Document:

Exhibit 10.1

    

    
      

      

      SIXTH AMENDMENT TO STANDARD OFFICE LEASE

      

      

      This   Sixth   Amendment   to   Standard   Office   Lease   (hereinafter   called   “Sixth   Amendment”)   is   made on this 19th day of March 2019, by and between Shady Grove Plaza Rockville, Md. LLC (hereinafter called “Landlord”) and Rexahn
          Pharmaceuticals, Inc. (hereinafter called “Tenant”).

      

      

      WHEREAS, Landlord has succeeded the
          interest of SG Plaza Holdings LLC as successor in interest to The Realty Associates Fund V, L.P. in the Building and the Lease; and

      

      

      WHEREAS, Landlord and Tenant wish to amend
          and extend that certain Standard Office Lease and Addendum both dated June 5, 2009, as amended by that certain First Amendment to Lease dated June 7, 2013, that certain Second Amendment to Lease dated July 26, 2014, that certain Third
          Amendment to Lease dated May 6, 2015, that certain Fourth Amendment to Lease dated April 4,

            2016 and that certain Fifth Amendment to Lease dated April 13, 2017 (hereinafter collectively called the “Lease”), under which Tenant leases approximately
          seven thousand one hundred three (7,103) rentable square feet of space on the Fourth (4th) floor of the Building (the “Premises”), comprised of Suite 455 (approximately 5,466 rentable square feet) and Suite 475 (approximately 1,637 rentable square feet), in the building located at 15245 Shady Grove Road, Rockville, Maryland 20850, and known as Shady Grove Plaza (the “Building”); and

      

      

      WHEREAS, the Lease is scheduled to expire
          on June 30, 2019 with respect to Suite 455 and Suite 475 (hereinafter  called  “Original Premises”); and -

      

      

      WHEREAS, Landlord and Tenant desire to
          amend the Lease to (i) decrease the square footage of the Original Premises, (ii) extend the Term of the Lease, and (iii) amend and modify certain terms and
          conditions of the Lease as herein provided.

      

      

      NOW THEREFORE, for good and valuable
          consideration, the parties agree to the following:

      

      

      
        
          	

                	1.	
                  Effective July 1, 2019 (the “Effective Date”), the rentable area of the Premises shall be amended to decrease the Original Premises by one thousand seven hundred twenty-seven (1,727) rentable square feet consisting of Suite 475 (hereinafter called “Surrender Space”) to five thousand four hundred sixty-six (5,466) rentable square feet consisting of Suite 455 (hereinafter called “Reduced Premises”). On or before the Effective Date, Tenant shall surrender the Surrender Space to Landlord in accordance with Section 7.2 (b) of the Lease and, subject to those provisions contained in the Lease which by their terms
                      specifically survive the expiration or earlier termination of the Lease, the Lease shall terminate with respect to the Surrender Space effective on the
                      Effective Date. From and after the Effective Date, except as otherwise provided herein, all references in the Lease to the Premises shall refer to the Reduced Premises.

                

        

      

      

      
        
          	

                	2.	
                  The terms of the Lease shall be extended for an additional period of sixty (60) calendar months. This period shall commence July 1, 2019 and shall terminate  upon June 30, 2024.  Both Landlord  and Tenant agree that there are no options in which this Lease may be further extended and any term or provision in the Lease that may give rise to any such right to extend the
                        Lease is hereby deemed to be deleted from the Lease and of no further force or effect.

                

        

      

      

      

      
        
          	

                	3.	
                  The “Base Rent” shall be modified to show the minimum annual rent to be as follows:

                

        

      

      The sum of $12,754.00 in advance upon the first day of each calendar month commencing July 1, 2019 through June 30, 2020;

      $153,048.00 per annum.

      

      

      
        
          	

                	4.	
                  Effective as of July 1, 2020 and as of the first day of each July thereafter, during the term hereof, the Base Rent then in effect shall be increased by the product of (i) two and one-half percent (2.5%) and (ii) the Base Rent in effect immediately prior to  such increase, and the monthly
                        installments of Base Rent shall be upwardly adjusted accordingly.

