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<SEC-DOCUMENT>0000825324-08-000004.txt : 20080130
<SEC-HEADER>0000825324-08-000004.hdr.sgml : 20080130
<ACCEPTANCE-DATETIME>20080130153555
ACCESSION NUMBER:		0000825324-08-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080130
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20080130
DATE AS OF CHANGE:		20080130

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18590
		FILM NUMBER:		08561158

	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>8-K
<SEQUENCE>1
<FILENAME>form8kbhemployagree1.htm
<TEXT>
<html>

<head>
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<title>_</title>



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<p class=MsoTitle><b>&nbsp;</b></p>

<p class=MsoTitle><b>&nbsp;</b></p>









<p class=MsoTitle><b>&nbsp;</b></p>

<p class=MsoTitle><b>UNITED STATES</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p class=MsoNormal align=center style='text-align:center'>Washington, D.C. 20549</p>



<p class=MsoNormal align=center style='text-align:center'><b>FORM 8-K</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>CURRENT REPORT</b></p>

<p class=MsoNormal><b>&nbsp;</b></p>

<h3>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</h3>



<p class=MsoNormal align=center style='text-align:center'>Date of Report (Date of earliest event reported)</p>

<p class=MsoNormal align=center style='text-align:center'>January 29, 2008</p>



<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'>(Exact name of registrant as specified in its charter)</p>



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  <td width=223 valign=top style='width:167.05pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Nevada</p>
  </td>
  <td width=198 valign=top style='width:148.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>000-18590</p>
  </td>
  <td width=210 valign=top style='width:157.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>84-1133368</p>
  </td>
 </tr>
 <tr>
  <td width=223 valign=top style='width:167.05pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>(State or other
  jurisdiction</p>
  </td>
  <td width=198 valign=top style='width:148.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>(Commission File Number)</p>
  </td>
  <td width=210 valign=top style='width:157.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>(IRS Employer</p>
  </td>
 </tr>
 <tr>
  <td width=223 valign=top style='width:167.05pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>of incorporation)</p>
  </td>
  <td width=198 valign=top style='width:148.85pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=210 valign=top style='width:157.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Identification No.)</p>
  </td>
 </tr>
</table>





<p class=MsoNormal align=center style='text-align:center'>601 Corporate Circle, Golden, Colorado 80401</p>

<p class=MsoNormal align=center style='text-align:center'>(Address of principal executive offices)&nbsp;&nbsp; (Zip Code)</p>



<p class=MsoNormal align=center style='text-align:center'>Registrant's telephone number, including area code:
(303) 384-1400</p>



<p class=MsoNormal align=center style='text-align:center'>Not applicable</p>

<p class=MsoNormal align=center style='text-align:center'>(Former name or former address, if changed since last
report.)</p>





<p class=MsoNormal>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General
Instruction A.2.):<br>
<br>
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)<br>
<br>
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)<br>
<br>
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))<br>
<br>
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</p>



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<p class=MsoNormal><b>&nbsp;</b></p>

<p class=MsoNormal><b>Item
1.01&nbsp;Entry into a&nbsp;Material Definitive Agreement.</b></p>



<p class=MsoNormal><a name=arv></a>&nbsp;<a
name="_tab2"></a>&nbsp;&nbsp;&nbsp;&nbsp;On
January 24, 2007, The Board of Directors of Good Times Restaurants Inc. (&quot;the
Company&quot;) approved an employment agreement (&quot;Agreement&quot;) with Boyd E. Hoback, the
Company's President and Chief Executive Officer effective October 1, 2007.&nbsp; A copy
of the Agreement is attached to this report on Form 8-K as Exhibit 10.1 and is incorporated by reference
into this report. &nbsp;This Agreement supersedes Mr. Hoback's previous employment
agreement with the Company dated October 3, 2001, previously filed as exhibit
10.16 on the Company's 10-KSB dated December 16, 2002.</p>





<pre><b>Item 9.01 Financial Statements and Exhibits</b></pre>



<pre>The following Exhibit is furnished as part of this report:</pre><pre>&nbsp;</pre>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
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  <td width=145 valign=top style='width:108.9pt;padding:0in 5.4pt 0in 5.4pt'><pre><b>Exhibit No.</b></pre></td>
  <td width=493 valign=top style='width:369.9pt;padding:0in 5.4pt 0in 5.4pt'><pre><b>Description</b></pre></td>
 </tr>
 <tr>
  <td width=145 valign=top style='width:108.9pt;padding:0in 5.4pt 0in 5.4pt'><pre>10.1</pre></td>
  <td width=493 valign=top style='width:369.9pt;padding:0in 5.4pt 0in 5.4pt'><pre>Employment Agreement dated as of October 1, 2007 between Good Times Restaurants Inc. and Boyd E. Hoback.</pre></td>
 </tr>
</table>









