GRANITE CITY FOOD & BREWERY LTD
EX-10
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>EXHIBIT 10</B></FONT>



<P align="left" style="font-size: 11pt">December&nbsp;14, 2007


<P align="left" style="font-size: 11pt">Granite City Food &#038; Brewery Ltd.
<BR>
5402 Parkdale Drive, Suite&nbsp;101
<BR>
Minneapolis, MN 55416


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    <TD width="1%" style="background: transparent">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD>ATTN: Steven J. Wagenheim</TD>
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<P align="left" style="margin-left:5%; font-size: 11pt">Chief Executive Officer


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    <TD><FONT style="font-size: 12pt"><B>Re: Amendment No.&nbsp;1 to Stock Purchase Agreement</B></FONT></TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
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<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt">Dear Mr.&nbsp;Wagenheim:
</FONT>

<P align="left" style="font-size: 11pt; text-indent: 4%">Reference is made to that certain Stock Purchase Agreement made and entered into as of March
8, 2007 (the &#147;Agreement&#148;) by and between Granite City Food &#038; Brewery Ltd. (the &#147;Company&#148;) and
investors who are parties thereto, including the undersigned William Blair Small Cap Growth Fund;
Booth &#038; Co FFC Hartman Retirement Income Trust; Booth &#038; Co FFC Rush University Medical Center
Endowment Account; Booth &#038; Co FFC Rush University Medical Center Pension &#038; Retirement; Calhoun &#038; Co
FFC City of Dearborn General Employees Retirement System; Calhoun &#038; Co FFC City of Dearborn
Policemen &#038; Firemen Revised Retirement Systems; and Mac &#038; Co. All initially capitalized terms
below shall have the meanings set forth in the Agreement.


<P align="left" style="font-size: 11pt; text-indent: 4%">On December&nbsp;10, 2007, the undersigned executed Amendment No.&nbsp;1 to the Agreement (the
&#147;Amendment&#148;). The description of financing in the Amendment was prepared by the Company and its
counsel based upon discussions with DHW and its lenders which were ongoing. Definitive agreements
were reached and executed. This letters amends the Amendment to update and clarify the description
of the financing and is intended to supercede the Amendment.


<P align="left" style="font-size: 11pt; text-indent: 4%">The Company intends to obtain up to $16&nbsp;million under a leasing facility with DHW the
&#147;Financing&#148;). The facility will provide financing for store development, including the purchase of
furniture, fixtures and equipment (&#147;FFE&#148;) and will be collateralized by the Company&#146;s unencumbered
store FFE. The amount of the facility in use will depend upon the amount drawn down to meet the
Company&#146;s development plans. Payments due DHW will be based on principal payments plus interest,
with interest equal to the DHW bank base rate plus 4.8% or a rate of approximately 12-13% interest
at today&#146;s rates. Principal and interest payments are as follows: $4&nbsp;million may be borrowed as
an interest only line of credit during the five year term of the loan; $6&nbsp;million may be borrowed
and will be repaid on a seven-year amortization schedule with the first year being interest only
and the second, third, fourth and fifth years being paid at one-seventh of the principal amount due
- any unpaid principal is then due at the end of the fifth year; the remaining $6&nbsp;million to be
borrowed is amortized by equal monthly principal and interest payments over a five year term. In
addition, lease agreements with Dunham Capital Management, L.L.C., a separate entity controlled by
Donald A. Dunham, Jr., a part owner of DHW, for eight of the Company&#146;s existing restaurants were
also amended to increase the rent in future periods in connection with the creation of this
facility. These leases previously did not have yearly increases and will incorporate a 10%
increase every five years beginning in 2013, 2014 or 2015, depending on the restaurant.


<P align="left" style="font-size: 11pt; text-indent: 4%">Each of the principals of DHW will be required to personally guaranty amounts due to lenders
who provide the funding to DHW (the &#147;Guarantees&#148;) which DHW will use for the Financing. Steven J.
Wagenheim is one of the principals of DHW and is an Interested Party under the Agreement. The
Financing and the Guarantees are Interested Party Transactions under the Agreement.


<P align="left" style="font-size: 11pt; text-indent: 4%">Mr.&nbsp;Wagenheim will not receive any compensation, securities, options, warrants or benefit of
any kind from the Company or any compensation, income, distribution, share of profits or benefits
of any kind from DHW (collectively, &#147;Restricted Payments&#148;) in connection with the Financing or the
Guarantees. Notwithstanding the foregoing, Restricted Payments shall not include any payment or
other receipt of property by Mr.&nbsp;Wagenheim to reimburse or indemnify him for his actual payments
and costs to a lender or DHW on account of a default by the Company under a lease or other
financing arrangement with DHW. All definitive agreements relating to the Financing and the
Guarantees will be subject to approval by the Company&#146;s Audit Committee, which will consist only of
independent directors of the Company.


<P align="left" style="font-size: 11pt; text-indent: 4%">Based upon the foregoing, including the agreements of Mr.&nbsp;Wagenheim and DHW as set forth
herein, the Investors agree that the covenants contained in Section&nbsp;6(ii) of the Agreement shall
not apply to the Financing and the Guarantees.

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<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">William Blair Small Cap Growth Fund</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Booth &#038; Co FFC Hartmarx Retirement Income Trust</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Booth &#038; Co FFC Rush University Medical Center</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Endowment Account</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Booth &#038; Co FFC Rush University Medical Center</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Pension &#038; Retirement</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Calhoun &#038; Co FFC City of Dearborn General</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Employees Retirement Systems</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Granite City Food &#038; Brewery Ltd.</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 10pt">Calhoun &#038; Co FFC City of Dearborn Policemen<BR></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">By /s/ Steven J. Wagenheim</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 10pt">and Firemen Revised Retirement Systems<BR></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">&#151;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 10pt">Mac &#038; Co<BR></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Steven J. Wagenheim</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 10pt">By: William Blair &#038; Company LLC<BR></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Chief Executive Officer</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 10pt">By: /s/ Karl W. Brewer<BR></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">/s/ Steven J. Wagenheim</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">&#151;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 10pt">Name: Karl W. Brewer<BR></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Steven J. Wagenheim</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 10pt">Title:  Portfolio Manager<BR></FONT></TD>
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