                

        

      

      

      

      
        
          	

                	5.	
                  Notwithstanding the foregoing, Tenant shall receive an abatement of Base Rent for the month of July 2019.

                

        

      

      

      

      
        
          	

                	6.	
                  Tenant shall have the right to terminate this Lease as of June 30, 2021 (the “Early Termination Date”) by timely notifying Landlord in writing of its intention to exercise such right at least
                        six (6) months prior to the Early Termination Date (the “Early Termination Notice”)
                        provided that (i) Landlord receives the Early Termination Notice from Tenant sent via certified or registered mail, return receipt requested or by any national overnight courier service, (ii) no default beyond any applicable notice
                        and cure periods is occurring on the date Tenant provides the Early Termination Notice or at any time thereafter prior to the Early Termination Date, and
                      (iii) Tenant surrenders the Reduced Premises to Landlord in the condition as described in Section 7.2 (b) of the Lease. If Tenant timely provides the Early
                      Termination Notice to Landlord but fails to vacate the Reduced Premises completely and in the condition required by this Lease on or before the Early Termination Date, then, at Landlord’s option (A) Tenant shall be treated as a
                      holdover tenant subject to the terms and condition of Section 30 of the Lease or (B) Tenant’s right to terminate this Lease pursuant to this Section shall
                      automatically lapse and be of no further force or effect.  Except in the event of a Permitted Transfer as defined in Section 12.8 of the Lease, Tenant’s right to terminate this Lease pursuant to this Section is personal to Tenant and
                      may not be exercised by any transferee or assignee of Tenant it being understood that Tenant’s right under this Section shall immediately lapse and be of no further force or effect upon any assignment of this Lease or sublease of any
                      portion of the Reduced Premises.

                

        

      

      

      

      
        
          	

                	7.	
                  Notwithstanding anything to the contrary contained in the Lease, the following set forth herein below shall
                        control:

                

        

      

      

      

      Tenant acknowledges and agrees that the amount of recovery for any claim by Tenant under
          the Lease shall be limited to Landlord’s equity interest in the Project. Any judgments rendered shall be satisfied solely out of the proceeds of sale by Landlord’s sale of its equity interest in the Project, limited as aforesaid. No personal
          judgment shall lie against Landlord upon extinguishment of its rights in the Project and any judgment so rendered shall not give rise to any right of execution or levy against Landlord’s assets. No other asset of Landlord, any partner, director
          or officer of Landlord (collectively, “Officer”) or any other person or entity shall be available to satisfy or subject to such judgment, nor shall any Officer or other person or entity have personal liability for satisfaction of any claim or
          judgment against Landlord or any Officer. The provisions hereof shall inure to Landlord’s successors and assigns including any mortgagee and its respective directors, officers, principals and stockholders.

      

      

      
        
          	

                	8.	
                  All sums payable by Tenant shall be paid to Landlord in legal tender of the United States, at the address
                        to which notices to  Landlord are to be given or to such other party or such other address as Landlord may designate in writing. Upon receipt of written notice from Landlord, Tenant shall be obligated to make all subsequent payments
                        of Base Rent and additional rent by automatic electronic funds transfer or an automated clearing house (ACH) to an account specified by Landlord. Tenant  shall immediately  notify Landlord of any changes to Tenant’s bank account
                        that would alter the electronic funds transfer or ACH process. Landlord’s acceptance of rent after it shall have become due and payable shall not excuse a delay upon subsequent occasions nor constitute a waiver of rights,
                        notwithstanding any endorsement or restriction that Tenant may include with such payment.

