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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000825324-10-000017.txt : 20100901
<SEC-HEADER>0000825324-10-000017.hdr.sgml : 20100901
<ACCEPTANCE-DATETIME>20100901152731
ACCESSION NUMBER:		0000825324-10-000017
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100930
FILED AS OF DATE:		20100901
DATE AS OF CHANGE:		20100901
EFFECTIVENESS DATE:		20100901

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18590
		FILM NUMBER:		101052458

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT VENTURES INC
		DATE OF NAME CHANGE:	19900205
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>proxyfinal1.htm
<TEXT>
<html>

<head>
<!-- Document Prepared With E-Services, LLC HTML Software-->
<!-- Copyright 2006 E-Services, LLC.-->
<!-- All rights reserved EDGAR2.com -->



<title>UNITED STATES</title>



</head>

<body lang=EN-US link=blue vlink=purple>

<div class=WordSection1>

<p class=MsoNormal align=center style='margin-top:6.6pt;text-align:center'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin-top:6.6pt;text-align:center'><b>&nbsp;</b></p>









<p class=MsoNormal align=center style='margin-top:6.6pt;text-align:center'><b>UNITED
STATES</b></p>

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

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

<p class=MsoNormal align=center style='text-align:center'><b>SCHEDULE
14A</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>(Rule
14a-101)</b></p>

<p class=MsoNormal align=center style='text-align:center'><b>SCHEDULE
14A INFORMATION</b></p>

<p class=MsoNormal align=center style='text-align:center'>Proxy
Statement Pursuant to Section&nbsp;14(a) of the Securities</p>

<p class=MsoNormal align=center style='text-align:center'>&nbsp;Exchange
Act of 1934</p>

<p class=MsoNormal style='margin-top:6.6pt'>Filed by the Registrant &#254;</p>

<p class=MsoNormal>Filed by a Party other than the Registrant &#61551;</p>

<p class=MsoNormal>Check the appropriate box:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr style='height:12.4pt'>
  <td width=19 valign=top style='width:13.9pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>&#61551;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=613 valign=top style='width:460.0pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Preliminary Proxy Statement</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 valign=top style='width:13.9pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>&#61551;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=613 valign=top style='width:460.0pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Confidential, for Use of the Commission Only (as permitted by
  Rule&nbsp;14a-6(e)(2))</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 valign=top style='width:13.9pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>&#254;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=613 valign=top style='width:460.0pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Definitive Proxy Statement</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 valign=top style='width:13.9pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>&#61551;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=613 valign=top style='width:460.0pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Definitive Additional Materials</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 valign=top style='width:13.9pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>&#61551;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=613 valign=top style='width:460.0pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Soliciting Material Pursuant to &sect;240.14a-12</p>
  </td>
 </tr>
</table>



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

<div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

<p class=MsoNormal align=center style='text-align:center;border:none;
padding:0in'>&nbsp;(Name of Registrant as Specified In Its Charter)</p>

</div>



<div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

<p class=MsoNormal align=center style='text-align:center;border:none;
padding:0in'>&nbsp;(Name of Person(s) Filing Proxy Statement, if other than
the Registrant)</p>

</div>

<p class=MsoNormal style='margin-top:6.6pt'>Payment of Filing Fee (Check the
appropriate box):</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=660
 style='border-collapse:collapse'>
 <tr style='height:12.4pt'>
  <td width=19 valign=top style='width:13.9pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>&#254;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=634 valign=top style='width:475.7pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>No fee required.</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 valign=top style='width:13.9pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>&#61551;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=634 valign=top style='width:475.7pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Fee computed on table below per Exchange Act
  Rules&nbsp;14a-6(i)(4) and 0-11.</p>
  </td>
 </tr>
</table>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>(1)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Title of each class of securities to which transaction applies:</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
 </tr>
 <tr style='height:7.45pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>(2)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Aggregate number of securities to which transaction applies:</p>
  </td>
 </tr>
 <tr style='height:7.45pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
 </tr>
 <tr style='height:7.45pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
 </tr>
 <tr style='height:24.75pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:24.75pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:24.75pt'>
  <p class=MsoNormal>(3)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:24.75pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:24.75pt'>
  <p class=MsoNormal>Per unit price or other underlying value of transaction computed
  pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
  filing fee is calculated and state how it was determined):</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
 </tr>
 <tr style='height:7.45pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>(4)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Proposed maximum aggregate value of transaction:</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
 </tr>
 <tr style='height:7.45pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>(5)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Total fee paid:</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=22 style='width:16.2pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=617 style='width:462.6pt;padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 valign=top style='width:16.2pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=617 valign=top style='width:462.6pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
 </tr>
</table>





<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'>












<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=660
 style='border-collapse:collapse'>
 <tr style='height:12.4pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'><br clear=all style='page-break-before:
  always'>

  <p class=MsoNormal>&#61551;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=634 colspan=4 valign=top style='width:475.7pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Fee paid previously with preliminary materials:</p>
  </td>
 </tr>
 <tr style='height:7.45pt'>
  <td width=19 colspan=2 style='width:13.9pt;padding:0in 0in 0in 0in;
  height:7.45pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.45pt'>

  </td>
  <td width=634 colspan=4 style='width:475.7pt;padding:0in 0in 0in 0in;
  height:7.45pt'>

  </td>
 </tr>
 <tr style='height:37.1pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:37.1pt'>
  <p class=MsoNormal>&#61551;</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:37.1pt'>

  </td>
  <td width=634 colspan=4 valign=top style='width:475.7pt;background:white;
  padding:0in 0in 0in 0in;height:37.1pt'>
  <p class=MsoNormal>Check box if any part of the fee is offset as provided by
  Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the
  offsetting fee was paid previously. Identify the previous filing by
  registration statement number, or the Form or Schedule and the date of its
  filing.</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'><br
  clear=all style='page-break-before:always'>


  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>(1)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=423 valign=top style='width:316.95pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Amount Previously Paid:</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:7.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:7.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=423 style='width:316.95pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=423 valign=top style='width:316.95pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:7.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:7.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=423 style='width:316.95pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>(2)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=423 valign=top style='width:316.95pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Form, Schedule or Registration Statement No.:</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:7.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:7.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=423 style='width:316.95pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=423 valign=top style='width:316.95pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:7.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:7.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=423 style='width:316.95pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>(3)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=423 valign=top style='width:316.95pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Filing Party:</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:7.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:7.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=423 style='width:316.95pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=423 valign=top style='width:316.95pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:7.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:7.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=423 style='width:316.95pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>(4)</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=423 valign=top style='width:316.95pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Date Filed:</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:7.4pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:7.4pt'>

  </td>
  <td width=7 style='width:5.4pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td width=423 style='width:316.95pt;padding:0in 0in 0in 0in;height:7.4pt'>

  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=423 valign=top style='width:316.95pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' width=194><p class='MsoNormal'>&nbsp;</td>
 </tr>
 <tr height=0>
  <td width=14 style='border:none'></td>
  <td width=4 style='border:none'></td>
  <td width=7 style='border:none'></td>
  <td width=10 style='border:none'></td>
  <td width=7 style='border:none'></td>
  <td width=423 style='border:none'></td>
  <td width=194 style='border:none'></td>
 </tr>
</table>

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

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



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

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

</div>



</div>

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

<div class=WordSection2>









<p class=MsoNormal align=center style='margin-bottom:.25in;text-align:center'><b>TABLE OF CONTENTS</b></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=636
 style='width:477.0pt;margin-left:9.9pt;border-collapse:collapse'>
 <tr style='height:.2in'>
  <td width=570 valign=top style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal><b>NOTICE
  OF ANNUAL MEETING OF STOCKHOLDERS</b></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='text-align:right'>2</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 valign=top style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal style='margin-top:12.0pt;margin-right:0in;margin-bottom:
  12.0pt;margin-left:0in'><b>PROXY
  STATEMENT</b></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:12.0pt;margin-right:0in;
  margin-bottom:12.0pt;margin-left:0in;text-align:right'>3 - 14</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Item 1 for Voting -&nbsp; Election of Directors</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>3 - 5</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Board Committees</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>5&nbsp; - 7</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Ownership of Common Stock by Principal
  Stockholders and Management</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>8 </p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Executive Officers and Directors
  Compensation</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>9 - 11</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Employment Agreement and Arrangements</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>11</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Certain Relationships and Related
  Transactions</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>11 - 12</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Independent Public Accountants</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>13</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Future Stockholder Proposals</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>14</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Other Matters</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>14</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal style='margin-bottom:12.0pt'>Incorporation of Documents by Reference</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-bottom:12.0pt;text-align:right'>14</p>
  </td>
 </tr>
</table>

