Document:

Exhibit 10.31

MANAGEMENT AGREEMENT

THIS MANAGEMENT AGREEMENT (this “Agreement”)
is made as of June 26, 2006, between VI Acquisition Corp., a Delaware
corporation (the “Company”), and Jeffry L. Guido (“Executive”).

The Company and Executive desire to enter into an agreement pursuant to
which Executive will commit to purchase, and the Company will commit to sell,
an aggregate of 10,948 shares of the Company’s Common Stock, par value $4.53
per share (the “Common Stock”). 
All of such shares of Common Stock are referred to herein as “Executive
Shares” or the “Shares.” Certain definitions are set forth in Section
7 of this Agreement.

The parties hereto agree as follows:

1.             Executive Shares.

(a)           Upon execution of
this Agreement, Executive will purchase, and the Company will sell, 10,948
shares of Common Stock at a price of $4.53 per share, the fair market value of
the Common Stock on the date hereof.  The
Company will deliver to Executive the certificates representing such Executive
Shares, and Executive will deliver to the Company a cashier’s or certified
check or wire transfer of funds in the aggregate amount of $49,594.44.

(b)           Within thirty (30)
days after the purchase by Executive of Executive Shares pursuant to this
Agreement, Executive will make an effective election with the Internal Revenue
Service under Section 83(b) of the Internal Revenue Code and the regulations
promulgated thereunder in the form of Exhibit A attached hereto.

(c)           In connection with
the purchase and sale of the Executive Shares pursuant hereto, Executive
represents and warrants to the Company that:

(i)            The Executive Shares to be acquired
by Executive pursuant to this Agreement will be acquired for Executive’s own
account and not with a view to, or intention of, distribution thereof in violation
of the Securities Act, or any applicable state securities laws, and the
Executive Shares will not be disposed of in contravention of the Securities Act
or any applicable state securities laws;

(ii)           Executive is an executive officer of
the Company, is sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Executive Shares;

(iii)          Executive is able to bear the economic
risk of his investment in the Executive Shares for an indefinite period of time
because the Executive Shares have not 

been
registered under the Securities Act and, therefore, cannot be sold unless
subsequently registered under the Securities Act or an exemption from such
registration is available;

(iv)          Executive has had an opportunity to ask
questions and receive answers concerning the terms and conditions of the
offering of the Executive Shares and has had full access to such other
information concerning the Company as he has requested;

(v)           This Agreement and each of the other
agreements contemplated hereby to which Executive is a party constitute legal,
valid and binding obligations of Executive, enforceable in accordance with
their terms, and the execution, delivery and performance of this Agreement and
such other agreements by Executive does not and will not conflict with, violate
or cause a breach of any agreement, contract or instrument to which Executive
is a party or any judgment, order or decree to which Executive is subject;

(vi)          Executive is not a party to or bound
by any other employment agreement, noncompete agreement or confidentiality
agreement which conflicts with the obligations set forth in this Agreement or
in the Employment Agreement; and

(vii)         Executive is a resident of the State of
Colorado.

(d)           As an inducement for
the Company to commit to issue the Executive Shares to Executive, and as a
condition thereto, Executive acknowledges and agrees that neither any future
issuance of capital stock of the Company to Executive nor any provision
contained herein shall entitle Executive to remain in the employment of the
Company, or any Subsidiary of the Company, or affect the right of the Company
or any Subsidiary to terminate Executive’s employment at any time for any
reason, subject to the terms and conditions of the Employment Agreement.

2.             Vesting of Shares.

(a)           Except as otherwise
provided in Section 2(b) below, the Executive Shares purchased hereunder
will become vested in accordance with the following schedule, if as of each
such date Executive is still employed by the Company or any Subsidiary of the
Company:

	
  Date

  	
   

  	
  Cumulative Percentage of

  Executive Shares to be Vested

  	
   

  
	
  1st Anniversary
  of this Agreement

  	
   

  	
  20

  	
  %

  
	
  2nd Anniversary
  of this Agreement

  	
   

  	
  40

  	
  %

  
	
  3rd Anniversary
  of this Agreement

  	
   

  	
  60

  	
  %

  
	
  4th Anniversary
  of this Agreement

  	
   

  	
  80

  	
  %

  
	
  5th Anniversary of this
  Agreement

  	
   

  	
  100

  	
  %

  

 

(b)           Notwithstanding the
foregoing or anything herein to the contrary, upon the occurrence of a Sale of
the Company, all Executive Shares which have not yet become vested shall become
vested at the time of such Sale of the Company (such portion being referred to 

 2
 

herein as the “Accelerated Shares”); provided, however,
and subject to and unless otherwise provided for under the Stockholders
Agreement by and among the Company, the Investors, the Executive and certain
other parties, that Executive shall not Transfer any interest in any
Accelerated Shares unless and until such time as the Investors shall have
received cash dividends or other cash proceeds resulting from any distributions
on or dispositions of any Preferred Stock or Common Stock in an aggregate
amount equal to the product of (i) two (2), multiplied by (ii) the aggregate
purchase price paid by the Investors to the Company for all Preferred Stock,
Common Stock and other equity interests of the Company purchased by the
Investors (but not in any event including amounts committed but not yet
contributed to the capital of the Company). Executive Shares which have become
vested hereunder are referred to herein as “Vested Shares,” and all
other Executive Shares are referred to herein as “Unvested Shares.”

(c)           The Executive
Securities shall at all times be subject to such restrictions or limitations
with respect to the Transfer thereof that may be contained herein or in the
Stockholders Agreement or as otherwise provided by law.

3.             Repurchase Option.

(a)           In the event
Executive ceases to be employed by the Company or any Subsidiary for any reason
(a “Separation”),the
Shares and all other Executive Securities (whether held by Executive or one or
more of Executive’s transferees, other than the Company and the Investors) will
be subject to repurchase, in each case by the Company pursuant to the terms and
conditions set forth in this Section 3 (the “Repurchase Option”).

(b)           In the event of a
Separation, the Executive Shares purchased hereunder shall be subject to
repurchase as follows: (i) the purchase price for each Unvested Share of Common
Stock will be the Executive’s Original Cost for such share; provided,
that if Executive’s employment is terminated by the Company or a Subsidiary
with Due Cause or by the Executive without Good Reason, then the purchase price
for each Unvested Share of Common Stock will be the lesser of (a) Executive’s
Original Cost for such share and (b) the Fair Market Value for such share, and
(ii) the purchase price for each Vested Share of Common Stock will be the Fair
Market Value for such share; provided that if Executive’s employment is
terminated by the Company or a Subsidiary with Due Cause or by the Executive
without Good Reason, then the purchase price for each Vested Share of Common
Stock will be the lesser of (a) Executive’s Original Cost for such share and
(b) the Fair Market Value for such share.

(c)           In the event of a
Separation, any other Executive Securities not otherwise described in Section
3(b) above shall be subject to repurchase as follows: the purchase price
for each share of Common Stock will be the Fair Market Value for such share.