                

        

      

      

      

      
        Page 1 of 2

        
          

      

      
        
          
            
              
                	

                      	9.	
                        Landlord and Tenant recognize CBRE, Inc., as Tenant’s agent, as the sole broker (“Broker’’) with
                              respect to this Sixth Amendment. Landlord agrees to be responsible for the payment of any leasing commissions owed to the Broker in accordance with the terms of a separate commission agreement entered into between Landlord and
                              Broker. Landlord and Tenant each represent  and warrant to the other that no other broker has been employed in carrying on any negotiations relating to this Sixth Amendment and shall each indemnify and hold harmless the other
                              from any claim for brokerage or other commission arising from or out of any breach of the foregoing representation and warranty.

                      

              

            

          

           

          

          	

                	10.	
                  Tenant shall be liable to all of the terms, covenants and conditions of the Lease and this Sixth Amendment.

                

        

      

      

      

      
        
          	

                	11.	
                  All other terms, covenants and conditions of the Lease shall remain the same.

                

        

      

      

      

      	
              Landlord:

            	
              Shady Grove Plaza Rockville, Md. LLC

            
	 	 
	 	
              By /s/ William Sondericker

            
	 	
              William Sondericker, Vice President

            
	 	 
	 	
              Date:  March 19,2019

            

      

      

      	
              Tenant:

            	
              Rexahn Pharmaceuticals, Inc.

            
	 	 
	 	
              By: /s/Douglas J. Swirsky

            
	 	 
	 	
              Name:Douglas J. Swirsky

            
	 	 
	 	
              Title:President and CEO

            
	 	 
	 	
              Date:March 18, 2019

            

      

      

      
        	STATE OF Maryland	) 
	COUNTY OF Montgomery) ss.: 

      

      

      

      On the 18th  day of March in the year 2019 before me, the undersigned, a Notary Public in and for said
          State, personally appeared  Douglas J. Swirsky (print name of signatory) personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
          instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed
          the instrument.

      

      

      NOTARY STAMP BELOW:

      

      

      	 	
               /s/ Sherri N. Spence

            
	 	
              Notary Public

            
	 	 
	 	
              (Remainder of page intentionally left blank)

            

      

      

      

      

      Page 2 of 2Exhibit 10.1

 

THIRD AMENDMENT TO CREDIT AGREEMENT 

 

THIS THIRD AMENDMENT TO CREDIT AGREEMENT
(this “Amendment”), dated February 21, 2019, is by and among GOOD TIMES RESTAURANTS INC., a Nevada corporation
(the “Borrower”), the Guarantors, the Lenders and CADENCE BANK, NATIONAL ASSOCIATION, as Administrative Agent
(in such capacity, the “Administrative Agent”).

 

 

W I T N E S S E T H

 

WHEREAS, the Borrower, the
Guarantors, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated September 8, 2016 (as
amended by that certain First Amendment to Credit Agreement, dated September 11, 2017, that certain Second Amendment to Credit
Agreement, dated as of October 31, 2018, and as further amended, modified, extended, restated, replaced, or supplemented from time
to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed thereto in the Credit Agreement);

 

WHEREAS, Bad Daddy’s
International LLC (“BDI”) has, on or about February 6, 2019, acquired 100% of the Equity Interests of (i) Bad
Daddy’s Burger Bar Of Seaboard, LLC (“BDBB Seaboard”), (ii) Bad Daddy’s Burger Bar Of Cary, LLC
(“BDBB Cary”), and (iii) BDBB Of Olive Park NC, LLC (“BDBB Olive Park”; collectively with
BDBB Seaboard and BDBB Cary, the “2019 JVs”) not previously owned by BDI, such that, after giving effect thereto,
the 2019 JVs became wholly-owned Subsidiaries of BDI (the “2019 JV Acquisitions”);

 

WHEREAS, the Administrative
Agent and the Lenders have provided consent to the 2019 JV Acquisitions pursuant to that certain Consent dated February 5, 2019;

 

WHEREAS, the Loan Parties
have requested that the Lenders make certain amendments to the Credit Agreement as set forth herein; and

 

WHEREAS, the Lenders have
agreed to amend the Credit Agreement on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

 

 

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

 

1.1         Amendments
to Credit Agreement. 

 

(a)           The
definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended by adding a new
paragraph to the end thereof as follows:

 

Notwithstanding the foregoing,
Consolidated EBITDA for any period which includes the fiscal quarter ending on or about (1) June 26, 2018 shall be deemed to include
$200,070 in connection with the 2019 JV Acquisitions, (2) September 25, 2018 shall be deemed to include $135,463 in connection
with the 2019 JV Acquisitions, (3) December 25, 2018 shall be deemed to include $144,869 in connection with the 2019 JV Acquisitions
and (4) March 26, 2019 shall be deemed to include $51,620 in connection with the 2019 JV Acquisitions.

