Proxy Statement (Form DEF 14A)

RAVE RESTAURANT GROUP, INC.

3551 PLANO PARKWAY

THE COLONY, TEXAS 75056

(469) 384-5000

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

This Notice of Annual Meeting and Proxy Statement and form of proxy are first being distributed on or about October 23, 2026.

PROXY STATEMENT

FOR THE ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD DECEMBER 10, 2026

RAVE Restaurant Group, Inc., a Missouri corporation (the "Company"), is soliciting proxies to be voted at its Annual Meeting of Shareholders to be held at the Company's corporate offices, located at 3551 Plano Parkway, The Colony, Texas 75056, on Thursday, December 10, 2026, at 3:30 p.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's shareholders on or about October 23, 2026.

QUESTIONS AND ANSWERS

Proxy Materials

The board of directors (the "Board") of the Company is providing these proxy materials to you in connection with the Company's Annual Meeting of Shareholders, which is scheduled to take place on Thursday, December 10, 2026, at 3:30 p.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.

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.

A copy of our 2026 Annual Report, which includes our Form 10-K for the fiscal year ended June 28, 2026, is enclosed. Shareholders may request another free copy of our 2026 Annual Report from:

RAVE Restaurant Group, Inc.

Attn: Investor Relations

3551 Plano Parkway

The Colony, TX 75056

(800) 880-9955

Alternatively, current and prospective investors can access the 2026 Annual Report on the Investor Relations page of our website at www.raverg.com. We will also furnish any exhibit to the Form 10-K, if specifically requested.

If you share an address with another shareholder, you may receive only one set of proxy materials (including our 2026 Annual Report) unless you have provided contrary instructions. Upon written or oral request to Investor Relations at the address or telephone number in the answer to Question 3, the Company will promptly deliver a separate copy of the proxy materials to any shareholder at a shared address to which a single copy was delivered. If you hold shares beneficially in "street name" and you wish to receive a separate set of proxy materials in the future, please contact:

Broadridge Financial Solutions, Inc.

Attn: Householding Department

51 Mercedes Way

Edgewood, New York 11717

(800) 542-1061

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 4 above and request that a single set of proxy materials be sent to your household in the future.

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.

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. Please complete, sign, date, and return each proxy card that you receive.

Voting Information

The matters scheduled to be acted on at the Annual Meeting are:

Our Board recommends that you vote your shares:

Each share of the Common Stock issued and outstanding as of the close of business on October 16, 2026 (the "Record Date") 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 14,252,910 shares of the Common Stock issued and outstanding.

Shares held in your name as the shareholder of record may be voted in person at the meeting. Shares held beneficially in "street name" 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. 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.

Whether you hold shares directly as the shareholder of record or beneficially in "street name," 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 "street name," 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.

By Mail - 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.

By Internet - Shareholders of record with Internet access may submit proxies by following the "Vote by Internet" instructions on their proxy cards. Most shareholders who hold shares beneficially in "street name" 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.

By Telephone - Shareholders of record who live in the United States may submit proxies by following the "Vote by Telephone" instructions on their proxy cards. Most shareholders who hold shares beneficially in "street name" 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.

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 "street name" with a broker, trustee, or nominee, please follow the voting instructions provided by your broker, trustee, or nominee.

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'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 "street name," 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.

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.

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.

In the election of directors, you may vote "FOR" all or some of the nominees or your vote may be "WITHHELD" 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. Each nominee must receive the affirmative vote of the holders of a majority of the shares entitled to vote and represented in person or by proxy at the meeting to be elected. Because shares voted "WITHHELD" with respect to a nominee are counted as represented at the meeting, a "WITHHELD" vote has the same effect as a vote against that nominee. Broker non-votes are not counted as represented for this purpose and will have no effect on the election of directors.

With respect to the Say-On-Pay Resolution, you may vote "FOR," "AGAINST" or "ABSTAIN."

With respect to the auditor ratification, you may vote "FOR," "AGAINST" or "ABSTAIN."