(d)           In the event of a
Separation, the Company may elect to purchase all or any portion of the
Executive Securities by delivering written notice (the “Repurchase Notice”)
to the holder or holders of the Executive Securities within 60 days after the
Separation.  The Repurchase Notice will
set forth the number of Unvested Shares and Vested Shares to be acquired from
each holder, the aggregate consideration to be paid for such securities and the
time and place for the closing of the transaction.  The number of securities to be repurchased by
the Company shall first be satisfied to the extent possible from the Executive
Securities held by Executive at the time of delivery of the Repurchase
Notice.  If the number of Executive
Securities then held by Executive 

 3
 

is less than the total number of such securities which the Company has elected
to purchase, the Company shall purchase the remaining securities elected to be
purchased from the other holder(s) of Executive Securities under this
Agreement, pro rata according to the number of Executive Securities held by
such other holder(s) at the time of delivery of such Repurchase Notice
(determined as nearly as practicable to the nearest share).  The number of Unvested Shares and Vested
Shares to be repurchased hereunder will be allocated among Executive and the
other holders of Executive Securities (if any) pro rata according to the number
of Executive Securities to be purchased from such Person.

(e)           The closing of the
purchase of the Executive Securities pursuant to the Repurchase Option shall
take place on the date designated by the Company in the Repurchase Notice,
which date shall not be more than 2 months nor less than 5 days after the
delivery of such notice.  The Company
will pay for the Executive Securities to be purchased by it pursuant to the Repurchase
Option by first offsetting amounts outstanding under any bona fide debts owed
by Executive to the Company and will pay the remainder of the purchase price to
the extent reasonably permissible under the Company’s and its Subsidiaries’
equity financing agreements and agreements evidencing indebtedness for borrowed
money and to the extent the Company has the financial wherewithal at the time
to make such payments, by a check or wire transfer of funds and, if not, by a
subordinate note or notes, each on terms acceptable to banks and other financial
institutions loaning money to the Company and its Subsidiaries, payable in up
to three substantially equal, semi-annual installments beginning on the six
month anniversary of the closing of such purchase and bearing interest (payable
quarterly) at a rate per annum equal to the prime rate as published in The Wall
Street Journal from time to time, in the aggregate amount of the purchase price
for such securities.  The Company will be
entitled to receive customary representations and warranties from the sellers
of Executive Securities (including representations and warranties regarding
good title to the Executive Securities, the absence of any liens on such title
or other encumbrances with respect to the Transfer of the Executive Securities
and the ability of such sellers to consummate the sale).

(f)            Notwithstanding
anything to the contrary contained in this Agreement, all repurchases of
Executive Securities by the Company shall be subject to applicable restrictions
contained in the Delaware General Corporation Law and as may be required by
other parties in the Company’s or any Subsidiaries’ equity financing agreements
and agreements evidencing indebtedness for borrowed money, if any.  If any such restrictions prohibit the
repurchase of Executive Securities hereunder which the Company is otherwise
entitled or required to make, the Company may make such repurchases as soon as
it is permitted to do so under such restrictions.

(g)           Notwithstanding
anything to the contrary contained in this Agreement, if Executive delivers the
notice of objection described in the definition of Fair Market Value, or if the
Fair Market Value of a Share is otherwise determined to be an amount more than
10% greater than the per share repurchase price for such Shares originally determined
by the Board, the Company shall have the right to revoke its exercise of the
Repurchase Option for all or any portion of the Shares elected to be
repurchased by it by delivering notice of such revocation in writing to the
holders of the Shares during (i) the thirty-day period beginning on the
date the Company receives Executive’s written notice of objection and (ii) the
thirty-day period beginning on the date the Company is given written
notice that the Fair Market Value of a Share 

 4
 

was finally determined to be an amount more than 10% greater than the
per share repurchase price for such Shares originally determined by the Board.

4.             Restrictions on Transfer of
Executive Securities.

(a)           Transfer of
Executive Securities.  Executive
shall not Transfer any interest in any Executive Securities, except at such
time as the restrictions herein terminate as provided in Section 4(b)
below.  Notwithstanding the foregoing,
the restrictions contained in this Section 4 will not apply with respect
to (i) Transfers of shares of Executive Securities pursuant to applicable laws
of descent and distribution or (ii) Transfer of shares of Executive Securities
among Executive’s Family Group; provided that in each case such
restrictions will continue to be applicable to the Executive Securities
irrespective of any such Transfer.  Any
transferee of Executive Securities pursuant to a Transfer in accordance with
the provisions of this Section 4(a) is herein referred to as a “Permitted
Transferee.”  In addition to and
without limitation on the operation of this Section 4, Executive
acknowledges that the Stockholders Agreement separately imposes restrictions on
the Transfer of the Shares.

(b)           Termination of
Restrictions.  The restrictions on
the Transfer of Executive Securities set forth in this Section 4 will
continue with respect to each Executive Security until the earlier of (i) a
Qualified Public Offering; or (ii) a Sale of the Company.

5.             Registration.  Executive understands that the Shares are not
currently being registered under the Securities Act by reason of their
contemplated issuance in a transaction exempt from the registration and
prospectus delivery requirements of the Securities Act pursuant to
Rule 701 thereof.  Executive further
agrees that he will not sell or otherwise dispose of the Shares unless such
sale or other disposition has been registered or is exempt from registration
under the Securities Act and has been registered or qualified or is exempt from
registration or qualification under applicable securities laws of any
state.  Executive understands that a
restrictive legend consistent with the foregoing, and as set forth in Section 6,
will be placed on the certificates evidencing the Shares, and related stop
transfer instructions will be noted in the stock transfer records of the
Company and/or its stock transfer agent for the Shares.

6.             Additional Restrictions on
Transfer of Executive Securities.

(a)           Legend.  The certificates representing the Executive
Securities will bear a legend in substantially the following form:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE
ORIGINALLY ISSUED AS OF MAY     , 2006, HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY
NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER.  THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN
REPURCHASE OPTIONS AND CERTAIN OTHER AGREEMENTS SET FORTH IN A MANAGEMENT
AGREEMENT BETWEEN THE COMPANY AND AN EXECUTIVE OF THE COMPANY DATED AS OF MAY     ,

 5
 

2006.  A COPY OF
SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL
PLACE OF BUSINESS WITHOUT CHARGE.”

(b)           Opinion of
Counsel.  No holder of Executive
Securities may transfer any Executive Securities (except pursuant to an
effective registration statement under the Securities Act) without first
delivering to the Company an opinion of counsel (reasonably acceptable in form
and substance to the Company) that neither registration nor qualification under
the Securities Act and applicable state securities laws is required in
connection with such Transfer.

7.             Definitions.

“Affiliate” of the Investors means any direct or indirect
general or limited partner or member of an Investor, as applicable, or any
employee or owner thereof, or any other person, entity or investment fund
controlling, controlled by or under common control with an Investor.

“Due Cause” has the meaning set forth in the Employment
Agreement.

“Employment Agreement” means that certain Employment Agreement
of even date herewith between VICORP Restaurants, Inc. and the Executive.

“Executive’s Family Group” means Executive’s spouse and
descendants (whether natural or adopted), any trust solely for the benefit of
Executive and/or Executive’s spouse and/or descendants and any retirement plan
for the Executive.

“Executive Securities” means the Shares and any other securities
of the Company held by Executive or any of Executive’s transferees permitted
hereunder.  All Executive Securities will
continue to be Executive Securities in the hands of any holder other than
Executive (except for the Company, the Investors and the Investors’ Affiliates
and except for transferees in a Public Sale). 
Except as otherwise provided herein, each such other holder of Executive
Securities will succeed to all rights and obligations attributable to Executive
as a holder of Executive Securities hereunder. 
Executive Securities will also include shares of the Company’s capital
stock or other securities of the Company issued with respect to Executive
Securities by way of a stock split, dividend or other recapitalization or
reclassification.

