Document:

f8k081413ex10ii_jbi.htm

Exhibit 10.2

 

		
JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

 

Agreement and Release Between Matthew Ingham (“you”)

and JBI, Inc. (the “Company”) (the “Agreement”)

1.              Termination of Employment .  This Agreement sets forth the full terms of your separation from all positions of employment with the Company on mutually agreeable terms.  Your employment with the Company will be terminated effective with the close of business on August 14, 2013 (the “Termination Date”). In addition, you shall be deemed to have resigned from your position as a director of the Company and any and all committees thereof.

2.              Payment in Exchange for Agreement .  Solely in consideration for your execution of and compliance with this Agreement, and your release of all claims against the Company as set forth in Paragraph 3 below, provided that you have not revoked your Release, the Company agrees to pay you an amount (the “Severance Payment”) equal to four and one half (4 1/2) months of your base salary, plus any accrued and unused vacation earned through the Termination Date.  This Severance Payment shall be paid to you in three equal installments, on August 28, 2013, September 25, 2013 and October 30, 2013. In addition, the Company will accelerate the vesting of all unvested options to purchase shares of common stock, which such options were awarded to you under your amended and restated employment agreement originally dated May 15, 2012 and restated effective October 18, 2012 (the “Employment Agreement”) (this acceleration of vesting shall be the “Option Event”). For avoidance of doubt, as a result of the aforementioned acceleration of unvested options, a total of 300,000 option shares granted to you pursuant to the Employment Agreement will have vested as of the Termination Date. Notwithstanding anything to the contrary contained in your Grant Agreements, your right to exercise your vested options shall terminate on the seventh anniversary of the date of this Agreement.  Furthermore, if you elect to continue to receive group medical insurance coverage under the Company’s group health plan pursuant to COBRA, the Company will pay such monthly COBRA premiums on your behalf until December 31, 2013 (such monthly payments being the “COBRA Amount” and together with the Option Event and the Severance Payment, the “Severance Amount”).  The COBRA Amount shall maintain the coverage you and your dependents (if applicable) had immediately prior to the termination of your employment with the Company. In the event you do not elect COBRA coverage or you subsequently become ineligible for continued COBRA coverage, the Company shall no longer be obligated to pay the COBRA Amount on your behalf.  The Company will deduct from this Severance Payment withholding taxes and other deductions which it is required by law to make from wage payments to employees.  Except as set forth in this Paragraph, you shall receive no other salary, vacation, sick or personal leave or benefits from the Company.  You acknowledge that unless you enter into this Agreement, you would not otherwise receive any severance benefits from the Company.  The Severance Amount is not, and should not be construed as, an admission of liability or wrongdoing by the Company.  No additional amounts shall be due and payable to you for your service as a director of the Company through the Termination Date. 

 

 

  

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JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

 

3.              Release .

 

(a)           In consideration for the Severance Amount, which you acknowledge to be good and valuable consideration, you knowingly and voluntarily release and forever discharge the Company, any of its parent, subsidiary, division, and related companies, and any of its past and present directors, managers, officers, shareholders, employees, agents, attorneys and servants, and each of their predecessors, successors and assigns (the “Releasees”) from any and all complaints, causes of action, or claims for relief, of any nature whatsoever, known or unknown (the “Release”).  This Release includes, without limitation, any rights or claims relating in any way to your employment relationship with any of the Releasees, or the termination thereof, or arising under any statute or regulation, including, but not limited to, any rights or claims you may have under the Age Discrimination in Employment Act (ADEA), which prohibits age discrimination in employment; Title VII of the Civil Rights Act of 1964, as amended, which prohibits discrimination in employment based on race, color, national origin, religion, or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act (ADA), which prohibits discrimination in employment by reason of disability; the Employee Retirement Income Security Act (ERISA), which protects employee’s interests in certain health and retirement benefits, the Family and Medical Leave Act (“FMLA”), which protects employees’ rights to take certain leave periods, the Fair Labor Standards Act (FLSA), which protects employees’ wages and regulates hours, or any other federal, state, or local laws or regulations which govern the workplace, including, without limitation, New York State Human Rights Law, the New York City Human Rights Laws, the New York Aids Testing Confidentiality Act, the New York Equal Pay Law, the New York Persons With Disabilities Law, Civil Rights Law, the New York Genetic Testing Confidentiality Law, the New York Nondiscrimination Against Genetic Disorders Law, the New York Smokers Rights Law, the New York Equal Rights Law, the New York Discrimination by Employment Agencies Law, the New York Bone Marrow Leave Law, the New York Adoptive Parents Child Care Leave Law, the New York Cancer Victim Bias Law, Article 1, Section 11 of the New York State Constitution; N.Y. Workers’ Compensation Law, or any other state, federal or local statute or regulation which may be applicable to the Company.  This Release also includes a release by you of any claims for wrongful discharge, defamation, intentional tort, and breach of contract, implied or otherwise.  This Release includes both claims that you know about and those you may not know about.  You represent that as of the date of your execution of this Agreement, you have incurred no disability or injury in relation to or as a result of your employment and assert no claim for any form of compensation for such disability, injury or job-related condition. This Release does not include any claims you may have that arise after the Termination Date relating to the Company’s failure to perform its obligations under this Agreement or any claims related to Paragraph 7 below.