For the auditor ratification as well as the Say-On-Pay Resolution, the affirmative vote of the holders of a majority of the shares entitled to vote and represented in person or by proxy at the meeting will decide the question. Therefore, if you "ABSTAIN" with respect to any matter, the abstention has the same effect as a vote "AGAINST." 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. The ratification of the appointment of the Company's independent registered public accounting firm is considered a routine matter on which a broker, trustee, or nominee may vote shares without instructions from the beneficial owner, so no broker non-votes are expected on Proposal Two. The election of directors and the Say-On-Pay Resolution are non-routine matters on which brokers may not vote uninstructed shares, and broker non-votes will have no effect on the outcome of either.

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.

The inspector of elections will be a representative from Broadridge Financial Solutions, Inc.

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. 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.

We intend to publish the final voting results from the Annual Meeting in a Form 8-K filed with the Securities and Exchange Commission ("SEC") within four business days after the conclusion of the Annual Meeting.

Stock Ownership Information

Company shareholders may hold their shares directly in their own names or in "street name" through a broker or other nominee. As summarized below, there are several distinctions between shares held of record and those owned beneficially.

Shareholder of Record

If your shares are registered directly in your name with the Company'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.

Beneficial Owner

If your shares are held in a brokerage account or by another nominee, you are considered the beneficial owner of such shares held in "street name," 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.

You may contact the Company'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.

Securities Transfer Corporation

2901 Dallas Parkway, Suite 380

Plano, TX 75093

(469) 633-0101

Annual Meeting Information

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 your admission 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 the Record Date; 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.

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. When brokers do not have discretionary authority to vote on a particular matter and have not received voting instructions from their customers, any proxies submitted by brokers who do not vote are counted as present for the purpose of determining the existence of a quorum ("broker non-votes") but not for any other purpose.

Shareholder Proposals and Director Recommendations

If a shareholder wishes to submit a proposal for inclusion in the Company's proxy statement and form of proxy for the Company's next annual meeting of shareholders, the proposal must be received in proper form at the Company's principal executive offices on or before June 25, 2027, 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 "Exchange Act"), the shareholder must notify the Company in writing of such proposal on or before September 8, 2027, in order to have that proposal considered at such meeting. In addition to satisfying any applicable requirements under the Company's Bylaws, to comply with the universal proxy rules, a shareholder who intends to solicit proxies in support of director nominees other than the Company's nominees at the next annual meeting of shareholders must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than October 11, 2027. If the date of the next annual meeting is changed by more than 30 calendar days from the anniversary of this year's Annual Meeting, the notice must instead be provided by the later of 60 calendar days before the date of the next annual meeting or the 10th calendar day after the date on which the Company first publicly announces the date of that meeting.

To be in proper form, a shareholder'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'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.

Notices of intention to submit proposals for or at the Company's next annual meeting of shareholders should be addressed to:

Corporate Secretary

RAVE Restaurant Group, Inc.

3551 Plano Parkway

The Colony, TX 75056

Fax: (469) 384-5061

E-mail: [email protected]

You may propose director candidates for consideration by the Board's Nominating and Governance Committee. Any such recommendations should include the nominee'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 "Corporate Governance Principles and Board Matters - Shareholder Recommendations and Nominations" below.

PROPOSALS TO BE VOTED ON

 

PROPOSAL ONE:

ELECTION OF DIRECTORS

Pursuant to the Company's Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, the Board has determined that the Board consist of four directors, each of whom serves a one-year term and is subject to annual election. The Board has nominated four 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.

The Board of Directors recommends a vote "FOR" each of the director nominees.

The following is biographical information for the nominee directors.

Mark E. Schwarz, 66, 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. ("NCM"), 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 "Security Ownership of Certain Beneficial Owners, Directors and Executive Officers.") Mr. Schwarz is also Chairman of the board of directors of Hallmark Financial Services, Inc., a specialty property and casualty insurance company, and Executive Chairman of Wilhelmina International, Inc., a model management and talent representation company. He also serves as a director of various privately held companies. 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.

