<SEC-DOCUMENT>0001010549-18-000132.txt : 20180427
<SEC-HEADER>0001010549-18-000132.hdr.sgml : 20180427
<ACCEPTANCE-DATETIME>20180427130318
ACCESSION NUMBER:		0001010549-18-000132
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20180614
FILED AS OF DATE:		20180427
DATE AS OF CHANGE:		20180427
EFFECTIVENESS DATE:		20180427

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12919
		FILM NUMBER:		18782424

	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>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>ravedef14a061418.htm
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A INFORMATION</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: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</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>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Filed by the Registrant [<B>X</B>]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Filed by a Party other than
    the Registrant [ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">[<B>X</B>]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Soliciting Material under Rule 14a-12</FONT></TD></TR>
</TABLE>


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<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>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RAVE RESTAURANT GROUP, INC.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of the Registrant as Specified In Its Charter)</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</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 6pt">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">[<B>X</B>] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fee
required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">[ &nbsp;&nbsp;] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title
of each class of securities to which transaction applies:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
number of securities to which transaction applies:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per
unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Set forth the amount on which
the filing fee is calculated and state how it was determined):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposed
maximum aggregate value of transaction:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
fee paid:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee
paid previously with preliminary materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-indent: 0in">[ ]&#9;Check box if any part of the
fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.
Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form,
Schedule or Registration Statement No.:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filing
Party:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
Filed:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 6.25in; text-align: left"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: left; vertical-align: middle"><IMG SRC="image_004.gif" ALT="">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center; vertical-align: middle"><IMG SRC="image_003.gif" ALT="">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; vertical-align: middle">&nbsp;<IMG SRC="image_001.gif" ALT=""></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: left">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 1%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Mark E. Schwarz</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Chairman of the Board</P></TD>
    <TD STYLE="width: 1%">
        <P STYLE="font: 10pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>RAVE Restaurant Group, Inc.</B></P>
        <P STYLE="font: 10pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-align: right">3551 Plano Parkway</P>
        <P STYLE="font: 10pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-align: right">The Colony, TX 75056</P>
        <P STYLE="font: 10pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-align: right">www.raverg.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/10.25pt Times New Roman, Times, Serif; margin: 0"><B>Clinton J. Coleman&nbsp;&nbsp; </B></P>

<P STYLE="font: 10pt/10.25pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interim Chief Executive Officer</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To our Shareholders:</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are pleased to invite you to the Annual
Meeting of Shareholders of RAVE Restaurant Group, Inc. to be held at the Hampton Inn-The Colony, 3650 Plano Parkway, The Colony,
Texas 75056, on Thursday, June 14, 2018, at 10:00 a.m., local time.</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Details regarding admission to the meeting
and the business to be conducted are more fully described in the accompanying Notice of Annual Meeting and Proxy Statement.</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Your vote is important. Whether or not
you plan to attend the Annual Meeting, we hope you will vote as soon as possible. To vote your shares, you may use the enclosed
proxy card, vote via the Internet or telephone, or attend the Annual Meeting and vote in person. On behalf of our board of directors,
we urge you to complete, sign, date and return the enclosed proxy card, or vote via the Internet or telephone, even if you currently
plan to attend the Annual Meeting. This will help to ensure your representation at the Annual Meeting. Please review the instructions
on the proxy card regarding each of these voting options.</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thank you for your ongoing support of
and continued interest in RAVE Restaurant Group, Inc.</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_002.jpg" ALT="" STYLE="height: 78px; width: 140px"></TD>
    <TD STYLE="width: 50%"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 87px; width: 182px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><B>Mark E. Schwarz</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Chairman of the Board</P></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Scott Crane</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Chief Executive Officer</P></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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


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<P STYLE="font: 14pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RAVE RESTAURANT GROUP, INC.</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3551 PLANO PARKWAY</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE COLONY, TEXAS 75056</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(469) 384-5000&nbsp;</B></P>

<P STYLE="font: 11pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOTICE
OF ANNUAL MEETING OF SHAREHOLDERS&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time
    and Date:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10:00
    a.m., local time, on Thursday, June 14, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Hampton Inn-The Colony</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">3650 Plano Parkway</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">The Colony, Texas
75056</P>
&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Items of Business</B></FONT></TD>
    <TD STYLE="width: 8%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 69%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To elect six directors to hold office until the next Annual Meeting of shareholders or until their respective successors have been elected and qualified;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 69%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To conduct an advisory vote on a resolution approving the Company's compensation of its named executive officers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 69%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To ratify the appointment of Montgomery Coscia Greilich LLP as the Company's independent registered public accounting firm for fiscal year 2017; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 69%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To transact such other business as may properly come before the meeting or any postponement or adjournment thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Adjournments and</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Postponements:</B></FONT></TD>
    <TD STYLE="width: 77%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any action on the items of business described above may be considered at the Annual Meeting on the date specified above or at any time and date to which the Annual Meeting may be properly adjourned or postponed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/12.55pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Record Date:</B></FONT></TD>
    <TD STYLE="width: 77%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    are entitled to vote only if you were a shareholder of the Company as of the close of business on April 20, 2018 (the
    &quot;Record     Date&quot;).&nbsp; At the close of business on the Record Date, there were 15,047,274 outstanding shares of
    common stock,     $.01 par value per share (the &quot;Common Stock&quot;), of the Company.&nbsp; No other class of securities
    of the Company is     entitled to notice of, or to vote at, the Annual Meeting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meeting Admission:</B></FONT></TD>
    <TD STYLE="width: 77%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You are entitled to attend the Annual Meeting only if you were a Company shareholder as of the close of business on the Record Date or hold a valid proxy for the Annual Meeting.&nbsp; You should be prepared to offer proof of identification for admittance.&nbsp; If you are a shareholder of record or hold your shares through the Pizza Inn, Inc. 401(k) Plan, we may verify your ownership as of the Record Date prior to admitting you to the meeting.&nbsp; If you are not a shareholder of record but hold your shares through a broker, trustee or nominee (i.e., in &quot;street name&quot;), you should provide proof of beneficial ownership as of the Record Date, such as your most recent account statement prior to September 23, 2016, a copy of the voting instruction card provided by your broker, trustee or nominee, or similar evidence of ownership.&nbsp; The Company may refuse admission to the Annual Meeting to anyone who does not provide proper identification upon request.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>










<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting:</B></FONT></TD>
    <TD STYLE="width: 77%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Your vote is very important.&nbsp; Whether or not you plan to attend the Annual Meeting, we encourage you to read the accompanying Proxy Statement and submit your proxy or voting instructions as soon as possible.&nbsp; You may submit your proxy or voting instructions by completing, signing, dating and returning your proxy card in the pre-addressed envelope provided or, in most cases, by using the telephone or Internet.&nbsp; For specific instructions on how to vote your shares, please refer to the section entitled <I>&quot;Questions and Answers &ndash; Voting Information&quot; </I>in the accompanying Proxy Statement and the instructions on the accompanying proxy card.</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"></P>


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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -2in"></P>

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


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


<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in"></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 220.5pt">&#9;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 220.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By order
of the Board of Directors,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;<IMG SRC="image_004.jpg" ALT="" STYLE="height: 78px; width: 140px"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 57%"><P STYLE="margin-top: 0; margin-bottom: 0">Mark Schwarz</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">Chairman of the Board</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">The Colony, Texas</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">April 27, 2018</P></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 3in"></P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This Notice of Annual Meeting and Proxy
Statement and form of proxy are first being distributed on or about April 27, 2018.</I></P>


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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO BE HELD JUNE 14, 2018</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">RAVE Restaurant Group, Inc., a Missouri
corporation (the &ldquo;Company&rdquo;), is soliciting proxies to be voted at its Annual Meeting of Shareholders to be held at
the Hampton Inn-The Colony, 3650 Plano Parkway, The Colony, Texas 75056, on Thursday, June 14, 2018, at 10:00 a.m., local time,
and at any postponement or adjournment thereof. This Proxy Statement and the enclosed form of proxy are first being sent or given
to the Company&rsquo;s shareholders on or about April 27, 2018.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>QUESTIONS AND ANSWERS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Proxy Materials</U></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Why
am I receiving these materials?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The board of directors (the
&ldquo;Board&rdquo;) of the Company is providing these proxy materials to you in connection with the Company&rsquo;s Annual Meeting
of Shareholders, which is scheduled to take place on Thursday, June 14, 2018, at 10:00 a.m., local time. As a shareholder, you
are invited to attend the Annual Meeting and are entitled and requested to vote on the items of business described in this Proxy
Statement.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
information is contained in this Proxy Statement?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The information in this Proxy
Statement relates to the proposals to be voted on at the Annual Meeting, the voting process, the Board and Board committees, the
compensation of directors and executive officers and other required information.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
may I obtain the Company&rsquo;s Form 10-K and other financial information?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">A copy of our 2017 Annual
Report, which includes our Form 10-K for the fiscal year ended June 25, 2017, is enclosed. Shareholders may request another free
copy of our 2017 Annual Report from:</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 880-9955</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Alternatively, current and prospective
investors can access the 2017 Annual Report on the Investor Relations page of our web site at www.raverg.com.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will also furnish
any exhibit to the Form 10-K, if specifically requested.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
may I obtain a separate set of proxy materials?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If you share an address with
another shareholder, you may receive only one set of proxy materials (including our 2017 Annual Report) unless you have provided
contrary instructions. If you hold shares beneficially in &ldquo;street name&rdquo; and you wish to receive a separate set of proxy
materials in the future, please contact:</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">Broadridge Financial Solutions, Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 542-1061</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
may I request a single set of proxy materials for my household?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If you share an address with
another shareholder and have received multiple copies of our proxy materials, you may write us at the address shown in the answer
to Question 3 above and request that a single set of proxy materials be sent to your household in the future.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
may I request an electronic copy of the proxy materials?</B></P>