 

 

 

  

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JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

 

(b)           You warrant that you have not filed any complaint, charge or claim for relief (collectively, a “Lawsuit”) against any of the Releasees with any local, state or federal court or administrative agency.  You promise never to file a Lawsuit asserting any claims that are released in Paragraph 3.   Nothing in this Agreement shall prevent you from participating in or cooperating with any investigation or administrative proceeding conducted by the New York State Division of Human Rights, the Equal Employment Opportunity Commission, or any other state or federal administrative agency. However, in the event that a Lawsuit against any of the Releasees is filed with or instituted by any such agency, you expressly waive and shall not accept any monetary damages or award arising from said Lawsuit.  If you break your promise set forth in this Paragraph, you will pay for all costs incurred by the Releasees, including their reasonable attorneys’ fees, in defending against your claims.  You shall also repay to the Company the entire Severance Amount.  This paragraph does not apply to a claim under the Older Workers’ Benefit Protection Act (OWBPA) challenging the validity of the release of ADEA claims in Paragraph 3.

  

(c)           You hereby waive any right to and agree not to apply or reapply for employment and agree that Company has no obligation, contractual or otherwise, to rehire, reemploy or recall you in the future.  The existence of this Agreement shall be a valid, non-discriminatory basis for rejecting any such application or, in the event you obtain such employment, to terminate such employment.

4.              Non-Solicitation of Employees, Suppliers and Vendors .  You agree that, for a period of twenty-four (24) months following the Termination Date, you shall not, directly or through another person or entity:

(a)           solicit, hire, encourage or otherwise aid any employee of the Company to leave the employ of the Company; or

(b)           retain, hire, engage, solicit, induce or cause any supplier of any product or service to the Company, or any vendor (whether as a wholesaler, distributor, agent, commission agent, employee or otherwise) of the Company, to terminate, reduce or refrain from renewing or extending his, her or its contractual or other relationship with the Company.

5.              Non-Solicitation of Customers .  You agree that, for a period of one hundred twenty (120) days following the Termination Date, you shall not, directly or through another person or entity, solicit, induce, contact, persuade or cause any Customer (as defined below) of the Company Group (including, without limitation, the Company) to terminate, reduce or refrain from renewing or extending its contractual or other relationship with any member of the Company Group in regard to the purchase of products or services developed, marketed or sold by the Company Group, or to become a customer/investor of, or enter into any contractual or other relationship with, you or any other individual, person or entity in regard to the purchase of any such products or services.  For purposes of this Agreement, “Customer” shall mean any company or individual:  (1) who contacted you, whom you contacted or served, or for whom you supervised contact or service regarding the purchase of products or services of the Company Group during the period of your employment by the Company; and/or (2) who purchased products or services from the Company Group during the period of your employment by the Company.

 

 

 

  

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JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

 

6.              Confidentiality of this Agreement .  You promise not to discuss or disclose the terms of your separation from the Company or the amount or nature of the benefits paid to you under this Agreement to any person other than your family members and your attorney and/or financial advisor, should one be consulted, provided that those to whom you may make such disclosure agree to keep said information confidential and not disclose it to others.  Without limitation, you agree that the Company may disclose the nature and terms of this Agreement as may be necessary to comply with the reporting requirements of the U.S. securities laws.  In addition, you agree to the inclusion of the following statement (or substantially similar statement) in a Company report filed with the Securities and Exchange Commission for the purpose of disclosing your resignation as a director of the Company: “Mr. Ingham’s decision to resign from the Board of Directors was not the result of any disagreement or dispute with the company relating to its operations, policies or practices.”

 

7.              Non-Disparagement .  You shall not disparage or make any statement which might adversely affect the reputation of the Releasees and likewise, the Releasees shall not disparage or make any statement with might adversely affect your reputation.  For the purpose of this Paragraph, disparagement shall include, without limitation, any statement accusing the aforesaid individuals or entities of acting in violation of any law or governmental regulation or of condoning any such action, or otherwise acting in an unprofessional, dishonest, disreputable, improper, incompetent or negligent manner.

 

8.              Confidentiality and Proprietary Rights .

 

(a)           You agree that you will not, except as may be required by law, directly or indirectly use or disclose to any third person, without the prior written consent of the Company, any Confidential Information (as defined below) of the Company and/or its affiliates worldwide (the “Company Group”).  For purposes of this Agreement, “Confidential Information” means all information of a confidential or proprietary nature regarding the Company and other members of the Company Group, their respective businesses or properties, that the Company has furnished to you, or which became available to you by virtue of your services to, or relationship with, the Company, whether tangible or intangible, and in whatever form or medium provided, as well as all information you generated that contains, reflects or is derived from such information that, in each case, has not been published or disclosed to, and is not otherwise known to, the public.  The term, “Confidential Information” shall include, but not be limited to, the personal information of clients in all regards (including their identity), computer software or data of any sort developed or compiled by the Company Group, customer or investor lists, business or financial information relating to the Company, the Company Group’s customers and investors, financial data, sales figures, costs and pricing figures, marketing and other business plans, trading strategies, product development, marketing concepts, personnel matters, drawings, specifications, instructions, methods, processes, techniques, formulae or any other information relating to the Company Group’s services, products, sales, technology, research data, software and all other know-how, trade secrets or proprietary information, or any copies, elaborations, modifications and adaptations thereof, which are in the possession of the Company Group.  In the event that the Company is bound by a confidentiality agreement or understanding with a customer, vendor, supplier, prospective or actual investment, or other party regarding the confidential information of such customer, vendor, supplier, prospective or actual investment, or other party, which is more restrictive than specified above in this Section 8, and of which you have notice or are aware, the provisions of such other confidentiality agreement shall be binding upon you and shall not be superseded by this Section 8.  You further agree that, to the extent not already delivered, you shall promptly deliver to the Company, without retaining any copies thereof, all tangible evidence of the Confidential Information, including, without limitation, all notes, memoranda, records, files and other documents, whether tangible or intangible, and regardless of how stored or maintained, whether on computer tapes, discs or any other form of technology.

