CONSENT TO TRANSFER
AND
FIRST AMENDMENT TO STOCKHOLDERS’ AGREEMENT

          THIS CONSENT TO TRANSFER AND FIRST AMENDMENT TO STOCKHOLDERS’
AGREEMENT (this “Amendment”), is made and entered into as of this 21st day of
November, 2003, by and among TURBOCHEF TECHNOLOGIES, INC., a Delaware
corporation (the “Company”), OVENWORKS, LLLP, a Georgia limited liability
limited partnership (“OvenWorks”), JEFFREY B. BOGATIN, an individual resident of
the State of New York (“Bogatin”), and DONALD J. GOGEL, an individual resident
of the State of New York (“Gogel”).

W I T N E S S E T H:

          WHEREAS, the Company, OvenWorks, Bogatin and Gogel are parties to that
certain Stockholders’ Agreement, dated as of October 28, 2003 (the “Agreement”),
which sets forth, among other things, certain restrictions on Bogatin’s ability
to transfer his shares of the Company’s common stock;

          WHEREAS, Bogatin proposes to sell up to 1,100,000 shares of the
Company’s common stock in a private transaction to Sanders Morris Harris Inc., a
Texas corporation (“SMH”) (such proposed sale being referred to herein as the
“Transfer”);

          WHEREAS, pursuant to the terms of the Agreement, the Transfer requires
the prior written consent of the Company and OvenWorks;

          WHEREAS, the Company and OvenWorks are willing to grant the
aforementioned consent upon the terms and conditions set forth herein;

          WHEREAS, in connection with the Transfer, the parties propose certain
amendments to the Agreement in order to revise certain of the restrictions
relating to Bogatin’s ability to transfer his shares of the Company’s common
stock, and in order to remove certain rights relating to Bogatin’s ability to
nominate and elect a member of the Company’s Board of Directors; and

          WHEREAS, pursuant to Section 7.8 of the Agreement, the Agreement may
be amended by a writing signed by all parties thereto;

          NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties, intending
to be legally bound, hereby agree as follows:

1.

Defined Terms.  Terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Agreement.

 

 

2.

Consent to Transfer.  Subject to the conditions and covenants set forth herein,
the Company and OvenWorks hereby consent to the Transfer; provided, however,
that the foregoing consent shall not be deemed a consent to any other sale,
pledge or other

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

transfer of any shares of the Company’s common stock owned beneficially or of
record by Bogatin, or a waiver of any other rights that the Company or OvenWorks
may have under the Agreement, as amended hereby.

 

 

3.

Amendments to Agreement.

 

 

 

3.1

Amendments to Article I.

 

 

 

 

 

(a)

The definition of “Gross-Up Shares” is hereby amended and restated in its
entirety to read as follows:

 

 

 

 

 

 

 

          “Gross-Up Shares” means, with respect to Gogel, a number of shares
equal to forty percent (40%) of the total number of Shares issued to Gogel
pursuant to the terms of (a) that certain Confidentiality and Non-Competition
Agreement, dated as of even date herewith, between the Company and Gogel, and
(b) that certain Resignation and Release, dated as of even date herewith,
between the Company and Gogel.”

 

 

 

 

 

 

(b)

The following definition is hereby added to Article I of the Agreement following
the definition of “Exchange Act”:

 

 

 

 

 

 

 

          “Exempt Shares” means, with respect to Bogatin, a number of shares
equal to Nine Hundred Twenty-Five Thousand (925,000).”