<p class=MsoFooter align=center style='text-align:center'>1</p>

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

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

</div>



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










<p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b>GOOD TIMES
RESTAURANTS INC.</b></p>

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

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

<p class=Style31>NOTICE
OF ANNUAL MEETING OF STOCKHOLDERS</p>

<p class=Style31 style='margin-bottom:.25in'>To Be Held September 30, 2010</p>

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

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>An annual meeting of the stockholders of Good
Times Restaurants Inc., a Nevada corporation, will be held at the Good Times
Restaurants corporate offices located at 601 Corporate Circle, Golden, Colorado
80401 on September 30, 2010 at 10:00 a.m. Mountain Daylight Time.&nbsp; The purposes
of the meeting are to:</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:35.3pt;text-indent:-.25in'>1.&nbsp;&nbsp;&nbsp;&nbsp;
Elect seven directors to serve during the next year; and</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:35.1pt;text-indent:-.25in'>2.&nbsp;&nbsp;&nbsp;&nbsp;
Transact any other business which may properly come before the meeting.</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The accompanying proxy statement contains
additional information about the annual meeting.&nbsp; All stockholders of record at
the close of business on April 15, 2010 may vote at the meeting.</p>

<p class=Style25 style='margin-top:6.0pt;text-indent:0in'><b>All stockholders
are cordially invited to attend the meeting.&nbsp; If you do not plan to attend the
meeting, please sign, date and promptly return the enclosed proxy card.&nbsp; A
business reply envelope is enclosed for your convenience.&nbsp; The delivery of a
proxy will not affect your right to vote in person if you attend the meeting.</b></p>

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





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

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

<p class=MsoNormal>September
1, 2010</p>

<p class=MsoFooter align=center style='text-align:center;line-height:10.0pt'>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=Style31 align=left style='margin-top:0in;margin-right:.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:left'>PROXY STATEMENT</p>

<h3><a name="_Toc92016727">General</a>: This proxy statement contains information about the
annual meeting of stockholders of Good Times Restaurants Inc. to be held at the
Good Times Restaurants corporate offices located at 601 Corporate Circle,
Golden, Colorado on Friday, September 30, 2010 at 10:00 a.m. Mountain Daylight
Time.&nbsp; The Good Times Restaurants Inc. Board of Directors is using this proxy
statement to solicit proxies for use at the meeting.&nbsp; This Proxy Statement and
the enclosed Proxy Card are being mailed to you on or about September 3, 2010.</h3>

<p class=Style25 align=left style='margin-top:6.0pt;margin-right:.5pt;
margin-bottom:6.0pt;margin-left:0in;text-align:left;text-indent:0in'>The terms
&quot;we,&quot; &quot;us&quot; and &quot;our&quot; in this proxy statement refer to Good Times Restaurants
Inc.</p>

<h3><a name="_Toc92016728"></a><a
name="_Toc89839940"></a><a name="_Toc89839445">Who can vote</a>: Only stockholders of record at the close of
business on the record date of August 5, 2010 are entitled to receive notice of
the annual meeting and to vote the shares of our common stock.&nbsp; As of August 5,
2010, there were 3,898,559 shares of our common stock outstanding.&nbsp; Holders of
our common stock are entitled to one vote per share.&nbsp; The Company's by-laws do
not allow holders to accumulate votes in the election of directors.</h3>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The shares represented by all proxies that are
properly executed and submitted will be voted at the meeting in accordance with
the instructions indicated thereon.&nbsp; Unless otherwise directed, votes will be
cast &quot;For&quot; all of the nominees for election as directors and approval of each
of the other proposals set forth in this proxy statement.</p>

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

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

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Your attendance at the meeting will not
automatically revoke your proxy.</p>

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

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Abstentions and broker &quot;non-votes&quot; will be treated
as shares that are present for purposes of determining the existence of a
quorum.&nbsp; A broker non-vote occurs when a broker is not permitted to vote on a
matter without instruction from the beneficial owner of the shares and no
instruction is given.&nbsp; Abstentions and broker non-votes will result in the
respective proposals receiving fewer votes.</p>

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

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

<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'>All directors of Good Times Restaurants are elected annually.&nbsp; At this
meeting seven directors are to be elected to serve for the next year or until
their successors are elected and qualified.&nbsp; The nominees for directors are
identified under the &quot;Nominees&quot; caption below.&nbsp; Each nominee has consented to
be named in the proxy statement and to serve as a director if elected.&nbsp;
However, if any nominee is unable to serve or for good cause will not serve as
a director, each of the persons named in the proxy intend to vote in his or her
discretion for a substitute who will be designated by the Board of Directors.<a
name="_Toc92016733"></a></p>

<p class=MsoFooter align=center style='text-align:center;line-height:10.0pt'><b>Nominee
selection process</b><b>: </b>Our Board of Directors as a whole acts as the
nominating committee for the selection of nominees for election as directors.&nbsp;
We do not have a separate standing nominating committee since we require that
our director nominees be approved as nominees by a majority of our independent
directors.&nbsp; The Board will consider suggestions by stockholders for possible
future nominees for election as directors at the next annual meeting when the
suggestion is delivered in writing to the corporate secretary of3</p>



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<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-indent:0in'>Good Times Restaurants
by April 15 of the year immediately preceding the annual meeting.&nbsp; No request
for a recommended nominee was made by the 2009 deadline by any stockholder or
group of stockholders with beneficial ownership of more than 5% of the
Company's common stock as indicated in a Schedule 13D or 13G.</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The Board selects each nominee, subject to
contractual nominee designation and election rights held by certain
stockholders, as discussed below, based on the nominee's skills, achievements
and experience, with the objective that the Board as a whole should have broad
and relevant experience in high policymaking levels in business and a
commitment to representing the long-term interests of the stockholders.&nbsp; The Board
believes that each nominee should have experience in positions of responsibility
and leadership, an understanding of our business environment and a reputation
for integrity.</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The Board evaluates each potential nominee
individually and in the context of the Board as a whole.&nbsp; The objective is to
recommend a group that will effectively contribute to our long-term success and
represent stockholder interests.&nbsp; In determining whether to recommend a
director for re-election, the Board also considers the director's past
attendance at meetings and participation in and contributions to the activities
of the Board.</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>When seeking candidates for director, the Board
solicits suggestions from incumbent directors, management, stockholders or
others.&nbsp; The Board does not have a charter for the nominating process.</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'><a name="_Toc92016734"><b>Communication with
the directors</b></a><b>:</b> The Board welcomes questions or comments about us
and our operations.&nbsp; Those interested may contact the Board as a whole or any
one or more specified individual directors by sending a letter to the intended
recipients' attention in care of Good Times Restaurants Inc., Corporate
Secretary, 601 Corporate Circle, Golden, CO 80401.&nbsp; All such communications
other than commercial advertisements will be forwarded to the appropriate
director or directors for review.</p>

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

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Geoffrey R. Bailey,</i> age 58, has served
as a Good Times director since 1996 and is a member of the Special Committee.&nbsp;
He is also a director of The Erie County Investment Co., which owns 99% of The
Bailey Company.&nbsp; The principal business of The Bailey Company is owning and
operating 58 Arby's restaurants as a franchisee, and The Bailey Company has
also been a franchisee and joint venture partner of Good Times Restaurants
since 1987.&nbsp; Mr. Bailey joined The Erie County Investment Co. in 1979.&nbsp; Mr.
Bailey is a graduate of the University of Denver with a Bachelor's Degree in
Business Administration.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><strong><i>Ron Goodson</i></strong><strong>,
age 53, has served as a Good Times director since 2005 and is a member of the
Compensation Committee.&nbsp; He also is the Vice President &amp; General Manager
for the Pepsi Cola Bottling Group's Southwest Market Unit.&nbsp; Mr. Goodson has
been with PepsiCo and Pepsi Bottling Group for 30 years where he has held
numerous positions with increasing responsibility in more than half a dozen geographical
territories.&nbsp; In addition Mr. Goodson has served on the North America Diversity
Advisory Board, the PBG Annual Planning Steering Committee and is active with
the Company's focus on campus recruiting and retention.&nbsp; Mr. Goodson is a
graduate of Wright State University.&nbsp; His current executive board involvement
is with the YMCA and The City of Hope.</strong></p>