Clinton J. Coleman, 49, became a director of the Company in 2007. He is an investor and entrepreneur. He served as Senior Vice President, Product and Operations of SoundHound AI, Inc., a conversational AI company, from January 2024 until September 2025. He served as the President of Synq3, Inc., a company focused on providing artificial intelligence solutions for managing consumer interactions, from May 2021 until its acquisition by SoundHound in January 2024. He served as the Co-founder, Chairman and Chief Executive Officer of Novo Labs, Inc. from its founding in 2017 until its acquisition by Synq3, Inc. in 2021. Previously, he had since 2010 served as the Chief Executive Officer of Bell Industries, Inc., a company primarily engaged in providing information technology services. Mr. Coleman served as an investment professional with Newcastle Capital Management, L.P. from 2005 to 2017, including as a Managing Director (2012 to 2017) and Vice President (2005 to 2012). He previously served as the Company's Interim Chief Executive Officer from July 2016 until January 2017, and from June 2012 until November 2012. Mr. Coleman also served as Interim Chief Financial Officer of the Company between July 2006 and January 2007. Prior to joining Newcastle, Mr. 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. Coleman was an associate director with the Mergers & Acquisitions Group of UBS. 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.

William C. Hammett, Jr., 80, became a director of the Company in 2007. Mr. Hammett is semi-retired. Since 2021, Mr. Hammett has served as the acting Chief Financial Officer of a Whataburger franchisee. 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 & Buster'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 & 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.

Robert B. Page, 67, 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'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'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.

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 "Security Ownership of Certain Beneficial Owners, Directors and Executive Officers" and is based upon information furnished by the respective individuals.

PROPOSAL TWO:

RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee has selected Bodwell Vasek Wells DeSimone, LLP ("BVWD"), an independent registered public accounting firm, as the independent auditors of the Company for the 2027 fiscal year. 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. If our selection of auditors is not ratified by the holders of a majority of the shares of Common Stock entitled to vote and represented in person or by proxy at the Annual Meeting, the Audit Committee will reconsider whether or not to retain BVWD. 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.

A representative of BVWD 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.

The Board of Directors recommends a vote "FOR" the ratification of the selection of Bodwell Vasek Wells DeSimone, LLP as the Company's independent registered public accounting firm for the 2027 fiscal year.

PROPOSAL THREE:

ADVISORY VOTE ON SAY-ON-PAY RESOLUTION

As required by Section 14A of the Exchange Act and Rule 14a-21 promulgated by the SEC, the Company must (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 frequency approved by the shareholders at the Company's annual meeting of shareholders in 2023, the Board has determined to provide the shareholders an opportunity to approve executive compensation every three years. Accordingly, at the Annual Meeting the Board will submit to the shareholders for a non-binding, advisory vote the following resolution (the "Say-On-Pay Resolution"):

"RESOLVED, that the shareholders hereby approve the compensation paid to the Company's named executive officers as disclosed pursuant to Item 402 of Regulation S-K under the heading 'EXECUTIVE OFFICERS' in the Company's Proxy Statement dated October 23, 2026, including the compensation tables and narrative discussion."

The advisory vote on the Say-On-Pay Resolution is intended to address the overall compensation of the Company'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. In 2023, our shareholders approved a frequency of every three years, which means that we will not submit another Say-On-Pay Resolution for shareholder approval until the 2029 Annual Meeting of Shareholders, at which time we will also include a proposal asking for shareholders to again approve a one-, two-, or three-year frequency for the Say-On-Pay approvals.

The Board recommends a vote "FOR" approval of the Say-On-Pay Resolution.

CORPORATE GOVERNANCE PRINCIPLES AND BOARD MATTERS

The Company is committed to maintaining the highest standards of business conduct and corporate governance, which we believe are essential to running our business effectively, serving our shareholders well, and maintaining the Company'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. The Company's Code of Business Conduct clearly states the Company's policy prohibiting the Company's employees, officers and directors from trading in securities of the Company or any other company while in possession of material non-public information about the Company or other companies, including our suppliers and customers, as well as from communicating such information to others who might trade on the basis of that information. We believe this policy promotes compliance with insider trading laws, rules and regulations, and any listing standards that are applicable to the Company. The Company's insider trading policy is contained in its Code of Business Conduct, and the Company has not adopted separate insider trading policies and procedures. The policy does not apply to transactions by the Company in its own securities. The Board has authorized a discretionary stock repurchase program under which the Company may, but is not obligated to, repurchase shares of its Common Stock from time to time. The Company makes repurchases under the program only after the Board, in consultation with counsel, has determined that the Company is not in possession of material nonpublic information, and makes those repurchases in compliance with Rule 10b-18 and other applicable securities laws.