“Fair Market Value” of each Share as of a relevant date means
the average of the closing prices of the sales of the Common Stock on all
securities exchanges on which such Common Stock may at the time be listed on
that date, or, if there have been no sales or exchange on which the Common
Stock is listed on any day, the average of the highest bid and lowest asked
prices on all nationally-recognized exchanges at the end of such day, or,
if on any day such Common Stock is not so listed, the average of the
representative bid and asked prices quoted in the NASDAQ System as of 4:00
P.M., New York time, or, if on any day such Common Stock is not quoted in the
NASDAQ System, of the average of the highest bid and lowest asked prices on
such day in the domestic over-the-counter market as reported by the National
Quotation Bureau Incorporated, or any similar successor organization, in each
such case averaged over a period of 21 days consisting of the day as of which
the Fair Market Value is being determined and the 20 consecutive business days
prior to such day.  If at any time such
Common Stock is not listed on any securities exchange or quoted in the NASDAQ
System or the over-the-counter market, the 

 6
 

Fair Market Value will be the fair value of such
Common Stock determined in good faith by the Board of Directors of the Company
(the “Board Calculation”).  If the
Executive disagrees with the Board Calculation, the Executive may, within 30
days after receipt of the Board Calculation, deliver a notice (an “Objection
Notice”) to the Company setting forth the Executive’s calculation of Fair
Market Value.  The Board and the
Executive will negotiate in good faith to agree on such Fair Market Value, but
if such agreement is not reached within 30 days after the Company has received
the Objection Notice, Fair Market Value shall be determined by an appraiser
selected by the Board, which appraiser shall submit to the Board and the
Executive a report within 30 days of its engagement setting forth such
determination.  The determination of such
appraiser shall be final and binding upon all parties.  The expenses of such appraiser shall be borne
by the Executive unless the appraiser’s valuation is more than 10% greater than
the amount determined by the Board of Directors, in which case, the costs of
the appraiser shall be borne by the Company. 
If the Repurchase Option is exercised within 45 days after a Separation,
then Fair Market Value shall be determined as of the date of such Separation;
thereafter, Fair Market Value shall be determined as of the date the Repurchase
Option is exercised.  A comparable
process will be employed to determine the Fair Market Value of Preferred Stock.

“Good Reason” has the meaning set forth in the Employment
Agreement.

“Investors” has the meaning set forth in the Stockholders
Agreement.

“Original Cost” means, (i) with respect to each share of Common
Stock purchased hereunder, $     .00 (as
proportionately adjusted for all subsequent stock splits, stock dividends and
other recapitalizations) and (ii) with respect to each share of Preferred
Stock, the price paid for such Preferred Stock, plus all accrued and unpaid
dividends of the Preferred Stock (as proportionately adjusted for all
subsequent stock splits, stock dividends and other recapitalizations).

“Person”means an
individual, a partnership, a limited liability company, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political
subdivision thereof.

“Preferred Stock” means preferred stock issued by the Company.

 “Public Sale” means any
sale pursuant to a registered public offering under the Securities Act or any
sale to the public pursuant to Rule 144 promulgated under the Securities Act
effected through a broker, dealer or market maker.

“Qualified Public Offering” means the sale in an underwritten
public offering registered under the Securities Act of shares of the Company’s
Common Stock approved by the Board of Directors pursuant to which the Investors
have realized in cash a return of two or more times the amount of their
investment in the Company.

“Sale of the Company” means any transaction or series of
transactions pursuant to which (A) any Person(s) other than the Investors and
their respective Affiliates in the aggregate acquire(s) (i) capital stock of
the Company possessing the voting power (other than voting rights accruing only
in the event of a default, breach or event of noncompliance) to elect a
majority of the Company’s board of directors (whether by merger, consolidation,
reorganization, 

 7
 

combination, sale or transfer of the Company’s capital
stock, shareholder or voting agreement, proxy, power of attorney or otherwise)
or (ii) all or substantially all of the Company’s assets determined on a
consolidated basis; provided that the term “Sale of the Company” shall
not include any sale of equity or debt securities by the Company in a private
offering to other investors selected by the Investors; or (B) more than 50% of
the assets of the Company (treating investments in Affiliates as assets for
these purposes) is spun off, split off or otherwise distributed.

“Securities Act” means the Securities Act of 1933, as amended
from time to time.

“Stockholders Agreement” means that certain Stockholders
Agreement dated June 13, 2003 among the Company, the Investors, and certain
other parties, and joined by the Executive of even date herewith.

“Subsidiary” means any entity of which the Company owns
securities having a majority of the ordinary voting power in electing the board
of directors, or the equivalent governing body, directly or through one or more
subsidiaries.

“Transfer”means to sell,
transfer, assign, pledge or otherwise dispose of (whether with or without
consideration and whether voluntarily or involuntarily or by operation of law).

8.             Notices.  Any notice, consent, waiver and other
communications required or permitted pursuant to the provisions of this
Agreement must be in writing and will be deemed to have been properly given (a)
when delivered by hand; (b) when sent by telecopier (with acknowledgement of
complete transmission), provided that a copy is mailed by U.S. certified mail,
return receipt requested; (c) three (3) days after sent by certified mail,
return receipt requested; or (d) one (1) day after deposit with a nationally
recognized overnight delivery service, in each case to the appropriate
addresses and telecopier numbers set forth below:

If to the Company:

VI Acquisition
Corp.

c/o Wind Point Partners

Suite 3700

676 North Michigan Avenue

Chicago, Illinois   60611

Attn:   Michael Solot

Tel:    (312) 255-4800

Fax:    (312) 255-4820

If to the Executive

Jeffry L. Guido

412 West Prentice Circle

Littleton, Colorado 80123

 8
 

with a copy to:

Sachnoff &
Weaver, Ltd.

30 South Wacker Drive

Suite 2900

Chicago, Illinois   60606

Fax:    (312) 207-6400

Tel:    (312) 207-1000

Attn:   Seth M. Hemming, Esq.

Each party will be entitled to specify a different address for the
receipt of subsequent notices by giving written notice thereof to the other
party in accordance with this Section 8.

9.             General Provisions.

(a)           Transfers
in Violation of Agreement.  Any
Transfer or attempted Transfer of any Executive Securities in violation of any
provision of this Agreement shall be null and void, and the Company shall not
record such Transfer on its books or treat any purported transferee of such
Executive Securities as the owner of such securities for any purpose.

(b)           Severability.  Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

(c)           Complete
Agreement.  This Agreement, those
documents expressly referred to herein and other documents of even date
herewith embody the complete agreement and understanding among the parties and
supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject
matter hereof in any way.  Executive
hereby releases the Company and its affiliates and its and their predecessors
from any obligation or liability the Company or any of its affiliates or its or
their predecessors owes or owed to Executive or any of his affiliates and
related persons prior to the date hereof.

(d)           Counterparts.  This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement.

(e)           Successors
and Assigns.

(i)            All Executive
Securities will continue to be Executive Securities in the hands of any holder
other than Executive, including any of Executive’s transferees permitted
hereunder or under the Stockholders Agreement (except for the Company, the
Investors and the Investors’ Affiliates and except for transferees in a Public
Sale).  Except as otherwise provided
herein, each such other holder of Executive Securities will 

 9
 

succeed to all
rights and obligations attributable to Executive as a holder of Executive
Securities hereunder.

