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<SEC-DOCUMENT>0000825324-10-000008.txt : 20100406
<SEC-HEADER>0000825324-10-000008.hdr.sgml : 20100406
<ACCEPTANCE-DATETIME>20100406113110
ACCESSION NUMBER:		0000825324-10-000008
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20100406
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20100406
DATE AS OF CHANGE:		20100406

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:		10733527

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT VENTURES INC
		DATE OF NAME CHANGE:	19900205
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k1.htm
<TEXT>
<html>

<head>
<!-- Document Prepared With E-Services, LLC HTML Software-->
<!-- Copyright 2006 E-Services, LLC.-->
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<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'>April 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>



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<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 April 1, 2010 (the &quot;Effective Date&quot;),
Good Times Restaurants Inc. (the &quot;Company&quot;) entered into a First Amendment to Loan
Agreement (the &quot;First Amendment&quot;) which amends that certain Loan Agreement,
dated February 1, 2010 (the &quot;Loan Agreement&quot;), among the Company, Good Times
Drive Thru Inc., a wholly owned subsidiary of the Company (&quot;GTDT&quot;),Golden
Bridge LLC (&quot;Golden Bridge&quot;), W Capital, Inc. (&quot;W Capital&quot;), and John T. McDonald
(&quot;McDonald&quot;) (Golden Bridge, W Capital and McDonald are each a &quot;Lender Party&quot;
and collectively&nbsp; &quot;the Lender&quot; under the Loan Agreement).&nbsp; The Loan Agreement
is described on the Form 8-K filed by the Company on February 3, 2010.&nbsp; As a
result of regulatory concerns, the effect of the First Amendment is to replace
Golden Bridge as a Lender Party under the Loan Agreement with W Capital and
McDonald on the same terms and conditions that applied to Golden Bridge.&nbsp; </p>



<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>The First Amendment provides for the repayment
of the entire principal amount of $150,000 owed to Golden Bridge upon the Effective
Date, whereby Golden Bridge will thereafter cease to be a Lender Party under
the Loan Agreement and to have any rights and obligations thereunder, except
that the Company shall remain liable for accrued interest to Golden Bridge
through the Effective Date, payable on August 1, 2010.&nbsp; The First Amendment
further provides for additional loans to the Company by W Capital, in the
additional principal amount of $100,000, and McDonald, in the additional principal
amount of $50,000, on the Effective Date.&nbsp;&nbsp; </p>



<p class=Style37 style='margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify'>Pursuant to the First
Amendment, the Secured Convertible Promissory Note, dated February 1, 2010, issued
by the Company and GTDT to Golden Bridge, W Capital and McDonald, was cancelled
in its entirety.&nbsp; The Company and GTDT issued a new Secured Convertible
Promissory Note (the &quot;New Note&quot;) to W Capital and McDonald dated April 1, 2010.&nbsp;
In addition, the Warrant, dated February 1, 2010, issued by the Company to
Golden Bridge, was cancelled in its entirety.&nbsp; The Company issued new warrants (the
&quot;New Warrants&quot;) to W Capital, with respect to 12,500 shares of the Company's
Common Stock, and McDonald, with respect to 6,250 shares of the Company's
Common Stock.</p>



<p class=Style37 style='margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify'>Finally, the First Amendment
amends Schedule I to the Loan Agreement to reflect that the number of
&quot;Additional Warrant Shares&quot; issuable to each Lender Party pursuant to Section
1(c) of the Loan Agreement will be as follows:</p>

<p class=Style35 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:1.5in;margin-bottom:.0001pt'>Lender Party&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Warrant Shares</p>

<p class=Style37 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:1.5in;margin-bottom:.0001pt;text-align:justify;text-indent:0in'>W Capital&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,500</p>

<p class=Style35 style='margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; 12,500</p>



<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>The Registration Statement on Form S-3 filed
by the Company on March 4, 2010 in connection with the Loan Agreement will be
amended to reflect the terms of the First Amendment, the New Note and the New
Warrants.</p>



<p class=MsoNormal style='text-indent:.5in;text-autospace:none'>The First Amendment, the New Note, and the New
Warrants (collectively, the &quot;Amended 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 Amended Loan Documents is qualified in its entirety by
reference to the full text of the Amended 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'>The description of the Amended Loan
Documents contained in Item 1.01 above is incorporated herein by reference.&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>