The Company has not adopted any practices or policies regarding the ability of its employees (including officers) or directors, or any of their designees, to purchase financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange funds), or otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of the Company's equity securities. These codes work in conjunction with the Company'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'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.

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's business operations as needed and to make decisions that are independent of the Company's management.

Board Independence and Independence Standards

Each of the Company's current directors qualifies as "independent" in accordance with published Nasdaq listing requirements, except that Mr. Schwarz is not considered independent solely with respect to requirements applicable to the Audit Committee. 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's relationship with the Company. Independent directors meet at least twice annually apart from management representatives.

Board Structure and Committee Composition

The Board has three standing committees: (1) Audit Committee, (2) Compensation Committee, and (3) 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'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 "independence" and that each member is free of any relationship that would interfere with his individual exercise of independent judgment.

Audit Committee. 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's systems of internal controls regarding finance, accounting, legal compliance, and ethics that management and the Board have established; (c) the Company'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.

The report of the Audit Committee is included in this Proxy Statement.

Compensation Committee. The primary responsibilities of the Compensation Committee are: (a) to review and recommend to the Board the compensation of the President 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's compensation programs; (d) to oversee the Company'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 2025 Long Term Incentive Plan (the "2025 LTIP"). The Board determines whether the Compensation Committee will take action as a committee or will make recommendations to the Board. In fiscal 2026, the Compensation Committee determined the compensation of the Company's executive officers and the President made recommendations to the Compensation Committee with regard to compensation for the Company's other officers. The specific duties and functions of the Compensation Committee are set forth in its charter.

Nominating and Governance Committee. 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's corporate governance practices. The Nominating and Governance Committee'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.

Review and Evaluation of Director Qualifications

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 any 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.

Identifying and Evaluating Candidates for Director

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 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 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 2026, 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 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.

Criteria and Diversity

In considering whether to recommend any candidate for inclusion in the Board's slate of recommended director nominees, including candidates recommended by shareholders, the Nominating and 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. 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, gender, sexual orientation, disability, or any other basis proscribed by law.

Shareholder Recommendations and Nominations

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 "Identifying and Evaluating Candidates for Director." Any shareholder recommendations proposed for consideration by the Nominating and Governance Committee should include the candidate's name and qualifications for Board membership and should be addressed to:

Corporate Secretary

RAVE Restaurant Group, Inc.

3551 Plano Parkway

The Colony, TX 75056

Fax: (469) 384-5061

E-mail: [email protected]

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.

Board and Committee Meetings

The Board met 4 times during the 2026 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 four of the then-incumbent directors attended the last 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 2026 meeting information for each of the Board committees:

Leadership Structure

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.

Risk Oversight

The Board has an active role, as a whole and at the committee level, in overseeing management of the Company's risks. The Board regularly reviews information regarding the Company's credit, liquidity, cybersecurity, and operations, as well as the risks associated with each. The Compensation Committee is responsible for overseeing management of risks relating to the Company's executive compensation plans and arrangements. The Audit Committee oversees management of financial risks. The Nominating and 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.

Communications from Shareholders to the Board

The Board recommends that shareholders initiate any communications with the Board in writing in care of:

Corporate Secretary

RAVE Restaurant Group, Inc.

3551 Plano Parkway

The Colony, TX 75056

Fax: (469) 384-5061

E-mail: [email protected]

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 their discretion not to forward items if they are deemed of a commercial or frivolous nature or otherwise inappropriate for the Board's consideration. In such cases, the correspondence may be forwarded elsewhere in the Company for review and possible response.

Director Compensation

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.

The following table summarizes compensation earned by and paid to each person who served as a non-employee director at any time during fiscal 2026.

EXECUTIVE OFFICERS

The following table sets forth certain information regarding the Company's current executive officers:

Brandon L. Solano was appointed Chief Executive Officer of the Company in October 2019 and was appointed to the additional offices of President and Secretary in December 2019. From 2017 through May 2019, Mr. Solano served as Chief Marketing & Digital Officer for Pei Wei Asian Diner, LLC, a fast-casual restaurant chain featuring Asian-inspired dishes. From 2015 through 2017, he served as Chief Marketing Officer for Papa Murphy's Holdings, Inc., a franchisor and operator of the largest "take & bake" pizza chain in the United States. From 2014 to 2015, he was employed by The Wendy's Company, a franchisor and operator of fast food restaurants, completing his tenure as Chief Marketing Officer. From 2008 to 2014, Mr. Solano was employed by Domino's Pizza, Inc., a franchisor and operator of delivery and carryout pizza outlets, completing his tenure as Vice President of Development.

