Document:

EX-10.12

 Exhibit 10.12 

Supplementary Agreement to the 

Purchase Option Agreement 
 Among

 Shenzhen Fangdd Information Technology Co, Ltd., 

(Purchase Option Holder) 
 Wentao
Bai 
 (Purchase Option Obligor) 

And 
 Shenzhen Fangdd Network
Technology Co, Ltd., 
 August 2018 

 Supplementary Agreement to the Purchase Option Agreement 

This Supplementary Agreement to the Purchase Option Agreement (“Supplementary Agreement”) is made in Shenzhen, the
People’s Republic of China (“PRC”) as of August 1, 2018 by and among: 
 1.    Party A: Shenzhen
Fangdd Information Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park, No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal
representative; 
 2.    Party B: Wentao Bai, having its domicile at ******, Beijing and holding its ID card No.
*****************; 
 3.    Party C: Shenzhen Fangdd Network Technology Co, Ltd., having its registered office at 18/F,
Unit 2, Block B, Kexing Science Park, No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative. 

The parties hereto are hereinafter individually referred to as a “Party” or “Other Party” and collectively as the “Parties.”

 Whereas: 

1.    Party A, Party B and Party C signed the Purchase Option Agreement (“Purchase Option Agreement”) on
March 21, 2014; 
 2.    Party A, Party B and Party C signed the Equity Interest Pledge Agreement
(“Equity Interest Pledge Agreement”) on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest Pledge Agreement in August 2018; 

3.    Party A, Party C and Chen Wenjiang, Wentao Bai, Zeng Liqing, Yi Duan, Jiancheng Li, Xi Zeng, Jiaotong Pan, Li Zhou,
Zhu Feng, and Ying Lu signed the Agreement on the Cancellation of Business Operation Agreement in 2017 to cancel the Business Operation Agreement signed by these parties on March 21, 2014, and Party A, Party C and Party C’s
existing shareholders signed a new Business Operation Agreement in 2017. 
 NOW, THEREFORE, after friendly consultation among the parties to the
Purchase Option Agreement, the Parties hereby reach this Supplementary Agreement as follows: 

 1.    The definition clause of “Equity Interest Pledge Agreement” in the
Purchase Option Agreement (namely Sub-clause 4 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party B and Party C signed the Equity
Interest Pledge Agreement (“Equity Interest Pledge Agreement”) on March 21, 2014” shall be changed to “Party A, Party B and Party C signed the Equity Interest Pledge Agreement on March 21,
2014 and signed the Supplementary Agreement to the Equity Interest Pledge Agreement in August 2018 (collectively referred to as “Equity Interest Pledge Agreement”) .” 

2.    The definition clause of “Business Operation Agreement” in the Purchase Option Agreement
(namely Sub-clause 5 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party C and its shareholders signed the Business Operation Agreement (“Business Operation
Agreement”) on March 21, 2014” shall be changed to “Party A, Party C and Party C’s existing shareholders signed a Business Operation Agreement (“Business Operation Agreement”) in 2017.” 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Information Technology Co, Ltd. (Seal) 

/s/ Shenzhen Fangdd Information Technology Co, Ltd. 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 /s/ Wentao Bai                 

Wentao Bai 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Network Technology Co, Ltd. (Seal) 

/s/ Shenzhen Fangdd Network Technology Co, Ltd. 

 Supplementary Agreement to the 

Purchase Option Agreement 
 Among

 Shenzhen Fangdd Information Technology Co, Ltd., 

(Purchase Option Holder) 
 Yi Duan

 (Purchase Option Obligor) 

And 
 Shenzhen Fangdd Network
Technology Co, Ltd., 
 August 2018 

 Supplementary Agreement to the Purchase Option Agreement 

This Supplementary Agreement to the Purchase Option Agreement (“Supplementary Agreement”) is made in Shenzhen, the
People’s Republic of China (“PRC”) as of August 1, 2018 by and among: 
 25. Party A: Shenzhen Fangdd Information
Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park, No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative; 

26. Party B: Yi Duan, having its domicile at ****************, Beijing and holding its ID card No. *****************; 

27. Party C: Shenzhen Fangdd Network Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park,
No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative. 
 The
parties hereto are hereinafter individually referred to as a “Party” or “Other Party” and collectively as the “Parties.” 

Whereas: 
 1. Party A, Party B and Party C
signed the Purchase Option Agreement (“Purchase Option Agreement”) on March 21, 2014; 
 2. Party A, Party B and Party
C signed the Equity Interest Pledge Agreement (“Equity Interest Pledge Agreement”) on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest Pledge Agreement in August 2018; 

3. Party A, Party C and Chen Wenjiang, Wentao Bai, Zeng Liqing, Yi Duan, Jiancheng Li, Xi Zeng, Jiaotong Pan, Li Zhou, Zhu Feng, and Ying Lu
signed the Agreement on the Cancellation of Business Operation Agreement in 2017 to cancel the Business Operation Agreement signed by these parties on March 21, 2014, and Party A, Party C and Party C’s existing shareholders
signed a new Business Operation Agreement in 2017. 

 NOW, THEREFORE, after friendly consultation among the parties to the Purchase Option Agreement, the
Parties hereby reach this Supplementary Agreement as follows: 
 1. The definition clause of “Equity Interest Pledge Agreement” in the Purchase
Option Agreement (namely Sub-clause 4 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party B and Party C signed the Equity Interest Pledge Agreement (“Equity
Interest Pledge Agreement”) on March 21, 2014” shall be changed to “Party A, Party B and Party C signed the Equity Interest Pledge Agreement on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest
Pledge Agreement in August 2018 (collectively referred to as “Equity Interest Pledge Agreement”) .” 
 2. The definition clause of
“Business Operation Agreement” in the Purchase Option Agreement (namely Sub-clause 5 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party C and its
shareholders signed the Business Operation Agreement (“Business Operation Agreement”) on March 21, 2014” shall be changed to “Party A, Party C and Party C’s existing shareholders signed a Business Operation
Agreement (“Business Operation Agreement”) in 2017.” 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Information Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Information Technology Co, Ltd. 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
  

	
	/s/ Yi Duan
	Yi Duan

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Network Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Network Technology Co, Ltd. 

