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<SEC-DOCUMENT>0000825324-09-000014.txt : 20090814
<SEC-HEADER>0000825324-09-000014.hdr.sgml : 20090814
<ACCEPTANCE-DATETIME>20090814170943
ACCESSION NUMBER:		0000825324-09-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090814
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20090814
DATE AS OF CHANGE:		20090814

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:		091016974

	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>form8k1.htm
<TEXT>
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<p class=MsoTitle><b><font size=3 face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoTitle><b><font size=3 face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoHeader><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoTitle><b><font size=3 face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoTitle><b><font size=2 face="Times New Roman">UNITED STATES</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">Washington</font><font
 size=2>, D.C. 20549</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">FORM 8-K</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">CURRENT
REPORT</font></b></p>

<p class=MsoNormal><b><font size=2 face="Times New Roman">&nbsp;</font></b></p>

<h3><b><font size=2 face="Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></h3>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">Date of Report (Date of
earliest event reported)</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">August 14, 2009</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size=2
face="Times New Roman">Good
Times Restaurants Inc.</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">(Exact name of registrant
as specified in its charter)</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='margin-left:36.9pt;border-collapse:collapse;border:none'>
 <tr>
  <td width=204 valign=top style='width:153.0pt;border:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
    face="Times New Roman">Nevada</font></p>
  </td>
  <td width=172 valign=top style='width:129.3pt;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">000-18590</font></p>
  </td>
  <td width=170 valign=top style='width:127.2pt;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">84-1133368</font></p>
  </td>
 </tr>
 <tr>
  <td width=204 valign=top style='width:153.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">(State or other
  jurisdiction of incorporation)</font></p>
  </td>
  <td width=172 valign=top style='width:129.3pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">(Commission File
  Number)</font></p>
  </td>
  <td width=170 valign=top style='width:127.2pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">(IRS Employer
  Identification No.)</font></p>
  </td>
 </tr>
</table>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">601 Corporate Circle, Golden, Colorado 80401</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">(Address of principal
executive offices)&nbsp;&nbsp; (Zip Code)</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">Registrant's telephone
number, including area code: (303) 384-1400</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">Not applicable</font></p>

<p class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">(Former name or former
address, if changed since last report.)</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">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.):</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">[x] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)<br>
<br>
</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">[&nbsp; ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)<br>
<br>
</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">[&nbsp; ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))<br>
<br>
</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">[&nbsp; ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p class=MsoFooter><font size=2 face="Times New Roman">&nbsp;</font></p>

<div class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">

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

</font></div>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<font size=2 face="Times New Roman"><br clear=all style='page-break-before:always'>
</font>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoHeader><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-autospace:none'><b><font size=2 color="#000033"
face="Times New Roman">Item&nbsp; 8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Events</font></b></p>

<p class=MsoNormal style='text-autospace:none'><b><font size=2 color=black
face="Times New Roman">&nbsp;</font></b></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
face="Times New Roman">On August 14, 2009, Good
Times Restaurants Inc. and its wholly subsidiary Good Times Drive Thru Inc. (the
&quot;Company&quot;) entered into a strategic advisory services agreement (the &quot;Agreement&quot;)
with Mastodon Ventures, Inc. (&quot;Mastodon&quot;), pursuant to which Mastodon will
provide the Company with exclusive advisory services related to the possible
restructuring of certain lease and debt agreements of the Company and the
identification of possible additional sources of capital for the Company (the
&quot;Restructuring Plan&quot;).&nbsp; The services include but are not limited to assistance
with the preparation of information, structuring of a plan, negotiations with
potential investors, preparation of any documents required to be filed with
federal and state agencies relating to a Restructuring Plan and analyzing other
strategic alternatives that will further the long-term&nbsp;business prospects
of the Company and provide incremental value to its shareholders.</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'><font size=2
face="Times New Roman">While the Agreement
provides that Mastodon is being engaged by the Company as an advisor to the
Company&nbsp;to explore strategic options, Mastodon understands that the Board
of Directors of the Company has appointed a Special Committee to consider
certain of&nbsp;such options on behalf of the shareholders of the
Company.&nbsp; Mastodon agrees that its services shall
include&nbsp;communicating with such Special Committee as it may reasonably
request&nbsp;and, if&nbsp;directed by such committee, Mastodon shall hold</font></p>

<p class=MsoNormal style='text-autospace:none'><font size=2
face="Times New Roman">such communications in
confidence.&nbsp;</font></p>

<p class=MsoNormal style='text-autospace:none'><font size=2
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-autospace:none'><font size=2
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing
summary of the Agreement is qualified in its entirety by reference to the full
text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and incorporated herein by reference.</font></p>

<p class=MsoNormal style='text-autospace:none'><font size=2
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-align:justify'><font size=2
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On August 14,
2009 the company issued a press release announcing the formation of a Special
Committee of its board of directors to </font><font size=3>explore and evaluate strategic alternatives aimed at
enhancing shareholder value and explore alternatives to reduce the cost burdens
of being a publicly held entity and the entry into a strategic advisory
services agreement with Mastodon </font><font size=2>Ventures, Inc.</font><font size=3>&nbsp; A copy of the press release is filed as Exhibit 99.1
to this report.&nbsp; </font></p>

<p class=MsoNormal style='text-autospace:none'><font size=2
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-align:justify'><b><font size=2
face="Times New Roman">Item
9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.</font></b></p>

<p class=MsoNormal style='text-align:justify'><font size=2
face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal style='text-indent:.5in'><font size=2 face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.&nbsp; The following exhibits are filed
as part of this report:</font></p>