<p class=MsoNormal style='text-align:justify'><i>David Grissen</i>, age 53, has served
as a Good Times director since 2005 and is a member of the Audit Committee.&nbsp; He
is President of the Americas for Marriott International, Inc.&nbsp; His
specific responsibilities include the financial performance of all of the
America's lodging operations comprising more than 2,800 hotels and a work force
of 110,000 associates.&nbsp; This includes staff responsibilities for sales and
marketing, revenue management, human resources, engineering, room operations,
food and beverage/retail/spa, information resources and development.&nbsp; He
has 23 years of experience with Marriott.&nbsp; Prior to his current position
he served as Executive Vice President of the Eastern Region for Marriott
Lodging; Senior Vice President of the Mid Atlantic Region for Marriott Lodging
and Senior Vice President of Finance and Business Development.&nbsp; Mr.
Grissen joined Marriott from Dreyer's Grand Ice Cream in 1987, where he served
as Director of Finance and Planning.&nbsp; He Holds a B.A. from Michigan State
University and a M.B.A. from Loyola University of Chicago.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Boyd E. Hoback</i>, age 54, has served
as a Good Times director since 1992 and is President and Chief Executive
Officer of Good Times Restaurants, a position which he has held since December
1992 and he has been in the restaurant business since the age of 16.&nbsp; Mr.
Hoback has been a vital part of the development of Good Times to a 52-restaurant
chain and has been involved in developing all areas of the company.&nbsp; Mr. Hoback
is an honors graduate of the University of Colorado in finance.</p>

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<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Eric W. Reinhard</i>, age 51, has served
as a Good Times director since 2005 and in addition to serving as Chairman of
the Board, Mr. Reinhard also serves as President of the Pepsi Cola Bottler's
Association, a beverage association management and consulting association and a
position he has held since 2006. Prior to June 2004 he was the General Manager
for the Pepsi Bottling Group's Great West Business Unit.&nbsp; While in this role,
Mr. Reinhard was also a member of the Pepsi Bottling Group's Chairman's
Operating Council, a member of the Food Service Strategic Planning Committee,
and a member of The Dr. Pepper Bottler Marketing Committee.&nbsp;&nbsp; Mr. Reinhard
joined Pepsi Cola in 1984 after four years with The Proctor &amp; Gamble
Distributing Company.&nbsp; Since 1984 he has held several field and headquarters
positions including Vice President/General Manager Pepsi-Lipton Tea partnership
(JV), General Manager Mid-Atlantic business Unit, Area Vice President Retail
Channels, Vice President On-Premise Operations and Area Vice President of
Franchise Operations.&nbsp; Mr. Reinhard holds a BA from Michigan State University
and has completed the Executive Business Program at the University of Michigan.
</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Richard J. Stark</i>, age 69, has served
as a Good Times director since July 1990.&nbsp; He is Chairman of the Audit
Committee, and a member of the Compensation and Special Committees&nbsp; Mr. Stark
has spent over 40 years in the investment industry.&nbsp; He is currently President
of Boulder Asset Management, a firm that he founded in 1984. From 1982 - 1984,
Mr. Stark was the Chief Investment Officer of Interfirst Investment Management
in Dallas, Texas and was responsible for all individual asset management at
S&amp;P/Intercapital in New York.&nbsp; Mr. Stark is a graduate of Marquette
University with a BS in business administration (finance) and has an MBA from
the University of Illinois with a major in finance.&nbsp; Mr. Stark received his
chartered financial analyst designation in 1974.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><i>Alan A. Teran</i>, age 63, has served
as a Good Times director since 1994.&nbsp; He is a member of the Audit, Compensation
and Special Committees.&nbsp; Additionally, Mr. Teran has been a Director of
Morton's of Chicago since 1993.&nbsp; Mr. Teran is currently a principal in multiple
private restaurants.&nbsp; Mr. Teran served as president of Cork &amp; Cleaver from
1975 - 1981 and served as a Director for Boulder Valley National Bank and
Charlie Brown's Restaurants. He was one of the first franchisees of Le Peep
Restaurants.&nbsp; Mr. Teran graduated from the University of Akron in 1968 with a
degree in business.</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'><a name="_Toc92016736"></a><a
name="_Toc89839945"></a><a name="_Toc89839450">There are no family
relationships among the directors.&nbsp; The Board has determined that of the
current directors Geoffrey R. Bailey, Ron Goodson, David Grissen, Richard J.
Stark and Alan A. Teran are independent directors under the NASDAQ listing
standards.</a></p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Geoffrey R. Bailey was originally elected to
the Board of Directors pursuant to contractual board representation rights
granted to The Bailey Company in connection with its investment in shares of
our Series A Convertible Preferred Stock in 1996.&nbsp; Mr. Bailey continues to
serve on the Board pursuant to contractual board representation rights held by
The Bailey Company and its affiliates (&quot;The Bailey Group&quot;) in connection with
our Series B Convertible Preferred Stock financing in February 2005, whereby
The Bailey Group is currently entitled to elect three members of our Board of
Directors, two of whom must be independent directors.&nbsp; Richard J. Stark and
Alan A. Teran are the additional members of the Board of Directors and nominees
designated by The Bailey Group under these provisions.&nbsp; Accordingly, the votes
of The Bailey Group shall be determinative as to the election of Messrs.
Bailey, Stark and Teran.&nbsp; The other investors in our Series B Convertible
Preferred Stock financing also have board representation rights whereby they
are currently entitled to elect three members of our Board of Directors.&nbsp; Ron
Goodson, David Grissen and Eric W. Reinhard are the members of the Board of
Directors and nominees designated under these provisions.&nbsp; Accordingly, the
votes of the other investors in our Series B Convertible Preferred Stock
financing shall be determinative as to the election of Messrs. Goodson, Grissen
and Reinhard.&nbsp; See &quot;Certain relationships and related transactions&quot; for
additional discussion of these provisions.&nbsp; There are no other arrangements or
understandings between any current director and any other person under which
that director was elected or nominated.</p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'><b>Recommendation of the Board of Directors:&nbsp;
The Board of Directors recommends voting </b>&quot;<b>For</b>&quot;<b> electing all of
the nominees.</b></p>

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'><b>Board Committees</b></p>

<p class=MsoFooter align=center style='text-align:center;line-height:10.0pt'><a
name="_Toc92016737"></a><a name="_Toc89839946"></a><a name="_Toc89839451"><b>Audit Committee</b></a><b>:</b> The Audit Committee
currently consists of Messrs. Grissen, Teran and Stark, each of whom are independent
directors under the applicable NASDAQ listing standards.&nbsp;&nbsp; The Board has
determined that Richard Stark is an audit committee financial expert, as that
term is defined by the Securities and Exchange Commission (&quot;SEC&quot;)
rules.&nbsp; The function of this Committee relates to oversight of the auditors,
the auditing, accounting and financial reporting processes and the review of
the Company's financial reports and information.&nbsp; In addition, the functions of
this Committee have included, among other things, recommending to the Board the
engagement or discharge of independent auditors, discussing with the auditors
their review of the Company's5</p>



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<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>quarterly results and the results of their audit and
reviewing the Company's internal accounting controls.&nbsp; The Audit Committee
operates pursuant to a written Charter adopted by the Board of Directors.&nbsp; A
current copy of the Audit Committee Charter is available on our website at
www.goodtimesburgers.com.&nbsp; The Audit Committee held four meetings during fiscal
2009.</p>

<p class=Style91 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><a name="_Toc92016738"></a><a
name="_Toc89839947"></a><a name="_Toc89839452"><b>Compensation Committee</b></a><b>:</b> The Compensation
Committee currently consists of Messrs. Goodson, Stark and Teran, each of whom
are independent directors under the applicable NASDAQ listing standards.&nbsp; The
function of this Committee is to consider and determine all matters relating to
the compensation of the President and CEO and other executive officers,
including matters relating to the employment agreements.&nbsp; The Compensation
Committee held one meeting during fiscal 2009.</p>