 

 

 

 

 

3.2

Amendment to Section 2.1.  Section 2.1 of the Agreement is hereby amended and
restated in its entirety to read as follows:

 

 

 

 

 

 

 

“(a)

Except as permitted under Section 2.3, for a period beginning on the date hereof
and ending on June 30, 2005 (such period of time being referred to as the
“Bogatin Lock-Up Period”), without the prior written consent of the Company and
Purchaser, which may be withheld in their absolute respective discretion,
Bogatin may not sell, offer or agree to sell, grant any option for the sale of,
pledge, make any short sale or maintain any short position, establish or
maintain a “put equivalent position” (within the meaning of Rule 16-a-1(h) under
the Exchange Act), enter into any swap, derivative transaction or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of his respective Shares, or otherwise dispose of any
Shares.  Bogatin hereby authorizes the Company and its transfer agent, if any,
to decline to transfer and/or note stop transfer restrictions on the transfer
books and records of the Company during the Bogatin Lock-Up Period with respect
to the Shares that are subject to this Section 2.1(a) for which Bogatin is the
record holder, and, in the case of any such Shares for which Bogatin is the
beneficial but not the record holder, agrees to cause the record holder to
authorize the Company and its transfer agent, if any, to decline to transfer
and/or note stop transfer restrictions on such books and records with respect to
such Shares.

-2-

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 

 

(b)

Except as permitted under Section 2.3, for a period beginning on the date hereof
and ending eighteen (18) months from the date hereof (such period of time being
referred to as the “Gogel Lock-Up Period”), without the prior written consent of
the Company and Purchaser, which may be withheld in their absolute respective
discretion, Gogel may not sell, offer or agree to sell, grant any option for the
sale of, pledge, make any short sale or maintain any short position, establish
or maintain a “put equivalent position” (within the meaning of Rule 16-a-1(h)
under the Exchange Act), enter into any swap, derivative transaction or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of his respective Shares, or otherwise dispose of any
Shares.  Gogel hereby authorizes the Company and its transfer agent, if any, to
decline to transfer and/or note stop transfer restrictions on the transfer books
and records of the Company during the Gogel Lock-Up Period with respect to the
Shares that are subject to this Section 2.1(b) for which Gogel is the record
holder, and, in the case of any such Shares for which Gogel is the beneficial
but not the record holder, agrees to cause the record holder to authorize the
Company and its transfer agent, if any, to decline to transfer and/or note stop
transfer restrictions on such books and records with respect to such Shares.”

 

 

 

 

 

 

3.3

Amendments to Section 2.2.  Section 2.2(a) of the Agreement is hereby amended
and restated in its entirety to read as follows:

 

 

 

 

 

 

 

 

“(a)

With respect to each Stockholder, following the expiration of his respective
Lock-Up Period, until such time as the outstanding shares of Series D Stock and
the shares of Common Stock outstanding as a result of the conversion of Series D
Stock represent, on a fully-diluted, as converted basis, less than twenty-five
percent (25%) of the outstanding capital stock of the Company, if such
Stockholder proposes to sell, pledge, or otherwise transfer any of his Shares to
any Person, other than pursuant to the provisions of Section 2.3, then he shall
first give simultaneous written notice to the Company and Purchaser (such
written notice being referred to as the “Transfer Notice”) that (i) sets forth
the number of Shares he proposes to sell (the “Offered Shares”), (ii) sets forth
the name and address of the proposed purchaser (the “Proposed Purchaser”), (iii)
sets forth the price and other terms of the proposed sale, and (iv) includes a
copy of the bona fide written offer received by such Stockholder from the
Proposed Purchaser.”

-3-

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

3.4

Amendments to Section 2.3.

 

 

 

 

 

 

 

(a)

Section 2.3(a) of the Agreement is hereby amended and restated in its entirety
to read as follows:

 

 

 

 

 

 

 

 

“(a)

The provisions of Section 2.1 and Section 2.2 shall not apply to (i) the
Gross-Up Shares, (ii) to any sale of Shares to the public pursuant to a
registration statement filed with, and declared effective by, the SEC under the
Securities Act, or (iii) to the Exempt Shares, provided that (A) such Exempt
Shares are sold to, or in connection with “brokers transactions” effected
through, Sanders Morris Harris Inc., a Texas corporation (“SMH”), or if at the
time of sale SMH is no longer conducting a brokerage business, through Dean
Oakey or any broker-dealer with whom Mr. Oakey is associated at the time of sale
(together with SMH, the “Designated Broker”), and (B) Bogatin uses his
reasonable best efforts to minimize the impact, whether positive or negative, of
such sales on the trading market for the Company’s Common Stock.”