<p class=MsoNormal style='text-indent:.5in'><font size=2 face="Times New Roman">&nbsp;</font></p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=576
 style='width:6.0in;margin-left:662.95pt;border-collapse:collapse'>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">Exhibit</font></p>
  <p class=MsoNormal align=center style='text-align:center'><u><font size=2
  face="Times New Roman">Number</font></u></p>
  </td>
  <td width=509 valign=top style='width:381.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><u><font size=2 face="Times New Roman">&nbsp;</font></u></p>
  <p class=MsoNormal><u><font size=2 face="Times New Roman">Description</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">10.1</font></p>
  </td>
  <td width=509 valign=top style='width:381.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">Agreement dated August 14, 2009 among Good Times
  Restaurants Inc. and Good Times Drive Thru Inc. and Mastodon Ventures, Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size=2
  face="Times New Roman">99.1</font></p>
  </td>
  <td width=509 valign=top style='width:381.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">Press release dated August 14, 2009 </font></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal style='text-align:justify'><font size=3
face="Times New Roman">&nbsp;</font></p>

<h3><b><font size=2 face="Times New Roman">SIGNATURES</font></b></h3>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoBodyTextIndent3><font size=2 face="Times New Roman">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.</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&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; GOOD
TIMES RESTAURANTS INC.</font></p>

<p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:.7in;border-collapse:collapse'>
 <tr>
  <td width=221 valign=top style='width:2.3in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">Date:&nbsp; August 14, 2009</font></p>
  </td>
  <td width=350 valign=top style='width:3.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">By:&nbsp; <i><u>/s/ Boyd
  E. Hoback</u></i></font></p>
  </td>
 </tr>
 <tr>
  <td width=221 valign=top style='width:2.3in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=350 valign=top style='width:3.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">Boyd E. Hoback</font></p>
  </td>
 </tr>
 <tr>
  <td width=221 valign=top style='width:2.3in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td width=350 valign=top style='width:3.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size=2 face="Times New Roman">President and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter><font size=3 face="Times New Roman">2</font></p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter><font size=1 face=Arial>&nbsp;</font></p>

<div class=MsoNormal align=center style='text-align:center'><font size=2
face="Times New Roman">

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

</font></div>

<p class=MsoNormal style='line-height:1.0pt'><font size=2 face="Times New Roman">&nbsp;</font></p>

<p class=MsoNormal><b><font size=2 face="Times New Roman">&nbsp;</font></b></p>



</body>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>pressreleaseaug14091.htm
<TEXT>
<html>

<head>
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</head>

<body lang=EN-US>



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

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









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

<p class=MsoNormal style='text-align:justify'><b><u>FOR IMMEDIATE RELEASE</u>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News</b></p>

<p class=MsoNormal style='text-align:justify'><b>August 14, 2009&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq
SmallCap - GTIM</b></p>



<p class=MsoNormal align=center style='text-align:center'><b>Good Times Restaurants
Inc. Reports Formation of a Special Committee of the Board to Explore Strategic
Alternatives</b></p>

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

<p class=MsoNormal style='text-align:justify'>(GOLDEN, CO) Good Times
Restaurants Inc. (GTIM) today announced that its Board of Directors has formed
a Special Committee comprised of directors Richard Stark, Alan Teran and Geoff
Bailey to explore and evaluate strategic alternatives aimed at enhancing
shareholder value and explore alternatives to reduce the cost burdens of being
a publicly held entity. The Company has hired Mastodon Ventures, Inc. to
provide strategic advisory services and explore other strategic alternatives that
will further the long-term&nbsp;business prospects of the Company and provide
incremental value to its shareholders.</p>



<p class=MsoNormal style='text-align:justify'>There can be no assurance
regarding the timing of or whether the Board will elect to pursue any of the
strategic alternatives it may consider, or that any such alternatives will
result in changes to the Company's plans or will be consummated and there is no
certainty that any&nbsp;strategic alternative will involve a transaction for
shareholders at a share price&nbsp;equal to&nbsp;or above the
current&nbsp;trading&nbsp;price of the Company's shares, bearing in mind that
the trading market for the Company's shares is relatively inactive and that the
Company has&nbsp;realized losses from operations during recent periods.&nbsp;&nbsp;The
Company does not intend to provide updates or make any further comment until
the outcome of the process is determined or until there are significant
developments.&nbsp; </p>



<p class=MsoNormal style='text-align:justify'>Mastodon Ventures, Inc. is a
strategic advisory firm based in Austin, Texas focused on advisory services,
mergers and acquisitions and capital formation for emerging growth and
middle-market companies with particular expertise in multi-unit restaurant
transactions.</p>



<p class=MsoNormal style='text-align:justify'>Good Times is a regional chain of
quick service restaurants located primarily in Colorado providing a menu of
high quality all natural hamburgers, 100% breast of chicken sandwiches, fresh frozen
custard, fresh squeezed lemonades and other unique offerings.&nbsp; Good Times
currently operates and franchises 52 restaurants.</p>



