<SEC-DOCUMENT>0000825324-11-000011.txt : 20110829
<SEC-HEADER>0000825324-11-000011.hdr.sgml : 20110829
<ACCEPTANCE-DATETIME>20110829131744
ACCESSION NUMBER:		0000825324-11-000011
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110930
FILED AS OF DATE:		20110829
DATE AS OF CHANGE:		20110829
EFFECTIVENESS DATE:		20110829

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18590
		FILM NUMBER:		111062243

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT VENTURES INC
		DATE OF NAME CHANGE:	19900205
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>proxy2011d1.htm
<TEXT>
<html>

<head>
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<title>UNITED STATES</title>


</head>

<body lang=EN-US link=blue vlink=purple style='text-justify-trim:punctuation'>

<div class=WordSection1>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M0"></a><b>&nbsp;</b></p>

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









<p class=MsoNormal align=center style='text-align:center'><b>UNITED STATES</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M1"></a><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M2"></a><b>Washington, D.C. 20549</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M3"></a><b>SCHEDULE 14A</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M4"></a><b>(Rule 14a-101)</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M5"></a><b>SCHEDULE 14A INFORMATION</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M6"></a>Proxy Statement Pursuant to Section 14(a)
of the Securities</p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M7"></a>Exchange Act of 1934</p>



<p class=MsoNormal><a name="_DV_M8"></a>Filed by the Registrant [x]</p>

<p class=MsoNormal><a name="_DV_M9"></a>Filed by a Party other than the Registrant [&nbsp; ]</p>



<p class=MsoNormal><a name="_DV_M10"></a>Check the appropriate box:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr style='height:12.4pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>[&nbsp; ]</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=598 colspan=4 valign=top style='width:448.7pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Preliminary
  Proxy Statement</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>[&nbsp; ]</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=598 colspan=4 valign=top style='width:448.7pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Confidential,
  for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>[x]</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=598 colspan=4 valign=top style='width:448.7pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Definitive
  Proxy Statement</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>[&nbsp; ]</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=598 colspan=4 valign=top style='width:448.7pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Definitive
  Additional Materials</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>[&nbsp; ]</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=598 colspan=4 valign=top style='width:448.7pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Soliciting
  Material Pursuant to &sect;240.14a-12</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=624 colspan=7 valign=top style='width:6.5in;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=624 colspan=7 valign=top style='width:6.5in;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>GOOD TIMES RESTAURANTS, INC</b></p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=624 colspan=7 valign=top style='width:6.5in;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>(Name of Registrant as Specified In Its
  Charter)</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=624 colspan=7 valign=top style='width:6.5in;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=624 colspan=7 valign=top style='width:6.5in;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>(Name of Person(s) Filing Proxy
  Statement, if other than the Registrant)</p>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=624 colspan=7 valign=top style='width:6.5in;background:white;
  padding:0in 0in 0in 0in;height:.1in'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=624 colspan=7 valign=top style='width:6.5in;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Payment of
  Filing Fee (Check the appropriate box):</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>[x]</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=598 colspan=4 valign=top style='width:448.7pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>No fee
  required.</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=19 colspan=2 valign=top style='width:13.9pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>[&nbsp; ]</p>
  </td>
  <td width=7 valign=top style='width:5.4pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=598 colspan=4 valign=top style='width:448.7pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Fee computed on
  table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</p>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:.1in'>

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

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>(1)</p>
  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Title of each
  class of securities to which transaction applies:</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:1.0pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:1.0pt'>
  <div style='border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=7 colspan=2 style='width:5.4pt;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=581 style='width:6.05in;padding:0in 0in 0in 0in;height:.1in'>

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

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

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Aggregate
  number of securities to which transaction applies:</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:1.0pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:1.0pt'>
  <div style='border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=7 colspan=2 style='width:5.4pt;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=581 style='width:6.05in;padding:0in 0in 0in 0in;height:.1in'>

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

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:24.75pt'>
  <p class=MsoNormal>(3)</p>
  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:24.75pt'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:24.75pt'>
  <p class=MsoNormal>Per unit price
  or other underlying value of transaction computed pursuant to Exchange Act
  Rule 0-11 (set forth the amount on which the filing fee is calculated and
  state how it was determined):</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:1.0pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:1.0pt'>
  <div style='border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in'>

  </div>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=7 colspan=2 style='width:5.4pt;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=581 style='width:6.05in;padding:0in 0in 0in 0in;height:.1in'>

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

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>(4)</p>
  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Proposed
  maximum aggregate value of transaction:__________________________________________ </p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:1.0pt'>

  </td>
  <td width=7 colspan=2 style='width:5.4pt;padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=581 style='width:6.05in;padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:.1in'>
  <p class=MsoNormal>(5)</p>
  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:.1in'>
  <p class=MsoNormal>Total fee paid:_______________________________________________________________________ </p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=36 colspan=4 valign=top style='width:27.0pt;background:white;
  padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
  <td width=6 valign=top style='width:4.5pt;background:white;padding:0in 0in 0in 0in;
  height:1.0pt'>

  </td>
  <td width=582 colspan=2 valign=top style='width:436.5pt;background:white;
  padding:0in 0in 0in 0in;height:1.0pt'>

  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=36 colspan=4 valign=top style='width:27.0pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'><br clear=all style='page-break-before:
  always'>

  <p class=MsoNormal>[&nbsp; ]</p>
  </td>
  <td width=6 valign=top style='width:4.5pt;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=582 colspan=2 valign=top style='width:436.5pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>Fee paid
  previously with preliminary materials:</p>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=36 colspan=4 style='width:27.0pt;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=6 style='width:4.5pt;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=582 colspan=2 style='width:436.5pt;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
 </tr>
 <tr style='height:37.1pt'>
  <td width=36 colspan=4 valign=top style='width:27.0pt;background:white;
  padding:0in 0in 0in 0in;height:37.1pt'>
  <p class=MsoNormal>[&nbsp; ]</p>
  </td>
  <td width=6 valign=top style='width:4.5pt;background:white;padding:0in 0in 0in 0in;
  height:37.1pt'>

  </td>
  <td width=582 colspan=2 valign=top style='width:436.5pt;background:white;
  padding:0in 0in 0in 0in;height:37.1pt'>
  <p class=MsoNormal style='margin-right:4.5pt'>Check box if any part of the fee is offset as provided by
  Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
  fee was paid previously. Identify the previous filing by registration
  statement number, or the Form or Schedule and the date of its filing.</p>
  </td>
 </tr>
 <tr style='height:12.4pt'>
  <td width=14 valign=top style='width:.15in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>(1)</p>
  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Amount
  Previously Paid:_______________________________________________________________ </p>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=7 colspan=2 style='width:5.4pt;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=581 style='width:6.05in;padding:0in 0in 0in 0in;height:.1in'>

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

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

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Form, Schedule
  or Registration Statement No.:_______________________________________________ </p>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=7 colspan=2 style='width:5.4pt;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=581 style='width:6.05in;padding:0in 0in 0in 0in;height:.1in'>

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

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

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Filing Party:_________________________________________________________________________ </p>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=14 style='width:.15in;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=22 colspan=3 style='width:16.2pt;padding:0in 0in 0in 0in;
  height:.1in'>

  </td>
  <td width=7 colspan=2 style='width:5.4pt;padding:0in 0in 0in 0in;height:.1in'>

  </td>
  <td width=581 style='width:6.05in;padding:0in 0in 0in 0in;height:.1in'>

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

  </td>
  <td width=22 colspan=3 valign=top style='width:16.2pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>
  <p class=MsoNormal>(4)</p>
  </td>
  <td width=7 colspan=2 valign=top style='width:5.4pt;background:white;
  padding:0in 0in 0in 0in;height:12.4pt'>

  </td>
  <td width=581 valign=top style='width:6.05in;background:white;padding:0in 0in 0in 0in;
  height:12.4pt'>
  <p class=MsoNormal>Date Filed:__________________________________________________________________________ </p>
  </td>
 </tr>
 <tr height=0>
  <td width=14 style='border:none'></td>
  <td width=4 style='border:none'></td>
  <td width=7 style='border:none'></td>
  <td width=10 style='border:none'></td>
  <td width=6 style='border:none'></td>
  <td width=1 style='border:none'></td>
  <td width=581 style='border:none'></td>
 </tr>
</table>

<p class=MsoNormal><a name="_DV_M11"></a>&nbsp;</p>



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<p class=MsoNormal align=center style='text-align:center'><b>TABLE OF CONTENTS</b></p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:9.9pt;border-collapse:collapse'>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'><b>NOTICE
  OF ANNUAL MEETING OF STOCKHOLDERS</b></p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>3</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'><b>PROXY
  STATEMENT</b></p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>

  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Item
  1 for Voting -&nbsp; Election of Directors</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>4 - 6</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Board
  Committees</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>7 - 8</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Ownership
  of Common Stock by Principal Stockholders and Management</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>9</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Executive
  Officers and Directors Compensation</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>10 - 12</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Employment
  Agreement and Arrangements</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>12</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Certain
  Relationships and Related Transactions</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>12 - 13</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Independent
  Public Accountants</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>13 - 14</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Future
  Stockholder Proposals</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>14</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Other
  Matters</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>14</p>
  </td>
 </tr>
 <tr style='height:.3in'>
  <td width=570 style='width:427.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal style='margin-left:17.1pt'>Incorporation
  of Documents by Reference</p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>
  <p class=MsoNormal align=right style='text-align:right'>14</p>
  </td>
 </tr>
</table>



<p class=MsoNormal align=center style='text-align:center'>2</p>



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<p class=MsoNormal style='line-height:1.0pt'><a name="_DV_M12"></a>&nbsp;</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'><a name="_DV_M13"></a><b>601 Corporate Circle</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M14"></a><b>Golden, Colorado 80401</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M15"></a><b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</b></p>

<p class=MsoNormal align=center style='text-align:center'><a name="_DV_M16"></a><b>To Be Held September 21, 2011</b></p>

<p class=MsoNormal style='text-align:justify'><a name="_DV_M17"></a>&nbsp;</p>

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



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M18"></a>An
annual meeting of the stockholders of Good Times Restaurants Inc., a Nevada
corporation, will be held at the Good Times Restaurants corporate offices
located at 601 Corporate Circle, Golden, Colorado 80401 on September 21, 2011
at 9:00 a.m. Mountain Daylight Time.&nbsp; The purposes of the meeting are to:</p>



<p class=Style25 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:35.8pt;margin-bottom:.0001pt;text-indent:-.25in'><a name="_DV_M19"></a>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Elect six<a
name="_DV_M20"></a> directors to serve during the next year; and</p>

