Document:

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                                                                   Exhibit 10.15

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, OR APPLICABLE STATE SECURITIES LAW. THESE SECURITIES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ASSIGNED OR OTHERWISE DISPOSED OF, AND NO TRANSFER OF THE
SECURITIES WILL BE MADE BY THE COMPANY OR ITS TRANSFER AGENT, IN THE ABSENCE OF
SUCH REGISTRATION OR AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

                                                                Warrant No. ____

                                     WARRANT
                      TO PURCHASE SHARES OF COMMON STOCK OF
                            BUFFALO WILD WINGS, INC.

                                 March 26, 1999
                                 (Issuance Date)

         FOR VALUE RECEIVED, Carefree Capital, Inc., or registered assigns (the
"Holder"), is entitled to purchase from Buffalo Wild Wings, Inc., a Minnesota
corporation (the "Company"), at any time on or before the five year anniversary
of the issuance date of this Warrant, 50,000 shares of the Company's common
stock, no par value (the "Common Stock") (such shares of Common Stock as may be
acquired upon exercise hereof being hereinafter referred to as the "Warrant
Shares"), at an exercise price equal to the lesser of (i) $4.00; (ii) 90% of the
per share sales price of shares of the Company's preferred stock in a private
placement in which at least $1,000,000 in cash of gross proceeds is raised prior
to September 26, 1999; and (iii) the per share sales price of shares of Common
Stock in a private placement in which at least $1,000,000 of gross proceeds is
raised prior to September 26, 1999 (the "Warrant Exercise Price").

         This Warrant was issued pursuant to a Credit Line Note of even date
herewith between the Company and the Holder (the "Note").

         This Warrant is subject to the following provisions, terms, and
conditions:

         1. The rights represented by this Warrant may be exercised by the
Holder, in whole or in part (but not as to a fractional share of Common Stock),
by written notice of exercise substantially in the form attached hereto, which
notice shall be delivered to the Company accompanied by the surrender of this
Warrant (properly endorsed if required) at the principal office of the Company
and upon payment to the Company, by cash, certified check or bank draft, of the
Warrant Exercise Price for such shares. The Company agrees that the Warrant
Shares so purchased shall be and are deemed to be issued as of the close of
business on the date on which this Warrant shall have been surrendered and
payment made for such Warrant Shares as aforesaid. Certificates for the Warrant
Shares so purchased shall be delivered to the Holder within thirty (30) days
after the rights represented by this Warrant shall have been so exercised, and,
unless this Warrant has expired, a new Warrant representing the number of
Warrant Shares, if any, with respect to which this Warrant has not been
exercised shall also be delivered to the Holder within such time.
Notwithstanding the foregoing, however, the Company shall not be required to
deliver any certificates for Warrant Shares, except in accordance with the
provisions and subject to the limitations of Section 5 below.

                                       1

<PAGE>

         2. The Company covenants and agrees that all Warrant Shares that may be
issued upon the exercise of this Warrant will, upon issuance, be duly authorized
and issued, fully paid and nonassessable and free from all taxes, liens, and
charges with respect to the issuance thereof. The Company further covenants and
agrees that until expiration of this Warrant, the Company will at all times have
authorized, and reserved for the purpose of issuance upon exercise of this
Warrant, a sufficient number of shares of Common Stock to provide for the
exercise of this Warrant.

         3. The provisions in this Warrant relating to the Warrant Exercise
Price and the number of Warrant Shares to be issued upon exercise of this
Warrant shall be subject to adjustment from time to time as hereinafter
provided.

                  (a) In case the Company shall at any time subdivide its
         outstanding Common Stock into a greater number of shares or declare a
         dividend payable in Common Stock, the Warrant Exercise Price in effect
         immediately prior to such subdivision shall be proportionately reduced
         and the number of shares of Common Stock purchasable pursuant to this
         Warrant shall be proportionately increased, and conversely, in case the
         Company's outstanding Common Stock shall be combined into a smaller
         number of shares, the Warrant Exercise Price in effect immediately
         prior to such combination shall be proportionately increased and the
         number of shares of Common Stock purchasable upon the exercise of this
         Warrant shall be proportionately reduced.