<p class=MsoNormal style='text-align:justify'>This
press release contains forward looking statements within the meaning of federal
securities laws.&nbsp; The words &quot;intend,&quot; &quot;may,&quot; &quot;believe,&quot; &quot;will,&quot; &quot;should,&quot; &quot;anticipate,&quot;
&quot;expect,&quot; &quot;seek&quot; and similar expressions are intended to identify forward
looking statements.&nbsp; These statements involve known and unknown risks, which
may cause Good Times' actual results to differ materially from results
expressed or implied by the forward looking statements.&nbsp; These risks include
such factors as the uncertain nature of current restaurant development plans
and the ability to implement those plans<b>,</b> delays in developing and
opening new restaurants because of weather, local permitting or other reasons,
increased competition, cost increases or shortages in raw food products, and
other matters discussed under the &quot;Risk Factors&quot; section of Good Times' Annual
Report on Form 10-KSB for the fiscal year ended September 30, 2000 filed with the
SEC.&nbsp; Although Good Times may from time to time voluntarily update its forward
looking statements, it disclaims any commitment to do so except as required by
securities laws.</p>



<p class=MsoNormal style='text-align:justify'><b>INVESTOR RELATIONS CONTACTS:</b></p>

<p class=MsoNormal style='text-align:justify'>Good Times Restaurants Inc.</p>

<p class=MsoNormal style='text-align:justify'>Boyd E. Hoback, President and CEO,
303/384-1411</p>

<p class=MsoFooter>Christi Pennington, Executive Assistant, 303/384-1440</p>

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<p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</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>Mastodon Ventures, Inc.</b></p>

<h3>600 Congress Ave,
  Suite 1220</h3>

<h3>Austin, Texas 78701</h3>

<p class=MsoNormal align=center style='text-align:center'>512.498.1200 / 512.498.1201 fax</p>

<h3><u>&nbsp;</u></h3>

<p class=MsoNormal>August 14, 2009</p>





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

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

<p class=MsoNormal>Good Times Restaurants, Inc.</p>

<p class=MsoNormal>601 Corporate Circle</p>

<p class=MsoNormal>Golden, CO 80401</p>



<p class=MsoNormal>Via Email </p>

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

<p class=MsoNormal><u>Attn:&nbsp; Mr. Boyd Hoback</u></p>

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

<p class=MsoNormal>Dear Mr. Hoback:</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
letter agreement confirms our understanding that Good Times Restaurants, Inc.
and its wholly owned subsidiary, Good Times Drive Thru, Inc., and all other of
its subsidiaries and affiliated entities, if any, (collectively, hereinafter &quot;<b>GTRI</b>&quot;,
the &quot;<b>Company</b>&quot;, or &quot;<b>you</b>&quot;)&nbsp; have engaged Mastodon Ventures, Inc. (&quot;<b>Mastodon</b>&quot;
or &quot;<b>we</b>&quot;), to act as their exclusive strategic advisor with respect to an
exploration of strategic options available to the Company in the form of a
Restructuring (as defined herein) of the Company including the Company's
Restaurants and Real Property. </p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>WHEREAS,</b>
the Company owns, operates directly, operates jointly, and franchises a group
of Restaurants and owns related Real Estate located in the United States; and</p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 2</p>





<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>WHEREAS,</b>
the Company is interested in exploring, (a) the renegotiation of certain terms
and conditions of its current debt with its existing lenders, which may
include, but shall not be limited to, potential payment forbearances or other
payment deferments, and/or&nbsp; covenant relief, (b) the renegotiation of certain
of its obligations or contingent obligations to other third parties, including
but not limited to, landlords, (c) an increase in its available working capital,
which may include&nbsp; the sale of additional of its debt or equity, and/or assets,
and (d) any and all other options that will further the long-term business
prospects of the Company and provide incremental value to its shareholders (the
&quot;Restructuring&quot;). </p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>WHEREAS,</b>
Mastodon has substantial experience and expertise in all aspects of corporate
finance, including corporate restructurings, recapitalizations, financings,
mergers, acquisitions, strategic alliances, sales and purchases of similar
enterprises, and capital structuring for both debt and equity for&nbsp; private and
public companies; and</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>WHEREAS,</b>
accordingly, the Company wishes to engage Mastodon to act as its exclusive
strategic advisor in connection with any such Restructuring, and Mastodon is
willing to be so engaged, all on and subject to the terms and conditions
hereinafter set forth;</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'><b>NOW
THEREFORE,</b> in consideration of the mutual covenants herein and other good
and valuable consideration, the recipient and sufficiency of which are hereby
unconditionally acknowledged, the parties hereto do hereby agree as follows:</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As
part of our services with respect to a Restructuring, we will, if appropriate
and if requested by you:</p>



<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in analyzing and evaluating the business, operations, and
financial position of the Company;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in negotiations with your Creditors and others with respect
to a Restructuring;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in identifying and negotiations with potential Investors (for
purposes of this Agreement, potential purchasers shall be included in the
definition of potential Investors) and potential Lenders with respect to a
Restructuring;</p>

<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 3</p>





<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in preparing an information memorandum for distribution and
presentation to potential new Investors/Lenders and existing Creditors;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in the preparation, structuring, negotiating, and implementation
of a Restructuring plan including the potential divestiture of certain assets;
and;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in the screening of interested prospective Investors and/or
Lenders;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in coordinating the data room for the due diligence
investigations by potential Investors/Lenders or Creditors;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in evaluating proposals which are received from potential Investors/Lenders
and existing Creditors;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
assist you in the preparation of any documents required to be filed with
federal and state agencies relating to a Restructuring Event; and</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-indent:-.5in;line-height:150%'>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
be available at your request to meet with your Board of Directors, legal
counsel, Creditors, and/or potential Investors/Lenders to discuss a proposed
Restructuring Event and its financial implications. </p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>Except
as set forth on Annex B hereto, during the Term (hereinafter defined) of this
Agreement, neither you nor your Representatives (hereinafter defined) will have
any material discussions with potential Investors/Lenders or Creditors without
informing Mastodon and referring any potential Investors/Lenders to Mastodon, and
except as set forth on Annex B hereto, you agree to refer all inquiries by any
potential Investors/Lenders to Mastodon, and you further agree that you will
identify any likely Investors/Lenders to Mastodon.</p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 4</p>





