-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 C1cePDJARcVIoYBJUqy5f2V1VuFdsCv3lX5F5v97XVdp4mRJupywSR2TAb9wQYqK
 OSKZickUX0z0eaaD9ooaTg==

<SEC-DOCUMENT>0000825324-10-000002.txt : 20100203
<SEC-HEADER>0000825324-10-000002.hdr.sgml : 20100203
<ACCEPTANCE-DATETIME>20100203153217
ACCESSION NUMBER:		0000825324-10-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20090203
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20100203
DATE AS OF CHANGE:		20100203

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18590
		FILM NUMBER:		10570489

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT VENTURES INC
		DATE OF NAME CHANGE:	19900205
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>wcapital8k1.htm
<TEXT>
<html>

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



<title>_</title>



</head>

<body lang=EN-US>



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

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









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

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

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

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



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

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

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

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

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



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

<p class=MsoNormal align=center style='text-align:center'>February 1, 2010</p>



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

<p class=MsoNormal align=center style='text-align:center'>(Exact name of registrant as specified in its charter)</p>



<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nevada&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 000-18590&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84-1133368</p>

<p class=MsoNormal> (State or other jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Commission&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IRS
Employer</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of incorporation)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File
Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification No.)</p>

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



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

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



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



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

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





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

<p class=MsoFooter style='line-height:10.0pt'>11149096 </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><b>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry
into a Material Definitive Agreement.</b></p>

<p class=MsoNormal style='text-autospace:none'><b>&nbsp;</b></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>On February 1, 2010, Good Times
Restaurants Inc. (the &quot;Company&quot;) and Good Times Drive Thru Inc. (&quot;GTDT&quot;), a
wholly owned subsidiary of the Company, entered into a loan agreement (the
&quot;Loan Agreement&quot;) with W Capital, John T. MacDonald and Golden Bridge, LLC (collectively&nbsp;
&quot;the Lender&quot;), pursuant to which the Lender made a loan of $200,000, with up to
an additional $200,000 loan available through April 30, 2010 (the &quot;Loan&quot;), to
be used for restaurant marketing and other working capital uses of GTDT.&nbsp; 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, LLC. However, not all members
of Golden Bridge, LLC are participating in the Loan.&nbsp; The Company's and GTDT's
obtaining of the Loan from the Lender 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.</p>



<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>The Loan is evidenced by a Convertible
Secured Promissory Note dated February 1, 2010 (the &quot;Note&quot;) made by the Company
and GTDT, as co-makers, and shall bear interest at a rate of 12% per annum on
the unpaid principal balance through August 1, 2010.&nbsp; The maturity date for
payment of all principal and interest on the Note is December 31, 2010.&nbsp;
However, if and to the extent that any portion of the Note is still outstanding
after August 1, 2010, the interest rate will increase to 14% per annum from and
after August 1, 2010 until the maturity date.&nbsp; All interest accrues through the
maturity date.&nbsp; The Loan Agreement contains customary event of default provisions
and a cross-default provision with respect to the loan agreement for the Wells
Fargo Bank and PFGI II, LLC loans in the event of payment default on either of
those loans.&nbsp; Upon the occurrence and continuance of an event of default, the
Lender may declare all or part of the unpaid principal and accrued and unpaid
interest on the Loan due and payable.&nbsp; Any amounts not paid to the Lender when
due will bear interest from the due date until paid at a rate of 16% per annum.</p>



<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>The Loan Agreement and the Note are
subject to the terms of a Leasehold Deed of Trust Agreement and Security
Agreement with respect to certain of GTDT's restaurants that were not
previously pledged as collateral under the Wells Fargo Bank or PFGI II, LLC
borrowings.&nbsp; The Note is convertible into shares of common stock of the Company
(the &quot;Conversion Shares&quot;) at any time prior to repayment at a conversion price
of 25% less than the average price of the Company's common stock during the 20
days prior to the conversion date, provided however that the conversion price
shall not be below $.75 per share nor above $1.08 per share (the &quot;Conversion Price&quot;).&nbsp;
</p>



<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>In connection with the Loan, the Company
issued warrants dated February 1, 2010 (the &quot;Warrants&quot;) to the Lender which
provides that the Lender may at any time from February 1, 2010 until two years
from the date of repayment or conversion of the Loan purchase up to an
aggregate of 50,000 shares of the Company's common stock (the &quot;Warrant Shares&quot;)
at an exercise price that is equal to the Conversion Price calculation above.&nbsp;
If the Loan is not repaid prior to August 1, 2010, the Company will issue
warrants for the purchase of 50,000 additional shares of the Company's common
stock upon the same terms as the initial Warrants.&nbsp; The number of Warrant Shares
and the exercise price are subject to customary antidilution adjustments upon
the occurrence of any stock dividends, stock splits, reverse stock splits,
recapitalizations, reclassifications, stock combinations or similar events.&nbsp; </p>



<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>2</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11149096 </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='text-indent:.5in;text-autospace:none'>The issuance of the Note and the Warrants
was made in reliance on the exemption from registration under the Securities
Act of 1933 (the &quot;Securities Act&quot;) as provided in Section 4(2) of the
Securities Act.&nbsp; The facts relied upon to make such exemption available include
the limited number of offerees and purchasers involved, the limited manner of
offering, the status of each purchaser as either an &quot;accredited investor&quot; as
defined in Regulation D under the Securities Act or sophisticated as to the
nature of the particular transaction, and the restricted status of the security
as evidenced by a customary restrictive legend on the document for the
security.&nbsp; The Loan Agreement and the Warrants provide for the registration of
the Conversion Shares and the Warrant Shares within 30 days of closing on a
Form S-3 or other short form registration available to the Company.&nbsp; </p>



<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>The Loan Agreement, Note and Warrants (collectively,
the &quot;Loan Documents&quot;) are filed as Exhibits 10.1, 10.2 and 4.1, respectively, to this Current Report on Form 8-K and
are incorporated herein by reference.&nbsp; The foregoing summary of the Loan
Documents is qualified in its entirety by reference to the full text of
the Loan Documents filed as exhibits hereto.</p>



<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in;text-autospace:
none'><b>Item 2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.</b></p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:-1.0in;text-autospace:
none'><b>&nbsp;</b></p>

<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>On February 1, 2010, the Company and GTDT
obtained the Loan from the Lender.&nbsp; The description of the Loan and the related
Loan Documents contained in Item 1.01 above is incorporated herein by reference.</p>



<p class=MsoNormal style='text-align:justify'><b>Item
9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.</b></p>



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



<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=528
 style='width:5.5in;margin-left:662.95pt;border-collapse:collapse'>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>Exhibit</p>
  <p class=MsoNormal align=center style='text-align:center'><u>Number</u></p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><u>&nbsp;</u></p>
  <p class=MsoNormal><u>Description</u></p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>4.1</p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Warrants to Purchase Shares
  of Common Stock, Par Value $0.01 Per Share dated February 1, 2010 by Good
  Times Restaurants Inc.</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>10.1</p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Loan Agreement dated February
  1, 2010 among W Capital, John T. MacDonald, Golden Bridge, LLC, and Good
  Times Drive Thru Inc. and Good Times Restaurants Inc.</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>10.2</p>
  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal>Promissory Note dated February
  1, 2010 by Good Times Drive Thru Inc. and Good Times Restaurants Inc.</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:50.15pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=461 valign=top style='width:345.85pt;padding:0in 5.4pt 0in 5.4pt'>

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

</div>



<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>3</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11149096 </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'>












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



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





<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOOD
TIMES RESTAURANTS INC.</p>





<p class=MsoNormal>Date:&nbsp; February 3, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:
&nbsp;<i><u>/s/ Boyd E. Hoback</u></i></p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd
E. Hoback</p>

<p class=MsoFooter style='line-height:10.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President
and Chief Executive Officer11149096 </p>

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

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

</div>



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



</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>loanagree11.htm
<TEXT>
<html>

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



<title> </title>


</head>

<body lang=EN-US>











<p class=MsoHeader align=right style='text-align:right'><b>EXECUTION COPY</b></p>



<p class=Style2 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;line-height:150%'>LOAN AGREEMENT</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>THIS LOAN AGREEMENT (as it
may hereafter be amended, supplemented, extended or renewed, the &quot;<b><i>Agreement</i></b>&quot;)
is made and entered into as of February 1, 2010, by and among Good Times
Restaurants Inc., a Nevada corporation (the &quot;<b><i>Borrower</i></b>&quot;), Good Times
Drive Thru, Inc., a Colorado corporation (the &quot;<b><i>Co-Maker</i></b>&quot;), and
the parties listed on the Schedule of Lender Parties attached to this Agreement
as <u>Schedule I</u> (each a &quot;<b><i>Lender Party</i></b>&quot; and, together, the &quot;<b><i>Lender</i></b>&quot;).</p>

<p class=Style3 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;line-height:150%'>RECITALS </p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>WHEREAS, the Borrower
currently requires funds to help finance the operations of the Co-Maker; and</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>WHEREAS, the Lender is
willing to advance funds to the Borrower in exchange for the issuance of: (i) a
secured convertible promissory note evidencing the Borrower's and/or the
Co-Maker's obligation to repay the Lender's loans of the advanced funds, and
(ii) certain warrants to purchase shares of the Borrower's common stock, all as
provided in this Agreement.</p>

<p class=Style3 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;line-height:150%'>AGREEMENT </p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>NOW THEREFORE, in
consideration of the foregoing, and the representations, warranties, and
conditions set forth below, the parties hereto, intending to be legally bound,
hereby agree as follows:</p>

<p class=Style70 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;line-height:150%'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Issuance of Note and Warrants</u>.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Loan Amount; Issuance of Note</u>.&nbsp; Subject to the terms and
conditions of this Agreement, the Lender agrees to loan to the Borrower up to the
aggregate principal amount of $400,000 (the &quot;<b><i>Loan</i></b>&quot;) against the
issuance by the Borrower and the Co-Maker of a secured convertible promissory
note, in substantially the form attached hereto as <u>Exhibit A</u> (the &quot;<b><i>Note</i></b>&quot;),
payable to the Lender.&nbsp; This Agreement, the Note and the Warrants (defined
below) are referred to herein collectively as the &quot;<b><i>Loan Documents</i></b>.&quot;</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Issuance of Initial Warrants</u>.&nbsp; As additional consideration for
the Loan, at the Initial Closing (as defined in <u>Section 2(a)</u> below) the
Borrower will issue to each Lender Party a warrant in substantially the form
attached hereto as <u>Exhibit B</u> (each a &quot;<b><i>Warrant</i></b>&quot; and,
collectively, the &quot;<b><i>Warrants</i></b>&quot;).&nbsp; The Warrant will entitle each
Lender Party to purchase the number of shares of the Borrower's Common Stock
set forth opposite such Lender Party's name on <u>Schedule I</u> hereto under
the heading &quot;Initial Warrant Shares,&quot; at the per share exercise price set forth
in the Warrant. </p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Issuance of Additional Warrants</u>.&nbsp; If the Loan is not repaid on or
before August 1, 2010, the Borrower will issue to each Lender Party an
additional Warrant entitling the Lender Party to purchase an additional number
of shares of the Borrower's Common Stock as set forth opposite such Lender
Party's name on <u>Schedule I</u> hereto under the heading &quot;Additional Warrant
Shares.&quot; </p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Pledge Agreements</u>.&nbsp; The indebtedness evidenced by the Loan
Documents shall be secured by:</p>

<p class=Style72 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Liens on the restaurant equipment, furniture and other personal property
owned by the Co-Maker set forth on <u>Schedule II</u> attached hereto, and the Co-Maker
hereby authorizes the Lender to file financing statements in the applicable
public records to evidence such liens.&nbsp; The Borrower and the Co-Maker hereby
represent and warrant that such personal property set forth on part A of <u>Schedule
II</u> is owned by the Co-Maker free and clear of all liens, encumbrances and
material restrictions, and that such personal property set forth on part B of <u>Schedule
II</u> is owned by the Co-Maker free and clear of all liens, encumbrances and
material liens other than the liens of Wells Fargo Bank, N.A. and PFGI II, LLC
(&quot;<b><i>Permitted Encumbrances</i></b>&quot;).</p>

<p class=Style72 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mortgages or deeds of trust on the real property leasehold interests of
the Co-Maker set forth on <u>Schedule II</u> attached hereto. Such mortgages or
deeds of trust shall be in the form of <u>Exhibit C</u> hereto and the rights
granted by such documents shall be subject to the obtaining of any consents
from landlords which may be required pursuant to such leasehold interests. The
Lender may at any time require the Co-Maker to seek such landlord consents and the
Co-Maker shall use its commercial best efforts to obtain such consents, but a
failure to obtain any such consent shall not constitute a default under the
Loan Documents.</p>

<p class=Style70 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Closings</u>.&nbsp; The issuance of the Note and the Warrants hereunder
shall occur in one or more closings (each, a &quot;<b><i>Closing</i></b>&quot;) as set
forth below.&nbsp; </p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter><u>Initial Closing</u>.&nbsp; The initial Closing (the &quot;<b><i>Initial
  Closing</i></b>&quot;) shall take place remotely by the exchange of documents and
  signatures at or before 5:00 p.m. Mountain Time on February 1, 2010, or at
  such other date, time and place upon which the Borrower and the Lender shall
  mutually agree.&nbsp; The date of the Initial Closing shall hereinafter be
  referred to as the &quot;<b><i>Initial Closing Date</i></b>.&quot;&nbsp; At the Initial
  Closing, each Lender Party will advance to the Borrower the amount set forth
  opposite such Lender Party's name on <u>Schedule I</u> hereto under the
  heading &quot;Initial Closing Loan Amount&quot; against delivery by the Borrower of the
  Note to the Lender and the respective Warrant to each Lender Party.&nbsp; 2</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=Style71 align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;text-indent:0in'>

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

</div>





<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Additional Closings</u>.&nbsp; After February 21, 2010, at any time and from time
to time until April 30, 2010, the Company may, at one or more additional
Closings (each, an &quot;<b><i>Additional Closing</i></b>&quot;), require the Lender to advance
an additional principal amount, proportionately from each Lender Party, <i>provided</i>,
that the aggregate principal amount advanced by each Lender Party at the
Initial Closing and all Additional Closings hereunder shall not exceed the
amount set forth for such Lender Party on <u>Schedule I</u> hereto under the
heading &quot;Aggregate Loan Amount,&quot; and <i>provided</i>, <i>further</i>, that the
aggregate principal amount required from the Lender in any one Additional
Closing shall not be less than $50,000.&nbsp; The Borrower shall deliver written notice
to the Lender of the aggregate principal amount required in any Additional
Closing at least three business days prior to the date of such Additional
Closing.&nbsp; The date of each Additional Closing shall hereinafter be referred to
as an &quot;<b><i>Additional Closing Date</i></b>&quot; and, together with the Initial
Closing Date, a &quot;<b><i>Closing Date</i></b>.&quot;&nbsp; </p>