                  (b) If any capital reorganization or reclassification of the
         capital stock of the Company, or consolidation or merger of the Company
         with another corporation, or the sale of all or substantially all of
         its assets to another corporation shall be effected in such a way that
         holders of Common Stock shall be entitled to receive stock, securities
         or assets ("Substituted Property") with respect to or in exchange for
         such Common Stock, then, as a condition of such reorganization,
         reclassification, consolidation, merger or sale, the Holder shall have
         the right to purchase and receive upon the basis and upon the terms and
         conditions specified in this Warrant, and in lieu of the Common Stock
         of the Company immediately theretofore purchasable and receivable upon
         the exercise of the rights represented hereby, such Substituted
         Property as would have been issued or delivered to the Holder if it had
         exercised this Warrant and had received upon exercise of this Warrant
         the Common Stock prior to such reorganization, reclassification,
         consolidation, merger, or sale. The Company shall not effect any such
         consolidation, merger, or sale, unless prior to the consummation
         thereof the successor corporation (if other than the Company) resulting
         from such consolidation or merger or the corporation purchasing such
         assets shall assume by written instrument executed and mailed to the
         Holder at the last address of the Holder appearing on the books of the
         Company, the obligation to deliver to the Holder such Substituted
         Property as, in accordance with the foregoing provisions, the Holder
         may be entitled to purchase.

                  (c) If the Company takes any other action, or if any other
         event occurs which does not come within the scope of the provisions of
         Sections 3 (a) or 3 (b), but which should result in an adjustment in
         the Warrant Exercise Price and/or the number of shares subject to the
         Warrant in order to fairly protect the purchase rights of the Holder,
         an appropriate adjustment in such purchase rights shall be made by the
         Company. This Section 3(c) is not intended to provide for adjustment in
         the event the Company issues Common Stock or securities convertible
         into Common Stock at a price per share less than the Exercise Price
         then in effect. In no event shall the Exercise Price be adjusted
         pursuant to this Section 3 if the Exercise Price is set pursuant to
         (ii) or (iii) of paragraph one of this Warrant and the offering price
         of the private placement referred to therein reflects an appropriate
         adjustment.

                                       2

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                  (d) Upon any adjustment of the Warrant Exercise Price or the
         number of shares issuable upon exercise of this Warrant, the Company
         shall give written notice thereof, by first-class mail, postage
         prepaid, addressed to the Holder at the address of the Holder as shown
         on the books of the Company, which notice shall state the Warrant
         Exercise Price resulting from such adjustment and the increase or
         decrease, if any, in the number of shares purchasable at such price
         upon the exercise of this Warrant, setting forth in reasonable detail
         the method of calculation and the facts upon which such calculation is
         based.

         4. This Warrant shall not entitle the Holder to any voting rights or
other rights as a shareholder of the Company.

         5. The Holder, by acceptance hereof, represents and warrants that (a)
it is acquiring this Warrant for its own account for investment purposes only
and not with a view to its resale or distribution and (b) it has no present
intention to resell or otherwise dispose of all or any part of this Warrant.
Other than pursuant to registration under federal and applicable state
securities laws or an exemption from such registration, the availability of
which the Company shall determine in its sole discretion, neither this Warrant
nor any Warrant Shares may be sold, pledged, assigned, or otherwise disposed of
(whether voluntarily or involuntarily). The Company may condition such sale,
pledge, assignment, or other disposition on the receipt from the party to whom
this Warrant is to be so transferred or to whom Warrant Shares is to be issued
or so transferred of any representations and agreements requested by the Company
in order to permit such issuance or transfer to be made pursuant to exemptions
from registration under federal and applicable state securities laws. Each
certificate representing the Warrant (or any part thereof) and any Warrant
Shares shall bear appropriate legends setting forth these restrictions on
transferability. The Holder, by acceptance hereof, agrees to give written notice
to the Company before transferring this Warrant or any Warrant Shares of the
Holder's intention to do so, describing briefly the manner of any proposed
transfer. Within thirty (30) days after receiving such written notice, the
Company shall notify the Holder as to whether such transfer may be effected and
of the conditions to any such transfer.