<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>While
Mastodon is being engaged by the Company as an advisor to the Company&nbsp;to explore
strategic options, Mastodon understands that the Board of Directors of the
Company has appointed a special committee to consider certain of&nbsp;such
options on behalf of the shareholders of the Company.&nbsp; Mastodon agrees
that its services shall include&nbsp;communicating with such special committee
as it may reasonably request&nbsp;and, if&nbsp;directed by such committee,
Mastodon shall hold such communications in confidence.&nbsp;</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>2.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with Mastodon's engagement hereunder, you will furnish
Mastodon with all information concerning the Company and its assets which
Mastodon reasonably deems necessary or appropriate and will provide Mastodon
with access to your officers, directors, managers, members, employees,
accountants, counsel and other representatives (collectively, the &quot;<b>Representatives</b>&quot;),
it being understood that Mastodon will rely solely upon such information
supplied by you and your Representatives without assuming any responsibility
for the independent investigation or verification thereof.&nbsp; All non-public
information concerning the Company, which is given to Mastodon by or on behalf of
you and marked as such will be used solely in the course of the performance of
our services hereunder and will be treated confidentially by us for so long as
it remains non-public through no fault of Mastodon.&nbsp; Except as otherwise
required by law or judicial or regulatory process, Mastodon will not disclose
such information to a third party (not including any of Mastodon's officers,
directors, employees and&nbsp; professional advisors who need to know such
information in order to assist Mastodon in the performance of its services
hereunder) without your prior written consent.&nbsp; </p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As compensation for our services hereunder in connection with a
Restructuring, you will pay Mastodon:&nbsp; </p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 5</p>





<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:1.5in;text-align:justify;text-indent:-.5in;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
an engagement fee of Twenty Five Thousand Dollars ($25,000) (the &quot;<b>Retainer</b>&quot;)
which &nbsp;is payable upon the execution of this Agreement and which is refundable
if Mastodon voluntarily terminates this Agreement or if the Company terminates
this Agreement for cause (as a result of willful misconduct, negligence or bad
faith exercised by Mastodon) by written notice to the other party prior to
December 15, 2009&nbsp; and</p>

<p class=MsoNormal style='margin-left:1.5in;text-align:justify;text-indent:
- -.5in;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Provided that Mastodon or the Company has not
terminated this Agreement as provided in paragraph 3(a) by written notice, a
non-refundable <b>Monthly Maintenance Fee</b> according to the following
schedule:</p>



<p class=MsoNormal style='margin-left:1.75in;text-align:justify;text-indent:
- -1.75in;line-height:150%'>&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;
i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
October 15, 2009, Seven Thousand Five Hundred Dollars ($7,500)</p>

<p class=MsoNormal style='margin-left:1.75in;text-align:justify;text-indent:
- -1.75in;line-height:150%'>&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;
ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
November 15, 2009, Seven Thousand Five Hundred Dollars ($7,500)</p>

<p class=MsoNormal style='margin-left:1.75in;text-align:justify;text-indent:
- -1.75in;line-height:150%'>&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;
iii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
December 15, 2009, Seven Thousand Five Hundred Dollars&nbsp; ($7,500), and </p>



<p class=MsoNormal style='margin-left:1.5in;text-align:justify;text-indent:
- -.5in;line-height:150%'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
upon and subject to the consummation (i.e., closing) of a Restructuring
Event (as defined below) a fee of Two Hundred Fifty Thousand Dollars ($250,000.00).the
<b>&quot;</b>Success Fee<b>&quot;</b>), </p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 6</p>





<p class=MsoNormal style='margin-left:1.5in;text-align:justify;text-indent:
- -.5in;line-height:150%'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing, Mastodon's Maximum Aggregate Fee
(including the Retainer, the Monthly Maintenance Fee, and the Success Fee shall
be limited to the lesser of (i) Two Hundred Ninety Seven Thousand Five Hundred
Dollars ($297,500), or (ii) in the event of a Sale by the Company of all or
substantially all of its assets or equity, four percent (4%) of the Aggregate
Consideration (as defined below) received by the Company and/or or its
shareholders or, (iii) in the event of a sale of new equity or existing assets,
whereby such sale represents less than fifty percent (50%) of the equity
outstanding after such equity issuance, or less than fifty percent of its
assets, six percent (6%) of the proceeds received by the Company from such new
equity or asset sale, and/or (iv) in the event of a sale of new debt by the
Company two percent (2%) of the face value of the new debt. </p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>4.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For Purposes of this Agreement a <b>Restructuring Event</b> shall be
defined as any of the following events (a) the issuance by the company of new
debt or equity, (b) the sale of less than fifty percent of the Company's assets
or equity, excluding real estate (c) the Sale of substantially all of the
Company's equity or assets (a &quot;Sale&quot;). &nbsp;Subject to the provisions of Paragraph
3(d), the Success Fee shall be payable to Mastodon as provided in Paragraph 3(c)
immediately and concurrently with the closing of a Restructuring Event unless,
in the case of a Sale, the Aggregate Consideration in connection with the
structure of a Sale includes a promissory note, earn-out, or other deferred cash
compensation or other deferred cash consideration payable to the Company and/or
the shareholders of the Company in connection with a Sale (such payments being
referred to herein as the <b>&quot;Deferred Payments&quot;</b>), in which instance that
portion of the applicable fee which is calculated and based on the proceeds of
the Aggregate Consideration received by the Company and/or the shareholders of
the Company at the first closing will be paid to Mastodon at such first closing
of a Sale and that portion of any such fee which under Paragraph 3(d) is
calculated and based on the proceeds of the Aggregate Consideration received by
the Company and/or the shareholders of the Company with respect to the Deferred
Payments will be paid to Mastodon at the time such proceeds are received by the
Company and/or such shareholders.&nbsp; </p>