<p class=Style91 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>The Compensation Committee does not have a Charter. The
responsibility of the Compensation Committee is to review and approve the
compensation and other terms of employment of our Chief Executive Officer and
our other executive officers, including all of the executive officers named in
the Summary Compensation Table in this proxy statement (the &quot;Named Executive
Officers&quot;).&nbsp; Among its other duties, the Compensation Committee oversees all
significant aspects of the Company's compensation plans and benefit programs.&nbsp;
The Compensation Committee annually reviews and approves corporate goals and
objectives for the Chief Executive Officer's compensation and evaluates the
Chief Executive Officer's performance in light of those goals and objectives.&nbsp;
The Compensation Committee also recommends to the Board of Directors the
compensation and benefits for members of the Board of Directors.&nbsp; The
Compensation Committee has also been appointed by the Board of Directors to
administer our 2008 Omnibus Equity Incentive Compensation Plan (the &quot;2008
Plan&quot;), which is the successor equity compensation plan to the Company's 2001
Stock Option Plan (the &quot;2001 Plan&quot;).&nbsp; The Compensation Committee does not
delegate any of its authority to other persons.</p>

<p class=Style91 style='margin-top:6.0pt;margin-right:6.05pt;margin-bottom:
6.0pt;margin-left:.2pt;text-align:justify'>In carrying out its duties, the Compensation
Committee participates in the design and implementation and ultimately reviews
and approves specific compensation programs.&nbsp; The Compensation Committee
reviews and determines the base salaries for the Named Executive Officers, and
also approves awards to the Named Executive Officers under the Company's equity
compensation plans.</p>

<p class=Style91 style='margin-top:6.0pt;margin-right:.25pt;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>In determining the amount and form of compensation for
Named Executive Officers other than the Chief Executive Officer, the
Compensation Committee obtains input from the Chief Executive Officer regarding
the duties, responsibilities and performance of the other executive officers
and the results of performance reviews.&nbsp; The Chief Executive Officer also
recommends to the Compensation Committee the base salary levels for all Named
Executive Officers and the award levels for all Named Executive Officers under
the Company's equity compensation programs.&nbsp; No Named Executive Officer attends
any executive session of the Compensation Committee or is present during final
deliberations or determinations of such Named Executive Officer's
compensation.&nbsp; The Chief Executive Officer also provides input with respect to
the amount and form of compensation for the members of the Board of Directors.</p>

<p class=Style91 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'>The Compensation Committee has the authority to directly
engage, at the Company's expense, any compensation consultants or other
advisers as it deems necessary to carry out its responsibilities in determining
the amount and form of executive and director compensation.&nbsp; For fiscal 2009,
the Compensation Committee did not use the services of a compensation
consultant or other adviser.&nbsp; However, the Compensation Committee has reviewed
surveys, reports and other market data against which it has measured the
competitiveness of the Company's compensation programs.&nbsp; In determining the
amount and form of executive and director compensation, the Compensation
Committee has reviewed and discussed historical salary information as well as
salaries for similar positions at comparable companies.</p>

<p class=Style91 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Special Committee</b>:&nbsp; On August 14, 2009
as reported on form 8-K we announced that our Board of Directors has formed a
Special Committee comprised of directors Richard Stark, Alan Teran and Geoff
Bailey to explore and evaluate strategic alternatives that may be available to
enhance shareholder value and explore possible alternatives to reduce the cost
burdens of being a publicly held entity.&nbsp; At that time, the Company hired
Mastodon Ventures, Inc. to provide strategic advisory services and explore
other strategic alternatives that possibly will further the long-term business
prospects of the Company and provide incremental value to its shareholders.&nbsp;
The foregoing activities are continuing without yet any specific recommended
alternatives.</p>

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

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Each director attended the 2009 annual meeting
of stockholders.</p>

<p class=MsoFooter align=center style='text-align:center;line-height:10.0pt'><a
name="_Toc92016740"></a><a name="_Toc89839949"></a><a name="_Toc89839454"></a>6</p>



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<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Directors' compensation</b><b>:</b> Each non-employee
director receives $500 for each Board of Directors meeting attended.&nbsp; Members
of the Compensation and Audit Committees generally each receive $100 per
meeting attended.&nbsp; However, where both Compensation and Audit Committee
meetings are held at the same gathering only $100 is paid to directors
attending both committee meetings.&nbsp; Additionally, for the fiscal year ended
September 30, 2009, each non-employee director received a non-statutory stock
option to acquire 2,000 shares of common stock at an exercise price of $1.47.</p>

<p class=Style25 style='margin-bottom:6.0pt;text-indent:0in'><a
name="_Toc92016741"></a><a name="_Toc89839950"></a><a name="_Toc89839455"><b>Audit
Committee Report</b></a><b>:</b> Good Times Restaurant's management is
responsible for the internal controls and financial reporting process for Good
Times Restaurants.&nbsp; The independent accountants for Good Times Restaurants are
responsible for performing an independent audit of the financial statements in
accordance with generally accepted auditing standards and to issue a report on
those financial statements.&nbsp; The Audit Committee's responsibility is to monitor
and oversee these processes.</p>

<p class=Style25 style='margin-bottom:6.0pt;text-indent:0in'>In this context,
the Audit Committee met with management and the independent accountants to
review and discuss the Good Times Restaurants financial statements for the
fiscal year ended September 30, 2009.&nbsp; Management represented to the Audit
Committee that the financial statements were prepared in accordance with
generally accepted accounting principles, and the Audit Committee has reviewed
and discussed the financial statements with management and the independent
accountants.</p>

<p class=Style25 style='margin-bottom:6.0pt;text-indent:0in'>The Audit
Committee has discussed with the independent accountants matters required to be
discussed by Statement on Auditing Standards No. 61, Communication with Audit
Committees.&nbsp; The Audit Committee has also received the written disclosures and
the letter from the independent accountants required by applicable requirements
of the Public Company Accounting Oversight Board regarding the independent
accountants' communications with the Audit Committee concerning independence and
the Audit Committee discussed with the independent accountants that firm's
independence.</p>

<p class=Style25 style='text-indent:0in'>Based on the Audit Committee's review
and discussions referred to above, the Audit Committee recommended to the Board
of Directors that the audited financial statements be included in the Good
Times Restaurants Annual Report on Form 10-K for the fiscal year ended
September 30, 2009 for filing with the SEC.</p>

<p class=Style25 align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;text-indent:0in'><b>SUBMITTED BY THE AUDIT COMMITTEE OF THE
COMPANY'S BOARD OF DIRECTORS</b></p>

