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                                                                     EXHIBIT 4.4

         THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE
         SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM
         REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
         AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN
         AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
         REGISTRATION REQUIREMENTS OF THE ACT.

June 29, 2000                                                  Right to Purchase
                                                                  834,836 Shares
                                                                of Common Stock,
                                                                par value $0.001
                                                                       per share

                                GERON CORPORATION
                             STOCK PURCHASE WARRANT

Registered Owner:

         This warrant is a duly authorized warrant (the "Warrant") of Geron
Corporation, a Delaware corporation (the "Company") referred to in the
Securities Purchase Agreement (the "Purchase Agreement") dated as of June 29,
2000 by and between the Company and the Purchaser (as defined in the Purchase
Agreement). This Warrant is subject to the terms and conditions of the Purchase
Agreement, a copy of which is on file at and may be obtained from the Company at
its principal office at the address set forth in Section 11 hereof. This
certifies that, for value received the Company grants the following rights to
the Registered Owner, or assigns, of this Warrant:

         1. ISSUE. Upon tender (as defined in section 5 hereof) to the Company,
the Company shall issue to the Registered Owner, RGC International Investors,
LDC, or assigns, up to the number of shares specified in paragraph 2 hereof of
fully paid and non-assessable shares of Common Stock, par value $.001 per share
("Common Stock"), that the Registered Owner, or assigns, is otherwise entitled
to purchase.

         2. NUMBER OF SHARES. The total number of shares of Common Stock that
the Registered Owner, or assigns, of this Warrant is entitled to receive upon
exercise of this Warrant is 834,836 shares of common Stock, subject to
adjustment from time to time as set forth in paragraph 6 below. The Company
shall at all times have authorized, reserved and held available sufficient
shares of Common Stock to satisfy all conversion and purchase rights represented
by outstanding convertible securities, options and warrants, including this
Warrant, for issuance upon exercise of this Warrant, such number of shares equal
to 125% of the shares for which it may then be exercised. The Company covenants
and agrees that all shares of Common Stock that may be issued upon the exercise
of this Warrant shall, upon issuance, be duly and validly issued, fully paid and
non-assessable, and free from all taxes, liens and charges with respect to the
purchase and the issuance of the shares.

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         3. EXERCISE PRICE. The initial exercise price of this Warrant, the
price at which the shares of stock issuable upon exercise of this Warrant may be
purchased, is $37.43 and subject to adjustment from time to time pursuant to the
provisions of paragraph 6 below (the "Exercise Price").

         3A. PAYMENT OF EXERCISE PRICE. The Registered Owner may pay the
Exercise Price in one of the following manners:

                  (i) Cash Exercise. The Registered Owner shall deliver
immediately available funds or a check payable to the Company; or

                  (ii) Cashless Exercise. At such time as, but only at such time
as, after the 120th day after the date of issuance of this Warrant, all of the
Registerable Securities (as defined in the Registration Rights Agreement) are
not registered pursuant to an effective registration statement, the Registered
Owner shall have the right to surrender this Warrant to the Company together
with a notice of cashless exercise, in which event the Company shall issue to
the Registered Owner the number of Warrant Shares determined as follows:

         where: X = Y (A-B)/A

                X = the number of Warrant Shares (as defined in the
                Purchase Agreement) to be issued to the Registered Owner

                Y = the number of Warrant Shares with
                respect to which this Warrant is being
                exercised

                A = the average of the Per Share Market
                Value of the Common Stock for the five (5)
                Trading Days immediately prior to (but not
                including) the date of exercise

                B = the Exercise Price

For purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Registered
Owner, and the holding period for the Warrant Shares shall be deemed to have
been commenced, on the issue date to the extent permitted by Rule 144.

         4. EXERCISE PERIOD. This Warrant may be exercised at any time and from
time to time during the period beginning on June 29, 2000 (the "Issue Date") and
up to and including the date which is 540 days after the Issue Date (the
"Exercise Period"). If not exercised during this period, this Warrant and all
rights granted under this Warrant shall expire and lapse.

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         5. TENDER. This Warrant may be exercised, in whole or in part, by
actual delivery of (i) the Exercise Price in cash, (ii) a duly executed Warrant
Exercise Form, a copy of which is attached to this Warrant as Exhibit A,
properly executed by the Registered Owner, or assigns, of this Warrant, and
(iii) by surrender of This Warrant. The payment and Warrant Exercise Form must
be delivered, personally or by mail, to the registered office of the Company.
Documents sent by mail shall be deemed to be delivered when they are received by
the Company. If this Warrant shall have been exercised only in part, then,
unless this Warrant has expired, the Company shall, at its expense, at the time
of delivery of such certificates, deliver to the holder a new Warrant
representing the number of shares with respect to which this Warrant shall not
then have been exercised.

         6. ADJUSTMENT OF EXERCISE PRICE.

                  (a) Common Stock Dividends; Common Stock Splits; Reverse
Common Stock Splits. If the Company, at any time while this Warrant is
outstanding, (a) shall pay a stock dividend on its Common Stock, (b) subdivide
outstanding shares of Common Stock into a larger number of shares, (c) combine
outstanding shares of Common Stock into a smaller number of shares, or (d) issue
by reclassification of shares of Common Stock any shares of capital stock of the
Company, the Exercise Price shall be multiplied by a fraction the numerator of
which shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding before such event and the denominator of which shall be the
number of shares of Common Stock outstanding after such event. Any adjustment
made pursuant to this paragraph (6)(a) shall become effective immediately after
the record date for the determination of shareholders entitled to receive such
dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

                  (b) Rights; Options; Warrants. If the Company, during the
period commencing on the Closing Date (as defined in the Purchase Agreement)
through and including the date which is 12 months from the Issue Date, shall
issue rights or warrants to all of the holders of Common Stock entitling them to
subscribe for or purchase shares of Common Stock at a price per share less than
$26.95, the Exercise Price shall be multiplied by a fraction, the denominator of
which shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding on the date of issuance of such rights or warrants plus the
number of additional shares of Common Stock offered for subscription or
purchase, and the numerator of which shall be the number of shares of Common
Stock (excluding treasury shares, if any) outstanding on the date of issuance of
such rights or warrants plus the number of shares which the aggregate offering
price of the total number of shares so offered would purchase at $26.95 per
share. Such adjustment shall be made whenever such rights or warrants are
issued, and shall become effective immediately after the record date for the
determination of shareholders entitled to receive such rights or warrants.
However, upon the expiration of any right or warrant to purchase Common Stock
the issuance of which resulted in an adjustment in the Exercise Price pursuant
to this paragraph (6)(b), if any such right or warrant shall expire and all or
any portion thereof shall not have been exercised, the Exercise Price shall
immediately upon such expiration be re-computed and effective immediately upon
such expiration be increased to the price which it would have been (but
reflecting any other adjustments in the Exercise Price made pursuant to the
provisions of Section 6(g) after the issuance of such rights or warrants) had
the adjustment of the Exercise Price made upon the issuance of such rights or
warrants been made on the basis of offering for subscription or purchase only
that number of shares of

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Common Stock (if any) actually purchased upon the exercise of such rights or
warrants actually exercised; provided, however, that if (X) (1) the Registration
Statement (as defined in the Registration Rights Agreement) is then in effect
and has been in effect and sales of all of the Registrable Securities (as
defined in the Registration Rights Agreement) can be made thereunder for at
least twenty (20) Trading Days prior to a Trigger Date (as defined below); (2)
the Company has, at all times prior to the Trigger Date, a sufficient number of
authorized shares of Common Stock reserved for issuance upon full conversion of
all of the Securities (as defined in the Purchase Agreement) issued pursuant to
the Purchase Agreement; and (3) no Event of Default shall have occurred and be
continuing on the Trigger Date or at any time during the twenty (20) Trading
Days prior to a Trigger Date; and (Y) the Per Share Market Value is greater than
150% of the Conversion Price (as defined in the debentures issued pursuant to
the Purchase Agreement (the "Debentures")) in effect on the Closing Date (as
defined in the Purchase Agreement) for any five (5) consecutive Trading Days
prior to the 180th day following the Issue Date (the last day of such five (5)
consecutive Trading Day period being referred to herein as the "Trigger Date"),
then this provision shall expire automatically on the 180th day following the
Issue Date.

                  (c) Subscription Rights. If the Company, during the period
commencing on the Closing Date (as defined in the Purchase Agreement) through
and including the date which is 12 months from the Issue Date, shall distribute
to all of the holders of Common Stock evidences of its indebtedness or assets or
rights or warrants to subscribe for or purchase any security (excluding those
referred to in paragraphs 6(a) and (b) above), then in each such case the
Exercise Price at which the Warrant shall thereafter be exercisable shall be
determined by multiplying the Exercise Price in effect immediately prior to the
record date fixed for determination of shareholders entitled to receive such
distribution by a fraction the denominator of which shall be the Per Share
Market Value of Common Stock determined as of the record date mentioned above,
and the numerator of which shall be such Per Share Market Value of the Common
Stock on such record date less the then fair market value at such record date of
the portion of such assets or evidence of indebtedness so distributed applicable
to one outstanding share of Common Stock as determined by the Board of Directors
in good faith; provided, however, that in the event of a distribution exceeding
ten percent (10%) of the net assets of the Company, such fair market value shall
be determined by a nationally recognized or major regional investment banking
firm or firm of independent certified public accountants of recognized standing
(an "Appraiser") selected in good faith by the Registered Owner of the Warrant;
and provided, further, that the Company, after receipt of the determination by
such Appraiser shall have the right to select an additional Appraiser meeting
the same qualifications, in good faith, in which case the fair market value
shall be equal to the average of the determinations by each such Appraiser. Such
adjustment shall be made whenever any such distribution is made and shall become
effective immediately after the record date mentioned above; provided, however,
that if (X) (1) the Registration Statement (as defined in the Registration
Rights Agreement) is then in effect and has been in effect and sales of all of
the Registrable Securities (as defined in the Registration Rights Agreement) can
be made thereunder for at least twenty (20) Trading Days prior to a Trigger
Date; (2) the Company has, at all times prior to the Trigger Date, a sufficient
number of authorized shares of Common Stock reserved for issuance upon full
conversion of all of the Securities (as defined in the Purchase Agreement)
issued pursuant to the Purchase Agreement; and (3) no Event of Default shall
have occurred and be continuing on the Trigger Date or at any time during the
twenty (20) Trading Days prior to a Trigger Date; and (Y) the Per Share Market
Value is greater than 150% of the Conversion Price (as defined in the
Debentures) in effect on the Closing Date (as defined in the

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Purchase Agreement) for any five (5) consecutive Trading Days prior to the 180th
day following the Issue Date, then this provision shall expire automatically on
the 180th day following the Issue Date.