         6. This Warrant shall be transferable only on the books of the Company
by the Holder in person, or by duly authorized attorney, on surrender of the
Warrant, properly assigned.

         7. Neither this Warrant nor any terms hereof may be changed, waived,
discharged, or terminated orally but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge, or
termination is sought.

         8. Net Exercise Rights.

                  (a) In addition to and without limiting the rights of the
         Holder of this Warrant with respect to other terms of this Warrant, the
         Holder of this Warrant shall have the right (the "Conversion Right") to
         convert this Warrant or any portion thereof into Warrant Shares as
         provided in this Section 8 at any time or from time to time prior to
         its expiration, subject to the restrictions set forth in paragraph (c)
         below. Upon exercise of the Conversion Right with respect to a
         particular number of shares subject to this Warrant (the "Converted
         Warrant Shares"), the Company shall deliver to the Holder of this
         Warrant, without payment by the Holder of any exercise price or any
         cash or other consideration, that number of Converted Warrant Shares
         equal to the quotient obtained by dividing the Net Value (as
         hereinafter defined) of the Converted Warrant Shares by the fair market
         value (as defined in paragraph (d) below) of a single Warrant Share,
         determined in each case as of the close of business on the Conversion
         Date (as hereinafter defined). The "Net Value" of the Converted Warrant
         Shares shall be determined by subtracting the aggregate warrant
         purchase price of the Converted Warrant Shares from the aggregate fair
         market value of the Converted Warrant Shares. Notwithstanding anything
         in this Section 8 to the

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         contrary, the Conversion Right cannot be exercised with respect to a
         number of Converted Warrant Shares having a Net Value below $100. No
         fractional shares shall be issuable upon exercise of the Conversion
         Right, and if the number of shares to be issued in accordance with the
         foregoing formula is other than a whole number, the Company shall pay
         to the Holder of this Warrant an amount in cash equal to the fair
         market value of the resulting fractional share.

                  (b) The Conversion Right may be exercised by the Holder of
         this Warrant by the surrender of this Warrant at the principal office
         of the Company together with a notice in the form attached hereto,
         specifying that the Holder thereby intends to exercise the Conversion
         Right and indicating the number of shares subject to this Warrant which
         are being surrendered (referred to in paragraph (a) above as the
         Converted Warrant Shares) in exercise of the Conversion Right. Such
         conversion shall be effective upon receipt by the Company of this
         Warrant together with the aforesaid written statement, or on such later
         date as is specified therein (the "Conversion Date"), but not later
         than the expiration date of this Warrant. Certificates for the
         Converted Warrant Shares issuable upon exercise of the Conversion
         Right, together with a check in payment of any fractional share and, in
         the case of a partial exercise, a new warrant evidencing the shares
         remaining subject to this Warrant, shall be issued as of the Conversion
         Date and shall be delivered to the Holder of this Warrant within 15
         days following the Conversion Date.

                  (c) In the event the Conversion Right would, at any time this
         Warrant remains outstanding, be deemed by the Company's independent
         certified public accountants to give rise to a charge to the Company's
         earnings for financial reporting purposes, then the Conversion Right
         shall automatically terminate upon the Company's written notice to the
         Holder of this Warrant of such adverse accounting treatment.

                  (d) For purposes of this Section 8, the "fair market value" of
         a Warrant Share as of a particular date shall be its "market price",
         calculated as of the Conversion Date, as follows:

                           (i) if the capital stock into which the Warrants are
                  exercisable is traded on an exchange or is quoted on the
                  Nasdaq National Market, then the average closing or last sale
                  prices, respectively, reported for the ten (10) business days
                  immediately preceding the Conversion Date, or

                           (ii) if the capital stock into which the Warrants are
                  exercisable is not traded on an exchange or on the Nasdaq
                  National Market but is traded on Nasdaq SmallCap Market or
                  other over-the-counter market, then the average closing bid
                  and asked prices reported for the ten (10) business days
                  immediately preceding the Conversion Date, or

                           (iii) if the capital stock into which the Warrants
                  are exercisable is not traded on an exchange or on the Nasdaq
                  National Market, Nasdaq SmalICap Market or other
                  over-the-counter market, then the price per share established
                  by the Board of Directors of the Company.