 

    	 	 1	 

    	 

    

 

(b)          The
definition of “Excluded Subsidiary” in Section 1.01 of the Credit Agreement is hereby amended and restated in
its entirety as follows:

 

“Excluded Subsidiary”
(a) Fast Restaurants Co-Development Limited Partnership, (b) [RESERVED], (c) [RESERVED], (d) Bad Daddy’s Burger Bar of Winston-Salem,
LLC, (e) [RESERVED], (f) BD of Greenville, LLC, (g) BD of Wendover Commons, LLC, (h) BD of McDaniel Village, LLC and (i) any other
Subsidiary of the Loan Parties that is a joint venture any portion of the Equity Interests of which are held by a third party,
unless consent of the third party to such Subsidiary guaranteeing the Obligations is obtained.

 

(c)           Section
1.01 of the Credit Agreement is hereby amended by inserting the following new definition in the appropriate alphabetical order
therein:

 

“2019 JV Acquisitions”
means the acquisitions made by Bad Daddy’s International LLC, on or about February 6, 2019, of 100% of the Equity Interests
of (i) Bad Daddy’s Burger Bar Of Seaboard, LLC, (ii) Bad Daddy’s Burger Bar Of Cary, LLC and (iii) BDBB Of Olive Park
NC, LLC not previously owned by Bad Daddy’s International LLC, such that, after giving effect thereto, each of the foregoing
became wholly-owned Subsidiaries of Bad Daddy’s International LLC.

 

(d)          Schedule
5.19(a) to the Credit Agreement is hereby amended and restated in its entirety as set forth on Schedule 5.19(a) hereto.

 

 

ARTICLE II

CONDITIONS

 

2.1         Closing
Conditions. This Amendment shall be deemed effective as of the date set forth above upon receipt by the Administrative
Agent of:

 

(a)          a
copy of this Amendment duly executed by each of the Borrower, the Guarantors, the Administrative Agent and the Lenders;

 

(b)          a
Joinder Agreement duly executed by each of the 2019 JVs, the Borrower and the Administrative Agent;

 

(c)          with
respect to each of the 2019 JVs, the following items, in each case in form and substance satisfactory to the Administrative Agent:

 

(i) (A) searches of UCC filings
in the jurisdiction of incorporation or formation, as applicable, of each of the 2019 JVs, (B) copies of the financing statements
on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens, and (C) tax lien, judgment and bankruptcy
searches;

 

(ii) searches of ownership
of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright filings as requested by the
Administrative Agent in order to perfect the Administrative Agent’s security interest in the Intellectual Property;

 

    	 	 2	 

    	 

    

 

(iii) completed UCC financing
statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to perfect the
Administrative Agent’s security interest in the Collateral with respect to each of the 2019 JVs;

 

(iv) Pledged Equity with
respect to each of the 2019 JVs (to the extent such Pledged Equity is certificated); and

 

(v) to the extent required
to be delivered, filed, registered or recorded pursuant to the terms and conditions of the Collateral Documents, all instruments,
documents and chattel paper in the possession of any of the 2019 JVs, together with allonges or assignments as may be necessary
or appropriate to create and perfect the Administrative Agent’s and the Lenders’ security interest in the Collateral
with respect to each of the 2019 JVs;

 