                  (d) Rounding. All calculations under this section 6 shall be
made to the nearest cent or the nearest l/l00th of a share, as the case may be.

                  (e) Notice of Adjustment. Whenever the Exercise Price is
adjusted pursuant to paragraphs 6(a), (b), (c) or (h), the Company shall
promptly mail to the holder of the Warrant, a notice setting forth the Exercise
Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. Upon each adjustment of the Exercise Price pursuant
paragraphs 6(a), (b), (c) or (h), the number of shares of Common Stock issuable
upon exercise of this Warrant shall be adjusted by multiplying a number equal to
the Exercise Price in effect immediately prior to such adjustment by the number
of shares of Common Stock issuable upon exercise of this Warrant immediately
prior to such adjustment and dividing the product so obtained by the adjusted
Exercise Price.

                  (f) Redemption Events. In case of (A) any reclassification of
the Common Stock, (B) any consolidation or merger of the Company with or into
another person pursuant to which (i) a majority of the Company's Board of
Directors will not constitute a majority of the board of directors of the
surviving entity or (ii) less than 51% of the outstanding shares of the capital
stock of the surviving entity will be held by the same shareholders of the
Company prior to such reclassification, consolidation or merger, (C) the sale or
transfer of all or substantially all of the assets of the Company, (D) any
compulsory share exchange pursuant to which the Common Stock is converted into
other securities, cash or property, (E) suspension from listing or delisting of
the Common Stock from the National Market System of the Nasdaq Stock Market
("Nasdaq") or any other exchange on which the Common Stock is listed for a
period of five (5) consecutive Trading Days, (F) the Company's notice to any
Registered Owner, including by way of public announcement, at any time, of its
intention, for any reason, not to comply with proper requests for the exercise
of any such warrants, or (G) a breach by the Company of any representation,
warranty, covenant or other term or condition of the Purchase Agreement, the
Registration Rights Agreement or any other agreement, document, certificate or
other instrument delivered in connection with the transactions contemplated
thereby or hereby, except to the extent that such breach would not have a
Material Adverse Effect (as defined in Section 3(a) of the Purchase Agreement)
and except, in the case of a breach of a covenant which is curable, only if such
breach continues for a period of at least ten (10) days after the Company knows
or reasonably should have known of the existence of such breach (clauses (A)
through (G) above referred to as a "Redemption Event"), the holder of the
Warrant shall have the right thereafter to exercise the Warrant within ten (10)
Business Days of the Redemption Event for the shares of stock and other
securities, cash and property receivable upon or deemed to be held by holders of
Common Stock following such Redemption Event, and the holder of the Warrant
shall be entitled upon such event to receive such amount of securities, cash or
property as the shares of the Common Stock of the Company into which the Warrant
could have been converted immediately prior to such Redemption Event would have
been entitled.

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         (g) Reclassification, Etc. If:

                  A. the Company shall declare a dividend (or any other
         distribution) on its Common Stock; or

                  B. the Company shall declare a special nonrecurring cash
         dividend on or a redemption of its Common Stock; or

                  C. the Company shall authorize the granting to all of the
         holders of the Common Stock rights or warrants to subscribe for or
         purchase any shares of capital stock of any class or of any rights; or

                  D. the approval of any shareholders of the Company shall be
         required in connection with any reclassification of the Common Stock of
         the Company, any consolidation or merger to which the Company is a
         party, any sale or transfer of all or substantially all of the assets
         of the Company, of any compulsory share exchange whereby the Common
         Stock is converted into other securities, cash or property; or

                  E. the Company shall authorize the voluntary or involuntary
         dissolution, liquidation or winding up of the affairs of the Company;

then the Company shall cause to be filed at each office or agency maintained for
the purpose of exercise of this Warrant, and shall cause to be mailed to the
holder of this Warrant at its address as it shall appear below, at least thirty
(30) calendar days prior to the applicable record or effective date hereinafter
specified, a notice (provided such notice shall not include any material
non-public information) stating (x) the date on which a record is to be taken
for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to betaken, the date as of which the holders of Common
Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected
that holders of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange;
provided, however, that the failure to mail such notice or any defect therein or
in the mailing thereof shall not affect the validity of the corporate action
required to be specified in such notice.

                  (h) Adjustment to Exercise Price. If the Company, during the
period commencing on the Closing Date (as defined in the Purchase Agreement)
through and including the date which is 12 months from the Issue Date, takes any
of the actions described in this Section 6(h), then, in order to prevent
dilution of the rights granted under this Warrant, the Exercise Price will be
subject to adjustment from time to time as provided in this Section 6(h);
provided, however, that if (X) (1) the Registration Statement (as

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defined in the Registration Rights Agreement) is then in effect and has been in
effect and sales of all of the Registrable Securities (as defined in the
Registration Rights Agreement) can be made thereunder for at least twenty (20)
Trading Days prior to a Trigger Date; (2) the Company has, at all times prior to
the Trigger Date, a sufficient number of authorized shares of Common Stock
reserved for issuance upon full conversion of all of the Securities (as defined
in the Purchase Agreement) issued pursuant to the Purchase Agreement; and (3) no
Event of Default shall have occurred and be continuing on the Trigger Date or at
any time during the twenty (20) Trading Days prior to a Trigger Date; and (Y)
the Per Share Market Value is greater than 150% of the Conversion Price (as
defined in the Debentures) in effect on the Closing Date (as defined in the
Purchase Agreement) for any five (5) consecutive Trading Days prior to the 180th
day following the Issue Date, then this provision shall expire automatically on
the 180th day following the Issue Date:

                  (i) Adjustment of Exercise Price upon Issuance of Common
         Stock. If, during the period commencing on the Closing Date (as defined
         in the Purchase Agreement) through and including the date which is 12
         months from the Issue Date, the Company issues or sells, or is deemed
         to have issued or sold, any shares of Common Stock (other than the
         Debenture Shares or Warrant Shares (each as defined in the Purchase
         Agreement) or shares of Common Stock deemed to have been issued by the
         Company in connection with a Stock Plan (as defined below), shares of
         Common Stock issuable upon the exercise of any options or warrants
         outstanding on the date hereof or upon conversion of convertible
         securities outstanding on the date hereof, in each case as listed in
         Schedule 2.1(c) of the Purchase Agreement (as defined below), shares of
         Common Stock issued or deemed to have been issued in a Strategic
         Venture (as defined below), or shares of common Stock issued or deemed
         to have been issued as consideration for an acquisition by the Company
         of a division, assets or business (or stock constituting any portion
         thereof) from another person) for a consideration per share (the "New
         Issuance Price") less than $26.95, then immediately after such issue or
         sale, the Exercise Price then in effect shall be reduced to an amount
         equal to 120% of the New Issuance Price. A "Strategic Venture" shall
         mean a venture between the Company and a pharmaceutical or
         biotechnology company or an Affiliate thereof, the primary purpose of
         which is not to raise capital in the form of equity (including without
         limitation through the issuance of warrants, convertible securities,
         phantom stock rights, stock appreciation rights or other rights with
         equity features) and pursuant to which the Company contributes or
         issues securities of the Company valued at less than 50% of the entire
         contribution of the Company. If the Registered Holder and the Company
         cannot agree on the value of the components of such contribution, the
         last two sentences of subsection (F)(I) entitled "Calculation of
         Consideration" shall apply.

                  If, during the period commencing on the Closing Date (as
defined in the Purchase Agreement) through and including the date which is 12
months from the Issue Date, the Company issues or sells, or is deemed to have
issued or sold, any shares of Common Stock (other than Debenture Shares or
Warrant Shares, shares of Common Stock deemed to have been issued by the Company
in connection with a Stock Plan or shares of Common Stock issuable upon the
exercise of any options or warrants outstanding on the date hereof and listed in
Schedule 2.1(c) of the Purchase Agreement) then, for purposes of determining the
adjusted Exercise Price under this Section 6(h)(i), the following shall be
applicable:

                  A. Issuance of Options. If, during the period commencing on
         the Closing Date (as defined in the Purchase Agreement) through and
         including the date which is 12 months from the Issue Date, the Company
         in any manner grants any rights or options to subscribe for or to
         purchase Common Stock or any stock or other securities convertible into

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         or exchangeable for Common Stock (other than the Debenture Shares or
         Warrant Shares or shares of Common Stock deemed to have been issued by
         the Company in connection with a Stock Plan, shares of Common Stock
         issuable upon the exercise of any options or warrants outstanding on
         the date hereof or upon conversion of convertible securities
         outstanding on the date hereof, in each case as listed in Schedule
         2.1(c) of the Purchase Agreement, shares of Common Stock issued or
         deemed to have been issued as consideration for an acquisition by the
         Company of a division, assets or business (or stock constituting any
         portion thereof) from another person or shares of Common Stock issued
         or deemed to have been issued in a Strategic Venture) (such rights or
         options being herein called "Options" and such convertible or
         exchangeable stock or securities being herein called "Convertible
         Securities") and the price per share (the "New Option Price") for which
         Common Stock is issuable upon the exercise of such Options or upon
         conversion or exchange of such Convertible Securities is less than
         $26.95, then the Exercise Price shall be reduced to an amount to equal
         120% of the New Option Price. No adjustment of the Exercise Price shall
         be made upon the actual issuance of such Common Stock or of such
         Convertible Securities upon the exercise of such Options or upon the
         actual issuance of such Common Stock upon conversion or exchange of
         such Convertible Securities.