         9. Pursuant to Section 11 of the Note, the Warrant Shares are subject
to a 180-day lock-up in the event of an initial public offering by the Company.

         10. Governing Law. This Warrant shall be construed and interpreted in
accordance with the laws of the State of Minnesota without regard to its choice
of law provisions.

                                       4

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

                                   Buffalo Wild Wings, Inc.

                                   By
                                     -------------------------------------------
                                     Sally J. Smith, Chief Executive Officer and
                                       President

                                       5

<PAGE>

                                 ASSIGNMENT FORM

To be signed only upon authorized transfer of Warrants.

FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto
______________________________________ the right to purchase the securities of
Buffalo Wild Wings, Inc. to which the within Warrant relates and appoints
__________________, attorney, to transfer said right on the books of Buffalo
Wild Wings, Inc. with full power of substitution in the premises.

Dated:
      ---------------                 ------------------------------------------
                                      (Signature)

                                      Address:

                                      ------------------------------------------

                                      ------------------------------------------<PAGE>

                                                                   Exhibit 10.16

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, OR APPLICABLE STATE SECURITIES LAW. THESE SECURITIES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ASSIGNED OR OTHERWISE DISPOSED OF, AND NO TRANSFER OF THE
SECURITIES WILL BE MADE BY THE COMPANY OR ITS TRANSFER AGENT, IN THE ABSENCE OF
SUCH REGISTRATION OR AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

                                     WARRANT
                      TO PURCHASE SHARES OF COMMON STOCK OF
                            BUFFALO WILD WINGS, INC.

                                December 30, 1999
                                 (Issuance Date)

     FOR VALUE RECEIVED, McDonald Investments, Inc., A KeyCorp Company, or its
registered assigns (the "Holder"), is entitled to purchase from Buffalo Wild
Wings, Inc., a Minnesota corporation (the "Company"), at any time on or before
the five year anniversary of the issuance date of this Warrant, 60,969 shares of
the Company's common stock, $.01 par value per share (the "Common Stock") (such
shares of Common Stock as may be acquired upon exercise hereof being hereinafter
referred to as the "Warrant Shares"), at an exercise price equal to $2.788291
(the "Warrant Exercise Price").

     This Warrant was issued pursuant to a General Financial Advisory Services
Agreement dated January 28, 1999, between the Company and the Holder (the
"Agreement").

     This Warrant is subject to the following provisions, terms, and conditions:

     1.   The rights represented by this Warrant may be exercised by the Holder,
in whole or in part (but not as to a fractional share of Common Stock), by
written notice of exercise substantially in the form attached hereto, which
notice shall be delivered to the Company accompanied by the surrender of this
Warrant (properly endorsed if required) at the principal office of the Company
and upon payment to the Company, by cash, certified check or bank draft, of the
Warrant Exercise Price for such shares. The Company agrees that the Warrant
Shares so purchased shall be and are deemed to be issued as of the close of
business on the date on which this Warrant shall have been surrendered and
payment made for such Warrant Shares as aforesaid. Certificates for the Warrant
Shares so purchased shall be delivered to the Holder within thirty (30) days
after the rights represented by this Warrant shall have been so exercised, and,
unless this Warrant has expired, a new Warrant representing the number of
Warrant Shares, if any, with respect to which this Warrant has not been
exercised shall also be delivered to the Holder within such time.
Notwithstanding the foregoing, however, the Company shall not be required to
deliver any certificates for Warrant Shares, except in accordance with the
provisions and subject to the limitations of Section 5 below.

     2.   The Company covenants and agrees that all Warrant Shares that may be
issued upon the exercise of this Warrant will, upon issuance, be duly authorized
and issued, fully paid and nonassessable and free from all taxes, liens, and
charges with respect to the issuance thereof. The Company further

                                     - 1 -

<PAGE>

covenants and agrees that until expiration of this Warrant, the Company will at
all times have authorized, and reserved for the purpose of issuance upon
exercise of this Warrant, a sufficient number of shares of Common Stock to
provide for the exercise of this Warrant.