Jay Rooney was appointed Chief Financial Officer of the Company on March 25, 2024, as well as its "principal financial officer" and "principal accounting officer," as those terms are defined under the rules and regulations promulgated by the SEC. Mr. Rooney joined the Company from Dickey's Capital Group, where he had served as Chief Financial Officer since 2018. While there, Mr. Rooney oversaw the staff, functions, and strategies related to Dickey's finance, accounting, legal, and corporate real estate matters. In this role, he developed expertise in the areas of franchise operations, manufacturing, information technology, as well as experience dealing with multi-unit restaurant operations. Prior to that position, Mr. Rooney held financial leadership positions at Brinker International, where he was employed for nearly 20 years. Mr. Rooney holds a Master of Business Administration (Finance) from Texas Christian University, as well as a Bachelor of Arts (Economics) from Allegheny College.

SUMMARY COMPENSATION TABLE

The following table summarizes the compensation earned during the fiscal years ended June 28, 2026, and June 29, 2025, by each person who served as an executive officer of the Company at any time during the fiscal year ended June 28, 2026, or is presently an executive officer of the Company (the "Named Executive Officers"):

EMPLOYMENT ARRANGEMENTS

The Company has entered into an employment letter agreement with Mr. Solano (the "Solano Agreement") confirming his employment as Chief Executive Officer of the Company. The Solano Agreement provides for at-will employment at an annual base salary, subject to adjustment over time, and currently $370,000. The Solano Agreement also provides for annual incentive compensation of up to 150% of base annual salary split equally between annual cash bonus and restricted stock units granted under the Company's 2025 Long Term Incentive Plan. Restricted stock units represent the right to receive shares of common stock upon satisfaction of vesting requirements and performance conditions over a period of three fiscal years. Mr. Solano is also entitled to other typical benefits generally available to senior executives of the Company. The Solano Agreement also contains a covenant not to compete which precludes Mr. Solano 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.

The Company has entered into an employment letter agreement with Mr. Rooney (the "Rooney Agreement") confirming his employment as Chief Financial Officer of the Company. The Rooney Agreement provides for at-will employment at a starting annual base salary of $225,000. The Rooney Agreement also provides for a discretionary annual cash bonus targeted at 30% of base salary. Mr. Rooney will also be entitled to other typical benefits generally available to senior executives of the Company, including participation in the Company's 2025 Long Term Incentive Plan. The Rooney Agreement also contains non-disclosure, non-solicitation, and other common employment covenants.

Current compensation earned during the fiscal years ended June 29, 2025, and June 28, 2026, for each executive officer of the Company is set forth in the "Summary Compensation Table."

PAY VERSUS PERFORMANCE

Relationship Between Compensation Actually Paid and Performance

As a smaller reporting company, the Company is not required to, and does not, include a company-selected measure or a list of its most important financial performance measures. The following describes the relationship between compensation actually paid to the PEO and the average compensation actually paid to the other named executive officers, on the one hand, and each of the Company's cumulative total shareholder return and net income, on the other hand, over the three fiscal years presented. The Compensation Committee does not use total shareholder return or net income as a performance measure in setting executive compensation.

Compensation Actually Paid and Total Shareholder Return. The value of an initial $100 investment in the Common Stock, made at the close of trading on June 23, 2023, the last trading day of fiscal 2023, increased to $106 at the end of fiscal 2024, $141 at the end of fiscal 2025 and $183 at the end of fiscal 2026. Compensation actually paid to the PEO was $839,001 for fiscal 2024, $697,313 for fiscal 2025 and $765,313 for fiscal 2026, and average compensation actually paid to the other named executive officers was $269,839, $342,417 and $331,034, respectively. Because a substantial portion of each named executive officer's compensation is delivered in restricted stock units, compensation actually paid is affected by changes in the price of the Common Stock and in the probable outcome of the performance conditions applicable to those units. Compensation actually paid to the PEO increased in fiscal 2026 as the Company's total shareholder return increased, but decreased in fiscal 2025 even though total shareholder return

increased, primarily because the fair value of the PEO's unvested restricted stock units granted in prior years decreased during fiscal 2025, reflecting a lower probable outcome of the performance conditions applicable to those units, and the PEO's Summary Compensation Table total was lower in fiscal 2025. Average compensation actually paid to the other named executive officers increased in fiscal 2025, primarily because the fiscal 2024 average included three officers, two of whom served for only part of the year and forfeited unvested awards on their departure, and Mr. Rooney's partial year of service following his appointment on March 25, 2024.