                  B. Issuance of Convertible Securities. If, during the period
         commencing on the Closing Date (as defined in the Purchase Agreement)
         through and including the date which is 12 months from the Issue Date,
         the Company in any manner issues or sells any Convertible Securities
         and the price per share (the "New Convertible Price") for which Common
         Stock is issuable upon such conversion or exchange (other than the
         Debenture Shares or Warrant Shares or shares of Common Stock deemed to
         have been issued by the Company in connection with a Stock Plan, shares
         of Common Stock issuable upon the exercise of any options or warrants
         outstanding on the date hereof or upon conversion of convertible
         securities outstanding on the date hereof, in each case as listed in
         Schedule 2.1(c) of the Purchase Agreement, shares of Common Stock
         issued or deemed to have been issued as consideration for an
         acquisition by the Company of a division, assets or business (or stock
         constituting any portion thereof) from another person or shares of
         Common Stock issued or deemed to have been issued in a Strategic
         Venture) is less than $26.95, then the Exercise Price shall be reduced
         to equal 120% of the New Convertible Price.

                  C. Change in Option Price or Rate of Conversion. If there is a
         change during the period commencing on the Closing Date (as defined in
         the Purchase Agreement) through and including the date which is 12
         months from the Issue Date in (i) the purchase price provided for in
         any Options, (ii) the additional consideration, if any, payable upon
         the issue, conversion or exchange of any Convertible Securities or
         (iii) the rate at which any Convertible Securities are convertible into
         or exchangeable for Common Stock, then the Exercise Price in effect at
         the time of such change shall be readjusted to the Exercise Price which
         would have been in effect at such time had such Options or Convertible
         Securities still outstanding provided for such changed purchase price,
         additional consideration or changed conversion rate, as the case may
         be, at the time initially granted, issued or sold; provided that no
         adjustment shall be made if such adjustment would result in an increase
         of the Exercise Price then in effect.

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                  D. Certain Definitions. For purposes of determining the
         adjusted Exercise Price under this Section 6(h)(i), the following terms
         have meanings set forth below:

                           (I) "Stock Plan" means any stock or compensation plan
pursuant to which Common Stock may be issued to any employee, officer, director
or consultant of the Company which is either (a) approved by the stockholders of
the Company or (b) approved by the compensation committee of the Company's Board
of Directors for legitimate compensation purposes which provides for the
purchase of the Common Stock at a purchase price of no less than 85% of the
market price of the Common Stock on the date of issuance of such option, warrant
or security.

                           (II) "Common Stock Deemed Outstanding" means, at any
given time, the number of shares of Common Stock issued and outstanding at such
time, plus the number of shares of Common Stock deemed to be outstanding
pursuant to Sections 6(h)(i)(A) and 6(h)(i)(B) hereof regardless of whether the
Options or Convertible Securities are actually exercisable at such time, but
excluding any shares of Common Stock issuable upon exercise of the Warrants.

                  E. Effect on Exercise Price of Certain Events. For purposes of
         determining the adjusted Exercise Price under this Section 6(h)(i), the
         following shall be applicable:

                           (I) Calculation of Consideration Received. If any
Common Stock, Options or Convertible Securities are issued or sold or deemed to
have been issued or sold for cash, the consideration received therefor will be
deemed to be the net amount received by the Company therefor. In case any Common
Stock, Options or Convertible Securities are issued or sold for a consideration
other than cash, the amount of the consideration other than cash received by the
Company will be the fair value of such consideration, except where such
consideration consists of securities, in which case the amount of consideration
received by the Company will be the arithmetic average of the Per Share Market
Values of such security for the five (5) consecutive Trading Days immediately
preceding the date of receipt. In case any Common Stock, Options or Convertible
Securities are issued to the owners of the non-surviving entity in connection
with any merger in which the Company is the surviving entity the amount of
consideration therefor will be deemed to be the fair value of such portion of
the net assets and business of the non-surviving entity as is attributable to
such Common Stock, Options or Convertible Securities, as the case may be. The
fair value of any consideration other than cash or securities will be determined
jointly by the Company and the Registered Owners of a majority of the Warrant
Shares then outstanding. If such parties are unable to reach agreement within
ten (10) days after the occurrence of an event requiring valuation (the
"Valuation Event"), the fair value of such consideration will be determined
within forty-eight (48) hours of the tenth (10th) day following the Valuation
Event by an Appraiser selected by the Company. The determination of such
Appraiser shall be binding upon all parties absent manifest error.

                           (II) Integrated Transactions. In case any Option is
issued in connection with the issue or sale of other securities of the Company,
together comprising one integrated transaction in which no specific
consideration is allocated to such Options by the parties thereto, the Options
will be deemed to have been issued for an aggregate consideration of $.001.

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                           (III) Treasury Shares. The number of shares of Common
stock outstanding at any given time does not include shares owned or held by or
for the account of the Company, and the disposition of any shares so owned or
held will be considered an issue or sale of Common Stock.

                           (IV) Record Date. If the Company takes a record of
the holders of Common Stock for the purpose of entitling them (1) to receive a
dividend or other distribution payable in Common Stock, Options or in
Convertible Securities or (2) to subscribe for or purchase Common stock, Options
or Convertible Securities, then such record date will be deemed to be the date
of the issue or sale of the shares of Common Stock deemed to have been issued or
sold upon the declaration of such dividend or the making of such other
distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

                           (V) Certain Events. If any event occurs of the type
contemplated by the provisions of Section 6(h)(i)(subject to the exceptions
stated therein) but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, phantom stock
rights or other rights with equity features), then the Company's Board of
Directors will make an appropriate adjustment in the Exercise Price so as to
protect the rights of the Registered Owner, or assigns, of this Warrant;
provided, however, that no such adjustment will increase the Exercise Price as
otherwise determined pursuant to this Section 6(h).

         In no event shall any provision in this Section 6 cause the Exercise
Price to be greater than the Exercise Price on the date of issuance of this
Warrant.

         7. RESTRICTION ON EXERCISE BY THE REGISTERED OWNER. Notwithstanding
anything in this Warrant to the contrary, in no event shall the Holder of this
Warrant be entitled to exercise a number of Warrants (or portions thereof) in
excess of the number of Warrants (or portions thereof) upon exercise of which
the sum of (i) the number of shares of Common Stock beneficially owned by the
Holder and its affiliates (other than shares of Common Stock which may be deemed
beneficially owned through the ownership of the unexercised Warrants and the
unexercised or unconverted portion of any other securities of the Company
(including the Debentures) subject to a limitation on conversion or exercise
analogous to the limitation contained herein) and (ii) the number of shares of
Common Stock issuable upon exercise of the Warrants (or portions thereof) with
respect to which the determination described herein is being made, would result
in beneficial ownership by the Holder and its affiliates of more than 9.9% of
the outstanding shares of Common Stock. For purposes of the immediately
preceding sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
13D-G thereunder, except as otherwise provided in clause (i) hereof.
Notwithstanding anything in this Warrant to the contrary, the restriction on
Holder set forth in this paragraph shall not be amended without (i) the written
consent of the Holder and the Company and (ii) the approval of the holders of a
majority of the Company's Common Stock present, or represented by proxy, and
voting at any meeting called to vote on the amendment of such restriction.

                                       10
<PAGE>   11

         8. DEFINITIONS. Capitalized terms used herein and not otherwise defined
herein shall have the meanings given to such terms in the Purchase Agreement. As
used in this Warrant, the following terms have the following meanings:

         "Affiliate" means, with respect to any Person, any other Person that
directly or indirectly controls or is controlled by or under common control with
such Person. For the purposes of this definition, "control," when used with
respect to any Person, means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "affiliated," controlling" and "controlled" have meanings
correlative to the foregoing.

         "Appraiser" has the meaning assigned to it in Section 6(c)hereof.

         "Business Day" means any day except Saturday, Sunday and any day which
shall be a legal holiday or a day on which banking institutions in the state of
New York generally are authorized or required by law or other government actions
to close.

         "Common Stock" means the shares of the Company's common stock, par
value $.001 per share.

         "Company" means Geron Corporation, a Delaware corporation.

         "Convertible Securities" has the meaning assigned to it in Section
6(h)(i)(A) hereof.

         "Exercise Period" has the meaning assigned to it the Section 4 hereof.

         "Exercise Price" has the meaning assigned to it in Section 3 hereof.

         "Market Price" has the meaning assigned to it in Section 6(h)(i)
hereof.

         "Options" has the meaning assigned to it in Section 6(h)(i)(A) hereof.

         "Per Share Market Value" means on any particular date (i) the closing
bid price per share of the Common Stock on such date on Nasdaq or another
registered national stock exchange on which the Common Stock is then listed or
if there is no such price on such date, then the closing bid price on such
exchange or quotation system on the date nearest preceding such date, or (ii) if
the Common Stock is not listed then on the National Market System of the Nasdaq
Stock Market or any registered national stock exchange, the closing bid price
for a share of Common Stock in the over-the-counter market, as reported by the
National Quotation Bureau Incorporated (or similar organization or agency
succeeding to its functions of reporting prices) at the close of business on
such date, or (iii) if the Common Stock is not then publicly traded the fair
market value of a share of Common Stock as determined by an Appraiser selected
in good faith by the holder of this Warrant; provided, however, that the
Company, after receipt of the determination by such Appraiser, shall have the
right to select an additional Appraiser, in which case, the fair market value
shall be equal to the average of the determinations by each such Appraiser; and
provided, further that all determinations of the Per Share Market Value shall be
appropriately adjusted for any stock dividends, stock splits or other similar
transactions during such period.