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<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 April1, 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>First Amendment to Loan
  Agreement dated April 1, 2010 among W Capital, John T. McDonald, Golden
  Bridge, LLC, 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 April
  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>

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<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; April 6, 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;&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>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>amendloanagree1.htm
<TEXT>
<html>

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



<title>AMENDMENT TO LOAN AGREEMENT</title>


</head>

<body lang=EN-US>



<p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center;
line-height:150%'><b>&nbsp;</b></p>

<p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center;
line-height:150%'><b>&nbsp;</b></p>









<p class=MsoNormal align=center style='margin-bottom:6.0pt;text-align:center;
line-height:150%'><b>FIRST AMENDMENT TO LOAN AGREEMENT</b></p>

<p class=MsoNormal style='margin-bottom:6.0pt;text-align:justify;line-height:
150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This FIRST AMENDMENT TO LOAN AGREEMENT (this &quot;<b><i>Amendment</i></b>&quot;)
is made and entered into effective as of April 1, 2010 (the &quot;<b><i>Effective
Date</i></b>&quot;), by and among Good Times Restaurants Inc., a Nevada corporation
(the &quot;<b><i>Borrower</i></b>&quot;), Golden Bridge LLC (&quot;<b><i>Golden Bridge</i></b>&quot;),
W Capital, Inc. (&quot;<b><i>W Capital</i></b>&quot;), and John T. McDonald (&quot;<b><i>McDonald</i></b>&quot;).&nbsp;
</p>

<p class=Style37 style='margin-bottom:6.0pt;text-align:justify;line-height:
150%'>WHEREAS, Golden Bridge, W Capital and McDonald are each a &quot;Lender Party&quot;
and collectively the &quot;Lender&quot; under that certain Loan Agreement dated February
1, 2010 (the &quot;<b><i>Loan Agreement</i></b>&quot;), with the Borrower and its
subsidiary Good Times Drive Thru, Inc., a Colorado corporation (the &quot;<b><i>Co-Maker</i></b>&quot;);</p>

<p class=Style35 style='margin-bottom:6.0pt;text-align:justify;line-height:
150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, Section 8(b) of the Loan Agreement provides that any
provision of the Loan Agreement may be amended, waived or modified only upon
the written consent of the Borrower and the Lender; and</p>

<p class=Style35 style='margin-bottom:6.0pt;text-align:justify;line-height:
150%'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Borrower and the Lender desire to amend the
terms of the Loan Agreement as set forth below.</p>

<p class=MsoBodyText style='margin-bottom:6.0pt;text-align:justify;line-height:
150%'>NOW, THEREFORE, in consideration of the mutual covenants, agreements and for
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the parties agree as follows:</p>

<p class=Style37 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%'>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Repayment of Golden Bridge Principal Amount; Liability for Accrued
Interest</u>.&nbsp; </p>

<p class=Style38 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;
On the Effective Date, the Borrower shall pay to Golden Bridge the sum
of $150,000, which is equal to the aggregate principal amount which has
heretofore been advanced by Golden Bridge to the Borrower pursuant to the Loan
Agreement.&nbsp; From and after the Effective Date, Golden Bridge shall cease to be
a Lender Party under the Loan Agreement and shall cease to have any rights or
obligations thereunder.</p>

<p class=Style38 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;
Notwithstanding the foregoing, the Borrower shall remain liable to
Golden Bridge for the amount of accrued interest on the aggregate principal
amount advanced by Golden Bridge from the date of each advance through the
Effective Date 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.&nbsp; Such accrued interest amount shall be payable to Golden Bridge on
August 1, 2010.&nbsp; </p>

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<p class=Style37 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in;text-align:justify;line-height:150%;page-break-after:avoid'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Additional Advances by W Capital and McDonald</u>.&nbsp; On the Effective
Date, W Capital shall advance to the Borrower an additional principal amount of
$100,000, and McDonald shall advance to the Borrower an additional principal
amount of $50,000.&nbsp; The additional advances required by this Amendment shall
not be constitute an &quot;Additional Closing&quot; under Section 2(b) of the Loan
Agreement.</p>

<p class=Style37 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>Cancellation of Existing Note; Issuance of New Note</u>.&nbsp; On the
Effective Date, the Secured Convertible Promissory Note, dated February 1, 2010,
issued by the Borrower and the Co-Maker to Golden Bridge, W Capital and
McDonald, shall be cancelled in its entirety.&nbsp; The Borrower and the Co-Maker
shall issue a new Secured Convertible Promissory Note to W Capital and McDonald,
in substantially the form attached hereto as <u>Exhibit A</u>.</p>