<p class=Style25 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:35.8pt;margin-bottom:.0001pt;text-indent:-.25in'><a name="_DV_M21"></a>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Transact any
other business which may properly come before the meeting.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M22"></a>The
accompanying proxy statement contains additional information about the annual
meeting.&nbsp; All stockholders of record at the close of business on August 15,
2011 may vote at the meeting.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M23"></a><b>All
stockholders are cordially invited to attend the meeting.&nbsp; If you do not plan
to attend the meeting, please sign, date and promptly return the enclosed proxy
card. &nbsp;A business reply envelope is enclosed for your convenience.&nbsp; The
delivery of a proxy will not affect your right to vote in person if you attend
the meeting.</b></p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M24"></a>Sincerely,</p>



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

<p class=MsoNormal><a name="_DV_M25"></a>Susan
M. Knutson</p>

<p class=MsoNormal><a name="_DV_M26"></a>Secretary
and Controller</p>



<p class=MsoNormal><a name="_DV_M27"></a>August
26, 2011<a name="_DV_M28"></a></p>



<p class=MsoNormal align=center style='text-align:center'>3</p>



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<p class=MsoNormal><b>PROXY STATEMENT</b></p>

<p class=MsoNormal style='text-align:justify'><a name="_Toc92016727"></a><a
name="_DV_M29"></a>&nbsp;</p>

<p class=MsoNormal style='text-align:justify'>General:
This proxy statement contains information about the annual meeting of
stockholders of Good Times Restaurants Inc. to be held at the Good Times
Restaurants corporate offices located at 601 Corporate Circle, Golden, Colorado
on Wednesday, September 21, 2011 at 9:00 a.m.. Mountain Daylight Time.&nbsp; The
Good Times Restaurants Inc. Board of Directors is using this proxy statement to
solicit proxies for use at the meeting.&nbsp; This Proxy Statement and the enclosed
Proxy Card are being mailed to you on or about September 2, 2011.<a
name="_DV_M30"></a></p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M31"></a>The terms &quot;we,&quot; &quot;us&quot; and &quot;our&quot; in this proxy statement
refer to Good Times Restaurants Inc.</p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016728"></a><a
name="_Toc89839940"></a><a name="_Toc89839445"></a><a name="_DV_M32"></a>Who can vote: Only stockholders of record at the close
of business on the record date of August 15, 2011 are entitled to receive
notice of the annual meeting and to vote the shares of our common stock.&nbsp; As of
August 15, 2011, there were 2,726,214 shares of our common stock outstanding.&nbsp;
Holders of our common stock are entitled to one vote per share.&nbsp; The Company's
bylaws do not allow holders to accumulate votes in the election of directors.<a
name="_DV_M33"></a></p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M34"></a>The shares represented by all proxies that are
properly executed and submitted will be voted at the meeting in accordance with
the instructions indicated thereon.&nbsp; Unless otherwise directed, votes will be
cast &quot;For&quot; all of the nominees for election as directors and approval of each
of the other proposals set forth in this proxy statement.</p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016729"></a><a
name="_Toc89839941"></a><a name="_Toc89839446"></a><a name="_DV_M35"></a>Revoking a proxy: You may revoke a proxy before the
vote is taken at the meeting by:<a name="_DV_M36"></a></p>



<ul style='margin-top:0in' type=disc>
 <li class=MsoNormal style='text-align:justify'><a name="_DV_M37"></a>Submitting a new proxy with a later date,</li>
 <li class=MsoNormal style='text-align:justify'><a name="_DV_M38"></a>By voting at the meeting, or</li>
 <li class=MsoNormal style='text-align:justify'><a name="_DV_M39"></a>By filing a written revocation with our corporate
     secretary.</li>
</ul>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M40"></a>Your attendance at the meeting will not automatically
revoke your proxy.</p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016730"></a><a
name="_Toc89839942"></a><a name="_Toc89839447"></a><a name="_DV_M41"></a>Quorum and voting requirements: Our bylaws provide
that a majority of the outstanding shares entitled to vote, represented in
person or by proxy, is necessary to constitute a quorum at the annual meeting.&nbsp;
Our bylaws also provide that all stockholder actions are to be determined by a
majority of votes cast by the stockholders entitled to vote.&nbsp; If a quorum is
not present the meeting may be adjourned until a quorum is obtained.&nbsp; The
proxies may be voted at any reconvened meeting after any adjournment or
postponement of the annual meeting.<a name="_DV_M42"></a></p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M43"></a>Abstentions and broker &quot;non-votes&quot; will be treated as
shares that are present for purposes of determining the existence of a quorum.&nbsp;
A broker non-vote occurs when a broker is not permitted to vote on a matter
without instruction from the beneficial owner of the shares and no instruction is
given.&nbsp; Abstentions and broker non-votes will result in the respective
proposals receiving fewer votes.</p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016731"></a><a
name="_Toc89839943"></a><a name="_Toc89839448"></a><a name="_DV_M44"></a>Payment of proxy solicitation costs: All of the
expenses involved in preparing and mailing this proxy statement and the
enclosed materials and all costs of soliciting proxies will be paid by us.&nbsp; In
addition to solicitation by mail, proxies may be solicited by our officers and
regular employees by telephone or personal interview.&nbsp; These individuals will
not receive any compensation for their services other than their regular
salaries.&nbsp; Arrangements will also be made with brokerage houses and other
custodians and fiduciaries to forward solicitation materials to the beneficial
owners of the shares held on the record date, and we may reimburse those persons
for reasonable out-of-pocket expenses incurred by them in so doing.<a
name="_DV_M45"></a></p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016732"></a><a
name="_Toc89839944"></a><a name="_Toc89839449"></a><a name="_DV_M46"></a><b>ITEM 1 FOR VOTING - ELECTION OF DIRECTORS</b></p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M47"></a>All directors of Good Times Restaurants are elected
annually.&nbsp; Pursuant to the prior exercise of the authority of the Board of
Directors to reduce the number of the members of the Board from seven to six,
at this meeting six directors are to be elected to serve for the next year or
until their successors are elected and qualified.&nbsp; The nominees for directors
are identified under the &quot;Nominees&quot; caption below.&nbsp; Each nominee has consented
to be named in the proxy statement and to serve as a director if elected.&nbsp;
However, if any nominee is unable to serve or for good cause will not serve as
a director, each of the persons named in the proxy intend to vote in his or her
discretion for a substitute who will be designated by the Board of Directors.<a
name="_Toc92016733"></a></p>

<p class=MsoNormal style='text-align:justify'><a name="_DV_M49"></a>&nbsp;</p>

<p class=MsoNormal style='text-align:justify'>Nominee
selection process: Our Board of Directors as a whole acts as the nominating
committee for the selection of nominees for election as directors.&nbsp; We do not
have a separate standing nominating committee since we require that our</p>

<p class=MsoNormal align=center style='text-align:center'>4</p>



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<p class=MsoNormal style='text-align:justify'>director
nominees be approved as nominees by a majority of our independent directors.&nbsp;
The Board will consider suggestions by stockholders for possible future
nominees for election as directors at the next annual meeting when the
suggestion is delivered in writing to the corporate secretary of Good Times
Restaurants by November 15 of the year immediately preceding the annual
meeting.&nbsp; No request for a recommended nominee was made by the 2011 deadline by
any stockholder or group of stockholders with beneficial ownership of more than
5% of the Company's common stock as indicated in a Schedule 13D or 13G.<a
name="_DV_M50"></a></p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M51"></a>The
Board selects each nominee, subject to contractual nominee designation and
election rights held by certain stockholders, as discussed below, based on the
nominee's skills, achievements and experience, with the objective that the
Board as a whole should have broad and relevant experience in high policymaking
levels in business and a commitment to representing the long-term interests of
the stockholders.&nbsp; The Board believes that each nominee should have experience
in positions of responsibility and leadership, an understanding of our business
environment and a reputation for integrity.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M52"></a>The
Board evaluates each potential nominee individually and in the context of the
Board as a whole.&nbsp; The objective is to recommend a group that will effectively
contribute to our long-term success and represent stockholder interests.&nbsp; In
determining whether to recommend a director for re-election, the Board also
considers the director's past attendance at meetings and participation in and
contributions to the activities of the Board.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M53"></a>When
seeking candidates for director, the Board solicits suggestions from incumbent
directors, management, stockholders or others.&nbsp; The Board does not have a
charter for the nominating process.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M54"></a>The
Company does not have a formal policy with regard to the consideration of
diversity in identifying director nominees, but the Board strives to nominate
directors with a variety of complementary skills so that, as a group, the Board
will possess the appropriate talent, skills, and expertise to oversee the
Company's business.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_Toc92016734"></a><a name="_DV_M55"></a><b>Communication with the directors:</b><a
name="_DV_M56"></a> The
Board welcomes questions or comments about us and our operations.&nbsp; Those
interested may contact the Board as a whole or any one or more specified
individual directors by sending a letter to the intended recipients' attention
in care of Good Times Restaurants Inc., Corporate Secretary, 601 Corporate
Circle, Golden, CO 80401.&nbsp; All such communications other than commercial
advertisements will be forwarded to the appropriate director or directors for
review.</p>