                                       11
<PAGE>   12

         "Purchase Agreement" means that certain Securities Purchase Agreement,
dated June 29, 2000, by and between the Company and the Purchaser (as defined in
the Purchase Agreement).

         "Redemption Event" has the meaning assigned to it in Section 6(f)
hereof.

         "Registered Owner" means RGC International Investors, LDC, or such
other Person as shown on the records of the Company as being the registered
owner of this Warrant.

         "Registration Rights Agreement" means that certain Registration Rights
Agreement, dated as of June 29, 2000, by and between the Company and the Initial
Investor (as defined in the Registration Rights Agreement).

         "Trading Day(s)" means any day on which the primary market on which
shares of Common Stock are listed is open for trading.

         9. REGISTRATION RIGHTS. The Company will undertake the registration of
the Common Stock into which this Warrant is exercisable at such times and upon
such terms pursuant to the provisions of the Registration Rights Agreement.

         10. [INTENTIONALLY OMITTED].

         11. NOTICES. Any notice or other communication required or permitted to
be given hereunder shall be in writing and shall be deemed to have been received
(a) upon hand delivery (receipt acknowledged) or delivery by telex (with correct
answer back received), telecopy or facsimile (with transmission confirmation
report) at the address or number designated below (if received by 8:00 p.m. EST
where such notice is to be received), or the first business day following such
delivery (if delivered on a business day after during normal business hours
where such notice is to be received) or (b) on the second business day following
the date of mailing by express courier service, fully prepaid, addressed to such
address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications are (i) if to the Company to Geron
Corporation, 230 Constitution Drive, Menlo Park, California 94025 attn: David
Greenwood, fax no. (650) 473-7701 with copies to Latham & Watkins, 135
Commonwealth Drive, Menlo Park, California 94025, Attn: Alan C. Mendelson, Esq.,
fax no. (650) 463-2600 and (ii) if to any Registered Owner to the address set
forth immediately below such Registered Owner's name on the signature pages to
the Purchase Agreement or such other address as may be designated in writing
hereafter, in the same manner, by such Person.

         12. REMEDIES. The Company acknowledges that a breach by it of its
obligations hereunder will cause irreparable harm to the Registered Owner, or
assigns, by vitiating the intent and purpose of the transactions contemplated
hereby. Accordingly, the Company acknowledges that the remedy at law for breach
of its obligations hereunder will be inadequate and agrees, in the event of a
breach or threatened breach by the Company of any of the provisions hereunder,
that the Registered Owner, or assigns, shall be entitled, in addition to all
other available remedies in law or in equity, to an injunction or injunctions to
prevent or cure breaches of the provisions of this Security and to enforce
specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

                            [signature page follows]

                                       12
<PAGE>   13

         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its duly authorized officer as of the date first set forth above.

                                     GERON CORPORATION

                                     By: /s/ DAVID L. GREENWOOD
                                         ---------------------------------------
                                         David L. Greenwood
                                         Senior Vice President, Corporate
                                         Development and Chief Financial Officer

                                       13
<PAGE>   14

                                    EXHIBIT A

                              Warrant Exercise Form

TO:      GERON CORPORATION

         The undersigned hereby: (1) irrevocably subscribes for and offers to
purchase _______ shares of Common Stock of Geron Corporation, pursuant to
Warrant No. ___ heretofore issued to ___________________ on June 29, 2000; (2)
encloses a payment of $__________ for these shares at a price of $________ per
share (as adjusted pursuant to the provisions of the Warrant); and (3) requests
that a certificate for the shares be issued in the name of the undersigned and
delivered to the undersigned at the address specified below. The undersigned
represents that it is an accredited investor within the meaning of Regulation D
under the Securities Act.

                           Date:

                           Investor Name:

                           Taxpayer Identification
                           Number:

                           By:

                           Printed Name:

                           Title:

                           Address:

                           Note:    The above signature should correspond
                                    exactly with the name on the face of this
                                    Warrant Certificate or with the name of
                                    assignee appearing in assignment form below.

AND, if said number of shares shall not be all the shares purchasable under the
within Warrant, a new Warrant Certificate is to be issued in the name of said
undersigned for the balance remaining of the shares purchasable thereunder less
any fraction of a share paid in cash and delivered to the address stated above.<PAGE>   1
                                                                   EXHIBIT 10.33

                    GREEN BURRITO MASTER FRANCHISE AGREEMENT

         THIS AGREEMENT is made as of the 5th day of  June, 2000 and shall take
effect 30 days thereafter ("Effective Date"), by and among CKE Restaurants, Inc.
("CKR"), Carl Karcher Enterprises, Inc. ("CKE") and Hardee's Food Systems, Inc.
("HFS") (CKR, CKE and HFS shall be collectively referred to as the "CKR
Companies"), and Green Burrito Grill Franchise Corporation (formerly known as GB
Franchise Corporation) and Santa Barbara Restaurant Group, Inc. (collectively
"GBGF").

                                    RECITALS

         CKE has developed and owns a unique and distinctive system ("Carl's Jr.
System") relating to the development, establishment and operation of fast
service restaurants ("Carl's Jr. Restaurants").

         HFS has developed and owns a unique and distinctive system ("Hardee's
System") relating to the development, establishment and operation of fast
service restaurants ("Hardee's Restaurants").

         GBGF has developed and owns a unique and distinctive system ("GB
System") relating to the development, establishment and operation of fast
service restaurants that feature Mexican food products.

         GBGF also has successfully developed a method for inserting the GB
System into an existing restaurant concept which permits operation of the GB
System and the other restaurant system side-by-side from the same location ("GB
Dual Concept System").

         The CKR Companies and GBGF have entered into a number of agreements,
including but not limited to, a Settlement and Development Agreement dated May
30, 1995, as subsequently amended ("Settlement Agreement"), a Master
Subfranchise Agreement dated December 1, 1995, as subsequently amended ("Master
Agreement") and individual Franchise Agreements, pursuant to which the CKR
Companies have been licensed by GBGF to develop and operate at company-owned
Carl's Jr. and Hardee's Restaurants, and to subfranchise Carl's Jr. and Hardee's
franchisees to develop and operate at franchised Carl's Jr. and Hardee's
Restaurants, Carl's Jr. and Hardee's Restaurants that utilize the GB Dual
Concept System ("Dual Concept Restaurants").

         As a result of the parties' experience in developing and operating, and
subfranchising franchisees to develop and operate, Dual Concept Restaurants, the
parties desire to restructure their relationship.

         GBGF desires to assign to CKE, and CKE is willing to assume, GBGF's
rights and obligations as franchisor under certain Green Burrito Franchise
Agreements with third party franchisees ("GB Franchise Agreements").

         Accordingly, the parties are entering into this Agreement to terminate
all prior agreements between or among them pertaining to the development,
operation or subfranchising of Dual Concept Restaurants by the CKR Companies and
replace those prior agreements with this Agreement and to assign to CKE certain
of the GB Franchise Agreements.

         NOW THEREFORE, in consideration of the mutual covenants, agreements and
obligations set forth below, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

                                      -1-

<PAGE>   2

                       I. GENERALLY APPLICABLE PROVISIONS

1. TERMINATION OF PRIOR AGREEMENTS

         As of the Effective Date, the Settlement Agreement, the Master
Agreement and all prior agreements between or among the parties pertaining to
the development, operation or subfranchising of Dual Concept Restaurants by the
CKR Companies are terminated and are replaced by this Agreement.

2. GRANT OF RIGHTS

         A. GRANT

         GBGF hereby grants to the CKR Companies the right, throughout the
United States, during the Development Term (as defined below): (1) to develop
and operate Dual Concept Restaurants utilizing the GB Dual Concept System ("CKR
Dual Concept Restaurants"); and (2) to license existing and prospective Carl's
Jr. and Hardee's franchisees ("Franchisees") to develop and operate Dual Concept
Restaurants utilizing the GB Dual Concept System in connection with their Carl's
Jr. or Hardee's Restaurants ("Franchised Dual Concept Restaurants"). The
provisions of this Agreement also shall apply to the Dual Concept Restaurants
operated and subfranchised by CKE that are in existence as of the date of this
Agreement.

         B. SCOPE OF LIMITED EXCLUSIVITY GRANTED TO THIRD PARTIES

         In order to avoid restricting the development of Dual Concept
Restaurants by the CKR Companies and their Franchisees, GBGF agrees that, unless
otherwise agreed to by the CKR Companies and GBGF, during the Development Term
(as defined below), GBGF will not, in the state of California and Pima County,
Arizona, grant, or permit their subsidiaries or affiliates to grant, exclusivity
to any franchisee or subfranchisee of the GB System or the GB Dual Concept
System in excess of a radius of 1.5 miles of the restaurant licensed to use the
GB System or the GB Dual Concept System.

3. DEVELOPMENT TERM

         The initial term of the rights granted to the CKR Companies pursuant to
this Agreement to develop and subfranchise the development of Dual Concept
Restaurants shall begin as of the Effective Date and terminate on December 31,
2004 ("Development Term"). Unless this Agreement has been terminated prior to
the expiration of the Development Term, the CKR Companies shall have the option
to renew this Agreement for a renewal Development Term; provided the parties are
able to agree, prior to the expiration of the Development Term, on a development
schedule for, and the length of, the renewal Development Term.

         The expiration or termination of the Development Term shall only affect
the right of the CKR Companies to develop or subfranchise additional Dual
Concept Restaurants and shall not affect the operation of existing Dual Concept
Restaurants the term of which, for CKR Dual Concept Restaurants, shall be as
provided in Part III of this Agreement, and the term of which, for Franchised
Dual Concept Restaurants, shall be as provided in the each franchise or license
agreement entered into by CKE or HFS and a Franchisee.