<p class=Style37 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>Cancellation of Golden Bridge Warrant; Issuance of New Warrants</u>.&nbsp;
On the Effective Date, the Warrant, dated February 1, 2010, issued by the
Borrower to Golden Bridge, shall be cancelled in its entirety.&nbsp; The Borrower
shall issue new warrants to W Capital, with respect to 12,500 shares of the
Borrower's Common Stock, and McDonald, with respect to 6,250 shares of the
Borrower's Common Stock, in substantially the forms attached hereto as <u>Exhibit
</u>B and <u>Exhibit C</u>, respectively.</p>

<p class=Style37 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>Issuance of Additional Warrants pursuant to Loan Agreement</u>.&nbsp; The
number of &quot;Additional Warrant Shares&quot; issuable to each Lender Party pursuant to
Section 1(c) of the Loan Agreement shall be as follows:</p>

<p class=Style35 style='margin-left:1.5in'><u>Lender Party</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; <u>Additional
Warrant Shares</u></p>

<p class=Style37 style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
margin-left:1.5in;text-align:justify;text-indent:0in;line-height:150%'>W
Capital&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,500</p>

<p class=Style35 style='margin-bottom:6.0pt;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; 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; 12,500</p>

<p class=Style35 style='margin-bottom:6.0pt;text-align:justify;line-height:
150%'>Schedule I to the Loan Agreement is hereby automatically amended to
reflect the foregoing.</p>

<p class=Style37 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>Effect of this Amendment</u>.&nbsp; Except as specifically amended as set
forth herein, each term and condition of the Loan Agreement shall continue in
full force and effect.</p>

<p class=MsoFooter style='line-height:10.0pt'>11310954.1 </p>

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<p class=Style37 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>Counterparts; Facsimile Signatures</u>.&nbsp; This Amendment may be
executed or consented to in counterparts, each of which shall be deemed an
original and all of which taken together shall constitute one and the same
instrument.&nbsp; This Amendment may be executed and delivered by facsimile or
electronically and, upon such delivery, the facsimile or electronically
transmitted signature will be deemed to have the same effect as if the original
signature had been delivered to the other party.&nbsp; </p>

<p class=MsoFooter style='line-height:10.0pt'>11310954.1 </p>

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<p class=Style35 style='margin-bottom:6.0pt;text-align:justify;text-indent:
..5in;line-height:150%'>The parties have caused this Amendment to be duly
executed and delivered effective as of the date and year first written above.</p>



<p class=Style34 style='margin-top:0in'><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; GOOD
TIMES RESTAURANTS INC.</b></p>

<p class=Style34 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=Style34 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></p>

<p class=Style34 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:
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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:
President and CEO</p>



<p class=Style34 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:3.5in;margin-bottom:.0001pt'><b>&nbsp;</b></p>

<p class=Style34><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; W
CAPITAL, INC.</b></p>

<p class=Style34 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=Style34 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/ 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=Style34 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>
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=Style34 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:
<u>Manager&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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=Style34 style='margin-top:0in'><u>&nbsp;</u></p>

<p class=Style34 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>



<p class=Style34 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=Style34 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=Style34><b>&nbsp;</b></p>

<p class=Style34><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; GOLDEN
BRIDGE LLC</b></p>

<p class=Style34 style='margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p class=Style34 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=Style34 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>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=Style34 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:
<u>Manager&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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=MsoFooter style='line-height:10.0pt'>11310954.1 </p>

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<p class=MsoNormal align=center style='text-align:center'><b>EXHIBIT A</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>NEW SECURED
CONVERTIBLE PROMISSORY NOTE</b></p>



<p class=MsoNormal align=center style='text-align:center'>[Attached]</p>



<p class=MsoFooter style='line-height:10.0pt'>11310954.1 </p>

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<p class=MsoNormal align=center style='text-align:center'><b>EXHIBIT B</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>NEW WARRANT TO W
CAPITAL, INC.</b></p>



<p class=MsoNormal align=center style='text-align:center'>[Attached]</p>



<p class=MsoFooter style='line-height:10.0pt'>11310954.1 </p>

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<p class=MsoNormal align=center style='text-align:center'><b>EXHIBIT C</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>NEW WARRANT TO
JOHN T. McDONALD</b></p>