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

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







<p class=MsoNormal style='margin-top:12.0pt;margin-right:0in;margin-bottom:
12.0pt;margin-left:0in;text-align:justify'><b>Ownership of common stock by principal
stockholders and management</b><b>:</b> The following table shows the beneficial
ownership of shares of Good Times Restaurants common stock as of August 5, 2010
by each person known by Good Times Restaurants to be the beneficial owner of more
than five percent of the shares of Good Times Restaurants common stock, each
director and each executive officer named in the Summary Compensation Table,
and all directors and executive officers as a group.&nbsp; The address for the
principal stockholders and the Directors and Officers is 601 Corporate Circle,
Golden, CO 80401.</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:23.4pt;border-collapse:collapse'>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'><b><br
  clear=all style='page-break-before:always'>
  </b>
  <p class=MsoNormal><b><u>Holder</u></b></p>
  <p class=MsoNormal><b><u>Principal
  stockholders</u></b></p>
  </td>
  <td width=168 valign=top style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin-left:.3pt;text-align:center'><b>Number of shares</b></p>
  <p class=MsoNormal align=center style='margin-left:.3pt;text-align:center'><b><u>beneficially owned</u></b></p>
  </td>
  <td width=108 valign=top style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.3pt;
  margin-bottom:0in;margin-left:.9pt;margin-bottom:.0001pt;text-align:center'><b>Percent of</b></p>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.3pt;
  margin-bottom:0in;margin-left:.9pt;margin-bottom:.0001pt;text-align:center'><b><u>class**</u></b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>The
  Bailey Company, LLLP</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>821,512<sup>1</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>21.07%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>The
  Erie County Investment Co.</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>1,016,192<sup>1</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>26.07%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Commonwealth
  Equity Services LLP</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>312,913<sup>2</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>8.03%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Paul
  T. Bailey</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>1,074,192<sup>3</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>27.55%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal><b><u>Directors
  and Officers</u></b></p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'><b>&nbsp;</b></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Geoffrey
  R. Bailey, Director</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>23,300<sup>4</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Ron
  Goodson, Director</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>214,497<sup>5</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>5.48%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>David
  Grissen, Director</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>231,999<sup>6</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>5.90%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Boyd
  E. Hoback, Director, President and Chief Executive Officer</p>
  </td>
  <td width=168 valign=bottom style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>133,242<sup>7</sup></p>
  </td>
  <td width=108 valign=bottom style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>3.30%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Scott
  G. LeFever, Vice President, Operations</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>18,790<sup>8</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Richard
  J. Stark, Director</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>62,103<sup>9</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>1.58%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Alan
  A. Teran, Director</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>&nbsp;113,206<sup>10</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>2.88%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Eric
  W. Reinhard, Chairman</p>
  </td>
  <td width=168 style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>314,000<sup>11</sup></p>
  </td>
  <td width=108 style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>7.94%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=354 valign=top style='width:265.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>All
  directors and executive officers as a group</p>
  <p class=MsoNormal>(9
  persons including all those named above)</p>
  </td>
  <td width=168 valign=bottom style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-right:30.6pt;text-align:right'>1,127,881<sup>12</sup></p>
  </td>
  <td width=108 valign=bottom style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:17.1pt;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:right'>26.34%</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:12.0pt;margin-right:0in;margin-bottom:
6.0pt;margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>1&nbsp;&nbsp;&nbsp; </sup>The Bailey Company is
99% owned by The Erie County Investment Co., which should be deemed the
beneficial owner of Good Times Restaurants common stock held by The Bailey
Company.&nbsp; The Erie County Investment Co. also owns 194,680 shares of Good Times
Restaurants common stock in its own name.&nbsp; Geoffrey R. Bailey is a director and
executive officer of The Erie County Investment Co.&nbsp; Geoffrey R. Bailey
disclaims beneficial ownership of the shares of Good Times Restaurants common
stock held by The Bailey Company and The Erie County Investment Co.&nbsp; See
footnote 3 below.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>2&nbsp;&nbsp;&nbsp; </sup>The information as to
Commonwealth Equity Services LLP (&quot;Commonwealth&quot;) and entities controlled
directly or indirectly by Commonwealth is derived in part from Schedule&nbsp;13G,
as filed with the Securities and Exchange Commission on December 23, 2005 and
most recently amended on February 11, 2009, and information furnished to Good
Times separately by Commonwealth.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>3&nbsp;&nbsp;&nbsp; </sup>Includes 821,512
shares beneficially owned by The Bailey Company and 194,680 shares held of
record by The Erie County Investment Co.&nbsp; Paul T. Bailey is the principal owner
of The Erie County Investment Co. and may be deemed the beneficial owner of
shares held by The Erie County Investment Co. and The Bailey Company.&nbsp; Paul T.
Bailey disclaims beneficial ownership of the shares held by The Erie County
Investment Co. and The Bailey Company.&nbsp; Paul T. Bailey is the father of
Geoffrey R. Bailey.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>4&nbsp;&nbsp;&nbsp; </sup>Includes 14,000 shares
underlying presently exercisable stock options.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>5&nbsp;&nbsp;&nbsp; </sup>Includes 12,000 shares
underlying presently exercisable stock options and 2,497 warrants to purchase
stock.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>6&nbsp;&nbsp;&nbsp; </sup>Includes 12,000 shares
underlying presently exercisable stock options and 19,999 warrants to purchase
stock.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>7&nbsp;&nbsp;&nbsp; </sup>Includes 88,250 shares
underlying presently exercisable stock options</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>8&nbsp;&nbsp;&nbsp; </sup>Includes 18,790 shares
underlying presently exercisable stock options</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>9&nbsp;&nbsp;&nbsp; </sup>Includes 14,000 shares
underlying presently exercisable stock options and 15,003 warrants to purchase
stock.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>10&nbsp; </sup>Includes 14,000 shares
underlying presently exercisable stock options and 17,501 warrants to purchase
stock</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>11&nbsp; </sup>Includes 16,500 shares
underlying presently exercisable stock options and 37,500 warrants to purchase
stock</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'><sup>12&nbsp; </sup>Does not include
shares held beneficially by The Bailey Company and The Erie County Investment
Co.&nbsp; If those shares were included, the number of shares beneficially held by
all directors and executive officers as a group would be 2,144,073 and the
percentage of class would be 50.07%.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:9.0pt;text-align:justify;text-indent:-9.0pt'>*&nbsp;&nbsp; Less than one
percent.</p>

<p class=MsoNormal style='margin-left:9.0pt;text-indent:-9.0pt'>** Under SEC rules,
beneficial ownership includes shares over which the individual or entity has
voting or investment power and any shares which the individual or entity has
the right to acquire within sixty days.</p>

<p class=MsoFooter align=center style='text-align:center;line-height:10.0pt'>8</p>



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

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

</div>



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


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







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

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=624
 style='margin-left:5.4pt;border-collapse:collapse'>
 <tr style='height:17.1pt'>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:17.1pt'>
  <p class=MsoNormal style='margin-left:17.1pt;text-align:justify'><b><u>Name</u></b></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:17.1pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'><b><u>Age</u></b></p>
  </td>
  <td width=198 valign=top style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:17.1pt'>
  <p class=MsoNormal align=center style='margin-left:8.85pt;text-align:center'><b><u>Position</u></b></p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:17.1pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'><b><u>Date Began With
  Company</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Boyd
  E. Hoback</p>
  </td>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>54</p>
  </td>
  <td width=198 valign=top style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:30.6pt'>President &amp; CEO</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:30.6pt;margin-bottom:.0001pt'>September 1987</p>
  </td>
 </tr>
 <tr>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Susan
  M. Knutson</p>
  </td>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>51</p>
  </td>
  <td width=198 valign=top style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-left:30.6pt'>Controller</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:30.6pt;margin-bottom:.0001pt'>September 1987</p>
  </td>
 </tr>
 <tr style='height:11.85pt'>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal>Scott
  G. LeFever</p>
  </td>
  <td width=66 valign=top style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>52</p>
  </td>
  <td width=198 valign=top style='width:148.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal style='margin-left:30.6pt'>VP of Operations</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:30.6pt;margin-bottom:.0001pt'>September 1987</p>
  </td>
 </tr>
</table>

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

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

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

<p class=Style25 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Executive officers do not have fixed terms and
serve at the discretion of the Board of Directors.&nbsp; There are no family
relationships among the executive officers, directors or director nominees.</p>

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

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Executive Compensation:</b> The
following table sets forth compensation information for 2009 and 2008 with
respect to the named executive officers:</p>

<p class=MsoNormal align=center style='text-align:center;text-autospace:none'><b>Summary
Compensation Table for 2009 and 2008</b></p>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 align=left
 width=674 style='border-collapse:collapse;border:none;margin-left:6.75pt;
 margin-right:6.75pt'>
 <tr style='height:43.45pt'>
  <td width=104 valign=bottom style='width:78.0pt;border:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal style='text-autospace:none'>Name and Principal Position</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Year</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Salary $</p>
  </td>
  <td width=42 valign=bottom style='width:31.5pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Bonus $</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Stock
  Awards $</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Option
  Awards $<sup>3</sup></p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Non-Equity
  Incentive Plan Compensation $</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Nonqualified
  Deferred Compensation Earnings $</p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>All
  Other Compensation $</p>
  </td>
  <td width=66 valign=bottom style='width:49.5pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 1.5pt 0in 1.5pt;height:43.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Total $</p>
  </td>
 </tr>
 <tr>
  <td width=104 valign=top style='width:78.0pt;border-top:none;border-left:
  solid windowtext 1.0pt;border-bottom:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal style='text-autospace:none'>Boyd E. Hoback</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2009</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>162,083</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>25,118</p>
  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 valign=top style='width:76.5pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>16,073<sup>1</sup></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>203,274</p>
  </td>
 </tr>
 <tr style='height:23.5pt'>
  <td width=104 valign=top style='width:78.0pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal style='text-autospace:none'>President and Chief Executive
  Officer</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2008</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>193,400</p>
  </td>
  <td width=42 style='width:31.5pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;
  height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 style='width:.5in;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;
  height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>17,436</p>
  </td>
  <td width=84 style='width:63.0pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;
  height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>17,754<sup>1</sup></p>
  </td>
  <td width=66 valign=bottom style='width:49.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:23.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>228,590</p>
  </td>
 </tr>
 <tr style='height:8.9pt'>
  <td width=104 valign=top style='width:78.0pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=42 valign=top style='width:31.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=48 valign=top style='width:.5in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=84 valign=top style='width:63.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=102 valign=top style='width:76.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=84 valign=top style='width:63.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:8.9pt'>

