<SEC-DOCUMENT>0000825324-13-000034.txt : 20131001
<SEC-HEADER>0000825324-13-000034.hdr.sgml : 20131001
<ACCEPTANCE-DATETIME>20131001163433
ACCESSION NUMBER:		0000825324-13-000034
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131001
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20131001
DATE AS OF CHANGE:		20131001

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18590
		FILM NUMBER:		131127346

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT VENTURES INC
		DATE OF NAME CHANGE:	19900205
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8kheathcote.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="christi">
<META NAME="date" CONTENT="10/01/2013">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px"><BR>
<BR></P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=37.2 /><TD width=198 /><TD width=192 /><TD width=211.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>UNITED STATES</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
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<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>Washington, D.C. 20549</P>
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<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>FORM 8-K</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>CURRENT REPORT</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>Date of Report (Date of earliest event reported)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>October 1, 2013 (September 27, 2013)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>Good Times Restaurants Inc.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>(Exact name of registrant as specified in its charter)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=235.2 colspan=2><P style="margin:0px; font-size:12pt" align=center>Nevada</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:12pt" align=center>000-18590</P>
</TD><TD style="margin-top:0px" valign=top width=211.2><P style="margin:0px; font-size:12pt" align=center>84-1133368</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=235.2 colspan=2><P style="margin:0px; font-size:12pt" align=center>(State or other jurisdiction of incorporation)</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:12pt" align=center>(Commission File Number)</P>
</TD><TD style="margin-top:0px" valign=top width=211.2><P style="margin:0px; font-size:12pt" align=center>(IRS Employer Identification No.)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>601 Corporate Circle, Golden, Colorado 80401</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>(Address of principal executive offices) &nbsp;&nbsp;(Zip Code)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>Registrant&#146;s telephone number, including area code: (303) 384-1400</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>Not applicable</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>(Former name or former address, if changed since last report.)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=638.4 colspan=4><P style="margin:0px; font-size:12pt" align=center>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=37.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=601.2 colspan=3><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=37.2><P style="margin:0px; font-size:12pt" align=center>[_]</P>
</TD><TD style="margin-top:0px" valign=top width=601.2 colspan=3><P style="margin:0px; font-size:12pt" align=center>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=37.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=601.2 colspan=3><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=37.2><P style="margin:0px; font-size:12pt" align=center>[_]</P>
</TD><TD style="margin-top:0px" valign=top width=601.2 colspan=3><P style="margin:0px; font-size:12pt" align=center>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=37.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=601.2 colspan=3><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=37.2><P style="margin:0px; font-size:12pt" align=center>[_]</P>
</TD><TD style="margin-top:0px" valign=top width=601.2 colspan=3><P style="margin:0px; font-size:12pt" align=center>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=37.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=601.2 colspan=3><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=37.2><P style="margin:0px; font-size:12pt" align=center>[_]</P>
</TD><TD style="margin-top:0px" valign=top width=601.2 colspan=3><P style="margin:0px; font-size:12pt" align=center>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
</TD></TR>
</TABLE>
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<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 1.01</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; text-indent:48px; font-size:12pt" align=justify>On September 27, 2013, Good Times Restaurants Inc. (the &#147;Company&#148;) amended its financial advisory services agreement (the &#147;Agreement&#148;) with Heathcote Capital LLC (&#147;Heathcote&#148;) dated April 11, 2012, as amended November 5, 2012 and March 25, 2013 and which was previously filed on Form 8-K dated April 11, 2012. &nbsp;This amendment engages Heathcote to serve as interim Chief Financial Officer. &nbsp;The services to be provided by Heathcote may involve capital markets consulting and investor relations activities focused on the exercise of the outstanding B Warrants and trading volume in the Company&#146;s stock as well as other corporate finance projects to be determined in consultation with the CEO of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-size:12pt" align=justify>Gary J. Heller, a member of the Company&#146;s Board of Directors, is the principal of Heathcote. &nbsp;Accordingly, the Agreement constitutes a related party transaction and was reviewed and approved by the Audit Committee of the Company&#146;s Board of Directors. &nbsp;Mr. Heller will continue to serve on the Company&#146;s Board of Directors.