 

 

 

  

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JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

(b)           You agree that all work, materials (tangible and intangible) and products produced, developed, created or completed by you during the course of your providing services to the Company that relate to the actual or contemplated business of the Company are “works made for hire,” as such term is defined under the copyright laws of the United States, and are expressly intended to be wholly owned, and all copyright rights therein to be held, by the Company.  To the extent that any such copyrightable works may not, by operation of law, be works for hire, you agree to and hereby do assign to the Company or its designees ownership of all copyright rights in those works.  The Company shall have the right to obtain and hold in its own name copyrights, registrations and similar protection which may be available for those works.  You agree to give the Company or its designees all assistance it may reasonably require to secure or protect those rights.

(c)           You agree that all discoveries, developments, ideas, improvements, modifications, innovations, inventions, processes, programs, operating instructions, manuals, documentation, discs, tapes, written materials, systems, techniques, hardware, software, test procedures or other things, whether or not patentable (referred to herein as “Inventions”), that were made, conceived or reduced to practice by you, while providing services to the Company, solely or with others, whether or not during working hours or on the Company’s premises, and that (i) relate to the Company’s competitive business activities or actual or demonstrably anticipated research or development or a reasonable or contemplated expansion thereof, or (ii) resulted from any work performed by you for the Company, or (iii) were developed on the Company’s time or using the Company’s equipment, supplies, facilities or trade secret information, or (iv) are based upon or are related to trade secrets and other confidential information of the Company or the Company Group shall be the property of, and shall promptly be disclosed by you to, the Company.

 

 

  

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JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

 

(d)           You agree that you shall, without further compensation but at the Company’s sole expense, sign all papers and cooperate in all other acts reasonably required to secure or protect the Company’s rights in all such property identified above in (b) and (c), including without limitation executing written assignments therefor and applying for, obtaining and enforcing copyrights or patents thereon in any and all countries.  In the event that you are unable or unavailable or shall refuse to sign any lawful or necessary documents required in order for the Company to apply for and obtain any copyright or patent with respect to any work performed by you under this Agreement (including applications or renewals, extensions, divisions or continuations), you hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as your agents and attorneys-in-fact to act for and in your behalf, and in your place and stead, to execute and file any such applications or documents and to do all other lawfully permitted acts to further the prosecution and issuance of copyrights and patents with respect to such new developments with the same legal force and effect as if executed by you.

  

9.              Employment References .  In response to any request for a reference regarding your employment with the Company, the Company’s response shall be limited to a statement of the dates of your employment and your position with the Company.

10.            Cooperation .  You agree that you will cooperate with the Company (or its parents, subsidiaries, affiliates or related entities) and its legal counsel in connection with any matters in which you have been involved and/or of which you have knowledge.  Such cooperation shall include, without limitation, answering questions and helping to transition your duties and assignments to other employees of the Company.  In addition, you will cooperate with any current or future investigation or litigation relating to any matter with which you were involved while providing services to Company, of which you have knowledge, or which occurred while you were providing services to the Company.  The Company will make good-faith efforts to provide you with reasonable notice, whenever possible, of the need for your cooperation.

 

 

  

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JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

 

11.            Revocation of Release .  You acknowledge that you have twenty-one (21) days within which to consider this Agreement and seven (7) days following your execution of this Agreement to revoke the Agreement and that the Agreement does not become effective or enforceable until this revocation period has expired (the “Release Revocation Period”). Any revocation shall be in writing and directed by overnight delivery to: JBI, Inc., attention: General Counsel, 20 Iroquois Street, Niagara Falls, NY 14303.  Notwithstanding any contrary provision above, none of the payments or benefits contemplated by Paragraph 2 above shall be made or provided prior to the date this Agreement is executed by you and returned to the Company and seven (7) days following your execution of this Agreement has elapsed without your revoking or attempting to revoke this Agreement (the “Release Effective Date”). Any such payment or benefit that would otherwise have been made or provided prior to the Release Effective Date shall accrue and be paid or provided immediately on the first business day after the Release Effective Date. In the event that the Termination Date and the end of the Release Revocation Period fall in two separate taxable years, any payments required to be made to you that are subject to the above release condition and which are treated as nonqualified deferred compensation for purposes of Section 409A of the Internal Revenue Code ("Section 409A") shall be made in the later taxable year and within 10 days following the end of the Release Revocation Period.

