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

Dec 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PIZZA INN HOLDINGS, INC /MO/ (PZZI)
CIK: 0000718332
Period of Report: 2011-12-02

Reporting Person: ELLEFSON NANCY A (VP - Finance, Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-02	Common Stock	M	9000	$2.51	Acquired	14000	Direct
2011-12-02	Common Stock	M	1000	$1.89	Acquired	15000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-02	Employee Stock Option (right to buy)	$2.51	M	9000	Disposed	2018-08-20	Common Stock (9000)	Direct
2011-12-02	Employee Stock Option (right to buy)	$1.89	M	1000	Disposed	2020-09-20	Common Stock (1000)	Direct

Footnotes

F1: Represents employee stock options to purchase an aggregate of 15,000 shares exercisable as to 10%, 20%, 30% and 40% of shares on August 20, 2009, 2010, 2011 and 2012, respectively.

F2: Represents employee stock options to purchase an aggregate of 10,000 shares exercisable as to 10%, 20%, 30% and 40% of shares on September 20, 2011, 2012, 2013 and 2014, respectively.