                                      -2-

<PAGE>   3

4. DEVELOPMENT SCHEDULE

         For each calendar year listed in the Development Schedule attached as
Appendix A, the CKR Companies shall develop (either by CKE, HFS or Franchisees)
and open the number of Dual Concept Restaurants specified in the Development
Schedule. On or before December 31 of each year during the Development Term, the
CKR Companies shall provide GBGF with a list of all Dual Concept Restaurants
then operated by the CKR Companies or Franchisees.

         If the CKR Companies have not complied with the Development Schedule as
of the end of any calendar year listed in Appendix A, GBGF may in its sole
discretion, following 30 days' prior written notice to the CKR Companies,
terminate the right to develop (and the right to subfranchise the development
of) additional Dual Concept Restaurants. Notwithstanding the foregoing, if the
CKR Companies have developed at least 80% of the Dual Concept Restaurants
required by the Development Schedule, the CKR Companies shall have the options
described below, which can be exercised no more than twice during the
Development Term (and which must be exercised by providing GBGF written notice
prior to the expiration of 30 days following GBGF's notice). The CKR Companies
may avoid termination of the right to develop (and the right to subfranchise the
development of) additional Dual Concept Restaurants by paying GBGF the initial
fee specified in Section III.2.A. for each Dual Concept Restaurant the CKR
Companies were required to develop, but failed to develop, in that calendar
year. Such election by the CKR Companies shall not affect the obligation of the
CKR Companies to develop those Dual Concept Restaurants in the next calendar
year unless the CKR Companies pay GBGF the additional sum of $10,000 to
compensate GBGF for the ongoing royalty fees that would have been paid to GBGF
if those Dual Concept Restaurants had been developed. In that event, the
Development Schedule shall be modified to delete the obligation by the CKR
Companies to develop those Dual Concept Restaurants.

5. SITE AND FRANCHISEE SELECTION

         The CKR Companies shall not be required to obtain GBGF's approval of
any site for a Dual Concept Restaurant; however, the CKR Companies shall not
open (and shall not permit a Franchisee to open) a Dual Concept Restaurant
within a 1.5 mile radius of any then-existing Green Burrito Restaurant or Grill
by Green Burrito Restaurant (or such similar name as may be adopted by GBGF)
operated or franchised by GBGF. The CKR Companies shall use their best efforts
to offer Franchisees the opportunity to operate Dual Concept Restaurants. The
CKR Companies shall use those standards that they reasonably deem appropriate
for the selection of Franchisees to operate Dual Concept Restaurants, which may
include requirements that a Franchisee be in good standing and be operationally
and financially capable of operating a Dual Concept Restaurant. The CKR
Companies shall not be required to obtain GBGF's approval with respect to any
Franchisee that desires to operate a Dual Concept Restaurant.

6. ADVERTISING

         The CKR Companies intend to use internal creative departments or
consultants to develop promotional materials for Dual Concept Restaurants. All
such advertising and promotional materials shall properly utilize GBGF's
Proprietary Marks, but the CKR Companies shall not be required to submit any
advertising or promotional materials to GBGF for its review and approval. The
CKR Companies may, but are not required to, establish advertising funds for the
promotion of Dual Concept Restaurants.

                                      -3-

<PAGE>   4

7. GREEN BURRITO FOOD PRODUCTS AND SUPPLIERS

         A. GB FOOD PRODUCTS

         All Dual Concept Restaurants, except Dual Concept Restaurants that
offer a limited menu of Carl's Jr. or Hardee's products ("Express Units"), shall
offer for sale a minimum of 12 items from the list of GB Food Products attached
as Appendix B. Express Units shall offer for sale a reasonable number of GB Food
Products, taking into account space and other limitations applicable to each
Express Unit. The CKR Companies shall have the right, without GBGF's consent, to
make minor changes to food specifications and to the GB Food Products. All other
changes to the food specifications or to any GB Food Products must be approved
in writing by GBGF prior to use in any Dual Concept Restaurant.

         B. GREEN BURRITO SUPPLIERS

         Dual Concept Restaurants must use proprietary products in the
preparation and sale of certain GB Food Products and currently must purchase the
proprietary products from GBGF, an affiliate of GBGF or a designated supplier.
The CKR Companies shall have the right to obtain such proprietary products from
alternative suppliers, provided the alternative suppliers are able to
consistently supply quality products and provided that the CKR Companies have
given GBGF advance written notice of their intent to utilize an alternative
supplier and GBGF has not objected to the proposed alternative supplier(s)
within 14 days after receipt of notice from the CKR Companies. In addition, the
CKR Companies agree that they may not seek an alternative supplier if such
action would result in a violation of any existing contract GBGF has with an
existing supplier. GBGF shall be entitled to retain all rebates received from
existing suppliers through the expiration of current supply contracts.

         All other products used in the preparation and sale of GB Food Products
also shall be obtained from suppliers selected by the CKR Companies that are
able to consistently supply quality products. The parties agree to work together
with respect to the purchase of all items used by Dual Concept Restaurants and
restaurants operated and franchised by GBGF in order to realize the best
available pricing from suppliers.

8. PROPRIETARY MARKS

         The term "Proprietary Marks" as used in this Agreement refers to all
words, symbols, insignia, devices, designs, trade names, service marks or
combinations thereof designated by GBGF as identifying the GB Dual Concept
System and the products sold and services provided in connection with the GB
Dual Concept System. The right of the CKR Companies to use and sublicense the
use of the Proprietary Marks is limited to use of the Proprietary Marks in the
operation of Dual Concept Restaurants. The CKR Companies shall not use the
Proprietary Marks or any variations of the Proprietary Marks or marks or names
confusingly similar to any of the Proprietary Marks in any manner not authorized
by GBGF.

         The CKR Companies shall have the right to adopt and use new Proprietary
Marks with respect to the GB Dual Concept System and, as determined by the CKR
Companies, to seek additional registrations in GBGF's name. GBGF shall own all
right, title and interest in all new Proprietary Marks used, adopted and/or
registered by the CKR Companies. The CKR Companies at their expense shall
undertake, with GBGF's consent, all actions necessary to maintain and protect
the Proprietary Marks, including without limitation, the pursuit of infringers
of the Proprietary Marks. (If damages are recovered by the CKR Companies from an
infringer, such damages shall be shared equally with GBGF.)

         The CKR Companies agree that the Proprietary Marks (including any
Proprietary Marks adopted and/or registered after the Effective Date) are the
sole property of GBGF and affiliates, that the CKR

                                      -4-

<PAGE>   5

Companies shall not directly or indirectly contest the validity or ownership of
the Proprietary Marks or GBGF's right to license the Proprietary Marks, and that
any and all uses by the CKR Companies of the Proprietary Marks and the goodwill
arising therefrom shall inure exclusively to the benefit of GBGF and affiliates.

9. NONCOMPETITION RESTRICTIONS

         A. BY GBGF

         In addition to the provisions of Section I.2.B., during the Development
Term, GBGF shall not operate, or grant a franchise to operate, a restaurant
using the GB System or the GB Dual Concept System within a 1.5 mile radius of a
Dual Concept Restaurant operated by the CKR Companies or their Franchisees.

         B. BY THE CKR COMPANIES

         During the Development Term, and for 2 years after the expiration or
termination of the Development Term, the CKR Companies will not feature or
operate in their company or franchised Carl's Jr. or Hardee's Restaurants any
concept which they develop, own, operate or are a licensee of if that concept
features Mexican food (similar to the menu offerings under the GB Dual Concept
System) as the principal menu offerings. The foregoing restriction does not
apply to: (1) Mexican style food items offered at Carl's Jr. Restaurants prior
to August 9, 1994; (2) any sandwich comprised of bread or buns and a main
component of hamburger, chicken or fish even though garnished with traditional
Mexican sauces or flavorings; and (3) the ownership by the CKR Companies of any
Mexican food concept, company, restaurant or restaurant chain if the menu items
are not offered in Carl's Jr. or Hardee's Restaurants.

10. TRANSFER

         This Agreement may not be assigned, transferred, voluntarily or
involuntarily, in whole or in part, by operation of law or otherwise without the
written consent of the other parties. Notwithstanding the foregoing, no consent
will be required for assignments or transfers by any party as a result of any
sale of all or substantially all of the stock or assets of such party, or any
merger by a party with another entity; provided that the assignee, transferee or
successor assumes in writing each of the transferor's or assignor's obligations
hereunder.

11. INDEMNIFICATION

         A. The CKR Companies shall indemnify and hold harmless GBGF and their
directors, officers, employees, agents and representatives against all claims,
damages, liabilities and losses, including reasonable attorneys' fees and
defense costs, arising directly or indirectly from: (1) the operation of Dual
Concept Restaurants by the CKR Companies or Franchisees; (2) the grant of
subfranchises by the CKR Companies to Franchisees to operate Dual Concept
Restaurants; (3) the services to be provided by the CKR Companies to Franchisees
under the franchise or license agreements for Franchised Dual Concept
Restaurants, including the failure to properly provide those services; (4) any
action by a franchisee of the CKR Companies based on the rights granted to the
CKR Companies by this Agreement; and (5) the failure by the CKR Companies to
comply with any franchise or similar law with respect to the rights granted the
CKR Companies by this Agreement.

         B. GBGF shall indemnify and hold harmless the CKR Companies and their
directors, officers, employees, agents and representatives against all claims,
damages, liabilities and losses,

                                      -5-

<PAGE>   6

including reasonable attorneys' fees and defense costs, arising directly or
indirectly from: (1) any action by a franchisee of GBGF (who is not a Franchisee
of a Dual Concept Restaurant) based on the rights granted to the CKR Companies
by this Agreement; and (2) GBGF's failure to comply with any franchise or
similar law with respect to the rights granted by this Agreement.