(ii)           Except as otherwise
provided herein, this Agreement shall bind and inure to the benefit of and be
enforceable by Executive, the Company, the Investors and their respective
successors and assigns (including subsequent holders of Executive Securities); provided
that the rights and obligations of Executive under this Agreement shall not be
assignable except in connection with a permitted transfer of Executive
Securities hereunder.

(iii)          Each of the
Investors is intended to be a third party beneficiary of this Agreement and may
enforce any rights granted to it hereunder.

(f)            Choice
of Law.  The corporate law of the
State of Delaware will govern all questions concerning the relative rights of the
Company and its stockholders.  All other
questions concerning the construction, validity and interpretation of this
Agreement and the exhibits hereto will be governed by and construed in
accordance with the internal laws of the State of Illinois, without giving
effect to any choice of law or conflict of law provision or rule (whether of
the State of Illinois or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Illinois.  Furthermore, Executive and Company agree and
consent to submit to personal jurisdiction in the State of Illinois in any
state or federal court of competent subject matter jurisdiction situated in
Cook County, Illinois.  Executive and Company
agree that the sole and exclusive venue for any suit arising out of, or seeking
to enforce, the terms of this Agreement shall be in a state or federal court of
competent subject matter jurisdiction situated in Cook County, Illinois.

(g)           Remedies.  Each of the parties to this Agreement (including
the Investor) will be entitled to enforce its rights under this Agreement
specifically, to recover damages and costs (including attorney’s fees) caused
by any breach of any provision of this Agreement and to exercise all other
rights existing in its favor.  The
parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and that any party
may in its sole discretion apply to any court of law or equity of competent
jurisdiction (without posting any bond or deposit) for specific performance
and/or other injunctive relief in order to enforce or prevent any violations of
the provisions of this Agreement.

(h)           Amendment
and Waiver.  The provisions of this
Agreement may be amended and waived only with the prior written consent of the
Company and Executive.  No cause of
conduct or failure or delay in enforcing the provisions of this Agreement shall
affect the validity, binding effect or enforceability of this Agreement.

(i)            Business
Days.  If any time period for giving
notice or taking action hereunder expires on a day which is a Saturday, Sunday
or holiday in the state in which the Company’s chief executive office is
located, the time period shall be automatically extended to the business day
immediately following such Saturday, Sunday or holiday.

(j)            Indemnification
and Reimbursement of Payments on Behalf of Executive.  The Company and any Subsidiary shall be
entitled to deduct or withhold from any amounts owing 

 10
 

from the Company or any Subsidiary to the
Executive any federal, state, local or foreign withholding taxes, excise taxes,
or employment taxes (“Taxes”) imposed with respect to the Executive’s
compensation or other payments from the Company or any Subsidiary or the
Executive’s ownership interest in the Company, including, but not limited to,
wages, bonuses, dividends, the receipt or exercise of stock options and/or the
receipt or vesting of restricted stock. 
The Executive shall indemnify the Company and any Subsidiary for any amounts
paid with respect to any such Taxes, together with any interest, penalties and
related expenses thereto.

(k)           Termination.  This Agreement shall survive the termination
of Executive’s employment with the Company or any Subsidiary and shall remain
in full force and effect after such termination.

(l)            Generally
Accepted Accounting Principles; Adjustments of Numbers.  Where any accounting determination or
calculation is required to be made under this Agreement or the exhibits hereto,
such determination or calculation (unless otherwise provided) shall be made in
accordance with United States generally accepted accounting principles,
consistently applied.  All numbers set
forth herein which refer to share prices or amounts will be appropriately
adjusted to reflect stock splits, stock dividends, combinations of shares,
recapitalizations or other similar transactions affecting the subject class of
stock.

(m)          Waiver
of Jury Trial.  Each of the parties
hereto hereby irrevocably waives any and all right to trial by jury of any
claim or cause of action in any legal proceeding arising out of or related to
this Agreement or the transactions or events contemplated hereby or any course
of conduct, course of dealing, statements (whether verbal or written) or
actions of any party hereto.  The parties
hereto each agree that any and all such claims and causes of action shall be
tried by a court trial without a jury. 
Each of the parties hereto further waives any right to seek to
consolidate any such legal proceeding in which a jury trial has been waived
with any other legal proceeding in which a jury trial cannot or has not been
waived.

IN WITNESS WHEREOF,
the parties hereto have executed this Management Agreement as of the date first
written above.

	
  

  	
  VI ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Debra Koenig

  	
   

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Jeffry L. Guido

  	
   

  

 

 11Exhibit
10.32

EMPLOYMENT AGREEMENT

This EMPLOYMENT
AGREEMENT (this “Employment
Agreement”) is made this 26th day of June, 2006, by and between VICORP Restaurants, Inc., a Colorado
corporation (the “Company”), and JEFFRY L. GUIDO (“Executive”).

WHEREAS, the
Company and its subsidiaries are engaged in the business of (i) operating and
managing family dining restaurants and enterprises and (ii) conducting such
other activities as are undertaken from time to time by the Company,
VI Acquisition Corp., a Delaware corporation (the “Parent”), and each of their subsidiaries as
a result of future acquisitions, or otherwise (collectively, the “Business”);

WHEREAS, the
Company desires to employ Executive, and Executive desires to be employed by
the Company, as the President, Village Inn Division, of the Company; and

WHEREAS, the
Company and Executive desire to enter into this Employment Agreement to
evidence the terms and conditions of such employment.

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants and promises in this
Employment Agreement, the parties agree as follows:

1.             Employment.  The Company hereby agrees to employ Executive
as President, Village Inn Division, of the Company, and Executive hereby agrees
to accept such employment and agrees to act as President, Village Inn Division,
of the Company, all in accordance with the terms and conditions of this
Employment Agreement.  Executive hereby
represents and warrants that neither Executive’s entry into this Employment
Agreement nor Executive’s performance of Executive’s obligations hereunder will
conflict with or result in a breach of the terms, conditions or provisions of
any other agreement or obligation of any nature to which Executive is a party
or by which Executive is bound, including, without limitation, any development
agreement, non-competition agreement or confidentiality agreement entered into
by Executive.

2.             Term of Employment and Automatic Renewal.  The term of Executive’s employment under this
Employment Agreement will commence on the date of this Employment Agreement and
will continue until the third (3rd) anniversary of the date of this
Employment Agreement (the “Initial Employment
Period”).  THE INITIAL EMPLOYMENT PERIOD AND ANY RENEWAL
EMPLOYMENT PERIOD (AS DEFINED HEREIN) SHALL AUTOMATICALLY BE RENEWED AND
EXTENDED ON THE SAME TERMS AND CONDITIONS CONTAINED HEREIN FOR CONSECUTIVE
ONE-YEAR PERIODS (EACH, A “RENEWAL EMPLOYMENT PERIOD”), UNLESS NOT LATER THAN
SIXTY (60) DAYS PRIOR TO THE END OF THE INITIAL EMPLOYMENT PERIOD OR ANY
RENEWAL EMPLOYMENT PERIOD, AS THE CASE MAY BE, EITHER PARTY SHALL GIVE WRITTEN
NOTICE TO THE OTHER PARTY OF ITS ELECTION TO TERMINATE THIS EMPLOYMENT
AGREEMENT.  The Initial 

Employment Period and the
Renewal Employment Periods are hereinafter referred to as the “Employment Period.”  Notwithstanding anything to the contrary
contained herein, the Employment Period is subject to earlier termination
pursuant to Section 11 below.