     3.   The provisions in this Warrant relating to the Warrant Exercise Price
and the number of Warrant Shares to be issued upon exercise of this Warrant
shall be subject to adjustment from time to time as hereinafter provided.

          (a)  In case the Company shall at any time subdivide its outstanding
     Common Stock into a greater number of shares or declare a dividend payable
     in Common Stock, the Warrant Exercise Price in effect immediately prior to
     such subdivision shall be proportionately reduced and the number of shares
     of Common Stock purchasable pursuant to this Warrant shall be
     proportionately increased, and conversely, in case the Company's
     outstanding Common Stock shall be combined into a smaller number of shares,
     the Warrant Exercise Price in effect immediately prior to such combination
     shall be proportionately increased and the number of shares of Common Stock
     purchasable upon the exercise of this Warrant shall be proportionately
     reduced.

          (b)  If any capital reorganization or reclassification of the capital
     stock of the Company, or consolidation or merger of the Company with
     another corporation, or the sale of all or substantially all of its assets
     to another corporation shall be effected in such a way that holders of
     Common Stock shall be entitled to receive stock, securities or assets
     ("Substituted Property") with respect to or in exchange for such Common
     Stock, then, as a condition of such reorganization, reclassification,
     consolidation, merger or sale, the Holder shall have the right to purchase
     and receive upon the basis and upon the terms and conditions specified in
     this Warrant, and in lieu of the Common Stock of the Company immediately
     theretofore purchasable and receivable upon the exercise of the rights
     represented hereby, such Substituted Property as would have been issued or
     delivered to the Holder if it had exercised this Warrant and had received
     upon exercise of this Warrant the Common Stock prior to such
     reorganization, reclassification, consolidation, merger, or sale. The
     Company shall not effect any such consolidation, merger, or sale, unless
     prior to the consummation thereof the successor corporation (if other than
     the Company) resulting from such consolidation or merger or the corporation
     purchasing such assets shall assume by written instrument executed and
     mailed to the Holder at the last address of the Holder appearing on the
     books of the Company, the obligation to deliver to the Holder such
     Substituted Property as, in accordance with the foregoing provisions, the
     Holder may be entitled to purchase.

          (c)  If the Company takes any other action, or if any other event
     occurs which does not come within the scope of the provisions of Sections 3
     (a) or 3 (b), but which should result in an adjustment in the Warrant
     Exercise Price and/or the number of shares subject to the Warrant in order
     to fairly protect the purchase rights of the Holder, an appropriate
     adjustment in such purchase rights shall be made by the Company. This
     Section 3(c) is not intended to provide for adjustment in the event the
     Company issues Common Stock or securities convertible into Common Stock at
     a price per share less than the Exercise Price then in effect.

          (d)  Upon any adjustment of the Warrant Exercise Price or the number
     of shares issuable upon exercise of this Warrant, the Company shall give
     written notice thereof, by first-class mail, postage prepaid, addressed to
     the Holder at the address of the Holder as shown on the books of the
     Company, which notice shall state the Warrant Exercise Price resulting from
     such adjustment and the increase or decrease, if any, in the number of
     shares purchasable at such price upon the exercise of this Warrant, setting
     forth in reasonable detail the method of calculation and the facts upon
     which such calculation is based.