<p class=Style70 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Representations and Warranties of the Borrower and the Co-Maker</u>.&nbsp;
Except as set forth in <u>Schedule III</u> hereto, the Borrower and the
Co-Maker hereby represent and warrant to the Lender that, as of the Initial
Closing Date:</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'><a name="_Toc228940608">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Organization and Standing</u>.&nbsp; The Borrower and the Co-Maker are
each a corporation duly organized, validly existing and in good standing under
the laws of their respective states of incorporation.&nbsp; The Borrower owns all of
the issued and outstanding capital stock of the Co-Maker.&nbsp; The Borrower and the
Co-Maker have the requisite corporate power to own and operate their respective
properties and assets and to carry on their respective businesses as currently
conducted and as currently proposed to be conducted.&nbsp; The Borrower and the
Co-Maker are qualified to conduct their respective businesses and are in good
standing in each jurisdiction in which the business conducted or property owned
by each of them makes such qualification necessary.</a></p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Corporate Power</u>.&nbsp; The Borrower and the Co-Maker have all
requisite legal and corporate power and authority to execute and deliver the
Loan Documents to which each is a party and to carry out and perform their
respective obligations under the terms of the Loan Documents.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'><a name="_Toc228940611">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Capitalization</u>.&nbsp; Immediately prior to the Initial Closing, the
authorized capital stock of the Borrower consists of (i) 50,000,000 shares of
Common Stock, par value $0.001 per share, of which 3,898,559 shares are issued
and outstanding, fully paid and non-assessable, and (ii) 5,000,000 shares of
Preferred Stock, par value $0.01 per share, none of which are issued and
outstanding.</a></p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Authorization; Valid Issuance of Securities</u>.&nbsp; All corporate
action on the part of the Borrower, the Co-Maker and their respective officers
and directors necessary for the authorization, execution, delivery and
performance of the Loan Documents to which each is a party and the performance
by the Borrower and the Co-Maker of their respective obligations under the Loan
Documents has been taken or will be taken prior to the Initial Closing.&nbsp; The
Loan Documents, when executed and delivered by the Borrower and the Co-Maker,
shall constitute the legal and binding obligations of each of the Borrower and
the Co-Maker, enforceable in accordance with their respective terms, subject to
laws of general application relating to bankruptcy, insolvency and the relief
of debtors and other laws of general application affecting the enforcement of
creditors' rights generally, rules of law governing specific performance,
injunctive relief and other equitable remedies and limitations of public
policy.&nbsp; The shares of the Borrower's Common Stock issuable upon conversion of
the Note and exercise of the Warrants (the &quot;<b><i>Shares</i></b>&quot;) have been
duly and validly reserved and, when issued in compliance with the provisions of
the Articles of Incorporation of the Borrower, will be validly issued, fully
paid and nonassessable.&nbsp; The Note, the Warrants and the Shares, when issued in
the foregoing manner, will be free of any liens or encumbrances other than as
set forth herein and under state or federal securities laws.</p>

<p class=Style71 style='margin:0in;margin-bottom:.0001pt;text-align:justify;
text-indent:0in;line-height:1.0pt'><a name="_Toc228940615">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>SEC Reports; Financial Statements</u>.&nbsp; The Borrower has filed all
reports required to be filed by it under the Securities Act of 1933, as amended
(the &quot;<b><i>Securities Act</i></b>&quot;), and the Securities Exchange Act of 1934,
as amended (the &quot;<b><i>Exchange Act</i></b>&quot;), including pursuant to Section
13(a) or 15(d) of the Exchange Act (the foregoing materials being collectively
referred to herein as the &quot;<b><i>SEC Reports</i></b>&quot;).&nbsp; As of their respective
dates, and except as otherwise disclosed in amendments to the SEC Reports, the
SEC Reports complied in all material respects with the requirements of the
Securities Act and the Exchange Act and the rules and regulations of the Securities
and Exchange Commission (the &quot;<b><i>Commission</i></b>&quot;) promulgated
thereunder, and none of the SEC Reports, when filed, contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, </a></p>







<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>in light of the circumstances under which they were made,
  not misleading.&nbsp; The financial statements of the Borrower included in the SEC
  Reports comply in all material respects with applicable accounting
  requirements and the rules and regulations of the Commission with respect
  thereto as in effect at the time of filing.&nbsp; Such financial statements have
  been prepared in accordance with generally accepted accounting principles (&quot;<b><i>GAAP</i></b>&quot;)
  applied on a consistent basis during the periods involved, except as may be
  otherwise specified in such financial statements or the notes thereto, and
  fairly present in all material respects the financial position of the
  Borrower and its consolidated subsidiaries as of and for the dates thereof and
  the2</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=Style71 align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;text-indent:0in'>

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

</div>



<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, immaterial, year-end
audit adjustments.</p>









<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Litigation</u>.&nbsp; There is no action, suit, proceeding or
investigation pending or, to the Borrower's or the Co-Maker's knowledge,
currently threatened against the Borrower or the Co-Maker which would have a
material adverse effect on the business of the Borrower or the Co-Maker.&nbsp;
Neither the Borrower nor the Co-Maker is a party or subject to the provisions
of any order, writ, injunction, judgment or decree of any court or government
agency or instrumentality.&nbsp; There is no action, suit, proceeding or
investigation by the Borrower or the Co-Maker currently pending or that the
Borrower or the Co-Maker intends to initiate.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Compliance with Other Instruments</u>.&nbsp; Neither the Borrower nor the
Co-Maker is in material violation of: (i) any term of its Articles of
Incorporation or Bylaws as presently in effect; (ii) any term or provision of
any mortgage, indebtedness, indenture, contract, agreement, instrument,
judgment or decree; or (iii) any order, statute, rule or regulation applicable
to the Borrower or the Co-Maker, as the case may be.&nbsp; The execution, delivery
and performance of and compliance with the Loan Documents, and the issuance of
the Note, the Warrants and the Shares, have not resulted and will not result in
any violation of, or materially conflict with, or constitute a material default
under, the Articles of Incorporation or Bylaws of the Borrower or the Co-Maker,
and have not and will not result in any material violation of, or materially
conflict with, or constitute a material default under, any of the documents
entered into by the Borrower or the Co-Maker with any other lender or creditor
or any other agreement or document entered into by the Borrower or the
Co-Maker, nor result in the creation of any mortgage, pledge, lien, encumbrance
or charge upon any of the properties or assets of the Borrower or the Co-Maker,
or their respective businesses or operations.</p>

<p class=Style70 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Representations and Warranties of the Lender</u>.&nbsp; The Lender hereby
represents and warrants to the Borrower and the Co-Maker upon the acquisition
of the Note and the Warrants as follows:</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Binding Obligation</u>. Each Lender Party has full legal capacity,
power and authority to execute and deliver this Agreement and to perform its
obligations hereunder. Each of this Agreement and the Note and the Warrants
issued to the Lender hereunder shall constitute a valid and binding obligation
of each Lender Party, enforceable in accordance with its terms, subject to laws
of general application relating to bankruptcy, insolvency and the relief of
debtors and other laws of general application affecting the enforcement of
creditors' rights generally, rules of law governing specific performance,
injunctive relief and other equitable remedies and limitations of public
policy.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Securities Law Compliance</u>. The Lender has been advised that the
Note, the Warrants and the Shares have not been registered under the Securities
Act or any state securities laws and, therefore, cannot be resold unless they
are registered under the Securities Act and applicable state securities laws or
unless an exemption from such registration requirements is available.&nbsp; No
Lender Party has been formed solely for the purpose of participating in the
Loan.&nbsp; The Lender is acquiring the Note and the Warrants hereunder for each
Lender Party's own account for investment, not as a nominee or agent, and not
with a view to, or for resale in connection with, the distribution thereof
except in compliance with the Securities Act and any applicable state
securities laws. Each Lender Party has such knowledge and experience in
financial and business matters that such Lender Party is capable of evaluating
the merits and risks of such investment, is able to incur a complete loss of
such investment, and is able to bear the economic risk of such investment for
an indefinite period of time.&nbsp; Each Lender Party is an accredited investor as
such term is defined in Rule&nbsp;501 of Regulation&nbsp;D under the Securities
Act.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Access to Information</u>. The Lender acknowledges that the Borrower
and the Co-Maker have given the Lender access to the corporate records and
accounts of the Borrower and the Co-Maker, have made their respective officers
and representatives available for interview by the Lender, and have furnished
the Lender with all documents and other information required for the Lender to
make an informed decision with respect to the acquisition of the Note and the
Warrants hereunder.&nbsp; The foregoing, however, does not limit or modify the
representations and warranties of the Borrower or the Co-Maker in this
Agreement or the right of the Lender to rely thereon.&nbsp; The Borrower and the
Co-Maker shall provide the Lender with continued access to any data room
established by them or by Mastodon Ventures, Inc. in connection with any
funding by the Borrower or the Co-Maker.</p>

<p class=Style70 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Closing Conditions of the Lender</u>. </p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Initial Closing</u>.&nbsp; The Lender's obligation to consummate the
Initial Closing is subject to the fulfillment, on or prior to the Initial
Closing Date, of all of the following conditions, any of which may be waived in
whole or in part by the Lender:</p>

<p class=Style72 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Representations and Warranties Correct</u>. The representations and
warranties made by the Borrower and the Co-Maker in <u>Section 3</u> hereof
shall have been true and correct in all material respects when made, and shall
be true and correct in all material respects on the Initial Closing Date; and</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter><u>Loan Documents</u>. The Borrower shall have duly
  executed and delivered to the Lender this Agreement, the Note and each
  Warrant to be issued at the Initial Closing. 3</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=Style72 align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;text-indent:0in'>

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

</div>













<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Additional Closings</u>.&nbsp; The Lender's obligation to consummate each
Additional Closing is subject to the fulfillment, on or prior to the applicable
Additional Closing Date, of all of the following conditions, any of which may
be waived in whole or in part by the Lender:</p>

<p class=Style72 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>No Default</u>.&nbsp; The Borrower and the Co-Maker shall not be in
default under the Loan or in payment default of any other obligation for
borrowed money and shall deliver to the Lender on or prior to the Additional
Closing Date a certificate by the chief executive officer of the Borrower and
the Co-Maker to such effect; and</p>

<p class=Style72 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Representations and Warranties Correct</u>.&nbsp; On or prior to the Additional
Closing Date, the Borrower and the Co-Maker shall have delivered to the Lender
a certificate executed by the chief executive officer of the Borrower and the
Co-Maker, on behalf of the Borrower and the Co-Maker, certifying that the
representations made by the Borrower and the Co-Maker in <u>Section 3</u>
hereof shall have been true and correct when made.</p>

<p class=Style70 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Closing Conditions of the Borrower</u>.&nbsp; The Borrower's obligation to
issue the Note and the Warrants to the Lender is subject to the fulfillment, on
or prior to the applicable Closing Date, of the following conditions, any of
which may be waived in whole or in part by the Borrower:</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Representations and Warranties</u>. The representations and
warranties made by the Lender in <u>Section&nbsp;4</u> hereof shall be true and
correct when made; and</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Funding</u>. The Lender shall have delivered to the Borrower, in the
case of the Initial Closing, the Initial Closing Loan Amount set forth opposite
such Lender Party's name on <u>Schedule I</u> attached hereto, and in the case
of an Additional Closing, the principal amount required in writing by the
Borrower.</p>

<p class=Style70 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Registration Rights</u>.&nbsp; The Borrower shall prepare and file with
the Commission, within 30 days following the Initial Closing, a registration statement
(&quot;<b><i>Registration Statement</i></b>&quot;) on Form S-3 (or, if Form S-3 is not then
available to the Borrower, on such form of Registration Statement as is then
available to effect a registration for resale of the Shares), covering the
resale of the Shares.&nbsp; The Borrower shall use commercially reasonable best efforts
(a) to have the Registration Statement covering the resale of the Shares
declared effective by the Commission as soon as practicable, and (b) to have
the Registration Statement remain effective until such time as the Shares can
be sold pursuant to an exemption from the registration requirements under the
Securities Act.</p>

<p class=Style70 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Miscellaneous</u>.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Designation of Lender Representative</u>.&nbsp; The Lender shall designate
from time to time in writing to the Borrower one person to act on behalf of and
to bind the Lender (the &quot;<b><i>Lender Representative</i></b>&quot;).&nbsp; The initial
Lender Representative is MV Equity Partners, Inc.&nbsp; </p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Waivers and Amendments</u>. Any provision of this Agreement may be
amended, waived or modified only upon the written consent of the Borrower and
the Lender.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Governing Law</u>. This Agreement and all actions arising out of or
in connection with this Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado, without regard to the
conflicts of law provisions of the State of Colorado or of any other state. </p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Survival</u>. The representations, warranties, covenants and
agreements made herein shall survive the execution and delivery of this
Agreement.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Successors and Assigns</u>. The rights and obligations of the
Borrower and the Lender shall be binding upon and benefit the successors,
assigns, heirs, administrators and transferees of the parties.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Entire Agreement</u>. This Agreement together with the Note and the
Warrants to be issued hereunder constitute and contain the entire agreement
among the Borrower and the Lender and supersede any and all prior agreements,
negotiations, correspondence, understandings and communications among the
parties, whether written or oral, respecting the subject matter hereof.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter><u>Notices</u>. All notices, requests, demands, consents,
  instructions or other communications required or permitted hereunder shall be
  in writing and faxed, mailed or delivered to each party as follows:
  (i)&nbsp;if to the Lender, to the Lender Representative at such address or
  facsimile number as the Lender Representative shall have furnished to the
  Borrower in writing, or (ii)&nbsp;if to the Borrower, at 601 Corporate
  Circle, Golden, Colorado 80401, facsimile number (303) 273-0177, or at such
  other address or facsimile number as the Borrower shall have furnished to the
  Lender in writing. All such notices and communications will be deemed
  effectively given the earlier of (i)&nbsp;when received, (ii)&nbsp;when
  delivered personally, (iii)&nbsp;one business day after being delivered by
  facsimile (with receipt of appropriate confirmation), (iv)&nbsp;one business
  day after being deposited with an overnight courier service of recognized
  standing, or (v)&nbsp;four days after being deposited in the U.S. mail, first
  class with postage prepaid.<a name="_Toc228940657">
  </a>4</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=Style71 align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;text-indent:0in'>

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

</div>





<p class=Style71 style='margin:0in;margin-bottom:.0001pt;text-align:justify;
text-indent:0in;line-height:1.0pt'>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Expenses</u>.&nbsp; The Borrower will pay the reasonable fees and expenses
(not to exceed $7,500 in the aggregate) of the Lender's legal counsel incurred
in connection with the </p>





<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>4</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>





<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
negotiation, execution and delivery of this Agreement, subject to the
delivery of detailed invoices therefor. </p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Severability</u>. If any provision of this Agreement shall be judicially
determined to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.</p>

<p class=Style71 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Counterparts</u>. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same agreement. Facsimile and electronic
(.pdf) copies of signed signature pages will be deemed binding originals.</p>



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












<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>The parties have caused
this Agreement to be duly executed and delivered by their proper and duly
authorized officers as of the date and year first written above.</p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>BORROWER:</b></p>

<p class=Style66>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>GOOD
TIMES RESTAURANTS INC.</b></p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:
<u> /s/ Boyd E. Hoback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
Boyd E. Hoback</p>

<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
President and CEO</p>



<p class=Style66 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:3.5in;margin-bottom:.0001pt'><b>&nbsp;</b></p>

<p class=Style66 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:3.5in;margin-bottom:.0001pt'><b>CO-MAKER:</b></p>

<p class=Style66>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>GOOD
TIMES DRIVE THRU, INC.</b></p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:
<u> /s/ Boyd E. Hoback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
Boyd E. Hoback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
President and CEO</p>