12. RELATIONSHIP OF THE PARTIES

         This Agreement does not create or imply a fiduciary, agency,
employment, partnership or other special relationship between the parties.
Neither GBGF nor the CKR Companies shall be agent, legal representative,
partner, subsidiary, joint venturer or employee of the other. Neither party
shall have the right or power to, and shall not, bind or obligate the other in
any way or manner, nor represent that it has any right to do so. The sole
relationship between GBGF and the CKR Companies is a commercial, arms' length
business relationship and there are no third party beneficiaries to this
Agreement.

13. CONSENTS, APPROVALS AND WAIVERS

         A. Whenever this Agreement requires the prior approval or consent of
another party, the requesting party shall make a timely written request to the
other therefor; and any approval or consent received, in order to be effective
and binding, must be obtained in writing.

         B. Neither party makes any warranties or guarantees upon which the
other may rely by providing any waiver, approval, consent or suggestion to the
other in connection with this Agreement, and neither party assumes any liability
or obligation to the other therefor, or by reason of any neglect, delay, or
denial of any request therefor.

         C. No failure of either party to exercise any power reserved to it by
this Agreement or to insist upon strict compliance by the other with any
obligation or condition hereunder, and no custom or practice of the parties at
variance with the terms of this Agreement, shall constitute a waiver of that
party's right to demand exact compliance with any of the terms of this
Agreement.

14. NOTICES

         No notice, demand, request or other communication to the parties shall
be binding upon the parties unless the notice is in writing, refers specifically
to this Agreement and is addressed to each party at the notice address provided
the other parties. Any party may designate a new address for notices by giving
written notice of the new address pursuant to this Section. Notices shall be
effective upon receipt (or first refusal) and may be: (A) delivered personally;
(B) transmitted by facsimile to a party's facsimile number; (C) mailed in the
United States mail, postage prepaid, certified mail, return receipt requested;
or (D) mailed via overnight courier.

15. FORCE MAJEURE

         As used in this Agreement, the term "Force Majeure" means any act of
God, strike, lock-out or other industrial disturbance, war (declared or
undeclared), riot, epidemic, fire or other catastrophe, act of any government or
other third party and any other cause not within the control of the party
affected thereby. If the performance of any obligation by either party under
this Agreement is prevented, hindered or delayed by reason of Force Majeure,
which cannot be overcome by reasonable commercial measures, the parties shall be
relieved of their respective obligations (to the extent that the parties, having
exercised best efforts, are prevented, hindered or delayed in such performance)
during the period of such Force Majeure.

                                      -6-

<PAGE>   7

16. ENTIRE AGREEMENT

         This Agreement and the attachments hereto constitute the entire, full
and complete agreement between the parties concerning the development, operation
and subfranchising of Dual Concept Restaurants by the CKR Companies, and
supersede any and all prior or contemporaneous negotiations, discussions,
understandings or agreements, including, but not limited the Settlement
Agreement and Master Agreement as amended. There are no other representations,
inducements, promises, agreements, arrangements, or undertakings, oral or
written, between the parties relating to the matters covered by this Agreement
other than those set forth in this Agreement and in the attachments hereto. No
obligations or duties that contradict or are inconsistent with the express terms
of this Agreement may be implied into this Agreement. Except as expressly set
forth herein, no amendment, change or variance from this Agreement shall be
binding on any party unless mutually agreed to by the parties and executed in
writing.

17. SEVERABILITY AND CONSTRUCTION

         A. Each article, section, subsection, term and condition of this
Agreement, and any portions thereof, will be considered severable. If, for any
reason, any portion of this Agreement is determined to be invalid, contrary to,
or in conflict with, any applicable present or future law, rule or regulation in
a final, unappealable ruling issued by any court, agency or tribunal with valid
jurisdiction, that ruling will not impair the operation of, or have any other
effect upon, any other portions of this Agreement; all of which will remain
binding on the parties and continue to be given full force and effect.

         B. No provision of this Agreement shall be interpreted in favor of, or
against, any party because of the party that drafted this Agreement.

18. GOVERNING LAW, ARBITRATION FORUM AND LIMITATIONS

         A. This Agreement and any claim or controversy arising out of, or
relating to, the rights and obligations of the parties under this Agreement and
any other claim or controversy between the parties shall be governed by and
construed in accordance with the laws of the State of California without regard
to conflicts of laws principles.

         B. Except as provided in Section I.18.C., any claim, controversy or
dispute arising out of or relating to this Agreement or with respect to a breach
of the terms of this Agreement and any other claim, controversy or dispute
between the parties shall be submitted to final and binding arbitration before
the American Arbitration Association ("AAA") as the sole and exclusive remedy.
The arbitration will be governed by the AAA commercial arbitration rules in
effect on the date the demand for arbitration is filed and shall be conducted
before one neutral arbitrator with restaurant and franchise experience selected
in accordance with the AAA commercial arbitration rules from the AAA's national
or regional arbitrator lists. The arbitration shall be administered by the AAA
office nearest to Orange County, California and all hearings shall take place in
Orange County, California. Any demand for arbitration shall specify the amount
of damages sought.

         The arbitrator shall have no authority to amend or modify the
provisions of this Agreement. The award and decision of the arbitrator shall be
conclusive and binding upon all parties thereto and judgment upon the award may
be entered in any court of competent jurisdiction, and GBGF and the CKR
Companies waive any right to contest the validity or enforceability of the
award. GBGF and the CKR Companies will obtain the agreement of the arbitrator
that: (1) the arbitrator shall provide a written ruling, stating in separate
sections the findings of fact and conclusions of law on which the ruling is
based; and (2) the ruling is due not later than 60 days after the final hearing.

                                      -7-

<PAGE>   8

         C. Notwithstanding the provisions of Section I.18.B., any party shall
be entitled to file suit in a court of competent jurisdiction to obtain
equitable relief, including preliminary and permanent injunctive relief.

         D. The parties waive, to the fullest extent permitted by law, any right
or claim of any consequential, punitive or exemplary damages against each other
and agree that, in the event of a dispute between them, each shall be limited to
the recovery of actual damages sustained by it. The parties waive, to the
fullest extent permitted by law, the right to bring, or be a class member in,
any class action arbitration or litigation and the right to trial by jury in any
action not subject to Section I.18.B.

19. MISCELLANEOUS

         A. GENDER AND NUMBER

         All references to gender and number shall be construed to include such
other gender and number as the context may require.

         B. CAPTIONS

         All captions in this Agreement are intended solely for the convenience
of the parties and none shall be deemed to affect the meaning or construction of
any provision of this Agreement.

         C. COUNTERPARTS

         This Agreement may be executed in counterparts, and each copy so
executed and delivered shall be deemed an original.

         D. MODIFICATIONS

         No amendment or modification of this Agreement shall be binding on
either party unless in writing and executed by both parties.

         E. PRESS RELEASES

         Neither the CKR Companies nor GBGF will issue any press releases
relating to this Agreement or either party's performance under this Agreement
without first providing a copy of the press release to the other party.

                            II. SUBFRANCHISE RIGHTS

1. RIGHT TO SUBFRANCHISE

         GBGF hereby grants to the CKR Companies the right throughout the United
States, during the Development Term, to license existing and prospective
Franchisees to develop Franchised Dual Concept Restaurants utilizing the GB Dual
Concept System in connection with their Carl's Jr. or Hardee's Restaurants.

                                      -8-

<PAGE>   9

2. FORMS OF AGREEMENT

         A. EXISTING FRANCHISED DUAL CONCEPT RESTAURANTS

         All existing Franchised Dual Concept Restaurants shall continue to be
governed by the existing franchise or license agreement executed by CKE or HFS
and the Franchisee.

         B. NEW FRANCHISED DUAL CONCEPT RESTAURANTS

         CKE or HFS and each Franchisee for a new Franchised Dual Concept
Restaurant shall execute that form of franchise or license agreement as
determined by CKE or HFS. The CKR Companies shall not be required to provide
GBGF a copy of any franchise or license agreement for a Franchised Dual Concept
Restaurant.

3. FEES

         A. INITIAL AND OTHER FEES

         For all Franchised Dual Concept Restaurants, the CKR Companies shall
pay GBGF, beginning as of the Effective Date, 40% of all fees (excluding royalty
fees and advertising contributions) a Franchisee is required to pay the CKR
Companies under his franchise or license agreement with respect to the rights
granted to the Franchisee to utilize the GB Dual Concept System. Unless approved
in writing by GBGF, the CKR Companies shall not charge a Franchisee of a
Franchised Dual Concept Restaurant an initial fee relating to the right to use
the GB Dual Concept System that is less than $5,000.

         B. ROYALTY FEES

         For all Franchised Dual Concept Restaurants, the CKR Companies shall
pay GBGF, beginning as of the Effective Date, 40% of all royalty fees a
Franchisee is required to pay the CKR Companies under his franchise or license
agreement relating to the Gross Sales of GB Food Products. Unless approved in
writing by GBGF, the percentage royalty a Franchisee of a Franchised Dual
Concept Restaurant pays with respect to Gross Sales of GB Food Products shall
not be less than the percentage royalty the Franchisee pays with respect to
non-Green Burrito sales at his Carl's Jr. or Hardee's Restaurant.

         As used in this Agreement, "Gross Sales of GB Food Products" shall mean
all gross sales derived from the sale of GB Food Products (which are listed in
attached Appendix B) and the Green Burrito proportionate share of beverage sales
included in total gross sales. The Green Burrito proportionate share of beverage
sales shall be computed by comparing the relationship between the Gross Sales of
GB Food Products and total gross sales (exclusive of beverage sales) and
multiplying that percentage by all beverage sales for the relevant period.

         C. ADVERTISING CONTRIBUTIONS

         The CKR Companies shall not pay to GBGF any portion of the advertising
contributions paid by Franchised Dual Concept Restaurants, which includes,
without limitation, payments for point of purchase advertising materials and
other Green Burrito advertising materials and contributions to any advertising
funds established by CKE.