Compensation Actually Paid and Net Income. The Company's net income increased in each year presented, from $2.473 million in fiscal 2024 to $2.702 million in fiscal 2025 and $2.878 million in fiscal 2026. Compensation actually paid to the PEO decreased in fiscal 2025 and increased in fiscal 2026, and average compensation actually paid to the other named executive officers increased in fiscal 2025 and was approximately level in fiscal 2026. Compensation actually paid therefore did not move in the same direction as net income in each year, principally because it is driven by the value of outstanding restricted stock units rather than by annual earnings. Annual cash bonuses and the performance conditions applicable to restricted stock units are based on operating income, which is related to, but not the same as, net income.

All information provided above under the caption "Pay Versus Performance" will not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent the Company specifically incorporates such information by reference.

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

The following table sets forth information concerning all equity awards to the Named Executive Officers which were outstanding as of June 28, 2026, consisting of unvested restricted stock units granted under the 2015 Long Term Incentive Plan as well as under the 2025 Long Term Incentive Plan.

POLICIES AND PRACTICES RELATED TO THE GRANT OF CERTAIN EQUITY AWARDS

The Company does not currently grant stock options, stock appreciation rights or similar option-like instruments to its executive officers, and no such awards were granted to any Named Executive Officer during fiscal 2026. The Company's equity awards to its executive officers consist of restricted stock units subject to performance conditions, which are generally granted once a year in the fall, after the Company files its Annual Report on Form 10-K. Because the Company does not currently grant stock options or similar option-like awards, it has not adopted a formal policy regarding the timing of such awards in relation to the disclosure of material nonpublic information, and the Company has not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.

INDEPENDENT AUDITORS

Effective February 10, 2026, the Company dismissed Whitley Penn LLP ("Whitley Penn") as the Company's independent registered public accounting firm and engaged Bodwell Vasek Wells DeSimone, LLP ("BVWD") as the independent registered public accounting firm to audit the Company's financial statements for fiscal year 2026. A representative of BVWD 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.

The following table presents fees for professional services rendered by BVWD and Whitley Penn for the audit or review of the Company's consolidated financial statements for the fiscal years ended June 28, 2026, and June 29, 2025, respectively, as well as Whitley Penn's review of the Company's quarterly reports for the first and second quarters of the Company's 2026 fiscal year.

Audit Fees. This category represents aggregate fees paid for professional services rendered for the audit of the Company's annual financial statements and the reviews of the financial statements included in the Company's Forms 10-Q. The amount represents fees attributable to the fiscal year but actually paid in the following fiscal year. No audit-related, tax, or other fees were incurred in either fiscal year 2025 or 2026.

Pre-Approval of Services of the Independent Auditor

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 BVWD 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 2026, all audit services performed by BVWD were pre-approved by the Audit Committee, and there were no non-audit related services provided.

Change of Auditors

The decision to change accountants was approved by the Audit Committee of the Board. The reports of Whitley Penn on the Company's financial statements as of and for the fiscal years ended June 29, 2025, and June 30, 2024, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the two fiscal years ended June 29, 2025, and the subsequent interim period preceding such dismissal, (i) there was no disagreement with Whitley Penn on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which disagreement, if not resolved to the satisfaction of Whitley Penn, would have caused Whitley Penn to make reference to the subject matter of the disagreement in connection with their reports, and (ii) there were no "reportable events" within the meaning of Item 304(a)(1)(v) of Regulation S-K.

During the two fiscal years ended June 29, 2025, and the subsequent interim period preceding such appointment, the Company did not consult with BVWD regarding (i) either the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a "reportable event" within the meaning of Item 304(a)(1)(v) of Regulation S-K.