12.            Entire Agreement .  This is the entire agreement between you and the Company regarding the termination of your employment.  You acknowledge that neither the Company nor any of the Releasees have made any promises to you other than those contained in this Agreement.

13.            Counterparts .  This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument.  A facsimile signature shall be as valid and binding as an original.

  

14.            Assignment .  The provisions of this Agreement shall inure to the benefit of the successors and assigns of the Company.

 

15.            Effect on Previous or Existing Agreements .  This Agreement is intended to resolve any and all issues between the Company and you, including, without limitation, any and all claims for wages, compensation, benefits, or other aspects of the employment relationship between the Company and you. This Agreement shall supersede and extinguish all prior employment agreements, express or implied, verbal or written, between the Company and you.

 

16.            Enforcement/Remedies .  You understand and acknowledge that a breach of the provisions of this Agreement would injure the Company irreparably in a way which could not be adequately compensated for by an award of monetary damages.  You therefore agree that in the event of any breach or threatened breach by you, the Company shall be entitled to an injunction, without bond, restraining such breach, as well as costs and attorneys’ fees relating to any such proceeding or any other legal action taken to enforce the Company’s rights under the Agreement.  You also agree to repay to the Company the entire amount of the Severance Payment. Nothing herein shall be construed, however, as prohibiting the Company from pursuing other available remedies or recovering on any claim for damages for such breach or threatened breach.

 

 

  

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JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

 

17.            Governing Law and Arbitration .  The parties agree that (i) this Agreement and all matters concerning your employment with the Company shall be governed and construed by and in accordance with the laws of the State of New York, without reference to its principles of the conflicts of laws and (ii) any dispute concerning or arising out of this Agreement and such other matters shall be submitted to binding arbitration, which arbitration shall be handled in New York County, New York, by a single arbitrator in accordance with the rules of JAMS.

 

18.            Severability .  If any provision of this Agreement is deemed invalid or unenforceable, the validity of the other provisions of this Agreement shall not be impaired.  If any provision of this Agreement shall be deemed invalid as to its scope, then notwithstanding such invalidity, that provision shall be deemed valid to the fullest extent permitted by law, and the parties agree that, if any court makes such a determination, it shall have the power to reduce the duration, scope and/or area of such provision and/or to delete specific words and phrases by “blue penciling” and, in its reduced or blue penciled form, such provision shall then be enforceable to the fullest extent permitted by law.

 

19.            Headings .  The headings in this Agreement are for convenience only and in no way define, limit, or describe the scope or intent of any provision of this Agreement.

 

20.            Waiver/Amendment .  No breach of any provision(s) of this Agreement may be waived unless in writing.  This Agreement may be amended only by a written agreement executed by the parties in interest at the time of the amendment. 

 

21.            Advice to Consult Attorney .  The Company encourages you to consult with an attorney before signing this Agreement.  You understand that whether or not you do so is your decision.

 

 

  

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JBI Inc.

20 Iroquois Street

Niagara Falls, New York 14303

Phone: 716.278.0015

Fax: 716.278.0153

 

22.            Section 409A .  This Agreement is intended to comply with the requirements of Section 409A, and the parties hereby agree to amend this Agreement as and when necessary or desirable to conform to or otherwise properly reflect any guidance issued under Section 409A after the date hereof without violating Section 409A.  In case any one or more provisions of this Agreement fails to comply with the provisions of Section 409A, the remaining provisions of this Agreement shall remain in effect, and this Agreement shall be administered and applied as if the non-complying provisions were not part of this Agreement.  The parties in that event shall endeavor to agree upon a reasonable substitute for the non-complying provisions, to the extent that a substituted provision would not cause this Agreement to fail to comply with Section 409A, and, upon so agreeing, shall incorporate such substituted provisions into this Agreement.   A termination of your employment hereunder shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amount or benefit constituting “deferred compensation” under Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” In the event that any payment or benefit made hereunder or under any compensation plan, program or arrangement of the Company would constitute payments or benefits pursuant to a non-qualified deferred compensation plan within the meaning of Section 409A and, at the time of your “separation from service” Company is a “specified employee” within the meaning of Section 409A, then any such payments or benefits shall be delayed until the six-month anniversary of the date of your “separation from service”. Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A.  All reimbursements for expenses paid pursuant hereto that constitute taxable income to you shall in no event be paid later than the end of the calendar year next following the calendar year in which you incur such expense or pays such related tax.  Unless otherwise permitted by Section 409A, the right to reimbursement or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit and the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, respectively, in any other taxable year.

  

23.            Acknowledgements .

YOU ACKNOWLEDGE THAT YOU HAVE CAREFULLY READ THIS AGREEMENT AND RELEASE, UNDERSTAND IT, AND ARE VOLUNTARILY ENTERING INTO IT OF YOUR OWN FREE WILL, WITHOUT DURESS OR COERCION, AFTER DUE CONSIDERATION OF ITS TERMS AND CONDITIONS.  YOU FURTHER ACKNOWLEDGE THAT EXCEPT AS STATED IN THIS AGREEMENT, NEITHER THE COMPANY NOR ANY REPRESENTATIVE OF THE COMPANY HAS MADE ANY REPRESENTATIONS OR PROMISES TO YOU.