<h3><b>SIGNATURES</b></h3>



<p class=MsoBodyTextIndent3>Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</p>



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  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>GOOD TIMES RESTAURANTS IN
  C.</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Date: January 30, 2007</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>By: <u>/s/ Boyd E. Hoback</u></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Boyd E. Hoback</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>President and Chief
  Executive Officer</p>
  </td>
 </tr>
</table>

<div>

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  <td valign=top align=left style='padding-top:0in;padding-right:0in;
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  <p class=MsoFooter>2</p>
  </td>
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<p class=MsoNormal><b>&nbsp;</b></p>



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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>employmentagreegoback20081.htm
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<head>
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<title>EMPLOYMENT AGREEMENT</title>



</head>

<body lang=EN-US>















<p class=MsoTitle style='margin-bottom:24.0pt'>EMPLOYMENT AGREEMENT</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>THIS EMPLOYMENT AGREEMENT (&quot;Agreement&quot;) is entered into and to be
effective as of October 1, 2007 (the &quot;Effective Date&quot;) between Boyd E. Hoback
(the &quot;Executive&quot;) and Good Times Restaurants Inc. (&quot;Good Times&quot;).</p>

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

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>EMPLOYMENT</u>. &nbsp;By executing this Agreement, Good Times
employs the Executive and the Executive accepts such employment and agrees to
perform the services specified herein, upon the terms and conditions of this
Agreement.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>TERM</u>.&nbsp; The Executive's employment shall continue for a
period of two years from the Effective Date of this Agreement (such two-year
period is referred to herein as the &quot;Full Employment Term&quot;), unless the
Executive's employment is terminated prior to the expiration of the Full
Employment Term, as provided in Section 7 of this Agreement.&nbsp; Unless earlier
terminated as provided in Section 7 of this Agreement, on the yearly
anniversary of the Effective Date of this Agreement this Agreement will
automatically extend an additional period of one year to establish a new two
year Full Employment Term.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>CAPACITY AND DUTIES</u>.&nbsp; Good Times shall continue to
employ the Executive as President and Chief Executive Officer.&nbsp; During the Term
of this Agreement, the Executive shall devote his best efforts to the business
and affairs of Good Times and shall devote substantially all of his business
time to perform the duties hereunder.&nbsp; Notwithstanding the foregoing, with the
prior approval of the Board, the Executive may devote a reasonable portion of
his time to serve on boards of directors, boards of managers or boards of
trustees, or committees thereof, of companies or organizations involving no
conflict of interest with the interests of Good Times.&nbsp; The Executive shall
further be entitled to have investments in other business enterprises,
provided, however, he shall not have any investment or financial interest in
any business enterprise which conducts business activities directly competitive
with any business activities conducted by Good Times now or at any time during
the Term of this Agreement (other than an investment of no more than five
percent (5%) of any class of equity securities of a company which conducts
business activities directly competitive with any business activities of Good
Times, provided those securities are traded on a national securities exchange).</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>COMPENSATION</u>.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Base Compensation</u>.&nbsp; During the Term of this Agreement,
the Executive shall be paid a minimum annual base salary of $190,000 (the &quot;Base
Compensation&quot;).&nbsp; The Base Compensation shall be paid, at the election of Good
Times, in equal biweekly, bimonthly or monthly payments or at such other times
and in such other installments as are paid to other executives of Good Times.&nbsp;
The Base Compensation may be increased, but not decreased, by the Board, in its
sole discretion, if the Board determines that such increase is appropriate
based upon a performance review of the Executive, which review shall be
conducted no less than annually during the Term of this Agreement.</p>

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

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<p class=MsoHeader align=right style='text-align:right'><b>&nbsp;</b></p>