3.             Position and Responsibilities.  Executive shall report to and be subject to
the direction of the Chief Executive Officer of the Company.  Executive shall perform and discharge such
duties and responsibilities for the Company as the Chief Executive Officer may
from time to time reasonably assign Executive. 
Executive understands and acknowledges that such duties shall be subject
to revision and modification by the Chief Executive Officer upon reasonable
notice to Executive.  During the
Employment Period, Executive shall devote Executive’s full business time,
attention, skill and efforts to the performance of Executive’s duties herein,
and shall perform the duties and carry out the responsibilities assigned to
Executive, to the best of Executive’s ability, in a diligent, trustworthy and
businesslike manner for the purpose of advancing the Company.  Executive acknowledges that Executive’s
duties and responsibilities will require Executive’s full-time business
efforts and agrees that during the Employment Period, Executive will not engage
in any outside business activities that conflict with his obligations under
this Employment Agreement.

4.             Compensation.

(a)           Base
Salary.  During the
Employment Period, the Company shall pay to Executive a base salary at the rate
of $214,000.00 per year (the “Base Salary”),
less applicable tax withholding, payable at the Company’s regular employee
payroll intervals.  Executive’s
performance shall be reviewed annually and the Base Salary may be increased at
the Company’s sole discretion.

(b)           Discretionary
Bonus.  During the
Employment Period, Executive shall be eligible to earn an annual bonus targeted
at forty percent (40%) of his Base Salary upon the achievement of Village Inn
EBITDA versus plan, as well as the Company’s corporate bonus plan, which budget
and goals shall be determined by the Board in its sole discretion.

(c)           Stock.  Pursuant to that certain senior management
agreement to be entered into between Parent and the Executive (the “Management Agreement”), the Executive will
purchase certain shares of capital stock of Parent (the “Executive Stock”), which shares of
Executive Stock shall be subject to certain vesting, repurchase and other
obligations and restrictions set forth in the Management Agreement, the
Registration Rights Agreement and that certain stockholders agreement entered
into among Parent, Executive, the Investors (as defined in a stock purchase
agreement among Parent, Investors and certain executives of the Company) and
certain other shareholders of Parent (the “Stockholders
Agreement”).

5.             Benefit Plans. 
During the Employment Period, Executive will be entitled to receive the
same employment benefits provided to other senior executive officers of the
Company (subject to any applicable waiting periods, eligibility requirements,
or other restrictions), which benefits may include insurance (medical, dental,
life, disability), retirement plans and profit sharing plans.

 2
 

6.             Expenses.  The Company, in accordance with policies and
practices established from time to time, will pay or reimburse Executive for
all expenses (including travel and cell phone expenses) reasonably incurred by
Executive during the Employment Period in connection with the performance of
Executive’s duties under this Employment Agreement, provided that Executive
shall provide to the Company documentation or evidence of expenses for which
Executive seeks reimbursement.

7.             Vacation.  Executive
shall be entitled to vacation at the rate of four (4) weeks per year to be
accrued and taken in accordance with the Company’s vacation policy from time to
time in effect.  Vacation which is
accrued but not used in a given year will be forfeited as of the end of that
year.

8.             Confidentiality, Inventions and Non-Solicitation Agreement.    On the date hereof, Executive shall execute
a confidentiality, inventions and non-solicitation agreement, in the form of Exhibit A attached hereto and made a part
hereof (the “Confidentiality, Inventions and
Non-Solicitation Agreement”).

9.             Restrictive Covenants.

(a)           Executive’s Acknowledgment.  Executive acknowledges that: (i) Parent
and the Company are and will be engaged in the Business during the Employment
Period and thereafter; (ii) Parent and the Company are and will be
actively engaged in the Business throughout the world; (iii) Executive is
one of a limited number of persons who will be developing the Business;
(iv) Executive will occupy a position of trust and confidence with the
Company after the date of this Employment Agreement and during the Employment
Period Executive will become familiar with Parent’s and the Company’s and each
of their subsidiaries’ and portfolio companies (collectively, the “Group”) trade secrets and with other proprietary and
confidential information concerning the Group and the Business (and the other
businesses of the Group); (v) the agreements and covenants contained in this
Section 9 are essential to protect the
Group and the goodwill of the Business and are a condition precedent to the
Company entering into this Employment Agreement; (vi) Executive’s
employment with the Company has special, unique and extraordinary value to the
Company and Parent and the Company would be irreparably damaged if Executive
were to provide services to any person or entity in violation of the provisions
of this Employment Agreement; and (vii) Executive has means to support
Executive and Executive’s dependents other than by engaging in the Business,
and the provisions of this Section 9 will
not impair such ability.

(b)           Restrictions.  Executive will not, during the Restricted
Period (as defined below), anywhere in North America (the “Restricted
Territory”), directly or indirectly (whether as an owner, partner,
shareholder, agent, officer, director, employee, independent contractor,
consultant, or otherwise) own, operate, manage, control, invest in, perform
services for, or engage or participate in any manner in, or render services to
(alone or in association with any person or entity) or otherwise assist any
person or entity in, the following entities, or in any entity or entities
directly or indirectly related to the following entities:  Bob Evans’; IHOP; Denny’s; Perkin’s; Marie
Callender’s; Mimi’s; Cracker Barrel; Coco’s; and Carrows.

The term “Restricted Period” means the period of
time from the date of this Employment Agreement until one (1) year after the
termination for any reason of Executive’s 

 3
 

employment relationship with the Group or any
successor thereto (whether pursuant to a written agreement or otherwise,
including any Renewal Employment Period under this Employment Agreement).  The Restricted Period shall be extended for a
period equal to any time period that Executive is in violation of Section 9. 
Nothing contained in Section 9(b)
above shall be construed to prevent Executive from investing in the stock of
any competing corporation listed on a national securities exchange or traded in
the over-the-counter market, but only if Executive is not involved
in the business of said corporation and if Executive and Executive’s associates
(as such term is defined in Regulation 14(A) promulgated under the Securities
Exchange Act of 1934, as in effect on the date hereof), collectively, do not
own more than an aggregate of one percent (1%) of the stock of such
corporation.

(c)           Scope/Severability.  The parties acknowledge that the business of
Parent and the Company is and will be national in scope and thus the covenants
in this Section 9 would be ineffective if the
covenants were to be limited to a particular geographic area.  If any court of competent jurisdiction at any
time deems the Restricted Period unreasonably lengthy, or the Restricted Territory
unreasonably extensive, or any of the covenants set forth in this Section 9 not fully enforceable, the other provisions of
this Section 9, and this Employment
Agreement in general, will nevertheless stand and to the full extent consistent
with law continue in full force and effect, and it is the intention and desire
of the parties that the court treat any provisions of this Employment Agreement
which are not fully enforceable as having been modified to the extent deemed
necessary by the court to render them reasonable and enforceable and that the
court enforce them to such extent (for example, that the Restricted Period be
deemed to be the longest period permissible by law, but not in excess of the
length provided for in Section 9(b),
and the Restricted Territory be deemed to comprise the largest territory
permissible by law under the circumstances but not in excess of the territory
provided for in Section 9(b)).