<p class=NormalWeb style='margin:0in;margin-bottom:.0001pt;text-align:justify'><a
name="_Toc92016735"></a><a name="_DV_M57"></a><b>Nominees:</b><a
name="_DV_M58"></a> The director nominees of
Good Times Restaurants are as follows:</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M59"></a><i>Geoffrey R. Bailey</i>, age 58, has served on our Board since 1996 and is a member of the
Special Committee.&nbsp; He is also a director of The Erie County Investment Co.,
which owns 99% of The Bailey Company.&nbsp; The principal business of The Bailey
Company is owning and operating 54 Arby's restaurants as a franchisee, and The
Bailey Company has also been a franchisee and joint venture partner of the
Company since 1987.&nbsp; Mr. Bailey joined The Erie County Investment Co. in 1979.&nbsp;
Mr. Bailey is a graduate of the University of Denver with a Bachelor's Degree
in Business Administration.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M60"></a><i>David L. Dobbin</i>,
age 50, was appointed as a Good Times director on December 13, 2010.&nbsp; He was
also appointed as the Chairman of the Board effective as of December 13, 2010.&nbsp;
In addition, he currently serves as Chairman of the Board of Small Island
Investments Ltd. (2010-Present).&nbsp; He also serves as Chairman of the Boards of
Terra Nova Pub Group Ltd., its subsidiaries and affiliates, including Elephant
&amp; Castle Group, Inc. (2007-Present) and Welaptega Marine Ltd.
(2008-Present), a leading supplier of offshore mooring inspection systems,
companies controlled by Mr. Dobbin through Repechage Investments Limited, an
investment company formed under the laws of Canada that holds investments in
the transportation, service, real estate and hospitality sectors
(2001-Present).&nbsp; Previously, Mr. Dobbin served in several capacities with CHC
Helicopter Corporation, the world's leading offshore helicopter services
provider, and led Canadian Ocean Resource Associates Inc., a consulting firm
specializing in best practice reviews, institutional support and public/private
partnerships.&nbsp; Mr. Dobbin holds a Bachelor of Commerce from Memorial University
of Newfoundland.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M61"></a><i>Gary J. Heller</i>,
age 44, was appointed as a Good Times director on December 13, 2010.&nbsp; He is the
chairman of the Compensation Committee.&nbsp; In addition, he currently serves as
Secretary and a Director of Elephant &amp; Castle Group Inc. (2007-Present),
Secretary and a Manager of Massachusetts Pub Group LLC (2008-Present), and
Executive Vice Presidentof Terra Nova Pub Group Ltd. (2009-Present).&nbsp; Prior to
entering the restaurant industry in 2007, Mr. Heller spent 16 years as an
investment banker, including serving as a Managing Director of FTI Capital Advisors,
LLC (2002-2006) and a Director of Andersen Corporate Finance LLC.&nbsp; Mr. Heller
holds a BA in Economics from the University of Pennsylvania and an MBA in
Finance from New York University.</p>

<p class=MsoNormal align=center style='text-align:center'>5</p>



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<p class=MsoNormal style='line-height:1.0pt'><a name="_DV_M62"></a>&nbsp;</p>







<p class=MsoNormal><i>Boyd E. Hoback</i>, age 56, has served as a Good Times director since
1992 and is President and Chief Executive Officer of Good Times Restaurants, a
position which he has held since December 1992 and he has been in the
restaurant business since the age of 16.&nbsp; Mr. Hoback has been a vital part of
the development of Good Times to a 46-restaurant chain and has been involved in
developing all areas of the company.&nbsp; Mr. Hoback is an honors graduate of the
University of Colorado in finance.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M63"></a><i>Keith A. Radford</i>, age 43, was appointed as a Good Times director on December 13, 2010.&nbsp;
He is the chairman of the Audit Committee.&nbsp; In addition, currently serves as
Chief Financial Officer of Terra Nova Pub Group Ltd., Elephant &amp; Castle
Group Inc. and Massachusetts Pub Group LLC (2009-Present).&nbsp; Previously Mr.
Radford served as a Director and Vice President of subsidiaries within AKER
Solutions, a leading global provider of engineering and construction services,
technology products and integrated solutions (2002-2008).&nbsp; In addition he has
over eight years of experience in public practice providing auditing, taxation
and business consulting services.&nbsp; Mr. Radford holds a Bachelor of Commerce
degree from Memorial University of Newfoundland and Labrador and is a Chartered
Accountant.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M64"></a><i>Eric W. Reinhard</i>, age 53, has served as a Good Times director since 2005.&nbsp; He resigned
as Chairman of the Board, a position he held since 2005, effective as of
December 13, 2010.&nbsp; He is currently a member of the Audit and Compensation
Committees.&nbsp; Mr. Reinhard also serves as President of the Pepsi Cola Bottler's
Association, a beverage association management and consulting association and a
position he has held since 2006. Prior to June 2004 he was the General Manager
for the Pepsi Bottling Group's Great West Business Unit.&nbsp; While in this role,
Mr. Reinhard was also a member of the Pepsi Bottling Group's Chairman's
Operating Council, a member of the Food Service Strategic Planning Committee,
and a member of The Dr. Pepper Bottler Marketing Committee.&nbsp; Mr. Reinhard
joined Pepsi Cola in 1984 after four years with The Proctor &amp; Gamble
Distributing Company.&nbsp; Since 1984 he has held several field and headquarters
positions including Vice President/General Manager Pepsi-Lipton Tea partnership
(JV), General Manager Mid-Atlantic business Unit, Area Vice President Retail
Channels, Vice President On-Premise Operations and Area Vice President of
Franchise Operations.&nbsp; Mr. Reinhard holds a BA from Michigan State University
and has completed the Executive Business Program at the University of Michigan.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_Toc92016736"></a><a name="_Toc89839945"></a><a
name="_Toc89839450"></a><a name="_DV_M65"></a>There
are no family relationships among the directors.&nbsp; The Board has determined that
of the current directors Messrs. Heller, Radford and Reinhard are independent
directors under the NASDAQ listing standards.</p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_DV_M66"></a>Geoffrey R. Bailey was
originally elected to the Board of Directors pursuant to contractual board
representation rights granted to The Bailey Company in connection with its
investment in shares of our Series A Convertible Preferred Stock in 1996.&nbsp;
Prior to December 13, 2010, Mr. Bailey continued to serve on the board pursuant
to contractual board representation rights held by The Bailey Company and its
affiliates (&quot;The Bailey Group&quot;) in connection with our Series B Convertible
Preferred Stock financing in February 2005, whereby The Bailey Group was
entitled to elect three members of our Board of Directors, two of whom must be
independent directors.</p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_DV_M67"></a>Messrs. Dobbin, Heller and
Radford were originally appointed to the Board of Directors on December 13,
2010 in connection with the closing of the investment transaction (the &quot;SII Investment
Transaction&quot;) between the Company and Small Island Investments Limited, a
Bermuda corporation (&quot;SII&quot;).&nbsp; Pursuant to the terms of the Securities Purchase
Agreement dated October 29, 2010, as amended December 13, 2010, between the
Company and SII (the &quot;SII Purchase Agreement&quot;), as long as SII continues to own
at least 50% of our outstanding common stock, it has the right to designate
four members of our Board.&nbsp; As a result of the resignation of John F. Morgan,
one of SII's initial director designees who served on our Board from December
13, 2010 until his resignation on August 10, 2011, the Board of Directors has
exercised its authority to reduce the number of the members of the Board from
seven to six and SII has agreed that its right to designate members of the
Board will be reduced from four to three members.&nbsp; Prior to the next meeting of
the stockholders of Good Times Restaurants for the election of <a name="_DV_C14">Directors,
it is the intention of the Board of Directors to restore the number of the
members of the Board to seven at which time SII will again exercise its right
to designate four members of the Board.</a></p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_DV_M71"></a>Messrs. Dobbin, Heller and
Radford serve as executive officers of Elephant and Castle Group Inc.&nbsp; On June
28, 2011, Elephant &amp; Castle Group, Inc. and related subsidiaries filed a
voluntary petition under Chapter 11 of the United States Bankruptcy Code.&nbsp;
Elephant and Castle Group, Inc. also instituted ancillary proceedings in Canada
to support the objectives of its U.S. bankruptcy proceeding.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M72"></a><b>Recommendation
of the Board of Directors:&nbsp; The Board of Directors recommends voting </b>&quot;<b>For</b>&quot;<b> electing all of
the nominees.</b></p>

<p class=Style25 align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;text-indent:0in'>6</p>



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

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<p class=MsoNormal style='line-height:1.0pt'><a name="_DV_M73"></a>&nbsp;</p>







<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><b>Board Committees</b></p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016737"></a><a
name="_Toc89839946"></a><a name="_Toc89839451"></a><a name="_DV_M74"></a><b>Audit Committee:</b><a name="_DV_M75"></a> The Audit Committee currently consists of Messrs.
Heller, Radford and Reinhard, each of whom are independent directors under the
applicable NASDAQ listing standards.&nbsp;&nbsp; The Board has determined that Mr.
Radford is an audit committee financial expert, as that term is defined by the
Securities and Exchange Commission (&quot;SEC&quot;) rules.&nbsp; Prior to August
10, 2011, the Audit Committee consisted of Messrs. Heller and Radford and John
F. Morgan and Mr. Morgan served as the audit committee financial expert.&nbsp; The
function of the Audit Committee relates to oversight of the auditors, the
auditing, accounting and financial reporting processes and the review of the
Company's financial reports and information.&nbsp; In addition, the functions of
this Committee have included, among other things, recommending to the Board the
engagement or discharge of independent auditors, discussing with the auditors
their review of the Company's quarterly results and the results of their audit
and reviewing the Company's internal accounting controls.&nbsp; The Audit Committee
operates pursuant to a written Charter adopted by the Board of Directors.&nbsp; A
current copy of the Audit Committee Charter is available on our website at
www.goodtimesburgers.com.&nbsp; The Audit Committee held four meetings during fiscal
2011.</p>



<p class=Style91 style='text-align:justify'><a name="_Toc92016738"></a><a
name="_Toc89839947"></a><a name="_Toc89839452"></a><a name="_DV_M76"></a><b>Compensation
Committee:</b><a name="_DV_M77"></a> The Compensation Committee currently
consists of Messrs. Heller and Reinhard, each of whom are independent directors
under the applicable NASDAQ listing standards.&nbsp; Prior to August 10, 2010, the
Compensation Committee consisted of Messrs. Heller and Reinhard and John F.
Morgan.&nbsp; The function of this Committee is to consider and determine all
matters relating to the compensation of the President and CEO and other
executive officers, including matters relating to the employment agreements.&nbsp;
The Compensation Committee held one meeting during fiscal 2011.</p>



<p class=Style91 style='text-align:justify'><a name="_DV_M78"></a>The Compensation
Committee does not have a Charter. The responsibility of the Compensation
Committee is to review and approve the compensation and other terms of
employment of our Chief Executive Officer and our other executive officers,
including all of the executive officers named in the Summary Compensation Table
in this proxy statement (the &quot;Named Executive Officers&quot;).&nbsp; Among its other
duties, the Compensation Committee oversees all significant aspects of the
Company's compensation plans and benefit programs.&nbsp; The Compensation Committee
annually reviews and approves corporate goals and objectives for the Chief
Executive Officer's compensation and evaluates the Chief Executive Officer's
performance in light of those goals and objectives.&nbsp; The Compensation Committee
also recommends to the Board of Directors the compensation and benefits for
members of the Board of Directors.&nbsp; The Compensation Committee has also been
appointed by the Board of Directors to administer our 2008 Omnibus Equity
Incentive Compensation Plan (the &quot;2008 Plan&quot;), which is the successor equity
compensation plan to the Company's 2001 Stock Option Plan (the &quot;2001 Plan&quot;).&nbsp;
The Compensation Committee does not delegate any of its authority to other
persons.</p>