<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify; text-indent: 0in">You may sign
up for future electronic delivery of proxy materials at www.proxyvote.com by using your control number and following
the instructions online.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
should I do if I receive more than one set of proxy materials?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Under certain circumstances,
you may receive more than one set of proxy materials, including multiple copies of this Proxy Statement and multiple proxy cards.
For example, if you hold your shares in more than one brokerage account, you may receive a proxy card for each such brokerage account.
If you are a shareholder of record and your shares are registered in more than one name, or variation of a name, you will receive
more than one proxy card. <B>Please complete, sign, date and return each proxy card that you receive.</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B><U>Voting Information</U></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U></U></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
matters will be acted on at the Annual Meeting?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The matters scheduled
to be acted on at the Annual Meeting are:</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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">(1)</TD><TD STYLE="text-align: justify">The election of six directors to hold office until the next Annual Meeting of Shareholders or until
their respective successors have been elected and qualified;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal 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: 10pt/normal 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">(2)</TD><TD STYLE="text-align: justify">The conduct of an advisory vote on a resolution approving the Company&rsquo;s compensation of its
named executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal 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: 10pt/normal 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">(3)</TD><TD STYLE="text-align: justify">The ratification of the appointment of Montgomery Coscia Greilich LLP as the Company&rsquo;s independent
registered public accounting firm for fiscal year 2018; and</TD></TR></TABLE>

<P STYLE="font: 12pt/normal 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: 10pt/normal 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">(4)</TD><TD STYLE="text-align: justify">The transaction of such other business as may properly come before the meeting or any postponement
or adjournment thereof. (See Question 17, <I>&ldquo;What happens if additional matters are presented at the meeting?&rdquo;</I>)</TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
does the Board recommend that I vote?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">Our Board
recommends that you vote your shares:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt 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: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;FOR&rdquo; the election of all director nominees;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt 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: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;FOR&rdquo; the resolution approving the Company&rsquo;s compensation
of its named executive officers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt 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: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;FOR&rdquo; the ratification of the appointment of Montgomery
Coscia Greilich LLP as the Company&rsquo;s independent registered public accounting firm for fiscal year 2018.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1<B>0.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
shares can I vote?</B></P>


<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Each share of the Common Stock
issued and outstanding as of the close of business on April 20, 2018 (the &ldquo;Record Date&rdquo;) is entitled to be voted on
all items being voted on at the meeting. You may vote or direct the vote of all shares you own as of the Record Date, including
(1) shares held directly in your name as the shareholder of record, and (2) shares for which you are the beneficial owner through
a broker, trustee or nominee such as a bank. On the Record Date, there were 15,047,274 shares of the Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>11. &nbsp;&nbsp;&nbsp;&nbsp;How can
I vote my shares in person at the meeting?</B></P>


<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify">Shares held in your name
as the shareholder of record may be voted in person at the meeting. Shares held beneficially in &ldquo;street name&rdquo; may
be voted in person at the meeting only if you obtain a legal proxy from the broker, trustee or nominee that holds your shares
giving you the right to vote the shares. <B>Even if you plan to attend the Annual Meeting, we recommend that you also submit your
proxy or voting instructions as described below so that your vote will be counted if you later decide not to attend the meeting.</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
can I vote my shares without attending the meeting?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Whether you hold shares directly
as the shareholder of record or beneficially in &ldquo;street name,&rdquo; you may direct how your shares are voted without attending
the meeting. If you are a shareholder of record, you may vote by submitting a proxy as described below. If you hold shares beneficially
in &ldquo;street name,&rdquo; you may vote by submitting voting instructions to your broker, trustee or nominee. For directions
on how to vote, please refer to the instructions below and those included on your proxy card, or the voting instruction card provided
by your broker, trustee or nominee, as applicable.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>By Mail</B> &ndash; Shareholders
of record may submit proxies by completing, signing and dating their proxy cards and mailing them in the accompanying pre-addressed
envelopes. Beneficial holders may vote by mail by completing, signing and dating the voting instruction cards provided by their
brokers, trustees or nominees and mailing them in the accompanying pre-addressed envelopes.&nbsp;</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>By Internet</B> &ndash; Shareholders
of record with Internet access may submit proxies by following the &ldquo;Vote by Internet&rdquo; instructions on their proxy cards.
Most shareholders who hold shares beneficially in &ldquo;street name&rdquo; may vote by accessing the website specified on the
voting instruction cards provided by their brokers, trustees or nominees. Please check the voting instruction card for Internet
voting availability.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>By Telephone</B> &ndash;
Shareholders of record who live in the United States may submit proxies by following the &ldquo;Vote by Telephone&rdquo; instructions
on their proxy cards. Most shareholders who hold shares beneficially in &ldquo;street name&rdquo; and live in the United States
may vote by telephone by calling the number specified on the voting instruction cards provided by their brokers, trustees or nominees.
Please check the voting instruction card for telephone voting availability.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
is the deadline for voting my shares?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If you hold the shares as the
shareholder of record, your proxy must be received before the polls close at the meeting. If you hold shares beneficially in &ldquo;street
name&rdquo; with a broker, trustee or nominee, please follow the voting instructions provided by your broker, trustee or nominee.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>14. &nbsp;&nbsp;&nbsp;&nbsp;May I
change my vote?</B></P>