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-size:12pt" align=justify>Mr. Heller has extensive experience as an investment banker, including having served as a Managing Director of FTI Capital Advisors, LLC (2002-2006) and a Director of Andersen Corporate Finance LLC (1999-2002). &nbsp;Mr. Heller holds a BA in Economics from the University of Pennsylvania and an MBA in Finance from New York University.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-size:12pt" align=justify>The foregoing summary of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:72px; font-size:12pt; float:left"><B>Item 9.01</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Financial Statements and Exhibits.</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">(d)</P>
<P style="margin:0px; text-indent:-2px; font-size:12pt">Exhibits. &nbsp;The following exhibits are filed as part of this report:</P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=121.2 /><TD width=438 /></TR>
<TR><TD style="margin-top:0px" valign=top width=121.2><P style="margin:0px; font-size:12pt"><U>Exhibit Number</U></P>
</TD><TD style="margin-top:0px" valign=top width=438><P style="margin:0px; font-size:12pt"><U>Description</U></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=121.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=438><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=121.2><P style="margin:0px; font-size:12pt">10.1</P>
</TD><TD style="margin-top:0px" valign=top width=438><P style="margin:0px; font-size:12pt">Amended Financial Advisory Services Agreement between the Company and Heathcote Capital, LLC.</P>
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<P style="margin:0px; font-size:12pt" align=center>2</P>
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<P style="margin-top:32px; margin-bottom:0px; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:38.4px; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=271.2 /><TD width=360 /></TR>
<TR><TD style="margin-top:0px" valign=top width=271.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=360><P style="margin:0px; font-size:12pt"><B>GOOD TIMES RESTAURANTS INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=271.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=360><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=271.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=360><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=271.2><P style="margin:0px; font-size:12pt">Date: October 1, 2013</P>
</TD><TD style="margin-top:0px" valign=bottom width=360><P style="margin:0px; font-size:12pt"><U>/s/ Boyd E. Hoback</U></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=271.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=360><P style="margin:0px; font-size:12pt">Boyd E. Hoback</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=271.2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=360><P style="margin:0px; font-size:12pt">President and Chief Executive Officer</P>
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<P style="margin:0px; font-size:12pt" align=center>3</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>gtimheathcoteamendment92713.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="gesmodi">
<META NAME="date" CONTENT="10/01/2013">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px; font-size:16pt" align=center><B>HEATHCOTE CAPITAL LLC</B></P>
<P style="margin:0px; font-size:12pt" align=center>1333A North Avenue, #707</P>
<P style="margin:0px; font-size:12pt" align=center>New Rochelle, NY 10804</P>
<P style="margin:0px; font-size:12pt" align=center>914-813-8547</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">September 27, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Mr. Boyd E. Hoback</P>
<P style="margin:0px; font-size:11pt">President &amp; CEO</P>
<P style="margin:0px; font-size:11pt">Good Times Restaurants Inc.</P>
<P style="margin:0px; font-size:11pt">601 Corporate Circle</P>
<P style="margin:0px; font-size:11pt">Golden, CO 80401</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">RE:</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">Agreement dated April 6, 2012, as amended November 5, 2012 and March 25, 2013, between Heathcote Capital LLC (&#147;Heathcote&#148;) and Good Times Restaurants Inc. (the &#147;Company) (the &#147;Agreement&#148;),</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Dear Mr. Hoback:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt" align=justify>The parties to the Agreement hereby agree to further amend the Agreement as follows:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; float:left">a)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>The scope of the engagement will be modified such that Gary Heller will serve as the Company's Interim Chief Financial Officer. &nbsp;The scope will further consist of capital markets consulting and investor relations activities focused on the exercise of the outstanding B Warrants and trading volume in the Company&#146;s stock as well as other corporate finance projects &nbsp;(senior debt or other credit facilities, sale leaseback, franchise financing, etc) to be determined in consultation with the CEO of the Company.