 Supplementary Agreement to the 

Purchase Option Agreement 
 Among

 Shenzhen Fangdd Information Technology Co, Ltd., 

(Purchase Option Holder) 
 Li Zhou

 (Purchase Option Obligor) 

And 
 Shenzhen Fangdd Network
Technology Co, Ltd., 
 August 2018 

 Supplementary Agreement to the Purchase Option Agreement 

This Supplementary Agreement to the Purchase Option Agreement (“Supplementary Agreement”) is made in Shenzhen, the
People’s Republic of China (“PRC”) as of August 1, 2018 by and among: 
 28. Party A: Shenzhen Fangdd Information
Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park, No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative; 

29. Party B: Li Zhou, having its domicile at ****************, Shanghai and holding its ID card No. *****************; 

30. Party C: Shenzhen Fangdd Network Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park,
No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative. 
 The
parties hereto are hereinafter individually referred to as a “Party” or “Other Party” and collectively as the “Parties.” 

Whereas: 
 4. Party A, Party B and Party C
signed the Purchase Option Agreement (“Purchase Option Agreement”) on March 21, 2014; 
 5. Party A, Party B and Party
C signed the Equity Interest Pledge Agreement (“Equity Interest Pledge Agreement”) on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest Pledge Agreement in August 2018; 

6. Party A, Party C and Chen Wenjiang, Wentao Bai, Zeng Liqing, Yi Duan, Jiancheng Li, Xi Zeng, Jiaotong Pan, Li Zhou, Zhu Feng, and Ying Lu
signed the Agreement on the Cancellation of Business Operation Agreement in 2017 to cancel the Business Operation Agreement signed by these parties on March 21, 2014, and Party A, Party C and Party C’s existing shareholders
signed a new Business Operation Agreement in 2017. 

 NOW, THEREFORE, after friendly consultation among the parties to the Purchase Option Agreement, the
Parties hereby reach this Supplementary Agreement as follows: 
 3. The definition clause of “Equity Interest Pledge Agreement” in the Purchase
Option Agreement (namely Sub-clause 4 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party B and Party C signed the Equity Interest Pledge Agreement (“Equity
Interest Pledge Agreement”) on March 21, 2014” shall be changed to “Party A, Party B and Party C signed the Equity Interest Pledge Agreement on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest
Pledge Agreement in August 2018 (collectively referred to as “Equity Interest Pledge Agreement”) .” 
 4. The definition clause of
“Business Operation Agreement” in the Purchase Option Agreement (namely Sub-clause 5 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party C and its
shareholders signed the Business Operation Agreement (“Business Operation Agreement”) on March 21, 2014” shall be changed to “Party A, Party C and Party C’s existing shareholders signed a Business Operation
Agreement (“Business Operation Agreement”) in 2017.” 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Information Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Information Technology Co, Ltd. 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
  

	
	/s/Li Zhou
	 Li Zhou

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Network Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Network Technology Co, Ltd. 

 Supplementary Agreement to the 

Purchase Option Agreement 
 Among

 Shenzhen Fangdd Information Technology Co, Ltd., 

(Purchase Option Holder) 
 Ying Lu

 (Purchase Option Obligor) 

And 
 Shenzhen Fangdd Network
Technology Co, Ltd., 
 August 2018 

 Supplementary Agreement to the Purchase Option Agreement 

This Supplementary Agreement to the Purchase Option Agreement (“Supplementary Agreement”) is made in Shenzhen, the
People’s Republic of China (“PRC”) as of August 1, 2018 by and among: 
 31. Party A: Shenzhen Fangdd Information
Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park, No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative; 

32. Party B: Ying Lu, having its domicile at ****************, Shenzhen, Guangdong Province and holding its ID card No. *****************;

 33. Party C: Shenzhen Fangdd Network Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park,
No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative. 
 The
parties hereto are hereinafter individually referred to as a “Party” or “Other Party” and collectively as the “Parties.” 

Whereas: 
 7. Party A, Party B and Party C
signed the Purchase Option Agreement (“Purchase Option Agreement”) on March 21, 2014; 
 8. Party A, Party B and Party
C signed the Equity Interest Pledge Agreement (“Equity Interest Pledge Agreement”) on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest Pledge Agreement in August 2018; 

9. Party A, Party C and Chen Wenjiang, Wentao Bai, Zeng Liqing, Yi Duan, Jiancheng Li, Xi Zeng, Jiaotong Pan, Li Zhou, Zhu Feng, and Ying Lu
signed the Agreement on the Cancellation of Business Operation Agreement in 2017 to cancel the Business Operation Agreement signed by these parties on March 21, 2014, and Party A, Party C and Party C’s existing shareholders
signed a new Business Operation Agreement in 2017. 

 NOW, THEREFORE, after friendly consultation among the parties to the Purchase Option Agreement, the
Parties hereby reach this Supplementary Agreement as follows: 
 5. The definition clause of “Equity Interest Pledge Agreement” in the Purchase
Option Agreement (namely Sub-clause 4 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party B and Party C signed the Equity Interest Pledge Agreement (“Equity
Interest Pledge Agreement”) on March 21, 2014” shall be changed to “Party A, Party B and Party C signed the Equity Interest Pledge Agreement on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest
Pledge Agreement in August 2018 (collectively referred to as “Equity Interest Pledge Agreement”) .” 
 6. The definition clause of
“Business Operation Agreement” in the Purchase Option Agreement (namely Sub-clause 5 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party C and its
shareholders signed the Business Operation Agreement (“Business Operation Agreement”) on March 21, 2014” shall be changed to “Party A, Party C and Party C’s existing shareholders signed a Business Operation
Agreement (“Business Operation Agreement”) in 2017.” 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Information Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Information Technology Co, Ltd. 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
  

	
	/s/Ying Lu
	Ying Lu

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Network Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Network Technology Co, Ltd. 