AUDIT COMMITTEE REPORT

The Audit Committee of the Board is responsible for providing independent, objective oversight of the Company'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.

The Board of Directors has determined that at least one member of the Audit Committee, Mr. Hammett, is an "audit committee financial expert," as defined by SEC rules and regulations. This designation does not impose upon Mr. Hammett 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. Hammett's relevant experience, see "Election of Directors" above.

The Audit Committee is responsible for recommending to the Board that the Company's financial statements be included in the Company's annual report. Management is responsible for the preparation, presentation, and integrity of the Company's financial statements, accounting and financial reporting principles, internal controls and procedures designed to ensure compliance with accounting standards, applicable laws, and regulations. The independent auditor 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. In addition, the Audit Committee is responsible for oversight of the Company's cybersecurity risk management.

The Audit Committee reviewed and discussed with management the Company's audited financial statements for the fiscal year ended June 28, 2026. It also discussed with BVWD the matters required to be discussed by Auditing Standard 1301, as amended, as adopted by the Public Company Accounting Oversight Board (the "PCAOB"). In addition, the Audit Committee received the written disclosures and the letter from BVWD required by applicable requirements of the PCAOB regarding BVWD's communications with the Audit Committee concerning independence and the Audit Committee discussed with BVWD that firm's independence. Based on the discussions with BVWD concerning the audit, the financial statement review, and other 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 28, 2026, be included in the Company's Annual Report on Form 10-K filed with the SEC on September 24, 2026.

Submitted to the Board by the undersigned members of the Audit Committee.

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, or the Exchange Act, except to the extent that the Company specifically incorporates the Audit Committee Report therein by reference.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS,

DIRECTORS AND EXECUTIVE OFFICERS

The following table sets forth information as of October 16, 2026, concerning beneficial ownership of the Common Stock of the Company by (i) any person or group known to beneficially own more than 5% of the Company's Common Stock; (ii) each current director, director nominee and Named Executive Officer of the Company; and (iii) all current directors and executive officers as a group. The information provided in the table is based on the Company's records, information filed with the SEC and other information provided to the Company. Unless otherwise indicated or included in a footnote, (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) no person has pledged as security any of the shares shown as beneficially owned.

DELINQUENT SECTION 16(a) REPORTS

Section 16(a) of the Exchange Act requires the Company'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. Based solely on the Company's review of the Forms 3, 4, and 5, and amendments thereto, filed with the SEC, the Company believes that, during the preceding fiscal year, all of the Company'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 Exchange Act.

CERTAIN RELATED PARTY TRANSACTIONS

Since the beginning of fiscal 2025, there have been no related party transactions required to be reported under Item 404 of Regulation S-K. However, the Chairman of the Company, Mark E. Schwarz, is the sole trustee of the Schwarz 2012 Family Trust ("Schwarz Trust"), which entity is the sole shareholder of NCM Services, Inc. ("NCMS"), which entity is the sole member of Newcastle Capital Group, L.L.C. ("NCG"), which entity is the sole general partner of Newcastle Capital Management, L.P. ("NCM"), which entity is the sole general partner of Newcastle Partners, L.P. ("Newcastle Fund"). As a result of these relationships, Mr. Schwarz has sole investment and voting control over the shares of Common Stock beneficially owned by NCMS, NCM, and the Newcastle Fund (the "Newcastle Group") together with any shares he owns individually.

ADDITIONAL INFORMATION

A copy of our 2026 Annual Report, which includes our Form 10-K for the fiscal year ended June 28, 2026, is enclosed. Shareholders may request another free copy of our 2026 Annual Report from:

RAVE Restaurant Group, Inc.

Attn: Investor Relations

3551 Plano Parkway

The Colony, TX 75056

(800) 880-9955

Current and prospective investors may also access the 2026 Annual Report on the Investor Relations page of our website at www.raverg.com. We will also furnish any exhibit to the 2026 Form 10-K as specifically requested.

YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED IN THIS PROXY STATEMENT 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 OCTOBER 23, 2026. YOU SHOULD NOT ASSUME THAT THE INFORMATION CONTAINED IN THIS PROXY STATEMENT IS ACCURATE AS OF ANY SUBSEQUENT DATE.