<p class=Style66><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LENDER:</b></p>

<p class=Style66>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>GOLDEN
BRIDGE, LLC</b></p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:
<u> /s/ Eric W. Reinhard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
Eric W. Reinhard</p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
Manager</p>



<p class=Style66>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>W
CAPITAL, INC.</b></p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:
&nbsp;<u>/s/ W H Watson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:<u>
</u>W H Watson</p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
Manager</p>

<p class=Style66 style='margin-top:0in'><u>&nbsp;</u></p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/
John T. McDonald&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p class=Style66 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>JOHN
T. MCDONALD</b>, an individual</p>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<p class=Style66 align=center style='margin-top:0in;text-align:center'><b>SCHEDULE
I</b></p>

<p class=Style3>SCHEDULE OF LENDER PARTIES </p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=205 valign=top style='width:153.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b><u>Lender Party</u></b></p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b><u>Name and
  Address</u></b></p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b><u>&nbsp;</u></b></p>
  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>First Closing</u></b></p>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>Loan Amount</u></b></p>
  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>Aggregate</u></b></p>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>Loan Amount</u></b></p>
  </td>
  <td width=102 valign=top style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>Initial </u></b></p>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>Warrant Shares</u></b></p>
  </td>
  <td width=103 valign=top style='width:77.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>Additional Warrant Shares</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=205 valign=top style='width:153.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Golden Bridge, LLC</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>6975 S. Polo Ridge
  Drive</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Littleton, CO 80128</p>

  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>$75,000</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>$150,000</p>
  </td>
  <td width=102 valign=top style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>18,750</p>
  </td>
  <td width=103 valign=top style='width:77.4pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>18,750</p>
  </td>
 </tr>
 <tr>
  <td width=205 valign=top style='width:153.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>W Capital, Inc.</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>c/o MV Equity
  Partners, Inc.</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>515 Congress Avenue</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Suite 1400</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Austin, TX 78701</p>

  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>$100,000</p>

  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>$200,000</p>
  </td>
  <td width=102 valign=top style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>25,000</p>
  </td>
  <td width=103 valign=top style='width:77.4pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>25,000</p>
  </td>
 </tr>
 <tr>
  <td width=205 valign=top style='width:153.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>John T. McDonald</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>c/o MV Equity
  Partners, Inc.</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>515 Congress Avenue</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Suite 1400</p>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Austin, TX 78701</p>


  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>$25,000</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>$50,000</p>
  </td>
  <td width=102 valign=top style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>6,250</p>
  </td>
  <td width=103 valign=top style='width:77.4pt;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>6,250</p>
  </td>
 </tr>
 <tr>
  <td width=205 valign=top style='width:153.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Total</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>$200,000</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>$400,000</p>
  </td>
  <td width=102 valign=top style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>50,000</p>
  </td>
  <td width=103 valign=top style='width:77.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>50,000</p>
  </td>
 </tr>
</table>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

<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='text-align:center;text-indent:0in'><b>SCHEDULE
II</b></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:0in'><b>COLLATERAL</b></p>

<p class=MsoNormal style='text-indent:0in'><u>Part A</u></p>

<p class=MsoNormal style='margin-top:0in;text-indent:0in'><u>&nbsp;</u></p>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='margin-left:.9pt;border-collapse:collapse;border:none'>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>Store #</b></p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>Address</b></p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>Description of
  Collateral</b></p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>102</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>808 E. Colfax,
  Denver, CO&nbsp; 80218</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Leasehold &amp;
  Equipment</p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>103</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>1300 S. Colorado
  Blvd, Denver, CO&nbsp; 80222</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Leasehold &amp;
  Equipment</p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>110</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>8930 E. Hampden
  Ave, Denver, CO&nbsp; 80231</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Leasehold &amp;
  Equipment</p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>112</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>4975 N. Federal,
  Denver, CO&nbsp; 80221</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Leasehold &amp;
  Equipment</p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>140</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>16810 E. Quincy
  Ave, Aurora, CO&nbsp; 80601</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Leasehold &amp;
  Equipment</p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>141</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>550 E. Bromley
  Lane, Brighton, CO&nbsp; 80601</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>142</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>4670 Peoria St,
  Denver, CO 80239</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>151</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>3855 Astrozon,
  Colorado Springs, CO&nbsp; 80916</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
 </tr>
 <tr>
  <td width=86 valign=top style='width:64.35pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>167</p>
  </td>
  <td width=322 valign=top style='width:241.65pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>8020 N. Academy,
  Colorado Springs, CO&nbsp; 80920</p>
  </td>
  <td width=229 valign=top style='width:171.9pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
 </tr>
</table>



<p class=MsoNormal style='text-indent:0in'><u>Part B</u></p>

<p class=MsoNormal style='text-indent:0in'><u>&nbsp;</u></p>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='margin-left:.9pt;border-collapse:collapse;border:none'>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>Store #</b></p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>Location</b></p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>Description of
  Collateral</b></p>
  </td>
  <td width=144 valign=top style='width:1.5in;border:solid black 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>First Lien
  Holder</b></p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>101</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Boulder</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>PFGI II</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>105</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Wheatridge</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Wells Fargo</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>108</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Littleton</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Wells Fargo</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>127</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Westminster</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>PFGI II</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>134</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Ft Collins</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>PFGI II</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>139</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Wheatridge</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>PFGI II</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>154</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Aurora</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Wells Fargo</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>155</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Thornton</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>PFGI II</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>160</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Loveland</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>PFGI II</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>166</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Littleton</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Furniture, Fixtures
  &amp; Equipment</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Wells Fargo</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>168</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Firestone</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Fee Simple Land,
  Bldg</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>PFGI II</p>
  </td>
 </tr>
 <tr>
  <td width=84 valign=top style='width:63.0pt;border:solid black 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Cornerstar</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Aurora</p>
  </td>
  <td width=252 valign=top style='width:189.0pt;border-top:none;border-left:
  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Fee Simple Land</p>
  </td>
  <td width=144 valign=top style='width:1.5in;border-top:none;border-left:none;
  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>PFGI II</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='text-indent:0in'><u>&nbsp;</u></p>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

<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='text-align:center;text-indent:0in'><b>SCHEDULE
III</b></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:0in'><b>DISCLOSURE
SCHEDULE</b></p>

<p class=MsoNormal style='text-indent:0in'><u>Schedule 3(g)</u></p>

<p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>&nbsp;</b></p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-indent:0in;line-height:150%'>The
Borrower is in default of certain technical loan covenants on a note payable to
Wells Fargo Bank, the N.A. (the &quot;<b><i>Bank</i></b>&quot;).&nbsp; The Borrower has never
been in payment default on the note and expects to be able to remain current on
payments in fiscal 2010, depending however on its sales trends and cash flow
from operations.&nbsp; The Bank has reserved all of its rights and remedies under
the Credit Agreement and related agreements pursuant to a Reservation of Rights
letter dated February 9, 2009.&nbsp; However, the Bank is not accelerating the loan
at this time and is continuing to accept regularly scheduled payments of
principal and interest under the loan; however the acceptance of payments under
the loan does not constitute a modification of the Credit Agreement or a waiver
of any of the covenants or of the Bank's rights or remedies under the Credit
Agreement, including the right to accelerate the loan in the future after the
giving of notice.&nbsp; </p>

<p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>&nbsp;</b></p>

<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<p class=MsoNormal style='margin-top:0in;text-indent:0in'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'><b>EXHIBIT A</b></p>

<p class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'><b>FORM OF SECURED CONVERTIBLE PROMISSORY NOTE</b></p>



<p class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>[Attached]</p>



<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

<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-top:0in;text-align:center;
text-indent:0in'><b>EXHIBIT B</b></p>

<p class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'><b>FORM OF WARRANT</b></p>



<p class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>[Attached]</p>





<p class=MsoFooter style='line-height:10.0pt'>11099090 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

<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='text-align:center;text-indent:0in'><b>EXHIBIT
C</b></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:0in'><b>FORM
OF MORTGAGE OR DEED OF TRUST</b></p>

<p class=MsoFooter style='line-height:10.0pt'>[Attached] 11099090 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>







</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>note1.htm
<TEXT>
<html>

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



<title> </title>


</head>

<body lang=EN-US>











<p class=MsoHeader align=right style='text-align:right'><b>EXECUTION COPY</b></p>



<p class=MsoBodyTextIndent style='margin-left:0in;text-align:justify;
text-justify:inter-ideograph'>THE SECURITIES
REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN
REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE &quot;<i>SECURITIES
ACT</i>&quot;), OR (II) THE BORROWER HAS RECEIVED
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY
LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR QUALIFICATION
UNDER APPLICABLE STATE SECURITIES LAWS.</p>



<p class=MsoNormal align=center style='margin-left:.5in;text-align:center;
text-indent:0in'><b>SECURED CONVERTIBLE PROMISSORY NOTE</b></p>

<p class=MsoHeader align=center style='margin-top:24.0pt;text-align:center'>$400,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February
1, 2010</p>



<p class=MsoFooter style='line-height:10.0pt'>11103827 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<p class=Style59 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:
150%'>FOR VALUE RECEIVED, GOOD TIMES
RESTAURANTS INC., a Nevada corporation (the &quot;<b><i>Borrower</i></b>&quot;),
and GOOD TIMES DRIVE THRU, INC., a Colorado corporation (the &quot;<b><i>Co-Maker</i></b>&quot;),
promise to pay to Golden Bridge, LLC, W Capital, Inc., and John T. McDonald, an
individual (each a &quot;<b><i>Lender Party</i></b>&quot; and, together, the &quot;<b><i>Lender</i></b>&quot;)
in accordance with their percentage interests as set forth on <u>Schedule I</u>
attached hereto, or their respective assigns, in lawful money of the United
States of America the principal sum of Four Hundred Thousand Dollars ($400,000),
or such lesser amount as shall equal the outstanding principal amount hereof,
together with interest from the date of this Secured Convertible Promissory
Note (this &quot;<b><i>Note</i></b>&quot;) on the unpaid principal balance at a rate
equal to 12% per annum, computed on the basis of the actual number of days
elapsed and a year of 365 days<i>, provided</i>, that to the extent that any
portion of this Note is outstanding after August 1, 2010, the interest rate
will increase to 14% per annum from and after August 1, 2010 until the Maturity
Date (defined below), after which the interest rate will increase to the
Default Rate (as defined in <u>Section 5</u>).&nbsp; All unpaid principal, together
with any then unpaid and accrued interest and other amounts payable hereunder,
shall be due and payable on the earlier of (i) December 31, 2010 (the &quot;<b><i>Maturity
Date</i></b>&quot;), or (ii)&nbsp;when, upon the occurrence and during the
continuance of an Event of Default (as defined in <u>Section 4</u>), such
amounts are declared due and payable by the Lender or made automatically due
and payable, in each case, in accordance with the terms hereof.&nbsp; Terms
not otherwise defined herein have the respective meanings ascribed to them in
the Loan Agreement, dated February 1, 2010 (the &quot;<b><i>Loan Agreement</i></b>&quot;),
among the Borrower, the Co-Maker and the Lender.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:
150%'>The following is a statement of the rights
of each Lender Party and the conditions to which this Note is subject, and to
which each Lender Party, by the acceptance of this Note, agrees:</p>

<h3>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Definitions</u>.&nbsp; As used in this Note, the following capitalized
terms have the following meanings:</h3>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-justify:inter-ideograph;text-indent:
1.0in;line-height:150%'>&quot;<b><i>Lender
Representative</i></b>&quot; shall mean the
Person designated by the Lender, pursuant to the Loan Agreement, to act on
behalf of the Lender.</p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-justify:inter-ideograph;text-indent:
1.0in;line-height:150%'>&quot;<b><i>Loan Documents</i></b>&quot; shall mean this Note,
the Loan Agreement and the Warrants.</p>

<h3>&nbsp;&quot;<b><i>Obligations</i></b>&quot; shall mean and include
all loans, advances, debts, liabilities and obligations, howsoever arising,
owed by the Borrower to the Lender of every kind and description, now existing
or hereafter arising under or pursuant to the terms of this Note and the other Loan
Documents, including, all interest, fees, charges, expenses and attorneys' fees
and costs chargeable to and payable by the Borrower hereunder and thereunder,
in each case, whether direct or indirect, absolute or contingent, due or to become
due, and whether or not arising after the commencement of a proceeding under
Title&nbsp;11 of the United States Code (11 U. S. C. Section&nbsp;101, <i>et
seq</i>.), as amended from time to time (including post-petition interest) and
whether or not allowed or allowable as a claim in any such proceeding.
Notwithstanding the foregoing, the term &quot;Obligations&quot; shall not include any
obligations of the Borrower under or with respect to any warrants to purchase the
Borrower's capital stock.</h3>

<h3>&quot;<b><i>Person</i></b>&quot; shall mean and include an individual,
a partnership, a corporation (including a business trust), a joint stock
company, a limited liability company, an unincorporated association, a joint
venture or other entity or a governmental authority.</h3>

<h3>&quot;<b><i>Securities Act</i></b>&quot; shall mean the
Securities Act of 1933, as amended.</h3>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:
150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;<b><i>Warrants</i></b>&quot; shall
mean the warrants issued to the Lender Parties under the Loan Agreement which
are detached from and independent of this Note.</p>

<p class=MsoFooter style='line-height:10.0pt'>11103827&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2-</p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<h3>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Payments</u>.</h3>

<h3>(a)&nbsp;&nbsp;&nbsp; <u>Interest</u>.<i>&nbsp;
</i>Accrued interest on this Note shall be payable at maturity unless converted
pursuant to <u>Section 6</u> of this Note.</h3>

<h3>(b)&nbsp;&nbsp;
<u>Prepayment</u>. The Borrower may, without premium or penalty,
at any time and from time to time, upon 20 days' prior written notice to the Lender
Representative, prepay all or any portion of the outstanding principal balance
due under this Note, <i>provided</i>, that during such 20-day notice period, each
Lender Party shall have the right to elect to convert all or any portion of
this Note allocable to such Lender Party pursuant to <u>Section 6</u> hereof.&nbsp;
Prepayment of this Note shall not affect the exercisability of the Warrants. </h3>

<h3>(c)&nbsp;&nbsp;&nbsp;
<u>Additional Debt or Equity
Offerings</u>.&nbsp; Nothing in this Note
shall be deemed to prohibit the Borrower or the Co-Maker from incurring debt
for borrowed money or issuing equity securities after the date hereof, <i>provided</i>,
that the Borrower or the Co-Maker shall use the proceeds received therefrom,
net of expenses incurred in connection therewith, to pay down the principal
balance then outstanding under this Note, together with all accrued interest
thereon. &nbsp;Any such debt shall provide that payments of interest or principal
thereon shall not be due during any period when there is an Event of Default
(as defined below) under this Note and the other Loan Documents and any liens
securing such debt shall be junior and subordinate to the liens securing this
Note and the other Loan Documents.</h3>

<h3>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Security</u>.&nbsp; The indebtedness evidenced by this Note and the
other Loan Documents shall be secured by liens on the restaurant equipment,
furniture and other personal property owned by the Co-Maker set forth on Schedule
II attached to the Loan Agreement and by mortgages or deeds of trust on the
real property leasehold interests of the Co-Maker set forth on Schedule II
attached to the Loan Agreement.</h3>