<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">You may change your vote at
any time prior to the vote at the meeting. If you are a shareholder of record, you may change your vote in one of three ways: (1)
by granting a new proxy bearing a later date (which automatically revokes the earlier proxy), (2) by providing a written notice
of revocation to the Corporate Secretary at the Company&rsquo;s corporate office address prior to your shares being voted, or (3)
by attending the meeting and voting in person. Attendance at the meeting will not cause your previously granted proxy to be revoked
unless you specifically make that request. For shares you hold beneficially in &ldquo;street name,&rdquo; you may change your vote
by submitting new voting instructions to your broker, trustee or nominee or, if you have obtained a legal proxy from your broker,
trustee or nominee giving you the right to vote your shares, by attending the meeting and voting in person.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Is
my vote confidential?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Proxy instructions, ballots
and voting tabulations that identify individual shareholders are handled in a manner that protects voting privacy. Your vote will
not be disclosed either within the Company or to third parties, except: (1) as necessary to meet applicable legal requirements,
(2) to allow for the tabulation of votes and certification of the vote, and (3) to facilitate a successful proxy solicitation.</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How
are votes counted and what is the voting requirement to approve each of the proposals?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">A majority of the outstanding
shares entitled to vote at the meeting, represented in person or by proxy, constitutes a quorum at the meeting. If a quorum is
not present, in person or by proxy, the meeting may be postponed or adjourned from time to time until a quorum is obtained. Each
outstanding share of Common Stock is entitled to one vote on each matter submitted to a vote at the meeting.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">In the election of directors,
you may vote &ldquo;FOR&rdquo; all or some of the nominees or your vote may be &ldquo;WITHHELD&rdquo; with respect to one or more
of the nominees. You may not cumulate your votes. Thus, a shareholder is not entitled to cumulate his votes and cast them all for
any single nominee or to spread his votes, so cumulated, among more than one nominee. The election of each nominee as a director&nbsp;requires
the affirmative vote of the holders of a majority of the outstanding&nbsp;shares entitled to vote on the election of directors
and represented in person or by proxy at the meeting.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">With respect to each other item
of business, you may vote &ldquo;FOR,&rdquo; &ldquo;AGAINST&rdquo; or &ldquo;ABSTAIN.&rdquo; For all matters to be brought before
the meeting, the affirmative vote of the holders of a majority of the outstanding&nbsp;shares entitled to vote and represented
in person or by proxy at the meeting will decide the question. Therefore, if you &ldquo;ABSTAIN&rdquo; with respect to any matter,
the abstention has the same effect as a vote &ldquo;AGAINST.&rdquo; For this purpose, shares held by a broker, trustee or nominee
who does not have discretionary authority to vote on a particular matter and who has not received voting instructions from the
beneficial owner will not be deemed to be present or represented for the purpose of determining whether shareholders have approved
that matter, but are counted as present for the purpose of determining the existence of a quorum. If a proxy states how the shares
are to be voted in the absence of instructions by the shareholder, such shares will be deemed to be represented at the meeting.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
happens if additional matters are presented at the meeting?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Other than the three items of
business specifically described in this Proxy Statement, we are not aware of any other matter to be acted upon at the meeting.
If you grant a proxy, the persons named as proxy holders will have the discretion to vote your shares on any additional matters
properly presented for a vote at the meeting. If for any reason one or more of our director nominees becomes unable to serve or
for good cause will not serve, the persons named as proxy holders may vote your proxy for such other candidate or candidates as
may be nominated.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Who
will serve as inspector of elections?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The inspector of elections
will be a representative from Broadridge Financial Solutions, Inc.&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Who
will bear the cost of soliciting votes for the meeting? </B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify">The Company is making this solicitation
and will pay the entire cost of preparing, assembling, printing, mailing and distributing these proxy materials and soliciting
votes. If you choose to access the proxy materials and/or vote over the Internet, you are responsible for Internet charges you
may incur. If you choose to vote by telephone, you are responsible for telephone charges you may incur. In addition to the mailing
of these proxy materials, the solicitation of proxies or votes may be made in person, by telephone or by electronic communication
by our directors, officers and employees, who will not receive any additional compensation for such solicitation activities other
than reimbursement of reasonable out-of-pocket expenses directly related to such solicitation. Arrangements may also be made with
brokerage houses and other custodians, nominees and fiduciaries for the forwarding of solicitation materials to the beneficial
owners of shares held of record by such persons, and the Company may reimburse them for reasonable out-of-pocket expenses of such
solicitation.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
can I find voting results from the Annual Meeting? </B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">We intend to publish the final
voting results from the Annual Meeting in a Form 8-K filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) within
four business days after the conclusion of the Annual Meeting.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Stock Ownership Information </U></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
is the difference between holding shares as a shareholder of record and as a beneficial owner?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Company shareholders may hold
their shares directly in their own names or in &ldquo;street name&rdquo; through a broker or other nominee. As summarized below,
there are several distinctions between shares held of record and those owned beneficially.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Shareholder of
Record</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If your shares are registered
directly in your name with the Company&rsquo;s transfer agent, Securities Transfer Corporation, you are the shareholder of record
of such shares. As the shareholder of record, you have the right to vote in person at the meeting or to grant your proxy directly
to the Company or to a third party. There is a proxy card enclosed with these materials for your use.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Beneficial Owner</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If your shares are held in
a brokerage account or by another nominee, you are considered the beneficial owner of such shares held in &ldquo;street name,&rdquo;
and these proxy materials are being forwarded to you together with a voting instruction card on behalf of your broker, trustee
or nominee. As the beneficial owner, you have the right to direct your broker, trustee or nominee how to vote your shares. You
are also invited to attend the meeting. Your broker, trustee or nominee has enclosed or provided a voting instruction card for
you to use in directing the broker, trustee or nominee how to vote your shares. Since a beneficial owner is not a shareholder
of record, you may not vote these shares in person at the meeting unless you obtain a proxy from the broker, trustee or nominee
holding your shares giving you the right to vote the shares.&nbsp;</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -40pt"></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>22.&nbsp;&nbsp;&nbsp;&nbsp;What
happens if I have questions for the Company&rsquo;s transfer agent?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">You may contact the Company&rsquo;s
transfer agent at the telephone number or address listed below with questions concerning stock certificates, transfer of ownership
or other matters pertaining to your shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center">Securities Transfer Corporation</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center">2901 Dallas Parkway, Suite
380</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center">Plano, TX 75093</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center">(469) 633-0101</P>

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

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Annual Meeting Information</U></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>23.&nbsp;&nbsp;&nbsp;&nbsp;How
can I attend the meeting?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">You are entitled to attend the
Annual Meeting if you were a Company shareholder as of the close of business on the Record Date or hold a valid proxy for the Annual
Meeting. You should be prepared to offer proof of identification for admittance. If you are a shareholder of record or hold your
shares through the Pizza Inn, Inc. 401(k) Plan, your ownership as of the Record Date may be verified prior to you being admitted
to the meeting. If you are not a shareholder of record but hold your shares through a broker, trustee or nominee, you should provide
proof of beneficial ownership as of the Record Date, such as your most recent account statement prior to April 20, 2018, a copy
of the voting instruction card provided by your broker, trustee or nominee, or similar evidence of ownership. The Company may refuse
admission to the Annual Meeting to anyone who does not provide proper identification upon request.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>24.&nbsp;&nbsp;&nbsp;&nbsp;How
many shares must be present?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">A majority of the issued and
outstanding shares entitled to vote at the meeting must be represented in person or by proxy to satisfy the quorum requirements
for holding the meeting and transacting business. Proxies submitted by brokers who do not vote (&ldquo;broker non-votes&rdquo;)
because they do not have discretionary authority to vote on a particular matter and have not received voting instructions from
their customers are counted as present for the purpose of determining the existence of a quorum, but not for any other purpose.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Shareholder Proposals and Director
Recommendations</U></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U></U></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U></U></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>25.&nbsp;&nbsp;&nbsp;&nbsp;What is the deadline to
propose actions for consideration at next year&rsquo;s Annual Meeting of Shareholders?</B></P>


<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If a shareholder wishes to
submit a proposal for inclusion in the Company&rsquo;s proxy statement and form of proxy for the Company&rsquo;s next annual meeting
of shareholders, the proposal must be received in proper form at the Company&rsquo;s principal executive offices on or before
August 10, 2018 in order to have the proposal included in the proxy materials of the Company for such meeting. If a shareholder
wishes to submit a proposal at the next annual meeting of Shareholders outside the processes of Rule 14a-8 promulgated under the
Securities Exchange Act of 1934 (as amended, the &ldquo;Exchange Act&rdquo;), the shareholder must notify the Company in writing
of such proposal on or before August 31, 2018 in order to have that proposal considered at such meeting.</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">To be in proper form, a shareholder&rsquo;s
notice must include information concerning the proposal. A shareholder who wishes to submit a proposal is encouraged to seek independent
counsel with regard to the SEC requirements. The Company may exclude any proposal that does not meet the SEC&rsquo;s requirements
for submitting a proposal, and reserves the right to reject, rule out of order, or take other appropriate action with respect
to any proposal that does not comply with these and other applicable requirements.</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Notices of intention to submit
proposals for or at the Company&rsquo;s next annual meeting of shareholders should be addressed to:</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Corporate Secretary</P>

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Fax (469) 384-5061</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">E-mail: corporate_secretary@raverg.com</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>26.&nbsp;&nbsp;&nbsp;&nbsp;How
may I recommend individuals to serve as directors?</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">You may propose director candidates
for consideration by the Board&rsquo;s Nominating and Governance Committee. Any such recommendations should include the nominee&rsquo;s
name and qualifications for Board membership and should be directed to the Corporate Secretary at the address of our principal
executive offices set forth above. For additional information, see <I>&ldquo;Corporate Governance Principles and Board Matters
&ndash; Shareholder Recommendations and Nominations&rdquo;</I> below.</P>

