">{<B>Signatures
on Following Page}</B></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed as of the date first written above.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>CORPORATION</B>:</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">RAVE RESTAURANT GROUP, INC.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">By:&#9;__________________________</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">Name:&#9;__________________________</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">Title:&#9;__________________________</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>AGENT</B>:<BR>
<BR>
</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">SECURITIES TRANSFER CORPORATION</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">By:&#9;__________________________</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">Name:&#9;__________________________</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 3in">Title:&#9;__________________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U>Exhibit
A</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center; background-color: white"><B>AGENT
FEES AND INCLUDED SERVICES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white">Plus, reasonable out of pocket
expenses, including but not limited to, checks, stop check charges, printing costs, postage, wire transfers, excess material disposal,
overtime charges at 100% assessed in the event of late delivery of material for Mailing</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; background-color: white">INCLUDED
SERVICES</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designating a corporate action account manager to communicate with all parties hereto and their counsel to establish the terms, timing and procedures required to carry out Subscription Agent duties, including document review and execution of legal agreements, Rights Certificates and other Rights Offering documents and communication materials, project management, and on-going project updates and reporting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designating an Information Agent account manager to review and become familiar with all Offering Documents and provide expert assistance to holders of Common Stock related to matters concerning the Rights Offering.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing mailings that include name, address for the mailing of Offering Documents.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collating and assembling Offering Documents and envelopes for mailing.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addressing and enclosing Offering Documents, for one-time, one-day mailing to holders of Common Stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receiving, opening and logging in returned Rights Certificates.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Checking Rights Certificates for validity against master list.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Checking for proper execution of all of Rights Certificates and other documents necessary to effect a proper exercise of Subscription Rights, including Substitute Form W-9&rsquo;s (if applicable).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curing defective subscriptions, including contacting holders of Common Stock in connection with unsigned or improperly executed Rights Certificates and other Offering Documents.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting by mail Substitute Form W-9&rsquo;s from holders of Common Stock who have not executed them or whose TIN&rsquo;s do not match our records.</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tracking and reporting as required the number of Basic Subscription Rights to which stockholders have subscribed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sealing, addressing, posting (not including postage), and providing envelopes for mailing to holders of Common Stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt">Providing stockholder relations services to all
        holders of Common Stock related to the Rights Offering, including phone, email, and regular mail inquiries.</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish dedicated bank account to receive subscription
        funds </FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish and communicate domestic and international
        wire instructions</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide daily close of business updates on monies
        received</FONT></P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide weekly in depth update and reconciliation
        of accounts</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; background-color: white">NON-INCLUDED
SERVICES</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Services associated with new duties, legislation or regulations which become effective after the date of this Agreement (these will be provided on an appraisal basis)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable legal review fees if referred to outside counsel upon receipt of prior approval of the Corporation</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overtime charges at 100% assessed in the event of late delivery of material for mailings, unless the target mail date is rescheduled</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-Offer clean up</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dedicated Toll Free 800 Number</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="color: #575757; font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 11.5pt 0.75pt; text-align: center"></P>

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