<h3>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Events of Default</u>. The occurrence of any of the following shall
constitute an &quot;<b><i>Event of Default</i></b>&quot; under this Note and the other Loan
Documents:</h3>

<p class=MsoFooter style='line-height:10.0pt'>11103827&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3-</p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<h3>(a)&nbsp;&nbsp;&nbsp;
<u>Failure to Pay</u>.&nbsp; The Borrower shall fail to pay (i)&nbsp;when due
any principal payment on the due date hereunder or (ii)&nbsp;any interest
payment or other payment required under the terms of this Note or any other Loan
Document on the date due and such payment shall not have been made within five
business days of the Borrower's receipt of written notice to the Borrower of
such failure to pay; or</h3>

<h3>(b)&nbsp;&nbsp;
<u>Breaches of Covenants</u>.<i> </i>The Borrower shall fail to observe or perform
any other covenant, obligation, condition or agreement contained in this Note
or the other Loan Documents (other than those specified in <u>Section&nbsp;4(a)</u>)
and such failure shall continue for ten business days after the Borrower's
receipt of written notice to the Borrower of such failure; or</h3>

<h3>(c)&nbsp;&nbsp;&nbsp;
<u>Representations and Warranties</u>.<i> </i>Any representation, warranty, certificate or
other statement (financial or otherwise) made or furnished by or on behalf of the
Borrower or the Co-Maker to the Lender in writing in connection with this Note
or any of the other Loan Documents, or as an inducement to the Lender to enter
into this Note and the other Loan Documents, shall be false, incorrect,
incomplete or misleading in any material respect when made or furnished; or</h3>

<h3>(d)&nbsp;&nbsp;
<u>Other Payment Obligations</u>.<i> </i>Any uncured payment default shall exist under
either (i) the Credit Agreement between the Borrower and Wells Fargo Bank, N.A.,
or (ii) the Loan Agreement, as amended, between the Borrower and PFGI II, LLC,
with respect to which the lender is exercising a default remedy; or</h3>

<h3>(e)&nbsp;&nbsp;&nbsp;
<u>Voluntary Bankruptcy or
Insolvency Proceedings</u>. Either the Borrower
or the Co-Maker shall (i)&nbsp;apply for or consent to the appointment of a
receiver, trustee, liquidator or custodian of itself or of all or a substantial
part of its property, (ii)&nbsp;admit in writing its inability to pay its debts
generally as they mature, (iii)&nbsp;make a general assignment for the benefit
of its or any of its creditors, (iv)&nbsp;be dissolved or liquidated,
(v)&nbsp;commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or
consent to any such relief or to the appointment of or taking possession of its
property by any official in an involuntary case or other proceeding commenced
against it, or (vi)&nbsp;take any action for the purpose of effecting any of
the foregoing; or</h3>

<p class=MsoFooter style='line-height:10.0pt'>11103827&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -4-</p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<h3>(f)&nbsp;&nbsp;&nbsp;
<u>Assignment for Benefit of
Creditors, Involuntary Bankruptcy or Insolvency Proceedings</u>. Either the Borrower or the Co-Maker shall make an
assignment for the benefit of its creditors or apply for or consent to the
appointment of a receiver, trustee, liquidator or custodian of the Borrower or
the Co-Maker, or of all or a substantial part of the property thereof, or an
involuntary case or other proceedings seeking liquidation, reorganization or
other relief with respect to the Borrower or the Co-Maker, or the debts thereof
under any bankruptcy, insolvency or other similar law now or hereafter in
effect shall be commenced and an order for relief entered or such proceeding
shall not be dismissed or discharged within 45 days of commencement; or</h3>

<h3>(g)&nbsp;&nbsp;
<u>Judgments</u>.&nbsp; A final judgment or order for the payment of money
in excess of $500,000 (exclusive of amounts covered by insurance) shall be
rendered against the Borrower or the Co-Maker and the same shall remain
undischarged for a period of 30 days during which execution shall not be
effectively stayed, or any judgment, writ, assessment, warrant of attachment or
execution or similar process shall be issued or levied against a substantial
part of the property of the Borrower or the Co-Maker, if any and such judgment,
writ or similar process shall not be released, stayed, vacated or otherwise
dismissed within 30 days after issue or levy; or</h3>

<h3>(h)&nbsp;&nbsp;
<u>Sale of the Company</u>. The sale or
exchange of all or substantially all of the assets of the Borrower or the
Co-Maker (other than a sale or exchange to a subsidiary of the Borrower or the
Co-Maker or a sale or exchange effected for the purpose of reincorporating the Borrower
or the Co-Maker in another jurisdiction) or the merger or consolidation of the Borrower
or the Co-Maker with or into another entity in which the shareholders of the
Borrower or the Co-Maker immediately prior to such transaction shall own less
than a majority of the voting securities or power of the surviving entity
immediately subsequent to such transaction (other than a merger or
consolidation effected for the purpose of reincorporating the Borrower or the
Co-Maker in another jurisdiction).&nbsp; Upon
the foregoing sale or exchange, all outstanding principal and accrued interest
on this Note, if not converted, shall be payable in full pursuant to the
provisions of <u>Section 5</u>.</h3>

<p class=MsoFooter style='line-height:10.0pt'>11103827&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -5-</p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<h3>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Rights of Lender upon Default</u>. Upon the occurrence of any Event of Default (other
than an Event of Default described in <u>Sections&nbsp;4(e)</u> or <u>4(f)</u>)
and at any time thereafter during the continuance of such Event of Default, the
Lender may, by written notice from the Lender Representative to the Borrower or
the Co-Maker, declare all outstanding Obligations payable by the Borrower and
the Co-Maker hereunder to be immediately due and payable without presentment,
demand, protest or any other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the other Loan Documents to
the contrary notwithstanding.&nbsp; Upon the occurrence of any Event of Default
described in <u>Sections&nbsp;4(e)</u> and <u>4(f)</u>, immediately and without
notice, all outstanding Obligations payable by the Borrower and the Co-Maker hereunder
shall automatically become immediately due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the other Loan Documents to
the contrary notwithstanding.&nbsp; From and after the date of any Event of Default
hereunder, the entire unpaid principal balance of this Note shall immediately
begin accruing interest at a default interest rate of 16% per annum (the &quot;<b><i>Default
Rate</i></b>&quot;) until the earlier of (a) the date on which the principal balance
outstanding under this Note, together with all accrued interest thereon and
other amounts payable hereunder, is paid in full or converted as set forth in <u>Section
6</u> below, or (b) the date on which such Event of Default is timely cured.&nbsp; In
addition to the foregoing remedies, upon the occurrence and during the
continuance of any Event of Default, the Lender may exercise any other right,
power or remedy granted to it by the Loan Documents or otherwise permitted to
it by law, either by suit in equity or by action at law, or both.</h3>

<h3>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Conversion</u>.</h3>

<h3>(a)&nbsp;&nbsp;&nbsp; <u>Voluntary Conversion</u>.<i> </i>At any time or from time to time prior to the Maturity Date, each
Lender Party may elect to convert all or any portion of the outstanding
principal amount of this Note allocable to such Lender Party, together with all
accrued and unpaid interest thereon, into fully paid and nonassessable shares
of the Borrower's Common Stock at a conversion price per share (the &quot;<b><i>Conversion
Price</i></b>&quot;) equal to 75% of the average market price per share of the
Borrower's Common Stock over the 20 trading day period prior to such conversion;
<i>provided</i>, that the foregoing Conversion Price shall not at any time be
less than $0.75 per share or greater than $1.08 per share.&nbsp; The Conversion
Price shall be subject to adjustment from time to time as set forth in the
Warrants with respect to the Warrant Price.</h3>

<p class=MsoFooter style='line-height:10.0pt'>11103827&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -6-</p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<h3>(b)&nbsp;&nbsp;
<u>Conversion Procedure</u>.&nbsp; Before a Lender Party shall be
entitled to convert any portion of this Note into shares of Common Stock
pursuant to <u>Section 6(a)</u>, such Lender Party give written notice to the Borrower
at its principal corporate office of its election to convert the same pursuant to
<u>Section 6(a)</u>, and shall state therein the amount of the unpaid principal
amount and all accrued and unpaid interest of this Note to be converted.&nbsp; The Borrower
shall, as soon as practicable thereafter, issue and deliver to such Lender Party
a certificate or certificates for the number of shares to which the Lender Party
shall be entitled upon such conversion.&nbsp; Any conversion of this Note pursuant
to <u>Section&nbsp;6(a)</u> shall be deemed to have been made upon the
satisfaction of all of the conditions set forth in this <u>Section 6(b)</u> and
on and after such date the Persons entitled to receive the shares issuable upon
such conversion shall be treated for all purposes as the record holder of such
shares.</h3>

<h3><a
name="_Ref164672502">(c)&nbsp;&nbsp;&nbsp;
<u>Notices of Record Date</u></a>. In the event of:</h3>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:
..5in;text-align:justify;text-justify:inter-ideograph;text-indent:-.5in;
line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any taking by the Borrower of a
record of the holders of any class of securities of the Borrower for the
purpose of determining the holders thereof who are entitled to receive any
dividend or other distribution or any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any other right; or</h3>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:
..5in;text-align:justify;text-justify:inter-ideograph;text-indent:-.5in;
line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any capital reorganization of the Borrower,
any reclassification or recapitalization of the capital stock of the Borrower
or any transfer of all or substantially all of the assets of the Borrower to
any other Person or any consolidation or merger involving the Borrower; or</h3>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:
..5in;text-align:justify;text-justify:inter-ideograph;text-indent:-.5in;
line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any voluntary or involuntary
dissolution, liquidation or winding-up of the Borrower,</h3>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;text-justify:inter-ideograph;text-indent:
0in;line-height:150%'>the Borrower will mail to
the then holder of this Note at least ten&nbsp;days prior to the earliest date
specified therein, a notice specifying (A)&nbsp;the date on which any such
record is to be taken for the purpose of such dividend, distribution or right
and the amount and character of such dividend, distribution or right; and
(B)&nbsp;the date on which any such reorganization, reclassification, transfer,
consolidation, merger, dissolution, liquidation or winding-up is expected to
become effective and the record date for determining shareholders entitled to
vote thereon.</p>

<p class=MsoFooter style='line-height:10.0pt'>11103827&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -7-</p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<h3>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Miscellaneous</u>.
</h3>

<h3>(a)&nbsp;&nbsp;&nbsp; <u>Successors and Assigns; </u><u>Transfer of this Note or Securities Issuable upon
Conversion Hereof</u>.&nbsp; </h3>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:
0in;text-align:justify;text-justify:inter-ideograph;text-indent:0in;line-height:
150%;page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the restrictions on
transfer described in this <u>Section&nbsp;7(a)</u>, the rights and obligations
of the Borrower and the Lender shall be binding upon and benefit the
successors, assigns, heirs, administrators and transferees of the parties.</h3>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:
0in;text-align:justify;text-justify:inter-ideograph;text-indent:0in;line-height:
150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to any offer, sale or
other disposition of this Note or securities into which such Note may be
converted, the Lender will give written notice to the Borrower prior thereto,
describing briefly the manner thereof, together with a written opinion of the Lender's
counsel, or other evidence if reasonably satisfactory to the Borrower, to the
effect that such offer, sale or other distribution may be effected without
registration or qualification (under any federal or state law then in effect).
Upon receiving such written notice and reasonably satisfactory opinion, if so
requested, or other evidence, the Borrower, as promptly as practicable, shall
notify the Lender that the Lender may sell or otherwise dispose of this Note or
such securities, all in accordance with the terms of the notice delivered to the
Borrower.&nbsp; If a determination has been made pursuant to this <u>Section&nbsp;7(a)</u>
that the opinion of counsel for the Lender, or other evidence, is not
reasonably satisfactory to the Borrower, the Borrower shall so notify the Lender
promptly after such determination has been made.&nbsp; Each Note thus transferred
and each certificate representing the securities thus transferred shall bear a
legend as to the applicable restrictions on transferability in order to ensure
compliance with the Securities Act, unless in the opinion of counsel for the Borrower
such legend is not required in order to ensure compliance with the Securities
Act.&nbsp; The Borrower may issue stop transfer instructions to its transfer agent
in connection with such restrictions.&nbsp; </h3>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:
0in;text-align:justify;text-justify:inter-ideograph;text-indent:0in;line-height:
150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither this Note nor any of the
rights, interests or obligations hereunder may be assigned, by operation of law
or otherwise, in whole or in part, by the Borrower or the Co-Maker without the
prior written consent of the Lender.</h3>

<h3>(b)&nbsp;&nbsp;
<u>Waiver and Amendment</u>.&nbsp; Any provision of this Note may be amended, waived
or modified upon the written consent of the Borrower, the Co-Maker and the
Lender.</h3>

<p class=MsoFooter style='line-height:10.0pt'>11103827&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -8-</p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>



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










<h3>(c)&nbsp;&nbsp;&nbsp;
<u>Notices</u>. All notices, requests, demands, consents, instructions
or other communications required or permitted hereunder shall be given as set
forth in the Loan Agreement.</h3>

<h3>(d)&nbsp;&nbsp;
<u>Payment</u>.&nbsp; Unless converted into the Borrower's equity
securities pursuant to the terms hereof, payment shall be made in lawful tender
of the United States.</h3>

<h3>(e)&nbsp;&nbsp;&nbsp;
<u>Waivers</u>.&nbsp; The Borrower hereby waives notice of default,
presentment or demand for payment, protest or notice of nonpayment or dishonor
and all other notices or demands relative to this instrument.</h3>

<h3>(f)&nbsp;&nbsp;&nbsp;
<u>Governing Law</u>.&nbsp; This Note and all actions arising out of or in
connection with this Note shall be governed by and construed in accordance with
the laws of the State of Colorado without regard to the conflicts of law
provisions of the State of Colorado or of any other state.</h3>

<h3>(g)&nbsp;&nbsp;
<u>Waiver of Jury Trial; Judicial
Reference</u>.<i>&nbsp; </i>By acceptance of
this Note, each Lender Party hereby agrees and the Borrower and the Co-Maker hereby
agree to waive their respective rights to a jury trial of any claim or cause of
action based upon or arising out of this Note or any of the Loan Documents.</h3>

<p class=MsoFooter style='line-height:10.0pt'><u>Counterparts</u>.&nbsp; This Note
may be executed in any number of counterparts and by different parties on
separate counterparts, each of which, when executed and delivered, shall be
deemed to be an original, and all of which, when taken together, shall
constitute but one and the same Note. 11103827&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -9-</p>

<h3>

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

</h3>





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












<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'>The Borrower
and the Co-Maker have caused this Note to be issued as of the date first
written above.</p>

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

<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>BORROWER</b>:</p>

<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>GOOD
TIMES RESTAURANTS INC.</b></p>

<p class=MsoNormal style='margin-top:0in'><b>&nbsp;</b></p>



<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:_<u>/s/
Boyd E. Hoback</u>_______________</p>

<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
Boyd E. Hoback</p>

<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
President and CEO</p>





<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>CO-MAKER</b>:</p>



<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>GOOD
TIMES DRIVE THRU, INC.</b></p>

<p class=MsoNormal style='margin-top:0in'><b>&nbsp;</b></p>



<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:_<u>/s/
Boyd E. Hoback</u>_______________</p>

<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
Boyd E. Hoback</p>

<p class=MsoNormal style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
President and CEO</p>























