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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>UNITED
  STATES</p>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>SECURITIES
  AND EXCHANGE COMMISSION</p>
  </td>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Washington,
  D.C. 20549</p>
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  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>FORM
  8-K</p>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>CURRENT
  REPORT</p>
  </td>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Pursuant
  to Section 13 or 15(d) of the Securities Exchange Act of 1934</p>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Date
  of Report (Date of earliest event reported)</p>
  </td>
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 <tr>
  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>April
  11, 2012 (April 6, 2012)</p>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Good
  Times Restaurants Inc.</p>
  </td>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>(Exact
  name of registrant as specified in its charter)</p>
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  </td>
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  <td width=235 colspan=2 valign=top style='width:2.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Nevada</p>
  </td>
  <td width=192 valign=top style='width:2.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>000-18590</p>
  </td>
  <td width=211 valign=top style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>84-1133368</p>
  </td>
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  <td width=235 colspan=2 valign=top style='width:2.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>(State
  or other jurisdiction of incorporation)</p>
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  <td width=192 valign=top style='width:2.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>(Commission
  File Number)</p>
  </td>
  <td width=211 valign=top style='width:2.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>(IRS
  Employer Identification No.)</p>
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  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>601
  Corporate Circle, Golden, Colorado 80401</p>
  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>(Address
  of principal executive offices)&nbsp;&nbsp; (Zip Code)</p>
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  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Registrant's
  telephone number, including area code: (303) 384-1400</p>
  </td>
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  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Not
  applicable</p>
  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>(Former
  name or former address, if changed since last report.)</p>
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  </td>
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  <td width=638 colspan=4 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Check
  the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions (see General Instruction A.2.):</p>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>[_]</p>
  </td>
  <td width=601 colspan=3 valign=top style='width:450.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
  </td>
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  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>[_]</p>
  </td>
  <td width=601 colspan=3 valign=top style='width:450.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
  </td>
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  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>[_]</p>
  </td>
  <td width=601 colspan=3 valign=top style='width:450.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))</p>
  </td>
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  <td width=37 valign=top style='width:27.9pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
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  </td>
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  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>[_]</p>
  </td>
  <td width=601 colspan=3 valign=top style='width:450.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:center;line-height:normal'>Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))</p>
  </td>
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<p class=MsoHeader><b>ITEM 1.01&nbsp;&nbsp;&nbsp;&nbsp; ENTRY
INTO A MATERIAL DEFINITIVE AGREEMENT.</b></p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in;line-height:normal'>On April 6, 2012, Good Times Restaurants Inc. (the &quot;Company&quot;)
entered into a financial advisory services agreement (the &quot;Agreement&quot;) with
Heathcote Capital LLC (&quot;Heathcote&quot;), pursuant to which Heathcote will provide
the Company with exclusive financial advisory services in connection with a
possible strategic transaction (the &quot;Transaction&quot;).&nbsp; The services to be provided
by Heathcote may involve identifying and contacting potential acquisition
targets and/or sources of financing for the Company, advising and assisting the
Company in evaluating various structures and forms of any Transaction,
assisting in the preparation of proposals and evaluation of offers, and
assisting the Company in negotiating the financial aspects of the Transaction.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in;line-height:normal'>While the Agreement provides that Heathcote is being engaged by
the Company as an advisor to the Company to explore strategic options,
Heathcote understands that the Board of Directors of the Company may appoint a
special committee to consider certain of such options on behalf of the
shareholders of the Company.&nbsp; Heathcote agrees that its services shall include
communicating with any such special committee as it may reasonable request and,
if directed by such committee, Heathcote shall hold such communications in
confidence.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in;line-height:normal'>Gary J. Heller, a member of the Company's Board of Directors, is
the principal of Heathcote.&nbsp; Accordingly, the Agreement constitutes a related
party transaction and was reviewed and approved by the Audit Committee of the
Company's Board of Directors.&nbsp; Mr. Heller did not participate in the Audit
Committee's consideration of the Agreement and abstained from the committee's
vote to approve the Agreement.&nbsp; Concurrently with the Company's engagement of
Heathcote, Mr. Heller has resigned as a member of the Audit Committee and as
Chairman of the Compensation Committee.&nbsp; Mr. Heller will continue to serve on
the Company's Board of Directors.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in;line-height:normal'>Mr. Heller has extensive experience as an investment banker,
including having served as a Managing Director of FTI Capital Advisors, LLC
(2002-2006) and a Director of Andersen Corporate Finance LLC (1999-2002).&nbsp; Mr.
Heller holds a BA in Economics from the University of Pennsylvania and an MBA
in Finance from New York University.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in;line-height:normal'>The foregoing summary of the Agreement is qualified in its
entirety by reference to the full text of the Agreement, which is filed as
Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by
reference.</p>



<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:0in;
margin-left:1.0in;margin-bottom:.0001pt;text-indent:-1.0in;line-height:normal'><b>ITEM
5.02&nbsp;&nbsp;&nbsp;&nbsp; DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</b></p>

<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><a name=tab2></a>&nbsp;</p>