 Supplementary Agreement to the 

Purchase Option Agreement 
 Among

 Shenzhen Fangdd Information Technology Co, Ltd., 

(Purchase Option Holder) 

Jiaorong Pan 
 (Purchase Option
Obligor) 
 And 
 Shenzhen
Fangdd Network Technology Co, Ltd., 
 August 2018 

 Supplementary Agreement to the Purchase Option Agreement 

This Supplementary Agreement to the Purchase Option Agreement (“Supplementary Agreement”) is made in Shenzhen, the
People’s Republic of China (“PRC”) as of August 1, 2018 by and among: 
 34. Party A: Shenzhen Fangdd Information
Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park, No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative; 

35. Party B: Jiaorong Pan, having its domicile at ****************, Shanghai and holding its ID card No. *****************; 

36. Party C: Shenzhen Fangdd Network Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park,
No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative. 
 The
parties hereto are hereinafter individually referred to as a “Party” or “Other Party” and collectively as the “Parties.” 

Whereas: 
 10. Party A, Party B and Party
C signed the Purchase Option Agreement (“Purchase Option Agreement”) on March 21, 2014; 
 11. Party A, Party B and
Party C signed the Equity Interest Pledge Agreement (“Equity Interest Pledge Agreement”) on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest Pledge Agreement in August 2018; 

12. Party A, Party C and Chen Wenjiang, Wentao Bai, Zeng Liqing, Yi Duan, Jiancheng Li, Xi Zeng, Jiaotong Pan, Li Zhou, Zhu Feng, and Ying Lu
signed the Agreement on the Cancellation of Business Operation Agreement in 2017 to cancel the Business Operation Agreement signed by these parties on March 21, 2014, and Party A, Party C and Party C’s existing shareholders
signed a new Business Operation Agreement in 2017. 

 NOW, THEREFORE, after friendly consultation among the parties to the Purchase Option Agreement, the
Parties hereby reach this Supplementary Agreement as follows: 
 7. The definition clause of “Equity Interest Pledge Agreement” in the Purchase
Option Agreement (namely Sub-clause 4 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party B and Party C signed the Equity Interest Pledge Agreement (“Equity
Interest Pledge Agreement”) on March 21, 2014” shall be changed to “Party A, Party B and Party C signed the Equity Interest Pledge Agreement on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest
Pledge Agreement in August 2018 (collectively referred to as “Equity Interest Pledge Agreement”) .” 
 8. The definition clause of
“Business Operation Agreement” in the Purchase Option Agreement (namely Sub-clause 5 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party C and its
shareholders signed the Business Operation Agreement (“Business Operation Agreement”) on March 21, 2014” shall be changed to “Party A, Party C and Party C’s existing shareholders signed a Business Operation
Agreement (“Business Operation Agreement”) in 2017.” 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Information Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Information Technology Co, Ltd. 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
  

	
	/s/Jiaorong Pan
	Jiaorong Pan

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Network Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Network Technology Co, Ltd. 

 Supplementary Agreement to the 

Purchase Option Agreement 
 Among

 Shenzhen Fangdd Information Technology Co, Ltd., 

(Purchase Option Holder) 

Jiancheng Li 
 (Purchase Option
Obligor) 
 And 
 Shenzhen
Fangdd Network Technology Co, Ltd., 
 August 2018 

 Supplementary Agreement to the Purchase Option Agreement 

This Supplementary Agreement to the Purchase Option Agreement (“Supplementary Agreement”) is made in Shenzhen, the
People’s Republic of China (“PRC”) as of August 1, 2018 by and among: 
 37. Party A: Shenzhen Fangdd Information
Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B, Kexing Science Park, No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative; 

38. Party B: Jiancheng Li, having its domicile at ****************, Shenzhen, Guangdong Province and holding its ID card No.
*****************; 
 39. Party C: Shenzhen Fangdd Network Technology Co, Ltd., having its registered office at 18/F, Unit 2, Block B,
Kexing Science Park, No. 15 Keyuan Road, High-tech Park Middle Section, Yuehai Street, Nanshan District, Shenzhen and with Yi Duan as its legal representative. The parties hereto are hereinafter individually referred to as a “Party”
or “Other Party” and collectively as the “Parties.” 
 Whereas: 

13. Party A, Party B and Party C signed the Purchase Option Agreement (“Purchase Option Agreement”) on March 21, 2014;

 14. Party A, Party B and Party C signed the Equity Interest Pledge Agreement (“Equity Interest Pledge Agreement”) on
March 21, 2014 and signed the Supplementary Agreement to the Equity Interest Pledge Agreement in August 2018; 
 15. Party A, Party C
and Chen Wenjiang, Wentao Bai, Zeng Liqing, Yi Duan, Jiancheng Li, Xi Zeng, Jiaotong Pan, Li Zhou, Zhu Feng, and Ying Lu signed the Agreement on the Cancellation of Business Operation Agreement in 2017 to cancel the Business Operation
Agreement signed by these parties on March 21, 2014, and Party A, Party C and Party C’s existing shareholders signed a new Business Operation Agreement in 2017. 