 

 

 

 

 

 

 

(b)

Section 2.3(b) of the Agreement is hereby amended and restated in its entirety
to read as follows:

 

 

 

 

 

 

 

 

“(b)

Notwithstanding the restrictions set forth in Section 2.1 or Section 2.2:

 

 

 

 

 

 

 

 

 

(i)

either Stockholder shall be permitted to transfer Shares to a Permitted
Transferee in accordance with Article V;

 

 

 

 

 

 

 

 

 

 

(ii)

Bogatin shall be permitted to sell, during each calendar quarter beginning on
January 1, 2004, a number of Shares not to exceed One Hundred Thousand
(100,000); provided, however, that (A) any such Shares shall be sold to, or in
connection with “brokers transactions” effected through, the Designated Broker,
and (B) Bogatin uses his reasonable best efforts to minimize the impact, whether
positive or negative, of such sales on the trading market for the Company’s
Common Stock.  Any transfers of Shares received by Persons from Bogatin or his
Affiliates shall be aggregated for the purposes of calculating the transfer
limitations pursuant to this Section 2.3(b)(ii); and

 

 

 

 

 

 

 

 

 

 

(iii)

Gogel shall be permitted to sell, on a monthly basis, a number of Shares not to
exceed ten percent (10%) of the average daily reported volume of trading in the
Company’s Common Stock on all national securities exchanges and/or reported
through the automated quotation system of a registered securities association
during the prior month.  Any transfers of Shares received by Persons from Gogel
or his Affiliates shall be

-4-

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 

 

 

 

aggregated for the purposes of calculating the transfer limitations pursuant to
this Section 2.3(b)(iii).”

 

 

 

 

 

 

 

3.5

Amendments to Article IV.  Article IV of the Agreement is hereby amended and
restated in its entirety to read as follows:

“ARTICLE IV

CORPORATE GOVERNANCE

[INTENTIONALLY OMITTED]”

4.

Miscellaneous.

 

 

 

 

 

 

 

4.1

Construction.  This Amendment is an amendment to the Agreement, and said
Agreement and this Amendment shall henceforth be read together.  The Agreement
as amended and supplemented by this Amendment is in all respects confirmed and
preserved.

 

 

 

 

4.2

Headings.  The Section headings herein are for convenience only and shall not
affect the construction hereof.

 

 

 

 

4.3

Severability.  In case any provision of this Amendment shall be invalid, illegal
or unenforceable, it shall to the extent practicable be modified so as to make
it valid, legal and enforceable and to retain as nearly as practicable the
intent of the parties, and the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

 

 

 

4.4

Counterparts.  This Amendment may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

 

 

 

4.5

Governing Law.  This Amendment shall be governed by and construed under the laws
of the State of Delaware as applied to agreements among residents of Delaware
made and to be performed entirely within the State of Delaware, and without
regard to the conflicts of law principles as may otherwise be applicable.

[Signatures on following page]

-5-

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

          IN WITNESS WHEREOF, the parties have executed, or caused this
Amendment to be executed by their duly authorized agents or representatives, as
of the day and year set forth beside their respective signatures below.

 

TURBOCHEF TECHNOLOGIES, INC.

 

 

 

By:

  /s/ James K. Price

 

 

--------------------------------------------------------------------------------

 

 

 

James K. Price

 

 

President and Chief Executive Officer

 

 

 

 

OVENWORKS, LLLP

 

 

 

By:

Oven Management, Inc.,
its General Partner

 

 

 

 

 

 

By:

  /s/ Richard E. Perlman

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

Richard E. Perlman

 

 

 

President

 

 

 

 

  /s/ Jeffrey B. Bogatin

 

--------------------------------------------------------------------------------

 

 

Jeffrey B. Bogatin

 

 

 

  /s/ Donald J. Gogel

 

--------------------------------------------------------------------------------

 

 

Donald J. Gogel

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------