Rave Restaurant Group, Inc. (NASDAQ:RAVE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On July 10, 2019, Rave Restaurant Group, Inc. (the “Company”) terminated the employment of its Chief Executive Officer, Scott Crane.

The Company has appointed its President, Robert W. Bafundo, as its principal executive officer effective July 12, 2019. Mr. Bafundo, age 63, was appointed President of the Company in September, 2018. Mr. Bafundo had served as President of the Company’s Pizza Inn subsidiary since 2016. From 2009 through 2015, he was employed by Garbanzo Mediterranean Grill, a fast-casual restaurant concept, first as Vice President of Company and Franchise Operations and as President since 2014. From 2007 to 2009, Mr. Bafundo was Senior Vice President of Operations for Back Yard Burgers, Inc., a quick-serve restaurant chain. From 2004 to 2007, he was the owner and manager of D Brands LLC, a master franchisee for Sport Clips men’s hairstyling salons, as well as the owner and operator of Diamond Star Windward LLC, a franchisee of the Tin Star Southwest Grill fast-casual restaurant concept. Mr. Bafundo was employed by KFC National Management Company, the operator of several quick-serve food chains, as Director of Operations from 1993 to 1996 and as Senior Director of Operations from 1996 to 2004. Previously, he served in various capacities from 1978 to 1992 at Rax Restaurants, Inc., a quick-serve restaurant chain, completing his tenure as Senior Vice President of Operations.

Mr. Bafundo has no written employment agreement with the Company and is an at-will employee. At this time, Mr. Bafundo will continue to receive his current annual salary. He is eligible to receive discretionary annual bonuses and participate in the Company’s 2015 Long Term Incentive Plan along with other managerial employees of the Company. Mr. Bafundo has no family relationship with any director or other executive officer of the Company. There are no transactions in which Mr. Bafundo has an interest requiring disclosure under Item 404(a) of Regulation S-K.

About Rave Restaurant Group, Inc. (NASDAQ:RAVE)

Rave Restaurant Group, Inc. operates and franchises pizza buffet, delivery/carry-out and express restaurants domestically and internationally under the trademark, Pizza Inn, and operates and franchises domestic fast casual restaurants under the trademarks Pie Five Pizza Company (Pie Five). The Company has two operating segments, which include Company-owned Restaurants, and Franchising and Food and Supply Distribution. The Franchising and Food and Supply Distribution segment establishes franchisees and franchise territorial rights, and sells and distributes proprietary and non-proprietary food and other items to franchisees. The Company-owned Restaurant segment includes sales and operating results for all Company-owned restaurants. It provides or facilitates the procurement and distribution of food, equipment and supplies to domestic and international system of restaurants through Norco Restaurant Services Company (Norco) division and through agreements with third-party distributors.