<p class=MsoNormal style='margin-top:0in;margin-right:-4.5pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
April 9, 2012, the Board of Directors of the Company elected Alan Teran as a
director of the Company, effective April 10, 2012, to fill the vacancy on the
Board of Directors created by the resignation of former director John Morgan on
August 10, 2011.&nbsp; Mr. Teran was designated </p>

<p class=MsoNormal align=center style='margin-top:0in;margin-right:-4.5pt;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center;
line-height:normal'>1</p>



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<p class=MsoNormal style='margin-top:0in;margin-right:-4.5pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal'>by
Small Island Investments Limited (&quot;SII&quot;) pursuant to the terms of the
Securities Purchase Agreement dated October 29, 2010 between the Company and
SII, which provides that as long as SII continues to own at least 50% of our
outstanding common stock, it has the right to designate four members of the
Company's Board of Directors.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in;line-height:normal'>Mr. Teran is a principal in multiple private restaurants and
previously served on the Company's Board of Directors from 1994 to 2010.&nbsp;
Additionally, Mr. Teran has been a director of Morton's of Chicago from 1993
until its sale in 2011.&nbsp; He served as president of Cork &amp; Cleaver from 1975
to 1981 and also previously served as a director for Boulder Valley National
Bank and Charlie Brown's Restaurants. He was one of the first franchisees of Le
Peep Restaurants.&nbsp; Mr. Teran graduated from the University of Akron in 1968
with a degree in business.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As discussed in Item 1.01, Gary J. Heller has resigned
as a member of the Audit Committee and as Chairman of the Compensation
Committee, though he continues to serve on the Company's Board of Directors.&nbsp;
Effective April 9, 2012, Mr. Teran has been appointed as a member of the Audit
Committee and as the Chairman of the Compensation Committee, to succeed Mr.
Heller in both capacities.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Teran will be compensated in accordance with the
Company's standard compensation policies and practices for its Board of
Directors as follows:&nbsp; $500 for each Board of Directors meeting attended and
$100 for each Audit Committee or Compensation Committee attended (however, where
both Audit Committee and Compensation Committee meetings are held at the same
gathering only $100 is paid to directors attending both committee meetings) and
participation in non-qualified.&nbsp; For a more detailed discussion of the
Company's compensation policies for directors, please see the Company's proxy
statement dated August 29, 2011.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in;line-height:normal'>On April 10, 2012, the Company issued a press release announcing
the election of Mr. Teran to its Board of Directors.&nbsp; A copy of the press
release is filed as Exhibit 99.1 to this Current Report on Form 8-K.</p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'><b>Item
9.01&nbsp; Financial Statements and Exhibits.</b></p>



<p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.&nbsp;
The following exhibits are filed as part of this report:</p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=559
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  <td width=121 valign=top style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'><u>Exhibit
  Number</u></p>
  </td>
  <td width=438 valign=top style='width:328.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'><u>Description</u></p>
  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=438 valign=top style='width:328.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'>10.1</p>
  </td>
  <td width=438 valign=top style='width:328.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'>Financial
  Advisory Services Agreement between the Company and Heathcote Capital, LLC.</p>
  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=438 valign=top style='width:328.5pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'>99.1</p>
  </td>
  <td width=438 valign=top style='width:328.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'>Company
  Press Release dated May 11, 2012.</p>
  </td>
 </tr>
</table>



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text-align:center;line-height:normal'>2</p>



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<p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;line-height:normal'><b>SIGNATURES</b></p>



<p class=MsoBodyTextIndent3>Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</p>





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  <td width=271 valign=top style='width:203.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=360 valign=top style='width:3.75in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:0in;margin-bottom:.0001pt'><b>GOOD TIMES RESTAURANTS
  INC.</b></p>
  </td>
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  </td>
  <td width=360 valign=top style='width:3.75in;padding:0in 5.4pt 0in 5.4pt'>