<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Performance Cash Bonuses and Equity Awards</u>.&nbsp; Good
Times agrees to provide for performance cash bonuses and equity awards to the
Executive for the fiscal year 2008 and each subsequent fiscal year through the
Term of this Agreement, with such bonuses and awards to be based upon the performance
of the Executive and Good Times.&nbsp; Good Times shall provide for a cash bonus and
equity award to the Executive in an amount determined by the Board, in its sole
discretion.&nbsp; The amount of the performance cash bonus and equity award shall be
based upon the Executive and Good Times attaining their respective goals and
objectives as set by the Board.&nbsp; The determination of whether the Executive has
met his performance goals and objectives and the amount of any performance cash
bonus shall be made by the Board, in its sole discretion.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>EXPENSES</u>.&nbsp; The Executive shall be reimbursed,
consistent with policies applicable to other officers of Good Times, for all
reasonable expenses incurred by the Executive in performing services under this
Agreement.&nbsp; The Executive will submit appropriate receipts, invoices and other
evidence of expenditures as required by Good Times policy.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>ADDITIONAL BENEFITS</u>.&nbsp; </p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Benefits</u>.&nbsp; During the Term of this Agreement, Good
Times shall provide the Executive with an annual discretionary allowance of
$15,000 and other benefits generally provided to its other executive officers
under its welfare benefit plans, practices, policies and programs (including,
without limitation, medical, prescription, dental, disability, life and other
insurance plans, pension plans, and savings or profit-sharing plans). </p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Vacation</u>.&nbsp; Executive shall be entitled to five weeks
paid annual vacation taken at such times as are reasonably convenient to the
Executive, provided that such vacation times do not substantially interfere
with the performance of his duties hereunder. </p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>EARLY TERMINATION</u>.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination for Cause</u>.&nbsp; Termination &quot;for cause&quot; shall
mean termination by the Board of Directors of the Executive's employment with
Good Times because of (i)&nbsp;any intentional, wanton, or reckless act or
omission that constitutes a material breach by the Executive of his obligations
under this Agreement; (ii)&nbsp;any willful failure by the Executive to perform
the duties or to serve Good Times in the capacities prescribed by the Board,
provided that with respect to the first occurrence only of any such willful
failure, such willful failure remains uncured more than ten (10) business days
after the date on which Good Times provides written notice of such willful
failure to the Executive; (iii) a criminal conviction, guilty plea, or no
contest plea of the Executive to any felony, any drug related offense, or a
crime involving an act of moral turpitude; or (iv) the Executive's perpetration
of an act of fraud or embezzlement against Good Times.</p>

<p class=MsoFooter style='line-height:10.0pt' align="center"> 2</p>

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<p class=MsoHeader align=right style='text-align:right'><b>&nbsp;</b></p>



<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination Without Cause</u>.&nbsp; Either party may terminate
this Agreement without cause by providing the other party sixty (60) days'
written notice.&nbsp; All options and rights granted to the Executive under any Good
Times Stock Option Plan shall be accelerated and shall become exercisable
immediately prior to the termination without cause by Good Times so as to
permit the Executive fully to exercise all outstanding options and rights.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination Upon Death or Disability</u>.&nbsp; This Agreement
shall terminate upon (i)&nbsp;the death of the Executive or, (ii) at Good Times'
written election, if the Executive becomes unable, by reason of physical or
mental disability, with reasonable accommodation, to perform the essential
functions of his position for the Minimum Disability Period.&nbsp; The term &quot;Minimum
Disability Period&quot; means any period exceeding (i)&nbsp;ninety (90) consecutive
calendar days, or (ii)&nbsp;an aggregate of one hundred (100) business days
during any twelve (12) month period.&nbsp; If this Agreement terminates under this
provision Executive (or his estate) shall be entitled to the Severance
Compensation and Stock Sale Option in the amount and at such time as set forth under
Section 7(f).&nbsp; In addition, all options and rights granted to the Executive under
any Good Times Stock Option Plan shall be accelerated and shall become
exercisable immediately prior to the event giving rise to termination under
this provision so as to permit the Executive (or his estate) fully to exercise
all outstanding options and rights.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Breach by Good Times</u>.&nbsp; The Executive shall have the
right to terminate his employment pursuant to this Agreement upon Good Times'
willful and material breach or violation of any of the terms and conditions of
this Agreement by delivering written notice to Good Times stating with
particularity the applicable term or condition breached or violated, the
specific facts relied upon and a termination date not less than thirty days
after the date of delivery of such writing.&nbsp; Good Times shall have ten (10)
business days to cure such breach.&nbsp; If Executive terminates his employment
under this provision it shall be deemed a termination without cause by Good
Times and the Executive shall be entitled to the Severance Compensation and
Stock Sale Option in the amount and at such time as set forth under Section
7(f).&nbsp; In addition, all options and rights granted to the Executive under any
Good Times Stock Option Plan shall be accelerated and shall become exercisable
immediately prior to the Executive's termination under this provision so as to
permit the Executive fully to exercise all outstanding options and rights.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Change In Control</u>.&nbsp; If a Change in Control (as defined
below) occurs with respect to Good Times, the Executive shall have the right
for a period of one year from the Change in Control to deem the Change in
Control a termination without cause by Good Times and the Executive shall
receive his base compensation through the date of termination and the Severance
Compensation and Stock Sale Option in the amount and at such time as set forth
under Section 7(f).&nbsp; In addition, all options and rights granted to the
Executive under any Good Times Stock Option Plan shall be accelerated and shall
become exercisable immediately prior to the occurrence of the transaction
giving rise to the Change in Control so as to permit the Executive fully to
exercise all outstanding options and rights.&nbsp; &quot;Change in Control&quot; is defined
herein to include: &nbsp;(i)&nbsp;the sale of all or substantially all of the assets
of Good Times; (ii)&nbsp;the sale of at least thirty percent of the capital
stock of Good Times in a single transaction or series of related transactions;
(iii)&nbsp;taking Good Times &quot;private&quot; such that its stock is no longer
publicly traded; or (iv)&nbsp;a merger, consolidation, reorganization or
similar transaction to which Good Times is a party, except for a transaction in
which Good Times is the surviving corporation and, after giving effect to such
transaction, the holders of Good Times' outstanding capital stock immediately
before the transaction own enough of Good Times' outstanding capital stock to
elect a majority of Good Times' Board of Directors.</p>