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; clear:left; float:left">b)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>The term of the Agreement shall be one (1) year commencing the date of execution of this amendment (the &quot;Term&quot;).</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; clear:left; float:left">c)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>The Company shall pay Heathcote retainer payments as follows:</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; font-size:11pt; clear:left" align=justify>i) $10,000 per month for months 1 through 3; plus</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; font-size:11pt" align=justify>ii) $7,500 per month for months 4 through 9; plus</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; font-size:11pt" align=justify>iii) $5,000 per month for months 10 through 12.</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; font-size:11pt" align=justify>Payments shall commence October 1, 2013 and be made on the first of each month thereafter.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; float:left">d)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>Additional fees:</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; font-size:11pt; clear:left" align=justify>i) The Company shall pay Heathcote a fee of 1.0% of equity financing obtained by the Company through the exercise of B warrants issued in the Company's August 2013 secondary offering.</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; font-size:11pt" align=justify>ii) The Company shall pay Heathcote a fee of 0.75% on debt financing obtained by the Company, excluding any development capital from US Restaurant Properties or debt to third party franchisees.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-size:11pt; page-break-before:always">Mr. Boyd E. Hoback</P>
<P style="margin:0px; font-size:11pt">September 27, 2013</P>
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify>Page 2 of 2</P>
<P style="margin-top:0px; margin-bottom:14.667px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; float:left">e)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>Expense reimbursement shall continue as outlined in the Agreement, except that Heathcote's air travel costs shall be paid directly by the Company.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; clear:left; float:left">f)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>By or before the end of the sixth month subsequent to this amendment, the parties will in good faith determine if there will be a change in the scope of the engagement which may trigger an increase in the monthly remuneration for months 6 - 12 (such monthly remuneration shall not be reduced below the amounts in C(ii) and (iii) above), termination of the engagement agreement in lieu of full time employment of Gary Heller by the Company, or confirmation of this amendment to the Agreement through its term.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; clear:left; float:left">g)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>Heathcote shall not be prohibited from performing consulting engagements with other restaurant companies, provided such engagements do not pose a conflict of interest.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; clear:left; float:left">h)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>The Agreement may be terminated prior to expiration of the Term only in the event that Heller becomes a full-time direct employee of the company or Heathcote's non-performance of the activities contemplated by this amendment.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; font-size:11pt; clear:left; float:left">i)</P>
<P style="margin-top:0px; margin-bottom:14.667px; padding-left:72px; text-indent:-2px; font-size:11pt" align=justify>The Company shall provide Heathcote at least two (2) months notice prior to expiration of the Term of its intention to extend the Term or offer full-time employment to Gary Heller.</P>
<P style="margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt; clear:left" align=justify>If this letter agreement accurately sets forth the understanding between us, please sign the enclosed copy of this letter agreement below and return it to Heathcote, at which time this letter agreement will become a mutually binding obligation. </P>
<P style="margin:0px; padding-left:300px; font-size:11pt" align=justify>Very truly yours,</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:300px; font-size:11pt" align=justify>HEATHCOTE CAPITAL LLC</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:300px; font-size:11pt" align=justify>By: <I><U>/s/ Gary J. Heller</U></I></P>
<P style="margin:0px; padding-left:300px; text-indent:36px; font-size:11pt" align=justify>Name: Gary J. Heller</P>
<P style="margin:0px; padding-left:300px; text-indent:36px; font-size:11pt" align=justify>Title: President</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Agreed to as of the above date:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt">GOOD TIMES RESTAURANTS INC.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>By:<I><U> /s/ Boyd E. Hoback</U></I></P>
<P style="margin:0px; font-size:11pt" align=justify>Name: Boyd E. Hoback</P>
<P style="margin:0px; font-size:11pt" align=justify>Title: President &amp; CEO</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
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