<p class=MsoFooter style='line-height:10.0pt'>[Attached] 11310954.1 </p>

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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>bridgenoteapril1.htm
<TEXT>
<html>

<head>
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<title> </title>


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<body lang=EN-US>















<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; April
1, 2010</p>



<p class=MsoFooter style='line-height:10.0pt'>11345051.1 </p>

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<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 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 each advance made under this Secured Convertible Promissory
Note (this &quot;<b><i>Note</i></b>&quot;), as set forth <u>Schedule II</u> attached
hereto, 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, as amended April
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>

<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>Majority in Interest of the Lender</i></b>&quot;
shall mean Persons holding more than 50% of the then aggregate outstanding
principal amount of this Note.</p>

<h3>&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>

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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>

<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>

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<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>

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<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>

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<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 4(e)</u> or <u>4(f)</u>) and
at any time thereafter during the continuance of such Event of Default, a
Majority in Interest of 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
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, a Majority in Interest of 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>

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<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 shall 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>

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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>

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..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>

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..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>

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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>

<h3>(d)&nbsp;&nbsp; <u>Conversion Rights
are Several, not Joint</u>. Each Lender Party's rights to convert pursuant to
this <u>Section 6</u> are several rights, not rights jointly held with any
other Lender Party.</h3>

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<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>

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(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>

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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>

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0in;text-align:justify;text-justify:inter-ideograph;text-indent:0in;line-height:
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(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'>11345051.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 11345051.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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'>11345051.1 </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'>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'>75.0%</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'>25.0%</p>
  </td>
 </tr>
</table>

<p class=MsoFooter style='line-height:10.0pt'>11345051.1 </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>SCHEDULE
OF ADVANCES</b></p>

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

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:0in;text-indent:0in;line-height:150%'><b><u>Lender Party</u></b></p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'><b><u>Date of Advance</u></b></p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'><b><u>Principal Amount
  Advanced</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:0in;text-indent:0in;line-height:150%'>W Capital, Inc.</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>February 1, 2010</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>$100,000</p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:0in;text-indent:0in;line-height:150%'>John T. McDonald</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>February 1, 2010</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>$25,000</p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:0in;text-indent:0in;line-height:150%'>W Capital, Inc.</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>________ ___, 2010</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>$100,000</p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:0in;text-indent:0in;line-height:150%'>John T. McDonald</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>________ ___, 2010</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>$25,000</p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:0in;text-indent:0in;line-height:150%'>W Capital, Inc.</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>April 1, 2010</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>$100,000</p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;
  margin-left:0in;text-indent:0in;line-height:150%'>John T. McDonald</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>April 1, 2010</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:0in;
  margin-bottom:6.0pt;margin-left:0in;text-align:center;text-indent:0in;
  line-height:150%'>$50,000</p>
  </td>
 </tr>
</table>

<p class=MsoFooter style='line-height:10.0pt'>11345051.1 </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=MsoNormal style='text-indent:0in'><b>&nbsp;</b></p>



</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>4
<FILENAME>bridgewarrantmcdonald1.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>&nbsp;</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, as amended
April 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>

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<p class=MsoFooter style='line-height:10.0pt'>11345184.1 </p>

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<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>

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<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>

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<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>

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<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; (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>

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<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>

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<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>

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<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 April, 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'>11345184.1 </p>

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

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

</div>





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












<p class=MsoNormal align=center style='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'>11345184.1 </p>

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

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

</div>



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










<p class=MsoNormal align=center style='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'>11345184.1 </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>bridgewarrantwcapital1.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>&nbsp;</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, as amended
April 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'>11345167.1 </p>

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

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

</div>



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










<p class=MsoNormal 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 12,500 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'>11345167.1 </p>

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

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

</div>



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










<p class=MsoNormal 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>
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<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>

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<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; (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>

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<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>

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<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>

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<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 April, 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>



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<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;
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  <p class=MsoFooter>9</p>
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 </tr>
</table>

</div>

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<p class=MsoFooter style='line-height:10.0pt'>11345167.1 </p>

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</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;
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  <p class=MsoFooter>10</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p class=MsoFooter style='line-height:10.0pt'>11345167.1 </p>

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

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</body>

</html>
</TEXT>
</DOCUMENT>
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