 

	
JBI, INC.

	  	
ACCEPTED AND AGREED:

	  	  	  	  
	
By:

	
/s/ Richard Heddle

	  	
/s/ Matthew Ingham

	 	Richard Heddle, CEO	 	
NAME: Matthew Ingham

 

 

 

9ex4_2.htm

Exhibit 4.2

 

	
No. __________ 

	
__________ A WARRANTS

 

 

 

 

THIS A WARRANT CERTIFICATE WILL BE VOID IF NOT EXERCISED PRIOR

 

TO 5:00 P.M. NEW YORK CITY TIME, [__________], 2018

 

 

GOOD TIMES RESTAURANTS INC.

 

 

A WARRANT CERTIFICATE

 

 

THIS CERTIFIES THAT, for value received, [_______________] (“A Warrantholder”) is the registered holder of [_______] A Warrants (the “A Warrant” or “A Warrants”) to purchase fully paid and non-assessable shares of common stock, par value $0.001 per share (the “Share” or “Shares”), of GOOD TIMES RESTAURANTS INC., a Nevada corporation (the “Company”).

 

1.            Terms and Exercise of A Warrants.

 

(a)           A Warrant Price.  Each A Warrant shall entitle the registered holder thereof, subject to the provisions of such A Warrant, to purchase from the Company one share of Common Stock at the price of [$_____] per share, subject to the adjustments provided in Section 2 hereof and in the last sentence of this Section 1(a).  The term “A Warrant Price” as used in this Agreement refers to the price per share at which Common Stock may be purchased at the time the A Warrants are exercised.  The Company, in its sole discretion, may by notice to registered holders lower the A Warrant Price at any time prior to the Expiration Date (as defined below) for a specified period of not less than 20 business days.

 

(b)           Duration of A Warrants.  The A Warrants may be exercised only during the period (“Exercise Period”) commencing on the date of issuance and terminating at 5:00 p.m., New York City time, on the Expiration Date.  For purposes of this Agreement, the “Expiration Date” shall mean the earlier to occur of (i) [__________], 2018, or (ii) the date fixed for redemption of the A Warrants as provided in Section 4 hereof.  Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereof), each A Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof shall cease at the close of business on the Expiration Date.  The Company may extend the duration of the A Warrants by delaying the Expiration Date; provided, however, that the Company shall provide notice to registered holders of the A Warrants of such extension of not less than 20 days.

 

  

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(c)          Exercise of A Warrants.

 

(i)           Payment.  Subject to the provisions of the A Warrants, the A Warrants may be exercised by the registered holder thereof by surrendering them at the Company with the subscription form as set forth herein duly executed and, except where otherwise permitted in accordance with Section 1(c)(ii), by paying in full in lawful money of the United States by certified check made payable to the Company or by wire transfer of immediately available funds to an account designated by the Company (or as otherwise agreed to by the Company), the A Warrant Price for each share of Common Stock as to which the A Warrants are exercised and any and all applicable taxes due in connection with the exercise of the A Warrants and the issuance of the Common Stock.  

 

(ii)           Cashless Exercise.  If, and only if, at the time of exercise of the A Warrants there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Common Stock to the A Warrantholder, then, and only then, the A Warrants may at the option of the A Warrantholder be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the A Warrantholder shall be entitled to receive a number of shares of Common Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the VWAP (defined below) on the trading day immediately preceding the date on which the A Warrantholder elects to exercise the A Warrants by means of a “cashless exercise,” as set forth in the applicable subscription form;

 

(B) = the A Warrant Price of the A Warrants, as adjusted hereunder; and

 

(X) = the number of shares of Common Stock that would be issuable upon exercise of the A Warrants being exercised  in accordance with the terms hereof if such exercise were by means of a cash exercise rather than a cashless exercise.

 

“VWAP” means, for any date, the price per share of Common Stock determined by the first of the following clauses that applies:  (a) if the Common Stock is then listed or quoted on the New York Stock Exchange, the American Stock Exchange, the NASDAQ National Market, the NASDAQ Capital Market or the OTC Bulletin Board (each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or quoted for trading or quoted for trading on a Trading Market and if prices for the  Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Board of Directors of the Company, the fees and expenses of which shall be paid by the Company.

 

  

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(iii)           Issuance of Certificates.  As soon as practicable after the exercise of any A Warrants and the clearance of the funds in payment of the A Warrant Price, the Company shall issue to the registered holder of such A Warrants a certificate or certificates representing the number of shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and, if such A Warrants shall not have been exercised or surrendered in full, a new countersigned A Warrant Certificate for the number of shares as to which such A Warrants shall not have been exercised or surrendered.  Subject to Section 5(d) and notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of A Warrants unless (a) a registration statement under the Securities Act of 1933, as amended (the "Act") with respect to the Common Stock issuable upon exercise of the A Warrants is effective and a current prospectus relating to the shares of Common Stock issuable upon exercise of the A Warrants is available for delivery to the A Warrant holders, or (b) the exercise of the A Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the state or other jurisdiction in which the registered holder resides. A Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be unlawful. In the event a registration statement under the Act with respect to the Common Stock underlying the A Warrants is not effective or a prospectus is not available, or because such exercise would be unlawful with respect to a registered holder in any state, the registered holder shall not be entitled to exercise such A Warrants and such A Warrants may have no value and expire worthless.  In no event will the Company be obligated to pay such registered holder any cash consideration upon exercise (except pursuant to Section 2(e)). The Company’s counsel shall deliver any legal opinions required by the transfer agent in connection with the exercise of the A Warrants at no cost to the A Warrantholder.