<p class=Style91 style='margin-top:0in;margin-right:6.05pt;margin-bottom:0in;
margin-left:.2pt;margin-bottom:.0001pt;text-align:justify'><a name="_DV_M79"></a>In carrying out
its duties, the Compensation Committee participates in the design and
implementation and ultimately reviews and approves specific compensation
programs.&nbsp; The Compensation Committee reviews and determines the base salaries
for the Named Executive Officers, and also approves awards to the Named
Executive Officers under the Company's equity compensation plans.</p>



<p class=Style91 style='margin-right:.25pt;text-align:justify'><a name="_DV_M80"></a>In determining
the amount and form of compensation for Named Executive Officers other than the
Chief Executive Officer, the Compensation Committee obtains input from the
Chief Executive Officer regarding the duties, responsibilities and performance
of the other executive officers and the results of performance reviews.&nbsp; The
Chief Executive Officer also recommends to the Compensation Committee the base
salary levels for all Named Executive Officers and the award levels for all
Named Executive Officers under the Company's equity compensation programs.&nbsp; No
Named Executive Officer attends any executive session of the Compensation
Committee or is present during final deliberations or determinations of such Named
Executive Officer's compensation.&nbsp; The Chief Executive Officer also provides
input with respect to the amount and form of compensation for the members of
the Board of Directors.</p>



<p class=Style91 style='text-align:justify'><a name="_DV_M81"></a>The Compensation
Committee has the authority to directly engage, at the Company's expense, any
compensation consultants or other advisers as it deems necessary to carry out
its responsibilities in determining the amount and form of executive and
director compensation.&nbsp; For fiscal 2010, the Compensation Committee did not use
the services of a compensation consultant or other adviser.&nbsp; However, the
Compensation Committee has reviewed surveys, reports and other market data
against which it has measured the competitiveness of the Company's compensation
programs.&nbsp; In determining the amount and form of executive and director
compensation, the Compensation Committee has reviewed and discussed historical
salary information as well as salaries for similar positions at comparable
companies.</p>



<p class=Style91 align=center style='text-align:center'>7</p>



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

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

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<p class=MsoNormal style='line-height:1.0pt'><a name="_DV_M82"></a>&nbsp;</p>







<p class=Style91 style='text-align:justify'><b>Leadership Structure:</b>&nbsp; The Board does
not have a policy regarding the separation of the roles of Chief Executive
Officer and Chairman of the Board as the Board believes it is in the best
interests of the Company to make that determination from time to time based on
the position and direction of the Company and the membership of the Board.&nbsp; The
Board has determined that separating these roles is in the best interests of
the Company's stockholders at this time.&nbsp; This structure ensures a greater role
for the independent directors in the oversight of the Company and active
participation of the independent directors in setting agendas and establishing
Board priorities and procedures.&nbsp; Further, this structure permits the Chief
Executive Officer to focus on the management of the Company's day-to-day operations.</p>



<p class=Style91 style='text-align:justify'><a name="_DV_M83"></a><b>Risk Oversight:</b>&nbsp; Material risks
are identified and prioritized by the Company's management and reported to the
Board for oversight.&nbsp; The Board regularly reviews information regarding the
Company's credit, liquidity and operations, as well as the risks associated
with each.&nbsp; In addition, the Board continually works, with the input of the
Company's executive officers, to assess and analyze the most likely areas of
future risk for the Company.</p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016739"></a><a
name="_Toc89839948"></a><a name="_Toc89839453"></a><a name="_DV_M84"></a><b>Directors' meetings and attendance:</b><a
name="_DV_M85"></a> There were four meetings of
the Board of Directors held during the last full fiscal year. No member of the
Board of Directors attended fewer than 75% of the Board meetings and applicable
committee meetings for the last fiscal year.</p>



<p class=Style25 style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
0in'><a name="_DV_M86"></a>Each
director attended the 2010 annual meeting of stockholders.</p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016740"></a><a
name="_Toc89839949"></a><a name="_Toc89839454"></a><a name="_DV_M87"></a><b>Directors' compensation:</b><a name="_DV_M88"></a> Each non-employee director receives $500 for each
Board of Directors meeting attended.&nbsp; Members of the Compensation and Audit
Committees generally each receive $100 per meeting attended.&nbsp; However, where
both Compensation and Audit Committee meetings are held at the same gathering
only $100 is paid to directors attending both committee meetings.&nbsp;
Additionally, for the fiscal year ended September 30, 2011, each non-employee
director received a non-statutory stock option to acquire 667 shares of common
stock at an exercise price of $1.56.</p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_Toc92016741"></a><a name="_Toc89839950"></a><a name="_Toc89839455"></a><a
name="_DV_M89"></a><b>Audit Committee Report:</b><a
name="_DV_M90"></a> Good Times Restaurant's
management is responsible for the internal controls and financial reporting
process for Good Times Restaurants.&nbsp; The independent accountants for Good Times
Restaurants are responsible for performing an independent audit of the
financial statements in accordance with generally accepted auditing standards
and to issue a report on those financial statements.&nbsp; The Audit Committee's
responsibility is to monitor and oversee these processes.</p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_DV_M91"></a>In this context, the Audit
Committee met with management and the independent accountants to review and
discuss the Good Times Restaurants financial statements for the fiscal year
ended September 30, 2010.&nbsp; Management represented to the Audit Committee that
the financial statements were prepared in accordance with generally accepted
accounting principles, and the Audit Committee has reviewed and discussed the
financial statements with management and the independent accountants.</p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_DV_M92"></a>The Audit Committee has
discussed with the independent accountants matters required to be discussed by
Statement on Auditing Standards No. 61, Communication with Audit Committees.&nbsp;
The Audit Committee has also received the written disclosures and the letter
from the independent accountants required by applicable requirements of the
Public Company Accounting Oversight Board regarding the independent
accountants' communications with the Audit Committee concerning independence
and the Audit Committee discussed with the independent accountants that firm's
independence.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M93"></a>Based on the Audit Committee's review and discussions
referred to above, the Audit Committee recommended to the Board of Directors
that the audited financial statements be included in the Good Times Restaurants
Annual Report on Form 10-K for the fiscal year ended September 30, 2010 for
filing with the SEC.</p>



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

<p class=MsoFooter style='line-height:10.0pt'><a name="_DV_M94"></a>&nbsp;</p>

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

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</div>



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










<p class=MsoNormal style='text-align:justify'><b>Ownership
of common stock by principal stockholders and management:</b><a
name="_DV_M95"></a><a name="_Toc92016742"></a><a name="_DV_M96"></a> The following table shows the beneficial ownership of
shares of Good Times Restaurants common stock as of August 15, 2011 by each
person known by Good Times Restaurants to be the beneficial owner of more than
five percent of the shares of Good Times Restaurants common stock, each
director and each executive officer named in the Summary Compensation Table,
and all directors and executive officers as a group.&nbsp; The address for the
principal stockholders and the Directors and Officers is 601 Corporate Circle,
Golden, CO 80401.</p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:5.4pt;border-collapse:collapse'>
 <tr style='height:.1in'>
  <td width=432 colspan=2 valign=top style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.1in'>
  <p class=MsoNormal><b>Holder</b></p>
  </td>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.1in'>
  <p class=MsoNormal align=center style='margin-left:.3pt;text-align:center'><b>Number of shares</b></p>
  </td>
  <td width=90 valign=top style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.1in'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.3pt;
  margin-bottom:0in;margin-left:.9pt;margin-bottom:.0001pt;text-align:center'><b>Percent of</b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 valign=top style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'><b><br
  clear=all style='page-break-before:always'>
  </b>
  <p class=MsoNormal><b><u>Principal
  stockholders:</u></b></p>
  </td>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin-left:.3pt;text-align:center'><b><u>beneficially owned</u></b></p>
  </td>
  <td width=90 valign=top style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.3pt;
  margin-bottom:0in;margin-left:.9pt;margin-bottom:.0001pt;text-align:center'><b><u>class**</u></b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 valign=top style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Small Island Investments
  Ltd.</p>
  </td>
  <td width=138 valign=bottom style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>1,383,334<sup>1</sup></p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>50.74%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 valign=top style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>The Bailey Co.</p>
  </td>
  <td width=138 valign=bottom style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>273,837<sup>2</sup></p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>10.04%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 valign=top style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>The Erie Co. Investment Co.</p>
  </td>
  <td width=138 valign=bottom style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>338,730<sup>2</sup></p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>12.42%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 valign=top style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal><b><u>Directors and
  Officers:</u></b></p>
  </td>
  <td width=138 valign=bottom style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>

  </td>
  <td width=90 valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>

  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Geoffrey R. Bailey-Director</p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>9,766<sup>3</sup></p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>David L. Dobbin-Director</p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>1,384,001<sup>4</sup></p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>50.75%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Gary J. Heller-Director</p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>667<sup>5</sup></p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Boyd E.
  Hoback-Director/Officer</p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>47,380<sup>6</sup></p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>1.70%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Sue M. Knutson-Officer</p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>6,168<sup>7</sup></p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Scott G. Lefever-Officer</p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>7,030<sup>8</sup></p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>John F. Morgan - Former
  Director <sup>11</sup></p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>667</p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>Keith A. Radford-Director</p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>667<sup>5</sup></p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>*</p>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.1in'>
  <p class=MsoNormal>Eric Reinhard-Director</p>
  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>105,334<sup>9</sup></p>
  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>3.84%</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>

  </td>
  <td width=138 style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>

