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<SEC-DOCUMENT>0000825324-08-000026.txt : 20081229
<SEC-HEADER>0000825324-08-000026.hdr.sgml : 20081225
<ACCEPTANCE-DATETIME>20081229104133
ACCESSION NUMBER:		0000825324-08-000026
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20081229
DATE AS OF CHANGE:		20081229
EFFECTIVENESS DATE:		20081229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOOD TIMES RESTAURANTS INC
		CENTRAL INDEX KEY:			0000825324
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841133368
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18590
		FILM NUMBER:		081271395

	BUSINESS ADDRESS:	
		STREET 1:		601 CORPORATE CIRCLE
		CITY:			GOLDEN
		STATE:			CO
		ZIP:			80401
		BUSINESS PHONE:		3033841400

	MAIL ADDRESS:	
		STREET 1:		601 CORPORATE CIRCLE
		CITY:			GOLDEN
		STATE:			CO
		ZIP:			80401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT VENTURES INC
		DATE OF NAME CHANGE:	19900205
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>finalproxy1.htm
<TEXT>
<html>

<head>
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<p class=MsoNormal style='margin-bottom:12.0pt'><i>&nbsp;</i></p>

<p class=MsoNormal style='margin-bottom:12.0pt'><i>&nbsp;</i></p>









<p class=MsoNormal style='margin-bottom:12.0pt'><i>&nbsp;</i></p>

<p class=MsoNormal style='margin-bottom:12.0pt'><i>Dear Fellow Shareholders:</i></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>After four years of improving sales and results,
2008 was a trying year for the company as the economic recession led consumers to
become overwhelmingly oriented toward value and low price in their restaurant
purchases, a situation in which we do not compete well due to our lack of broad
$1 menu offerings.&nbsp;&nbsp; As consumers have become more price oriented and consumer
spending has hit all time lows, our sales have been disproportionately
affected, particularly as we compare to the double digit sales gains we saw in
the prior year from the introduction of Bambino Burgers.&nbsp; We are not happy with
our performance and the macroeconomic and competitive environments have caused
us to re-evaluate our strategy and core brand positioning. If there is a silver
lining to this year's results, it is that we are making significant brand moves
and are confident that, as the macroeconomic environment improves, we will be
more strongly positioned.&nbsp; Several expansion initiatives over the last several
years have failed to gain sufficient traction to accelerate our growth, and the
common denominator is the level of differentiation of our core concept in a
saturated, mature industry.&nbsp; We have made good progress, but without
breakthrough results.&nbsp;&nbsp; We are intent on strengthening our concept for larger
opportunities in fiscal 2009.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>Toward the end of fiscal 2008 we embarked on a
consumer research study to gain feedback and perspective from Good Times'
customers as well as frequent users of other quick service concepts on a new
evolution for our brand.&nbsp; The results overwhelmingly confirmed that we have the
opportunity to gain ownership of a competitive position that has tremendous
potential and, more importantly, is a believable evolution for those that
already know and love Good Times.&nbsp; While we get very good marks from the
consumer for the quality of our products, we don't have enough true separation
from the competition that creates resiliency and customer loyalty that is deep
enough to transcend difficult economic times and that can satisfactorily define
our core value proposition not by the lowest price, but by quality that is
unmatched by competitors.&nbsp; Being a &quot;little better&quot; against powerful brands is
not sufficient and does not differentiate us enough.&nbsp; While we have unique
products on our menu, the consumer today demands that true differentiation be
defined by a space in the marketplace unoccupied by anyone else, particularly
as the larger competitors become more and more commoditized in their offerings.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>We intend to leverage our historical equity in
quality products to an entirely new level in fiscal 2009 under a brand umbrella
that is unique to Good Times.&nbsp; While the competitive landscape continues to
become commoditized around products that are easily and quickly copied ($1
menus, salads, wraps, chicken strips, flavor profiles, breakfast, 24 hours,
coffee drinks, etc.), we plan to move our core products to a more unique
platform that resonates deeply and broadly with the quick service consumer,
without having to add a lot of limited time offers or new products into our
system.&nbsp; We intend to move our brand to this new position where we will be
known for &quot;bringing real food back to fast food&quot;:&nbsp; &quot;Good Times is committed to
providing food the way it used to be. &nbsp;There was a time when fast food was real
food, with less processing, natural and fresh ingredients, simple preparation,
and the honest flavors you love.&nbsp; Good Times is bringing back real food to fast
food.&quot;</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>In January, 2009 all of our hamburgers will be made
with fresh, all natural, 100% purebred Angus beef.&nbsp; We will increase the size
of our patties by approximately 10% and we have benchmarked the product
re-engineering against several emerging fast casual hamburger concepts that
sell a comparable product for 50% more than our price point.&nbsp; We will be
lowering the price of our core burger by 10% - 20% to position it as our core
value proposition:&nbsp; hands down the biggest and best burger for the money.&nbsp;
Other premium items will increase slightly in price with an anticipated neutral
effect on our overall gross profit margin.&nbsp; Other key support for the brand
position will be the introduction of an expanded fresh grilled, honey cured
bacon burger category, an overhaul of all of our chicken products, the evaluation
of homemade, hand breaded onion rings and fresh cut fries and refinement of our
fresh frozen custard treats and fresh squeezed lemonades.&nbsp; Our brand position
is all about providing the highest quality evidenced by fresh, hand crafted
food.&nbsp; We intend to maintain a fairly narrow focus on burgers, chicken, fries
and fountain treats but at a new level of quality and differentiation.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>In addition to extensive product re-engineering to
effectively support the updated brand direction, we plan on focusing on raising
the level of our daily execution of quality, service and hospitality
standards.&nbsp; While again we generally get excellent marks from the consumer on
our levels of service, our goal is to move our execution of quality, order
accuracy, cleanliness and polite, friendly service to a level that far exceeds
our competitors.&nbsp; The re-training will be supported by new video training
tools, new processes and standards and a new commitment to polite, personalized
service.&nbsp; We will also be making a shift in our marketing strategy and tactics,
supporting the new products with television media and with many more
promotional offers to promote trial and frequency.</p>



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<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>Given the dramatic shift in consumer spending, the
economic recession, the volatility in the commodities markets and the impact on
our financial results, as well as the unprecedented shift in the credit
markets, we made some tough decisions in fiscal 2008 to slow our growth and
reduce our overhead expenses, not over-step our balance sheet capacity and
recalibrate our growth plans.&nbsp; We suspended the development agreement with Zen
Partners LLC and terminated the site acquisition we had in motion in Nebraska
for both joint venture and company-owned restaurants.&nbsp; The dual brand test
agreement expired in September 2008 by mutual agreement as the top line sales
gains from the dual brand concept did not justify the added operating expenses
and our future brand direction is not as conducive to the dual brand system.&nbsp;
We hope to have an even more robust platform for franchise growth in place
later in fiscal 2009 as we implement the new brand direction.&nbsp; While our new
prototype stores are performing better than our older stores, we are working to
optimize the size, total investment and operating margins through refining the
prototype to a smaller 2,000 square foot, 50-seat design for future
restaurants. </p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>We saw an overall increase in our food and paper
costs of 12% during fiscal 2008, with the majority of that coming in the last
six months of the year.&nbsp; We were only able to take a weighted price increase of
4.8% during the year so we saw some deterioration in our gross profit margin.&nbsp;
However, our planned future profitability and growth is much more dependent on
regaining our top line sales momentum, as we expect to see some relief later in
fiscal 2009 from the unprecedented increase in commodity costs that have
occurred over the last two years.&nbsp; We anticipate that the new brand and product
quality initiatives will provide us with more pricing flexibility on our
premium menu items in the future.&nbsp; We have eliminated over $700,000 in fixed
expenses at the corporate and restaurant level for fiscal 2009, including
eliminating the Vice President of Franchise position, so our opportunity for
profit leverage from incremental sales is enhanced.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>This is the most difficult environment we have
ever operated in.&nbsp; We are very disappointed in our 2008 results and it demands
that we make big, bold, substantive moves in order to redefine our core value
proposition for the consumer and to position our concept for future growth.&nbsp; Thank
you for your continued support and we look forward to reporting improved
results later in fiscal 2009.</p>



<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>Sincerely,</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>/s/ Boyd E. Hoback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/
Eric Reinhard</p>

<p class=MsoNormal style='text-align:justify'>Boyd E. Hoback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eric
Reinhard</p>

<p class=MsoNormal style='text-align:justify'>President, CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman</p>





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<p class=MsoNormal align=center style='margin-top:0in;margin-right:.7pt;
margin-bottom:12.0pt;margin-left:0in;text-align:center'><b>TABLE OF CONTENTS</b></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=636
 style='width:477.0pt;margin-left:9.9pt;border-collapse:collapse'>
 <tr style='height:.2in'>
  <td width=570 valign=top style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='text-align:center'><b>NOTICE OF
  ANNUAL MEETING OF STOCKHOLDERS</b></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'><b>2</b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 valign=top style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin-top:12.0pt;margin-right:0in;
  margin-bottom:12.0pt;margin-left:0in;text-align:center'><b>PROXY
  STATEMENT</b></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:12.0pt;margin-right:0in;
  margin-bottom:12.0pt;margin-left:0in;text-align:right'><b>3 - 12</b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Item
  1 for Voting -&nbsp; Election of Directors</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>3 - 5</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Board
  Committees</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>5 - 6</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Ownership
  of Common Stock by Principal Stockholders and Management</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>7</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Executive
  Officers and Directors Compensation</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>8 - 10</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Employment
  Agreement and Arrangements</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>10</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Certain
  Relationships and Related Transactions</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>10 - 11</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Independent
  Public Accountants</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>11</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Future
  Stockholder Proposals</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>12</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Other
  Matters</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>12</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>Incorporation
  of Documents by Reference</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>12</p>
  </td>
 </tr>
</table>