<P STYLE="font: 11pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSALS TO BE VOTED ON</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL ONE:</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Company&rsquo;s Amended
and Restated Articles of Incorporation and Amended and Restated Bylaws, the Board has determined that the board of directors be
comprised of six directors, each of whom serves a one-year term and is subject to annual election. The Board has nominated six
incumbent directors for re-election at the Annual Meeting. If elected, each director nominee will hold office until the next annual
meeting of shareholders or until his successor has been elected and qualified. Each nominee has expressed his intention to serve
the entire term for which election is sought. The Board believes that all the nominees will be available to serve as directors.
If any director nominee becomes unable to serve or for good cause will not serve, the Board may recommend a substitute nominee
or leave a vacancy and fill the vacancy later. The shares represented by all valid proxies may be voted for the election of a substitute
nominee if one is nominated.</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Board of Directors recommends a
vote &ldquo;FOR&rdquo; each of the nominee directors.</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is biographical information
for the nominee directors.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Mark E. Schwarz</B>, 57, became a director
and Chairman of the Board of the Company in 2004. Mr. Schwarz is the Chairman, Chief Executive Officer and Portfolio Manager of
Newcastle Capital Management, L.P. (&ldquo;NCM&rdquo;), a private investment management firm he founded in 1993. NCM is the general
partner of Newcastle Partners, L.P., which is the largest shareholder of the Company. (See, <I>&ldquo;Security Ownership of Certain
Beneficial Owners, Directors and Executive Officers.&rdquo;</I>) Mr. Schwarz is Chairman of the boards of directors of Hallmark
Financial Services, Inc., a specialty property and casualty insurance company, and Wilhelmina International, Inc., a model management
and talent representation company. Within the past five years, he has also served as a director of SL Industries, Inc., a developer
of power systems used in a variety of aerospace, computer, datacom, industrial, medical, telecom, transportation and utility equipment
applications. The Board believes that Mr. Schwarz should serve as a director of the Company due to his extensive business and investment
expertise, broad director experience and significant direct and indirect shareholdings in the Company.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Brian T. Bares</B>, 44, became a director
of the Company in October 2017. Mr. Bares has since 2000 been the Chief Executive and Investment Officer of Bares Capital Management,
Inc., a registered investment advisory firm. Since 2014, he has also served as the Managing Member of Nine Ten Capital Management,
Inc., a private investment fund. The Board believes that Mr. Bares should serve as a director of the Company due to his experience
in investment management and his significant shareholdings in the Company. (See, <I>&ldquo;Security Ownership of Certain Beneficial
Owners, Directors and Executive Officers.&rdquo;</I>)</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Clinton J. Coleman</B>, 41, became
a director of the Company in 2007. He has since mid-2017 served as the Chairman and Chief Executive Officer of Novo Labs, Inc.,
a company focused on the use of emerging technology to improve consumer interactions. Previously, he had since 2010 served as
the Chief Executive Officer of Bell Industries, Inc., a company primarily engaged in providing information technology services.&nbsp;&nbsp;Mr.&nbsp;Coleman
served as an investment professional with NCM from 2005 to 2017, including as a Managing Director (2012 to 2017) and Vice President
(2005 to 2012).&nbsp;&nbsp;He previously served as the Company&rsquo;s Interim Chief Executive Officer from July, 2016 until January
2017, and from June, 2012 until November, 2012. Mr.&nbsp;Coleman also served as Interim Chief Financial Officer of the Company
between July, 2006 and January, 2007.&nbsp; Prior to joining Newcastle, Mr.&nbsp;Coleman served as a portfolio analyst with Lockhart
Capital Management, L.P., an investment partnership, from 2003 to 2005. From 2002 to 2003, he served as an associate with Hunt
Investment Group, L.P., a private investment group. Previously, Mr.&nbsp;Coleman was an associate director with the Mergers&nbsp;&amp;
Acquisitions Group of UBS.&nbsp; Mr. Coleman presently serves as a director of Wilhelmina International, Inc., a model management
and talent representation company. The Board believes that Mr. Coleman should serve as a director of the Company due to his experience
in investment management and the management of publicly traded and privately held companies engaged in a wide range of industries.</P>

<P STYLE="font: bold 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.05in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.05in; text-align: justify; text-indent: 0in">William
C. Hammett, Jr.<FONT STYLE="font-weight: normal">, 71, became a director of the Company in 2007. Mr. Hammett is retired. From 2010
to 2014, he served as the Chief Executive Officer of iH3, LLC, an integrated wellness and fitness company working with physicians
and hospitals targeting chronic illnesses. He was the Chief Financial Officer and Executive Vice President of Pegasus Solutions,
Inc., a global provider of reservations-related services and technology in the hospitality industry, from 2006 through 2008. Mr.
Hammett was the Chief Financial Officer and Senior Vice President for Dave &amp; Buster&rsquo;s, Inc., an operator of restaurant/entertainment
complexes, from 2001 through 2006. From 1997 to 2001, Mr. Hammett was self-employed in the restaurant industry. From 1992 to 1997,
Mr. Hammett was the Chief Financial Officer/Senior Vice President Accounting &amp; Administration for La Quinta Inns, Inc., a national
hotel chain. Previously, he was employed by the accounting firm of PriceWaterhouseCoopers. The Board believes that Mr. Hammett
should serve as a director of the Company due to his financial and management background and his experience in the restaurant,
entertainment and hospitality industries.</FONT></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Robert B. Page</B>, 59, became a director
of the Company in 2004. Since 2011, Mr. Page has been an independent restaurant consultant. Mr. Page served as the Chief Executive
Officer of Backyard Burgers, Inc. from 2008 to 2011. He served as the Acting Chief Executive Officer of the Company from January,
2005 through March, 2005. He is also a former franchisee of Shoney&rsquo;s, Inc., a family dining restaurant chain. From 2000
until 2002, Mr. Page was Chief Operations Officer of Gordon Biersch Brewery Restaurant Inc., a group of casual dining restaurants.
From 1993 through 2000, he worked for Romacorp, Inc., which owned the Tony Roma&rsquo;s chain of casual dining restaurants, where
he was Chief Executive Officer and a board member from 1998 through 2000, and President and Chief Operations Officer from 1993
through 1998. The Board believes that Mr. Page should serve as a director of the Company due to his management experience and
his expertise in the restaurant industry.</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Ramon D. Phillips</B>, 84, became
a director of the Company in 2004. He was previously a director of the Company from 1980 through 1989, and again from 1990 through
2002. Mr. Phillips is retired. He is the former Chairman of the Board, President, and Chief Executive Officer of Hallmark Financial
Services, Inc., a property and casualty insurance holding company. He served as Chairman, President, and Chief Executive Officer
of Hallmark from 1989 through 2000, and continued as Chairman and Chief Executive Officer through 2001. Prior to Hallmark, Mr.
Phillips had twenty years of experience in the franchise restaurant industry, serving as Chief Financial Officer of the Company
from 1974 to 1989 and as Controller for Kentucky Fried Chicken, Inc. from 1969 to 1974. The Board believes that Mr. Phillips should
serve as a director of the Company due to his executive and board experience, his expertise in the franchise restaurant industry
and his significant background with the Company.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no family relationships among
any of our directors or executive officers. Company stock ownership for each director nominee is shown under the heading <I>&ldquo;Security
Ownership of Certain Beneficial Owners, Directors and Executive Officers</I>&rdquo; and is based upon information furnished by
the respective individuals.</P>

<P STYLE="font: 11pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL TWO:</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADVISORY VOTE ON RESOLUTION TO APPROVE

EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 14A of the Exchange Act and Rule
14a-21 promulgated by the SEC thereunder require the Company to (i) at least once every three years, present to the shareholders
a non-binding, advisory vote on a resolution approving the compensation of certain executive officers, and (ii) at least once every
six years, present to the shareholders a non-binding, advisory vote on the frequency of future resolutions to approve executive
compensation. In accordance with the majority vote at the Company&rsquo;s annual meeting of shareholders in 2013, the Board has
determined to provide the shareholders an opportunity to approve executive compensation every year. Accordingly, at the Annual
Meeting the Board will submit to the shareholders for a non-binding, advisory vote the following resolution (the &ldquo;Say-On-Pay
Resolution&rdquo;):</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#9;&ldquo;RESOLVED, that
the shareholders hereby approve the compensation paid to the Company&rsquo;s named executive officers as disclosed pursuant to
Item 402 of Regulation S-K under the heading &lsquo;EXECUTIVE COMPENSATION&rsquo; in the Company&rsquo;s Proxy Statement dated
April 27, 2018, including the compensation tables and narrative discussion.&rdquo;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;The advisory vote on the Say-On-Pay
Resolution is intended to address the overall compensation of the Company&rsquo;s named executive officers rather than any specific
element or amount of compensation. This advisory vote on the Say-On-Pay Resolution is not binding on the Board or the Company.
However, the Compensation Committee will take into account the results of the advisory vote on the Say-On-Pay Resolution when considering
future executive compensation arrangements.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Board recommends a vote FOR approval
of the Say-On-Pay Resolution.</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL THREE:</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RATIFICATION OF SELECTION OF INDEPENDENT
ACCOUNTANTS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee has selected Montgomery
Coscia Greilich LLP, independent registered public accounting firm (&ldquo;MCG&rdquo;), as the independent auditors of the Company
for fiscal year 2018. As a matter of good corporate governance, the Audit Committee has determined to submit its selection to shareholders
for ratification. Shareholder ratification of the appointment is not required by our Bylaws or by any other applicable law. In
the event our selection of auditors is not ratified by a majority of the shares of Common Stock present or represented by proxy
at the Annual Meeting, the Audit Committee will reconsider whether or not to retain MCG. Even if the selection is ratified, the
Audit Committee in its discretion may select a different registered public accounting firm at any time during the year if it determines
that such a change would be in the best interests of the Company and our shareholders.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A representative of MCG is expected to
be present at the Annual Meeting, to be available to respond to appropriate questions and to have an opportunity to make a statement.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Board of Directors recommends a
vote &ldquo;FOR&rdquo; the ratification of the selection of Montgomery Coscia Greilich LLP as the Company&rsquo;s independent registered
public accounting firm for fiscal year 2018.</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CORPORATE GOVERNANCE PRINCIPLES AND
BOARD MATTERS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is committed to maintaining
the highest standards of business conduct and corporate governance, which we believe are essential to running our business efficiently,
serving our shareholders well and maintaining the Company&rsquo;s integrity in the marketplace. The Company has adopted a Code
of Business Conduct that applies to all Company employees and directors and a Financial Code of Conduct for financial managers.
These codes work in conjunction with the Company&rsquo;s Amended and Restated Articles of Incorporation, Amended and Restated Bylaws
and various Board committee charters, and together form the framework for governance of the Company. These documents are available
at the Company&rsquo;s website at www.raverg.com. We will post on this website any amendments to the Code
of Business Conduct or waivers of the Code of Business Conduct for directors or executive officers.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The business of the Company is managed
under the direction of the Board. Each director is expected to make reasonable efforts to attend board meetings, meetings of committees
of which such director is a member and the annual meeting of shareholders. The Board intends to comply with the corporate governance
requirements of the SEC and Nasdaq in order to assure that the Board will have the necessary practices in place to review and evaluate
the Company&rsquo;s business operations as needed and to make decisions that are independent of the Company&rsquo;s management.</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Board Independence and Independence
Standards</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the Company&rsquo;s current directors
qualifies as &ldquo;independent&rdquo; in accordance with published Nasdaq listing requirements. An independent director must not
have any relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a
director. The Board considers all relevant facts and circumstances in assessing each director&rsquo;s relationship with the Company.
Independent directors meet at least twice annually apart from management representatives.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Board Structure and Committee Composition</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has four standing committees:
(1) Executive Committee, (2) Audit Committee, (3) Compensation Committee, and (4) Nominating and Governance Committee. Current
copies of the charters for the Audit Committee, Compensation Committee and Nominating and Governance Committee are available on
the Company&rsquo;s website at www.raverg.com. Below is a description of the primary functions performed
by each committee. Each committee has authority to engage legal counsel or other experts or consultants as it deems appropriate
to carry out its responsibilities. The Board has determined that each current member of each committee meets the applicable laws
and regulations regarding &ldquo;independence&rdquo; and that each member is free of any relationship that would interfere with
his individual exercise of independent judgment.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Executive Committee</U>. The Executive
Committee considers issues as directed by the Chairman of the Board. It also may exercise the authority of the Board between Board
meetings, except to the extent that the Board has delegated authority to another committee or to other persons, and except as otherwise
limited by Missouri law.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Audit Committee</U>. The responsibilities
of the Audit Committee include reviewing: (a) the financial reports and other financial information provided by the Company to
any governmental body or the public; (b) the Company&rsquo;s systems of internal controls regarding finance, accounting, legal
compliance and ethics that management and the Board have established; (c) the Company&rsquo;s auditing, accounting and financial
reporting processes generally; and (d) the terms of transactions between the Company and related parties. The Audit Committee also
performs such other functions as the Board may from time to time assign to the committee. In performing its duties, the Audit Committee
seeks to maintain an effective working relationship with the Board, the independent accountants and management of the Company.
The specific duties and functions of the Audit Committee are set forth in the Audit Committee Charter. This charter is reviewed
annually and updated as necessary to reflect changes in regulatory requirements, authoritative guidelines and evolving practices.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The report of the Audit Committee is included
in this Proxy Statement.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Compensation Committee</U>. The primary
responsibilities of the Compensation Committee are: (a) to review and recommend to the Board the compensation of the Chief Executive
Officer and other officers of the Company; (b) to review executive bonus plan allocations; (c) to oversee and advise the Board
on the adoption of policies that govern the Company&rsquo;s compensation programs; (d) to oversee the Company&rsquo;s administration
of its equity-based compensation and other benefit plans; and (e) to approve awards to officers and employees of the Company under
its 2015 Long Term Incentive Plan. The Board determines whether the Compensation Committee will take action as a committee or will
make recommendations to the Board. In fiscal 2017, the Compensation Committee determined the compensation of the Company&rsquo;s
executive officers and the Chief Executive Officer made recommendations to the Compensation Committee with regard to compensation
for its other officers. The specific duties and functions of the Compensation Committee are set forth in its charter.</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Nominating and Governance Committee</U>.
The primary responsibilities of the Nominating and Governance Committee are: (a) to recommend the slate of director nominees for
election to the Board; (b) to identify and recommend candidates to fill vacancies occurring between annual shareholder meetings;
and (c) to review, evaluate and recommend changes to the Company&rsquo;s corporate governance practices. The Nominating and Governance
Committee&rsquo;s role includes periodic review of the compensation paid to non-employee directors for annual retainers and meeting
fees and making recommendations to the Board for any adjustments. The specific responsibilities and functions of the Nominating
and Governance Committee are set forth in its charter.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Review and Evaluation of Director
Qualifications </B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Nominating and
Governance Committee reviews the Board to assess the skills and characteristics required of Board members in the context of the
current composition of the Board. This assessment involves numerous facets, including: diversity of background, business experience
and other factors; understanding of and achievements in the restaurant industry; board service; business, finance, and marketing
expertise; and community involvement. These factors, and any other qualifications considered useful by the Nominating and Governance
Committee, are reviewed in the context of an assessment of the perceived needs of the Board at a particular point. As a result,
the priorities and emphasis of the Nominating and Governance Committee and of the Board may change from time to time to take into
account changes in business and other trends, and the portfolio of skills and experience of current and prospective Board members.
Therefore, while focused on the achievement and the ability of potential candidates to make a positive contribution with respect
to such factors, the Nominating and Governance Committee has not established specific minimum criteria or qualifications that a
nominee must possess.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Identifying and Evaluating Candidates
for Director</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">When Board vacancies
are anticipated or otherwise arise, the Nominating and Governance Committee considers various potential candidates for director.
The process followed by the Nominating and Corporate Governance Committee to identify and evaluate candidates includes requests
to Board members and others for recommendations, meetings from time to time to evaluate biographical information and background
material relating to potential candidates, and interviews of selected candidates by members of the Nominating and Corporate Governance
Committee and the Board. In general, candidates for nomination to the Board are suggested by Board members or by employees, and
may come from professional search firms or shareholders. In fiscal 2017, the Company did not employ a search firm or pay fees to
third parties in connection with seeking or evaluating Board nominee candidates. Assuming that appropriate biographical and background
materials are provided for candidates recommended by shareholders on a timely basis, the Nominating and Corporate Governance Committee
will evaluate director candidates recommended by shareholders by following substantially the same process, and applying substantially
the same criteria, as it follows for director candidates submitted by Board members.</P>

<P STYLE="font: 1pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Criteria and
Diversity</B></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 1pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">In
considering whether to recommend any candidate for inclusion in the Board&rsquo;s slate of recommended director nominees, including
candidates recommended by shareholders, the Nominating and Corporate Governance Committee will apply criteria including finding
candidates who bring the background, knowledge, experience, skill sets, and expertise that would strengthen and increase the diversity
of the Board<FONT STYLE="font-family: Arial Unicode MS,serif">. </FONT>The Committee does not assign specific weights to particular
criteria and no particular criterion is necessarily applicable to all prospective nominees. The Company believes that the backgrounds
and qualifications of the directors, considered as a group, should provide a significant composite mix of experience, knowledge
and abilities that will allow the Board to fulfill its responsibilities. Nominees are not discriminated against on the basis of
race, religion, national origin, sexual orientation, disability or any other basis proscribed by law.</FONT></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Shareholder Recommendations and Nominations</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The policy of the Nominating and Governance
Committee is to consider properly submitted shareholder recommendations of candidates for membership on the Board, as described
above under <I>&ldquo;Identifying and Evaluating Candidates for Director.&rdquo;</I> Any shareholder recommendations proposed for
consideration by the Nominating and Governance Committee should include the candidate&rsquo;s name and qualifications for Board
membership and should be addressed to:</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (469) 384-5061</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">E-mail: corporate_secretary@raverg.com</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 261pt">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders may nominate directors for
consideration at an annual shareholders meeting and solicit proxies in favor of such nominees. The Nominating and Governance Committee
evaluates candidates proposed by shareholders using the same criteria as for other candidates. The Company has not received any
shareholder nominations for director for the upcoming Annual Meeting of Shareholders.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Board and Committee Meetings</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board met seven times during the 2017
fiscal year, as well as approving various matters by unanimous written consent. The Company encourages all directors to attend
each Annual Meeting of the shareholders, but has no formal policy requiring attendance. All of the then incumbent directors attended
the prior year&rsquo;s annual shareholders meeting. All current directors attended 75% or more of the Board meetings and meetings
of the committees on which they served. Below is a table that provides current membership and fiscal year 2017 meeting information
for each of the Board committees:</P>


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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; line-height: 18pt; layout-grid-mode: line"><BR STYLE="clear: both">
<FONT STYLE="font-size: 8pt"><B>Name&#9;</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Executive</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Audit</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Compensation&#9;</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt"><B>Nominating &amp; Governance&#9;</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; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">Mark E. Schwarz</P>
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">X*</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; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">Brian T. Bares</P>
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&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: 12pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">Clinton J. Coleman</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></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: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">William C. Hammett, Jr.</P>
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X</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; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">Robert B. Page</P>
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&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: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">Ramon D. Phillips</P>
        <P STYLE="font: 8pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">X</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&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; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Number of Meetings in Fiscal 2017</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">*&#9;Committee
chairman.</P>