<p class=MsoFooter style='line-height:10.0pt'><a name="OLE_LINK2"></a><a
name="OLE_LINK1">10425256.2
</a></p>

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

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 7</p>





<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
addition, you agree to reimburse Mastodon for all reasonable out-of-pocket
expenses incurred by Mastodon in connection with this Agreement, including the
fees and expenses of its legal counsel, if any, and any other advisor retained
by Mastodon (it being understood that the retention of any such advisor
including legal counsel, will be made only with your prior approval), which
reimbursements will be made within 15 days after your receipt of Mastodon's
invoice therefor. &nbsp;Notwithstanding the foregoing, Mastodon will be required to
obtain your prior written approval for all expenses which in the aggregate exceed
Ten Thousand Dollars ($10,000) during Mastodon's engagement for which Mastodon
will seek reimbursement from you.&nbsp; Such reimbursements are exclusive of
Mastodon's entitlement to legal fees pursuant to Annex A and Paragraph 15
hereof.</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>6.&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Agreement, the term <b>&quot;Sale&quot;</b> shall be defined
as the sale (whether in one or a series of transactions) of all or a
substantial amount of the assets or fifty percent or more of the capital stock
of the Company, any merger or other business combination between the Company
and any purchaser, any liquidation of the Company whether voluntarily or
involuntarily, or any other form of disposition of the stock, or assets of the Companies
which results in the effective sale of the principal business and operations of
the Company or by the current shareholders thereof.&nbsp; </p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>7.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Also, for purposes of this Agreement, the term <b>&quot;Aggregate
Consideration&quot;</b> shall mean the total cash and all non-cash consideration
received at closing of a Sale or thereafter by the Company and/or the
shareholders of the Company in connection with a Sale, such non-cash
consideration to include, without limitation, the principal amount (excluding
interest) on any promissory note received by the Company and/or the
shareholders of the Company, all securities and other property or assets
received by the Company and/or such shareholders of the Company, all debt which after the transaction has a term of greater
than one year assumed by a Purchaser, and any other similar form of
compensation or consideration paid or payable, or otherwise to be distributed,
directly or indirectly, to the Company and/or<b> </b>the Company's subsidiaries
and/or shareholders in connection with a Sale.&nbsp; Aggregate Consideration shall
specifically include the proceeds of all earn-outs or other deferred
compensation<b> </b>or consideration received by the Company and/or the Company's
subsidiaries and/or the shareholders thereof, as applicable, in connection with
a Sale.&nbsp; For purposes hereof, the fair market value of any securities received
by the Company and/or such subsidiaries or shareholders, as applicable, shall
mean the closing price of such securities on the date of closing (or the
closing price of such securities on the last day immediately preceding the
closing if there is no such closing price on the date of closing) or the value
ascribed to such securities in the definitive purchase agreement relating to a
Sale. </p>

<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 8</p>







<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>8.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No advice or opinion rendered, or analyses or materials prepared, by
Mastodon in connection with this Agreement, whether formal or informal, may be
disclosed, in whole or in part, or summarized, excerpted from or otherwise
referred to by you without our prior written consent.&nbsp; In addition, Mastodon
may not be otherwise referred to by you without our prior written consent.&nbsp; The
foregoing consents shall not however be unreasonably withheld.</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>9.&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; You acknowledge that Mastodon may, at its option and expense and after
consummation of a Restructuring Event (including a Sale) place announcements
and advertisements or otherwise publicize a Restructuring Event and Mastodon's
role in it (which may include the reproduction of the Company's logos and
hyperlinks to the Company's website) on Mastodon's internet website and in such
financial and other newspapers and journals as it may choose, stating that
Mastodon has acted as strategic &nbsp;advisor to the Company in connection with a
Restructuring Event.&nbsp; Furthermore, if requested by Mastodon, the Companies
shall include a mutually acceptable reference to Mastodon in any press release
or other public announcement made by the Companies regarding the transactions
described in this Agreement.</p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>10.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Since Mastodon will be acting on behalf of<b> </b>the Company in
connection with its engagement hereunder, you and Mastodon agree to the
indemnity provisions and other matters set forth in Annex A which is
incorporated into this Agreement by reference thereto.</p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </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=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 9</p>