  </td>
  <td width=90 style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>

  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=432 colspan=2 valign=top style='width:4.5in;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal>All directors and executive
  officers as a group</p>
  <p class=MsoNormal>(8 persons including all
  those named above)</p>
  </td>
  <td width=138 valign=bottom style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-top:0in;margin-right:30.6pt;
  margin-bottom:0in;margin-left:.3pt;margin-bottom:.0001pt;text-align:right'>1,561,013<sup>10</sup></p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal align=right style='margin-right:17.1pt;text-align:right'>54.86%</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>&nbsp;</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>1</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Small Island Investments Ltd. is 100% owned by
  director David L. Dobbin.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>2</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>The Bailey Company is 99% owned by The Erie County
  Investment Co., which should be deemed the beneficial owner of Good Times
  Restaurants common stock held by The Bailey Company.&nbsp; The Erie County
  Investment Co. also owns 194,680 shares of Good Times Restaurants common stock
  in its own name.&nbsp; Geoffrey R. Bailey is a director and executive officer of
  The Erie County Investment Co.&nbsp; Geoffrey R. Bailey disclaims beneficial
  ownership of the shares of Good Times Restaurants common stock held by The
  Bailey Company and The Erie County Investment Co.&nbsp; Because of his ownership
  of only 26% of the voting shares of The Erie County Investment Co., Paul T.
  Bailey disclaims beneficial ownership of the shares of Good Times Restaurants
  common stock held by The Bailey Company and The Erie County Investment Co..</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>3</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Includes 5,333 shares underlying presently
  exercisable stock options.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>4</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Includes shares held beneficially by Small Island
  Investments Ltd.&nbsp; Also includes 667 shares underlying presently exercisable
  stock options.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>5</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Includes 667 shares underlying presently exercisable
  stock options.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>6</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Includes 32,383 shares underlying presently
  exercisable stock options.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>7</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Includes 4,813 shares underlying presently
  exercisable stock options.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>8</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Includes 7,030 shares underlying presently
  exercisable stock options and 12,500 warrants to purchase stock.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>9</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Includes 6,167 shares underlying presently
  exercisable stock options and 12,500 warrants to purchase stock.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>10</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Does not include shares held beneficially by The
  Bailey Company and The Erie County Investment Co.&nbsp; If those shares were
  included, the number of shares beneficially held by all directors and
  executive officers as a group would be 1,899,743 and the percentage of class
  would be 66.76%.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><sup>11</sup></p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Mr. Morgan&nbsp; resigned from our board on August 10,
  2011.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>*</p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt;text-align:justify'>Less than one percent.</p>
  </td>
 </tr>
 <tr>
  <td width=60 valign=top style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'>**</p>
  </td>
  <td width=600 colspan=3 valign=top style='width:6.25in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:6.3pt'>Under
  SEC rules, beneficial ownership includes shares over which the individual or
  entity has voting or investment power and any shares which the individual or
  entity has the right to acquire within sixty days.</p>
  </td>
 </tr>
 <tr height=0>
  <td width=60 style='border:none'></td>
  <td width=372 style='border:none'></td>
  <td width=138 style='border:none'></td>
  <td width=90 style='border:none'></td>
 </tr>
</table>



<p class=MsoNormal align=center style='text-align:center'>9</p>

<p class=MsoFooter style='line-height:10.0pt'><a name="_DV_M97"></a>&nbsp;</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-align:justify'><b>Executive
officers:</b><a name="_Toc92016743"></a><a name="_Toc89839951"></a><a
name="_Toc89839456"></a><a name="_DV_M98"></a>
The executive officers of Good Times Restaurants are as follows:</p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:5.4pt;border-collapse:collapse'>
 <tr style='height:11.5pt'>
  <td width=144 valign=top style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal><b><u>Name</u></b></p>
  </td>
  <td width=120 valign=top style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'><b><u>Age</u></b></p>
  </td>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal style='margin-left:.05in'><b><u>Position</u></b></p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'><b><u>Date Began With Company</u></b></p>
  </td>
 </tr>
 <tr style='height:11.5pt'>
  <td width=144 valign=top style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal>Boyd E. Hoback</p>
  </td>
  <td width=120 valign=top style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>56</p>
  </td>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal style='margin-left:2.85pt'>President
  &amp; CEO</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:44.1pt;margin-bottom:.0001pt'>September
  1987</p>
  </td>
 </tr>
 <tr style='height:11.5pt'>
  <td width=144 valign=top style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal>Susan M. Knutson</p>
  </td>
  <td width=120 valign=top style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>52</p>
  </td>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal style='margin-left:2.85pt'>Controller</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.5pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:44.1pt;margin-bottom:.0001pt'>September
  1987</p>
  </td>
 </tr>
 <tr style='height:11.85pt'>
  <td width=144 valign=top style='width:1.5in;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal>Scott G. LeFever</p>
  </td>
  <td width=120 valign=top style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal align=center style='margin-left:-2.55pt;text-align:center'>53</p>
  </td>
  <td width=138 valign=top style='width:103.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal style='margin-left:2.85pt'>VP
  of Operations</p>
  </td>
  <td width=222 valign=top style='width:166.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.85pt'>
  <p class=MsoNormal style='margin-top:0in;margin-right:12.6pt;margin-bottom:
  0in;margin-left:44.1pt;margin-bottom:.0001pt'>September
  1987</p>
  </td>
 </tr>
</table>

<p class=MsoNormal style='text-align:justify'><a name="_DV_M99"></a><i>&nbsp;</i></p>

<p class=MsoNormal style='text-align:justify'><i>Boyd
E. Hoback.</i>&nbsp; See the description of
Mr. Hoback's business experience under &quot;Directors&quot;.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M100"></a><i>Susan M. Knutson </i>has been Controller since 1993 with direct responsibility for
overseeing the accounting department, maintaining cash controls, producing
budgets, financials and quarterly and annual reports required to be filed with
the Securities and Exchange Commission, acting as the principal financial
officer of the Company, and preparing all information for the annual audit.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M101"></a><i>Scott G. LeFever</i> has been Vice President of Operations since August 1995, and has been
involved in all phases of operations with direct responsibility for restaurant
service performance, personnel and cost controls.</p>



<p class=Style74 style='margin-left:0in;text-indent:0in'><a name="_DV_M102"></a>Executive officers do not have fixed terms and serve
at the discretion of the Board of Directors.&nbsp; There are no family relationships
among the executive officers or directors.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M103"></a><b>Code of ethics</b>:
Good Times Restaurants has adopted a Code of Business Conduct which applies to
all directors, officers, employees and franchisees of Good Times Restaurants.&nbsp;
The Code of Business Conduct was filed with the SEC as an exhibit to the Annual
Report on Form 10-KSB for the fiscal year ended September 30, 2003.</p>



<p class=MsoNormal><a name="_DV_M104"></a><b>Executive Compensation:</b> The following table sets forth compensation information for 2010
and 2009 with respect to the named executive officers:</p>



<p class=MsoNormal><a name="_DV_M105"></a><b>Summary Compensation Table for 2010 and 2009:</b></p>

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

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=660
 style='margin-left:1.5pt;border-collapse:collapse'>
 <tr style='height:.5in'>
  <td width=102 colspan=2 valign=bottom style='width:76.5pt;border:none;
  border-bottom:solid black 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Name and Principal Position</b></p>
  </td>
  <td width=42 valign=bottom style='width:31.5pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Year</b></p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Salary $</b></p>
  </td>
  <td width=42 valign=bottom style='width:31.5pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Bonus $</b></p>
  </td>
  <td width=48 valign=bottom style='width:.5in;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Stock Awards $</b></p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Option Awards $<sup>3</sup></b></p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Non-Equity Incentive Plan Compensation $</b></p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Nonqualified Deferred Compensation
  Earnings $</b></p>
  </td>
  <td width=84 valign=bottom style='width:63.0pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>All Other Compensation $</b></p>
  </td>
  <td width=66 valign=bottom style='width:49.5pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 1.5pt 0in 1.5pt;height:.5in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Total $</b></p>
  </td>
 </tr>
 <tr>
  <td width=102 colspan=2 valign=top style='width:76.5pt;border:none;
  padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=42 valign=top style='width:31.5pt;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=48 valign=top style='width:.5in;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=42 valign=top style='width:31.5pt;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=48 valign=top style='width:.5in;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=60 valign=top style='width:45.0pt;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=84 valign=top style='width:63.0pt;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
  <td width=66 valign=top style='width:49.5pt;border:none;padding:0in 1.5pt 0in 1.5pt'>

  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=102 colspan=2 valign=top style='width:76.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal>Boyd E. Hoback</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>2010</p>
  </td>
  <td width=48 style='width:.5in;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>148,000</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=48 valign=top style='width:.5in;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:3.0pt;text-align:right'>29,381</p>
  </td>
  <td width=84 style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=84 style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=84 style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:16.5pt;text-align:right'>13,978<sup>1</sup></p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:5.5pt;text-align:right'>191,359</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=102 colspan=2 style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal>President and
  Chief Executive Officer</p>
  </td>
  <td width=42 style='width:31.5pt;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>2009</p>
  </td>
  <td width=48 style='width:.5in;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>162,033</p>
  </td>
  <td width=42 style='width:31.5pt;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=48 style='width:.5in;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:3.0pt;text-align:right'>25,118</p>
  </td>
  <td width=84 style='width:63.0pt;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=84 style='width:63.0pt;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=84 style='width:63.0pt;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:16.5pt;text-align:right'>16,073<sup>1</sup></p>
  </td>
  <td width=66 style='width:49.5pt;border:none;border-bottom:solid black 1.0pt;
  padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:5.5pt;text-align:right'>203,224</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=102 colspan=2 style='width:76.5pt;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal>Scott G. LeFever</p>
  </td>
  <td width=42 style='width:31.5pt;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>2010</p>
  </td>
  <td width=48 style='width:.5in;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>90,625</p>
  </td>
  <td width=42 style='width:31.5pt;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=48 style='width:.5in;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:3.0pt;text-align:right'>11,645</p>
  </td>
  <td width=84 style='width:63.0pt;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=84 style='width:63.0pt;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=84 style='width:63.0pt;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:16.5pt;text-align:right'>10,580<sup>2</sup></p>
  </td>
  <td width=66 style='width:49.5pt;border:none;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:5.5pt;text-align:right'>112,850</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=102 colspan=2 style='width:76.5pt;padding:0in 1.5pt 0in 1.5pt;
  height:1.0pt'>
  <p class=MsoNormal>Vice President
  of Operations</p>
  </td>
  <td width=42 style='width:31.5pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>2009</p>
  </td>
  <td width=48 style='width:.5in;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>101,667</p>
  </td>
  <td width=42 style='width:31.5pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=48 style='width:.5in;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:3.0pt;text-align:right'>9,979</p>
  </td>
  <td width=84 style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=84 style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>_</p>
  </td>
  <td width=84 style='width:63.0pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:16.5pt;text-align:right'>11,477<sup>2</sup></p>
  </td>
  <td width=66 style='width:49.5pt;padding:0in 1.5pt 0in 1.5pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:5.5pt;text-align:right'>123,123</p>
  </td>
 </tr>
 <tr>
  <td width=42 valign=top style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-right:-13.7pt;text-align:center'><sup>&nbsp;</sup></p>
  </td>
  <td width=618 colspan=10 valign=top style='width:463.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=42 valign=top style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-right:-13.7pt;text-align:center'><sup>1</sup></p>
  </td>
  <td width=618 colspan=10 valign=top style='width:463.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:12.6pt;text-align:justify'>The amount indicated for Mr. Hoback
  includes an automobile allowance, long-term disability and 401(K) Plan
  matching contributions.</p>
  </td>
 </tr>
 <tr>
  <td width=42 valign=top style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-right:-13.7pt;text-align:center'><sup>2</sup></p>
  </td>
  <td width=618 colspan=10 valign=top style='width:463.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:12.6pt;text-align:justify'>The amount indicated for Mr. LeFever
  includes an automobile allowance, long-term disability, personal expenses and
  401(K) Plan matching contributions.</p>
  </td>
 </tr>
 <tr>
  <td width=42 valign=top style='width:31.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-right:-13.7pt;text-align:center'><sup>3</sup></p>
  </td>
  <td width=618 colspan=10 valign=top style='width:463.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:12.6pt;text-align:justify'>The value of stock option awards shown in
  this column includes all amounts expensed in the Company's financial
  statements in 2009 and 2010 for equity awards in accordance with the guidance of FASB ASC 718-10-30, Compensation -
  Stock Compensation, excluding any estimate for
  forfeitures.&nbsp; The Company's accounting treatment for, and assumptions made in
  the valuations of, equity awards is set forth in Note 1 of the notes to the
  Company's 2010 consolidated financial statements included in the Company's
  Annual Report on Form 10-K for the fiscal year ended September 30, 2010.&nbsp;
  There were no option awards re-priced in 2010.</p>
  </td>
 </tr>
 <tr height=0>
  <td width=42 style='border:none'></td>
  <td width=60 style='border:none'></td>
  <td width=42 style='border:none'></td>
  <td width=48 style='border:none'></td>
  <td width=42 style='border:none'></td>
  <td width=48 style='border:none'></td>
  <td width=60 style='border:none'></td>
  <td width=84 style='border:none'></td>
  <td width=84 style='border:none'></td>
  <td width=84 style='border:none'></td>
  <td width=66 style='border:none'></td>
 </tr>
</table>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
0in;margin-left:9.35pt;margin-bottom:.0001pt'><a name="_DV_M106"></a>&nbsp;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:-13.7pt;margin-bottom:
0in;margin-left:9.35pt;margin-bottom:.0001pt'>There were no shares of SARs granted during 2010 or 2009 nor has
there been any nonqualified deferred compensation paid to any named executive
officers during 2010 or 2009.&nbsp; The Company does not have any plans that provide
for specified retirement payments and benefits at, following or in connection
with retirement.</p>