<P STYLE="font: 9pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Leadership
Structure</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We separate the roles of Chief Executive
Officer and Chairman of the Board. The Chief Executive Officer is responsible for setting the strategic direction for the Company,
providing day-to-day leadership and achieving the performance goals of the Company. The Chairman of the Board leads the activities
of the Board in providing oversight to management, provides guidance to the Chief Executive Officer and serves as a liaison between
management and the Board. The Board believes that separating the roles of the Chairman and Chief Executive Officer enhances the
ability of the Board to objectively evaluate the management and operations of the Company for the benefit of shareholders.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><BR>
Risk Oversight</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has an active role, as a whole
and at the committee level, in overseeing management of the Company&rsquo;s risks. The Board regularly reviews information regarding
the Company&rsquo;s credit, liquidity and operations, as well as the risks associated with each. The Compensation Committee is
responsible for overseeing the management of risks relating to the Company&rsquo;s executive compensation plans and arrangements.
The Audit Committee oversees management of financial risks. The Nominating and Corporate Governance Committee manages risks associated
with the independence of the Board and potential conflicts of interest. Through committee reports, the entire Board is regularly
informed regarding the nature and management of the risks overseen by each of its committees.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Communications from Shareholders to
the Board</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board recommends that shareholders
initiate any communications with the Board in writing in care of:</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (469) 384-5061</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">E-mail: corporate_secretary@raverg.com</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This centralized process assists the Board
in reviewing and responding appropriately to shareholder communications. The names of specific intended Board members should be
noted in the communication. The Board has instructed the Corporate Secretary to forward such correspondence only to the intended
recipients. However, the Board has also instructed the Corporate Secretary to review such correspondence prior to forwarding and
in his discretion not to forward items if they are deemed of a commercial or frivolous nature or otherwise inappropriate for the
Board&rsquo;s consideration. In such cases, the correspondence may be forwarded elsewhere in the Company for review and possible
response.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Director Compensation</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Chairman of the Board receives an
annual retainer of $23,000 and the other non-employee directors receive an annual retainer of $17,000. Each non-employee director
additionally receives a fee of $1,000 for each Board meeting attended and a fee of $250 for each committee meeting attended. Directors
are also reimbursed for their reasonable expenses in connection with attending Board and committee meetings.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to an annual retainer and
meeting fees, each non-employee director is eligible to receive awards under the 2015 Long Term Incentive Plan. Pursuant to the
2015 Long Term Incentive Plan, the Compensation Committee and full Board have authorized eligible directors to automatically be
granted, as of the first day of the Company&rsquo;s fiscal year, an option to purchase two shares of the Common Stock for each
share purchased by such non-employee director during the preceding fiscal year of the Company (excluding shares purchased upon
the exercise of previously granted options), up to a maximum grant of options to purchase 40,000 shares of the Common Stock. Stock
options granted under the 2015 Long Term Incentive Plan have an exercise price equal to the market price of the Common Stock on
the date of grant, are first exercisable one year after grant and expire to the extent unexercised after ten years.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes compensation
earned by each person who served as a non-employee director during fiscal 2017.&nbsp;</P>


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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fees Earned or</B></P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Paid in Cash</B></P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option</B></P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Awards</B></P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($) (1)</B></P></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total</B></P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">Mark E. Schwarz (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">29,000</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">44,336</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">73,336</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">Clinton J. Coleman (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">22,250</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">--</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">22,250</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">William C. Hammett, Jr. (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">23,500</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">11,084</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">34,584</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">Steven M. Johnson (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">22,250</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">--</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">22,250</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">Robert B. Page (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">23,750</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">--</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">23,750</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">Ramon D. Phillips (2)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">23,750</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">--</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">23,750</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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">Reflects the fair value of each stock option estimated on the date
of grant using the Black-Scholes option pricing model. Assumptions used in calculating this amount are included in Note H to the
Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended June 25, 2017.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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">In fiscal 2017, stock options to purchase 40,000 shares and 10,000
shares were granted to Messrs. Schwarz and Hammett, respectively, which fully vested one year from the date of grant. As of June
25, 2017, Messrs. Johnson, Page and Phillips held no unexercised stock options and Messrs. Schwarz, Coleman and Hammett held unexercised
stock options for 135,000, 213,256 and 29,800 shares, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth certain
information regarding the Company&rsquo;s current executive officers:&#9;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt"><B>Position</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Executive</B></P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Officer</B></P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Since</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Scott Crane</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">45</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Chief Executive Officer</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">2017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">Timothy E. Mullany</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">43</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">2014</P>
        <P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Scott Crane</B> was appointed President
and Chief Executive Officer of the Company in January 2017. From 2007 through 2016, Mr. Crane served as the Managing Partner and
Operating Director of Consumer Capital Partners, an investment firm specializing in leveraged buyouts, recapitalizations and growth
capital investments, primarily in the restaurant, food, retail and leisure industries. From 2012 through 2016, he variously served
as President (2012-2016), Chief Executive Officer (2013-2016) and Chief Development Officer (2012-2014) of Smashburger, a fast
casual &ldquo;better burger&rdquo; restaurant chain. From 2010 to 2011, Mr. Crane served as President of Corporate Restaurants
at Quiznos, a chain of submarine sandwich restaurants. He was previously the President of Smashburger from 2007 through 2010.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Timothy E. Mullany</B> was appointed
Chief Financial Officer of the Company in April, 2014. Mr. Mullany had since 2011 served as the Chief Financial Officer of Restaurants
Unlimited, Inc., a food service company owning and operating over 20 brands. From 2009 to 2011, he simultaneously served as Chief
Financial Officer of Smashburger Master LLC and Consumer Capital Partners, which owned the Smashburger fast-casual and Quiznos
quick-service restaurant concepts, respectively. From 2007 to 2009, Mr. Mullany was the Chief Financial Officer of Global Portfolio
Advisors, Ltd., a company providing an array of brokerage clearing services. From 2004 to 2007, he served as the Chief Executive
Officer of Mystic Entertainment Company, which owned and operated restaurant and entertainment venues, and briefly held the position
of Chief Financial Officer for its parent company. Previously, Mr. Mullany was a Senior Associate for Venture Capital at J.P. Morgan
&amp; Co. from 2000 to 2002, was an Investment Banking Analyst with Bank of America Merrill Lynch from 1999 to 2000, and was a
Senior Associate at KPMG LLP from 1997 to 1999.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUMMARY COMPENSATION TABLE</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the compensation
earned during the fiscal years ending June 25, 2017 and June 26, 2016 by each person who served as an executive officer of the
Company at any time during fiscal 2017 (the &ldquo;Named Executive Officers&rdquo;):</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Name and Principal Position(s)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Fiscal Year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Salary</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bonus</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stock</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Awards</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($) (1)</B></P></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>All Other Compensation</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($) (2)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Total ($)</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; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">Scott Crane</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">President and Chief Executive Officer
        (3)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">186,238</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">200,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">386,238</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; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">Clinton J. Coleman</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">President and Chief Executive Officer
        (3)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</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; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">Randall E. Gier</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">President and Chief Executive Officer
        (3)</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">2017</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">2016</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">27,720</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">351,677</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">--</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">--</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">554</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">5,300</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">28,274</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">356,977</P></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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">Timothy E. Mullany</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: left">Chief Financial Officer</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">2017</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">2016</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">299,294</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">291,202</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">15,000</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">--</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">--</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">4,382</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">5,300</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: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">318,676</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">296,502</P></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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">Reflects the fair value of each restricted stock unit award estimated
on the date of grant based on the probable outcome of certain performance conditions. Restricted stock units represent the right
to receive shares of common stock upon satisfaction of vesting requirements and performance conditions. Assumptions used in calculating
the grant date fair value are included in Note H to the Company&rsquo;s audited financial statements included in its Annual Report
on Form 10-K for the fiscal year ended June 25, 2017. Assuming that the highest level of performance conditions will be achieved,
the grant date fair value of the awards would be $1,152,000 and $393,320 for Messrs. Crane and Mullany, respectively. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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 Company&rsquo;s matching contribution to 401(k) plan.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Mr. Crane&rsquo;s tenure commenced January 9, 2017. Mr. Coleman served
as Interim Chief Executive Officer from July 21, 2016 until January 9, 2017. Mr. Gier&rsquo;s employment terminated on July 21,
2016.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EMPLOYMENT ARRANGEMENTS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's current executive officers,
Mr. Crane and Mr. Mullany, are both at-will employees. Neither of the current executive officers is covered under any general severance
plan.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Crane is employed as President and
Chief Executive Officer of the Company pursuant to a letter agreement specifying his initial base pay, bonus, restricted stock
units and relocation reimbursement, as well as eligibility for annual discretionary bonuses, eligibility to participate under the
Company&rsquo;s equity compensation plans and right to other benefits generally available to the Company&rsquo;s employees. The
letter agreement also provides that, if the Company terminates Mr. Crane without Cause (as defined therein) or Mr. Crane terminates
his employment for Good Reason (as defined therein), he will be entitled to continue to receive his base salary and health care
benefits for a severance period equal to the lesser of (a) 12 months, or (b) six months plus three months for each full year of
service. In the event such termination by the Company without Cause or termination by Mr. Crane for Good Reason occurs within three
months prior to or 12 months following a Change in Control (as defined therein), Mr. Crain will additionally be entitled to a pro
rata portion of his annual bonus. The letter agreement also contains a covenant not to compete which precludes Mr. Crane from engaging
in any pizza restaurant business for a period of 12 months after the termination of his employment, as well as non-disclosure,
non-solicitation and other common employment covenants.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Mullany is employed as Chief Financial
Officer pursuant to a letter agreement specifying his initial base pay, stock options and relocation reimbursement, as well as
eligibility for annual discretionary bonuses, eligibility to participate under the Company&rsquo;s equity compensation plans and
right to other benefits generally available to the Company&rsquo;s employees. The letter agreement also contains a covenant not
to compete which precludes Mr. Mullany from engaging in any pizza restaurant business for a period of 12 months after the termination
of his employment, as well as non-disclosure, non-solicitation and other common employment covenants.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><B>OUTSTANDING EQUITY AWARDS AT FISCAL
YEAR-END</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth information
regarding outstanding equity awards at June 25, 2017, for all the Named Executive Officers of the Company.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: justify; line-height: 18pt; font-size: 12pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt"><B>Option Awards</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt"><B>Stock Awards</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: justify; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
<DIV STYLE="padding: 0in 0in 0in 4pt">