        

(iv)          Valid Issuance.  All shares of Common Stock issued upon the proper exercise or surrender of the A Warrants in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

(v)           Date of Issuance.  Each person or entity in whose name any such certificate for shares of Common Stock is issued shall, for all purposes, be deemed to have become the holder of record of such shares on the date on which the A Warrants were surrendered and payment of the A Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

 (vi)          .Exercise Limitation.  Notwithstanding any provisions herein to the contrary, the A Warrantholder shall not be entitled to exercise the A Warrants for a number of shares of Common Stock in excess of that number of shares of Common Stock which, upon giving effect to such exercise, would cause the aggregate number of shares of Common Stock beneficially owned by such A Warrantholder to exceed 9.99% of the outstanding shares of Common Stock following such exercise.  For purposes of the foregoing proviso, the aggregate number of shares of Common Stock beneficially owned by the A Warrantholder shall include the number of shares of Common Stock issuable upon exercise of this A Warrant with respect to which determination of such proviso is being made, but shall exclude the shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised A Warrants beneficially owned by the A Warrantholder and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the A Warrantholder subject to a limitation on conversion or exercise analogous to the limitation contained herein.  Except as set forth in the preceding sentence, for purposes of this Section 1(c)(vi), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended.  The A Warrantholder may waive the foregoing limitation by written notice to the Company upon not less than 61 days prior written notice (such waiver taking effect only upon the expiration of such 61 day notice period and applying only to the A Warrantholder and not to any other holder of A Warrants).  For purposes of this Section 1(c)(vi), in determining the number of outstanding shares of Common Stock, the A Warrantholder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the Securities and Exchange Commission on the date thereof, (2) a more recent public announcement by the Company as to the number of shares of Common Stock outstanding, or (3) any other notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding.  Upon the written request of the A Warrantholder, the Company shall within three trading days confirm in writing or by electronic mail to the A Warrantholder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including the A Warrants, by the A Warrantholder since the date as of which such number of outstanding shares of Common Stock was reported. 

 

 2.              Adjustments.

 

(a)           Stock Dividends; Stock Splits.  If, after the date hereof, and subject to the provisions of Section 2(f) below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, stock split or similar event, the number of shares of Common Stock issuable on exercise of the A Warrants shall be increased in proportion to such increase in outstanding shares of Common Stock.

 

  

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(b)           Aggregation of Shares.  If, after the date hereof, and subject to the provisions of Section 2(f) below, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of the A Warrants shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

(c)           Adjustments in A Warrant Price.  Whenever the number of shares of Common Stock purchasable upon the exercise of the A Warrants is adjusted, as provided in Sections 2(a) and 2(b), the A Warrant Price shall be adjusted (to the nearest cent) by multiplying such A Warrant Price, immediately prior to such adjustment, by a fraction, (i) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the A Warrants immediately prior to such adjustment, and (ii) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

(d)           Extraordinary Dividends.  If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to the holders of Common Stock (or other shares of the Company’s capital stock into which the A Warrants are convertible), other than (i) as described in Sections 2(a), 2(b) or 2(e), or (ii) regular quarterly or other periodic dividends (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the A Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend in order that subsequent thereto upon exercise of the A Warrants the A Warrantholder may obtain the equivalent benefit of such Extraordinary Dividend.

 

(e)           Replacement of Securities upon Reorganization, Etc.  In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Sections 2(a) or 2(b) hereof or one that solely affects the par value of such shares of Common Stock), or, in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved, the A Warrants shall thereafter represent the right to purchase and receive, upon the basis and upon the terms and conditions specified in the A Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the A Warrants holder would have received if such A Warrants holder had exercised his, her or its A Warrants immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Sections 2(a) or 2(b), then such adjustment shall be made pursuant to Sections 2(a), 2(b), 2(c) and this Section 2(e). The provisions of this Section 2 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

  

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(f)           Notices of Changes in A Warrants.  Upon every adjustment of the A Warrant Price or the number of shares issuable upon exercise of the A Warrants, the Company shall give written notice thereof to each registered holder, which notice shall state the A Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of the A Warrants, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 2(a), 2(b), 2(d) or 2(e) the Company shall give written notice to each A Warrants holder, at the last address set forth for such holder in the A Warrants register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

(g)           Form of A Warrant.  The form of A Warrant need not be changed because of any adjustment pursuant to this Section 2, and A Warrants issued after such adjustment may state the same A Warrant Price and the same number of shares as is stated in the A Warrants initially issued pursuant to this Agreement. However, the Company may, at any time, in its sole discretion, make any change in the form of A Warrants that the Company may deem appropriate and that does not affect the rights of holders thereof, and any A Warrants thereafter issued or countersigned, whether in exchange or substitution for outstanding A Warrants or otherwise, may be in the form as so changed.