 NOW, THEREFORE, after friendly consultation among the parties to the Purchase Option Agreement, the
Parties hereby reach this Supplementary Agreement as follows: 
 9. The definition clause of “Equity Interest Pledge Agreement” in the Purchase
Option Agreement (namely Sub-clause 4 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party B and Party C signed the Equity Interest Pledge Agreement (“Equity
Interest Pledge Agreement”) on March 21, 2014” shall be changed to “Party A, Party B and Party C signed the Equity Interest Pledge Agreement on March 21, 2014 and signed the Supplementary Agreement to the Equity Interest
Pledge Agreement in August 2018 (collectively referred to as “Equity Interest Pledge Agreement”) .” 
 10. The definition clause of
“Business Operation Agreement” in the Purchase Option Agreement (namely Sub-clause 5 of the “whereas” clause in the Purchase Option Agreement) “Party A, Party C and its
shareholders signed the Business Operation Agreement (“Business Operation Agreement”) on March 21, 2014” shall be changed to “Party A, Party C and Party C’s existing shareholders signed a Business Operation
Agreement (“Business Operation Agreement”) in 2017.” 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Information Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Information Technology Co, Ltd. 

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
  

	
	/s/Jiancheng Li
	Jiancheng Li

 (This page is intentionally left blank as the signature page of the Supplementary Agreement to the
Purchase Option Agreement) 
 Shenzhen Fangdd Network Technology Co, Ltd. (Seal) 

/s/Shenzhen Fangdd Network Technology Co, Ltd.Exhibit 10.1

 

October 08, 2019

Via Hand Delivery

 

Boyd E. Hoback

3058 Newton Street

Denver, CO 80211

 

Re: Employment Separation

 

Dear Boyd:

 

As we have discussed, your Good Times employment
is ending effective as of October 8, 2019. The Company will provide you with 90 days’ pay in lieu of advance notice
in the amount of $61,880.00, subject to tax withholding. The Company will also promptly pay you the amount of $29,894.00,
representing (a) your three weeks of accrued unused paid time off, (b) final accrued work compensation, and (c) the employer portion
of insurance premiums under the Company’s insurance plans for a 90 day period, all subject to tax withholding, as well as
accrued approved expense reimbursements in the amount of $3,750.00. Under the current terms of the Company’s 401(k) Plan,
you will remain eligible for the safe harbor matching contribution.

 

Your Company group health and dental insurance
benefits will terminate effective as October 31, 2019. This date is determined by the terms of your benefits plan. However, you
will be eligible for continuation of insurance benefits as outlined in the COBRA plan. The information and enrollment forms will
be mailed to you in about 30 days. If you elect to enroll, your benefits will continue retroactively with no interruption.

 

The Company is offering you severance compensation
in the aggregate amount of $629,828.00 (subject to tax withholding). This is in addition to any accrued compensation as
described above. Full execution means initialing at the bottom of each page and signing and dating the signature page.

 

Finally, as a condition of severance and
a requirement of law, all Company property and information must be turned in to me promptly, except the laptop computer supplied
to you which will be wiped clean of any Company information. Company property includes Company computers (with all Company information
intact), including laptops, flash drives, smartphones, and tablets, as well as files, hard copy documents, credit cards, keys,
other Company information, and all other Company property anywhere, which is in your possession, custody or control.

 

Thank you for your long and faithful service
to Good Times. If you have any questions about any of the above, please do not hesitate to contact me. We wish you all the best.

 

	 	Sincerely,
	 	 
	 	 
	 	Ryan M. Zink
	 	Chief Financial Officer

 

    	Confidential Severance and Release Agreement		EXECUTIVE INITIALS: /BH/ Page 1

     

    

  

October 08, 2019

Via Hand Delivery

 

Boyd E. Hoback

3058 Newton Street

Denver, CO 80211

 

 

Re: Severance and General Release
Agreement

 

Dear Boyd,

 

This will confirm that
your employment with Good Times Restaurants Inc. (the “Company”) is ending effective as of October 8,
2019 (the “Separation Date”) This is a Severance and General Release Agreement (“Agreement”)
between you (“Executive”) and the Company. You and the Company are collectively referred to in this Agreement
as the “Parties” and each as a “Party.”

 

The following are
the full terms of this Agreement. 

 

1.       Severance
Payment Terms.

 

a.       Severance
Proceeds. On the terms set forth herein, the Company agrees to pay, in full compromise and settlement, severance to Executive
in the single, aggregate, lump sum amount of SIX HUNDRED AND TWENTY-NINE THOUSAND, EIGHT HUNDRED AND TWENTY-EIGHT DOLLARS AND NO/100
($629,828.00), minus tax-related deductions (the “Severance Proceeds”), in consideration of the terms
of this Agreement. The Severance Proceeds are in addition to any compensation previously paid or accrued and owed to Executive.
The Severance Proceeds shall be paid to Executive on January 2, 2020.

 

b.       Stipulations.
The Parties stipulate and agree as follows:

 

i.       The
Company has complied in full with all required notice periods, including the ninety-day notice period required in Section 2 of
the Executive’s Employment Agreement dated September 27, 2016 (the “Employment Agreement,” a true
and correct copy of which is attached as Exhibit A to this Agreement).

 

ii.       The
Severance Proceeds include all amounts required by the Employment Agreement, including Section 7(g)(i) of the Employment Agreement.

 

iii.       This
Agreement complies in full with the terms of the Employment Agreement, including Section 7 of the Employment Agreement.

 

iv.       Except
as included in the Severance Proceeds, Executive is not eligible for any unpaid bonus or other variable compensation from the Company,
and that no such bonus or compensation is owed or accrued.

 

v.       The
Agreement represents a compromise and settlement of disputed claims and issues between the Parties. As such, along with its terms,
this Agreement is supported by good and valuable consideration.

 

    	Confidential Severance and Release Agreement		EXECUTIVE INITIALS: /BH/ Page 1

     

    

 

c.       Change
in Control Contingency. If a Change in Control (as defined in the Employment Agreement) occurs on before the first anniversary
of the Separation Date, then in compliance with the Employment Agreement, including Section 7(g)(iii) of the Employment Agreement,
the Company shall pay Executive an additional amount of SIX HUNDRED AND FIFTY-TWO THOUSAND, ONE HUNDRED AND TWELVE DOLLARS AND
97/100 ($652,112.97), minus tax-related deductions (the “CIC Proceeds”). No other or additional severance
will be paid. If no Change in Control occurs on before the first anniversary of the Separation Date, then no CIC Proceeds will
be paid to Executive.