<p class=MsoFooter style='line-height:10.0pt'>11103827 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

<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='text-align:center;text-indent:0in'><b>SCHEDULE
I</b></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:0in'><b>SCHEDULE
OF LENDER PARTIES</b></p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>Lender Party</u></b></p>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>&nbsp;</u></b></p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'><b><u>Percentage Interest</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>Golden Bridge, LLC</p>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>37.5%</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>W Capital, Inc.</p>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>50.0%</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;text-indent:0in'>John T. McDonald</p>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;text-align:center;
  text-indent:0in'>12.5%</p>
  </td>
 </tr>
</table>

<p class=MsoFooter style='line-height:10.0pt'>11103827 </p>

<div class=MsoNormal align=center style='margin-top:0in;text-align:center;
text-indent:0in'>

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

</div>







</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>4
<FILENAME>warrantjackmcd1.htm
<TEXT>
<html>

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



<title>Counsel</title>


</head>

<body lang=EN-US>











<p class=MsoHeader align=right style='text-align:right'><b>EXECUTION COPY</b></p>





<p class=MsoNormal>THE SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED
UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE
SECURITIES ACT OF 1933, AS AMENDED (THE &quot;<b><i>SECURITIES ACT</i></b>&quot;), OR
(II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.</p>



<p class=MsoNormal>THIS WARRANT SHALL BE VOID AFTER 5:00 P.M. MOUNTAIN TIME ON THE
EXPIRATION DATE (DEFINED BELOW).</p>



<p class=MsoNormal>No. __________</p>





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

<p class=MsoNormal style='line-height:150%'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WARRANT
TO PURCHASE SHARES OF</b></p>

<p class=MsoNormal style='line-height:150%'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMMON
STOCK, PAR VALUE $0.001 PER SHARE</b></p>



<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For VALUE RECEIVED, <b>JOHN
T. MCDONALD</b> (&quot;<b><i>Warrantholder</i></b>&quot;), is entitled to purchase,
subject to the provisions of this Warrant, from <b>GOOD TIMES RESTAURANTS INC.</b>,
a Nevada corporation (the &quot;<b><i>Company</i></b>&quot;), shares of the Company's
Common Stock, par value $0.001 per share (&quot;<b><i>Common Stock</i></b>&quot;), in the
amount and at the price per share set forth in <u>Section 1</u>.&nbsp; The term
&quot;Warrant&quot; as used herein shall include this Warrant and any warrants delivered
in substitution or exchange therefor or in addition thereto as provided
herein.&nbsp; Terms not otherwise defined herein have the respective meanings
ascribed to them in the Loan Agreement, dated February 1, 2010 (the &quot;<b><i>Loan
Agreement</i></b>&quot;), between the Company and the initial holder of this
Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 1</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Number
and Price of Warrant Shares; Expiration Date</u>.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>1</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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='text-indent:1.0in;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Warrant shall be exercisable at any time or from time to time prior to the
Expiration Date described below for 6,250 shares of Common Stock (&quot;<b><i>Warrant
Shares</i></b>&quot;) at an exercise price per share equal to 75% of the average
market price per share of Common Stock over the 20 trading day period prior to the
date of exercise (the &quot;<b><i>Warrant Price</i></b>&quot;), <i>provided</i>, that the
foregoing Warrant Price shall not at any time be less than $0.75 per share or
greater than $1.08 per share. The number of Warrant Shares purchasable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment
from time to time as described herein.</p>

<p class=MsoNormal style='text-indent:1.0in;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Warrant shall expire and be of no further force and effect at 5:00 P.M.,
Mountain Time, on the second anniversary of repayment or conversion in full of
the Loan (the &quot;<b><i>Expiration Date</i></b>&quot;).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfers</u>.&nbsp;
As provided herein, this Warrant may be transferred only pursuant to a
registration statement filed under the Securities Exchange Act of 1933, as
amended (the &quot;<b><i>Securities Act</i></b>&quot;), or an exemption from such
registration.&nbsp; Subject to such restrictions, the Company shall transfer this
Warrant from time to time upon the books to be maintained by the Company for
that purpose, upon surrender hereof for transfer, properly endorsed or
accompanied by appropriate instructions for transfer and such other documents
as may be reasonably required by the Company, including, if required by the
Company, an opinion of its counsel to the effect that such transfer is exempt
from the registration requirements of the Securities Act, and a new Warrant
shall be issued to the transferee and the surrendered Warrant shall be canceled
by the Company.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exercise
of Warrant</u>.&nbsp; Subject to the provisions hereof, the Warrantholder may
exercise this Warrant, in whole or in part, at any time and from time to time
prior to the Expiration Date upon surrender of the Warrant, together with
delivery of a duly executed Warrant exercise form, in the form attached hereto
as <u>Appendix A</u> (the &quot;<b><i>Exercise Agreement</i></b>&quot;), and payment by
certified check or wire transfer of funds of the aggregate
Warrant Price for that number of Warrant Shares then being purchased, to the
Company.&nbsp; The Warrant Shares so purchased shall be deemed to be issued to the
Warrantholder as the record owner of such shares, as of the close of business
on the date on which this Warrant shall have been surrendered for exercise, the
Warrant Price shall have been paid and the completed Exercise Agreement shall
have been delivered.&nbsp; Certificates for the Warrant Shares so purchased shall be
delivered to the Warrantholder within a reasonable time after this Warrant
shall have been so exercised.&nbsp; The certificates so delivered shall be in such
denominations as may be requested by the Warrantholder and shall be registered
in the name of the Warrantholder.&nbsp; If this Warrant shall have been exercised
only in part, then, unless this Warrant has expired, the Company shall, at the
time of delivery of such certificates deliver to the Warrantholder a new
Warrant representing the right to purchase the number of shares with respect to
which this Warrant shall not then have been exercised.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>2</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 4</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Compliance
with the Securities Act of 1933</u>. The Company may cause the legend set forth
on the first page of this Warrant to be set forth on each Warrant, and a
similar legend on any security issued or issuable upon exercise of this
Warrant, unless counsel for the Company is of the opinion as to any such
security that such legend is unnecessary.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section&nbsp; 5</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reservation
of Common Stock</u>.&nbsp; The Company hereby represents and warrants that there
have been reserved, and the Company shall at all applicable times keep reserved
until issued, out of the authorized and unissued shares of Common Stock
sufficient shares to provide for the exercise of the rights of purchase
represented by this Warrant.&nbsp; The Company agrees that all Warrant Shares issued
upon due exercise of the Warrant shall be, at the time of delivery of the
certificates for such Warrant Shares, duly authorized, validly issued, fully
paid, and non-assessable shares of Common Stock of the Company.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 6</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Adjustments</u>.&nbsp;
Subject and pursuant to the provisions of this <u>Section 6</u>, the Warrant
Price and the number of Warrant Shares subject to this Warrant shall be subject
to adjustment from time to time as set forth hereinafter.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>3</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
the Company shall, at any time or from time to time while this Warrant is
outstanding, pay a dividend or make a distribution on its Common Stock in
shares of Common Stock, subdivide its outstanding shares of Common Stock into a
greater number of shares or combine its outstanding shares of Common Stock into
a smaller number of shares, or issue by reclassification of its outstanding
shares of Common Stock any shares of its capital stock (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), then (i) the Warrant Price in effect
immediately prior to the date on which such change shall become effective shall
be adjusted by multiplying such Warrant Price by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to such change and the denominator of which shall be the number of shares
of Common Stock outstanding immediately after giving effect to such change, and
(ii) the number of Warrant Shares purchasable upon exercise of this Warrant
shall be adjusted by multiplying the number of Warrant Shares purchasable upon
exercise of this Warrant immediately prior to the date on which such change
shall become effective by a fraction, the numerator of which shall be the
Warrant Price in effect immediately prior to the date on which such change
shall become effective and the denominator of which shall be the Warrant Price
in effect immediately after giving effect to such change, calculated in
accordance with clause (i) above.&nbsp; Such adjustments shall be made successively
whenever any event listed above shall occur.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
any capital reorganization, reclassification of the capital stock of the
Company, consolidation or merger of the Company with another corporation in
which the Company is not the survivor, or sale, transfer, or other disposition
of all or substantially all of the Company's assets to another corporation
shall be effected, then, as a condition of such reorganization,
reclassification, consolidation, merger, sale, transfer, or other disposition,
lawful and adequate provision shall be made whereby each Warrantholder shall
thereafter have the right to purchase and receive upon the basis and upon the
terms and conditions herein specified and in lieu of the Warrant Shares immediately
theretofore issuable upon exercise of the Warrant, such shares of stock,
securities, or assets as would have been issuable or payable with respect to or
in exchange for a number of Warrant Shares equal to the number of Warrant
Shares immediately theretofore issuable upon exercise of the Warrant, had such
reorganization, reclassification, consolidation, merger, sale, transfer, or
other disposition not taken place, and in any such case appropriate provision
shall be made with respect to the rights and interests of each Warrantholder to
the end that the provisions hereof (including, without limitation, provision
for adjustment of the Warrant Price) shall thereafter be applicable, as nearly
equivalent as may be practicable in relation to any shares of stock,
securities, or assets thereafter deliverable upon the exercise hereof.&nbsp; The
Company shall not effect any such consolidation, merger, sale, transfer, or
other disposition unless prior to or simultaneously with the consummation
thereof the successor corporation (if other than the Company) resulting from
such consolidation or merger, or the corporation purchasing or otherwise
acquiring such assets or other appropriate corporation or entity, shall assume
the obligation to deliver to the Warrantholder, at the last address of the
Warrantholder appearing on the books of the Company, such shares of stock,
securities, or assets as, in accordance with the foregoing provisions, the
Warrantholder may be entitled to purchase, and the other obligations under this
Warrant.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>4</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
case the Company shall fix a payment date for the making of a distribution to
all holders of Common Stock (including any such distribution made in connection
with a consolidation or merger in which the Company is the continuing
corporation) of evidences of indebtedness or assets (other than cash dividends
or cash distributions payable out of consolidated earnings or earned surplus or
dividends or distributions referred to in <u>Section 6(a)</u>), or subscription
rights or warrants, the Warrant Price to be in effect after such payment date
shall be determined by multiplying the Warrant Price in effect immediately
prior to such payment date by a fraction, the numerator of which shall be the
total number of shares of Common Stock outstanding multiplied by the Market
Price (as defined below) per share of Common Stock immediately prior to such
payment date, less the fair market value (as determined by the Company's Board
of Directors in good faith) of such assets or evidences of indebtedness so
distributed, or of such subscription rights or warrants, and the denominator of
which shall be the total number of shares of Common Stock outstanding
multiplied by such Market Price per share of Common Stock immediately prior to
such payment date.&nbsp; &quot;<b><i>Market Price</i></b>&quot; shall mean, as of a particular
date (the &quot;<b><i>Valuation Date</i></b>&quot;), the following: (a) if the Common
Stock is then listed on a national stock exchange, the closing sale price of
one share of Common Stock on such exchange on the last trading day prior to the
Valuation Date; (b) if the Common Stock is then quoted on the National
Association of Securities Dealers, Inc. OTC Bulletin Board (the &quot;<b><i>Bulletin
Board</i></b>&quot;) or such similar quotation system or association, the closing
sale price of one share of Common Stock on the Bulletin Board or such other
quotation system or association on the last trading day prior to the Valuation
Date or, if no such closing sale price is available, the average of the high
bid and the low asked price quoted thereon on the last trading day prior to the
Valuation Date; (c) if the Common Stock is then included in the &quot;pink sheets,&quot;
the closing sale price of one share of Common Stock on the &quot;pink sheets&quot; on the
last trading day prior to the Valuation Date or, if no such closing sale price
is available, the average of the high bid and the low ask price quoted on the
&quot;pink sheets&quot; as of the end of the last trading day prior to the Valuation
Date; or (d) if the Common Stock is not then listed on a national stock
exchange or quoted on the Bulletin Board, the &quot;pink sheets&quot; or such other
quotation system or association, the fair market value of one share of Common
Stock as of the Valuation Date, as determined in good faith by the Board of
Directors of the Company and the Warrantholder.&nbsp; In the event that the Board of
Directors of the Company and the Warrantholder are unable to agree upon the
fair market value in respect of subpart (d) of this paragraph, the Company and
the Warrantholder shall jointly select an appraiser who is experienced in such
matters.&nbsp; The decision of such appraiser shall be final and conclusive, and the
cost of such appraiser shall be borne equally by the Company and the
Warrantholder.&nbsp; Such adjustment shall be made successively whenever such a
payment date is fixed.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
adjustment to the Warrant Price shall become effective immediately after the
payment date in the case of each dividend or distribution and immediately after
the effective date of each other event which requires an adjustment.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
the event that, as a result of an adjustment made pursuant to this <u>Section 6</u>,
the Warrantholder shall become entitled to receive any shares of capital stock
of the Company other than shares of Common Stock, the number of such other
shares so receivable upon exercise of this Warrant shall be subject thereafter
to adjustment from time to time in a manner and on terms as nearly equivalent
as practicable to the provisions with respect to the Warrant Shares contained
in this Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 7</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Benefits</u>.&nbsp;
Nothing in this Warrant shall be construed to give any person, firm, or
corporation (other than the Company and the Warrantholder) any legal or
equitable right, remedy, or claim, it being agreed that this Warrant shall be
for the sole and exclusive benefit of the Company and the Warrantholder.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 8</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices
to Warrantholder</u>.&nbsp; Upon the happening of any event requiring an adjustment
of the Warrant Price, the Company shall promptly give written notice thereof to
the Warrantholder at the address appearing in the records of the Company,
stating the adjusted Warrant Price and the adjusted number of Warrant Shares
resulting from such event and setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based.&nbsp; Failure to
give such notice to the Warrantholder or any defect therein shall not affect
the legality or validity of the subject adjustment.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>5</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>.&nbsp;
Unless otherwise provided, any notice required or permitted under this Warrant
shall be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed
given upon such delivery, (ii) if given by telex or facsimile, then such notice
shall be deemed given upon receipt of confirmation of complete transmittal, (iii)
if given by mail, then such notice shall be deemed given upon the earlier of
(A) receipt of such notice by the recipient or (B) three days after such notice
is deposited in first class mail, postage prepaid, and (iv) if given by an
internationally recognized overnight air courier, then such notice shall be
deemed given one business day after delivery to such carrier.&nbsp; All notices
shall be addressed as follows: if to the Warrantholder, at its address as set
forth in the Company's books and records and, if to the Company, at the address
as follows, or at such other address as the Warrantholder or the Company may
designate by ten days' advance written notice to the other:</p>