<p class=MsoFooter style='line-height:10.0pt' align="center"> 3</p>

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<p class=MsoHeader align=right style='text-align:right'><b>&nbsp;</b></p>



<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severance Compensation and Stock Sale Option</u>.&nbsp; If
Executive's employment is terminated without cause by Good Times, by the
Executive under Sections 7(d) or 7(e) (Breach by Good Times or Change In
Control), or under Section 7(c) (Death or Disability), then, subject to Section
7(g), (i)&nbsp;Good Times shall pay the Executive (or his estate) in a lump-sum
payment within five business days of Executive's termination of employment an
amount equal to the sum of (A) Executive's base salary for the year of the
termination, (B) the average of the Executive's annual incentive compensation
for the two years immediately prior to the year of the termination, and (C)
$15,000 (&quot;Severance Compensation&quot;); and (ii)&nbsp;the Executive (or his estate)
shall have the right, but not the requirement, exercisable at any time within
fifteen (15) business days after the effective date of such termination, to
sell to Good Times all or any portion of the outstanding shares of Good Times
stock owned by the Executive (including any shares acquired by exercise of
accelerated options or otherwise) (&quot;Stock Sale Option&quot;).&nbsp; If the Executive (or
his estate) exercises his rights under the Stock Sale Option, the purchase
price for each share of Good Times stock to be purchased by Good Times from the
Executive shall be the average daily market price of Good Times stock (&quot;GTIM&quot;)
on NASDAQ or any other applicable public trading market for Good Times stock
over the thirty (30) trading days immediately preceding the public announcement
of termination of the Executive's employment.&nbsp; The purchase price shall be paid
in cash to the Executive and the closing of such sale shall occur within five
(5) business days after the Executive (or his estate) provides Good Times with
written notification of his exercise of the Stock Sale Option.&nbsp; </p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Code Section 409A Compliance</u>.&nbsp; </p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.5in'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definition of Termination of Employment</u>.&nbsp; For
purposes of this Agreement, the phrase &quot;Termination of Employment&quot; means the
termination of the Executive's employment with the Company and all affiliates
due to death, retirement or other reasons.&nbsp; The Executive's employment
relationship is treated as continuing while the Executive is on military leave,
sick leave, or other bona fide leave of absence (if the period of such leave
does not exceed six months, or if longer, so long as the Executive's right to
reemployment with the Company or an affiliate is provided either by statute or
contract).&nbsp; If the Executive's period of leave exceeds six months and the
Executive's right to reemployment is not provided either by statute or by
contract, the employment relationship is deemed to terminate on the first day
immediately following the expiration of such six&#8209;month period.&nbsp; Whether a
termination of employment has occurred will be determined based on all of the
facts and circumstances and in accordance with regulations issued by the United
States Treasury Department pursuant to Section&nbsp;409A of the Internal
Revenue Code of 1986, as amended (&quot;Code&quot;).</p>

<p class=MsoFooter style='line-height:10.0pt' align="center"> 4</p>

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<p class=MsoHeader align=right style='text-align:right'><b>&nbsp;</b></p>



