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| (Mark One): |   |
|-------------|--------|

| ý                                                                                                                                                                                                                                                                                                                                                                                                                            | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|
| For the fiscal year ended December 31, 2009                                                                                                                                                                                                                                                                                                                                                                                       |
| OR                                                                                                                                                                                                                                                                                                                                                                                                                                |
| o                                                                                                                                                                                                                                                                                                                                                                                                                                 | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934   |
| For the transition period from                                to                                  |

| Colorado                                                            |   | 38-3750924                                |
|---------------------------------------------------------------------|--------|-------------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| 90 Madison Street, Suite 700, Denver, Colorado |   | 80206      |
|------------------------------------------------|--------|------------|
| (Address of principal executive offices)       |   | (Zip code) |

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| Large accelerated filer o |   | Accelerated filer o |   | Non-accelerated filer o (Do not check if a smaller reporting company) |   | Smaller reporting company ý |
|--------------------------------|--------|--------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------|

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| Face value of the note to be repaid if not converted           |   | $      | 817,252  |   |
|---------------------------------------------------------------------|--------|--------|----------|--------|
| Amount allocated to additional paid in capital, net of amortization |   |   | (140,325 | )      |
| Note payable to related parties                                |   | $      | 676,927  |   |

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| RegulationS-K Number | Exhibit                                                                                                                       |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------|
| 2.1                  | Asset Purchase Agreement between SPBG Franchising, Inc. and Bread Garden Franchising, Inc. dated September 30, 2008 (1)  |
| 3.1                  | Amended and Restated Articles of Incorporation (2)                                                                       |
| 3.2                  | Bylaws (3)                                                                                                               |
| 4.1                  | Certificate of Designation of Series A Variable Rate Convertible Preferred Stock (4)                                     |
| 4.2                  | Form of warrant to be issued to Midtown Partners & Co, LLC and assigns (5)                                           |
| 4.3                  | Form of warrant to be issued to private placement investors (6)                                                          |
| 10.1                 | Employment Agreement – Marc Geman (3)                                                                              |
| 10.2                 | Employment Agreement – Anthony Walker (3)                                                                          |
| 10.3                 | Employment Agreement – Kevin Morrison (3)                                                                          |
| 10.4                 | 2006 Stock Option Plan (3)                                                                                               |
| 10.5                 | Promissory Note to Spicy Pickle, LLC (3)                                                                                 |
| 10.6                 | Securities Purchase Agreement dated as of December 14, 2007 (7)                                                          |
| 10.7                 | Form of Warrant (8)                                                                                                      |
| 10.8                 | Registration Rights Agreement dated as of December 14, 2007 (9)                                                          |
| 10.9                 | Lock-Up Agreement of Marc Geman (10)                                                                                     |
| 10.10                | Form of Lock-Up Agreement executed by other officers and directors (11)                                                  |
| 10.11                | Amendment No. 1 to Securities Purchase Agreement dated as of May 22, 2008 (12)                                           |
| 10.12                | Amendment, Redemption and Conversion Agreement (13)                                                                      |
| 10.13                | Agreement with Midtown Partners & Co, LLC and assigns (14)                                                           |
| 10.14                | 2009 Stock Option Plan (15)                                                                                              |

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| RegulationS-K Number | Exhibit |
|----------------------|---------|

| 10.15 | 2009 Restricted Stock Plan (15)                                         |
|-------|------------------------------------------------------------------------------|
| 31.1  | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer (16)  |
| 31.2  | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer (16)  |
| 32.1  | Section 1350 Certification of Chief Executive Officer (16)              |
| 32.2  | Section 1350 Certification of Chief Financial Officer (16)                   |

| (1) | Incorporated by reference to Exhibit 2.1 to the registrant’s Current Report on Form 8-K filed on October 2, 2008. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated by reference to the exhibit of the same number to Amendment No. 1 to the registrant’s registration statement on Form SB-2 filed on December 12, 2006. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated by reference to the exhibit of the same number to the registrant’s registration statement on Form SB-2 filed on October 26, 2006. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Incorporated by reference to the exhibit of the same number to the registrant’s Current Report on Form 8-K filed on December 19, 2007 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Incorporated by reference to exhibit 4.1 in the registrant’s Current Report on Form 8-K filed on September 23, 2009. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (6) | Incorporated by reference to exhibit 4.2 in the registrant’s Current Report on Form 8-K filed on September 23, 2009. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (7) | Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on December 19, 2007. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (8) | Incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed on December 19, 2007. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (9) | Incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed on December 19, 2007. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (10) | Incorporated by reference to Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed on December 19, 2007. |
|------|----------------------------------------------------------------------------------------------------------------------------|

| (11) | Incorporated by reference to Exhibit 10.5 to the registrant’s Amendment No. 1 to Current Report on Form 8-K filed on December 27, 2007. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on May 23, 2008. |
|------|-----------------------------------------------------------------------------------------------------------------------|

| (13) | Incorporated by reference to exhibit 10.1 in the registrant’s Current Report on Form 8-K filed on September 23, 2009. |
|------|-----------------------------------------------------------------------------------------------------------------------------|