<p class=MsoNormal style='line-height:150%;page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
to the Company:</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Good Times
Restaurants Inc.</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>601 Corporate
Circle</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Golden, Colorado
80401</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Attention: Boyd
E. Hoback, President &amp; CEO</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 10</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Successors</u>.&nbsp; All the covenants and provisions hereof by or for the benefit
of the Warrantholder shall bind and inure to the benefit of its respective
successors and assigns hereunder. </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 11</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Registration
Rights</u>.&nbsp; The initial Warrantholder is entitled to the benefit of certain
registration rights with respect to the shares of Common Stock issuable upon
the exercise of this Warrant as provided in the Loan Agreement, and any
subsequent Warrantholder may be entitled to such rights.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>6</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 12</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial</u>.&nbsp; This Warrant shall be
governed by, and construed in accordance with, the internal laws of the State
of Nevada, without reference to the choice of law provisions thereof.&nbsp; The
Company and, by accepting this Warrant, the Warrantholder, each irrevocably
submits to the exclusive jurisdiction of the courts of the State of Colorado
for the purpose of any suit, action, proceeding, or judgment relating to or
arising out of this Warrant and the transactions contemplated hereby.&nbsp; Service
of process in connection with any such suit, action, or proceeding may be
served on each party hereto anywhere in the world by the same methods as are
specified for the giving of notices under this Warrant.&nbsp; The Company and, by
accepting this Warrant, the Warrantholder, each irrevocably consents to the
jurisdiction of any such court in any such suit, action, or proceeding, and to
the laying of venue in such court.&nbsp; The Company and, by accepting this Warrant,
the Warrantholder, each irrevocably waives any objection to the laying of venue
of any such suit, action, or proceeding brought in such courts and irrevocably
waives any claim that any such suit, action, or proceeding brought in any such
court has been brought in an inconvenient forum. <b>&nbsp;EACH OF THE COMPANY AND,
BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES ANY RIGHT TO REQUEST
A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS
THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.</b></p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 13</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Cashless Exercise.</u>&nbsp;
Notwithstanding any other provision contained herein to the contrary, the
Warrantholder may elect at any time and from time to time to receive, without
the payment by the Warrantholder of the aggregate Warrant Price in respect of
the shares of Common Stock to be acquired, shares of Common Stock of equal
value to the value of this Warrant, or any specified portion hereof, by the
surrender of this Warrant (or such portion of this Warrant being so exercised)
together with a Net Issue Election Notice, in the form annexed hereto as <u>Appendix
B</u>, duly executed, to the Company.&nbsp; Thereupon, the Company shall issue to
the Warrantholder such number of fully paid, validly issued, and nonassessable
shares of Common Stock as is computed using the following formula:</p>

<p class=MsoNormal align=center style='text-align:center;line-height:150%;
page-break-after:avoid'>X = <u>Y (A - B)</u></p>

<p class=MsoNormal align=center style='text-align:center;line-height:150%;
page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A</p>

<p class=MsoNormal style='margin-left:.5in;text-indent:.5in;line-height:150%'>where&nbsp; </p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>X
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the number of shares of Common Stock to which the Warrantholder is
entitled upon such cashless exercise;</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>Y
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the total number of shares of Common Stock covered by this Warrant for
which the Warrantholder has surrendered purchase rights at such time for
cashless exercise (including both shares to be issued to the Warrantholder and
shares as to which the purchase rights are to be canceled as payment therefor);</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>A
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Market Price of one share of Common Stock as at the date the net
issue election is made; and</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>B
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Warrant Price in effect under this Warrant at the time the net issue
election is made.</p>

<p class=MsoNormal style='text-indent:.5in;line-height:150%'><u>Section 14</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No
Rights as Stockholder</u>.&nbsp; Prior to the exercise of this Warrant, the
Warrantholder shall not have or exercise any rights as a stockholder of the
Company by virtue of its ownership of this Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 15</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendment;
Waiver</u>&nbsp; Any term of this Warrant may be amended or waived (including the
adjustment provisions included in <u>Section 6</u> of this Warrant) upon the
written consent of the Company and the Warrantholder.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>7</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed, effective as of the 1st day
of February, 2010.</p>



<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>GOOD
TIMES RESTAURANTS INC.</b></p>





<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:_<u>/s/
Boyd E. Hoback</u></p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
Boyd E. Hoback</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
President and CEO</p>



<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>8</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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='text-align:center'>APPENDIX A</p>

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

<p class=MsoNormal align=center style='text-align:center'>WARRANT EXERCISE FORM</p>



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

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned hereby irrevocably
elects to exercise the right of purchase represented by the within Warrant (&quot;<b><i>Warrant</i></b>&quot;)
for, and to purchase thereunder by the payment of the Warrant Price and
surrender of the Warrant, _______________ shares of Common Stock (&quot;<b><i>Warrant
Shares</i></b>&quot;) provided for therein, and requests that certificates for the
Warrant Shares be issued as follows: </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

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

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal
Tax ID</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Or
Social Security No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

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

<p class=MsoNormal style='line-height:150%'>and, if the number of Warrant
Shares shall not be all the Warrant Shares purchasable upon exercise of the
Warrant, that a new Warrant for the balance of the Warrant Shares purchasable
upon exercise of this Warrant be registered in the name of the undersigned
Warrantholder and delivered to the address stated below.</p>



<p class=MsoNormal>Dated: ___________________, ____&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature:_______________________</p>

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

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

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name
(please print)</p>



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

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

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

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

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal
Identification or</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social
Security No.</p>



<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>9</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </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='text-align:center'>APPENDIX B</p>

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

<p class=MsoNormal align=center style='text-align:center'>NET ISSUE ELECTION
NOTICE</p>





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



<p class=MsoNormal style='line-height:150%'>Date:_________________________</p>





<p class=MsoNormal style='text-indent:.5in;line-height:150%'>The undersigned
hereby elects under <u>Section 13</u> of this Warrant to surrender the right to
purchase ____________ shares of Common Stock pursuant to this Warrant and
hereby requests the issuance of _____________ shares of Common Stock.&nbsp; The
certificate(s) for the shares issuable upon such net issue election shall be
issued in the name of the undersigned or as otherwise indicated below.</p>





<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Signature</p>



<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Name for Registration</p>



<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Mailing Address</p>





<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>10</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138655 </p>

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

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

</div>







</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>5
<FILENAME>warrantgoldenbridge1.htm
<TEXT>
<html>

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



<title>Counsel</title>


</head>

<body lang=EN-US>











<p class=MsoHeader align=right style='text-align:right'><b>EXECUTION COPY</b></p>





<p class=MsoNormal>THE SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED
UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE
SECURITIES ACT OF 1933, AS AMENDED (THE &quot;<b><i>SECURITIES ACT</i></b>&quot;), OR
(II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.</p>



<p class=MsoNormal>THIS WARRANT SHALL BE VOID AFTER 5:00 P.M. MOUNTAIN TIME ON THE
EXPIRATION DATE (DEFINED BELOW).</p>



<p class=MsoNormal>No. __________</p>





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

<p class=MsoNormal style='line-height:150%'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WARRANT
TO PURCHASE SHARES OF</b></p>

<p class=MsoNormal style='line-height:150%'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMMON
STOCK, PAR VALUE $0.001 PER SHARE</b></p>



<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For VALUE RECEIVED, <b>GOLDEN
BRIDGE, LLC</b> (&quot;<b><i>Warrantholder</i></b>&quot;), is entitled to purchase,
subject to the provisions of this Warrant, from <b>GOOD TIMES RESTAURANTS INC.</b>,
a Nevada corporation (the &quot;<b><i>Company</i></b>&quot;), shares of the Company's
Common Stock, par value $0.001 per share (&quot;<b><i>Common Stock</i></b>&quot;), in the
amount and at the price per share set forth in <u>Section 1</u>.&nbsp; The term
&quot;Warrant&quot; as used herein shall include this Warrant and any warrants delivered
in substitution or exchange therefor or in addition thereto as provided
herein.&nbsp; Terms not otherwise defined herein have the respective meanings
ascribed to them in the Loan Agreement, dated February 1, 2010 (the &quot;<b><i>Loan
Agreement</i></b>&quot;), between the Company and the initial holder of this
Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 1</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Number
and Price of Warrant Shares; Expiration Date</u>.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>1</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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='text-indent:1.0in;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Warrant shall be exercisable at any time or from time to time prior to the
Expiration Date described below for 18,750 shares of Common Stock (&quot;<b><i>Warrant
Shares</i></b>&quot;) at an exercise price per share equal to 75% of the average
market price per share of Common Stock over the 20 trading day period prior to the
date of exercise (the &quot;<b><i>Warrant Price</i></b>&quot;), <i>provided</i>, that the
foregoing Warrant Price shall not at any time be less than $0.75 per share or
greater than $1.08 per share. The number of Warrant Shares purchasable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment
from time to time as described herein.</p>

<p class=MsoNormal style='text-indent:1.0in;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Warrant shall expire and be of no further force and effect at 5:00 P.M.,
Mountain Time, on the second anniversary of repayment or conversion in full of
the Loan (the &quot;<b><i>Expiration Date</i></b>&quot;).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfers</u>.&nbsp;
As provided herein, this Warrant may be transferred only pursuant to a
registration statement filed under the Securities Exchange Act of 1933, as
amended (the &quot;<b><i>Securities Act</i></b>&quot;), or an exemption from such
registration.&nbsp; Subject to such restrictions, the Company shall transfer this
Warrant from time to time upon the books to be maintained by the Company for
that purpose, upon surrender hereof for transfer, properly endorsed or
accompanied by appropriate instructions for transfer and such other documents
as may be reasonably required by the Company, including, if required by the
Company, an opinion of its counsel to the effect that such transfer is exempt
from the registration requirements of the Securities Act, and a new Warrant
shall be issued to the transferee and the surrendered Warrant shall be canceled
by the Company.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exercise
of Warrant</u>.&nbsp; Subject to the provisions hereof, the Warrantholder may
exercise this Warrant, in whole or in part, at any time and from time to time
prior to the Expiration Date upon surrender of the Warrant, together with
delivery of a duly executed Warrant exercise form, in the form attached hereto
as <u>Appendix A</u> (the &quot;<b><i>Exercise Agreement</i></b>&quot;), and payment by
certified check or wire transfer of funds of the aggregate
Warrant Price for that number of Warrant Shares then being purchased, to the
Company.&nbsp; The Warrant Shares so purchased shall be deemed to be issued to the
Warrantholder as the record owner of such shares, as of the close of business
on the date on which this Warrant shall have been surrendered for exercise, the
Warrant Price shall have been paid and the completed Exercise Agreement shall
have been delivered.&nbsp; Certificates for the Warrant Shares so purchased shall be
delivered to the Warrantholder within a reasonable time after this Warrant
shall have been so exercised.&nbsp; The certificates so delivered shall be in such
denominations as may be requested by the Warrantholder and shall be registered
in the name of the Warrantholder.&nbsp; If this Warrant shall have been exercised
only in part, then, unless this Warrant has expired, the Company shall, at the
time of delivery of such certificates deliver to the Warrantholder a new
Warrant representing the right to purchase the number of shares with respect to
which this Warrant shall not then have been exercised.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>2</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 4</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Compliance
with the Securities Act of 1933</u>. The Company may cause the legend set forth
on the first page of this Warrant to be set forth on each Warrant, and a
similar legend on any security issued or issuable upon exercise of this
Warrant, unless counsel for the Company is of the opinion as to any such
security that such legend is unnecessary.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section&nbsp; 5</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reservation
of Common Stock</u>.&nbsp; The Company hereby represents and warrants that there
have been reserved, and the Company shall at all applicable times keep reserved
until issued, out of the authorized and unissued shares of Common Stock
sufficient shares to provide for the exercise of the rights of purchase
represented by this Warrant.&nbsp; The Company agrees that all Warrant Shares issued
upon due exercise of the Warrant shall be, at the time of delivery of the
certificates for such Warrant Shares, duly authorized, validly issued, fully
paid, and non-assessable shares of Common Stock of the Company.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 6</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Adjustments</u>.&nbsp;
Subject and pursuant to the provisions of this <u>Section 6</u>, the Warrant
Price and the number of Warrant Shares subject to this Warrant shall be subject
to adjustment from time to time as set forth hereinafter.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>3</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
the Company shall, at any time or from time to time while this Warrant is
outstanding, pay a dividend or make a distribution on its Common Stock in
shares of Common Stock, subdivide its outstanding shares of Common Stock into a
greater number of shares or combine its outstanding shares of Common Stock into
a smaller number of shares, or issue by reclassification of its outstanding
shares of Common Stock any shares of its capital stock (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), then (i) the Warrant Price in effect
immediately prior to the date on which such change shall become effective shall
be adjusted by multiplying such Warrant Price by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to such change and the denominator of which shall be the number of shares
of Common Stock outstanding immediately after giving effect to such change, and
(ii) the number of Warrant Shares purchasable upon exercise of this Warrant
shall be adjusted by multiplying the number of Warrant Shares purchasable upon
exercise of this Warrant immediately prior to the date on which such change
shall become effective by a fraction, the numerator of which shall be the
Warrant Price in effect immediately prior to the date on which such change
shall become effective and the denominator of which shall be the Warrant Price
in effect immediately after giving effect to such change, calculated in
accordance with clause (i) above.&nbsp; Such adjustments shall be made successively
whenever any event listed above shall occur.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
any capital reorganization, reclassification of the capital stock of the
Company, consolidation or merger of the Company with another corporation in
which the Company is not the survivor, or sale, transfer, or other disposition
of all or substantially all of the Company's assets to another corporation
shall be effected, then, as a condition of such reorganization,
reclassification, consolidation, merger, sale, transfer, or other disposition,
lawful and adequate provision shall be made whereby each Warrantholder shall
thereafter have the right to purchase and receive upon the basis and upon the
terms and conditions herein specified and in lieu of the Warrant Shares immediately
theretofore issuable upon exercise of the Warrant, such shares of stock,
securities, or assets as would have been issuable or payable with respect to or
in exchange for a number of Warrant Shares equal to the number of Warrant
Shares immediately theretofore issuable upon exercise of the Warrant, had such
reorganization, reclassification, consolidation, merger, sale, transfer, or
other disposition not taken place, and in any such case appropriate provision
shall be made with respect to the rights and interests of each Warrantholder to
the end that the provisions hereof (including, without limitation, provision
for adjustment of the Warrant Price) shall thereafter be applicable, as nearly
equivalent as may be practicable in relation to any shares of stock,
securities, or assets thereafter deliverable upon the exercise hereof.&nbsp; The
Company shall not effect any such consolidation, merger, sale, transfer, or
other disposition unless prior to or simultaneously with the consummation
thereof the successor corporation (if other than the Company) resulting from
such consolidation or merger, or the corporation purchasing or otherwise
acquiring such assets or other appropriate corporation or entity, shall assume
the obligation to deliver to the Warrantholder, at the last address of the
Warrantholder appearing on the books of the Company, such shares of stock,
securities, or assets as, in accordance with the foregoing provisions, the
Warrantholder may be entitled to purchase, and the other obligations under this
Warrant.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>4</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
case the Company shall fix a payment date for the making of a distribution to
all holders of Common Stock (including any such distribution made in connection
with a consolidation or merger in which the Company is the continuing
corporation) of evidences of indebtedness or assets (other than cash dividends
or cash distributions payable out of consolidated earnings or earned surplus or
dividends or distributions referred to in <u>Section 6(a)</u>), or subscription
rights or warrants, the Warrant Price to be in effect after such payment date
shall be determined by multiplying the Warrant Price in effect immediately
prior to such payment date by a fraction, the numerator of which shall be the
total number of shares of Common Stock outstanding multiplied by the Market
Price (as defined below) per share of Common Stock immediately prior to such
payment date, less the fair market value (as determined by the Company's Board
of Directors in good faith) of such assets or evidences of indebtedness so
distributed, or of such subscription rights or warrants, and the denominator of
which shall be the total number of shares of Common Stock outstanding
multiplied by such Market Price per share of Common Stock immediately prior to
such payment date.&nbsp; &quot;<b><i>Market Price</i></b>&quot; shall mean, as of a particular
date (the &quot;<b><i>Valuation Date</i></b>&quot;), the following: (a) if the Common
Stock is then listed on a national stock exchange, the closing sale price of
one share of Common Stock on such exchange on the last trading day prior to the
Valuation Date; (b) if the Common Stock is then quoted on the National
Association of Securities Dealers, Inc. OTC Bulletin Board (the &quot;<b><i>Bulletin
Board</i></b>&quot;) or such similar quotation system or association, the closing
sale price of one share of Common Stock on the Bulletin Board or such other
quotation system or association on the last trading day prior to the Valuation
Date or, if no such closing sale price is available, the average of the high
bid and the low asked price quoted thereon on the last trading day prior to the
Valuation Date; (c) if the Common Stock is then included in the &quot;pink sheets,&quot;
the closing sale price of one share of Common Stock on the &quot;pink sheets&quot; on the
last trading day prior to the Valuation Date or, if no such closing sale price
is available, the average of the high bid and the low ask price quoted on the
&quot;pink sheets&quot; as of the end of the last trading day prior to the Valuation
Date; or (d) if the Common Stock is not then listed on a national stock
exchange or quoted on the Bulletin Board, the &quot;pink sheets&quot; or such other
quotation system or association, the fair market value of one share of Common
Stock as of the Valuation Date, as determined in good faith by the Board of
Directors of the Company and the Warrantholder.&nbsp; In the event that the Board of
Directors of the Company and the Warrantholder are unable to agree upon the
fair market value in respect of subpart (d) of this paragraph, the Company and
the Warrantholder shall jointly select an appraiser who is experienced in such
matters.&nbsp; The decision of such appraiser shall be final and conclusive, and the
cost of such appraiser shall be borne equally by the Company and the
Warrantholder.&nbsp; Such adjustment shall be made successively whenever such a
payment date is fixed.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
adjustment to the Warrant Price shall become effective immediately after the
payment date in the case of each dividend or distribution and immediately after
the effective date of each other event which requires an adjustment.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
the event that, as a result of an adjustment made pursuant to this <u>Section 6</u>,
the Warrantholder shall become entitled to receive any shares of capital stock
of the Company other than shares of Common Stock, the number of such other
shares so receivable upon exercise of this Warrant shall be subject thereafter
to adjustment from time to time in a manner and on terms as nearly equivalent
as practicable to the provisions with respect to the Warrant Shares contained
in this Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 7</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Benefits</u>.&nbsp;
Nothing in this Warrant shall be construed to give any person, firm, or
corporation (other than the Company and the Warrantholder) any legal or
equitable right, remedy, or claim, it being agreed that this Warrant shall be
for the sole and exclusive benefit of the Company and the Warrantholder.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 8</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices
to Warrantholder</u>.&nbsp; Upon the happening of any event requiring an adjustment
of the Warrant Price, the Company shall promptly give written notice thereof to
the Warrantholder at the address appearing in the records of the Company,
stating the adjusted Warrant Price and the adjusted number of Warrant Shares
resulting from such event and setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based.&nbsp; Failure to
give such notice to the Warrantholder or any defect therein shall not affect
the legality or validity of the subject adjustment.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>5</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>.&nbsp;
Unless otherwise provided, any notice required or permitted under this Warrant
shall be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed
given upon such delivery, (ii) if given by telex or facsimile, then such notice
shall be deemed given upon receipt of confirmation of complete transmittal, (iii)
if given by mail, then such notice shall be deemed given upon the earlier of
(A) receipt of such notice by the recipient or (B) three days after such notice
is deposited in first class mail, postage prepaid, and (iv) if given by an
internationally recognized overnight air courier, then such notice shall be
deemed given one business day after delivery to such carrier.&nbsp; All notices
shall be addressed as follows: if to the Warrantholder, at its address as set
forth in the Company's books and records and, if to the Company, at the address
as follows, or at such other address as the Warrantholder or the Company may
designate by ten days' advance written notice to the other:</p>