(d)          an
officer’s certificate dated as of the date hereof, executed by a Responsible Officer of each of the 2019 JVs, certifying
as to the Organization Documents of each of the 2019 JVs (which, to the extent filed with a Governmental Authority, shall be certified
as of a recent date by such Governmental Authority), the resolutions of the governing body of each of the 2019 JVs, the good standing,
existence or its equivalent of each of the 2019 JVs and of the incumbency (including specimen signatures) of the Responsible Officers
of each of the 2019 JVs;

 

(e)          an
opinion or opinions of counsel for the Loan Parties, dated the date hereof and addressed to the Administrative Agent and the Lenders,
with respect to the 2019 JVs and the matters contemplated in this Amendment, in form and substance acceptable to the Administrative
Agent; and

 

(f)           any
fees and expenses owing to the Administrative Agent in connection with this Amendment.

 

ARTICLE III

MISCELLANEOUS

 

3.1         Amended
Terms. On and after the date hereof, all references to the Credit Agreement in each of the Loan Documents shall hereafter
mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement
is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

 

3.2         Representations
and Warranties of the Loan Parties. Each of the Loan Parties represents and warrants as follows:

 

(a)           Each
Loan Party has all requisite power and authority and has taken all necessary corporate and other action to authorize the execution,
delivery and performance of this Amendment in accordance with its terms.

 

(b)          The
execution, delivery and performance by each Loan Party of this Amendment been duly authorized by all necessary corporate or other
organizational action and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party
in accordance with its terms.

 

    	 	 3	 

    	 

    

 

(c)           No
approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the
Loan Parties of this Amendment.

 

(d)          The
representations and warranties set forth in the Loan Documents are true and correct in all material respects as of the date hereof
(except for those that are qualified by materiality, which are true and correct in all respects).

 

(e)           No
event has occurred and is continuing which constitutes a Default or an Event of Default.

 

(f)            The
Collateral Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Administrative
Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Collateral
Documents and prior to all Liens other than Permitted Liens.

 

(g)          The
Obligations of the Loan Parties are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

 

3.3         Reaffirmation
of Obligations. Each Loan Party hereby ratifies the Credit Agreement and each other Loan Document and acknowledges and
reaffirms (a) that it is bound by all terms of the Credit Agreement and each other Loan Document and (b) that it is responsible
for the observance and full performance of its respective obligations under the Loan Documents.

 

3.4         Loan
Document. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

 

3.5         Expenses.
The Loan Parties agree to pay all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution
and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s
legal counsel.

 

3.6         Entirety.
This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements
and understandings, oral or written, if any, relating to the subject matter hereof.

 

3.7         Counterparts;
Telecopy. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g., “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.

 

3.8         GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

3.9         Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted
successors and assigns.

 

    	 	 4	 

    	 

    

 

3.10       Consent
to Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, services of process and waiver of jury trial
provisions set forth in Sections 11.14 and 11.15 of the Credit Agreement are hereby incorporated by reference, mutatis
mutandis.

 

 

 

[SIGNATURE PAGES
FOLLOW]

 

    	 	 5	 

    	 

    

 

IN WITNESS WHEREOF the parties hereto
have caused this Amendment to be duly executed on the date first above written.

 

 

	BORROWER:	GOOD TIMES RESTAURANTS INC.,
	 	a Nevada corporation
	 	 
	 	 
	 	By:	/s/ Ryan M. Zink	 
	 	Name:  Ryan M. Zink

Title:  Treasurer and Chief Financial Officer

 

 

	GUARANTORS:	GOOD TIMES DRIVE THRU INC.,
	 	a Colorado corporation
	 	 
	 	 
	 	By:	/s/ Ryan M. Zink	 
	 	Name:  Ryan M. Zink

Title:  Treasurer and Chief Financial Officer

 

 

	 	
        BD OF COLORADO LLC,

        a Colorado limited liability company

	 	 	 
	 	 	By: GOOD TIMES RESTAURANTS INC.,

a Nevada corporation, its manager
	 	 	 
	 	 	 
	 	 	By:	/s/ Ryan M. Zink	 
	 	 	Name: 	Ryan M. Zink	 
	 	 	Title:	Treasurer and Chief Financial Officer	 

 

GOOD TIMES RESTAURANTS INC.