<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>11.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You further agree that if Mastodon is asked to provide any other services
to the Company relating to this engagement which are not specifically provided
for in this Agreement, then such services shall constitute separate engagements
and the terms and conditions of any such separate engagements will b<b>e</b>
subject to and embodied in one or more separate written agreements containing
provisions and terms to be mutually agreed upon, including without limitation,
appropriate indemnification provisions.&nbsp; The foregoing shall not however apply
to a fairness opinion which Mastodon shall furnish in connection with a
Restructuring Event, without additional consideration, if such an opinion is
customary for such a transaction, which opinion shall be in a form which is
customary for such transaction.</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>12.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastodon's engagement hereunder shall commence on the date hereof and
remain<b> </b>in effect for a period of six months (the <b>&quot;Term&quot;</b>) but may
be terminated at any time, with or without cause, by either Mastodon or the
Company, upon thirty (30) days' prior written notice thereof to the other
party; <i>provided, however,</i> that in the event of any termination of this
Agreement by the Company or upon the expiration of the Term of this Agreement,
Mastodon will continue to be entitled to its full Success Fee provided for
herein in the event that at any time prior to twelve (12) months after any such
termination or expiration the Company&nbsp; consummates or enter into an agreement
providing for a Restructuring Event (including a Sale)&nbsp; with a party(s) identified
by either Mastodon or the Company during the Term of this Agreement, or a
party(s) that proposed a Restructuring Event or to whom the Company proposed a Restructuring
Event or with whom the Company had discussions regarding a Restructuring Event during
the Term of this Agreement, whether or not such discussions were initiated by
Mastodon or such party(s) was introduced by Mastodon, and <i>provided, further,</i>
that the expiration or termination of this Agreement shall not affect the
Company's obligations to pay the expenses payable to Mastodon during the term
of this Agreement as provided for herein and to indemnify Mastodon and those
persons and entities as provided in Annex A referred to above. </p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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

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

</div>



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






<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 10</p>





<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>13.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastodon may agree or arrange to provide any prospective Investors,
Lenders or Purchasers with assistance, or otherwise assist them in obtaining,
all or a portion of the financing they require in connection with a proposed Restructuring
Event (including a Sale).&nbsp; Although Mastodon, in the course of acting in such
other capacity, may acquire information about such prospective Investors,
Lenders or Purchasers, Mastodon shall have no obligation to disclose such
information to the Company, or to use such information on the Company's
behalf.&nbsp; In any such event, with the prior consent of the Company, which
consent shall not be unreasonably withheld, such services that may be provided
by Mastodon to any such prospective Investors, Lenders or Purchasers and that
Mastodon may be separately compensated with respect to such services by any
such Investor, Lender or Purchasers.</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>14.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You acknowledge that there is no assurance that Mastodon's services
hereunder will result in the consummation of a Restructuring Event, or, if so,
the terms thereof, it being understood that the terms of each proposed Restructuring
Event are subject to your approval, as determined by you, in your sole
discretion.</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>15.&nbsp;
In connection with this engagement, Mastodon is acting as an independent
contractor and not in any other capacity.&nbsp; This Agreement shall be governed by
and construed in accordance with the internal laws of the State of Colorado,
applicable to contracts made and to be performed therein.&nbsp; This Agreement
(including Annex A) constitutes the sole and entire agreement among the parties
hereto with respect to the subject matter hereof, supersedes all prior
agreements and understandings, oral or written, among the parties hereto with
respect to the subject matter hereof, may not be modified or waived except
pursuant to a written instrument signed by the party to be bound thereby, shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns and shall not be assignable by any
of the parties hereto without the written consent of the non-assigning party).&nbsp;
The prevailing party, in any legal action or proceeding brought to enforce or
defend the enforcement of this Agreement, shall be entitled to reimbursement of
its costs and expenses (including legal fees) incurred in connection therewith from
the non-prevailing party.&nbsp; The Companies agrees to be jointly and severally
liable for any obligations due to Mastodon under this Agreement including the
indemnity provisions of Annex A.</p>



<p class=MsoBodyTextIndent style='margin-left:0in;text-align:justify;
text-indent:.5in;line-height:150%'>16.&nbsp;&nbsp;&nbsp; All notices under this Agreement must
be in writing and shall be delivered either personally, receipt acknowledged,
or sent by certified mail, return receipt requested, addressed to the parties
as follows (or at any such other address as shall be hereafter provided by
notice to the other parties hereto):</p>

<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>If
to Mastodon, to it at:</p>

<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>Mastodon
Ventures, Inc.</p>

<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </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=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 11</p>





<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>600
Congress Avenue, Suite 1220</p>

<h3>Austin, Texas 78701</h3>

<p class=MsoBodyText style='text-align:justify;text-indent:.5in;line-height:
150%'>Attn:&nbsp; Robert Hersch, President</p>



<p class=MsoBodyText style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With a copy to:</p>

<p class=MsoBodyText style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert
L. Blessey, Esq.</p>

<p class=MsoBodyText style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51
Lyon Ridge Road</p>

<p class=MsoBodyText style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Katonah,
New York 10536</p>



<p class=MsoBodyText style='margin-left:.5in;text-align:justify;line-height:
150%'>If to the Company, to it at:&nbsp; </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good Times Restaurants,
Inc.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601 Corporate Circle</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden, CO 80401</p>

<p class=MsoNormal style='margin-left:.5in;line-height:150%'><u>Attn:&nbsp; Mr. Boyd
Hoback </u></p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a Copy to:</p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roger Cohen</p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snell and Wilmer, LLP&nbsp; </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Tabor Center <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 Seventeenth Street <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suite 1900 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, Colorado 80202</p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>Any such notices shall be deemed given upon receipt, if
delivered personally, or within three days after mailing, if mailed by
certified mail, as aforesaid.</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement has been duly authorized by all
corporate or other action required therefor and is a valid and binding
obligation of each of the parties hereto.</p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 12</p>