                                     - 2 -

<PAGE>

     4.   This Warrant shall not entitle the Holder to any voting rights or
other rights as a shareholder of the Company.

     5.   The Holder, by acceptance hereof, represents and warrants that (a) it
is acquiring this Warrant for its own account for investment purposes only and
not with a view to its resale or distribution and (b) it has no present
intention to resell or otherwise dispose of all or any part of this Warrant.
Other than pursuant to registration under federal and applicable state
securities laws or an exemption from such registration, the availability of
which the Company shall determine in its sole discretion, neither this Warrant
nor any Warrant Shares may be sold, pledged, assigned, or otherwise disposed of
(whether voluntarily or involuntarily). The Company may condition such sale,
pledge, assignment, or other disposition on the receipt from the party to whom
this Warrant is to be so transferred or to whom Warrant Shares is to be issued
or so transferred of any representations and agreements requested by the Company
in order to permit such issuance or transfer to be made pursuant to exemptions
from registration under federal and applicable state securities laws. Each
certificate representing the Warrant (or any part thereof) and any Warrant
Shares shall bear appropriate legends setting forth these restrictions on
transferability. The Holder, by acceptance hereof, agrees to give written notice
to the Company before transferring this Warrant or any Warrant Shares of the
Holder's intention to do so, describing briefly the manner of any proposed
transfer. Within thirty (30) days after receiving such written notice, the
Company shall notify the Holder as to whether such transfer may be effected and
of the conditions to any such transfer.

     6.   This Warrant shall be transferable only on the books of the Company by
the Holder in person, or by duly authorized attorney, on surrender of the
Warrant, properly assigned.

     7.   Neither this Warrant nor any terms hereof may be changed, waived,
discharged, or terminated orally but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge, or
termination is sought.

     8.   The holder of this Warrant has the right to cause the Company to
register the Common Stock issued upon exercise hereof, under the Securities Act
and any blue sky or securities laws of any jurisdictions within the United
States at the time and in the manner specified in the Registration Rights
Agreement dated December 2, 1999.

     9.   Net Exercise Rights.

     (a)  In addition to and without limiting the rights of the Holder of this
Warrant with respect to other terms of this Warrant, the Holder of this Warrant
shall have the right (the "Conversion Right") to convert this Warrant or any
portion thereof into Warrant Shares as provided in this Section 9 at any time or
from time to time prior to its expiration, subject to the restrictions set forth
in paragraph (c) below. Upon exercise of the Conversion Right with respect to a
particular number of shares subject to this Warrant (the "Converted Warrant
Shares"), the Company shall deliver to the Holder of this Warrant, without
payment by the Holder of any exercise price or any cash or other consideration,
that number of Converted Warrant Shares equal to the quotient obtained by
dividing the Net Value (as hereinafter defined) of the Converted Warrant Shares
by the fair market value (as defined in paragraph (d) below) of a single Warrant
Share, determined in each case as of the close of business on the Conversion
Date (as hereinafter defined). The "Net Value" of the Converted Warrant Shares
shall be determined by subtracting the aggregate warrant purchase price of the
Converted Warrant Shares from the aggregate fair market value of the Converted
Warrant Shares. Notwithstanding anything in this Section 9 to the contrary, the
Conversion Right cannot be exercised with respect to a number of Converted
Warrant Shares having a Net Value below $100. No fractional shares shall be
issuable upon exercise of the Conversion Right, and if the number of shares to
be issued in accordance with the foregoing formula is other than a whole number,
the Company shall pay to

                                     - 3 -

<PAGE>

the Holder of this Warrant an amount in cash equal to the fair market value of
the resulting fractional share.

     (b)  The Conversion Right may be exercised by the Holder of this Warrant by
the surrender of this Warrant at the principal office of the Company together
with a notice in the form attached hereto, specifying that the Holder thereby
intends to exercise the Conversion Right and indicating the number of shares
subject to this Warrant which are being surrendered (referred to in paragraph
(a) above as the Converted Warrant Shares) in exercise of the Conversion Right.
Such conversion shall be effective upon receipt by the Company of this Warrant
together with the aforesaid written statement, or on such later date as is
specified therein (the "Conversion Date"), but not later than the expiration
date of this Warrant. Certificates for the Converted Warrant Shares issuable
upon exercise of the Conversion Right, together with a check in payment of any
fractional share and, in the case of a partial exercise, a new warrant
evidencing the shares remaining subject to this Warrant, shall be issued as of
the Conversion Date and shall be delivered to the Holder of this Warrant within
15 days following the Conversion Date.

     (c)  In the event the Conversion Right would, at any time this Warrant
remains outstanding, be deemed by the Company's independent certified public
accountants to give rise to a charge to the Company's earnings for financial
reporting purposes, then the Conversion Right shall automatically terminate upon
the Company's written notice to the Holder of this Warrant of such adverse
accounting treatment.