<p class=MsoNormal style='line-height:150%;page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
to the Company:</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Good Times
Restaurants Inc.</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>601 Corporate
Circle</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Golden, Colorado
80401</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Attention: Boyd
E. Hoback, President &amp; CEO</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 10</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Successors</u>.&nbsp; All the covenants and provisions hereof by or for the benefit
of the Warrantholder shall bind and inure to the benefit of its respective
successors and assigns hereunder. </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 11</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Registration
Rights</u>.&nbsp; The initial Warrantholder is entitled to the benefit of certain
registration rights with respect to the shares of Common Stock issuable upon
the exercise of this Warrant as provided in the Loan Agreement, and any
subsequent Warrantholder may be entitled to such rights.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>6</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 12</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial</u>.&nbsp; This Warrant shall be
governed by, and construed in accordance with, the internal laws of the State
of Nevada, without reference to the choice of law provisions thereof.&nbsp; The
Company and, by accepting this Warrant, the Warrantholder, each irrevocably
submits to the exclusive jurisdiction of the courts of the State of Colorado
for the purpose of any suit, action, proceeding, or judgment relating to or
arising out of this Warrant and the transactions contemplated hereby.&nbsp; Service
of process in connection with any such suit, action, or proceeding may be
served on each party hereto anywhere in the world by the same methods as are
specified for the giving of notices under this Warrant.&nbsp; The Company and, by
accepting this Warrant, the Warrantholder, each irrevocably consents to the
jurisdiction of any such court in any such suit, action, or proceeding, and to
the laying of venue in such court.&nbsp; The Company and, by accepting this Warrant,
the Warrantholder, each irrevocably waives any objection to the laying of venue
of any such suit, action, or proceeding brought in such courts and irrevocably
waives any claim that any such suit, action, or proceeding brought in any such
court has been brought in an inconvenient forum. <b>&nbsp;EACH OF THE COMPANY AND,
BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES ANY RIGHT TO REQUEST
A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT
COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.</b></p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 13</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Cashless Exercise.</u>&nbsp;
Notwithstanding any other provision contained herein to the contrary, the
Warrantholder may elect at any time and from time to time to receive, without
the payment by the Warrantholder of the aggregate Warrant Price in respect of
the shares of Common Stock to be acquired, shares of Common Stock of equal
value to the value of this Warrant, or any specified portion hereof, by the
surrender of this Warrant (or such portion of this Warrant being so exercised)
together with a Net Issue Election Notice, in the form annexed hereto as <u>Appendix
B</u>, duly executed, to the Company.&nbsp; Thereupon, the Company shall issue to
the Warrantholder such number of fully paid, validly issued, and nonassessable
shares of Common Stock as is computed using the following formula:</p>

<p class=MsoNormal align=center style='text-align:center;line-height:150%;
page-break-after:avoid'>X = <u>Y (A - B)</u></p>

<p class=MsoNormal align=center style='text-align:center;line-height:150%;
page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A</p>

<p class=MsoNormal style='margin-left:.5in;text-indent:.5in;line-height:150%'>where&nbsp; </p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>X
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the number of shares of Common Stock to which the Warrantholder is
entitled upon such cashless exercise;</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>Y
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the total number of shares of Common Stock covered by this Warrant for
which the Warrantholder has surrendered purchase rights at such time for
cashless exercise (including both shares to be issued to the Warrantholder and
shares as to which the purchase rights are to be canceled as payment therefor);</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>A
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Market Price of one share of Common Stock as at the date the net
issue election is made; and</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>B
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Warrant Price in effect under this Warrant at the time the net issue
election is made.</p>

<p class=MsoNormal style='text-indent:.5in;line-height:150%'><u>Section 14</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No
Rights as Stockholder</u>.&nbsp; Prior to the exercise of this Warrant, the
Warrantholder shall not have or exercise any rights as a stockholder of the
Company by virtue of its ownership of this Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 15</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendment;
Waiver</u>&nbsp; Any term of this Warrant may be amended or waived (including the
adjustment provisions included in <u>Section 6</u> of this Warrant) upon the
written consent of the Company and the Warrantholder.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>7</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed, effective as of the 1st day
of February, 2010.</p>



<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>GOOD
TIMES RESTAURANTS INC.</b></p>





<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:_<u>/s/
Boyd E. Hoback</u>______________________</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
Boyd E. Hoback</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
President and CEO</p>



<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>8</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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='text-align:center'>APPENDIX A</p>

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

<p class=MsoNormal align=center style='text-align:center'>WARRANT EXERCISE FORM</p>



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

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned hereby
irrevocably elects to exercise the right of purchase represented by the within
Warrant (&quot;<b><i>Warrant</i></b>&quot;) for, and to purchase thereunder by the
payment of the Warrant Price and surrender of the Warrant, _______________
shares of Common Stock (&quot;<b><i>Warrant Shares</i></b>&quot;) provided for therein,
and requests that certificates for the Warrant Shares be issued as follows: </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

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

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal
Tax ID</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Or
Social Security No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

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

<p class=MsoNormal style='line-height:150%'>and, if the number of Warrant
Shares shall not be all the Warrant Shares purchasable upon exercise of the
Warrant, that a new Warrant for the balance of the Warrant Shares purchasable
upon exercise of this Warrant be registered in the name of the undersigned
Warrantholder and delivered to the address stated below.</p>



<p class=MsoNormal>Dated: ___________________, ____&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature:_______________________</p>

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

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

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name
(please print)</p>



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

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

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

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

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal
Identification or</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social
Security No.</p>



<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>9</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </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='text-align:center'>APPENDIX B</p>

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

<p class=MsoNormal align=center style='text-align:center'>NET ISSUE ELECTION
NOTICE</p>





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



<p class=MsoNormal style='line-height:150%'>Date:_________________________</p>





<p class=MsoNormal style='text-indent:.5in;line-height:150%'>The undersigned
hereby elects under <u>Section 13</u> of this Warrant to surrender the right to
purchase ____________ shares of Common Stock pursuant to this Warrant and
hereby requests the issuance of _____________ shares of Common Stock.&nbsp; The
certificate(s) for the shares issuable upon such net issue election shall be
issued in the name of the undersigned or as otherwise indicated below.</p>





<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Signature</p>



<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Name for Registration</p>



<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Mailing Address</p>





<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>10</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138627 </p>

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

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

</div>







</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>6
<FILENAME>warrantwcapital1.htm
<TEXT>
<html>

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



<title>Counsel</title>


</head>

<body lang=EN-US>











<p class=MsoHeader align=right style='text-align:right'><b>EXECUTION COPY</b></p>





<p class=MsoNormal>THE SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED
UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE
SECURITIES ACT OF 1933, AS AMENDED (THE &quot;<b><i>SECURITIES ACT</i></b>&quot;), OR
(II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.</p>



<p class=MsoNormal>THIS WARRANT SHALL BE VOID AFTER 5:00 P.M. MOUNTAIN TIME ON THE
EXPIRATION DATE (DEFINED BELOW).</p>



<p class=MsoNormal>No. __________</p>





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

<p class=MsoNormal style='line-height:150%'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WARRANT
TO PURCHASE SHARES OF</b></p>

<p class=MsoNormal style='line-height:150%'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMMON
STOCK, PAR VALUE $0.001 PER SHARE</b></p>



<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For VALUE RECEIVED, <b>W
CAPITAL, INC.</b> (&quot;<b><i>Warrantholder</i></b>&quot;), is entitled to purchase,
subject to the provisions of this Warrant, from <b>GOOD TIMES RESTAURANTS INC.</b>,
a Nevada corporation (the &quot;<b><i>Company</i></b>&quot;), shares of the Company's
Common Stock, par value $0.001 per share (&quot;<b><i>Common Stock</i></b>&quot;), in the
amount and at the price per share set forth in <u>Section 1</u>.&nbsp; The term
&quot;Warrant&quot; as used herein shall include this Warrant and any warrants delivered
in substitution or exchange therefor or in addition thereto as provided
herein.&nbsp; Terms not otherwise defined herein have the respective meanings
ascribed to them in the Loan Agreement, dated February 1, 2010 (the &quot;<b><i>Loan
Agreement</i></b>&quot;), between the Company and the initial holder of this
Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 1</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Number
and Price of Warrant Shares; Expiration Date</u>.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>1</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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='text-indent:1.0in;line-height:150%'>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Warrant shall be exercisable at any time or from time to time prior to the
Expiration Date described below for 25,000 shares of Common Stock (&quot;<b><i>Warrant
Shares</i></b>&quot;) at an exercise price per share equal to 75% of the average
market price per share of Common Stock over the 20 trading day period prior to the
date of exercise (the &quot;<b><i>Warrant Price</i></b>&quot;), <i>provided</i>, that the
foregoing Warrant Price shall not at any time be less than $0.75 per share or
greater than $1.08 per share. The number of Warrant Shares purchasable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment
from time to time as described herein.</p>