 

d.       Taxes.
The Company and the Company Parties (as defined herein) make no representations regarding the tax consequences, if any, of the
Severance Proceeds. Executive shall be solely responsible for the payment of any and all applicable taxes, penalties, and interest
due on the Severance Proceeds, except for the referenced withholding.

 

e.       No
Admission of Liability. By offering or entering into this Agreement, the Company does not admit, and specifically denies, any
violation of any and all constitutional, federal, state, local, and municipal law claims.

 

f.       Equity.
Repurchase of Executive’s equity interests will be effectuated subject to a separate Stock Repurchase Agreement, to be executed
concurrently with this Agreement.

 

2.       Release
Provisions.

 

a.       Release
by Executive. Executive, individually, and on behalf of, as applicable, Executive’s current, former, and successor administrators,
agents, assigns, attorneys, executors, guardians, heirs, insurers, legal representatives, servants, and successors (collectively,
the “Executive Parties”), does hereby GENERALLY RELEASE and DISCHARGE the Company and as applicable,
its current, former, and successor administrators, affiliates, agents, assigns, attorneys, directors, employees, officers, owners,
parents, partners, principals, representatives, shareholders, subsidiaries, and related associations, corporations, entities, firms,
and partnerships (collectively, the “Company Parties”), from and for any and all Claims (as defined herein);
provided, however, that nothing in this Agreement will be considered a release of Executive’s rights to file complaints
or charges with government agencies as provided herein, or of Executive’s claims, if any, arising under this Agreement or
the Stock Repurchase Option Agreement, dated as of the date hereof, by and between Executive and the Company, for vested retirement
benefits or health insurance continuation benefits pursuant to the Executive Retirement Income Security Act of 1974 as amended,
for worker’s compensation insurance coverage, or for other claims that cannot be released as a matter of law.

 

b.       Release
by Company. The Company, for itself, and on behalf of, as applicable, the Company Parties, does hereby GENERALLY RELEASE and
DISCHARGE the Executive, and as applicable, the Executive Parties, from and for any and all Claims; provided, however, that
nothing in this Agreement will be considered a release of the Company’s claims, if any, for Executive’s breach of this
Agreement, for Executive’s unknown commission of intentional tortious acts or omissions such as fraud, theft, or embezzlement
against the Company or any Company Party, or for other claims that cannot be released as a matter of law.

 

c.       Definition
of Claims. For the purpose of this Agreement, the term “Claims” means: (i) any and all claims
or causes of action, of whatever kind or character, whether statutory, regulatory, common law or otherwise, including all constitutional,
federal, state, local, or municipal laws, for (ii) any and all damages, liabilities, rights, remedies, attorney’s fees
and expenses, compensation, wages, benefits or interest, whether such claims are (iii) known or unknown, asserted or unasserted,
fixed or contingent, accrued or unaccrued, foreseen or unforeseen, matured or not matured, at law or in equity, whether direct,
individual, class, representative or derivative, that (iv) arise out of or relate to any and all disputes now existing between
the Executive on the one hand, and the Company on the other hand, whether or not related to or in any way growing out of, resulting
from, or to result from Executive’s employment with the Company or Executive’s separation from employment with the
Company, for or because of (v) any act, incident, event, matter or thing done, omitted, or allowed to be done by, the Company,
the Company Parties, the Executive, or the Executive Parties, in the past or present, which existed at any time prior to or contemporaneously
with the Effective Date, including all past, present and future damages, injuries, costs, expenses, fees, effects and results in
any way related to or connected with such acts, incidents, events, matters or things.

 

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d.       Examples.
The term “Claims” includes but is not limited to, any matter arising from or related to any of the following:

 

i.       any
and all claims relating to, or arising from, the Employment Agreement; and any and all other of Executives agreements with the
Company, if any, that were executed prior to the Effective Date;

 

ii.       any
and all Company policies, practices, rules and regulations;

 

iii.       the
Age Discrimination in Employment Act, 29 U.S.C. §§ 621 et seq., as amended; the Americans with Disabilities Act
of 1990, 42 U.S.C. §§ 12101 et seq., as amended; the Civil Rights Act of 1866, 42 U.S.C. §§ 1981 et seq., as
amended; the Civil Rights Act of 1964, Title VII, 42 U.S.C. §§ 2000e et seq., as amended (including the Civil Rights
Act of 1991); the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq., as amended; the Equal Pay
Act, 29 U.S.C. §§ 201 et seq., as amended; the Fair Labor Standards Act of 1938, 29 U.S.C. §§ 201 et seq.,
as amended; the Family and Medical Leave Act, 29 U.S.C. §§ 2601 et seq., as amended; the Labor Management Relations Act,
29 U.S.C. §§ 141 et seq., as amended; the Occupational Safety and Health Act, 29 U.S.C. §§ 651 et seq., as
amended; the Older Workers Benefit Protection Act, 29 U.S.C. 630, et seq., as amended, or any and all applicable state (including
Colorado) employment laws, including any and all applicable state (including Colorado) contract laws, employment discrimination
and retaliation laws, sick leave laws, family medical leave laws, health and safety laws, pay day laws, unemployment laws, wage
and hours laws, wage orders, or workers compensation laws, as amended;

 

iv.       all
other constitutional, federal, state, local, or municipal laws (including claims for breach of contract, breach of express or implied
promise, civil assault, defamation, fraud, fraud in the factum, fraud in the inducement, gross negligence, libel, intentional infliction
of emotional distress, invasion of privacy, negligence, negligent misrepresentation, promissory estoppel, quantum meruit, retaliation,
slander, slander per se, statutory fraud, tortious interference with business relationship, tortious interference with contract,
tortious interference with prospective contract, wrongful discharge in violation of public policy, wrongful termination, and any
other common law theory of recovery, whether legal or equitable, negligent or intentional); or

 

v.       any
and all damages and other forms of relief, whether claimed by Executive or on Executive’s behalf (including attorney’s
fees and expenses, back pay, benefits, bonus, commissions, debts, compensatory damages, costs, declaratory relief, disability benefits,
emotional distress, expert fees and expenses, front pay, floating pay, holiday pay, injunctive relief, insurance benefits, interest,
liquidated damages, lost profits, medical leave, mental anguish, overtime pay, paid time off, percentage recovery, personal injuries,
punitive damages, reinstatement, retirement benefits, severance pay, sick leave, vacation pay, variable compensation, wages, or
other compensation or relief).