THIRD AMENDMENT

    	 	 	 

    	 

    

 

BAD DADDY’S FRANCHISE DEVELOPMENT, LLC,

	 	a North Carolina limited liability company
	 	 	 	 
	 	 	
        By: BAD DADDY’S INTERNATIONAL, LLC,

        a North Carolina limited liability company, its member

	 	 	 	 
	 	 	 	
        By: GOOD TIMES RESTAURANTS INC.,

        a Nevada corporation, its sole member

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	By:	/s/ Ryan M. Zink	 
	 	 	 	Name: 	Ryan M. Zink	 
	 	 	 	Title:	Treasurer and Chief Financial Officer	 
	 	 	 	 	 	 
	 	 	 	
        By: GOOD TIMES RESTAURANTS INC.,

        a Nevada corporation, its member

	 	 	 	 
	 	 	 	 
	 	 	 	By:	/s/ Ryan M. Zink	 
	 	 	 	Name: 	Ryan M. Zink	 
	 	 	 	Title:	Treasurer and Chief Financial Officer	 

 

 

 

	 	
        BAD DADDY’S INTERNATIONAL, LLC,

        a North Carolina limited liability company

	 	 	 
	 	 	
        By: GOOD TIMES RESTAURANTS INC.,

        a Nevada corporation, its sole member

	 	 	 
	 	 	 
	 	 	By:	/s/ Ryan M. Zink	 
	 	 	Name: 	Ryan M. Zink	 
	 	 	Title:	Treasurer and Chief Financial Officer	 

 

GOOD TIMES RESTAURANTS INC.

THIRD AMENDMENT

    	 	 	 

    	 

    

 

	 	
        BAD DADDY’S BURGER BAR, LLC,

        a North Carolina limited liability company

	 	 	 	 
	 	 	
        By: BAD DADDY’S INTERNATIONAL, LLC,

        a North Carolina limited liability company, its sole member

	 	 	 	 
	 	 	 	
        By: GOOD TIMES RESTAURANTS INC.,

        a Nevada corporation, its sole member

	 	 	 	 
	 	 	 	 
	 	 	 	By:	/s/ Ryan M. Zink	 
	 	 	 	Name: 	Ryan M. Zink	 
	 	 	 	Title:	Treasurer and Chief Financial Officer	 

 

	 	
        BAD DADDY’S BURGER BAR OF BALLANTYNE,

        LLC,

        a North Carolina limited liability company

	 	 	 	 
	 	 	
        By: BAD DADDY’S INTERNATIONAL, LLC,

        a North Carolina limited liability company, its sole member

	 	 	 	 
	 	 	 	
        By: GOOD TIMES RESTAURANTS INC.,

        a Nevada corporation, its sole member

	 	 	 	 
	 	 	 	 
	 	 	 	By:	/s/ Ryan M. Zink	 
	 	 	 	Name: 	Ryan M. Zink	 
	 	 	 	Title:	Treasurer and Chief Financial Officer	 

 

	 	
        BAD DADDY’S BURGER BAR OF BIRKDALE, LLC,

        a North Carolina limited liability company

	 	 	 	 
	 	 	
        By: BAD DADDY’S INTERNATIONAL, LLC,

        a North Carolina limited liability company, its sole member

	 	 	 	 
	 	 	 	
        By: GOOD TIMES RESTAURANTS INC.,

        a Nevada corporation, its sole member

	 	 	 	 
	 	 	 	 
	 	 	 	By:	/s/ Ryan M. Zink	 
	 	 	 	Name: 	Ryan M. Zink	 
	 	 	 	Title:	Treasurer and Chief Financial Officer	 

 

GOOD TIMES RESTAURANTS INC.