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<p class=MsoNormal align=center style='text-align:center'><b>GOOD TIMES
RESTAURANTS INC.</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>601 Corporate
Circle</b></p>

<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>Golden</b><b>, Colorado 80401</b></p>

<p class=TitleC>NOTICE
OF ANNUAL MEETING OF STOCKHOLDERS</p>

<p class=TitleC style='margin-bottom:.25in'>To Be Held January 26, 2009</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>To the stockholders of Good Times Restaurants
Inc.:</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>An
annual meeting of the stockholders of Good Times Restaurants Inc., a Nevada
corporation, will be held at the Good Times Restaurants corporate offices
located at 601 Corporate Circle, Golden, Colorado 80401 on January 26, 2009 at 12:00
noon Mountain Standard Time.&nbsp; The purposes of the meeting are to:</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:35.3pt;text-indent:-.25in'>1.&nbsp;&nbsp;&nbsp;&nbsp; elect seven directors to serve
during the next year; and</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:35.1pt;text-indent:-.25in'>2.&nbsp;&nbsp;&nbsp;&nbsp; transact any other business
which may properly come before the meeting.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The
accompanying proxy statement contains additional information about the annual
meeting.&nbsp; All stockholders of record at the close of business on December 15 , 2008 may vote at the meeting.</p>

<p class=BodyText5 style='margin-top:6.0pt;text-indent:0in'><b>All stockholders are cordially
invited to attend the meeting.&nbsp; If you do not plan to attend the meeting,
please sign, date and promptly return the enclosed proxy card.&nbsp; A business
reply envelope is enclosed for your convenience.&nbsp; The delivery of a proxy will
not affect your right to vote in person if you attend the meeting.</b></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>Sincerely,</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in'>/s/
Susan M. Knutson</p>

<p class=MsoNormal>Susan
M. Knutson</p>

<p class=MsoNormal>Secretary
and Controller</p>

<p class=MsoNormal>December
 15, 2008</p>

<p class=MsoFooter align=center style='text-align:center'>2</p>

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<p class=TitleC align=left style='margin-top:0in;margin-right:.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:left'>PROXY STATEMENT</p>

<h3><a name="_Toc92016727">General</a>: This proxy statement contains
information about the annual meeting of stockholders of Good Times Restaurants
Inc. to be held at the Good Times Restaurants corporate offices located at 601
Corporate Circle, Golden, Colorado on Monday, January 26, 2009 at 12:00 noon Mountain
Standard Time.&nbsp; The Good Times Restaurants Inc. board of directors is using
this proxy statement to solicit proxies for use at the meeting.&nbsp; This Proxy
Statement and the enclosed Proxy Card and Annual Report on Form 10-KSB for the
fiscal year ended September 30, 2008 are being mailed to you on or about December
26, 2008.</h3>

<p class=BodyText5 align=left style='margin-top:6.0pt;margin-right:.5pt;
margin-bottom:6.0pt;margin-left:0in;text-align:left;text-indent:0in'>The terms &quot;we,&quot; &quot;us&quot; and &quot;our&quot;
in this proxy statement refer to Good Times Restaurants Inc.</p>

<h3><a name="_Toc92016728"></a><a
name="_Toc89839940"></a><a name="_Toc89839445">Who
can vote</a>: Only
stockholders of record at the close of business on the record date of December 15 , 2008 are entitled to receive notice of the annual meeting and to vote the
shares of our common stock.&nbsp; As of December 15, 2008, there were 3,898,559 shares of our common stock outstanding.&nbsp; Holders of our common stock are entitled
to one vote per share.&nbsp; The Company's by-laws do not allow holders to
accumulate votes in the election of directors.</h3>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The
shares represented by all proxies that are properly executed and submitted will
be voted at the meeting in accordance with the instructions indicated thereon.&nbsp;
Unless otherwise directed, votes will be cast &quot;For&quot; all of the nominees for
election as directors and approval of each of the other proposals set forth in
this proxy statement.</p>

<h3><a name="_Toc92016729"></a><a
name="_Toc89839941"></a><a name="_Toc89839446">Revoking
a proxy</a>: You may
revoke a proxy before the vote is taken at the meeting by:</h3>

<ul style='margin-top:0in' type=disc>
 <li class=MsoNormal style='margin-top:6.0pt;margin-bottom:6.0pt;text-align:
     justify'>Submitting
     a new proxy with a later date,</li>
 <li class=MsoNormal style='margin-top:6.0pt;margin-bottom:6.0pt;text-align:
     justify'>By
     voting at the meeting, or</li>
 <li class=MsoNormal style='margin-top:6.0pt;margin-bottom:6.0pt;text-align:
     justify'>By
     filing a written revocation with our corporate secretary.</li>
</ul>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Your
attendance at the meeting will not automatically revoke your proxy.</p>

<h3><a name="_Toc92016730"></a><a
name="_Toc89839942"></a><a name="_Toc89839447">Quorum
and voting requirements</a>: Our bylaws
provide that a majority of the outstanding shares entitled to vote, represented
in person or by proxy, is necessary to constitute a quorum at the annual
meeting.&nbsp; Our bylaws also provide that all stockholder actions are to be
determined by a majority of votes cast by the stockholders entitled to vote.&nbsp;
If a quorum is not present the meeting may be adjourned until a quorum is
obtained.&nbsp; The proxies may be voted at any reconvened meeting after any
adjournment or postponement of the annual meeting.</h3>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Abstentions
and broker &quot;non-votes&quot; will be treated as shares that are present for purposes
of determining the existence of a quorum.&nbsp; A broker non-vote occurs when a
broker is not permitted to vote on a matter without instruction from the
beneficial owner of the shares and no instruction is given.&nbsp; Abstentions and
broker non-votes will result in the respective proposals receiving fewer votes.</p>

<h3><a name="_Toc92016731"></a><a
name="_Toc89839943"></a><a name="_Toc89839448">Payment
of proxy solicitation costs</a>: All of the
expenses involved in preparing and mailing this proxy statement and the
enclosed materials and all costs of soliciting proxies will be paid by us.&nbsp; In
addition to solicitation by mail, proxies may be solicited by our officers and
regular employees by telephone or personal interview.&nbsp; These individuals will
not receive any compensation for their services other than their regular
salaries.&nbsp; Arrangements will also be made with brokerage houses and other
custodians and fiduciaries to forward solicitation materials to the beneficial
owners of the shares held on the record date, and we may reimburse those
persons for reasonable out-of-pocket expenses incurred by them in so doing.</h3>

<h3><a name="_Toc92016732"></a><a
name="_Toc89839944"></a><a name="_Toc89839449">ITEM
1 FOR VOTING - ELECTION OF DIRECTORS</a></h3>

<p class=BodyText5 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'>All directors of
Good Times Restaurants are elected annually.&nbsp; At this meeting seven directors
are to be elected to serve for the next year or until their successors are
elected and qualified.&nbsp; The nominees for directors are identified under the
&quot;Nominees&quot; caption below.&nbsp; Each nominee has consented to be named in the proxy
statement and to serve as a director if elected.&nbsp; However, if any nominee is
unable to serve or for good cause will not serve as a director, each of the
persons named in the proxy intend to vote in his or her discretion for a
substitute who will be designated by the board of directors.<a
name="_Toc92016733"></a></p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-indent:0in'><b>Nominee selection process</b><b>: </b>Our board of directors as a
whole acts as the nominating committee for the selection of nominees for
election as directors.&nbsp; We do not have a separate standing nominating committee
since we require that our director nominees be approved as nominees by a majority
of our independent directors.&nbsp; The board will consider suggestions by
stockholders for possible future nominees for election as directors at the next
annual meeting when the suggestion is delivered in writing to the corporate
secretary of Good Times Restaurants by August 15 of the year immediately
preceding the annual meeting.&nbsp; No request for a recommended nominee was made by
the August 15, 2008 deadline by any stockholder or group of stockholders with
beneficial ownership of more than 5% of the Company's common stock as indicated
in a Schedule 13D or 13G.</p>

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<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The
board selects each nominee, subject to contractual nominee designation and
election rights held by certain stockholders, as discussed below, based on the
nominee's skills, achievements and experience, with the objective that the
board as a whole should have broad and relevant experience in high policymaking
levels in business and a commitment to representing the long-term interests of
the stockholders.&nbsp; The board believes that each nominee should have experience
in positions of responsibility and leadership, an understanding of our business
environment and a reputation for integrity.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The
board evaluates each potential nominee individually and in the context of the
board as a whole.&nbsp; The objective is to recommend a group that will effectively
contribute to our long-term success and represent stockholder interests.&nbsp; In
determining whether to recommend a director for re-election, the board also
considers the director's past attendance at meetings and participation in and
contributions to the activities of the board.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>When
seeking candidates for director, the board solicits suggestions from incumbent
directors, management, stockholders or others.&nbsp; The board does not have a
charter for the nominating process.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'><a name="_Toc92016734"><b>Communication with the
directors</b></a><b>:</b> The board welcomes questions
or comments about us and our operations.&nbsp; Those interested may contact the
board as a whole or any one or more specified individual directors by sending a
letter to the intended recipients' attention in care of Good Times Restaurants
Inc., Corporate Secretary, 601 Corporate Circle, Golden, CO 80401.&nbsp; All such
communications other than commercial advertisements will be forwarded to the
appropriate director or directors for review.</p>

