RAVE RESTAURANT GROUP, INC. — Director's Dealing 2011

Dec 28, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PIZZA INN HOLDINGS, INC /MO/ (PZZI)
CIK: 0000718332
Period of Report: 2011-12-27

Reporting Person: Jobe Madison (Senior Vice President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-27	COMMON STOCK	P	4000	$5.35	Acquired	25000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-27	Employee Stock Option (right to buy)	$3.16	A	16000	Acquired	2021-10-04	Common Stock (16000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$2.00	2019-02-10	Common Stock (15000)	15000	Direct
Employee Stock Option (right to buy)	$1.61	2020-01-13	Common Stock (9110)	9110	Direct
Employee Stock Option (right to buy)	$1.89	2020-09-20	Common Stock (2690)	12890	Direct

Footnotes

F1: Represents employee stock options exercisable as to 1,500, 3,000, 4,500 and 6,000 shares on February 10, 2010, 2011, 2012 and 2013, respectively.

F2: Represents employee stock options conditionally granted as of January 13, 2010, and exercisable as to 911, 1,822, 2,733 and 3,644 shares on January 13, 2011, 2012, 2013 and 2014, respectively.

F3: Represents employee stock options conditionally granted as of September 20, 2010, and exercisable as to 1,289, 2,578, 3,867 and 5,156 shares on September 20, 2011, 2012, 2013 and 2014, respectively.

F4: Represents employee stock options conditionally granted as of October 4, 2011, and exercisable as to 10%, 20%, 30% and 40% of shares on October 4, 2012, 2013, 2014 and 2015, respectively.