  </td>
 </tr>
 <tr>
  <td width=104 valign=top style='width:78.0pt;border-top:none;border-left:
  solid windowtext 1.0pt;border-bottom:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal style='text-autospace:none'>Scott G. LeFever</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2009</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>101,667</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>9,979</p>
  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 valign=top style='width:76.5pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>11,477<sup>2</sup></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border:none;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>123,123</p>
  </td>
 </tr>
 <tr style='height:22.45pt'>
  <td width=104 valign=top style='width:78.0pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal style='text-autospace:none'>Vice President of Operations</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>2008</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>119,775</p>
  </td>
  <td width=42 valign=bottom style='width:31.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>5,481</p>
  </td>
  <td width=48 style='width:.5in;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;
  height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>5,277</p>
  </td>
  <td width=84 style='width:63.0pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;
  height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=102 style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>_</p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>11,262<sup>2</sup></p>
  </td>
  <td width=66 valign=bottom style='width:49.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:22.45pt'>
  <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>141,795</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:9.0pt;text-indent:-9.0pt;text-autospace:none'><sup>&nbsp;</sup></p>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:9.0pt;text-indent:-9.0pt;text-autospace:none'><sup>1&nbsp;&nbsp;&nbsp; </sup>The amount
indicated for Mr. Hoback includes an automobile allowance, long-term disability
and 401(K) Plan matching contributions.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:9.0pt;text-align:justify;text-indent:-9.0pt;text-autospace:
none'><sup>2&nbsp;&nbsp;&nbsp; </sup>The amount indicated for Mr. LeFever includes an automobile
allowance, long-term disability, personal expenses and 401(K) Plan matching
contributions.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:9.0pt;text-align:justify;text-indent:-9.0pt;text-autospace:
none'><sup>3&nbsp;&nbsp;&nbsp; </sup>The value of stock option awards shown in this column includes all
amounts expensed in the Company's financial statements in 2008 and 2009 for
equity awards in
accordance with the guidance of FASB ASC 718-10-30, Compensation - Stock
Compensation, excluding any estimate for
forfeitures.&nbsp; The Company's accounting treatment for, and assumptions made in
the valuations of, equity awards is set forth in Note 1 of the notes to the
Company's 2009 consolidated financial statements included in the Company's
Annual Report on Form 10-K for the fiscal year ended September 30, 2009.&nbsp; There
were no option awards re-priced in 2009.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-autospace:none'>There
were no shares of SARs granted during 2009 or 2008 nor has there been any
nonqualified deferred compensation paid to any named executive officers during
2009 or 2008.&nbsp; The Company does not have any plans that provide for specified
retirement payments and benefits at, following or in connection with
retirement.</p>

<p class=MsoFooter align=center style='text-align:center;line-height:10.0pt'>9</p>



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

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

</div>



</div>

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


<div class=WordSection3>









<p class=MsoNormal style='margin-top:6.0pt;margin-right:-13.7pt;margin-bottom:
6.0pt;margin-left:0in;text-align:justify;text-autospace:none'>The following table
sets forth information as of September 30, 2009 on all unexercised options
previously awarded to the named executive officers:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=985
 style='border-collapse:collapse'>
 <tr style='height:26.25pt'>
  <td width=985 nowrap colspan=11 style='width:738.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:26.25pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>Outstanding Equity
  Awards at 2009 Fiscal Year-End</b></p>
  </td>
 </tr>
 <tr style='height:19.5pt'>
  <td width=505 nowrap colspan=5 style='width:378.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:19.5pt'>
  <p class=MsoNormal><b>___________________________ Option
  Awards_________________________ </b></p>
  </td>
  <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:19.5pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>
  </td>
  <td width=464 nowrap colspan=5 style='width:348.2pt;padding:0in 5.4pt 0in 5.4pt;
  height:19.5pt'>
  <p class=MsoNormal><b>__________________________ Stock
  Awards_________________________ </b></p>
  </td>
 </tr>
 <tr style='height:85.0pt'>
  <td width=61 valign=bottom style='width:45.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal>Name
  </p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Number of Securities
  Underlying Unexercised Options -Exercisable (#)</p>
  </td>
  <td width=124 valign=bottom style='width:92.7pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Number of Securities
  Underlying Unexercised Options -Unexercisable (#)</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Equity Incentive
  Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)</p>
  </td>
  <td width=140 valign=bottom style='width:105.3pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Option Exercise
  Price $</p>
  </td>
  <td width=72 colspan=2 valign=bottom style='width:.75in;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Option Expiration
  Date</p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Number of Shares or
  Units of Stock That Have Not Vested (#)</p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Market Value of
  Shares or Units of Stock That Have Not Vested ($)</p>
  </td>
  <td width=132 valign=bottom style='width:99.0pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Equity Incentive
  Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not
  Vested (#)</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Equity Incentive
  Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights
  That Have Not Vested ($)</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=top style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal>Boyd
  E.&nbsp;</p>
  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>19,231</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.12</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/09</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=top style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>Hoback</p>
  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,500</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$1.38</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/10</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=top style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>50,000</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$1.75</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/11</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=top style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,750</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$2.70</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/12</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=top style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,900</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.60</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/13</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=top style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>12,000</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.11</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/14</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=top style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>8,500</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$5.68</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/15</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=top style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>5,700</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>13,300 <sup>(1)</sup></p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$6.38</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/17/16</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 nowrap valign=bottom style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>0</p>
  </td>
  <td width=124 nowrap style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>28,503 <sup>(2)</sup></p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$1.47</p>
  </td>
  <td width=72 nowrap colspan=2 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/14/18</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 nowrap valign=bottom style='width:45.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=84 nowrap valign=bottom style='width:63.0pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=124 nowrap valign=bottom style='width:92.7pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=140 nowrap valign=bottom style='width:105.3pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=72 nowrap colspan=2 valign=bottom style='width:.75in;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=132 nowrap valign=bottom style='width:99.0pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=bottom style='width:45.9pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal>Scott
  G. LeFever</p>
  </td>
  <td width=84 nowrap valign=bottom style='width:63.0pt;border:none;padding:
  0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,260</p>
  </td>
  <td width=124 nowrap valign=bottom style='width:92.7pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;border:none;padding:
  0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap valign=bottom style='width:105.3pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$2.70</p>
  </td>
  <td width=72 nowrap colspan=2 valign=bottom style='width:.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/12</p>
  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;border:none;padding:
  0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap valign=bottom style='width:67.5pt;border:none;padding:
  0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap valign=bottom style='width:99.0pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;border:none;padding:
  0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=bottom style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap valign=bottom style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,580</p>
  </td>
  <td width=124 nowrap valign=bottom style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.60</p>
  </td>
  <td width=72 nowrap colspan=2 valign=bottom style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/13</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=bottom style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap valign=bottom style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>5,750</p>
  </td>
  <td width=124 nowrap valign=bottom style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$3.11</p>
  </td>
  <td width=72 nowrap colspan=2 valign=bottom style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/14</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=bottom style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap valign=bottom style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>5,750</p>
  </td>
  <td width=124 nowrap valign=bottom style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$5.68</p>
  </td>
  <td width=72 nowrap colspan=2 valign=bottom style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/15</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 valign=bottom style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap valign=bottom style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,725</p>
  </td>
  <td width=124 nowrap valign=bottom style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>4,025<sup> (1)</sup></p>
  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$6.38</p>
  </td>
  <td width=72 nowrap colspan=2 valign=bottom style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/17/16</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=61 nowrap valign=bottom style='width:45.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>