10.           Equitable
Remedies.  Executive
acknowledges and agrees that the agreements and covenants set forth in the Confidentiality,
Inventions and Non-Solicitation Agreement and in Section 9 of this Employment Agreement are reasonable and
necessary for the protection of Parent’s and the Company’s business interests,
that irreparable injury will result to Parent and the Company if Executive
breaches any of the terms of said covenants, and that in the event of Executive’s
actual or threatened breach of any such covenants, Parent and the Company will
have no adequate remedy at law. 
Executive accordingly agrees that, in the event of any actual or
threatened breach by Executive of any of said covenants, Parent and the Company
will be entitled to immediate injunctive and other equitable relief, without
bond and without the necessity of showing actual monetary damages.  Nothing in this Section 10 will be construed as prohibiting Parent or the
Company from pursuing any other remedies available to them for such breach or
threatened breach, including the recovery of any damages that they are able to
prove.

11.           Termination.  Notwithstanding anything in Section 2 of this Employment Agreement to
the contrary, Executive’s services shall terminate upon the first to occur of
the following events:

(a)           Death.  The Employment Period will terminate
immediately upon the death of Executive. 
If the Employment Period is terminated pursuant to this Section 11(a), the 

 4
 

Company shall
have no further obligation to Executive (or his estate) except for Base Salary
and benefits accrued through the date of termination.

(b)           Due Cause.  The Company may terminate the Employment
Period immediately upon written notice to Executive for Due Cause.  The following events will be deemed to
constitute “Due Cause”:

(i)                                     Executive’s
breach of any of Executive’s obligations under the Confidentiality, Inventions
and Non-Solicitation Agreement, this Employment Agreement, the Management
Agreement, the Registration Rights Agreement or the Stockholders Agreement; or

(ii)                                  Executive’s
neglect of, willful misconduct in connection with the performance of, or refusal
to perform Executive’s duties in accordance with Section 3
of this Employment Agreement, which, in the case of neglect or refusal to
perform, has not been cured to the Company’s good faith satisfaction within
thirty (30) days after Executive has been provided written notice of the same
and the corrective action required by the Company; or

(iii)                               Executive’s
engagement in any conduct which injures the integrity or reputation of the
Company or which impugns Executive’s own integrity or reputation so as to cause
Executive to be unfit to act in the capacity of President, Village Inn Division
of the Company; or

(iv)                              the
Executive’s commission of an act or acts constituting a felony, or any other
act or acts involving dishonesty, disloyalty or fraud against the Company.

If the Employment Period is terminated pursuant to
this Section 11(b), the Company
shall have no further obligation to Executive except for Base Salary and
benefits accrued through the date of termination.

(c)           Permanent
Disability.  The Company
may terminate the Employment Period upon the Permanent Disability (as defined
below) of the Executive.  For purposes of
this Employment Agreement, the term “Permanent Disability” shall mean that
Executive is entitled to benefits under the Company’s long-term disability
plan, or if no such plan exists, if the Executive is unable to perform, by
reason of physical or mental incapacity, the essential functions of his
position for ninety (90) or more days in any one hundred twenty (120) day
period.  If the Employment Period is
terminated pursuant to this Section 11(c), the Company shall have no further
obligations to Executive except for Base Salary and benefits accrued through
the date of termination.

(d)           Termination by the Company without Due Cause.  The Company may terminate the Employment
Period without Due Cause upon thirty (30) days’ prior written notice.  If the Employment Period is terminated
pursuant to this Section 11(d), then Executive will
be entitled to receive as severance pay his Base Salary at the annual rate then
in effect for a period of twelve (12) months following the termination of his
employment (the “Severance Period”), payable in
accordance with the Company’s payroll policy from time to time in effect.  Upon a 

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termination under this Section
11(d), the Company may elect, within thirty (30) days of the
termination of the Employment Period, to extend the duration of the Restricted
Period for up to an additional twelve (12) month period by so notifying
Executive.  If the Company elects to extend
the Restricted Period, the amount of severance pay shall be increased by
one-twelfth (1/12) of his Base Salary, at the annual rate then in effect, for
each month by which the Restricted Period is extended.  In addition, if the Executive elects COBRA
continuation coverage, the Company shall pay for such coverage through the
Severance Period at the same rate as it pays for health insurance coverage for
its active employees (with the Executive required to pay for any employee paid
portion of such coverage).  Nothing
herein provided, however, shall be construed to extend the period of time over
which such COBRA continuation coverage otherwise may be provided to the
Executive and/or her dependents. 
Notwithstanding the above, Executive shall receive such amounts only if
Executive is not in material breach of any of the provisions of the
Confidentiality, Inventions and Non-Solicitation Agreement and Section 9 of this Employment Agreement and has complied
with Section 11(f) of this Employment
Agreement.

(e)           Voluntary Resignation by Executive.  Executive may terminate the Employment Period
at any time for any reason upon thirty (30) days’ prior written notice.   If the Employment Period is terminated
pursuant to this Section 11(e), the Company shall
have no further obligation to Executive except for Base Salary and benefits
accrued through the date of termination; provided, however, that
if Executive is terminating the Employment Period for Good Reason (as defined
below), then Executive will be entitled to receive the severance benefits on
the terms and subject to all of the conditions and rights as described in Section 11(d).  The
following events will be deemed “Good Reason”
for which Executive may terminate the Employment Period and receive the
severance payments set forth in Section 11(d):

(i)                                     a
material diminution of the Executive’s duties, responsibilities, position or
title after notice to the Company and a thirty (30) day opportunity to cure; or

(ii)                                  any
material breach of this Employment Agreement on the part of the Company
(including, but not limited to, any decrease in the Base Salary without the
consent of the Executive), after notice to the Chief Executive Officer, and a
thirty (30) day opportunity to cure; provided, however, that
Executive is not in material breach of any of the terms of this Employment
Agreement.

(f)            General Release.  The receipt of any
payment as set forth in Sections 11(d)-(e)
above shall be contingent upon Executive’s execution of an agreement acceptable
to the Company that (i) waives any rights the Executive may otherwise have
against the Company and its Affiliates, (ii) releases the Company and its
Affiliates from actions, suits, claims, proceedings and demands related to the
period of employment and/or the termination of employment, and
(iii) contains certain other standard obligations which shall be set forth
at the time of the termination.  For
purposes of this Employment Agreement, the term “Affiliates”
means any individual, corporation, partnership, association, joint-stock company,
trust, unincorporated association or other entity (other than the Company) that
directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, 

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the Company including, without limitation, any member of an affiliated
group of which the Company is a common parent corporation as provided in
Section 1404 of the Code.

(g)           Survival.  Termination of the Employment Period in
accordance with this Section 11,
or expiration of the Employment Period, will not affect the provisions of this
Employment Agreement that survive such termination, including, without
limitation, the provisions in the Confidentiality, Inventions and
Non-Solicitation Agreementand in Section 9 of this Employment Agreement, and
will not limit either party’s ability to pursue remedies at law or equity.

12.           Executive
Assistance.  Both during
and after Executive’s employment with the Company, Executive shall, upon
reasonable notice, furnish the Company with such information as may be in Executive’s
possession or control, and cooperate with the Company, as the Company may
reasonably request (with due consideration to Executive’s business activities
and obligations after the Employment Period), in connection with any
litigation, claim, or other dispute in which the Company or any of its
Affiliates is or may become a party.  The
Company shall reimburse Executive for all reasonable out-of-pocket expenses
incurred by Executive in fulfilling Executive’s obligations under this Section 12.