 

(h)           Notice of Certain Transactions.  In the event that the Company shall propose to (i) offer the holders of its Common Stock rights to subscribe for or to purchase any securities convertible into shares of Common Stock or shares of stock of any class or any other securities, rights or options, (ii) issue any rights, options or warrants entitling the holders of Common Stock to subscribe for shares of Common Stock or (iii) make a tender offer, redemption offer or exchange offer with respect to the Common Stock, the Company shall send to the A Warrant holders a notice of such proposed action or offer. Such notice shall be mailed to the registered holders at their addresses as they appear in the A Warrants register, which shall specify the record date for the purposes of such dividend, distribution or rights, or the date such issuance or event is to take place and the date of participation therein by the holders of Common Stock, if any such date is to be fixed, and shall briefly indicate the effect of such action on the Common Stock and on the number and kind of any other shares of stock and on other property, if any, and the number of shares of Common Stock and other property, if any, issuable upon exercise of the A Warrants and the A Warrant Price after giving effect to any adjustment pursuant to this Section 2 which would be required as a result of such action. Such notice shall be given as promptly as practicable after the Company has determined to take any such action and (x) in the case of any action covered by clause (i) or (ii) above, at least 10 days prior to the record date for determining the holders of the Common Stock for purposes of such action or (y) in the case of any other such action, at least 20 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of Common Stock, whichever shall be the earlier.

 

(i)            Other Events.  If any event occurs as to which the foregoing provisions of this Section 2 are not strictly applicable or, if strictly applicable, would not, in the good faith judgment of the Company’s Board of Directors, fairly and adequately protect the purchase rights of the registered holders of the A Warrants in accordance with the essential intent and principles of such provisions, then the Company shall make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary, in the good faith opinion of the Company, to protect such purchase rights as aforesaid.

 

  

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3.            Transfer and Exchange of A Warrants.

 

(a)           Registration of Transfer.  The Company shall register the transfer, from time to time, of any outstanding A Warrants into the A Warrant register, upon surrender of such A Warrants for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, new A Warrants representing an equal aggregate number of A Warrants shall be issued and the old A Warrants shall be cancelled by the Company.

 

(b)           Procedure for Surrender of A Warrants.  A Warrants may be surrendered to the Company, together with a written request for exchange or transfer, and, thereupon, the Company shall issue in exchange therefor one or more new A Warrants as requested by the registered holder of the A Warrants so surrendered, representing an equal aggregate number of A Warrants; provided, however, that, in the event the A Warrants surrendered for transfer bear a restrictive legend, the Company shall not cancel such A Warrants and issue new A Warrants in exchange therefor until the Company has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new A Warrants must also bear a restrictive legend.

 

(c)           Service Charges.  No service charge shall be made for any exchange or registration of transfer of A Warrants.

 

4.             Redemption.

 

(a)           Redemption.  Subject to the penultimate and final sentences of this Section 4(a) and from and after one year following the issuance of the A Warrants, not less than all of the outstanding A Warrants may be redeemed, at the option of the Company, at any time thereafter after they become exercisable and there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the A Warrants current and available and prior to their expiration, upon the notice referred to in Section 4(b), in whole but not in part, at the price of $0.01 per A Warrant (“Redemption Price”), provided that the closing sales price of a share of Common Stock has been equal to or greater than 150% of the A Warrant Price (as adjusted pursuant to Section 2(c) hereof) for any 20 trading days within a 30 consecutive trading day period ending on the third business day prior to the date on which notice of redemption is given.  Notwithstanding anything to the contrary contained herein, the Company shall not call the A Warrants for redemption unless there is an effective registration statement under the Act relating to the shares of Common Stock issuable upon exercise of the A Warrants current and available throughout the “30-day redemption period” and a prospectus is available.

 

(b)           Date Fixed for, and Notice of, Redemption.  In the event the Company shall elect to redeem all of the A Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the registered holders of the A Warrants to be redeemed at their last addresses as they shall appear on the A Warrant Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder received such notice.

 

  

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(c)           Exercise After Notice of Redemption.  The A Warrants may be exercised in accordance with Section 1 of this Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 4(b) hereof and prior to the time and date fixed for redemption. On and after the redemption date, the registered holders of the A Warrants shall have no further rights except to receive, upon surrender of the A Warrants, the Redemption Price.

 

5.            Other Provisions Relating to Rights of Holders of A Warrants.

 

(a)           No Rights as Stockholder.  The A Warrants do not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends or other distributions, to exercise any preemptive rights, or to vote, consent or receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

 

(b)           Lost, Stolen, Mutilated or Destroyed A Warrant Certificates.  If any A Warrant Certificate is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may in its discretion impose (which terms shall, in the case of a mutilated A Warrant Certificate, include the surrender thereof), issue a new A Warrant Certificate of like denomination, tenor and date as the A Warrant Certificate so lost, stolen, mutilated or destroyed. Any such new A Warrant Certificate shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed A Warrant Certificate shall be at any time enforceable by anyone.

 

(c)           Reservation of Common Stock.  The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding A Warrants issued pursuant to this Agreement.