  </td>
  <td width=84 nowrap valign=bottom style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>0</p>
  </td>
  <td width=124 nowrap valign=bottom style='width:92.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>17,007<sup> (2)</sup></p>
  </td>
  <td width=96 nowrap valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=140 nowrap style='width:105.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>$1.47</p>
  </td>
  <td width=72 nowrap colspan=2 valign=bottom style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/14/18</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=90 nowrap style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=132 nowrap style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 nowrap style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
 </tr>
 <tr height=0>
  <td width=61 style='border:none'></td>
  <td width=84 style='border:none'></td>
  <td width=124 style='border:none'></td>
  <td width=96 style='border:none'></td>
  <td width=140 style='border:none'></td>
  <td width=16 style='border:none'></td>
  <td width=56 style='border:none'></td>
  <td width=90 style='border:none'></td>
  <td width=90 style='border:none'></td>
  <td width=132 style='border:none'></td>
  <td width=96 style='border:none'></td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:12.0pt;margin-right:-27.0pt;margin-bottom:
0in;margin-left:.25in;margin-bottom:.0001pt;text-indent:-.25in'><sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>The options were
granted on November 17, 2006. Assuming continued employment with the Company,
the shares under the option agreements will become exercisable per a vesting
schedule which began on November 17, 2007 continuing through November 17, 2010,
whereby options vest per the following schedule: 10% on November 17, 2007; an
additional 20% on November 17, 2008; an additional 30% on November 17, 2009;
and an additional 40% on November 17, 2010.</p>

<p class=MsoNormal style='margin-top:12.0pt;margin-right:-27.0pt;margin-bottom:
0in;margin-left:.25in;margin-bottom:.0001pt;text-indent:-.25in'><sup>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>The options were
granted on November 17, 2006. Assuming continued employment with the Company,
the shares under the option agreements will become fully exercisable on
November 14, 2011.</p>

<p class=MsoFooter align=center style='text-align:center;line-height:10.0pt'>10</p>



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

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

</div>



</div>

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


<div class=WordSection4>









<p class=MsoNormal style='margin-top:12.0pt;margin-right:-27.0pt;margin-bottom:
12.0pt;margin-left:-9.0pt;text-indent:-13.5pt'>The following table sets forth compensation
information for 2009 with respect to directors:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=690
 style='margin-left:-12.6pt;border-collapse:collapse'>
 <tr style='height:15.75pt'>
  <td width=690 nowrap colspan=8 style='width:517.5pt;border:solid windowtext 1.0pt;
  border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>Director
  Compensation Table for Fiscal Year 2009</b></p>
  </td>
 </tr>
 <tr style='height:.6in'>
  <td width=126 style='width:94.5pt;border:solid windowtext 1.0pt;border-top:
  none;padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Name</p>
  </td>
  <td width=72 style='width:.75in;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Fees Earned or Paid
  in Cash ($)</p>
  </td>
  <td width=60 style='width:45.0pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Stock Awards ($)</p>
  </td>
  <td width=66 style='width:49.5pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Option Awards ($) <sup>1,
  2</sup></p>
  </td>
  <td width=102 style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Non-Equity
  Incentive Plan Compensation ($)</p>
  </td>
  <td width=102 style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Nonqualified
  Deferred Compensation Earnings $</p>
  </td>
  <td width=102 style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>All Other
  Compensation $ <sup>3</sup></p>
  </td>
  <td width=60 style='width:45.0pt;border-top:none;border-left:none;border-bottom:
  solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Total $</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=126 valign=bottom style='width:94.5pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Geoffrey
  R. Bailey</p>
  </td>
  <td width=72 nowrap valign=bottom style='width:.75in;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap valign=bottom style='width:45.0pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,949</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap valign=bottom style='width:45.0pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>3,949</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=126 valign=top style='width:94.5pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Ron
  Goodson</p>
  </td>
  <td width=72 nowrap style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,949</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>3,949</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=126 nowrap valign=bottom style='width:94.5pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>David
  Grissen</p>
  </td>
  <td width=72 nowrap style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,949</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>3,949</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=126 valign=bottom style='width:94.5pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Eric
  W. Reinhard </p>
  </td>
  <td width=72 nowrap valign=bottom style='width:.75in;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,949</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>4,949</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=126 valign=top style='width:94.5pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Richard
  J. Stark</p>
  </td>
  <td width=72 nowrap style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,949</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>3,949</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=126 nowrap valign=bottom style='width:94.5pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Alan
  A. Teran</p>
  </td>
  <td width=72 nowrap style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,949</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>3,949</p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=126 nowrap valign=bottom style='width:94.5pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal>Boyd
  E. Hoback <sup>4</sup></p>
  </td>
  <td width=72 nowrap valign=bottom style='width:.75in;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=66 nowrap valign=bottom style='width:49.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap style='width:76.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=102 nowrap valign=bottom style='width:76.5pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 nowrap style='width:45.0pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>0</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:13.5pt;text-align:justify;text-indent:-13.5pt'><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp; The value of
stock option awards shown in this column includes all amounts expensed in the
Company's financial statements in 2009 for equity awards in accordance with the
guidance of FASB ASC 718-10-30, Compensation - Stock Compensation, excluding
any estimate for forfeitures.&nbsp; The Company's accounting treatment for, and
assumptions made in the valuation of equity awards are set forth in Note 1 of
the notes to the Company's 2009 consolidated financial statements included in
the Company's Annual Report on Form 10-K for the fiscal year ended September
30, 2009. &nbsp;There were no option awards re-priced in 2009.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:13.5pt;text-align:justify;text-indent:-13.5pt'><sup>&nbsp;2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>As of September 30,
2009, the following directors held options to purchase the following number of
shares of our common stock:&nbsp; Mr. Bailey 12,000 shares; Mr. Goodson 10,000
shares; Mr. Grissen 10,000 shares; Mr. Reinhard 14,500 shares; Mr. Stark 12,000
shares; Mr. Teran 12,000 shares; and Mr. Hoback 128,153 shares.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:13.5pt;text-align:justify;text-indent:-13.5pt'><sup>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>The amount indicated
for Mr. Reinhard included an expense allowance for a part of the fiscal year in
his role as Chairman.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:13.5pt;text-align:justify;text-indent:-13.5pt'><sup>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </sup>Mr. Hoback is an
employee director and does not receive additional fees for service as a member
of the Board.</p>

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

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

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

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Certain relationships and related
transactions</b><b>:</b> In February 2005, we
issued 1,240,000 shares of our Series B Convertible Preferred Stock, including
180,000 shares to The Erie County Investment Co., a substantial holder of our
common stock and member of The Bailey Group.&nbsp; In June 2006, we exercised our
mandatory conversion rights under the terms of the Series B preferred stock to
convert all of those</p>

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

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

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

</div>



</div>

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


<div class=WordSection5>









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

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

<p class=Style93 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>The Bailey Company is also the owner of one
franchised Good Times Drive Thru restaurant which is located in Loveland,
Colorado and was the owner of one franchised restaurant in Thornton, Colorado
which was closed in October 2009. The Bailey Company has entered into two
franchise and management agreements with us.&nbsp; Franchise royalties and
management fees paid under those agreements totaled approximately $78,000 and
$94,000 for the fiscal years ending September 30, 2009 and 2008, respectively.</p>

<p class=Style95 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>In April 2009 the Company and its wholly owned
subsidiary Good Times Drive Thru Inc. (&quot;GTDT&quot;) entered into a loan agreement
with Golden Bridge, LLC (&quot;Golden Bridge&quot;), pursuant to which Golden Bridge made
a loan of $185,000 to GTDT to be used for restaurant marketing and other
working capital needs.&nbsp; The Golden Bridge loan is evidenced by a promissory note
dated April 20, 2009 made by the Company and GTDT, as co-makers, which bears
interest at a rate of 10% per annum on the unpaid principal balance and
provides for monthly interest payments with all unpaid principal due on July
20, 2010.&nbsp; The note has been extended to December 31, 2010.&nbsp; In connection with
the loan, the Company issued to Golden Bridge a three-year warrant dated April
20, 2009 (the &quot;Golden Bridge Warrant&quot;) which provides that Golden Bridge may at
any time from April 20, 2009 until April 20, 2012 purchase up to 92,500 shares
of the Company's common stock at an exercise price of $1.15 per share.&nbsp; </p>