13.           Effect
of Prior Agreements.  This
Employment Agreement, the Management Agreement, the Stockholders Agreement, the
Registration Rights Agreement and the Confidentiality, Inventions and
Non-Solicitation Agreementcontain
the entire understanding among Parent, the Company and Executive relating to
the subject matter hereof and supersede any prior employment agreement among
Executive, Parent and the Company or other agreement relating to the subject
matter hereof between Parent, the Company and Executive.  Executive agrees and acknowledges that he is
entitled to no benefits or compensation and has no other rights against the
Company, the Parent, and their Affiliates, except as otherwise set forth in
this Employment Agreement and, to the extent any such benefits, compensation or
rights are owed to him, expressly waives such benefits, compensation and
rights.

14.           Modification
and Waiver.  This
Employment Agreement may not be modified or amended, nor may any provisions of
this Employment Agreement be waived, except by an instrument in writing signed
by the parties. No written waiver will be deemed to be a continuing waiver
unless specifically stated therein, and each such waiver will operate only as
to the specific term or condition waived and shall not constitute a waiver of
such term or condition for the future or as to any act other than that
specifically waived.

15.           Severability.  If, for any reason, any provision of this
Employment Agreement is held invalid, such invalidity will not affect any other
provision of this Employment Agreement, and each provision will to the full
extent consistent with law continue in full force and effect.  If any provision of this Employment Agreement
is held invalid in part, such invalidity will in no way affect the rest of such
provision, and the rest of such provision, together with all other provisions
of this Employment Agreement, will, to the full extent consistent with law,
continue in full force and effect.

16.           Notices.  Any notice, consent, waiver and other
communications required or permitted pursuant to the provisions of this
Employment Agreement must be in writing and will be deemed to have been
properly given (a) when delivered by hand; (b) when sent by telecopier 

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(with acknowledgment of
complete transmission), provided that a copy is mailed by U.S. certified mail,
return receipt requested; (c) three (3) days after sent by certified mail,
return receipt requested; or (d) one (1) day after deposit with a nationally
recognized overnight delivery service, in each case to the appropriate
addresses and telecopier numbers set forth below:

	
  If to the Company:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  VICORP Restaurants, Inc.

  	
   

  	
  VICORP Restaurants, Inc.

  	
   

  
	
  c/o Wind Point
  Partners

  	
   

  	
  400 West 48th Avenue

  	
   

  
	
  Suite 3700

  	
   

  	
  Denver, Colorado  
  80216

  	
   

  
	
  676 North
  Michigan Avenue

  	
   

  	
  Attn:   Debra Koenig

  	
   

  
	
  Chicago,
  Illinois   60611

  	
   

  	
  Fax:    (303) 672-2606

  	
   

  
	
  Attn:   Michael
  Solot

  	
   

  	
   

  	
   

  
	
  Fax:    (312)
  255-4820

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  With
  a copy to:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sachnoff &
  Weaver, Ltd.

  	
   

  	
   

  	
   

  
	
  30 South Wacker
  Drive

  	
   

  	
   

  	
   

  
	
  Suite 2900

  	
   

  	
   

  	
   

  
	
  Chicago,
  Illinois   60606

  	
   

  	
   

  	
   

  
	
  Attn:   Seth
  M. Hemming, Esq.

  	
   

  	
   

  	
   

  
	
  Fax:    (312)
  207-6400

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  If
  to Executive:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Jeffry L. Guido

  	
   

  	
   

  	
   

  
	
  5412 West
  Prentice Circle

  	
   

  	
   

  	
   

  
	
  Littleton,
  Colorado 80123

  	
   

  	
   

  	
   

  

 

Each party will be entitled to specify a different
address for the receipt of subsequent notices by giving written notice thereof
to the other party in accordance with this Section
16.

17.           Third
Party Beneficiaries. 
Nothing herein expressed or implied is intended or shall be construed to
confer upon or give to any person or entity, other than the parties to this
Employment Agreement and their respective permitted successors and assigns, any
rights or remedies under or by reason of this Employment Agreement.

18.           Headings.  The headings and other captions in this
Employment Agreement are included solely for convenience of reference and will
not control the meaning and interpretation of any provision of this Employment
Agreement.

19.           Governing
Law; Arbitration.  This
Employment Agreement has been executed in the State of Illinois, and its
validity, interpretation, performance, and enforcement will be governed by the
laws of such state, except with respect to conflicts of laws principles.  Except for disputes arising out of an alleged
violation of the Restrictive Covenants set forth in the Confidentiality, Inventions
and Non-Solicitation Agreement and
in Section 9 of this Employment
Agreement, any controversy or claim arising out of or relating to any provision
of this Employment Agreement or any other document or agreement referred to
herein shall be resolved by arbitration. 
The arbitration process shall be instigated by either party giving
written 

 8
 

notice to the other of
the desire for arbitration and the factual allegations underlying the basis for
the dispute.  The arbitration shall be
conducted by such alternative dispute resolution service as is agreed to by the
parties, or, failing such agreement within thirty (30) days after such dispute
arises, by arbitrators selected as described below in accordance with the rules
and procedures established by the American Arbitration Association.  Only a person who is a practicing lawyer
admitted to a state bar may serve as an arbitrator.  Each party shall select one arbitrator, and
those arbitrators shall choose a third arbitrator; these arbitrators shall
constitute the panel.  The American
Arbitration Association rules for employment arbitration shall control any
discovery conducted in connection with the arbitration.  The expenses of arbitration (other than
attorneys’ fees) shall be shared as determined by arbitration.  Each side to the claim or controversy shall
pay their own attorneys’ fees.  Any
result reached by the panel shall be binding on all parties to the arbitration,
and no appeal may be taken.  It is agreed
that any party to any award rendered in such arbitration proceeding may seek a
judgment upon the award and that judgment may be entered thereon by any court
having jurisdiction.  The arbitration
shall be conducted in the State of Colorado.

20.           Non-Assignability/Binding
Effect.  The Executive
acknowledges that the services to be rendered by him are unique and
personal.  Accordingly, the Executive may
not assign any of her rights or delegate any of his duties or obligations under
this Agreement.  The rights and
obligations of the Company under this Agreement shall inure to the benefit of
and shall be binding upon the successors and assigns of the Company.

21.           No
Strict Construction.  The
language used in this Employment Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any person.

IN
WITNESS WHEREOF, the Company has caused this Employment
Agreement to be executed by its duly authorized officer and Executive has
signed this Employment Agreement, as of the date first above written.

	
  

  	
  VICORP Restaurants, Inc.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Jeffry L. Guido

  	
   

  

 

 9

EXHIBIT A

CONFIDENTIALITY,
INVENTIONS AND NON-SOLICITATION AGREEMENT

In consideration of employment by VICORP Restaurants,
Inc., a Colorado corporation, its successors or assigns (the “Company”) of Jeffry L. Guido (“Executive”), it is understood and agreed as
follows:

1.             Confidential Information.

(a)                                  Executive
acknowledges that the Confidential Information (as defined below) constitutes a
protectible business interest of the Company and its parent VI Acquisition
Corp., a Delaware corporation (“Parent”)
and covenants and agrees that at all times during the period of Executive’s
employment, and at all times after termination of such employment, Executive
will not, directly or indirectly, disclose, furnish, make available or utilize
any Confidential Information other than in the course of performing duties as
an employee of the Company.  Executive
will abide by Company policies and rules as may be established from time to
time by it for the protection of its Confidential Information.  Executive agrees that in the course of
employment with the Company Executive will not bring to the Company’s offices
nor use, disclose to the Company, or induce the Company to use, any
confidential information or documents belonging to others.  Executive’s obligations under this Section 1.a. with respect to particular
Confidential Information will survive expiration or termination of this
Confidentiality, Inventions and Non-Solicitation Agreement (this “Agreement”), and Executive’s employment
with the Company, and will terminate only at such time (if any) as the
Confidential Information in question becomes generally known to the public
other than through a breach of Executive’s obligations under this Agreement.