<p class=MsoNormal align=center style='margin-top:0in;margin-right:-13.7pt;
margin-bottom:0in;margin-left:9.35pt;margin-bottom:.0001pt;text-align:center'>10</p>

<p class=MsoFooter style='line-height:10.0pt'><a name="_DV_M107"></a>.</p>

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

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

</div>



</div>

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


<div class=WordSection2>

<p class=MsoNormal style='line-height:1.0pt'><a name="_DV_M108"></a>&nbsp;</p>







<p class=MsoNormal style='margin-right:-13.7pt'>The
following table sets forth information as of September 30, 2010 on all
unexercised options previously awarded to the named executive officers (numbers
of shares and exercise prices have been adjusted to reflect the one for three
reverse stock split that occurred on December 31, 2010):</p>



<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width=930
 style='margin-left:-8.1pt;border-collapse:collapse;border:none'>
 <tr style='height:.2in'>
  <td width=930 colspan=13 style='width:697.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal><b>Outstanding Equity Awards
  at 2010 Fiscal Year-End (as adjusted for subsequent reverse stock split)</b></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=501 colspan=7 style='width:376.1pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Option Awards</b></p>
  </td>
  <td width=16 valign=top style='width:11.8pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:.2in'>
  <p class=MsoNormal><b>&nbsp;</b></p>
  </td>
  <td width=413 colspan=5 style='width:4.3in;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:.2in'>
  <p class=MsoNormal align=center style='text-align:center'><b>Stock Awards</b></p>
  </td>
 </tr>
 <tr style='height:85.0pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  border-bottom:solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>Name</p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;border-bottom:
  solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Number of Securities Underlying Unexercised Options
  -Exercisable (#)</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:none;border-bottom:
  solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Number of Securities Underlying Unexercised Options
  -Unexercisable (#)</p>
  </td>
  <td width=89 valign=bottom style='width:66.5pt;border:none;border-bottom:
  solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Equity Incentive Plan Awards: Number of Securities
  Underlying Unexercised Unearned Options (#)</p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;border-bottom:
  solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Option Exercise Price $</p>
  </td>
  <td width=72 colspan=3 valign=bottom style='width:.75in;border:none;
  border-bottom:solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Option Expiration Date</p>
  </td>
  <td width=72 valign=bottom style='width:.75in;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Number of Shares or Units of Stock That Have Not
  Vested (#)</p>
  </td>
  <td width=78 valign=bottom style='width:58.5pt;border:none;border-bottom:
  solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Market Value of Shares or Units of Stock That Have
  Not Vested ($)</p>
  </td>
  <td width=108 valign=bottom style='width:81.0pt;border:none;border-bottom:
  solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Equity Incentive Plan Awards: Number of Unearned
  Shares, Units or Other Rights That Have Not Vested (#)</p>
  </td>
  <td width=144 valign=bottom style='width:1.5in;border:none;border-bottom:
  solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:85.0pt'>
  <p class=MsoNormal align=right style='text-align:right'>Equity Incentive Plan Awards: Market or Payout Value
  of Unearned Shares, Units or Other Rights That Have Not Vested ($)</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=top style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal>Boyd E. Hoback</p>
  </td>
  <td width=90 style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>833</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=89 style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$4.14</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/10</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=top style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>16,667</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=89 style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$5.25</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/11</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=top style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>1,250</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=89 style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$8.10</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/12</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=top style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>1,300</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=89 style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$10.80</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/13</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=top style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>4,000</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=89 style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$9.33</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/14</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=top style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>2,833</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=89 style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$17.04</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/15</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=top style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>3,800</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>2,533 <sup>(1)</sup></p>
  </td>
  <td width=89 style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$19.14</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/17/16</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>0</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>9,501 <sup>(2)</sup></p>
  </td>
  <td width=89 style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$4.41</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/14/18</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  border-bottom:solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>0</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>4,551 <sup>(3)</sup></p>
  </td>
  <td width=89 style='width:66.5pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$3.45</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/06/19</p>
  </td>
  <td width=72 style='width:.75in;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal>Scott G. LeFever</p>
  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>420</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>-</p>
  </td>
  <td width=89 valign=bottom style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$8.10</p>
  </td>
  <td width=72 colspan=3 valign=bottom style='width:.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/12</p>
  </td>
  <td width=72 valign=bottom style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 valign=bottom style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 valign=bottom style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 valign=bottom style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>860</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>-</p>
  </td>
  <td width=89 valign=bottom style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$10.80</p>
  </td>
  <td width=72 colspan=3 valign=bottom style='width:.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/13</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>1,917</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>-</p>
  </td>
  <td width=89 valign=bottom style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$9.33</p>
  </td>
  <td width=72 colspan=3 valign=bottom style='width:.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/14</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>1,917</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>-</p>
  </td>
  <td width=89 valign=bottom style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$17.04</p>
  </td>
  <td width=72 colspan=3 valign=bottom style='width:.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>10/01/15</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>1,150</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>767 <sup>(1)</sup></p>
  </td>
  <td width=89 valign=bottom style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$19.14</p>
  </td>
  <td width=72 colspan=3 valign=bottom style='width:.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/17/16</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 valign=bottom style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>0</p>
  </td>
  <td width=102 valign=bottom style='width:76.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>5,669<sup> (2)</sup></p>
  </td>
  <td width=89 valign=bottom style='width:66.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$4.41</p>
  </td>
  <td width=72 colspan=3 valign=bottom style='width:.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/14/18</p>
  </td>
  <td width=72 style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=115 colspan=2 valign=bottom style='width:86.5pt;border:none;
  border-bottom:solid black 1.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>

  </td>
  <td width=90 style='width:67.5pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>0</p>
  </td>
  <td width=102 style='width:76.5pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=right style='margin-right:13.6pt;text-align:right'>1,449 <sup>(3)</sup></p>
  </td>
  <td width=89 style='width:66.5pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'>$3.45</p>
  </td>
  <td width=72 colspan=3 style='width:.75in;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>11/06/19</p>
  </td>
  <td width=72 style='width:.75in;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:2.2pt;text-align:center'>-</p>
  </td>
  <td width=78 style='width:58.5pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=108 style='width:81.0pt;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='margin-right:8.1pt;text-align:center'>-</p>
  </td>
  <td width=144 style='width:1.5in;border:none;border-bottom:solid black 1.5pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
  <p class=MsoNormal align=center style='margin-top:0in;margin-right:.05in;
  margin-bottom:0in;margin-left:.05in;margin-bottom:.0001pt;text-align:center'>-</p>
  </td>
 </tr>
 <tr>
  <td width=48 valign=top style='width:.5in;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-right:-6.8pt;text-align:center'><sup>&nbsp;</sup></p>
  </td>
  <td width=882 colspan=12 valign=top style='width:661.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=48 valign=top style='width:.5in;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-right:-6.8pt;text-align:center'><sup>1</sup></p>
  </td>
  <td width=882 colspan=12 valign=top style='width:661.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:8.1pt;text-align:justify'>The options were granted on November 17, 2006.
  Assuming continued employment with the Company, the shares under the option
  agreements will become exercisable per a vesting schedule which began on
  November 17, 2007 continuing through November 17, 2010, whereby options vest
  per the following schedule: 10% on November 17, 2007; an additional 20% on
  November 17, 2008; an additional 30% on November 17, 2009; and an additional
  40% on November 17, 2010.</p>
  </td>
 </tr>
 <tr>
  <td width=48 valign=top style='width:.5in;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-right:-6.8pt;text-align:center'><sup>2</sup></p>
  </td>
  <td width=882 colspan=12 valign=top style='width:661.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:8.1pt;text-align:justify'>The options were granted on November 14, 2008.
  Assuming continued employment with the Company, the shares under the option
  agreements will become fully exercisable on November 14, 2011.</p>
  </td>
 </tr>
 <tr>
  <td width=48 valign=top style='width:.5in;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-right:-6.8pt;text-align:center'><sup>3</sup></p>
  </td>
  <td width=882 colspan=12 valign=top style='width:661.5pt;border:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:8.1pt;text-align:justify'>The options were granted on November 6, 2009.
  Assuming continued employment with the Company, the shares under the option
  agreements will become fully exercisable on November 6, 2012.</p>
  </td>
 </tr>
 <tr height=0>
  <td width=48 style='border:none'></td>
  <td width=67 style='border:none'></td>
  <td width=90 style='border:none'></td>
  <td width=102 style='border:none'></td>
  <td width=89 style='border:none'></td>
  <td width=60 style='border:none'></td>
  <td width=45 style='border:none'></td>
  <td width=16 style='border:none'></td>
  <td width=11 style='border:none'></td>
  <td width=72 style='border:none'></td>
  <td width=78 style='border:none'></td>
  <td width=108 style='border:none'></td>
  <td width=144 style='border:none'></td>
 </tr>
</table>