<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>18.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be signed by the parties in
counterpart.&nbsp; It shall not be necessary in making proof of this
Agreement or any counterpart hereof to produce or account for any of the other
counterparts.&nbsp; A copy of this Agreement signed by one party and faxed to
another party shall be deemed to have been executed and delivered by the
signing party as though an original.&nbsp; A photocopy of this Agreement shall be
effective as an original for all purposes.</p>



<p class=MsoNormal style='text-align:justify;text-indent:.5in;line-height:150%'>We are delighted to accept this engagement and look forward
to working with you on this assignment.&nbsp; Please confirm that the foregoing is
in accordance with your understanding by signing and returning to us the
enclosed duplicate of this Agreement in the space provided below.</p>

<p class=MsoNormal style='margin-left:3.0in;text-align:justify;line-height:
150%'>Very truly yours,</p>



<p class=MsoNormal style='margin-left:3.0in;text-align:justify;line-height:
150%'>MASTODON VENTURES, INC.</p>



<p class=MsoNormal style='margin-left:3.0in;text-align:justify;line-height:
150%'>By: <i><u>/s/ Robert Hersch</u></i></p>

<p class=MsoNormal style='margin-left:3.5in;text-align:justify;text-indent:
- -3.0in;line-height:150%'>&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; Robert
Hersch, President</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>Accepted and agreed to as of the date first written above:</p>



<p class=MsoNormal style='line-height:150%'>GOOD TIMES RESTAURANTS, INC. </p>



<p class=MsoNormal style='line-height:150%'>By: <i><u>/s/
Boyd E. Hoback </u></i></p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd
Hoback, President and Chief Executive Officer </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August
14, 2009</p>

<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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











<p class=MsoNormal align=center style='text-align:center;line-height:150%'><b><u>ANNEX A</u></b></p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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

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<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 14</p>





<p class=MsoNormal style='text-align:justify;line-height:150%'>1. &nbsp;In further consideration of the agreements contained in
our Engagement letter dated the date hereof (the &quot;<b>Engagement</b>&quot;), in the
event that Mastodon Ventures, Inc. (&quot;<b>Mastodon</b>&quot;) or any of its
affiliates, the respective directors, officers, partners, agents or employees
of Mastodon or any of its affiliates, or any other person controlling Mastodon
or any of its affiliates (collectively, the &quot;<b>Indemnified Persons</b>&quot;)
becomes involved, in any capacity, in any action, claim, suit, investigation or
proceeding, actual or threatened, brought by or against any person, including,
Good Times Restaurants, Inc. and/or the affiliated entities and or
subsidiaries (as defined and identified in the engagement) (collectively the &quot;<b>Company</b>&quot;), or the stockholders
or other equity owners of the Company, in connection with or as a result of or
in any way based upon the Engagement or any matter referred to in the Engagement,
the Company will reimburse such Indemnified Person for its reasonable legal and
other expenses (including without limitation the costs and expenses incurred in
connection with investigating, preparing for and responding to third party
subpoenas or enforcing the engagement) incurred in connection therewith as such
expenses are incurred. The Company will also indemnify and hold harmless any
Indemnified Person from and against, and the Company agrees that no Indemnified
Person shall have any liability to the Company or its owners, parents,
affiliates, security holders or creditors for, any losses, claims, damages or
liabilities (including actions or proceedings in respect thereof)
(collectively, &quot;<b>Losses</b>&quot;) (A) related to or arising out of (i) the
Company's actions or failures to act (including statements or omissions made or
information provided by the Company or its agents) or (ii) actions or failures
to act by an Indemnified Person with the Company's consent or in reliance on
the Company's actions or failures to act or (B) otherwise related to or arising
out of the engagement, or Mastodon's performance thereof, except that this
clause (B) and the above indemnity of legal and other expenses shall not apply
to any Losses that are finally determined by a court or arbitral tribunal to
have resulted primarily from the gross negligence, willful misconduct or bad
faith of such Indemnified Person. If such indemnification is for any reason not
available or insufficient to hold an Indemnified Person harmless, other than as
a result of gross negligence, willful misconduct or bad faith, the Company
agrees to contribute to the Losses involved in such proportion as is
appropriate to reflect the relative benefits received (or anticipated to be
received) by the Company, on the one hand, and by Mastodon, on the other hand,
with respect to the engagement or, if such allocation is determined by a court
or arbitral tribunal to be unavailable, in such proportion as is appropriate to
reflect other equitable considerations such as the relative fault of the
Company on the one hand and of Mastodon on the other hand; <i>provided,
however,</i> that, to the extent permitted by applicable law, the Indemnified
Persons shall not be responsible for amounts which in the aggregate are in
excess of the amount of all fees actually received by Mastodon from the Company
in connection with the Engagement. Relative benefits to the Company, on the one
hand, and Mastodon, on the other hand, with respect to the Engagement shall be
deemed to be in the same proportion as (i) the total value paid or proposed to
be paid or received or proposed to be received by the Company or its security
holders, as the case may be, pursuant to the transaction(s), whether or not
consummated, contemplated by the Engagement, bears to (ii) all fees actually
received by Mastodon in connection with the Engagement. </p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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

