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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1367722	Spicy Pickle Franchising Inc	SPKL	Retail-Eating Places (5812)	383750924

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1383860	Presley Reed	90 Madison Street, #700 Denver CO 80206		Yes	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2010-01-15	3,500,000	$0.13	20,052,544	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	1,146,408	Indirect	Presley Reed 1999 Family Trust

Reported Derivative Holdings

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Stock Option	$0.20		2012-01-25	100,000	100,000	Direct
Common Stock	Warrants	$0.20		2014-09-22	900,000	900,000	Direct
Common Stock	Stock Options	$0.19	2008-11-24	2013-11-24	500,000	500,000	Direct
Common Stock	Warrants	$0.19	2009-09-22	2014-09-22	6,153,840	6,153,840	Direct
Common Stock	Convertible Note due 1/31/12	$0.13	2009-09-30	2012-01-31	3,919,960	3,919,960	Direct
Warrants	Convertible Note due 1/31/12	$0.00	2009-09-30		254,797	254,797	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2012-01-25	100,000	100,000	Direct
2014-09-22	900,000	900,000	Direct
2013-11-24	500,000	500,000	Direct
2014-09-22	6,153,840	6,153,840	Direct
2012-01-31	3,919,960	3,919,960	Direct
	254,797	254,797	Direct

Footnotes

The Reporting Person's wife is the beneficiary of the trust.
On January 25, 2007 the Reporting Person was granted an incentive stock option under the Issuer's 2006 Option Plan to purchase 100,000 shares of common stock at an exercise price of $0.25 per share. The option is exercisable as to (i) 50,000 shares immediately upon date of grant; (ii) 25,000 on 1st anniversary of grant; and (iii) 25,000 on 2nd anniversary of date of grant.
Acquired on December 14, 2007 in connection with the private placement financing transaction with the Issuer. The warrants are exercisable at any time. On September 22, 2009, the exercise price was lowered to $0.20 and the expiration date was extended to September 22, 2014.
On September 30, 2009 Mr. Reed was issued a convertible note for $509,594.79 from the Issuer. The note is convertible at any time into shares at the rate of $0.13 per share. In addition, for every $2.00 converted, Mr. Reed will receive a warrant to purchase one share of common stock with the exercise price to be 120% of the average of the volume weighted average prices for the 10 trading days preceeding conversion.