 

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e.       Indemnification.

 

i.       In
the event that Executive is made a party to any threatened, pending, completed action, suit or proceeding, whether civil, criminal,
administrative or investigative by reason of the fact that he is or was a Director, officer, employee or agent of the Company,
or is or was serving at the request of the Company as a Director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, the Company shall indemnify Executive against expenses, including attorneys’ fees,
judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or
proceeding if he acted in good faith and in a manner which Executive reasonably believed to be in or not opposed to the best interests
of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere
or its equivalent, shall not, of itself, create a presumption that Executive did not act in good faith and in a manner which he
reasonably believed to be in or not opposed to the best interests of the Company, and that, with respect to any criminal action
or proceeding, he had reasonable cause to believe that his conduct was unlawful.

 

ii.       The
expenses Executive incurred in defending a civil or criminal action, suit or proceeding, by reason of the fact that he was a Director
or officer of the Company, shall be paid by the Company as they are incurred and in advance of the final disposition of the action,
suit or proceeding, upon receipt of an undertaking by or on behalf of Executive to repay the amount if it is ultimately determined
by a court of competent jurisdiction that Executive is not entitled to be indemnified by the Company.

 

f.       Preservation
of Certain Rights and Waiver of Recovery or Relief from Government Proceedings. Notwithstanding any other terms of this Agreement,
no provision of this Agreement is intended to limit or restrict, or shall be interpreted as limiting or restricting Executive’s
right to file administrative charges with any government agency charged with enforcement of any law, including to the Equal Employment
Opportunity Commission and the National Labor Relations Board, and to participate in government agency investigations. HOWEVER,
EXECUTIVE ACKNOWLEDGES AND AGREES THAT BY ENTERING INTO THIS AGREEMENT, EXECUTIVE IS WAIVING AND RELEASING ALL RIGHTS TO RECOVER
MONEY OR OTHER INDIVIDUAL RELIEF IN CONNECTION WITH ANY GOVERNMENT AGENCY INVESTIGATION OR PROCEEDING, UNLESS OTHERWISE PROVIDED
BY APPLICABLE LAW.

 

g.       STATEMENT
OF UNDERSTANDING. BY EXECUTING THIS AGREEMENT, EXECUTIVE ACKNOWLEDGES THAT: (i) EXECUTIVE HAS BEEN GIVEN AT LEAST TWENTY-ONE
(21) DAYS TO CONSIDER THE TERMS OF THIS AGREEMENT, AND HAS EITHER CONSIDERED IT FOR THAT PERIOD OF TIME OR KNOWINGLY AND VOLUNTARILY
WAIVED THE RIGHT TO DO SO—AND ANY REQUESTS TO REVISE, OR REVISION(S) TO, THIS AGREEMENT WILL NOT EXTEND THE ORIGINAL 21 DAY
PERIOD; (ii) EXECUTIVE HAS BEEN ADVISED BY VIRTUE OF THIS PART OF THE AGREEMENT TO CONSULT WITH AN ATTORNEY REGARDING THE
TERMS OF THIS AGREEMENT; (iii) EXECUTIVE HAS CONSULTED WITH, OR HAD SUFFICIENT OPPORTUNITY TO CONSULT WITH, AN ATTORNEY OF EXECUTIVE’S
OWN CHOOSING REGARDING THE TERMS OF THIS AGREEMENT; (iv) EXECUTIVE HAS READ THIS AGREEMENT AND FULLY UNDERSTANDS THE TERMS
OF THIS AGREEMENT; AND (v) EXCEPT AS PROVIDED BY THIS AGREEMENT, EXECUTIVE HAS NO CONTRACTUAL RIGHT OR CLAIM TO THE SEVERANCE
PROCEEDS.

 

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h.       Revocation.Within
the seven (7) consecutive calendar days following Executive’s execution of this Agreement, EXECUTIVE MAY REVOKE THIS AGREEMENT
by written notice sent by fax and first class mail to the Company (in care of its attorney, Kenneth C. Broodo, Foley Gardere, 2021
McKinney Avenue, Suite 1600, Dallas, Texas 75201, fax number 214.999.3626), or forever waive the right to do so.

 

3.       Restrictive
Covenants.

 

a.       Protection
of Confidential Information. Executive acknowledges that Executive has had access to and has become familiar with Confidential
Information (as defined herein). Executive shall not, in any manner, directly or indirectly: (i) retain, withhold, take, use, or
disclose any Confidential Information (as defined herein); or (ii) circumvent, interfere with or otherwise diminish the value
of any Confidential Information to the Company. The term “Confidential Information” means any and all
information, material, or data of, relating to, in the possession of, prepared by, prepared for, obtained by or compiled by the
Company (or its constituents, customers, or vendors), regardless of media or format, that is confidential, proprietary or a trade
secret: (A) by its nature; (B) because it is not generally known to the public or in the Company’s service area; (C) based
on how it is treated or designated by the Company, or its constituents, customers, or vendors; (D) based on the significance of
its existing or potential value or utility to the Company; (E) such that its retention, withholding, appropriation, use, or disclosure
would have a material adverse effect on the work or planned work of the Company, or its constituents, customers, or vendors; or
(F) as a matter of law. Subject to compliance with the terms of this Agreement, nothing in this Agreement is intended to restrict
Executive from ownership of or employment by competing restaurant concepts.