                                       -9-

<PAGE>   10

         D. METHOD OF PAYMENT

         Franchised Dual Concept Restaurants shall pay all initial fees, other
fees and royalty fees directly to CKE or HFS, which will remit to GBGF the GBGF
portion of each such payment within 10 days after the fiscal week (as defined by
GBGF from time to time) in which the payment was received by CKE or HFS. The CKR
Companies shall have the sole right and obligation to collect monies from
Franchised Dual Concept Restaurants, and shall use reasonable efforts to collect
monies from such Franchisees. The CKR Companies may compromise payments of
initial fees, other fees or royalty fees in a dispute without GBGF's written
consent.

         GBGF shall not be entitled to payment of any monies from the CKR
Companies relating to Franchised Dual Concept Restaurants until the monies are
actually received by CKE or HFS, and the CKR Companies shall not have any
recourse liability to GBGF for the payment of monies unless the monies are
actually received by CKE or HFS and CKE or HFS fail to pay to GBGF the GBGF
portion of any monies received. If CKE or HFS receive a partial royalty fee
payment from a Franchised Dual Concept Restaurant, they shall pay GBGF 40% of
such payment applicable to Gross Sales of GB Food Products and each subsequent
payment until GBGF has received the portion of the royalty fee payment it would
have received had the Franchisee initially paid the royalty fee payment in full.
CKE and HFS shall pay GBGF 40% of any interest arising from late payments by a
Franchisee CKE or HFS receive applicable to Gross Sales of GB Food Products.

4. SUPPORT OBLIGATIONS

         A. TRAINING

         GBGF has trained the CKR Companies' management and selected personnel
in the operation of the GB Dual Concept System and has provided the CKR
Companies training materials and operations manuals for use by Franchised Dual
Concept Restaurants. GBGF shall have no further obligations with respect to
training or training materials. The CKR Companies will have sole responsibility
for providing training for Franchised Dual Concept Restaurants and for all
updates to training materials and operations manuals. GBGF shall have the right,
but not the obligation, to be present at, and participate in, training sessions
and inspections conducted by the CKR Companies personnel to the extent GBGF
deems necessary to ensure that Franchised Dual Concept Restaurants meet GBGF's
quality standards.

         B. OTHER SUPPORT OBLIGATIONS

         GBGF shall have no obligation to provide ongoing support or assistance
to any Franchised Dual Concept Restaurant or to the CKR Companies in connection
with any Franchised Dual Concept Restaurant.

         C. INSPECTIONS

         The CKR Companies shall conduct inspections and audits of Franchised
Dual Concept Restaurants in the same manner and with the same frequency as the
CKR Companies conduct inspections of franchised Carl's Jr. or Hardee's
Restaurants. The CKR Companies shall provide GBGF on a quarterly basis a copy of
all inspection reports.

5. DEFAULTS

         The CKR Companies shall have the sole right to notice defaults by a
Franchised Dual Concept Restaurant and to enforce remedies under the applicable
agreements. The CKR Companies shall keep

                                      -10-

<PAGE>   11

GBGF informed as to the status of all such enforcement actions. GBGF agrees to
cooperate with the CKR Companies and to provide such assistance as the CKR
Companies may reasonably request in connection with any enforcement action.

6. FRANCHISE LAW COMPLIANCE

         Except as otherwise required by law, the CKR Companies shall be
responsible for the filing of the applicable registrations with state franchise
regulatory authorities and for the preparation and distribution of required
franchise offering circulars for the offer and sale of franchises for Franchised
Dual Concept Restaurants. GBGF agrees to cooperate with the CKR Companies in
supplying information required to complete these regulatory filings and
franchise offering circulars.

        III. OPERATION OF DUAL CONCEPT RESTAURANTS BY THE CKR COMPANIES

1. OPERATION OF DUAL CONCEPT RESTAURANTS

         A. GRANT

         GBGF hereby grants to the CKR Companies the right throughout the United
States, during the Development Term, to develop CKR Dual Concept Restaurants
utilizing the GB Dual Concept. With respect to all existing CKR Dual Concept
Restaurants as of the Effective Date ("Existing Dual Concept Restaurants"), the
provisions of this Agreement shall supersede the existing Franchise Agreements
between the CKR Companies and GBGF for those Existing Dual Concept Restaurants,
all of which Franchise Agreements are hereby terminated. The provisions of this
Agreement shall govern all existing and future CKR Dual Concept Restaurants,
without the need for the parties to execute any additional agreements with
respect to individual Dual Concept Restaurants

         B. OPERATING TERM

         With respect to each Existing Dual Concept Restaurant, the initial
operating term of the license to use the GB Dual Concept System and operate the
restaurant as a Dual Concept Restaurant pursuant to this Agreement shall expire
on the date on which the existing Franchise Agreement between GBGF and the CKR
Companies for that Existing Dual Concept Restaurant would have expired (as
identified in Appendix C). (The parties acknowledge that, as of the date of this
Agreement, Appendix C is incomplete. Accordingly, the parties agree that they
shall diligently pursue completion of Appendix C and substitute a completed
Appendix C for the form of Appendix C currently attached to this Agreement.) For
all Dual Concept Restaurants developed by the CKR Companies after the Effective
Date, the initial term of the license to use the GB Dual Concept System and
operate the restaurant as a CKR Dual Concept Restaurant shall be 15 years from
the date the restaurant first opens to the public as a Dual Concept Restaurant.
The initial operating term for each CKR Dual Concept Restaurant shall
automatically be extended for a renewal term of 15 years unless the CKR
Companies provide GBGF notice of its intent not to renew the term at least 30
days prior to the expiration of the initial term for that CKR Dual Concept
Restaurant.

2. FEES

         A. INITIAL FEE

         The CKR Companies shall pay GBGF a nonrefundable initial fee of $2,500
for each CKR Dual Concept Restaurant to be developed and operated pursuant to
this Agreement. The initial fee for each CKR Dual Concept Restaurant shall be
paid before that CKR Dual Concept Restaurant first opens for business. The CKR
Companies shall not be required to pay any additional initial fee with respect
to any Existing Dual Concept Restaurant.

                                      -11-

<PAGE>   12

         B. ROYALTY FEE

         For each CKR Dual Concept Restaurant, the CKR Companies shall pay GBGF
a weekly royalty fee (to be paid, for each fiscal week (as defined by GBGF from
time to time), within 10 days after the end of that fiscal week) equal to 3% of
Gross Sales of GB Food Products (as defined in Section II.3.B.), along with a
statement of Gross Sales of GB Food Products for each CKR Dual Concept
Restaurant.

         C. RENEWAL FEE

         No renewal fee shall be paid to renew the operating term for any CKR
Dual Concept Restaurant developed after the Effective Date. With respect to each
Existing Dual Concept Restaurant, a renewal fee shall be paid only, if under the
prior Franchise Agreement between GBGF and the CKR Companies for that CKR Dual
Concept Restaurant, a portion of the initial franchise fee was deferred. In that
event, the previously deferred portion of the initial franchise fee shall be
paid to GBGF as a renewal fee. (Appendix C identifies those Existing Dual
Concept Restaurants for which a portion of the initial franchise fee had been
deferred and the amount of the deferred fee.)

         D. INTEREST

         If any payments by the CKR Companies owed to GBGF with respect to CKR
Dual Concept Restaurants under this Agreement are not received by GBGF by the
date due, the CKR Companies, in addition to paying the amount owed, shall pay
GBGF, no later than the next due date of any payment owed to GBGF, interest on
the total amount owed from the date due until paid at the rate of 1.5% per
month, not to exceed the maximum rate permitted for indebtedness of this nature
in the state in which the applicable CKR Dual Concept Restaurant is located.

         E. GBGF'S RIGHT TO AUDIT

         GBGF or its designated agents shall have the right at all reasonable
times (both during and after the term of this Agreement) to examine and copy, at
GBGF's expense, the CKR Companies' books of account relating to CKR Dual Concept
Restaurants. GBGF also shall have the right, at any time, to have an independent
audit made of the CKR Companies' books of account relating to CKR Dual Concept
Restaurants. If an audit reveals that payments due GBGF have been understated,
the CKR Companies promptly shall pay GBGF the deficiency plus interest. If an
audit reveals that payments due GBGF have been understated by 3% or more in any
report to GBGF, then GBGF may, at its option, charge the CKR Companies for any
and all costs and expenses connected with the audit (including, without
limitation, reasonable accounting and attorneys' fees). These expenses shall be
paid within 15 days of receipt of a statement therefor.

3. DUAL CONCEPT RESTAURANT DEVELOPMENT AND OPERATION

         The CKR Companies assume all cost, liability, expense and
responsibility for developing, constructing and operating each CKR Dual Concept
Restaurant. GBGF shall not have any obligations to provide the CKR Companies any
assistance with respect to the development, construction or operation of any CKR
Dual Concept Restaurant. In that regard, the provisions of Sections II.4.A.-B.
and the absence of any obligation on GBGF to provide training or ongoing support
or assistance shall be applicable to all CKR Dual Concept Restaurants.

                                      -12-

<PAGE>   13

4. OPERATION AND MANAGEMENT

         A. PERFORMANCE STANDARDS

         In recognition of the mutual benefits that come from maintaining the
reputation for quality enjoyed by the GB Dual Concept System, the CKR Companies
covenant and agree, with respect to the operation of CKR Dual Concept
Restaurants, that the CKR Companies and their employees shall comply with all of
the requirements of the GB Dual Concept System, and the CKR Companies
additionally shall comply with the following:

            (1) The CKR Companies will operate each CKR Dual Concept Restaurant
in a clean, safe and orderly manner, providing courteous, first-class service to
the public.