<p style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;margin-left:
0in;text-align:justify'><a name="_Toc92016735"><b>Nominees</b></a><b>:</b> The director
nominees of Good Times Restaurants are as follows:</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Geoffrey R. Bailey,</i> age 57, has
served as a Good Times director since 1996 and is a director of The Erie County
Investment Co., which owns 99% of The Bailey Company, a large franchise owner
of Arby's restaurants and a franchisee and joint venture partner of Good Times
Restaurants.&nbsp; He joined The Erie County Investment Co. in 1979.&nbsp; Mr. Bailey is
a graduate of the University of Denver with a Bachelor's Degree in Business
Administration.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><strong><i>Ron Goodson</i></strong><strong>, age 52, has served as a Good Times&nbsp;director since 2005.&nbsp;He
also is the Vice President &amp; General Manager for the Pepsi Cola Bottling
Group's Southwest&nbsp;Market Unit.&nbsp; Mr. Goodson has been with PepsiCo&nbsp;and
Pepsi Bottling Group for&nbsp;30 years where he has held numerous
positions&nbsp;with increasing responsibility in more than half a dozen
geographical territories.&nbsp; In addition Mr. Goodson has served on the North
America Diversity Advisory Board, the PBG Annual Planning Steering Committee
and is active with the&nbsp;&nbsp;company's focus on Campus recruiting and
retention.&nbsp; Mr. Goodson is a graduate of Wright State University.&nbsp; His
current&nbsp;executive&nbsp;board involvement is with the YMCA and&nbsp;The
City of Hope.</strong></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>David Grissen</i>, age 51, has served as
a Good Times director since 2005 and is Executive Vice President Eastern Region
for Marriott International.&nbsp; He is responsible for&nbsp;730 hotels within
the Eastern Region (spanning from the states of Maine to South Carolina)
operated under the Marriott Hotels&nbsp;&amp; Resort, Marriott Conference Centers,&nbsp;Renaissance Hotels &amp; Resorts,&nbsp;Courtyard, Residence Inn,
TownePlace Suites and SpringHill Suites brands.&nbsp; He oversees Human
Resources, Sales and Marketing, Finance, Market Strategy, Information Resources
and Development and Feasibility areas through key executives on the Eastern
Regional Team.&nbsp;&nbsp;Mr. Grissen joined Marriott from Dreyer's Grand Ice
Cream in 1987, where he had served as Director of Finance and Planning.
&nbsp;Mr. Grissen holds a B.A. from Michigan State University and a M.B.A. from
  Loyola University in Chicago.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Boyd E. Hoback</i>, age 53, has
served as a Good Times director since 1992 and is President and Chief Executive
Officer of Good Times Restaurants, a position which he has held since December
1992 and he has been in the restaurant business since the age of 16.&nbsp; Mr.
Hoback has been a vital part of the development of Good Times to a 52-restaurant
chain and has been involved in developing all areas of the company.&nbsp; Mr. Hoback
is an honors graduate of the University of Colorado in finance.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Eric W. Reinhard</i>, age 50, has
served as a Good Times director since 2005 and in addition to serving as
Chairman of the Board, Mr. Reinhard also serves as President of the Pepsi Cola
Bottler's Association.&nbsp; Prior to June 2004 he was the General Manager for the
Pepsi Bottling Group's Great West Business Unit.&nbsp; While in this role, Mr.
Reinhard was also a member of the Pepsi Bottling Group's Chairman's Operating
Council, a member of the Food Service Strategic Planning Committee, and a
member of The Dr. Pepper Bottler Marketing Committee.&nbsp;&nbsp; Mr. Reinhard joined
Pepsi Cola in 1984 after four years with The Proctor &amp; Gamble Distributing
Company.&nbsp; Since 1984 he has held several field and headquarters positions
including Vice President/General Manager Pepsi-Lipton Tea partnership (JV),
General Manager Mid-Atlantic business Unit, Area Vice President Retail
Channels, Vice President On-Premise Operations and Area Vice President of
Franchise Operations.&nbsp; Eric holds a BA from Michigan State University and has completed the Executive Business Program at the University of Michigan.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Richard J. Stark</i>, age 68, has
served as a Good Times director since July 1990.&nbsp; He is Chairman of the Audit
Committee, and a member of the Compensation Committee.&nbsp; Mr. Stark has spent
over 40 years in the investment industry.&nbsp; He is currently President of Boulder
Asset Management, a firm that he founded in 1984. Previously Mr. Stark was the
Chief Investment Officer of Interfirst Investment Management in Dallas, Texas and was responsible for all individual asset management at
S&amp;P/Intercapital in New York.&nbsp; Mr. Stark is a graduate of Marquette University with a BS in business administration (finance) and has an MBA from the University of Illinois with a major in finance.&nbsp; Mr. Stark received his chartered financial
analyst designation in 1974.</p>

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<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Alan A. Teran</i>, age 63, has
served as a Good Times director since 1994.&nbsp; He is a member of the Audit and
Compensation Committees.&nbsp; Mr. Teran serves as president of Cork &amp; Cleaver.&nbsp;
He was one of the first franchisees of Le Peep Restaurants.&nbsp; Mr. Teran
graduated from the University of Akron in 1968 with a degree in business.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'><a name="_Toc92016736"></a><a
name="_Toc89839945"></a><a name="_Toc89839450">There
are no family relationships among the directors.&nbsp; The board has determined that
of the current directors Geoffrey R. Bailey, Ron Goodson, David Grissen,
Richard J. Stark and Alan A. Teran are independent directors under the NASDAQ
listing standards.</a></p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Geoffrey
R. Bailey was originally elected to the board of directors pursuant to
contractual board representation rights granted to The Bailey Company in connection
with its investment in shares of our Series A Convertible Preferred Stock in
1996.&nbsp; Mr. Bailey continues to serve on the board pursuant to contractual board
representation rights held by The Bailey Company and its affiliates (&quot;The
Bailey Group&quot;) in connection with our Series B Convertible Preferred Stock
financing in February 2005, whereby The Bailey Group is currently entitled to
elect three members of our board of directors, two of whom must be independent
directors.&nbsp; Richard J. Stark and Alan A. Teran are the additional members of
the board of directors and nominees designated by The Bailey Group under these
provisions.&nbsp; Accordingly, the votes of The Bailey Group shall be determinative
as to the election of Messrs. Bailey, Stark and Teran.&nbsp; The other investors in
our Series B Convertible Preferred Stock financing also have board
representation rights whereby they are currently entitled to elect three
members of our board of directors.&nbsp; Ron Goodson, David Grissen and Eric W.
Reinhard are the members of the board of directors and nominees designated
under these provisions.&nbsp; Accordingly, the votes of the other investors in our
Series B Convertible Preferred Stock financing shall be determinative as to the
election of Messrs. Goodson, Grissen and Reinhard.&nbsp; See &quot;Certain relationships
and related transactions&quot; for additional discussion of these provisions.&nbsp; There
are no other arrangements or understandings between any current director and
any other person under which that director was elected or nominated.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'><b>Recommendation
of the board of directors:&nbsp; The board of directors recommends voting </b>&quot;<b>For</b>&quot;<b> electing all of the nominees.</b></p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'><b>Board
Committees</b></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><a name="_Toc92016737"></a><a
name="_Toc89839946"></a><a name="_Toc89839451"><b>Audit Committee</b></a><b>:</b> The Audit
Committee currently consists of Messrs. Grissen, Teran and Stark, each of whom
are independent directors under the applicable NASDAQ listing standards.&nbsp;&nbsp; The
Board has determined that Richard Stark is an audit committee financial expert,
as that term is defined by the Securities and Exchange Commission
(&quot;SEC&quot;) rules.&nbsp; The function of this Committee relates to oversight
of the auditors, the auditing, accounting and financial reporting processes and
the review of the Company's financial reports and information.&nbsp; In addition,
the functions of this Committee have included, among other things, recommending
to the Board the engagement or discharge of independent auditors, discussing
with the auditors their review of the Company's quarterly results and the
results of their audit and reviewing the Company's internal accounting
controls.&nbsp; The Audit Committee operates pursuant to a written Charter adopted
by the Board of Directors.&nbsp; A current copy of the Audit Committee Charter is
available on our website at www.goodtimesburgers.com.&nbsp; The Audit Committee held
five meetings during fiscal 2008.</p>

<p class=Style style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><a name="_Toc92016738"></a><a
name="_Toc89839947"></a><a name="_Toc89839452"><b>Compensation Committee</b></a><b>:</b> The
Compensation Committee currently consists of Messrs. Goodson, Stark and Teran,
each of whom are independent directors under the applicable NASDAQ listing
standards.&nbsp; The function of this Committee is to consider and determine all
matters relating to the compensation of the President and CEO and other executive officers, including matters relating to the employment agreements.&nbsp; The
Compensation Committee held two meetings during fiscal 2008.</p>