  </td>
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  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'>Date:
  April 11, 2012</p>
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  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'><u>/s/
  Boyd E. Hoback</u>_________________ </p>
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  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
  normal'>Boyd
  E. Hoback</p>
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  <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height:
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  and Chief Executive Officer</p>
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{"company-data": {"conformed-name": "GOOD TIMES RESTAURANTS INC", "cik": "0000825324", "assigned-sic": "5812", "irs-number": "841133368", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-18590", "film-number": "12753723"}, "business-address": {"street1": "601 CORPORATE CIRCLE", "city": "GOLDEN", "state": "CO", "zip": "80401", "phone": "3033841400"}, "mail-address": {"street1": "601 CORPORATE CIRCLE", "city": "GOLDEN", "state": "CO", "zip": "80401"}, "former-company": {"former-conformed-name": "PARAMOUNT VENTURES INC", "date-changed": "19900205"}}
UNITED
  STATES
SECURITIES
  AND EXCHANGE COMMISSION
Washington,
  D.C. 20549
FORM
  8-K
CURRENT
  REPORT
Pursuant
  to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
  of Report (Date of earliest event reported)
April
  11, 2012 (April 6, 2012)
Good
  Times Restaurants Inc.
(Exact
  name of registrant as specified in its charter)
Nevada
000-18590
84-1133368
(State
  or other jurisdiction of incorporation)
(Commission
  File Number)
(IRS
  Employer Identification No.)
601
  Corporate Circle, Golden, Colorado 80401
(Address
  of principal executive offices)   (Zip Code)
Registrant's
  telephone number, including area code: (303) 384-1400
Not
  applicable
(Former
  name or former address, if changed since last report.)
Check
  the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions (see General Instruction A.2.):
[_]
Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[_]
Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[_]
Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
[_]
Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
ITEM 1.01     ENTRY
INTO A MATERIAL DEFINITIVE AGREEMENT.
On April 6, 2012, Good Times Restaurants Inc. (the "Company")
entered into a financial advisory services agreement (the "Agreement") with
Heathcote Capital LLC ("Heathcote"), pursuant to which Heathcote will provide
the Company with exclusive financial advisory services in connection with a
possible strategic transaction (the "Transaction").  The services to be provided
by Heathcote may involve identifying and contacting potential acquisition
targets and/or sources of financing for the Company, advising and assisting the
Company in evaluating various structures and forms of any Transaction,
assisting in the preparation of proposals and evaluation of offers, and
assisting the Company in negotiating the financial aspects of the Transaction.
While the Agreement provides that Heathcote is being engaged by
the Company as an advisor to the Company to explore strategic options,
Heathcote understands that the Board of Directors of the Company may appoint a
special committee to consider certain of such options on behalf of the
shareholders of the Company.  Heathcote agrees that its services shall include
communicating with any such special committee as it may reasonable request and,
if directed by such committee, Heathcote shall hold such communications in
confidence.
Gary J. Heller, a member of the Company's Board of Directors, is
the principal of Heathcote.  Accordingly, the Agreement constitutes a related
party transaction and was reviewed and approved by the Audit Committee of the
Company's Board of Directors.  Mr. Heller did not participate in the Audit
Committee's consideration of the Agreement and abstained from the committee's
vote to approve the Agreement.  Concurrently with the Company's engagement of
Heathcote, Mr. Heller has resigned as a member of the Audit Committee and as
Chairman of the Compensation Committee.  Mr. Heller will continue to serve on
the Company's Board of Directors.
Mr. Heller has extensive experience as an investment banker,
including having served as a Managing Director of FTI Capital Advisors, LLC
(2002-2006) and a Director of Andersen Corporate Finance LLC (1999-2002).  Mr.
Heller holds a BA in Economics from the University of Pennsylvania and an MBA
in Finance from New York University.
The foregoing summary of the Agreement is qualified in its
entirety by reference to the full text of the Agreement, which is filed as
Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by
reference.
ITEM
5.02     DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On
April 9, 2012, the Board of Directors of the Company elected Alan Teran as a
director of the Company, effective April 10, 2012, to fill the vacancy on the
Board of Directors created by the resignation of former director John Morgan on
August 10, 2011.  Mr. Teran was designated
1
by
Small Island Investments Limited ("SII") pursuant to the terms of the
Securities Purchase Agreement dated October 29, 2010 between the Company and
SII, which provides that as long as SII continues to own at least 50% of our
outstanding common stock, it has the right to designate four members of the
Company's Board of Directors.
Mr. Teran is a principal in multiple private restaurants and
previously served on the Company's Board of Directors from 1994 to 2010. 
Additionally, Mr. Teran has been a director of Morton's of Chicago from 1993
until its sale in 2011.  He served as president of Cork & Cleaver from 1975
to 1981 and also previously served as a director for Boulder Valley National
Bank and Charlie Brown's Restaurants. He was one of the first franchisees of Le
Peep Restaurants.  Mr. Teran graduated from the University of Akron in 1968
with a degree in business.
As discussed in Item 1.01, Gary J. Heller has resigned
as a member of the Audit Committee and as Chairman of the Compensation
Committee, though he continues to serve on the Company's Board of Directors. 
Effective April 9, 2012, Mr. Teran has been appointed as a member of the Audit
Committee and as the Chairman of the Compensation Committee, to succeed Mr.
Heller in both capacities.
Mr. Teran will be compensated in accordance with the
Company's standard compensation policies and practices for its Board of
Directors as follows:  $500 for each Board of Directors meeting attended and
$100 for each Audit Committee or Compensation Committee attended (however, where
both Audit Committee and Compensation Committee meetings are held at the same
gathering only $100 is paid to directors attending both committee meetings) and
participation in non-qualified.  For a more detailed discussion of the
Company's compensation policies for directors, please see the Company's proxy
statement dated August 29, 2011.
On April 10, 2012, the Company issued a press release announcing
the election of Mr. Teran to its Board of Directors.  A copy of the press
release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item
9.01  Financial Statements and Exhibits.
(d)       Exhibits. 
The following exhibits are filed as part of this report:
Exhibit
  Number
Description
10.1
Financial
  Advisory Services Agreement between the Company and Heathcote Capital, LLC.
99.1
Company
  Press Release dated May 11, 2012.
2
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
GOOD TIMES RESTAURANTS
  INC.
Date:
  April 11, 2012
/s/
  Boyd E. Hoback
_________________
Boyd
  E. Hoback
President
  and Chief Executive Officer
3