<p class=MsoNormal align=center style='text-align:center'>11</p>





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

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

</div>



</div>

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


<div class=WordSection3>

<p class=MsoNormal style='line-height:1.0pt'><a name="_DV_M109"></a>&nbsp;</p>







<p class=MsoNormal style='margin-right:-27.0pt'>The
following table sets forth compensation information for 2010 with respect to
directors:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr style='height:15.75pt'>
  <td width=661 colspan=9 style='width:495.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:15.75pt'>
  <p class=MsoNormal><b>Director Compensation
  Table for Fiscal Year 2010</b></p>
  </td>
 </tr>
 <tr style='height:.6in'>
  <td width=121 colspan=2 valign=bottom style='width:90.9pt;border:none;
  border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Name</p>
  </td>
  <td width=72 style='width:.75in;border:none;border-bottom:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Fees Earned or Paid in Cash ($)</p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Stock Awards ($)</p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Option Awards ($) <sup>1, 2</sup></p>
  </td>
  <td width=96 style='width:1.0in;border:none;border-bottom:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Non-Equity Incentive Plan Compensation ($)</p>
  </td>
  <td width=96 style='width:1.0in;border:none;border-bottom:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Nonqualified Deferred Compensation Earnings $</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;border:none;border-bottom:solid black 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>All Other Compensation $ </p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;border-bottom:
  solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.6in'>
  <p class=MsoNormal align=center style='text-align:center'>Total $</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=121 colspan=2 valign=bottom style='width:90.9pt;border:none;
  padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal>Geoffrey R. Bailey</p>
  </td>
  <td width=72 valign=bottom style='width:.75in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,000</p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,695</p>
  </td>
  <td width=96 style='width:1.0in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'>-</p>
  </td>
  <td width=96 style='width:1.0in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>4,695</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=121 colspan=2 valign=top style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal>Ron Goodson <sup>3</sup></p>
  </td>
  <td width=72 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,000</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,695</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'>-</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>4,695</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=121 colspan=2 valign=bottom style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal>David Grissen <sup>3</sup></p>
  </td>
  <td width=72 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>2,000</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,695</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'>-</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>3,695</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=121 colspan=2 valign=bottom style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal>Eric W. Reinhard </p>
  </td>
  <td width=72 valign=bottom style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,000</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,695</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'>-</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>4,695</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=121 colspan=2 valign=top style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal>Richard J. Stark <sup>3</sup></p>
  </td>
  <td width=72 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,000</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,695</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'>-</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>4,695</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=121 colspan=2 valign=bottom style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal>Alan A. Teran <sup>3</sup></p>
  </td>
  <td width=72 style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>3,000</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>1,695</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'>-</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>4,695</p>
  </td>
 </tr>
 <tr style='height:1.0pt'>
  <td width=121 colspan=2 valign=bottom style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal>Boyd E. Hoback <sup>4</sup></p>
  </td>
  <td width=72 valign=bottom style='width:.75in;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 valign=bottom style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='margin-right:.05in;text-align:center'>-</p>
  </td>
  <td width=96 style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=96 valign=bottom style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;
  height:1.0pt'>
  <p class=MsoNormal align=center style='text-align:center'>-</p>
  </td>
  <td width=60 style='width:45.0pt;padding:0in 5.4pt 0in 5.4pt;height:1.0pt'>
  <p class=MsoNormal align=right style='margin-right:6.7pt;text-align:right'>0</p>
  </td>
 </tr>
 <tr>
  <td width=24 valign=top style='width:17.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><sup>&nbsp;</sup></p>
  </td>
  <td width=637 colspan=8 valign=top style='width:478.1pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=24 valign=top style='width:17.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><sup>1</sup></p>
  </td>
  <td width=637 colspan=8 valign=top style='width:478.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:8.1pt;text-align:justify'>The value of stock option awards shown in this column
  includes all amounts expensed in the Company's financial statements in 2010
  for equity awards in accordance with the guidance of FASB ASC 718-10-30,
  Compensation - Stock Compensation, excluding any estimate for forfeitures.&nbsp;
  The Company's accounting treatment for, and assumptions made in the valuation
  of equity awards are set forth in Note 1 of the notes to the Company's 2010
  consolidated financial statements included in the Company's Annual Report on
  Form 10-K for the fiscal year ended September 30, 2010.&nbsp; There were no option
  awards re-priced in 2010.</p>
  </td>
 </tr>
 <tr>
  <td width=24 valign=top style='width:17.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><sup>&nbsp;2</sup></p>
  </td>
  <td width=637 colspan=8 valign=top style='width:478.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:8.1pt;text-align:justify'>As of September 30, 2010, the following directors
  held options to purchase the following number of shares of our common stock (numbers of shares have been adjusted to reflect the
  one for three reverse stock split that occurred on December 31, 2010):&nbsp; Mr. Bailey 4,667 shares; Mr. Goodson 4,000 shares;
  Mr. Grissen 4,000 shares; Mr. Reinhard 5,500 shares; Mr. Stark 4,667 shares;
  Mr. Teran 4,667 shares; and Mr. Hoback 47,268 shares.</p>
  </td>
 </tr>
 <tr>
  <td width=24 valign=top style='width:17.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><sup>3</sup></p>
  </td>
  <td width=637 colspan=8 valign=top style='width:478.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:8.1pt;text-align:justify'>Resigned as a director effective as of December 13,
  2010.</p>
  </td>
 </tr>
 <tr>
  <td width=24 valign=top style='width:17.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><sup>4</sup></p>
  </td>
  <td width=637 colspan=8 valign=top style='width:478.1pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-right:8.1pt;text-align:justify'>Mr. Hoback is an employee director and does not
  receive additional fees for service as a member of the Board.</p>
  </td>
 </tr>
 <tr height=0>
  <td width=24 style='border:none'></td>
  <td width=97 style='border:none'></td>
  <td width=72 style='border:none'></td>
  <td width=60 style='border:none'></td>
  <td width=60 style='border:none'></td>
  <td width=96 style='border:none'></td>
  <td width=96 style='border:none'></td>
  <td width=96 style='border:none'></td>
  <td width=60 style='border:none'></td>
 </tr>
</table>

<p class=MsoNormal style='text-align:justify'><a name="_DV_M110"></a>&nbsp;</p>

<p class=MsoNormal style='text-align:justify'>A
description of the standard compensation arrangements (such as fees for
committee service, service as chairman of the board or a committee, and meeting
attendance) is set forth in the section entitled &quot;Directors' Compensation&quot;
above.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M111"></a><b>Employment Agreement:</b>&nbsp; Mr. Hoback entered into an employment agreement with
us in October 2001 and the terms of the agreement were revised effective
October 2007 for compliance with Section 409A of the Internal Revenue Code.&nbsp;
The revised agreement provides for his employment as president and chief
executive officer for two years from the date of the agreement at a minimum
salary of $190,000 per year, terminable by us only for cause.&nbsp; The agreement
provides for payment of one year's salary and benefits in the event that change
of ownership control results in a termination of his employment or termination
other than for cause.&nbsp; This agreement renews automatically unless specifically
not renewed by the Board of Directors.&nbsp; Mr. Hoback's compensation, including
salary, expense allowance, bonus and any equity award, is reviewed and set
annually by the Compensation Committee.&nbsp; Mr. Hoback's bonus, when applicable,
is based on the Company's achieving certain Earnings Before Interest, Taxes,
Depreciation and Amortization (&quot;EBITDA&quot;) targets for the year.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M112"></a>As a condition to the closing of the SII Investment
Transaction, Mr. Hoback agreed to waive certain rights under the employment agreement
which would otherwise have accrued to him as a result of the change in
ownership control of the Company as a result of the SII Investment Transaction,
including his right to terminate his employment within one year of the change
in control and trigger the severance payment described above and his right to
accelerate the vesting of stock options upon the change in control.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M113"></a><b>Other Employment Arrangements:</b>&nbsp; Mr. LeFever is employed as an &quot;employee at will&quot; and
does not have a written employment agreement.&nbsp; His compensation, including
salary, expense allowance, bonus and any equity awards, is reviewed and
approved by the Compensation Committee annually.&nbsp; He participates in a bonus
program that is based on both the company's level of EBITDA for the year and
achieving certain operating metrics and sales targets.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M114"></a><b>Certain Relationships And Related Transactions And
Director Independence: </b>In February
2005, we issued 1,240,000 shares of our Series B Convertible Preferred Stock,
including 180,000 shares to The Erie County Investment Co., a substantial
holder of our common stock and member of The Bailey Group.&nbsp; In June 2006, we
exercised our mandatory conversion rights under the terms of the Series B
preferred stock to convert all of those shares into a total of 1,240,000 shares
of our common stock.&nbsp; Under the agreements for the Series B preferred stock
financing, prior to December 13, 2010 The Bailey Group had the right to elect
three directors, provided that two directors meet the NASDAQ independence
standards, and the other investors in the Series B preferred stock financing
had the right to elect three directors.&nbsp; As a condition to the closing of the
SII Investment Transaction, the Series B investors agreed to waive the
foregoing director</p>