        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of Securities Underlying Unexercised
        Options</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(#)</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exercisable (1)</B></P>
</DIV></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of Securities Underlying Unexercised
        Options</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(#)</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Unexercisable (1)</B></P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option Exercise Price</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Option Expiration Date</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B>Award Date (2)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt"><B></B></FONT>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of</B></P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Unearned</B></P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shares</B></P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Underlying</B></P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Restricted Stock</B></P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Units That Have</B></P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Vested (#)</B></P>

<P STYLE="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>(3)</B></P>



<FONT STYLE="font-size: 8pt"><B></B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Market Value of Unearned Shares Underlying
        Restricted Stock Units That Have</B></P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Vested ($) (3) (4)</B></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">Scott Crane (5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">01/12/2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">150,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">274,500</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">Clinton J. Coleman (5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">40,000</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">31,506</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">40,000</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">40,000</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">8,664</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">28,800</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">24,286</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">--</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">--</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">2.32</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">1.90</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">2.71</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">3.11</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">5.74</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">6.23</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">13.11</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">07/02/2018</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">06/29/2019</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">06/27/2021</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">06/25/2022</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">07/01/2023</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">06/30/2024</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">07/02/2025</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">Randall E. Gier (5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">--</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">Timothy E. Mullany</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">60,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">40,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">6.03</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; line-height: 18pt; font-size: 12pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">05/05/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">01/28/2016</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2016</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">10,025</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">32,595</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">18,346</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">59,649</P>
        <P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">(1)</FONT></P></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Options held by Mr. Coleman represent automatic director grants which fully vest one year from the date of grant. Options held by Mr. Mullany vest 10%, 20%, 30% and 40% on the first, second, third and fourth anniversaries of the grant date, respectively.</FONT></P></TD></TR></TABLE>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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">Restricted stock units granted January 28, 2016 vest October 15, 2018.
Restricted stock units granted January 12, 2017 and December 14, 2016 vest October 15, 2019. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Based on achieving all minimum performance conditions.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Based on the closing market price of the Company&rsquo;s common stock
of $1.83 on June 25, 2017.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal 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">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Mr. Crane&rsquo;s tenure commenced January 9, 2017. Mr. Coleman served
as Interim Chief Executive Officer from July 21, 2016 until January 9, 2017. Mr. Gier&rsquo;s employment terminated on July 21,
2016.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEPENDENT AUDITORS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee has selected Montgomery
Coscia Greilich LLP, as the independent auditors of the Company for fiscal year 2018. MCG has audited the Company&rsquo;s financial
statements for the fiscal years ended June 25, 2017 and June 26, 2016. A representative of MCG is expected to be present at the
Annual Meeting, to be available to respond to appropriate questions and to have an opportunity to make a statement.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table shows the fees the
Company paid or accrued for audit and other services provided by MCG for fiscal years 2017 and 2016.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Audit Fees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$102,073</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$106,997</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Audit-Related Fees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">--</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Tax Fees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;36,202</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;52,300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">All Other Fees</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;53,912</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">--</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$192,620</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">$159,297</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Audit Fees</B>. This category represents
aggregate fees billed by MCG for professional services rendered for the audit of the Company&rsquo;s annual financial statements
for the fiscal years ended June 25, 2017 and June 26, 2016, and the reviews of the financial statements included in the Company&rsquo;s
Forms 10-Q for those fiscal years.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Tax Fees.</B> These fees consist of
amounts billed by MCG for work related to tax return preparation and related services.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Pre-Approval of Services of the Independent
Auditor</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee is responsible for
appointing, setting compensation for, and overseeing the work of the independent auditors. Audit Committee policy requires all
services provided by MCG to be pre-approved by the Audit Committee. Pre-approval applies to audit services, audit-related services,
tax services and other services. In some cases, pre-approval is provided by the full Audit Committee for up to a year, and relates
to a particular defined task or scope of work and is subject to a specific budget. In other cases, the Chairman of the Audit Committee
has the delegated authority from the Audit Committee to pre-approve additional services, and such pre-approvals are then communicated
to the full Audit Committee. In fiscal 2017, all audit and non-audit services performed by MCG were pre-approved by the Audit Committee.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AUDIT COMMITTEE REPORT </B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee of the Board is responsible
for providing independent, objective oversight of the Company&rsquo;s accounting functions and internal controls. The Audit Committee
is currently composed of three directors and acts under a written charter approved and adopted by the Board. The Audit Committee
reviews its charter on an annual basis. Each of the members is independent as defined by all Nasdaq and SEC requirements. The Board
annually reviews the relevant definitions of independence for audit committee members and makes an annual determination of the
independence of Audit Committee members.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors has determined
that at least one member of the Audit Committee, Mr. Phillips, is an &ldquo;audit committee financial expert,&rdquo; as defined
by SEC rules and regulations. This designation does not impose upon Mr. Phillips any duty, obligation or liability that is greater
than is generally imposed on him as a member of the Audit Committee and the Board, and his designation as an audit committee financial
expert does not affect the duty, obligation or liability of any other member of the Audit Committee or the Board. For an overview
of Mr. Phillips&rsquo; relevant experience, see <I>&ldquo;Election of Directors&rdquo;</I> above.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee reviewed and discussed
with management the Company&rsquo;s audited financial statements for the fiscal year ended June 25, 2017. It also discussed with
MCG the matters required to be discussed by Auditing Standard 1301, as amended, as adopted by the Public Company Accounting Oversight
Board (the &ldquo;PCAOB&rdquo;). In addition, the Audit Committee received the written disclosures and the letter from MCG required
by applicable requirements of the PCAOB regarding MCG&rsquo;s communications with the Audit Committee concerning independence and
the Audit Committee discussed with MCG that firm&rsquo;s independence.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee is responsible for
recommending to the Board that the Company&rsquo;s financial statements be included in the Company&rsquo;s annual report. Management
is responsible for the preparation, presentation, and integrity of the Company&rsquo;s financial statements, accounting and financial
reporting principles, internal controls and procedures designed to ensure compliance with accounting standards, applicable laws,
and regulations. The Company&rsquo;s independent auditor, MCG, is responsible for performing an independent audit of the consolidated
financial statements and expressing an opinion on the conformity of those financial statements to generally accepted accounting
principles.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the discussions with MCG concerning
the audit, the financial statement review, and other such matters deemed relevant and appropriate by the Audit Committee, the Audit
Committee recommended to the Board that the audited financial statements for the fiscal year ended June 25, 2017 be included in
the Company&rsquo;s Annual Report on Form 10-K for filing with the SEC.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Submitted to the Board by the undersigned
members of the Audit Committee.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 0.5in"><B>Audit Committee</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 0.5in">William C.
Hammett, Jr., Chairman</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 0.5in">Robert B.
Page</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 0.5in">Ramon D. Phillips</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Audit Committee Report does not
constitute soliciting material, and shall not be deemed to be filed or incorporated by reference into any other Company filing
under the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates the Audit Committee
Report therein by reference.</I></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS, </B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DIRECTORS AND EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth information
as of the Record Date concerning beneficial ownership of the Common Stock of the Company by:</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&bull;&#9;Any person
or group known to beneficially own more than 5% of the Company&rsquo;s Common Stock;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&bull;&#9;Each current
director and the Named Executive Officers of the Company; and</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&bull;&#9;All current
directors and executive officers as a group.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information provided in the table
is based on the Company&rsquo;s records, information filed with the SEC and other information provided to the Company. The number
of shares beneficially owned by each person or group is determined under SEC rules, and the information is not necessarily indicative
of ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which the person or group
has sole or shared voting or investment power and any shares that the person or group has the right to acquire within 60 days after
the Record Date through the exercise of any stock option or other right. Unless otherwise indicated, (a) all persons have sole
voting and investment power (or share such powers with their spouse) with respect to the shares shown as beneficially owned by
them, (b) the mailing address for all persons is the same as that of the Company, and (c) the directors and Named Executive Officers
have not pledged as security any of the shares beneficially owned by them.</P>