<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.5in'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Delay of Payments</u>.&nbsp; Notwithstanding the provision for
the time of payment as set forth in (d), (e), and (f) above, if Good Times
determines that the Executive is a &quot;specified employee&quot; (as defined in Code
Section 409A), and no exception to Code Section 409A applies, the payments set
forth in (d), (e) and (f) above will commence on the first day of the seventh
month following Executive's termination of employment.&nbsp; All payments that would
have otherwise been paid to Executive during this six-month period shall be
paid to Executive in one lump sum on the first day of the seventh month
following his termination of employment, plus interest accruing at the prime rate
of interest announced in the Wall Street Journal. &nbsp;If Executive dies before he
receives the above payment, the Company will distribute the benefits to Executive's
beneficiary as soon as administratively feasible following the date of Executive's
death.&nbsp; Except for the above required delay in payment, neither the Executive
nor Good Times shall have the right or the ability to accelerate or defer the
payment of amounts determined pursuant to this Section 7.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.5in'>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Code Section 409A Savings Clause</u>. &nbsp;Notwithstanding
any other provision in the Agreement, Good Times shall administer this
Agreement, and exercise all authority and discretion under this Agreement, to
satisfy the requirement of Code Section 409A or any exemption thereto.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>ENTIRE AGREEMENT</u>.&nbsp; This Agreement, together with any
applicable Stock Option Agreement between Good Times and the Executive, set
forth the entire understanding of the parties regarding the Executive's
employment with Good Times, and replace and supersede any previous
understandings, agreements, discussions, letters or representations between
such parties, written or oral, that may have related in any way to the subject
matter hereof including, without limitation, any employment offers or term
sheets dated as of or prior to the date hereof.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>AMENDMENT</u>.&nbsp; This Agreement may only be amended or
modified by an instrument in writing signed by each of the parties hereto.&nbsp; No
failure or delay on the part of either party to this Agreement in the exercise
of any power or right, and no course of dealing between the parties hereto,
shall operate as a waiver of such power or right, nor shall any single or
partial exercise of any power or right preclude any further or other exercise
thereof or the exercise of any other power or right.&nbsp; Any waiver of any
provision of this Agreement, and any consent to any departure by either party
from the terms of any provision hereof, shall be effective only in the specific
instance and for the specific purpose for which given.&nbsp; Nothing contained in
this Agreement and no action or waiver by any party hereto shall be construed
to permit any violation of any other provision of this Agreement or any other
document or operate as a waiver by such party of any of his or its rights under
any other provision of this Agreement or any other document.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>BINDING EFFECT</u>.&nbsp; This Agreement is personal to, and may
not be assigned or otherwise transferred by, the Executive; however, this
Agreement shall inure to the benefit of the Executive's legal representatives
and heirs.&nbsp; This Agreement shall be binding upon, and inure to the benefit and
be the obligation of Good Times, its successors or assigns.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>MISCELLANEOUS</u>.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability; Construction</u>.&nbsp; Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this
Agreement is held by a court of competent jurisdiction to be prohibited by or
invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement.&nbsp; </p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Choice of Law</u>.&nbsp; This Agreement shall be governed by,
and construed in accordance with, the internal laws (as opposed to conflict of
laws provisions) of the State of Colorado.</p>

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<p class=MsoHeader align=right style='text-align:right'><b>&nbsp;</b></p>



<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
1.0in'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Expenses</u>.&nbsp; In the event of any litigation between the
parties relating to this Agreement and their rights hereunder, the prevailing
party shall be entitled to recover all reasonable litigation costs and
reasonable attorneys' fees and expenses from the non-prevailing party.</p>

<p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify;text-indent:
..5in'>IN WITNESS WHEREOF, this Agreement has been executed by Good Times and
the Executive as of the date first above written.</p>

<blockquote>
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        <blockquote>
          <blockquote>
            <blockquote>

<p class=MsoNormal style='margin-left:3.0in;text-align:justify'><b>GOOD TIMES
RESTAURANTS INC.</b></p>

              <blockquote>



<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:3.0in;text-align:justify'>By<u>:/s/ Eric W. Reinhard</u></p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:3.0in;text-align:justify'>Eric W.
Reinhard, Chairman</p>





<p class=MsoNormal style='margin-left:3.0in;text-align:justify'>EXECUTIVE</p>



<p class=MsoNormal style='margin-left:3.0in;text-align:justify'><u>/s/ Boyd E.
Hoback</u></p>

<p class=MsoNormal style='margin-left:3.0in;text-align:justify'>Boyd E. Hoback</p>



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</blockquote>

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