<p class=Style95 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>Eric Reinhard, Ron Goodson, David Grissen,
Richard Stark, and Alan Teran, who are all members of the Company's Board of
Directors and stockholders of the Company, are the sole members of Golden
Bridge.&nbsp; Eric Reinhard is the sole manager of Golden Bridge.&nbsp; The Company's
obtaining of the loan from Golden Bridge and related transactions were duly
approved in advance by the Company's Board of Directors by the affirmative vote
of members thereof who did not have an interest in the transaction.&nbsp;&nbsp;
Total interest and commitment fees paid under this agreement were approximately
$12,000 for fiscal 2009. The amount due to related parties under this agreement
that is included in notes payable was $185,000 at September 30, 2009.&nbsp; The fair
value of the Warrant issued was determined to be $42,000 with the following
assumptions: 1) risk free interest rate of 1.27%, 2) an expected life of 3
years, and 3) an expected dividend yield of zero. The fair value of $42,000 was
charged to the note discount and credited to Additional Paid in Capital. The
note discount is being amortized over fourteen months and charged to interest
expense.</p>

<p class=Style95 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-indent:0in'>On February 2, 2010, the Company and GTDT
entered into a loan agreement with Golden Bridge, W Capital, Inc.
and John T. McDonald , pursuant to which the lenders
made loans totaling $400,000, to be used for restaurant marketing and other
working capital uses of GTDT.&nbsp; On April 1, 2010, the Company, GTDT and the lenders
amended the loan agreement to replace Golden Bridge as a lender with an
additional loan from W Capital and McDonald on the same terms and conditions
that applied to Golden Bridge.&nbsp; The Company repaid the principal amount which
was owed to Golden Bridge, but the Company remains liable for accrued interest
to Golden Bridge through April 1, 2010.</p>

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<p class=MsoNormal style='line-height:1.0pt'><a name="_Toc92016747"></a><a
name="_Toc89839955"></a><a name="_Toc89839460">&nbsp;</a></p>







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

<p style='margin-top:6.0pt;margin-right:0in;margin-bottom:12.0pt;margin-left:
0in;text-align:justify'>Based
solely on a review of the reports filed with Good Times Restaurants and written
representations received from reporting persons Good Times Restaurants believes
that during the fiscal year ended September 30, 2009 all Section 16(a) filing
requirements for its officers, directors, and more than ten percent
shareholders were complied with on a timely basis.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><a name="_Toc92016773"></a><a
name="_Toc89839956"></a><a name="_Toc89839461"><b>INDEPENDENT PUBLIC ACCOUNTANTS</b></a><b>:</b> The Board of
Directors appointed HEIN &amp; ASSOCIATES LLP as Good Times Restaurants'
independent auditors for the fiscal year ended September 30, 2009 and fiscal year
2010, and to perform other accounting services.&nbsp; Representatives of HEIN &amp;
ASSOCIATES LLP are expected to be present at the annual meeting of
shareholders, and will have the opportunity to make a statement if they so
desire and to respond to appropriate shareholder questions.<a
name="_Toc92016774"></a><a name="_Toc89839957"></a><a name="_Toc89839462"></a></p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><a name="_Toc92016776"></a><a
name="_Toc89839959"></a><a name="_Toc89839464"><b>Audit Fees:</b></a> The aggregate fees
billed for professional services rendered by HEIN &amp; ASSOCIATES LLP for its
audit of the Company's annual financial statements for the fiscal year ended
September 30, 2009, and its reviews of the financial statements included in the
Company's Forms 10-Qs for fiscal year 2009 were $86,236 compared to $75,593 in
fees for the fiscal year ended 2008.<a name="_Toc92016775"></a><a
name="_Toc89839958"></a><a name="_Toc89839463"></a></p>

<p class=Style92 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-indent:0in'><b>Audit Related Fees:</b> There were no
aggregate fees billed by HEIN &amp; ASSOCIATES LLP for assurance and related services
that are reasonably related to the performance of the audit or review of our
financial statements and are not reported under &quot;Audit Fees&quot; for the fiscal
years ended September 30, 2009 and September 30, 2008.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Tax Fees:</b> The aggregate fees billed by HEIN
&amp; ASSOCIATES LLP for the preparation and review of the Company's tax
returns for the fiscal year ended September 30, 2009 were $11,350 compared to
$10,900 in fees for the fiscal year ended September 30, 2008.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>All Other Fees</b><b>:</b> The aggregate fees
billed to Good Times Restaurants for all other services rendered by HEIN &amp;
ASSOCIATES LLP for fiscal year ended September 30, 2009 were $12,562 compared
to $10,806 in fees for the fiscal year ended September 30, 2008.&nbsp; These fees
are related to a 401(k) plan audit.</p>

<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify'><b>Audit Committee</b> <b>Policy on
Pre-Approval Policies of Auditor Services</b>: Under the provisions of the Audit
Committee Charter, all audit services and all permitted non-audit services
(unless subject to a de minimis exception allowed by law) provided by our independent
auditors, as well as fees and other compensation to be paid to them, must be
approved in advance by our Audit Committee.&nbsp; All audit and other services
provided by HEIN &amp; ASSOCIATES LLP during the fiscal year ended September
30, 2009, and the related fees as discussed above, were approved in advance in
accordance with SEC rules and the provisions of the Audit Committee Charter.&nbsp;
There were no other services or products provided by HEIN &amp; ASSOCIATES LLP
to us or related fees during the fiscal year ended September 30, 2009 except as
discussed above.<a name="_Toc92016777"></a><a name="_Toc89839960"></a><a
name="_Toc89839465"></a></p>

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

<p class=MsoFooter align=center style='text-align:center'><a name="_Toc92016778"></a><a
name="_Toc89839961"></a><a name="_Toc89839466"></a>13</p>

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<h3>FUTURE STOCKHOLDER PROPOSALS: Any Good Times Restaurants stockholder proposal
for the annual meeting of stockholders in 2011 must be received by Good Times
Restaurants by December 1, 2010 for the proposal to be included in the Good
Times Restaurants' proxy statement and form of proxy for that meeting.&nbsp; If
notice of a proposal for which a stockholder will conduct his or her own proxy
solicitation is not received by Good Times Restaurants by November 11, 2010,
such proposal will be considered untimely pursuant to Rules 14a-4 and 14a-5(e)
of the Securities Exchange Act of 1934, and the person named in proxies
solicited by the Good Times Restaurants Board of Directors may use his
discretionary authority when the matter is raised at the meeting, without
including any discussion of the matter in the proxy statement.</h3>

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

<h3><a name="_Toc92016780">INCORPORATION OF
DOCUMENTS BY REFERENCE</a>: Our Annual Report
on Form 10-K, including financial statements, for the fiscal year ended
September 30, 2009, was filed with the Securities and Exchange Commission on
December 29, 2009. The following information from the Form 10-K is incorporated
into this proxy statement by reference:</h3>

<p class=Style28 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:23.05pt;text-indent:-23.05pt'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the information under the caption &quot;Item 6. Management's
Discussion and Analysis of Financial Condition and Results of Operations&quot;;</p>

<p class=Style28 style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:23.05pt;text-indent:-23.05pt'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the information under the caption &quot;Item 7. Financial Statements&quot;;
and</p>

<p class=Style28 style='margin-top:6.0pt;margin-right:0in;margin-bottom:12.0pt;
margin-left:23.05pt;text-indent:-23.05pt'>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the information under the caption &quot;Item 8. Changes In and
Disagreements with Accountants on Accounting and Financial Disclosure&quot;.</p>

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





<p class=MsoNormal style='margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in'><u>&nbsp;</u></p>

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

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

<p class=MsoFooter align=center style='text-align:center;line-height:10.0pt'>September 1, 201014</p>



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