            (2) The CKR Companies shall maintain all structures, furnishings,
fixtures, equipment and decorations at each CKR Dual Concept Restaurant in good
condition and repair.

            (3) The CKR Companies shall use their best efforts, skills and
diligence in the conduct of business and shall regulate their employees so that
they will be courteous and helpful to the public.

            (4) The CKR Companies shall ensure that qualified personnel
supervise the operation of each CKR Dual Concept Restaurant at all times during
business hours.

            (5) The CKR Companies shall operate each CKR Dual Concept Restaurant
in strict compliance with applicable laws, rules and regulations of governmental
authorities.

            (6) The CKR Companies shall prevent the operation of any CKR Dual
Concept Restaurant in such a way as to impair the value of the GB Dual Concept
System.

            (7) The CKR Companies shall prevent the use of any CKR Dual Concept
Restaurant for any immoral or illegal purpose, or for any other purpose,
business activity, use or function which is not expressly authorized by this
Agreement.

         B. RIGHT OF INSPECTION

         GBGF personnel or designated agents shall have the right, but not the
obligation, to enter each CKR Dual Concept Restaurant, without prior notice, at
any time during regular business hours, for the purpose of examining the
premises, conferring with the CKR Companies or their employees, and inspecting
and checking merchandise and supplies, furnishings, fixtures, equipment,
operating methods, and books and records.

5. INSURANCE

         The CKR Companies shall be responsible for all loss or damage
originating in, or incurred in connection with, the construction or operation of
the CKR Dual Concept Restaurants and for all claims

                                      -13-

<PAGE>   14

or demands for damages to property or for injury, illness or death of persons
directly or indirectly resulting from the construction or operation of the CKR
Dual Concept Restaurants. The CKR Companies shall maintain in full force and
effect an insurance policy or policies protecting the CKR Companies and GBGF and
their respective officers, directors and employees against any loss, liability,
personal injury, property damage or expense whatsoever arising or occurring
upon, or in connection, with the CKR Dual Concept Restaurants. GBGF, and any
entity with an insurable interest designated by GBGF, shall be an additional
named insured in such policy or policies to the extent each has an insurable
interest. The CKR Companies may self-insure some or all these obligations.

6. TERMINATION AND EXPIRATION

         A. BY THE CKR COMPANIES

         The CKR Companies may cease operating a CKR Dual Concept Restaurant as
a Dual Concept Restaurant with GBGF's prior written consent.

         B. BY GBGF

         If any CKR Dual Concept Restaurant fails to materially comply with the
requirements of the GB Dual Concept System, GBGF may provide the CKR Companies
written notice of default with respect to that CKR Dual Concept Restaurant. If
the CKR Companies fails to materially cure the noticed default within 60 days
after receipt, GBGF may terminate the right of that particular CKR Dual Concept
Restaurant to continue to be operated as a Dual Concept Restaurant. Termination
with respect to a particular CKR Dual Concept Restaurant shall not affect any
other CKR Dual Concept Restaurant.

         C. EFFECT OF TERMINATION OR EXPIRATION

         Upon termination or expiration of the operating term with respect to a
particular CKR Dual Concept Restaurant, all rights granted by this Agreement
with respect to that particular CKR Dual Concept Restaurant shall terminate and:
(1) the CKR Companies shall cease operating that restaurant as a Dual Concept
Restaurant, shall cease using the Proprietary Marks and the GB Dual Concept
System at the restaurant and shall make all necessary modifications to the
restaurant; (2) the CKR Companies shall give GBGF a final accounting of all
monies due under this Agreement to GBGF with respect to that CKR Dual Concept
Restaurant within 30 days after the effective date of termination or expiration;
and (3) the restrictions contained in Section I.9.B. shall be applicable to that
CKR Dual Concept Restaurant for a period of 2 years after the expiration or
termination of the operating term.

                 IV. ASSIGNMENT OF THE GB FRANCHISE AGREEMENTS

1. ASSIGNMENT

         GBGF shall have the right, to be exercised within 60 days after the
Effective Date, to assign to CKE all of GBGF's right, title and interest in and
to those GB Franchise Agreements for Green Burrito franchisees who elect not to
convert their franchised restaurants to GBGF's "Grill" concept. CKE agrees to
assume and perform all duties of GBGF under the assigned GB Franchise Agreements
from and after the date each such GB Franchise Agreement is assigned to CKE
("Assignment Date(s)"). GBGF and CKE agree to execute such further documents and
to take such further actions as necessary to effectuate the assignments
contemplated in this Section IV.1.

                                      -14-

<PAGE>   15

2. NOTICE

         Following the Assignment Date(s), GBGF shall give written notice of the
assignment to the franchisees under each of the GB Franchise Agreements assigned
to CKE.

3. ONGOING MATTERS

         With respect to each GB Franchise Agreement assigned to CKE, from and
after the applicable Assignment Date, CKE shall pay GBGF 40% of all royalty fees
a franchisee is required to pay under the assigned GB Franchise Agreement. Such
royalty fees shall be paid in accordance with the provisions of Section II.3.D.
In addition, the provisions of Section II.3.C. and Sections II.4.-6. shall be
applicable to GBGF and CKE with respect to each GB Franchise Agreement assigned
to CKE.

                                      -15-

<PAGE>   16

         IN WITNESS WHEREOF, the parties have duly executed, sealed and
delivered this Agreement as of the day and year first written above.

ATTEST:                                     CKE RESTAURANTS, INC.

By:                                         By:
   -------------------------------             ---------------------------------

Title:                                      Title:
      ----------------------------                 -----------------------------

                                            Date:
                                                  ------------------------------

ATTEST:                                     CARL KARCHER ENTERPRISES, INC.

By:                                         By:
   -------------------------------             ---------------------------------

Title:                                      Title:
      ----------------------------                 -----------------------------

                                            Date:
                                                  ------------------------------

ATTEST:                                     HARDEE'S FOOD SYSTEMS, INC.

By:                                         By:
   -------------------------------             ---------------------------------

Title:                                      Title:
      ----------------------------                 -----------------------------

                                            Date:
                                                  ------------------------------

ATTEST:                                     SANTA BARBARA RESTAURANT GROUP, INC.

By:                                         By:
   -------------------------------             ---------------------------------

Title:                                      Title:
      ----------------------------                 -----------------------------

                                            Date:
                                                  ------------------------------

ATTEST:                                     GREEN BURRITO GRILL FRANCHISE
                                            CORPORATION

By:                                         By:
   -------------------------------             ---------------------------------

Title:                                      Title:
      ----------------------------                 -----------------------------

                                            Date:
                                                  ------------------------------

                                      -16-

<PAGE>   17

                                   APPENDIX A

                              DEVELOPMENT SCHEDULE

                                  NUMBER OF DUAL           CUMULATIVE NUMBER OF
                                CONCEPT RESTAURANTS             DUAL CONCEPT
                                TO BE DEVELOPED BY          RESTAURANTS TO BE IN
         CALENDAR YEAR                YEAR END             OPERATION BY YEAR END
         -------------          -------------------        ---------------------

             2000                      25                           233

             2001                      25                           258

             2002                      20                           278

             2003                      20                           298

             2004                      10                           308

         For purposes of determining whether the CKR Companies have met their
obligations under this Development Schedule, each CKR Dual Concept Restaurant
shall count as 1 Dual Concept Restaurant for purposes of this Development
Schedule and each Franchised Dual Concept Restaurant developed shall count as
 .75 of a Dual Concept Restaurant for purposes of this Development Schedule.

                                      -17-

<PAGE>   18

                                   APPENDIX B

                                GB FOOD PRODUCTS

BURRITOS

Super Bean Burrito (Rice, beans, guacamole, enchilada sauce & cheese)
Super Meat Burrito (Choice of steak, chicken or carnitas)
Green Burrito (Pork, Green Chile Sauce, cheese & beans)
Meat, Bean & Cheese Burrito (Choice of steak, chicken or carnitas)
Meat & Cheese Burrito (Choice of steak, chicken or carnitas)
Wet Red Burrito (Steak & rice)
Wet Green Burrito (Rice, beans & pork)
Big Ed Burrito

NACHOS

Super Nachos (Choice of steak, chicken or carnitas)
Mini Super Nachos (Smaller version of Super Nachos)
Nachos (Chips with melted Jack & Cheddar Cheese)

SINGLES

Hard Taco
Soft Taco
Bean & Cheese Burrito
Tostada
Cheese Quesadilla
Two Taquitos with Guacamole Fajitas
Chile Relleno
Cheese Enchilada
Taco
Super Taco

COMBINATIONS

Any combination of any of the above

ADDITIONAL ITEMS

Any items offered by GBGF at solo franchise locations

                                      -18-

<PAGE>   19

                                   APPENDIX C

                        EXISTING DUAL CONCEPT RESTAURANTS

<TABLE>
<CAPTION>

                                       OPERATING TERM            DEFERRED INITIAL
             LOCATION                    EXPIRATION               FRANCHISE FEE
          -------------------          --------------            ----------------
<S>                                                                   <C>
          #56, Fullerton                                              $  577

          #82, Huntington Beach                                       $4,038

          #102, West Covina                                           $4,083

          #105, Riverside                                             $3,385

          #106, Riverside                                             $2,584

          #109, Chino                                                 $5,042

          #113, Newhall                                               $3,958

          #114, Inglewood                                             $3,192

          #135, Diamond Bar                                           $4,625

          #142, Victorville                                           $1,154

          #172, Burbank                                               $1,333

          #213, San Fernando                                          $2,916

          #222, Sacramento                                            $6,792

          #231, Sacramento                                            $3,333

          #248, Fontana                                               $1,269

          #255, Victorville                                           $6,376

          #296, Irvine                                                $2,375

          #302, San Gabriel                                           $5,292

          #304, Ontario                                               $2,083

          #590, Manteca                                               $  750

          #608, Castaic                                               $1,583
</TABLE>

                                      -19-

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