 

b.       Return
of Property and Information. As of the Separation Date, Executive warrants and represents that Executive has returned to the
Company by hand delivery, all Company Property (as defined herein) within Executive’s possession, custody, or control, to
the Company c/o Ryan M. Zink, Chief Financial Officer, at the Company address stated on the signature page below. Executive
warrants and represents that Executive has not directly or indirectly retained or taken any Company Property or information in
any form or fashion. The term “Company Property” means, all Confidential Information, all badges, Company
access cards, credit cards, entry cards, flash drives and other data storage devices, Company computers excluding the Executive's
laptop computer, (including iPads, tablet computers, laptops, desk tops, and hard drives),
keys, mobile phones, or other tangible items or equipment, and all hardcopy or computer-based confidential documents, audio recordings,
books, data files, disks, records, videos, or all other confidential documents and records, whether originals or copies, belonging
or pertaining to the Company or the Company Parties, or containing their information, in whatever format or media, whether obtained
directly or indirectly from the Company or the Company Parties and with or without their knowledge or consent, including Executive’s
computer device(s), with all Company information on such computer device(s) intact.

 

c.       Social
Media Disclosures. Within 7 days of the Separation Date, Executive shall update all of Executive’s biographical profiles
and other disclosures on Social Media (as defined herein) that are within Executive’s editorial control, and delete any
and all information or statements to the effect that Executive is a current employee of the Company or otherwise currently affiliated
with the Company in any way. The term “Social Media” means social networking or blogging sites on the
Internet, including LinkedIn, Facebook, Twitter, and Instagram. After the Separation Date, Executive shall not, directly or indirectly,
post or update any information or statements on Social Media to the effect that Executive is a current employee of the Company
or otherwise currently affiliated with the Company in any way.

 

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4.       Miscellaneous
Terms.

 

a.       Resignation.
Executive hereby resigns as a director of the Company effective as of the Separation Date.

 

b.       Effective
Date. The “Effective Date” of this Agreement shall be the date of execution of this Agreement by
Executive, as shown on the signature page below; provided, however, that this Agreement requires execution by all Parties
in order to be effective and enforceable.

 

c.       WAIVER
OF TRIAL BY JURY. THE PARTIES EACH WAIVE THE RIGHT TO TRIAL BY JURY WITH REGARD TO ALL DISPUTES. The Parties acknowledge that:
(i) they are waiving the right to trial by jury; (ii) they have each knowingly and voluntarily entered into this waiver of
trial by jury; and (iii) this Agreement shall evidence the Parties’ waiver of jury trial, and consent to bench trial,
for all DISPUTES. The term “Disputes” means any controversies or claims (including all claims pursuant
to common law, statute, regulation, or ordinance) between the Parties, including any controversies or claims arising from or relating
to: (A) the subject matter of this Agreement; (B) any other agreement between the Parties; or (C) the Parties’
relationship.

 

d.       Support
and Cooperation. Executive will be available on an as-needed basis, at mutually agreeable times, in person or by telephone,
text, or email, as appropriate, to consult and provide information requested by Company personnel or the Company’s outside
counsel, including regarding any pending or future litigation or administrative claims, investigations, or proceedings involving
the Company. For all such consulting work performed by Executive at the request and with the prior approval of the Company pursuant
to this Paragraph following the date that is ninety (90) days after the Separation Date, Company will compensate Executive at rate
of $150.00 per hour, payable within thirty (30) days after receipt of Executive’s invoice(s) describing daily time spent
and services rendered (it being understood that the first ninety (90) days after the Separation Date shall be at no charge). In
the event of Executive giving a deposition in connection with existing third-party litigation against the Company, Executive’s
time for deposition preparation and testimony shall not be compensated by the Company, but Company will defend Executive’s
deposition given his role as a former fiduciary of the Company. Company shall promptly reimburse Executive for reasonable travel
costs incurred in giving such deposition. Nothing in this Paragraph shall be construed to require Executive to support any Company
position, or to provide information that is anything other than truthful.

 

e.       Section
409A Compliance. This Agreement shall be construed and interpreted in a manner to avoid any adverse tax consequences to Executive
under Section 409A of the Internal Revenue Code of 1986, as amended.

 

f.       Attorney’s
Fees. Should one Party sue the other for a breach of this Agreement, the prevailing Party shall be entitled to recover its
reasonable attorney’s fees, costs of court, and litigation expenses, in addition to any other remedy.

 

g.       Severability.
If any provision or term of this Agreement is held to be illegal, invalid, or unenforceable, such provision or term shall be fully
severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision or term had never
comprised part of this Agreement; and the remaining provisions and terms of this Agreement shall remain in full force and effect.

 

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h.       Authority.
Executive expressly warrants and represents that Executive: (i) is legally competent and authorized to execute and consummate the
terms of this Agreement; (ii) is the sole legal owner of all right, title and interest in and to the Claims; and (iii) has full
right and authority to enter into this Agreement. The Officer or Director of the Company executing this Agreement expressly warrants
and represents that he (i) is legally competent and authorized to execute and consummate the term of this Agreement on behalf of
the Company; (ii) has full right and authority to cause the Company to enter into this Agreement.

 

i.       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, administrators,
representatives, executors, successors and assigns, as applicable.

 

j.       Amendment
and Waiver. No term or condition of this Agreement shall be deemed waived other than by a writing signed by the Party against
whom the waiver is sought. A Party’s failure to insist upon the other Party’s compliance with any provision of this
Agreement or to assert any right that a Party may have under this Agreement shall not be deemed a waiver of that provision or that
right. Any written waiver shall operate only as to the specific term or condition waived. No amendment or modification of this
Agreement shall be deemed effective unless stated in a writing signed by the Parties.