<p class=Style style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>The Compensation Committee does not have a
Charter. The
responsibility of the Compensation Committee is to review and approve the
compensation and other terms of employment of our Chief Executive Officer and
our other executive officers, including all of the executive officers named in
the Summary Compensation Table in this proxy statement (the &quot;Named Executive
Officers&quot;).&nbsp; Among its other duties, the Compensation Committee oversees all
significant aspects of the Company's compensation plans and benefit programs.&nbsp;
The Compensation Committee annually reviews and approves corporate goals and
objectives for the Chief Executive Officer's compensation and evaluates the
Chief Executive Officer's performance in light of those goals and objectives.&nbsp;
The Compensation Committee also recommends to the Board of Directors the
compensation and benefits for members of the Board of Directors.&nbsp; The
Compensation Committee has also been appointed by the Board of Directors to
administer our 2008 Omnibus Equity Incentive Compensation Plan (the &quot;2008
Plan&quot;), which is the successor equity compensation plan to the Company's 2001
Stock Option Plan (the &quot;2001 Plan&quot;).&nbsp; The Compensation Committee does not
delegate any of its authority to other persons.</p>

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<p class=Style style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>In carrying out its duties, the Compensation
Committee participates in the design and implementation and ultimately reviews
and approves specific compensation programs.&nbsp; The Compensation Committee
reviews and determines the base salaries for the Named Executive Officers, and
also approves awards to the Named Executive Officers under the Company's equity
compensation plans.</p>

<p class=Style style='margin-top:6.0pt;margin-right:.25pt;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>In determining the amount and form of compensation
for Named Executive Officers other than the Chief Executive Officer, the
Compensation Committee obtains input from the Chief Executive Officer regarding
the duties, responsibilities and performance of the other executive officers
and the results of performance reviews.&nbsp; The Chief Executive Officer also
recommends to the Compensation Committee the base salary levels for all Named
Executive Officers and the award levels for all Named Executive Officers under
the Company's equity compensation programs.&nbsp; No Named Executive Officer attends
any executive session of the Compensation Committee or is present during final
deliberations or determinations of such Named Executive Officer's
compensation.&nbsp; The Chief Executive Officer also provides input with respect to
the amount and form of compensation for the members of the Board of Directors.</p>

<p class=Style style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>The Compensation Committee has the authority to
directly engage, at the Company's expense, any compensation consultants or
other advisers as it deems necessary to carry out its responsibilities in
determining the amount and form of executive and director compensation.&nbsp; For
fiscal 2008, the Compensation Committee did not use the services of a compensation
consultant or other adviser.&nbsp; However, the Compensation Committee has reviewed
surveys, reports and other market data against which it has measured the
competitiveness of the Company's compensation programs.&nbsp; In determining the
amount and form of executive and director compensation, the Compensation
Committee has reviewed and discussed historical salary information as well as
salaries for similar positions at comparable companies.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><a name="_Toc92016739"></a><a
name="_Toc89839948"></a><a name="_Toc89839453"><b>Directors' meetings and attendance</b></a><b>:</b> There were
four meetings of the board of directors held during the last full fiscal year.
No member of the board of directors attended fewer than 75% of the board
meetings and applicable committee meetings.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Each
director attended the 2008 annual meeting of stockholders.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><a name="_Toc92016740"></a><a
name="_Toc89839949"></a><a name="_Toc89839454"><b>Directors' compensation</b></a><b>:</b> Each
non-employee director receives $500 for each board of directors meeting
attended.&nbsp; Members of the compensation and audit committees generally each
receive $100 per meeting attended.&nbsp; However, where both compensation and audit
committee meetings are held at the same gathering only $100 is paid to
directors attending both committee meetings.&nbsp; Additionally, for the fiscal year
ended September 30, 2008, each non-employee director received a non-statutory
stock option to acquire 2,000 shares of common stock at an exercise price of $5.75.</p>

<p class=BodyText5 style='margin-bottom:6.0pt;text-indent:0in'><a
name="_Toc92016741"></a><a name="_Toc89839950"></a><a name="_Toc89839455"><b>Audit Committee Report</b></a><b>:</b> Good Times Restaurant's
management is responsible for the internal controls and financial reporting
process for Good Times Restaurants.&nbsp; The independent accountants for Good Times
Restaurants are responsible for performing an independent audit of the
financial statements in accordance with generally accepted auditing standards
and to issue a report on those financial statements.&nbsp; The audit committee's
responsibility is to monitor and oversee these processes.</p>

<p class=BodyText5 style='margin-bottom:6.0pt;text-indent:0in'>In this context, the audit
committee met with management and the independent accountants to review and
discuss the Good Times Restaurants financial statements for the fiscal year
ended September 30, 2008.&nbsp; Management represented to the audit committee that
the financial statements were prepared in accordance with generally accepted
accounting principles, and the audit committee has reviewed and discussed the
financial statements with management and the independent accountants.</p>

<p class=BodyText5 style='margin-bottom:6.0pt;text-indent:0in'>The audit committee has
discussed with the independent accountants matters required to be discussed by
Statement on Auditing Standards No. 61, Communication with Audit Committees.&nbsp;
The audit committee has also received the written disclosures and the letter
from the independent accountants required by applicable requirements of the
Public Company Accounting Oversight Board regarding the independent
accountants' communications with the audit committee concerning independence and
the audit committee discussed with the independent accountants that firm's
independence.</p>

<p class=BodyText5 style='text-indent:0in'>Based
on the audit committee's review and discussions referred to above, the audit
committee recommended to the board of directors that the audited financial
statements be included in the Good Times Restaurants Annual Report on Form
10-KSB for the fiscal year ended September 30, 2008 for filing with the SEC.</p>

<p class=BodyText5 align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;text-indent:0in'><b>SUBMITTED
BY THE AUDIT COMMITTEE OF THE COMPANY'S BOARD OF DIRECTORS</b></p>

<p class=MsoNormal align=center style='margin-top:12.0pt;text-align:center'><i>David Grissen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard
Stark&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alan Teran</i></p>

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<p class=MsoNormal style='line-height:1.0pt'><a name="_Toc92016742">&nbsp;</a></p>







<p class=MsoNormal style='margin-top:12.0pt;margin-right:0in;margin-bottom:
12.0pt;margin-left:0in;text-align:justify'><b>Ownership of common stock by principal
stockholders and management</b><b>:</b> The following table shows the
beneficial ownership of shares of Good Times Restaurants common stock as of
December 15, 2008 by each person known by Good Times Restaurants to be the
beneficial owner of more than five percent of the shares of Good Times
Restaurants common stock, each director and each executive officer named in the
Summary Compensation Table, and all directors and executive officers as a
group.&nbsp; The address for the principal stockholders and the Directors and
Officers is 601 Corporate Circle, Golden, CO 80401.</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:23.4pt;border-collapse:collapse'>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'><b><br
  clear=all style='page-break-before:always'>
  </b>
  <p class=MsoNormal><b><u>Holder</u></b></p>
  </td>
  <td width=144 valign=top style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin-left:.3pt;text-align:center'><b>Number of
  shares </b></p>
  </td>
  <td width=108 valign=top style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.3pt;
  margin-bottom:0in;margin-left:.9pt;margin-bottom:.0001pt;text-align:center'><b>Percent of</b></p>
  </td>
 </tr>
 <tr style='height:.25in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.25in'>
  <p class=MsoNormal><b><u>Principal
  stockholders</u></b></p>
  </td>
  <td width=144 valign=top style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.25in'>
  <p class=MsoNormal align=center style='text-align:center'><b><u>beneficially
  owned</u></b></p>
  </td>
  <td width=108 valign=top style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.25in'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.3pt;
  margin-bottom:0in;margin-left:.9pt;margin-bottom:.0001pt;text-align:center'><b><u>class**</u></b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>The
  Bailey Company, LLLP</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>821,512<sup>1</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>21.07%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>The
  Erie County Investment Co.</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>1,034,792<sup>1</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>26.54%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Commonwealth
  Equity Services LLP</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>360,613<sup>2</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>9.36%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Paul
  T. Bailey</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>1,092,792<sup>3</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>28.03%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal><b><u>Directors
  and Officers</u></b></p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'><b>&nbsp;</b></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Geoffrey
  R. Bailey, Director</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>42,200<sup>4</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>1.08%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Ron
  Goodson, Director</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>210,000<sup>5</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>5.37%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>David
  Grissen, Director</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>210,000<sup>5</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>5.37%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Boyd
  E. Hoback, Director, President and Chief Executive Officer</p>
  </td>
  <td width=144 valign=bottom style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>150,573<sup>6</sup></p>
  </td>
  <td width=108 valign=bottom style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>3.72%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Scott
  G. LeFever, Vice President, Operations</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>17,065<sup>7</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Richard
  J. Stark, Director</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>45,100<sup>8</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>1.15%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Alan
  A. Teran, Director</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>93,705<sup>8</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>2.40%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Eric
  W. Reinhard, Chairman</p>
  </td>
  <td width=144 style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>274,500<sup>9</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>7.01%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Robert
  D. Turrill, Former Vice President, Marketing</p>
  </td>
  <td width=144 valign=bottom style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>5,888<sup>10</sup></p>
  </td>
  <td width=108 valign=bottom style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=378 valign=top style='width:283.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal>All
  directors and executive officers as a group</p>
  <p class=MsoNormal>(11
  persons including all those named above)</p>
  </td>
  <td width=144 valign=bottom style='width:1.5in;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:.3in;text-align:right'>1,058,567<sup>11</sup></p>
  </td>
  <td width=108 valign=bottom style='width:81.0pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>25.35%</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:12.0pt;margin-right:0in;margin-bottom:
6.0pt;margin-left:0in;text-align:justify'><sup>1&nbsp;&nbsp;&nbsp; </sup>The Bailey
Company is 99% owned by The Erie County Investment Co., which should be deemed
the beneficial owner of Good Times Restaurants common stock held by The Bailey
Company.&nbsp; The Erie County Investment Co. also owns 213,280 shares of Good Times
Restaurants common stock in its own name.&nbsp; Geoffrey R. Bailey is a director and
executive officer of The Erie County Investment Co.&nbsp; Geoffrey R. Bailey
disclaims beneficial ownership of the shares of Good Times Restaurants common
stock held by The Bailey Company and The Erie County Investment Co.&nbsp; See footnote 3 below.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>2&nbsp;&nbsp;&nbsp; </sup>The information
as to Commonwealth Equity Services LLP (&quot;Commonwealth&quot;) and entities
controlled directly or indirectly by Commonwealth is derived in part from
Schedule&nbsp;13G, as filed with the Securities and Exchange Commission on
December 23, 2005 and most recently amended on February 5, 2008, and
information furnished to Good Times separately by Commonwealth.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>3&nbsp;&nbsp;&nbsp; </sup>Includes
821,512 shares beneficially owned by The Bailey Company and 213,280 shares held
of record by The Erie County Investment Co.&nbsp; Paul T. Bailey is the principal
owner of The Erie County Investment Co. and may be deemed the beneficial owner
of shares held by The Erie County Investment Co. and The Bailey Company.&nbsp; Paul
T. Bailey disclaims beneficial ownership of the shares held by The Erie County
Investment Co. and The Bailey Company.&nbsp; Paul T. Bailey is the father of Geoffrey
R. Bailey.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>4&nbsp;&nbsp;&nbsp; </sup>Includes 12,000
shares underlying presently exercisable stock options.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>5&nbsp;&nbsp;&nbsp; </sup>Includes 10,000
shares underlying presently exercisable stock options.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>6&nbsp;&nbsp;&nbsp; </sup>Includes 105,581
shares underlying presently exercisable stock options.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>7&nbsp;&nbsp;&nbsp; </sup>Includes 17,065
shares underlying presently exercisable stock options</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>8&nbsp;&nbsp;&nbsp; </sup>Includes 12,000
shares underlying presently exercisable stock options</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>9&nbsp;&nbsp;&nbsp; </sup>Includes 14,500
shares underlying presently exercisable stock options</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>10  </sup>Robert D.
Turrill retired from the Company effective as of October 31, 2008.</p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify'><sup>11&nbsp; </sup>Does not
include shares held beneficially by The Bailey Company and The Erie County
Investment Co.&nbsp; If those shares were included, the number of shares
beneficially held by all directors and executive officers as a group would be
2,093,359 and the percentage of class would be 50.14%.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>*&nbsp; Less than one percent.</p>