     (d)  For purposes of this Section 9, the "fair market value" of a Warrant
Share as of a particular date shall be its "market price", calculated as of the
Conversion Date, as follows:

          (i)   if the capital stock into which the Warrants are exercisable is
     traded on an exchange or is quoted on the Nasdaq National Market, then the
     average closing or last sale prices, respectively, reported for the ten
     (10) business days immediately preceding the Conversion Date, or

          (ii)  if the capital stock into which the Warrants are exercisable is
     not traded on an exchange or on the Nasdaq National Market but is traded on
     Nasdaq SmallCap Market or other over-the-counter market, then the average
     closing bid and asked prices reported for the ten (10) business days
     immediately preceding the Conversion Date, or

          (iii) if the capital stock into which the Warrants are exercisable is
     not traded on an exchange or on the Nasdaq National Market, Nasdaq SmallCap
     Market or other over-the counter market, then the price per share
     established by the Board of Directors of the Company.

     10.  Governing Law. This Warrant shall be construed and interpreted in
accordance with the laws of the State of Minnesota without regard to its choice
of law provisions.

                                     - 4 -

<PAGE>

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

                                        Buffalo Wild Wings, Inc.

                                        By  /s/ Sally J. Smith
                                           -------------------------------------
                                           Sally J. Smith, Chief Executive
                                           Officer and President

                                     - 5 -

<PAGE>

To:  Buffalo Wild Wings, Inc.

NOTICE OF EXERCISE OF WARRANT --        To Be Executed by the Registered Holder
                                        in Order to Exercise the Warrant

The undersigned hereby irrevocably elects to exercise the attached Warrant to
purchase for cash, _________________ of the shares issuable upon the exercise of
such Warrant, and requests that certificates for such shares (together with a
new Warrant to purchase the number of shares, if any, with respect to which this
Warrant is not exercised) shall be issued in the name of

                                        ----------------------------------------
                                        (Print Name)

Please insert social security
or other identifying number
of registered holder of
certificate (______________)            Address:

                                        ----------------------------------------

                                        ----------------------------------------

Date:  _______________, 19______
                                        ----------------------------------------
                                        Signature*

*The signature on the Notice of Exercise of Warrant must correspond to the name
as written upon the face of the Warrant in every particular without alteration
or enlargement or any change whatsoever. When signing on behalf of a
corporation, partnership, trust or other entity, PLEASE indicate your
position(s) and title(s) with such entity.

<PAGE>

                                ASSIGNMENT FORM

To be signed only upon authorized transfer of Warrants.

FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto
____________________________________________ the right to purchase the
securities of Buffalo Wild Wings, Inc. to which the within Warrant relates and
appoints ____________________, attorney, to transfer said right on the books of
Buffalo Wild Wings, Inc. with full power of substitution in the premises.

Dated:________________                  ----------------------------------------
                                        (Signature)

                                        Address:

                                        ----------------------------------------

                                        ----------------------------------------

<PAGE>

                             CASHLESS EXERCISE FORM
         (To be executed upon exercise of Warrant pursuant to Section 9)

The  undersigned hereby irrevocably elects a cashless exercise of the right of
     purchase represented by the within Warrant for, and to purchase thereunder,
     ____________________ Converted Warrant Shares, as provided for in Section 9
     therein.

     Please issue a certificate or certificates for such Converted Warrant
Shares in the name of, and pay any cash for any fractional share to:

                                        Name
                                            ------------------------------------
                                        (Please print Name)

                                        Address
                                               ---------------------------------

                                        ----------------------------------------

                                        Tax ID or Social Security No.
                                                                     -----------

                                        Signature
                                                 -------------------------------

     NOTE: The above signature should correspond exactly with the name on the
first page of this Warrant or with the name of the assignee appearing in the
assignment form below.

     And if said number of shares shall not be all the shares purchasable under
the within Warrant, a new Warrant is to be issued in the name of said
undersigned for the balance remaining of the shares purchasable thereunder
rounded up to the next higher number of shares.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]