 

k.       Entire
Agreement. This Agreement constitutes the entire Agreement of the Parties with regard to the subject matter of this Agreement,
and supersedes all prior and contemporaneous negotiations and agreements, oral or written, with regard to the same subject matter,
except for the terms of any post-employment benefits and any payroll advance or wage deduction agreement.

 

l.       Governing
Law and Venue. This Agreement shall be governed and construed in accordance with the laws of the State of Colorado, unless
preempted by federal law or otherwise stated in this Agreement. EXCLUSIVE VENUE OF ANY DISPUTE ARISING FROM OR RELATED TO THIS
AGREEMENT SHALL BE DENVER, COLORADO.

 

m.       Interpretation.
Unless the context requires otherwise, all references herein to an agreement, instrument or other document shall be deemed to refer
to such agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent
permitted by the provisions thereof. In the interpretation of this Agreement, except where the context otherwise requires, (i)
“including” or “include” does not denote or imply any limitation; (ii) “or” has the inclusive
meaning “and/or;” (iii) “dollars” or “$” refers to United States dollars; (iv) the singular
includes the plural, and vice versa, and each gender includes the other gender and the neuter, and the neuter includes each gender;
(v) captions or headings are only for reference and are not to be considered in interpreting this Agreement; and (vi) use of “herein,”
“hereof,” “hereby,” “hereunder” and similar terms refer to this entire Agreement, including
any exhibits attached hereto, and not to any particular provision hereof, unless otherwise specifically indicated. All defined
terms are defined for the purpose of this Agreement.

 

n.       NO
RELIANCE. NO PARTY IS RELYING ON ANY REPRESENTATION OR STATEMENT OF THE OTHER PARTY OUTSIDE OF THE TERMS OF THIS AGREEMENT.
THE PARTIES HAVE ENTERED INTO THIS AGREEMENT BASED EACH ON THEIR SEPARATE, INDEPENDENT JUDGMENT.

 

 

THE NOTICES PAGE IS NEXT.

 

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NOTICES – PLEASE READ CAREFULLY
BEFORE SIGNING BELOW:

 

CERTAIN TERMS: THIS AGREEMENT CONTAINS
A GENERAL RELEASE OF CLAIMS, RESTRICTIVE COVENANTS, AND A PROVISION FOR LIQUIDATED DAMAGES.

 

RIGHTS OF TRADE SECRET USE & DISCLOSURE:
AN INDIVIDUAL SHALL NOT BE HELD CRIMINALLY OR CIVILLY LIABLE UNDER ANY FEDERAL OR STATE TRADE SECRET LAW FOR THE DISCLOSURE OF
A TRADE SECRET THAT — (I) IS MADE (A) IN CONFIDENCE TO A FEDERAL, STATE, OR LOCAL GOVERNMENT OFFICIAL, EITHER DIRECTLY OR
INDIRECTLY, OR TO AN ATTORNEY; AND (B) SOLELY FOR THE PURPOSE OF REPORTING OR INVESTIGATING A SUSPECTED VIOLATION OF LAW; OR (II)
IS MADE IN A COMPLAINT OR OTHER DOCUMENT FILED IN A LAWSUIT OR OTHER PROCEEDING, IF SUCH FILING IS MADE UNDER SEAL. AN INDIVIDUAL
WHO FILES A LAWSUIT FOR RETALIATION BY AN EMPLOYER FOR REPORTING A SUSPECTED VIOLATION OF LAW MAY DISCLOSE TRADE SECRET INFORMATION
TO THE ATTORNEY OF THE INDIVIDUAL AND USE THE TRADE SECRET INFORMATION IN THE COURT PROCEEDING, IF THE INDIVIDUAL — (X) FILES
ANY DOCUMENT CONTAINING THE TRADE SECRET UNDER SEAL; AND (Y) DOES NOT DISCLOSE THE TRADE SECRET INFORMATION, EXCEPT PURSUANT TO
COURT ORDER.

 

REPORTING LEGAL VIOLATIONS: NOTHING
IN THIS AGREEMENT PROHIBITS ANY PARTY FROM REPORTING POSSIBLE VIOLATIONS OF FEDERAL OR STATE LAW OR REGULATIONS TO ANY GOVERNMENTAL
AGENCY OR ENTITY, OR FROM MAKING OTHER DISCLOSURES THAT ARE PROTECTED UNDER THE WHISTLEBLOWER PROVISIONS OF APPLICABLE LAW.

 

UNDERSTANDING OF AGREEMENT: EXECUTIVE
HAS CAREFULLY READ THIS AGREEMENT, INCLUDING THIS AND THE ABOVE NOTICES. EXECUTIVE UNDERSTANDS AND ACCEPTS THE TERMS OF THIS AGREEMENT.
EXECUTIVE SIGNS THIS AGREEMENT FREELY AND VOLUNTARILY, BASED ON ITS EXPRESS TERMS.

 

 

 

THE SIGNATURE PAGE IS NEXT.

 

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NOTICE: THIS AGREEMENT CONTAINS
A GENERAL RELEASE OF CLAIMS, RESTRICTIVE COVENANTS, AND A PROVISION FOR LIQUIDATED DAMAGES.

IN WITNESS WHEREOF, THE PARTIES,
INTENDING TO BE LEGALLY BOUND BY THIS AGREEMENT, HAVE DULY EXECUTED THIS AGREEMENT, AS OF THE DATES INDICATED BELOW:

 

	COMPANY:	GOOD TIMES RESTAURANTS INC.
	 	 
	
        141 Union Blvd. # 400

        Lakewood, CO 80228

         
	 	 
	 	By:	 
	 	Name:	Geoff Bailey
	 	Title:	Chairman of the Board
	 	Date:	October 8, 2019
	EXECUTIVE:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
         

        3058 Newton Street

        Denver, CO 80228
	 	 
	 	
        BOYD E. HOBACK

        

	 	Date:	October 8, 2019

 

  

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