<p class=MsoNormal align=center style='text-align:center'>12</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-align:justify'>designation
rights, effective as of December 13, 2010.&nbsp; Going forward, the Series B
investors have certain designation rights as set forth in the Purchase
Agreement with SII, which is discussed below.</p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_DV_M115"></a>The SII Purchase Agreement
provides that so long as SII holds more than 50% of the Company's outstanding
Common Stock, (i) the Board shall consist of seven directors, and (ii) SII
shall have the right to designate four members of the Board.&nbsp; By agreement with
SII, the Board currently consists of six directors of which SII has the right
to designate three.<a name="_DV_M116"></a>&nbsp; In addition, a provision of the
Series B preferred stock financing restricts, for as long as the original
investors hold at least two-thirds of the common stock into which the Series B
shares have been converted, our ability to increase the size of the Board of
Directors above seven directors unless we first receive approval from the
holders of at least three-fourths of all outstanding shares of common stock.</p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_DV_M117"></a>The SII Purchase Agreement
provides that SII shall vote its shares in any election of directors in favor
of one person designated by The Bailey Group and one person designated by Eric
W. Reinhard, in addition to SII's four (currently three) director designees.&nbsp;
If either The Bailey Group or the other Series B investors ceases to own at
least 600,000 shares of the Company's Common Stock (adjusted for any stock
splits, reverse splits or similar capital stock transactions), then the
foregoing designation rights will cease, and SII has agreed to vote its shares
in any election of directors in favor of a person, other than an SII designee,
who receives the majority of votes of holders of Common Stock other than SII.&nbsp;
Pursuant to the Purchase Agreement, the Series B investors have agreed to vote
their shares in any election of directors in favor of SII's designees.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M119"></a>In connection with the closing of the SII Investment
Transaction on December 13, 2010, Keith A. Radford, John F. Morgan, Gary J.
Heller and David L. Dobbin were appointed to our Board as the SII designees.&nbsp;
Mr. Morgan resigned as a director on August 10, 2011 and Messrs. Radford,
Heller and Dobbin are the current directors designated by SII.&nbsp; Geoffrey R.
Bailey is the current director designated by The Bailey Group, and Eric W.
Reinhard is the current director designated by the other Series B investors.&nbsp;
David L. Dobbin is a director of SII, which holds approximately 50.7% of our
outstanding Common Stock following the SII Investment Transaction.&nbsp; Geoffrey R.
Bailey is a director of The Erie County Investment Co., which owns 99% of The
Bailey Company.&nbsp; The Bailey Company and The Erie County Investment Co. are
principal stockholders of us.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M120"></a>Our corporate headquarters are located in a building
owned by The Bailey Company and in which The Bailey Company also has its
corporate headquarters.&nbsp; We currently lease our executive office space of
approximately 3,693 square feet from The Bailey Company for approximately
$55,000 per year.&nbsp; The lease expired September 30, 2009 and we continue to
lease the space on a month to month basis.</p>



<p class=Style74 style='margin-left:0in;text-align:justify;text-indent:0in'><a
name="_DV_M121"></a>The Bailey Company is also
the owner of one franchised Good Times Drive Thru restaurant which is located
in Loveland, Colorado and was the owner of one franchised restaurant in
Thornton, Colorado which was closed in October 2009. The Bailey Company has entered
into two franchise and management agreements with us.&nbsp; Franchise royalties and
management fees paid under those agreements totaled approximately $50,000 and
$78,000 for the fiscal years ending September 30, 2010 and 2009, respectively.</p>



<p class=MsoListBullet5 style='margin-left:0in;text-align:justify;text-indent:
0in'><a name="_DV_M122"></a>In April 2009 the
Company entered into a loan agreement with Golden Bridge, pursuant to which
Golden Bridge made a loan of $185,000 to the Company.&nbsp; This loan was repaid in
full out of the proceeds received by the Company in the SII Investment
Transaction.&nbsp; Director Eric Reinhard and former directors Ron Goodson, David
Grissen, Richard Stark, and Alan Teran, who are all stockholders of the
Company, are the sole members of Golden Bridge, and Eric Reinhard is the sole
manager of Golden Bridge.&nbsp; The Company's obtaining of the loan from Golden
Bridge and related transactions were duly approved in advance by the Company's
Board of Directors by the affirmative vote of members thereof who did not have
an interest in the transaction.&nbsp; Total interest and commitment fees paid under
this agreement were approximately $18,000 and $12,000 for the fiscal years
ending September 30, 2010 and 2009, respectively. The amount due to related
parties under this agreement that is included in notes payable was $185,000 at
September 30, 2010. See Note 8 to our Consolidated Financial Statements of Item
8 above for the terms of the loan.</p>



<p class=MsoNormal style='text-align:justify'><a name="_Toc92016746"></a><a
name="_Toc89839954"></a><a name="_Toc89839459"></a><a name="_DV_M123"></a><b>Independent Public Accountants:</b> The Board of Directors appointed HEIN &amp;
ASSOCIATES LLP as Good Times Restaurants' independent auditors for the fiscal
year ended September 30, 2009 and fiscal year 2010, and to perform other
accounting services.&nbsp; Representatives of HEIN &amp; ASSOCIATES LLP are expected
to be present at the annual meeting of shareholders, and will have the
opportunity to make a statement if they so desire and to respond to appropriate
shareholder questions.</p>



<p class=MsoNormal align=center style='text-align:center'>13</p>



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

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

</div>



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


<p class=MsoNormal style='line-height:1.0pt'><a name="_DV_M124"></a>&nbsp;</p>







<p class=MsoNormal style='text-align:justify'><b>Audit
Fees:</b> The aggregate fees billed for
professional services rendered by HEIN &amp; ASSOCIATES LLP for its audit of
the Company's annual financial statements for the fiscal year ended September
30, 2010, and its reviews of the financial statements included in the Company's
Forms 10-Qs for fiscal year 2010 were $75,910 compared to $86,236 in fees for
the fiscal year ended 2009.</p>



<p class=MsoEnvelopeAddress style='margin-left:0in;text-align:justify'><a
name="_DV_M125"></a><b>Audit
Related Fees:</b>
There were no aggregate fees billed by HEIN &amp; ASSOCIATES LLP for assurance
and related services that are reasonably related to the performance of the
audit or review of our financial statements and are not reported under &quot;Audit
Fees&quot; for the fiscal years ended September 30, 2010 and September 30, 2009.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M126"></a><b>Tax Fees:</b>
The aggregate fees billed by HEIN &amp; ASSOCIATES LLP for the preparation and
review of the Company's tax returns for the fiscal year ended September 30,
2010 were $10,500 compared to $11,350 in fees for the fiscal year ended
September 30, 2009.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M127"></a><b>All Other Fees:</b>
The aggregate fees billed to Good Times Restaurants for all other services
rendered by HEIN &amp; ASSOCIATES LLP for fiscal year 2010 were $12,214
compared to $12,562 in fees for the fiscal year ended September 30, 2009.&nbsp;
These fees are primarily related to a 401(k) plan audit.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M128"></a><b>Audit Committee:</b> Policy on Pre-Approval Policies of Auditor Services: Under the
provisions of the Audit Committee Charter, all audit services and all permitted
non-audit services (unless subject to a de minimis exception allowed by law)
provided by our independent auditors, as well as fees and other compensation to
be paid to them, must be approved in advance by our Audit Committee.&nbsp; All audit
and other services provided by HEIN &amp; ASSOCIATES LLP during the fiscal year
ended September 30, 2010, and the related fees as discussed above, were
approved in advance in accordance with SEC rules and the provisions of the
Audit Committee Charter.&nbsp; There were no other services or products provided by
HEIN &amp; ASSOCIATES LLP to us or related fees during the fiscal year ended
September 30, 2010 except as discussed above.</p>



<p class=MsoNormal style='text-align:justify'><a name="_DV_M129"></a><b>Auditor Independence</b><b>:</b> The Audit
Committee of the Board of Directors has considered the effect that the
provision of the services described above under the caption &quot;All Other Fees&quot;
may have on the independence of HEIN &amp; ASSOCIATES LLP.&nbsp; The Audit Committee
has determined that provision of those services is compatible with maintaining
the independence of HEIN &amp; ASSOCIATES LLP as the Company's principal
accountants.</p>



<p class=NormalWeb style='margin:0in;margin-bottom:.0001pt;text-align:justify'><a
name="_Toc92016778"></a><a name="_Toc89839961"></a><a name="_Toc89839466"></a><a
name="_DV_M130"></a><b>Future Stockholder
Proposals:</b><a name="_DV_M131"></a> Any
Good Times Restaurants stockholder proposal for the annual meeting of
stockholders in 2011 must be received by Good Times Restaurants by December 1,
2011 for the proposal to be included in the Good Times Restaurants' proxy
statement and form of proxy for that meeting.&nbsp; If notice of a proposal for
which a stockholder will conduct his or her own proxy solicitation is not
received by Good Times Restaurants by November 11, 2011, such proposal will be
considered untimely pursuant to Rules 14a-4 and 14a-5(e) of the Securities
Exchange Act of 1934, and the person named in proxies solicited by the Good
Times Restaurants Board of Directors may use his discretionary authority when
the matter is raised at the meeting, without including any discussion of the
matter in the proxy statement.</p>



<p class=NormalWeb style='margin:0in;margin-bottom:.0001pt;text-align:justify'><a
name="_Toc92016779"></a><a name="_Toc89839962"></a><a name="_Toc89839467"></a><a
name="_DV_M132"></a><b>Other Matters</b>: The Board of Directors does not know of any other
matters to be brought before the annual meeting.&nbsp; If any other matter not
discussed in this proxy statement is properly brought before the annual meeting,
the persons named in the enclosed proxy intend to vote such proxy in accordance
with his or her best judgment on that matter.<a name="_DV_M133"></a></p>



<p class=NormalWeb style='margin:0in;margin-bottom:.0001pt;text-align:justify'><a
name="_Toc92016780"></a><a name="_DV_M134"></a><b>Incorporation
Of Documents By Reference:</b><a name="_DV_M135"></a> Our Annual Report on Form 10-K, including financial
statements, for the fiscal year ended September 30, 2010, was filed with the
Securities and Exchange Commission on December 23, 2010. The following
information from the Form 10-K is incorporated into this proxy statement by
reference:</p>



<p class=Style28 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:23.05pt;margin-bottom:.0001pt;text-indent:-23.05pt'><a
name="_DV_M136"></a>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the
information under the caption &quot;Item 6. Management's Discussion and Analysis of
Financial Condition and Results of Operations&quot;;</p>

<p class=Style28 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:23.05pt;margin-bottom:.0001pt;text-indent:-23.05pt'><a
name="_DV_M137"></a>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the
information under the caption &quot;Item 7. Financial Statements&quot;; and</p>

<p class=Style28 style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:23.05pt;margin-bottom:.0001pt;text-indent:-23.05pt'><a
name="_DV_M138"></a>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the
information under the caption &quot;Item 8. Changes In and Disagreements with
Accountants on Accounting and Financial Disclosure&quot;.</p>



<p class=MsoNormal><a name="_DV_M139"></a><b>BY
ORDER OF THE BOARD OF DIRECTORS</b></p>

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

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

<p class=MsoNormal><a name="_DV_M140"></a>Boyd
E. Hoback</p>

<p class=MsoNormal><a name="_DV_M141"></a>President
and Chief Executive Officer</p>

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



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

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

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