<p class=MsoNormal>** Under
SEC rules, beneficial ownership includes shares over which the individual or
entity has voting or investment power and any shares which the individual or
entity has the right to acquire within sixty days.</p>

<p class=MsoFooter align=center style='text-align:center'>7</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>


<p class=MsoNormal style='line-height:1.0pt'><a name="_Toc92016743"></a><a
name="_Toc89839951"></a><a name="_Toc89839456">&nbsp;</a></p>







<p class=MsoNormal style='margin-bottom:12.0pt'><b>Executive officers</b><b>:</b> The executive
officers of Good Times Restaurants are as follows:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=624
 style='margin-left:5.4pt;border-collapse:collapse'>
 <tr style='height:17.1pt'>
  <td width=120 valign=top style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;
  height:17.1pt'>
  <p class=MsoNormal style='margin-left:17.1pt;text-align:justify'><b><u>Name</u></b></p>
  </td>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:17.1pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'><b><u>Age</u></b></p>
  </td>
  <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:17.1pt'>
  <p class=MsoNormal align=center style='margin-left:8.85pt;text-align:center'><b><u>Position</u></b></p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:17.1pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'><b><u>Date Began
  With Company</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=120 valign=top style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='text-align:justify'>Boyd E. Hoback</p>
  </td>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>53</p>
  </td>
  <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:2.85pt'>President &amp; CEO</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:44.1pt;margin-bottom:.0001pt'>September 1987</p>
  </td>
 </tr>
 <tr>
  <td width=120 valign=top style='width:1.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='text-align:justify'>Susan M. Knutson</p>
  </td>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>50</p>
  </td>
  <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:2.85pt'>Controller</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:44.1pt;margin-bottom:.0001pt'>September 1987</p>
  </td>
 </tr>
 <tr style='height:11.85pt'>
  <td width=120 valign=top style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal style='text-align:justify'>Scott G. LeFever</p>
  </td>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>50</p>
  </td>
  <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal style='margin-left:2.85pt'>VP of Operations</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:44.1pt;margin-bottom:.0001pt'>September 1987</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Boyd E. Hoback.</i>&nbsp; See the
description of Mr. Hoback's business experience under &quot;Item 1 For Voting -
Election of Directors&quot;.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Susan M. Knutson </i>has been
Controller since 1993 with direct responsibility for overseeing the accounting
department, maintaining cash controls, producing budgets, financials and quarterly
and annual reports required to be filed with the Securities and Exchange
Commission, acting as the principal financial officer of the Company, and
preparing all information for the annual audit.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Scott G. LeFever</i> has been Vice
President of Operations since August 1995, and has been involved in all phases
of operations with direct responsibility for restaurant service performance,
personnel and cost controls.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Executive
officers do not have fixed terms and serve at the discretion of the board of
directors.&nbsp; There are no family relationships among the executive officers,
directors or director nominees.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><a name="_Toc92016744"></a><a
name="_Toc89839952"></a><a name="_Toc89839457"><b>Code of ethics</b></a>: Good Times
Restaurants has adopted a Code of Business Conduct which applies to all
directors, officers, employees and franchisees of Good Times Restaurants.&nbsp; The
Code of Business Conduct was filed with the SEC as an exhibit to the Annual
Report on Form 10-KSB for the fiscal year ended September 30, 2003.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Executive Compensation:</b>
The following table sets forth compensation information for 2008 and 2007 with
respect to the named executive officers:</p>

<p class=MsoNormal align=center style='text-align:center;text-autospace:none'><b>Summary
Compensation Table for 2008 and 2007</b></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 align=left
 width=674 style='border-collapse:collapse;margin-left:6.75pt;margin-right:
 6.75pt'>
 <tr style='height:43.45pt'>
  <td width=104 valign=bottom style='width:78.0pt;border:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal style='text-autospace:none'>Name and Principal
  Position</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Year</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Salary
  $</p>
  </td>
  <td width=42 valign=bottom style='width:31.5pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Bonus
  $</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Stock
  Awards $</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Option
  Awards $<sup>3</sup></p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Non-Equity
  Incentive Plan Compensation $</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Nonqualified
  Deferred Compensation Earnings $</p>
  </td>
  <td width=78 valign=bottom style='width:58.5pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>All
  Other Compensation $</p>
  </td>
  <td width=72 valign=bottom style='width:.75in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Total
  $</p>
  </td>
 </tr>
 <tr>
  <td width=104 valign=top style='width:78.0pt;border:none;border-left:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal style='text-autospace:none'>Boyd E. Hoback</p>
  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2008</p>
  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>193,400</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>17,436</p>
  </td>
  <td width=84 valign=top style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 valign=top style='width:76.5pt;padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=78 valign=top style='width:58.5pt;padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>17,754<sup>1</sup></p>
  </td>
  <td width=72 valign=top style='width:.75in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>228,590</p>
  </td>
 </tr>
 <tr style='height:23.5pt'>
  <td width=104 valign=top style='width:78.0pt;border-top:none;border-left:
  solid windowtext 1.0pt;border-bottom:solid windowtext 1.0pt;border-right:
  none;padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal style='text-autospace:none'>President and Chief
  Executive Officer</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2007</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>173,117</p>
  </td>
  <td width=42 style='width:31.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>15,150</p>
  </td>
  <td width=84 style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=78 valign=bottom style='width:58.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>19,093<sup>1</sup></p>
  </td>
  <td width=72 valign=bottom style='width:.75in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>207,360</p>
  </td>
 </tr>
 <tr style='height:8.9pt'>
  <td width=104 valign=top style='width:78.0pt;border:none;border-left:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=84 valign=top style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=102 valign=top style='width:76.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=78 valign=top style='width:58.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=72 valign=top style='width:.75in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
 </tr>
 <tr>
  <td width=104 valign=top style='width:78.0pt;border-top:solid windowtext 1.0pt;
  border-left:solid windowtext 1.0pt;border-bottom:none;border-right:none;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal style='text-autospace:none'>Scott G. LeFever</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2008</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>119,775</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>5,481</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>5,277</p>
  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 valign=top style='width:76.5pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=78 valign=top style='width:58.5pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>11,262<sup>2</sup></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>141,795</p>
  </td>
 </tr>
 <tr style='height:22.45pt'>
  <td width=104 valign=top style='width:78.0pt;border-top:none;border-left:
  solid windowtext 1.0pt;border-bottom:solid windowtext 1.0pt;border-right:
  none;padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal style='text-autospace:none'>Vice President of
  Operations</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2007</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>117,108</p>
  </td>
  <td width=42 valign=bottom style='width:31.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>6,173</p>
  </td>
  <td width=48 style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>4,585</p>
  </td>
  <td width=84 style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=78 valign=bottom style='width:58.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>11,314<sup>2</sup></p>
  </td>
  <td width=72 valign=bottom style='width:.75in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>139,180</p>
  </td>
 </tr>
 <tr style='height:8.9pt'>
  <td width=104 valign=top style='width:78.0pt;border:none;border-left:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=84 valign=top style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=102 valign=top style='width:76.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=78 valign=top style='width:58.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
  <td width=72 valign=top style='width:.75in;padding:0in 1.5pt 0in 1.5pt;
  height:8.9pt'>