THIRD AMENDMENT

    	 	 	 

    	 

    

 

	 	
        BAD DADDY’S BURGER BAR OF MOORESVILLE, LLC,

        a North Carolina limited liability company

	 	 	 	 
	 	 	
        By: BAD DADDY’S INTERNATIONAL, LLC,

        a North Carolina limited liability company, its sole member

	 	 	 	 
	 	 	 	
        By: GOOD TIMES RESTAURANTS INC.,

        a Nevada corporation, its sole member

	 	 	 	 
	 	 	 	 
	 	 	 	By:	/s/ Ryan M. Zink	 
	 	 	 	Name: 	Ryan M. Zink	 
	 	 	 	Title:	Treasurer and Chief Financial Officer	 

 

GOOD TIMES RESTAURANTS INC.

THIRD AMENDMENT

    	 	 	 

    	 

    

 

	ADMINISTRATIVE	 
	AGENT:	CADENCE BANK, NATIONAL ASSOCIATION,
	 	as Administrative Agent
	 	 
	 	By:	/s/ Josh Taylor	 
	 	Name: 	Josh Taylor	 
	 	Title:	Senior Vice President	 

 

 

	LENDERS:	
        CADENCE BANK,
        NATIONAL ASSOCIATION

        as a Lender

	 	 
	 	By:	/s/ Josh Taylor	 
	 	Name: 	Josh Taylor	 
	 	Title:	Senior Vice President	 

 

GOOD TIMES RESTAURANTS INC.

THIRD AMENDMENT

    	 	 	 

    	 

    

 

Schedule 5.19(a)

Subsidiaries of Loan Parties

 

 

		1)	Subsidiaries of Good Times Restaurants Inc., a Nevada corporation (“GTIM”)

		a)	Good Times Drive Thru Inc., a Colorado corporation

		i)	Number of Shares of each class outstanding - 1,000,000 shares – Common Stock

		ii)	Wholly Owned by GTIM– 1,000,000 shares – 100%

		iii)	Nature of the Interest – Common Stock - voting

		iv)	No Series A stock is outstanding

		v)	No Series C stock is outstanding

		b)	BD of Colorado LLC, a Colorado limited liability company

		i)	Number of Units outstanding – 100

		ii)	Wholly owned by GTIM – 100 Units -- 100% membership interest

		iii)	Nature of the Interest single class membership interest - voting

		c)	Bad Daddy’s Franchise Development, LLC, a North Carolina limited liability company

		i)	Number of Units outstanding –10,000 Class A Units

		ii)	Wholly owned – 100% Class A membership interest:

(4,800 Units or 48% owned by GTIM) and (5,200 Units or 52% owned by
BDI)

		iii)	Nature of the Interest single class membership interest - voting

		d)	Bad Daddy’s International, LLC, a North Carolina limited liability company (“BDI”)

		i)	No Units issued

		ii)	Wholly owned – 100% membership interest

		iii)	Nature of the Interest single class membership interest - voting

 

		2)	Subsidiaries of Good Times Drive Thru Inc., a Colorado corporation

		a)	Fast Restaurants Co-Development LLLP, a Colorado limited liability limited partnership

		i)	Joint Venture consists of 50% ownership in 6 Good Times Drive Thru restaurants and 78.5% ownership in 1 Good Times Drive Thru
restaurant.

		ii)	Nature of the partnership interest owned is General Partner

 

		3)	Subsidiaries of BD of Colorado LLC, a Colorado limited liability company

		a)	None

 

		4)	Subsidiaries of Bad Daddy’s Franchise Development, LLC, a North Carolina limited liability company

		a)	None

 

		5)	Subsidiaries of Bad Daddy’s International, LLC, a North Carolina limited liability company

		a)	Bad Daddy’s Burger Bar, LLC, a North Carolina limited liability company

		i)	No Units issued

		ii)	Wholly owned – 100% membership interest

		iii)	Nature of the Interest – Single class membership interest - voting

 

    	 	 	 

    	 

    

 

		b)	Bad Daddy’s Franchise Development, LLC, a North Carolina limited liability company

		i)	Number of Units outstanding –10,000 Class A Units

		ii)	Wholly owned – 100% Class A membership interest:

(4,800 Units or 48% owned by GTIM) and (5,200 Units or 52% owned by
BDI)

		iii)	Nature of the Interest single class membership interest - voting

 

		c)	Bad Daddy’s Burger Bar of Ballantyne, LLC, a North Carolina limited liability company

		i)	No Units issued

		ii)	Wholly owned – 100% membership interest

		iii)	Nature of the Interest – Single class membership interest - voting

 

		d)	Bad Daddy’s Burger Bar of Birkdale, LLC, a North Carolina limited liability company

		i)	No Units issued

		ii)	Wholly owned – 100% membership interest

		iii)	Nature of the Interest -- Single class membership interest - voting

 

		e)	Bad Daddy’s Burger Bar of Mooresville, LLC, a North Carolina limited liability company

		i)	No Units issued

		ii)	Wholly owned – 100% membership interest

		iii)	Nature of the Interest -- Single class membership interest - voting

 

		f)	Bad Daddy’s Burger Bar of Seaboard, LLC, a North Carolina limited liability company

		i)	10,000 Units of Class A and 526 Units of Class B outstanding

		ii)	Wholly owned – 100% membership interest

		iii)	Nature of the Interest –Class A membership interest - voting

 

		g)	Bad Daddy’s Burger Bar of Cary, LLC, a North Carolina limited liability company

		i)	10,000 Units of Class A and 0 Units of Class B outstanding

		ii)	Wholly owned – 100% membership interest

		iii)	Nature of the Interest – Class A membership interest - voting

 

		h)	Bad Daddy’s Burger Bar of Winston-Salem, LLC, a North Carolina limited liability company

		i)	9,700 Units of Class A and 1,077.78 Units of Class B outstanding

		ii)	2,500 Units (25.78%) of Class A owned by BDI - 23.202% of all membership interests

		iii)	Nature of the Interest -- Class A membership interest - voting

 

		i)	BDBB of Olive Park NC, LLC, a North Carolina limited liability company

		i)	10,000 Units of Class A and 0 Units of Class B outstanding

		ii)	Wholly owned – 100% membership interest

		iii)	Nature of the Interest Class A membership interest - voting

 

		j)	Bad Daddy’s of Fayetteville, LLC, a North Carolina limited liability company

		i)	94,000 Units of Class A and 6,000 Units of Class B outstanding

		ii)	50,000 Units (53.191%) of Class A owned by BDI – 50% of all membership interests

		iii)	Nature of the Interest Class A membership interest – voting

 

    	 	 	 

    	 

    

 

		k)	[RESERVED]

 

		l)	BD of Greenville, LLC, a North Carolina limited liability company

		i)	10,000 Units of Class A and 0 Units of Class B outstanding

		ii)	5,790 (58%) Class A units owned by BDI – 58% of all membership interests

		iii)	Nature of the Interest Class A membership interest – voting

 

		m)	BD of Wendover Commons, LLC, a North Carolina limited liability company

		i)	100,000 Units of Class A and 0 Units of Class B outstanding

		ii)	51,000 (51%) Class A units owned by BDI – 51% of all membership interests

		iii)	Nature of the Interest Class A membership interest – voting

 

		n)	BD of McDaniel Village, LLC, a South Carolina limited liability company

		i)	100,000 Units of Class A and 0 Units of Class B outstanding

		ii)	51,000 (51%) Class A units owned by BDI – 51% of all membership interests

		iii)	Nature of the Interest Class A membership interest – voting

 

		6)	Bad Daddy’s Burger Bar, LLC, a North Carolina limited liability company

		a)	None

 

		7)	Bad Daddy’s Burger Bar of Ballantyne, LLC, a North Carolina limited liability company

		a)	None

 

		8)	Bad Daddy’s Burger Bar of Birkdale, LLC, a North Carolina limited liability company

		a)	None

 

		9)	Bad Daddy’s Burger Bar of Mooresville, LLC, a North Carolina limited liability

		a)	None

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