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






<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 15</p>





<p class=MsoNormal style='text-align:justify;line-height:150%'>2. &nbsp;The Company will not, without Mastodon's prior written
consent, settle, compromise, consent to the entry of any judgment in or
otherwise seek to terminate any action, claim, suit, investigation or
proceeding in respect of which indemnification may be sought hereunder (whether
or not any Indemnified Person is a party thereto) unless such settlement,
compromise, consent or termination includes a release of each Indemnified
Person from any liabilities or obligations arising out of such action, claim,
suit, investigation or proceeding.&nbsp; The Company will not permit any such
settlement, compromise, consent or termination to include a statement as to, or
an admission of, fault, culpability or a failure to act by or on behalf of an
Indemnified Person, without such Indemnified Person's prior written consent.&nbsp;
No Indemnified Person seeking indemnification, reimbursement or contribution
under this agreement will, without the Company's prior written consent, settle,
compromise, consent to the entry of any judgment in or otherwise seek to
terminate any action, claim, suit, investigation or proceeding referred to
herein.&nbsp; Any Indemnified Person who or which is required to commence an action
to enforce the indemnification rights granted hereunder shall be entitled to be
reimbursed for the costs and expenses incurred by such Indemnified Person in
connection therewith (including their reasonable counsel fees).</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>3. &nbsp;Prior to entering into any agreement or arrangement
with respect to, or effecting, any merger, statutory exchange or other business
combination or proposed sale or exchange, dividend or other distribution or
liquidation of all or a significant portion of its assets in one or a series of
transactions or any significant recapitalization or reclassification of its
outstanding securities that does not directly or indirectly provide for the
assumption of the obligations of the Company set forth herein, the Company will
notify Mastodon in writing thereof (if not previously so notified) and, if
requested by Mastodon, shall arrange in connection therewith alternative means
of providing for the obligations of the Company set forth herein, including the
assumption of such obligations by another party, insurance, surety bonds or the
creation of an escrow, in each case in an amount and upon terms and conditions
satisfactory to Mastodon.</p>



<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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

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






<p class=MsoHeader>Mr. Boyd Hoback </p>

<p class=MsoHeader>August 11, 2009</p>

<p class=MsoHeader>Page 16</p>





<p class=MsoNormal style='text-align:justify;line-height:150%'>4. &nbsp;The Company's obligations hereunder shall be joint and
several and in addition to all other rights that any Indemnified Person may
have at common law or otherwise.&nbsp; The Company acknowledges that in connection
with the Engagement Mastodon is acting as an independent contractor and not in
any other capacity.&nbsp; This agreement and any other agreements relating to the Engagement
shall be governed by and construed in accordance with the laws of the State of Colorado,
applicable to contracts made and to be performed therein and, in connection
therewith, the parties hereto consent (for purposes of this agreement and the
engagement) to the exclusive jurisdiction of the appropriate Court of the &nbsp;State
of Nevada or the United States District Court for the State of Colorado and the
respective appellate courts thereof.&nbsp; Notwithstanding the foregoing, solely for
purposes of enforcing the Company's obligations hereunder, the Company consents
to personal jurisdiction, service and venue in any court proceeding in which
any claim subject to this agreement or the engagement is brought by or against
any Indemnified Person.&nbsp; MASTODON AND THE COMPANY HEREBY AGREE ON ITS OWN OR
THEIR BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS
SECURITY HOLDERS, TO WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY
CLAIM, COUNTER-CLAIM OR ACTION ARISING OUT OF THE ENGAGEMENT OR MASTODON'S
PERFORMANCE THEREOF.</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>5. &nbsp;The provisions of this agreement shall apply to the Engagement
(including related activities prior to the date hereof) and any modification
thereof and shall remain in full force and effect regardless of the completion
or termination of the Engagement.&nbsp; If any term, provision, covenant or
restriction herein is held by a court of competent jurisdiction to be invalid,
void or unenforceable or against public policy, the remainder of the terms,
provisions and restrictions contained herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated.&nbsp; The
provisions of this agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns (this agreement
shall not be assignable in the absence of the written consent of the non-assigning
party).</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>6. &nbsp;This Agreement may be signed by the parties in
counterpart.</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>Good Times
Restaurants, Inc. </p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>By: <i><u>/s/ Boyd E. Hoback</u></i><u> </u></p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd Hoback, President and Chief Executive Officer </p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>ACCEPTED AND AGREED TO AS OF THE DATE HEREOF:</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>MASTODON VENTURES, INC.</p>



<p class=MsoNormal style='text-align:justify;line-height:150%'>By: <i><u>/s/ Robert Hersch</u></i></p>

<p class=MsoNormal style='text-align:justify;line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp; Robert Hersch, President</p>

<p class=MsoFooter style='line-height:10.0pt'>10425256.2 </p>

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<p class=MsoNormal align=center style='text-align:center;line-height:150%'><b><u>ANNEX
B</u></b></p>

<p class=MsoNormal align=center style='text-align:center;line-height:150%'><b><u>&nbsp;</u></b></p>

<p class=MsoFooter style='line-height:10.0pt'><a name="_DV_C82">Notwithstanding
anything to the contrary contained in the Agreement to which this Annex B is
attached, and except as otherwise may be agreed by the Company, Mastodon's
Maximum Aggregate Fee as defined in paragraph 3(d) of the Agreement shall be
limited to the lesser of One Hundred and Fifty Thousand Dollars ($150,000.00)
or 50% of the amounts defined in Paragraph 3(d)(ii), (iii) and (iv)&nbsp; from any
transaction of the Company, provided that the Company has received a term sheet
(or such other similar agreement) for a transaction within Forty-Five (45) days
from the date hereof and has entered into a definitive agreement for such
transaction within Ninety (90) days hereof with&nbsp; persons or entities identified
by the company independent of Mastodon.</a> 10425256.2 </p>

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