  </td>
 </tr>
 <tr>
  <td width=104 valign=top style='width:78.0pt;border-top:solid windowtext 1.0pt;
  border-left:solid windowtext 1.0pt;border-bottom:none;border-right:none;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal style='text-autospace:none'>Robert D. Turrill <sup>4</sup></p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2008</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>91,947</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>4,132</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>4,061<sup>4</sup></p>
  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=78 valign=top style='width:58.5pt;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>13,264<sup>2</sup></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>113,404</p>
  </td>
 </tr>
 <tr style='height:22.45pt'>
  <td width=104 valign=top style='width:78.0pt;border-top:none;border-left:
  solid windowtext 1.0pt;border-bottom:solid windowtext 1.0pt;border-right:
  none;padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal style='text-autospace:none'>Vice President of
  Marketing</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2007</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>90,123</p>
  </td>
  <td width=42 valign=bottom style='width:31.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>6,389</p>
  </td>
  <td width=48 style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>3,528<sup>4</sup></p>
  </td>
  <td width=84 style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=78 valign=bottom style='width:58.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>11,396<sup>2</sup></p>
  </td>
  <td width=72 valign=bottom style='width:.75in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>111,436</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:12.0pt;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-autospace:none'><sup>1&nbsp;&nbsp;&nbsp; </sup>The
amount indicated for Mr. Hoback includes an automobile allowance, long-term
disability and 401(K) Plan matching contributions.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-autospace:none'><sup>2&nbsp;&nbsp;&nbsp; </sup>The
amounts indicated for Mr. LeFever and Mr. Turrill include automobile
allowances, long-term disability, personal expenses and 401(K) Plan matching
contributions.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-autospace:none'><sup>3&nbsp;&nbsp;&nbsp; </sup>The
value of stock option awards shown in this column includes all amounts expensed
in the Company's financial statements in 2007 and 2008 for equity awards
pursuant to Statement of Financial Accounting Standard No 123&reg; - &quot;Share Based
Payments&quot; (&quot;SFAS 123R&quot;), excluding any estimate for forfeitures.&nbsp; The Company's
accounting treatment for, and assumptions made in the valuations of, equity
awards is set forth in Note 1 of the notes to the Company's 2008 consolidated
financial statements included in the Company's Annual Report on Form 10-KSB for
the fiscal year ended September 30, 2008.&nbsp; There were no option awards re-priced
in 2008.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-autospace:none'><sup>4</sup>&nbsp;&nbsp; Robert
D. Turrill retired from the Company on October 31, 2008 and all of the outstanding stock options held by him expired unexercised thirty (30) days following his
retirement.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-autospace:none'>There
were no shares of SARs granted during 2008 or 2007 nor has there been any
nonqualified deferred compensation paid to any named executive officers during
2008 or 2007.&nbsp; The Company does not have any plans that provide for specified
retirement payments and benefits at, following or in connection with
retirement.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-autospace:none'>In fiscal 2009
the Chief Executive Officer and Vice President of Operations will receive a
salary reduction which will remain in place for one year.</p>

<p class=MsoFooter align=center style='text-align:center'>8</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-top:6.0pt;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-autospace:none'>The following
table sets forth information as of September 30, 2008 on all unexercised options previously awarded to the named executive officers:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=735
 style='margin-left:-26.1pt;border-collapse:collapse'>
 <tr style='height:26.25pt'>
  <td width=735 nowrap colspan=12 style='width:550.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:26.25pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>Outstanding
  Equity Awards at 2008 Fiscal Year-End</b></p>
  </td>
 </tr>
 <tr style='height:19.5pt'>
  <td width=452 nowrap colspan=6 style='width:339.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:19.5pt'>
  <p class=MsoNormal><b>___________________________ Option
  Awards______________________ </b></p>
  </td>
  <td width=16 colspan=2 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:19.5pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>
  </td>
  <td width=267 nowrap colspan=4 style='width:200.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:19.5pt'>
  <p class=MsoNormal><b>_______________ Stock
  Awards_________ </b></p>
  </td>
 </tr>
 <tr style='height:85.0pt'>
  <td width=66 valign=bottom style='width:49.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal>Name
  </p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Number of
  Securities Underlying Unexercised Options -Exercisable (#)</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Number of
  Securities Underlying Unexercised Options -Unexercisable (#)</p>
  </td>
  <td width=78 valign=bottom style='width:58.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Equity
  Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned
  Options (#)</p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Option
  Exercise Price $</p>
  </td>
  <td width=66 colspan=2 valign=bottom style='width:49.5pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Option
  Expiration Date</p>
  </td>
  <td width=63 colspan=2 valign=bottom style='width:46.9pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Number of
  Shares or Units of Stock That Have Not Vested (#)</p>
  </td>
  <td width=60 valign=bottom style='width:44.95pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Market Value
  of Shares or Units of Stock That Have Not Vested ($)</p>
  </td>
  <td width=72 valign=bottom style='width:54.05pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Equity
  Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That
  Have Not Vested (#)</p>
  </td>
  <td width=78 valign=bottom style='width:58.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Equity
  Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or
  Other Rights That Have Not Vested ($)</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal>Boyd
  E. Hoback</p>
  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;border:none;padding:
  0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>9,590</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;border:none;padding:
  0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap valign=bottom style='width:45.0pt;border:none;padding:
  0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$2.31</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/08</p>
  </td>
  <td width=63 nowrap colspan=2 valign=bottom style='width:46.9pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap valign=bottom style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap valign=bottom style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>30,361</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.50</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/08</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>19,231</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.12</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/09</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,500</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$1.38</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/10</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>50,000</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$1.75</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/11</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,750</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$2.70</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/12</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,900</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.60</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/13</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>12,000</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.11</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/14</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>8,500</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$5.68</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/15</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,900</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>17,100 <sup>(1)</sup></p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$6.38</p>
  </td>
  <td width=66 nowrap colspan=2 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/17/16</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 nowrap valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=60 nowrap valign=bottom style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=63 nowrap colspan=2 valign=bottom style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=60 nowrap valign=bottom style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=72 nowrap valign=bottom style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal>Scott
  G. LeFever</p>
  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,260</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap valign=bottom style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$2.70</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/12</p>
  </td>
  <td width=63 nowrap colspan=2 valign=bottom style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap valign=bottom style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap valign=bottom style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,580</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.60</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/13</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>5,750</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.11</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/14</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>5,750</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$5.68</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/15</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>5,75</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>5,175<sup> (1)</sup></p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$6.38</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/17/16</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 nowrap valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=60 nowrap valign=bottom style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=63 nowrap colspan=2 valign=bottom style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=60 nowrap valign=bottom style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=72 nowrap valign=bottom style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal>Robert
  D. Turrill <sup>2</sup></p>
  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,485</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.60</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/13</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>4,425</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.11</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/14</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>4,425</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$5.68</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/15</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=66 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>443</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,982 <sup>(1)</sup></p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$6.38</p>
  </td>
  <td width=66 nowrap colspan=2 valign=bottom style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/17/16</p>
  </td>
  <td width=63 nowrap colspan=2 style='width:46.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:44.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=72 nowrap style='width:54.05pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr height=0>
  <td width=66 style='border:none'></td>
  <td width=90 style='border:none'></td>
  <td width=102 style='border:none'></td>
  <td width=78 style='border:none'></td>
  <td width=60 style='border:none'></td>
  <td width=56 style='border:none'></td>
  <td width=10 style='border:none'></td>
  <td width=6 style='border:none'></td>
  <td width=57 style='border:none'></td>
  <td width=60 style='border:none'></td>
  <td width=72 style='border:none'></td>
  <td width=78 style='border:none'></td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:12.0pt;margin-right:-27.0pt;margin-bottom:
0in;margin-left:-9.0pt;margin-bottom:.0001pt;text-indent:-13.5pt'><sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>The options
were granted on November 17, 2006. Assuming continued employment with the
Company, the shares under the option agreements will become exercisable per a
vesting schedule which began on November 17, 2007 continuing through November
17, 2010, whereby options vest per the following schedule: 10% on November 17,
2007; an additional 20% on November 17, 2008; an additional 30% on November 17,
2009; and an additional 40% on November 17, 2010.</p>

