1. Introduction

In this Code of Business Conduct ("the Code"), the terms "Good Times" and "Company" mean Good Times Restaurants Inc. and all of its subsidiaries. The policies and procedures set forth in this Code govern the conduct of every aspect of the business of Good Times. While this Code provides a brief summary of the standards of conduct that are the foundation of Good Times' business operations, it is not possible to cover all situations confronting Good Times personnel in the day to day conduct of their many activities. Good Times must rely on the individual judgment, common sense and personal ethical standards of all personnel to maintain a high standard of honesty and integrity in the conduct of Good Times business.

This Code applies to all members of the Board of Directors (the "Board," with the members referred to herein as "Directors"), officers, employees and franchisees of Good Times and to all Good Times business locations. Any violations of this Code must be promptly reported to management at the appropriate level, including, if necessary and appropriate, to a supervisor, the Chief Executive Officer, a Director or Directors, or a member or members of the Audit Committee of the Board (the "Audit Committee"). The confidentiality of a report and the reporting person will be protected to the extent possible, consistent with the law and the requirements necessary to conduct an effective investigation of the conduct or matter, and no reporting person will suffer retaliation because of a report he or she makes in good faith and with respect to conduct or a matter which the reporting person reasonably believes constitutes a violation of this Code (except that appropriate disciplinary action may be taken against the reporting person if such person was involved in the violation).

2. General Policy

It is the policy of Good Times to conduct its business in compliance with applicable governmental laws, rules and regulations, with honesty and integrity, in a manner which demonstrates respect for all people and with a strong commitment to the highest standards of ethics. Good Times demands high standards of integrity and sound ethical judgment from its personnel at all times, and in performing their work for Good Times all personnel must comply with all applicable governmental laws, rules and regulations.

3. Conflicts of Interest

Directors, officers and employees of Good Times have a duty to avoid financial, business or other personal interests or relationships which might interfere, or even appear to interfere, with the interests of Good Times or make it difficult to perform their Good Times duties objectively and effectively. Directors, officers and employees should conduct themselves in a manner that avoids even the appearance of a conflict between their personal interests and those of the Company.

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