<p class=MsoNormal style='text-indent:1.0in;line-height:150%'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This
Warrant shall expire and be of no further force and effect at 5:00 P.M.,
Mountain Time, on the second anniversary of repayment or conversion in full of
the Loan (the &quot;<b><i>Expiration Date</i></b>&quot;).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfers</u>.&nbsp;
As provided herein, this Warrant may be transferred only pursuant to a
registration statement filed under the Securities Exchange Act of 1933, as
amended (the &quot;<b><i>Securities Act</i></b>&quot;), or an exemption from such
registration.&nbsp; Subject to such restrictions, the Company shall transfer this
Warrant from time to time upon the books to be maintained by the Company for
that purpose, upon surrender hereof for transfer, properly endorsed or
accompanied by appropriate instructions for transfer and such other documents
as may be reasonably required by the Company, including, if required by the
Company, an opinion of its counsel to the effect that such transfer is exempt
from the registration requirements of the Securities Act, and a new Warrant
shall be issued to the transferee and the surrendered Warrant shall be canceled
by the Company.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exercise
of Warrant</u>.&nbsp; Subject to the provisions hereof, the Warrantholder may
exercise this Warrant, in whole or in part, at any time and from time to time
prior to the Expiration Date upon surrender of the Warrant, together with
delivery of a duly executed Warrant exercise form, in the form attached hereto
as <u>Appendix A</u> (the &quot;<b><i>Exercise Agreement</i></b>&quot;), and payment by
certified check or wire transfer of funds of the aggregate
Warrant Price for that number of Warrant Shares then being purchased, to the
Company.&nbsp; The Warrant Shares so purchased shall be deemed to be issued to the
Warrantholder as the record owner of such shares, as of the close of business
on the date on which this Warrant shall have been surrendered for exercise, the
Warrant Price shall have been paid and the completed Exercise Agreement shall
have been delivered.&nbsp; Certificates for the Warrant Shares so purchased shall be
delivered to the Warrantholder within a reasonable time after this Warrant
shall have been so exercised.&nbsp; The certificates so delivered shall be in such
denominations as may be requested by the Warrantholder and shall be registered
in the name of the Warrantholder.&nbsp; If this Warrant shall have been exercised
only in part, then, unless this Warrant has expired, the Company shall, at the
time of delivery of such certificates deliver to the Warrantholder a new
Warrant representing the right to purchase the number of shares with respect to
which this Warrant shall not then have been exercised.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>2</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 4</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Compliance
with the Securities Act of 1933</u>. The Company may cause the legend set forth
on the first page of this Warrant to be set forth on each Warrant, and a
similar legend on any security issued or issuable upon exercise of this
Warrant, unless counsel for the Company is of the opinion as to any such
security that such legend is unnecessary.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section&nbsp; 5</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reservation
of Common Stock</u>.&nbsp; The Company hereby represents and warrants that there
have been reserved, and the Company shall at all applicable times keep reserved
until issued, out of the authorized and unissued shares of Common Stock
sufficient shares to provide for the exercise of the rights of purchase
represented by this Warrant.&nbsp; The Company agrees that all Warrant Shares issued
upon due exercise of the Warrant shall be, at the time of delivery of the
certificates for such Warrant Shares, duly authorized, validly issued, fully
paid, and non-assessable shares of Common Stock of the Company.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 6</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Adjustments</u>.&nbsp;
Subject and pursuant to the provisions of this <u>Section 6</u>, the Warrant
Price and the number of Warrant Shares subject to this Warrant shall be subject
to adjustment from time to time as set forth hereinafter.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>3</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
the Company shall, at any time or from time to time while this Warrant is
outstanding, pay a dividend or make a distribution on its Common Stock in
shares of Common Stock, subdivide its outstanding shares of Common Stock into a
greater number of shares or combine its outstanding shares of Common Stock into
a smaller number of shares, or issue by reclassification of its outstanding
shares of Common Stock any shares of its capital stock (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), then (i) the Warrant Price in effect
immediately prior to the date on which such change shall become effective shall
be adjusted by multiplying such Warrant Price by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to such change and the denominator of which shall be the number of shares
of Common Stock outstanding immediately after giving effect to such change, and
(ii) the number of Warrant Shares purchasable upon exercise of this Warrant
shall be adjusted by multiplying the number of Warrant Shares purchasable upon
exercise of this Warrant immediately prior to the date on which such change
shall become effective by a fraction, the numerator of which shall be the
Warrant Price in effect immediately prior to the date on which such change
shall become effective and the denominator of which shall be the Warrant Price
in effect immediately after giving effect to such change, calculated in
accordance with clause (i) above.&nbsp; Such adjustments shall be made successively
whenever any event listed above shall occur.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
any capital reorganization, reclassification of the capital stock of the
Company, consolidation or merger of the Company with another corporation in
which the Company is not the survivor, or sale, transfer, or other disposition
of all or substantially all of the Company's assets to another corporation
shall be effected, then, as a condition of such reorganization,
reclassification, consolidation, merger, sale, transfer, or other disposition,
lawful and adequate provision shall be made whereby each Warrantholder shall
thereafter have the right to purchase and receive upon the basis and upon the
terms and conditions herein specified and in lieu of the Warrant Shares immediately
theretofore issuable upon exercise of the Warrant, such shares of stock,
securities, or assets as would have been issuable or payable with respect to or
in exchange for a number of Warrant Shares equal to the number of Warrant
Shares immediately theretofore issuable upon exercise of the Warrant, had such
reorganization, reclassification, consolidation, merger, sale, transfer, or
other disposition not taken place, and in any such case appropriate provision
shall be made with respect to the rights and interests of each Warrantholder to
the end that the provisions hereof (including, without limitation, provision
for adjustment of the Warrant Price) shall thereafter be applicable, as nearly
equivalent as may be practicable in relation to any shares of stock,
securities, or assets thereafter deliverable upon the exercise hereof.&nbsp; The
Company shall not effect any such consolidation, merger, sale, transfer, or
other disposition unless prior to or simultaneously with the consummation
thereof the successor corporation (if other than the Company) resulting from
such consolidation or merger, or the corporation purchasing or otherwise
acquiring such assets or other appropriate corporation or entity, shall assume
the obligation to deliver to the Warrantholder, at the last address of the
Warrantholder appearing on the books of the Company, such shares of stock,
securities, or assets as, in accordance with the foregoing provisions, the
Warrantholder may be entitled to purchase, and the other obligations under this
Warrant.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>4</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
case the Company shall fix a payment date for the making of a distribution to
all holders of Common Stock (including any such distribution made in connection
with a consolidation or merger in which the Company is the continuing
corporation) of evidences of indebtedness or assets (other than cash dividends
or cash distributions payable out of consolidated earnings or earned surplus or
dividends or distributions referred to in <u>Section 6(a)</u>), or subscription
rights or warrants, the Warrant Price to be in effect after such payment date
shall be determined by multiplying the Warrant Price in effect immediately
prior to such payment date by a fraction, the numerator of which shall be the
total number of shares of Common Stock outstanding multiplied by the Market
Price (as defined below) per share of Common Stock immediately prior to such
payment date, less the fair market value (as determined by the Company's Board
of Directors in good faith) of such assets or evidences of indebtedness so
distributed, or of such subscription rights or warrants, and the denominator of
which shall be the total number of shares of Common Stock outstanding
multiplied by such Market Price per share of Common Stock immediately prior to
such payment date.&nbsp; &quot;<b><i>Market Price</i></b>&quot; shall mean, as of a particular
date (the &quot;<b><i>Valuation Date</i></b>&quot;), the following: (a) if the Common
Stock is then listed on a national stock exchange, the closing sale price of
one share of Common Stock on such exchange on the last trading day prior to the
Valuation Date; (b) if the Common Stock is then quoted on the National
Association of Securities Dealers, Inc. OTC Bulletin Board (the &quot;<b><i>Bulletin
Board</i></b>&quot;) or such similar quotation system or association, the closing
sale price of one share of Common Stock on the Bulletin Board or such other
quotation system or association on the last trading day prior to the Valuation
Date or, if no such closing sale price is available, the average of the high
bid and the low asked price quoted thereon on the last trading day prior to the
Valuation Date; (c) if the Common Stock is then included in the &quot;pink sheets,&quot;
the closing sale price of one share of Common Stock on the &quot;pink sheets&quot; on the
last trading day prior to the Valuation Date or, if no such closing sale price
is available, the average of the high bid and the low ask price quoted on the
&quot;pink sheets&quot; as of the end of the last trading day prior to the Valuation
Date; or (d) if the Common Stock is not then listed on a national stock
exchange or quoted on the Bulletin Board, the &quot;pink sheets&quot; or such other
quotation system or association, the fair market value of one share of Common
Stock as of the Valuation Date, as determined in good faith by the Board of
Directors of the Company and the Warrantholder.&nbsp; In the event that the Board of
Directors of the Company and the Warrantholder are unable to agree upon the
fair market value in respect of subpart (d) of this paragraph, the Company and
the Warrantholder shall jointly select an appraiser who is experienced in such
matters.&nbsp; The decision of such appraiser shall be final and conclusive, and the
cost of such appraiser shall be borne equally by the Company and the
Warrantholder.&nbsp; Such adjustment shall be made successively whenever such a
payment date is fixed.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An
adjustment to the Warrant Price shall become effective immediately after the
payment date in the case of each dividend or distribution and immediately after
the effective date of each other event which requires an adjustment.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
the event that, as a result of an adjustment made pursuant to this <u>Section 6</u>,
the Warrantholder shall become entitled to receive any shares of capital stock
of the Company other than shares of Common Stock, the number of such other
shares so receivable upon exercise of this Warrant shall be subject thereafter
to adjustment from time to time in a manner and on terms as nearly equivalent
as practicable to the provisions with respect to the Warrant Shares contained
in this Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 7</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Benefits</u>.&nbsp;
Nothing in this Warrant shall be construed to give any person, firm, or
corporation (other than the Company and the Warrantholder) any legal or
equitable right, remedy, or claim, it being agreed that this Warrant shall be
for the sole and exclusive benefit of the Company and the Warrantholder.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 8</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices
to Warrantholder</u>.&nbsp; Upon the happening of any event requiring an adjustment
of the Warrant Price, the Company shall promptly give written notice thereof to
the Warrantholder at the address appearing in the records of the Company,
stating the adjusted Warrant Price and the adjusted number of Warrant Shares
resulting from such event and setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based.&nbsp; Failure to
give such notice to the Warrantholder or any defect therein shall not affect
the legality or validity of the subject adjustment.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>5</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>.&nbsp;
Unless otherwise provided, any notice required or permitted under this Warrant
shall be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed
given upon such delivery, (ii) if given by telex or facsimile, then such notice
shall be deemed given upon receipt of confirmation of complete transmittal, (iii)
if given by mail, then such notice shall be deemed given upon the earlier of
(A) receipt of such notice by the recipient or (B) three days after such notice
is deposited in first class mail, postage prepaid, and (iv) if given by an
internationally recognized overnight air courier, then such notice shall be
deemed given one business day after delivery to such carrier.&nbsp; All notices
shall be addressed as follows: if to the Warrantholder, at its address as set
forth in the Company's books and records and, if to the Company, at the address
as follows, or at such other address as the Warrantholder or the Company may
designate by ten days' advance written notice to the other:</p>

<p class=MsoNormal style='line-height:150%;page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
to the Company:</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Good Times
Restaurants Inc.</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>601 Corporate
Circle</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Golden, Colorado
80401</p>

<p class=MsoNormal style='margin-left:2.0in;line-height:150%'>Attention: Boyd
E. Hoback, President &amp; CEO</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 10</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Successors</u>.&nbsp; All the covenants and provisions hereof by or for the benefit
of the Warrantholder shall bind and inure to the benefit of its respective
successors and assigns hereunder. </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 11</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Registration
Rights</u>.&nbsp; The initial Warrantholder is entitled to the benefit of certain
registration rights with respect to the shares of Common Stock issuable upon
the exercise of this Warrant as provided in the Loan Agreement, and any
subsequent Warrantholder may be entitled to such rights.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>6</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 12</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial</u>.&nbsp; This Warrant shall be
governed by, and construed in accordance with, the internal laws of the State
of Nevada, without reference to the choice of law provisions thereof.&nbsp; The
Company and, by accepting this Warrant, the Warrantholder, each irrevocably
submits to the exclusive jurisdiction of the courts of the State of Colorado
for the purpose of any suit, action, proceeding, or judgment relating to or
arising out of this Warrant and the transactions contemplated hereby.&nbsp; Service
of process in connection with any such suit, action, or proceeding may be
served on each party hereto anywhere in the world by the same methods as are
specified for the giving of notices under this Warrant.&nbsp; The Company and, by
accepting this Warrant, the Warrantholder, each irrevocably consents to the
jurisdiction of any such court in any such suit, action, or proceeding, and to
the laying of venue in such court.&nbsp; The Company and, by accepting this Warrant,
the Warrantholder, each irrevocably waives any objection to the laying of venue
of any such suit, action, or proceeding brought in such courts and irrevocably
waives any claim that any such suit, action, or proceeding brought in any such
court has been brought in an inconvenient forum. <b>&nbsp;EACH OF THE COMPANY AND,
BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES ANY RIGHT TO REQUEST
A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS
THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.</b></p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 13</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Cashless Exercise.</u>&nbsp;
Notwithstanding any other provision contained herein to the contrary, the
Warrantholder may elect at any time and from time to time to receive, without
the payment by the Warrantholder of the aggregate Warrant Price in respect of
the shares of Common Stock to be acquired, shares of Common Stock of equal
value to the value of this Warrant, or any specified portion hereof, by the
surrender of this Warrant (or such portion of this Warrant being so exercised)
together with a Net Issue Election Notice, in the form annexed hereto as <u>Appendix
B</u>, duly executed, to the Company.&nbsp; Thereupon, the Company shall issue to
the Warrantholder such number of fully paid, validly issued, and nonassessable
shares of Common Stock as is computed using the following formula:</p>

<p class=MsoNormal align=center style='text-align:center;line-height:150%;
page-break-after:avoid'>X = <u>Y (A - B)</u></p>

<p class=MsoNormal align=center style='text-align:center;line-height:150%;
page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A</p>

<p class=MsoNormal style='margin-left:.5in;text-indent:.5in;line-height:150%'>where&nbsp; </p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>X
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the number of shares of Common Stock to which the Warrantholder is
entitled upon such cashless exercise;</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>Y
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the total number of shares of Common Stock covered by this Warrant for
which the Warrantholder has surrendered purchase rights at such time for
cashless exercise (including both shares to be issued to the Warrantholder and
shares as to which the purchase rights are to be canceled as payment therefor);</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>A
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Market Price of one share of Common Stock as at the date the net
issue election is made; and</p>

<p class=MsoNormal style='margin-left:1.0in;text-indent:.5in;line-height:150%'>B
=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Warrant Price in effect under this Warrant at the time the net issue
election is made.</p>

<p class=MsoNormal style='text-indent:.5in;line-height:150%'><u>Section 14</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No
Rights as Stockholder</u>.&nbsp; Prior to the exercise of this Warrant, the
Warrantholder shall not have or exercise any rights as a stockholder of the
Company by virtue of its ownership of this Warrant.</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 15</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendment;
Waiver</u>&nbsp; Any term of this Warrant may be amended or waived (including the
adjustment provisions included in <u>Section 6</u> of this Warrant) upon the
written consent of the Company and the Warrantholder.</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>7</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed, effective as of the 1st day
of February, 2010.</p>



<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>GOOD
TIMES RESTAURANTS INC.</b></p>





<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:_<u>/s/
Boyd E. Hoback</u></p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:
Boyd E. Hoback</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
President and CEO</p>



<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>8</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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='text-align:center'>APPENDIX A</p>

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

<p class=MsoNormal align=center style='text-align:center'>WARRANT EXERCISE FORM</p>



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

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned hereby irrevocably
elects to exercise the right of purchase represented by the within Warrant (&quot;<b><i>Warrant</i></b>&quot;)
for, and to purchase thereunder by the payment of the Warrant Price and
surrender of the Warrant, _______________ shares of Common Stock (&quot;<b><i>Warrant
Shares</i></b>&quot;) provided for therein, and requests that certificates for the
Warrant Shares be issued as follows: </p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

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

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal
Tax ID</p>

<p class=MsoNormal style='line-height:150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Or
Social Security No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

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

<p class=MsoNormal style='line-height:150%'>and, if the number of Warrant
Shares shall not be all the Warrant Shares purchasable upon exercise of the
Warrant, that a new Warrant for the balance of the Warrant Shares purchasable
upon exercise of this Warrant be registered in the name of the undersigned
Warrantholder and delivered to the address stated below.</p>



<p class=MsoNormal>Dated: ___________________, ____&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature:_______________________</p>

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

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

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name
(please print)</p>



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

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

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

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

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal
Identification or</p>

<p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social
Security No.</p>



<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>9</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </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='text-align:center'>APPENDIX B</p>

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

<p class=MsoNormal align=center style='text-align:center'>NET ISSUE ELECTION
NOTICE</p>





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



<p class=MsoNormal style='line-height:150%'>Date:_________________________</p>





<p class=MsoNormal style='text-indent:.5in;line-height:150%'>The undersigned
hereby elects under <u>Section 13</u> of this Warrant to surrender the right to
purchase ____________ shares of Common Stock pursuant to this Warrant and
hereby requests the issuance of _____________ shares of Common Stock.&nbsp; The
certificate(s) for the shares issuable upon such net issue election shall be
issued in the name of the undersigned or as otherwise indicated below.</p>





<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Signature</p>



<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Name for Registration</p>



<p class=MsoNormal>_________________________________________</p>

<p class=MsoNormal>Mailing Address</p>





<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p class=MsoFooter>10</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11138646 </p>

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

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

</div>







</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