<p class=MsoNormal style='margin-top:12.0pt;margin-right:-27.0pt;margin-bottom:
0in;margin-left:-9.0pt;margin-bottom:.0001pt;text-indent:-13.5pt'><sup>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>All of Mr.
Turrill's options expired on December 1, 2008 due to his retirement from the
Company on October 31, 2008.</p>

<p class=MsoFooter align=center style='text-align:center'>9</p>

<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>



<br
clear=all style='page-break-before:always'>










<p class=MsoNormal style='margin-top:12.0pt;margin-right:-27.0pt;margin-bottom:
12.0pt;margin-left:-9.0pt;text-indent:-13.5pt'>The following table sets forth
compensation information for 2008 with respect to directors:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=685
 style='border-collapse:collapse'>
 <tr style='height:15.75pt'>
  <td width=685 nowrap colspan=8 style='width:513.9pt;border:solid windowtext 1.0pt;
  border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>Director
  Compensation Table for Fiscal Year 2008</b></p>
  </td>
 </tr>
 <tr style='height:.6in'>
  <td width=114 style='width:85.55pt;border:solid windowtext 1.0pt;border-top:
  none;padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Name</p>
  </td>
  <td width=67 style='width:50.35pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Fees Earned
  or Paid in Cash ($)</p>
  </td>
  <td width=60 style='width:45.0pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Stock Awards
  ($)</p>
  </td>
  <td width=66 style='width:49.5pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Option
  Awards ($) <sup>1, 2</sup></p>
  </td>
  <td width=96 style='width:1.0in;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Non-Equity
  Incentive Plan Compensation ($)</p>
  </td>
  <td width=102 style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Nonqualified
  Deferred Compensation Earnings $</p>
  </td>
  <td width=102 style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>All Other
  Compensation $ <sup>3</sup></p>
  </td>
  <td width=78 style='width:58.5pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.6in'>
  <p class=MsoNormal align=center style='margin-left:6.7pt;text-align:center'>Total $</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=114 valign=bottom style='width:85.55pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Geoffrey
  R. Bailey</p>
  </td>
  <td width=67 nowrap valign=bottom style='width:50.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap valign=bottom style='width:45.0pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>6,519</p>
  </td>
  <td width=96 nowrap style='width:1.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap valign=bottom style='width:58.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>8,519</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=114 valign=top style='width:85.55pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Ron
  Goodson</p>
  </td>
  <td width=67 nowrap style='width:50.35pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>6,519</p>
  </td>
  <td width=96 nowrap style='width:1.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>8,519</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=114 nowrap valign=bottom style='width:85.55pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>David
  Grissen</p>
  </td>
  <td width=67 nowrap style='width:50.35pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>6,519</p>
  </td>
  <td width=96 nowrap style='width:1.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>8,519</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=114 valign=bottom style='width:85.55pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Eric
  W. Reinhard </p>
  </td>
  <td width=67 nowrap valign=bottom style='width:50.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>6,519</p>
  </td>
  <td width=96 nowrap style='width:1.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>12,100</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>18,619</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=114 valign=top style='width:85.55pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Richard
  J. Stark</p>
  </td>
  <td width=67 nowrap style='width:50.35pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>6,519</p>
  </td>
  <td width=96 nowrap style='width:1.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>8,519</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=114 nowrap valign=bottom style='width:85.55pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Alan
  A. Teran</p>
  </td>
  <td width=67 nowrap style='width:50.35pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>6,519</p>
  </td>
  <td width=96 nowrap style='width:1.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>8,519</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=114 nowrap valign=bottom style='width:85.55pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Boyd
  E. Hoback <sup>4</sup></p>
  </td>
  <td width=67 nowrap valign=bottom style='width:50.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap valign=bottom style='width:49.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=78 nowrap style='width:58.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>0</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The value of stock option
awards shown in this column includes all amounts expensed in the Company's
financial statements in 2008 for equity awards pursuant to SFAS 123R, excluding
any estimate for forfeitures.&nbsp; The Company's accounting treatment for, and
assumptions made in the valuation of equity awards are set forth in Note 1 of
the notes to the Company's 2008 consolidated financial statements included in
the Company's Annual Report on Form 10-KSB for the fiscal year ended September
30, 2008. &nbsp;There were no option awards re-priced in 2008.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><sup>&nbsp;2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>As of September 30, 2008, the following directors held options to purchase the following number
of shares of our common stock:&nbsp; Mr. Bailey 10,000 shares; Mr. Goodson 8,000
shares; Mr. Grissen 8,000 shares; Mr. Reinhard 12,500 shares; Mr. Stark 10,000
shares; Mr. Teran 10,000 shares; and Mr. Hoback 158,832 shares.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><sup>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>The amount
indicated for Mr. Reinhard represents an expense allowance in his role as
Chairman.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><sup>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>Mr. Hoback is
an employee director and does not receive additional fees for service as a
member of the Board.</p>

<p class=MsoNormal style='margin-top:6.0pt;text-align:justify'><a
name="_Toc92016746"></a><a name="_Toc89839954"></a><a name="_Toc89839459">A description
of the standard compensation arrangements (such as fees for committee service,
service as chairman of the board or a committee, and meeting attendance) is set
forth in the section entitled &quot;Directors' Compensation&quot; in this proxy
statement.</a></p>

<p class=MsoNormal style='margin-top:6.0pt;text-align:justify'><b>Employment Agreement:</b>&nbsp; Mr. Hoback
entered into an employment agreement with us in October 2001 and the terms of
the agreement were revised effective October 2007 for compliance with Section
409A of the Internal Revenue Code.&nbsp; The revised agreement provides for his employment
as president and chief executive officer for two years from the date of the
agreement at a minimum salary of $190,000 per year, terminable by us only for
cause.&nbsp; The agreement provides for payment of one year's salary and benefits in
the event that change of ownership control results in a termination of his
employment or termination other than for cause.&nbsp; This agreement renews
automatically unless specifically not renewed by the board of directors.&nbsp; Mr.
Hoback's compensation, including salary, expense allowance, bonus and any
equity award, is reviewed and set annually by the Compensation Committee.&nbsp; Mr.
Hoback's bonus is based on the Company's achieving certain Earnings Before
Interest, Taxes, Depreciation and Amortization (&quot;EBITDA&quot;) targets for the year.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Other Employment Arrangements:</b>&nbsp; Mr. LeFever is
employed as an &quot;employee at will&quot; and does not have a written employment
agreement.&nbsp; His compensation, including salary, expense allowance, bonus and
any equity awards, is reviewed and approved by the Compensation Committee
annually.&nbsp; He participates in a bonus program that is based on both the
company's level of EBITDA for the year and achieving certain operating metrics
and sales targets. &nbsp;These arrangements also applied to Mr. Turrill prior to his
retirement from the Company on October 31, 2008.</p>

<p class=MsoFooter align=center style='text-align:center'>10</p>

<div class=MsoNormal align=center style='text-align:center'>

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<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Certain relationships and related
transactions</b><b>:</b> In February
2005, we issued 1,240,000 shares of our Series B Convertible Preferred Stock,
including 180,000 shares to The Erie County Investment Co, a substantial holder
of our common stock and member of The Bailey Group.&nbsp; In June 2006, we exercised
our mandatory conversion rights under the terms of the Series B preferred stock
to convert all of those shares into a total of 1,240,000 shares of our common
stock.&nbsp; Under the agreements for the Series B preferred stock financing, The
Bailey Group currently has the right to elect three directors, provided that
two directors meet the NASDAQ independence standards.&nbsp; Furthermore, the other
investors in the Series B preferred stock financing currently have the right to
elect three directors.&nbsp; The number of director positions subject to these
provisions will decrease proportionally to the extent that the original
investors sell or otherwise transfer the common stock into which the Series B
shares have been converted.&nbsp; An additional provision of the Series B preferred
stock financing restricts, for as long as the original investors hold at least
two-thirds of the common stock into which the Series B shares have been
converted, our ability to increase the size of the board of directors above
seven directors unless we first receive approval from the holders of at least
three-fourths of all outstanding shares of common stock.&nbsp; Geoffrey R. Bailey,
Richard J. Stark and Alan A. Teran are the current directors designated by The
Bailey Group, and Ron Goodson, David Grissen and Eric W. Reinhard are the
current directors designated by the other investors.&nbsp; Geoffrey R. Bailey is a
director of The Erie County Investment Co., which owns 99% of The Bailey
Company.&nbsp; The Bailey Company and The Erie County Investment Co. are principal
stockholders of us.&nbsp; Geoffrey R. Bailey's father, Paul T. Bailey, is the
principal owner of The Erie County Investment Co.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>Our corporate headquarters are located in a building
owned by The Bailey Company and in which The Bailey Company also has its
corporate headquarters.&nbsp; We currently lease our executive office space of
approximately 3,693 square feet from The Bailey Company for approximately $55,000
per year.&nbsp; The lease will expire September 30, 2009.&nbsp; We anticipate extending the lease on terms similar to the current lease.</p>

<p class=BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The
Bailey Company is also the owner of two franchised Good Times Drive Thru
restaurants which are located in Thornton and Loveland, Colorado.&nbsp; The Bailey
Company has entered into two franchise and management agreements with us, and
payments under those agreements totaled $94,000 for the fiscal year ended September 30, 2008 and $90,000 for the fiscal year ended September 30, 2007.</p>