| (14) | Incorporated by reference to exhibit 10.2 in the registrant’s Current Report on Form 8-K filed on September 23, 2009. |
|------|-----------------------------------------------------------------------------------------------------------------------------|

| (15) | Incorporated by reference to exhibit 10.1 in the registrant’s Current Report on Form 8-K filed on January 6, 2010. |
|------|--------------------------------------------------------------------------------------------------------------------------|

| (16) | Filed herewith. |
|------|-----------------|

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|                             | SPICY PICKLE FRANCHISING, INC. |
|----------------------------------|--------------------------------|
|                             |                           |     /s/ Marc Geman |
|                             |                           |
|                             |                           |
| Dated:  March 12, 2010 | By:                            |
|                             |                           | Marc Geman, Chief Executive Officer |

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| RegulationS-K Number | Exhibit                                                                                                                       |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------|
| 2.1                  | Asset Purchase Agreement between SPBG Franchising, Inc. and Bread Garden Franchising, Inc. dated September 30, 2008 (1)  |
| 3.1                  | Amended and Restated Articles of Incorporation (2)                                                                       |
| 3.2                  | Bylaws (3)                                                                                                               |
| 4.1                  | Certificate of Designation of Series A Variable Rate Convertible Preferred Stock (4)                                     |
| 4.2                  | Form of warrant to be issued to Midtown Partners & Co, LLC and assigns (5)                                           |
| 4.3                  | Form of warrant to be issued to private placement investors (6)                                                          |
| 10.1                 | Employment Agreement – Marc Geman (3)                                                                              |
| 10.2                 | Employment Agreement – Anthony Walker (3)                                                                          |
| 10.3                 | Employment Agreement – Kevin Morrison (3)                                                                          |
| 10.4                 | 2006 Stock Option Plan (3)                                                                                               |
| 10.5                 | Promissory Note to Spicy Pickle, LLC (3)                                                                                 |
| 10.6                 | Securities Purchase Agreement dated as of December 14, 2007 (7)                                                          |
| 10.7                 | Form of Warrant (8)                                                                                                      |
| 10.8                 | Registration Rights Agreement dated as of December 14, 2007 (9)                                                          |
| 10.9                 | Lock-Up Agreement of Marc Geman (10)                                                                                     |
| 10.10                | Form of Lock-Up Agreement executed by other officers and directors (11)                                                  |
| 10.11                | Amendment No. 1 to Securities Purchase Agreement dated as of May 22, 2008 (12)                                           |
| 10.12                | Amendment, Redemption and Conversion Agreement (13)                                                                      |
| 10.13                | Agreement with Midtown Partners & Co, LLC and assigns (14)                                                           |
| 10.14                | 2009 Stock Option Plan (15)                                                                                              |
| 10.15                | 2009 Restricted Stock Plan (15)                                                                                          |
| 31.1                 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer (16)                                                   |
| 31.2                 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer (16)                                                   |
| 32.1                 | Section 1350 Certification of Chief Executive Officer (16)                                                               |
| 32.2                 | Section 1350 Certification of Chief Financial Officer (16)                                                                    |

| (1) | Incorporated by reference to Exhibit 2.1 to the registrant’s Current Report on Form 8-K filed on October 2, 2008. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated by reference to the exhibit of the same number to Amendment No. 1 to the registrant’s registration statement on Form SB-2 filed on December 12, 2006. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated by reference to the exhibit of the same number to the registrant’s registration statement on Form SB-2 filed on October 26, 2006. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (4) | Incorporated by reference to the exhibit of the same number to the registrant’s Current Report on Form 8-K filed on December 19, 2007 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Incorporated by reference to exhibit 4.1 in the registrant’s Current Report on Form 8-K filed on September 23, 2009. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (6) | Incorporated by reference to exhibit 4.2 in the registrant’s Current Report on Form 8-K filed on September 23, 2009. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (7) | Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on December 19, 2007. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (8) | Incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed on December 19, 2007. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (9) | Incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed on December 19, 2007. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (10) | Incorporated by reference to Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed on December 19, 2007. |
|------|----------------------------------------------------------------------------------------------------------------------------|

| (11) | Incorporated by reference to Exhibit 10.5 to the registrant’s Amendment No. 1 to Current Report on Form 8-K filed on December 27, 2007. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on May 23, 2008. |
|------|-----------------------------------------------------------------------------------------------------------------------|

| (13) | Incorporated by reference to exhibit 10.1 in the registrant’s Current Report on Form 8-K filed on September 23, 2009. |
|------|-----------------------------------------------------------------------------------------------------------------------------|

| (14) | Incorporated by reference to exhibit 10.2 in the registrant’s Current Report on Form 8-K filed on September 23, 2009. |
|------|-----------------------------------------------------------------------------------------------------------------------------|

| (15) | Incorporated by reference to exhibit 10.1 in the registrant’s Current Report on Form 8-K filed on January 6, 2010. |
|------|--------------------------------------------------------------------------------------------------------------------------|

| (16) | Filed herewith. |
|------|-----------------|

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