 

(d)           Registration of Common Stock.  The Company agrees that prior to the commencement of the Exercise Period, it shall use its best efforts to prepare and file with the Securities and Exchange Commission a post-effective amendment to the registration statement, or a new registration statement, for the registration under the Act of the Common Stock issuable upon exercise of the A Warrants, and it shall take such action as is necessary to qualify for sale, in those states in which the A Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the A Warrants. In either case, the Company will use its best efforts to cause the same to become effective on or prior to the commencement of the Exercise Period and to maintain the effectiveness of such registration statement and ensure that a prospectus is available for delivery to the A Warrant holders until the expiration of the A Warrants in accordance with the provisions of this Agreement.  Except as provided in Section 1(c)(ii) of this A Warrant Certificate, the A Warrants shall not be exercisable and the Company shall not be obligated to issue Common Stock unless, at the time a holder seeks to exercise A Warrants, a prospectus related to the Common Stock issuable upon exercise of the A Warrants is current and the Common Stock has been registered or qualified under the laws of the state of residence of the holder of the A Warrants or unless the issuance of the Common Stock is deemed to be exempt from such requirements.  In addition, the Company agrees to use its best efforts to register such securities under the blue sky laws of the states of residence of exercising A Warrant holders, if permitted by the blue sky laws of such jurisdictions, in the event that an exemption is not available.

 

  

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(e)           Notices.  Any notice, statement or demand authorized by this Certificate to be given or made by the Company or by the holder of the A Warrants to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is provided in writing by the Company) as follows:

 

Good Times Restaurants Inc.

 

601 Corporate Circle

 

Golden, CO 80401

 

Attn:  President and CEO

 

 

Any notice, sent pursuant to this Certificate shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration or certification thereof.

 

(f)           Applicable Law.  The validity, interpretation, and performance of this Certificate and of the A Warrants shall be governed in all respects by the laws of the State of Nevada, without giving effect to any conflict of laws principles. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Certificate and to the A Warrants shall be brought and enforced in the courts of the State of Nevada or the United States District Court for the District of Nevada, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 5(e) hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

GOOD TIMES RESTAURANTS INC.

 

 

 

	
By:

	  	  
	  	  	  
	  	
Boyd E. Hoback, President & CEO

	  

 

                                                                

 

 

	
By:

	  	  
	  	  	  
	  	
Susan M. Knutson, Secretary

	  

 

  

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GOOD TIMES RESTAURANTS INC.

 

SUBSCRIPTION FORM

 

(To Be Executed by the A Warrantholder in Order to Exercise A Warrants)

 

 

 

The undersigned A Warrantholder hereby irrevocably elects to exercise __________ A Warrants represented by this A Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise of such A Warrants.  Payment shall take the form of (check applicable box):

 

o in lawful money of the United States by certified check made payable to the Company or by wire transfer of immediately available funds to an account designated by the Company; or

 

 

o if permitted by the terms of the A Warrant Certificate, the cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section 1(c)(ii), to exercise the A Warrants with respect to the maximum number of shares of Common Stock purchasable pursuant to the cashless exercise procedure set forth in Section 1(c)(ii).

 

 

The undersigned A Warrantholder requests that certificates for such shares shall be issued in the name of:

 

	
Name:   

	  	  
	  	  	  
	
Address:   

	  	  
	  	  	  
	  	  	  
	  	  	  
	
Tax Identification Number:   

	  	  

 

 

and be delivered to:

 

 

 

	
Name:   

	  	  
	  	  	  
	
Address:   

	  	  
	  	  	  
	  	  	  

 

 

and, if the number of A Warrants shall not be all the A Warrants evidenced by this A Warrant Certificate, that a new A Warrant Certificate for the balance of such A Warrants be registered in the name of, and delivered to, the A Warrantholder at the address stated below.

 

 

	
Dated:

	  	  	  	  	
Signature: 

	  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	
Address

 

  

- 9 -

  

 

	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	
  Tax Identification Number

 

Signature Guaranteed:

 

 

 

	  	  

 

 

THE SIGNATURE TO THIS A WARRANT EXERCISE FORM MUST CORRESPOND TO THE NAME WRITTEN UPON THE FACE OF THIS A WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK EXCHANGE.

 

 

 

 

 

 

  

- 10 -

  

 

GOOD TIMES RESTAURANTS INC.

 

ASSIGNMENT

 

(To Be Executed by the A Warrantholder in Order to Assign A Warrants)

 

 

 

For Value Received, ____________________ hereby sells, assigns and transfers unto:

 

 

	
Name:   

	  	  
	  	  	  
	
Address:   

	  	  
	  	  	  
	  	  	  
	  	  	  
	
Tax Identification Number:   

	  	  

 

_________ of the A Warrants represented by this A Warrant Certificate, and hereby irrevocably constitutes and appoints ____________________ Attorney to transfer this A Warrant Certificate on the books of the Company, with full substitution in the premises.

 

 

                                                             

 

	
Dated:

	  	  	  	  	
Signature: 

	  	  

 

 

 

 

Signature Guaranteed:

 

 

 

 

	  	  

 

 

THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND TO THE NAME WRITTEN UPON THE FACE OF THIS A WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK EXCHANGE.

 

 

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