A. Allen Arroyo - Jul 25, 2023 Form 4 Insider Report for Rocky Mountain Chocolate Factory, Inc. (RMCF)

Role: CFO
Signature: /s/ Tracy D. Wojcik, Attorney In Fact
Stock symbol: RMCF
Transactions as of: Jul 25, 2023
Transactions value $: $11,640
Form type: 4
Date filed: 7/27/2023, 04:00 PM
Previous filing: Aug 11, 2022
Next filing: Aug 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RMCF	Common Stock	Purchase	$5.85K	+1K	+6666.67%	$5.85	1.02K	Jul 25, 2023	Direct	F1
transaction	RMCF	Common Stock	Purchase	$2.89K	+500	+49.26%	$5.79	1.52K	Jul 26, 2023	Direct	F1
transaction	RMCF	Common Stock	Purchase	$2.9K	+500	+33%	$5.80	2.02K	Jul 27, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	RMCF	Non-qualified stock option						8.48K	Jul 25, 2023	Common Stock	8.48K	$6.85	Direct	F5
holding	RMCF	Restricted Stock Units						39.6K	Jul 25, 2023	Common Stock	39.6K		Direct	F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported price represents a weighted average purchase price. The Reporting Person undertakes to provide to the staff, the issuer, or a security holder full information regarding the number of shares purchased at each separate price.
F2	Each restricted stock unit represents a contingent right to receive one share of RMCF common stock.
F3	Reported number of shares represents the maximum number of shares that may be issued pursuant to these restricted stock units.
F4	Restricted stock units granted under the Company's 2007 Equity Incentive Plan (as amended) that vest upon RMCF's common stock achieving a specific level of total shareholder return ("TSR") for a performance period ending on 02/28/2025.
F5	Stock Option granted under the Company's 2007 Equity Incentive Plan (as amended) and becomes exercisable with respect to 1/3 of the shares on 02/28/2023 and 1/12 quarterly thereafter until fully exercisable on 02/28/2025.