<p class=BodyText1 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>On
 December 3, 2007, we entered into a development agreement with Zen Partners
LLC that is comprised of a Development Agreement, a Management Agreement and a
Site Selection, Construction Management and Pre-Opening Services Agreement.&nbsp;
David Grissen, a significant stockholder and a member of our board of
directors, has a 20% ownership interest in Zen Partners LLC.&nbsp; The agreements
provide for the development of up to twenty-five restaurants with a five year
development schedule for up to ten restaurants with an option to develop an
additional fifteen restaurants, exercisable any time during the initial five
year period.&nbsp; We will operate the restaurants utilizing our employees on the
same basis as we would company-owned restaurants; however, Zen Partners LLC
will provide all development and operating capital.&nbsp; For each restaurant that
is developed, we will receive a monthly management fee of 5% of gross operating
revenues for the restaurant, and a services fee of $25,000.&nbsp; We may provide a
limited lease guaranty on the initial three restaurants developed, for which we
will receive a lease guaranty fee equal to 1% of net sales of the restaurant
for so long as the lease guaranty is in effect.&nbsp; We may also arrange sale
leaseback transactions for sites of the restaurants developed, for which we
will receive a sale leaseback fee of $7,500 per restaurant.&nbsp; We will also
participate in the ongoing profitability of the restaurants by receiving an
incentive fee equal to (i) 30% of the incentive income (as defined in the
Management Agreement) per year until Zen Partners LLC has received a 25% return
on its net equity investment and (ii) 20% of the incentive income per year
thereafter.&nbsp; The total future amounts of these fees and participations, if any,
to be received by us, and the interest therein of David Grissen, in connection
with this transaction are not currently determinable.&nbsp; In August 2008 we
announced the suspension of development of Good Times restaurants with Zen
Partners LLC. We currently plan to reevaluate expansion discussion as conditions
impacting our sales trends, the macroeconomic environment and the credit
markets may change. Zen Partners LLC has not received any payments from us or
made any payments to us under these agreements.</p>

<p class=MsoNormal style='margin-top:6.0pt;text-align:justify'><a
name="_Toc92016747"></a><a name="_Toc89839955"></a><a name="_Toc89839460"><b>Section 16(a)
beneficial ownership reporting compliance</b></a><b>:</b> Under Section
16(a) of the Securities Exchange Act of 1934, directors, executive officers and
persons who own more than ten percent of Good Times Restaurants common stock
must disclose their initial beneficial ownership of the common stock and any
changes in that ownership in reports which must be filed with the SEC and Good
Times Restaurants. The SEC has designated specific deadlines for these reports
and Good Times Restaurants must identify in this proxy statement those persons
who did not file these reports when due.</p>

<p style='margin-top:6.0pt;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-align:justify'>Based
solely on a review of the reports filed with Good Times Restaurants and written
representations received from reporting persons Good Times Restaurants believes
that during the fiscal year ended September 30, 2008 all Section 16(a) filing
requirements for its officers, directors, and more than ten percent
shareholders were complied with on a timely basis.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in'><a name="_Toc92016773"></a><a name="_Toc89839956"></a><a
name="_Toc89839461"><b>INDEPENDENT
PUBLIC ACCOUNTANTS</b></a><b>:</b> The board of directors appointed HEIN
&amp; ASSOCIATES LLP as Good Times Restaurants' independent auditors for the
fiscal year ended September 30, 2008 and fiscal year 2009, and to perform other
accounting services.&nbsp; Representatives of HEIN &amp; ASSOCIATES LLP are expected
to be present at the annual meeting of shareholders, and will have the
opportunity to make a statement if they so desire and to respond to appropriate
shareholder questions.<a name="_Toc92016774"></a><a name="_Toc89839957"></a><a
name="_Toc89839462"></a></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Audit Fees</b><b>:</b> The aggregate
fees billed for professional services rendered by HEIN &amp; ASSOCIATES LLP for
its audit of the Company's annual financial statements for the fiscal year
ended September 30, 2007, and its reviews of the financial statements included
in the Company's Forms 10-QSBs for fiscal year 2008 were $75,593 compared to $63,325
in fees for the fiscal year ended 2007.<a name="_Toc92016775"></a><a
name="_Toc89839958"></a><a name="_Toc89839463"></a></p>

<p class=00BodyText5 style='margin-top:6.0pt;margin-right:0in;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-indent:0in'><b>Audit Related
Fees:</b>
There
were no aggregate fees billed by HEIN &amp; ASSOCIATES LLP for assurance and
related services that are reasonably related to the performance of the audit or
review of our financial statements and are not reported under &quot;Audit Fees&quot; for
the fiscal years ended September 30, 2008 and September 30, 2007.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Tax Fees:</b> The aggregate
fees billed by HEIN &amp; ASSOCIATES LLP for the preparation and review of the
Company's tax returns for the fiscal year ended September 30, 2008 were $10,900 compared to $8,375 in fees for the fiscal year ended September 30, 2007.</p>

<p class=MsoFooter align=center style='text-align:center'>11</p>

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<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>All Other Fees</b><b>:</b> The aggregate
fees billed to Good Times Restaurants for all other services rendered by HEIN
&amp; ASSOCIATES LLP for fiscal year 2008 were $10,806 compared to $11,983 in
fees for the fiscal year ended September 30, 2007.&nbsp; These fees related to a
401(k) plan audit.<a name="_Toc92016776"></a><a name="_Toc89839959"></a><a
name="_Toc89839464"></a></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Audit Committee:</b> Policy on
Pre-Approval Policies of Auditor Services: Under the provisions of the Audit
Committee Charter, all audit services and all permitted non-audit services
(unless subject to a de minimis exception allowed by law) provided by our
independent auditors, as well as fees and other compensation to be paid to
them, must be approved in advance by our Audit Committee.&nbsp; All audit and other
services provided by HEIN &amp; ASSOCIATES LLP during the fiscal year ended September 30, 2008, and the related fees as discussed above, were approved in advance in
accordance with SEC rules and the provisions of the Audit Committee Charter.&nbsp;
There were no other services or products provided by HEIN &amp; ASSOCIATES LLP
to us or related fees during the fiscal year ended September 30, 2008 except as discussed above.<a name="_Toc92016777"></a><a name="_Toc89839960"></a><a
name="_Toc89839465"></a></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Auditor Independence</b><b>:</b> The audit
committee of the board of directors has considered the effect that the
provision of the services described above under the caption &quot;All Other Fees&quot;
may have on the independence of HEIN &amp; ASSOCIATES LLP.&nbsp; The audit committee
has determined that provision of those services is compatible with maintaining
the independence of HEIN &amp; ASSOCIATES LLP as the Company's principal accountants.</p>

<h3><a name="_Toc92016778"></a><a
name="_Toc89839961"></a><a name="_Toc89839466">FUTURE
STOCKHOLDER PROPOSALS</a>: Any Good Times Restaurants stockholder proposal for the
annual meeting of stockholders in 2010 must be received by Good Times
Restaurants by August 28, 2009 for the proposal to be included in the Good
Times Restaurants' proxy statement and form of proxy for that meeting.&nbsp; If
notice of a proposal for which a stockholder will conduct his or her own proxy
solicitation is not received by Good Times Restaurants by November 11, 2009,
such proposal will be considered untimely pursuant to Rules 14a-4 and 14a-5(e)
of the Securities Exchange Act of 1934, and the person named in proxies
solicited by the Good Times Restaurants board of directors may use his
discretionary authority when the matter is raised at the meeting, without
including any discussion of the matter in the proxy statement.</h3>

<h3><a name="_Toc92016779"></a><a
name="_Toc89839962"></a><a name="_Toc89839467">OTHER
MATTERS</a>: The board of directors does not know of any other matters
to be brought before the annual meeting.&nbsp; If any other matter not discussed in
this proxy statement is properly brought before the annual meeting, the persons
named in the enclosed proxy intend to vote such proxy in accordance with his or
her best judgment on that matter.</h3>

<h3><a name="_Toc92016780">INCORPORATION OF DOCUMENTS BY
REFERENCE</a>: Our Annual
Report on Form 10-KSB, including financial statements, for the fiscal year
ended September 30, 2008, is being mailed to stockholders along with this proxy
statement.&nbsp; The following information from the Form 10-KSB is incorporated into
this proxy statement by reference:</h3>

<p class=BulletList style='margin-top:6.0pt;margin-right:0in;margin-bottom:
6.0pt;margin-left:23.05pt;text-indent:-23.05pt'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the
information under the caption &quot;Item 6. Management's Discussion and Analysis of
Financial Condition and Results of Operations&quot;;</p>

<p class=BulletList style='margin-top:6.0pt;margin-right:0in;margin-bottom:
6.0pt;margin-left:23.05pt;text-indent:-23.05pt'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the
information under the caption &quot;Item 7. Financial Statements&quot;; and</p>

<p class=BulletList style='margin-top:6.0pt;margin-right:0in;margin-bottom:
12.0pt;margin-left:23.05pt;text-indent:-23.05pt'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the
information under the caption &quot;Item 8. Changes In and Disagreements with
Accountants on Accounting and Financial Disclosure&quot;.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in'><b>BY
ORDER OF THE BOARD OF DIRECTORS</b></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in'>/s/
Boyd E. Hoback</p>

<p class=MsoNormal><i>Boyd
E. Hoback</i></p>

<p class=MsoNormal>President
and Chief Executive Officer</p>

<p class=MsoFooter align=center style='text-align:center'>December 15,
20012</p>

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