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<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</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: 70%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Beneficial Owner</U></B></P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>No. of Shares</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beneficially</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Owned</U></B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Percent</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Of Class</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><U>5% Beneficial Owners</U>:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Newcastle Partners, L.P. (1) &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">2,989,453</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">19.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newcastle Partners, L.P. (2)(3) &#9;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Newcastle Capital Management, L.P. (2)(3)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Newcastle Capital Group, L.L.C. (2)(3)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">NCM Services, Inc. (2)(3)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Schwarz 2012 Family Trust (2)(3)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Hallmark Financial Services, Inc. (2)(3)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">American Hallmark Insurance Company
        of Texas (2)(3)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Hallmark Insurance Company (2)(3)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Hallmark Specialty Insurance Company
        (2)(3)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Mark E. Schwarz (2)(3)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">6,050,730</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">38.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt"><U>Directors and Named Executive Officers</U>:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Mark E. Schwarz (2)(3)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">6,050,730</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">38.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Brian T. Bares&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">1,388,715</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;9.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Clinton J. Coleman (4)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;360,084</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;2.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;William C. Hammett, Jr. (4)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,900</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Steven M. Johnson&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">--</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">--</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Robert B. Page&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">--</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">--</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Ramon D. Phillips (5)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,923</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Scott Crane &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;387,272</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;2.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Randall E. Gier (6)&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Unknown</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Timothy E. Mullany (4)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,980</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;All directors and current executive officers (3)(4)(5)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">8,322,604</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 18pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">51.7</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">*Represents less than 1.0%.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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">(1)</TD><TD STYLE="text-align: justify">The general partner of Newcastle Partners, L.P. (&ldquo;NP&rdquo;) is Newcastle Capital Management,
L.P. (&ldquo;NCM&rdquo;), the general partner of NCM is Newcastle Capital Group, L.L.C. (&ldquo;NCG&rdquo;), the sole member of
NCG is NCM Services, Inc. (&ldquo;NCMS&rdquo;), the sole shareholder of NCMS is the Schwarz 2012 Family Trust (&ldquo;Schwarz Trust&rdquo;)
and the sole trustee of the Schwarz Trust is Mark E. Schwarz. Accordingly, each of NCM, NCG, NCMS, the Schwarz Trust and Mr. Schwarz
may be deemed to beneficially own the shares of Common Stock directly owned by NP.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal 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: 10pt/normal 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">(2)</TD><TD STYLE="text-align: justify">NP, NCM, NCG, NCMS, the Schwarz Trust, Mr. Schwarz, Hallmark Financial Services, Inc. (&ldquo;HFS&rdquo;),
American Hallmark Insurance Company of Texas (&ldquo;AHIC&rdquo;), Hallmark Insurance Company (&ldquo;HIC&rdquo;) and Hallmark
Specialty Insurance Company (&ldquo;HSIC&rdquo;) may be considered a &ldquo;group&rdquo; for purposes of Section 13(d)(3) of the
Exchange Act. Accordingly, each member of such group may be deemed to share voting and investment power over and beneficially own
all shares of the Common Stock owned by all other members of the group. The address for NP, NCM, NCG, NCMS, the Schwarz Trust and
Mr. Schwarz is 200 Crescent Court, Suite 1400, Dallas, Texas 75201. The address for HFS, AHIC, HIC and HSIC is 777 Main Street,
Suite 1000, Fort Worth, Texas 76102.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt/normal 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: 10pt/normal 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">(3)</TD><TD STYLE="text-align: justify">Includes (a) 2,989,453 shares directly owned by NP and 392,500 shares which may be acquired upon
conversion of 4% Convertible Senior Notes due 2022 (&ldquo;Convertible Notes&rdquo;), (b) 1,741,230 shares directly owned by AHIC
and 79,700 shares which may be acquired upon conversion of Convertible Notes, (c) 252,428 shares directly owned by HIC and 46,700
shares which may be acquired upon conversion of Convertible Notes, (d) 252,428 shares directly owned by HSIC and 46,700 shares
which may be acquired upon conversion of Convertible Notes, and (e) 100,691 shares directly owned by Mr. Schwarz, 13,900 shares
which may be acquired upon conversion of Convertible Notes and 135,000 shares which may be acquired pursuant to currently exercisable
options</TD></TR></TABLE>

<P STYLE="font: 10pt/normal 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: 10pt/normal 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">(4)</TD><TD STYLE="text-align: justify">Includes the following shares which may be acquired upon conversion of Convertible Notes: (a) for
Mr. Coleman, 40,150 shares; and (b) for Mr. Hammett, 2,100 shares. Includes the following shares which may be acquired pursuant
to currently exercisable options: (a) for Mr. Coleman, 213,256 shares; (b) for Mr. Hammett, 29,800 shares; and (c) for Mr. Mullany,
60,000 shares.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal 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">(5)</TD><TD STYLE="text-align: justify">Includes 5,333 shares over which Mr. Phillips shares voting and dispositive power by virtue of
his position as a director and officer of the corporation holding such shares.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">(6)
Mr. Gier&rsquo;s employment terminated on July 21, 2016, and information with respect to his ownership is unavailable.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) of the Exchange Act requires
the Company&rsquo;s executive officers, directors and beneficial owners of more than 10% of the Common Stock to report their ownership
of and transactions in the Common Stock to the SEC and to furnish the Company with copies of such reports. The Company believes
that, during the preceding fiscal year, all of the Company&rsquo;s executive officers, directors and beneficial owners of more
than 10% of Common Stock timely filed all reports required by Section 16(a) of the Act, except that Mr. Mullany was late filing
one Form 4 reporting the sale of shares and one Form 4 reporting a grant of restricted stock units. In making these statements,
the Company has relied upon examination of copies of Forms 3, 4 and 5, and amendments thereto, provided to the Company and the
representations of its directors, executive officers and 10% shareholders.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 20, 2014, the Company entered
into an Advisory Services Agreement (the &ldquo;ASA&rdquo;) with NCMS pursuant to which NCMS provides certain advisory and consulting
services to the Company.&nbsp;&nbsp;NCMS is indirectly owned and controlled by Mark E. Schwarz, the Chairman of the Company.&nbsp;&nbsp;The
term of the ASA commenced December 30, 2013, and will continue quarterly until terminated by either party.&nbsp;&nbsp;Pursuant
to the ASA, NCMS is to be paid an initial fee of $150,000, quarterly fees of $50,000 and an additional fee of up to $50,000 per
quarter not to exceed an aggregate of $100,000 in additional fees.&nbsp;&nbsp;The quarterly and additional fees are waived if
the Company is not in compliance with all financial covenants under its primary credit facility or to the extent that payment
of those fees would result in non-compliance with such financial covenants. During fiscal 2017, the Company accrued $200,004 in
fees due under the ASA. The ASA was terminated effective June 26, 2017.<B>&nbsp;</B></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/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A copy of our 2017 Annual Report, which
includes our Form 10-K for the fiscal year ended June 25, 2017, is enclosed. Shareholders may request another free copy of our
2016 Annual Report from:</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">RAVE Restaurant Group, Inc.</P>

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 880-9955</P>

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

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current and prospective investors may
also access the 2017 Annual Report on the Investor Relations page of our web site at http://www.raverg.com. We will also furnish any exhibit to the 2017 Form 10-K as specifically requested.</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">YOU SHOULD RELY ONLY ON THE INFORMATION
CONTAINED IN THIS PROXY STATEMENT OR ANNEXED HERETO TO VOTE ON THE MATTERS SET FORTH ABOVE. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE
YOU WITH INFORMATION THAT IS DIFFERENT FROM WHAT IS CONTAINED IN THIS PROXY STATEMENT. THIS PROXY STATEMENT IS DATED APRIL 27,
2017. YOU SHOULD NOT ASSUME THAT THE INFORMATION CONTAINED IN THIS PROXY STATEMENT IS ACCURATE AS OF ANY SUBSEQUENT DATE.</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



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

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