(b)                                 As
used in this Agreement, the term “Confidential
Information” means any and all confidential, proprietary or trade
secret information, whether disclosed, directly or indirectly, verbally, in
writing or by any other means in tangible or intangible form, including that
which is conceived or developed by Executive, applicable to or in any way
related to: (i) the present or future business of Parent, the Company or any of
their Affiliates (as defined below); (ii) the research and development of
Parent, the Company or any of their Affiliates; or (iii) the business of any
client or vendor of Parent, the Company or any of their Affiliates.  Such Confidential Information includes the
following property or information of Parent, the Company and their Affiliates,
by way of example and without limitation: 
trade secrets, processes, formulas, data, program documentation,
customer lists, designs, drawings, algorithms, source code, object code,
know-how, improvements, inventions, licenses, techniques, all plans or
strategies for marketing, development and pricing, business plans, financial statements,
profit margins and all information concerning existing or potential clients,
suppliers or vendors.  Confidential
Information of Parent and the Company also means all similar information
disclosed to Parent or the Company by third parties which is 

subject to confidentiality obligations. 
The term “Affiliates” means
(i) all persons or entities controlling, controlled by or under common control
with, Parent and/or the Company, (ii) all companies or entities in which Parent
or the Company own an equity interest and (iii) all predecessors, successors
and assigns of the those Affiliates identified in (i) and (ii).

2.             Return
of Materials.  Upon
termination of employment with the Company, and regardless of the reason for
such termination, Executive will leave with, or promptly return to, the Company
all documents, records, notebooks, magnetic tapes, disks or other materials,
including all copies, in Executive’s possession or control which contain
Confidential Information or any other information concerning Parent, the
Company, any of their Affiliates or any of their respective products, services
or clients, whether prepared by the Executive or others.

3.             Inventions as Sole Property of
the Company.

(a)                                  Executive
covenants and agrees that all Inventions (as defined below) shall be the sole
and exclusive property of the Company.

(b)                                 As
used in this Agreement, the term “Inventions”
means any and all inventions, developments, discoveries, improvements, works of
authorship, concepts or ideas, or expressions thereof, whether or not subject
to patents, copyright, trademark, trade secret protection or other intellectual
property right protection (in the United States or elsewhere), and whether or
not reduced to practice, conceived or developed by Executive while employed
with the Company or within one (1) year following termination of such
employment which relate to or result from the actual or anticipated business,
work, research or investigation of Parent, the Company or any of their
Affiliates or which are suggested by or result from any task assigned to or
performed by Executive for Parent, the Company or any of their Affiliates.

(c)                                  Executive
acknowledges that all original works of authorship which are made by her
(solely or jointly) are works made for hire under the United States Copyright
Act (17 U.S.C., et seq.).

(d)                                 Executive
agrees to promptly disclose to the Company all Inventions, all original works
of authorship and all work product relating thereto.  This disclosure will include complete and
accurate copies of all source code, object code or machine-readable
copies, documentation, work notes, flow-charts, diagrams, test data,
reports, samples and other tangible evidence or results (collectively, “Tangible Embodiments”) of such Inventions, works of authorship
and work product.  All Tangible
Embodiments of any Invention, work of authorship or work product related
thereto will be deemed to have been assigned to the Company as a result of the
act of expressing any Invention or work of authorship therein.

(e)                                  Executive
hereby assigns to the Company (together with the right to prosecute or sue for
infringements or other violations of the same) the entire worldwide right,
title and interest to any such Inventions or works made for hire, and Executive

 2
 

agrees to perform,
during and after employment, all acts deemed necessary or desirable by the
Company to permit and assist it, at the Company’s expense, in registering,
recording, obtaining, maintaining, defending, enforcing and assigning
Inventions or works made for hire in any and all countries.  Executive hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents as Executive’s
agents and attorneys-in-fact to act for and in Executive’s behalf
and instead of Executive, to execute and file any documents and to do all other
lawfully permitted acts to further the above purposes with the same legal force
and effect as if executed by Executive; this designation and appointment
constitutes an irrevocable power of attorney and is coupled with an interest.

(f)                                    Without
limiting the generality of any other provision of this Section 3,
Executive hereby authorizes the Company and each of its Affiliates (and their
respective successors) to make any desired changes to any part of any Invention,
to combine it with other materials in any manner desired, and to withhold
Executive’s identity in connection with any distribution or use thereof alone
or in combination with other materials.

(g)                                 Pursuant
to the Illinois Employee Patent Act, Public Act 83-493, this Agreement does not
apply to any invention for which no equipment, supplies, facility or trade
secret information of Parent or the Company was used and which was developed
entirely on Executive’s own time, unless (1) the invention relates (a) to the
business of Parent or the Company or (b) to Parent’s or the Company’s actual
demonstrably anticipated research or development; or (2) the invention results
from any work performed by Executive for Parent or the Company.

(h)                                 The
obligations of Executive set forth in this Section 3
(including, but not limited to, the assignment obligations) will continue
beyond the termination of Executive’s employment with respect to Inventions
conceived or made by Executive alone or in concert with others during Executive’s
employment with the Company and during the one (1) year thereafter, whether
pursuant to this Agreement or otherwise. 
These obligations will be binding upon Executive and Executive’s
executors, administrators and other representatives.

4.                                       List of Prior Inventions.  All Inventions which Executive has made prior
to employment by the Company are excluded from the scope of this
Agreement.  As a matter of record,
Executive has set forth on Annex I hereto
a complete list of those Inventions which might relate to Parent’s or the
Company’s business and which have been made by Executive prior to employment
with the Company.  Executive represents
that such list is complete.  If no list
is attached, Executive represents that there are no prior Inventions.

5.             Non-Solicitation.

(a)                                  Executive
will not, during the term of Executive’s employment with the Company and for
two (2) years thereafter (the “Restricted
Period”) (whether as an owner, 

 3
 

partner,
shareholder, agent, officer, director, employee, independent contractor,
consultant, or otherwise) with or through any individual or entity:

i.              employ,
engage or explicitly solicit for employment any individual who is, or was at
any time during the twelve-month period immediately prior to the
termination of Executive’s employment with the Company for any reason, an
employee of Parent, the Company or any of their Affiliates or otherwise seek to
adversely influence or alter such individual’s relationship with Parent, the
Company or any of their Affiliates; or

ii.             explicitly
solicit or encourage any individual or entity that is, or was during the twelve-month
period immediately prior to the termination of Executive’s employment with the
Company for any reason, a customer or vendor of Parent or the Company to
terminate or otherwise alter his, her or its relationship with Parent or the
Company.

(b)                                 The
Restricted Period shall be extended for a period equal to any time period that
Executive is in violation of this Section 5.

6.                                 Equitable
Remedies.  Executive acknowledges
and agrees that the agreements and covenants set forth in this Agreement are
reasonable and necessary for the protection of Parent’s and the Company’s
business interests, that irreparable injury will result to Parent and the
Company if Executive breaches any of the terms of said covenants, and that in
the event of Executive’s actual or threatened breach of any such covenants,
Parent and the Company will have no adequate remedy at law.  Executive accordingly agrees that, in the
event of any actual or threatened breach by Executive of any of said covenants,
Parent and the Company will be entitled to immediate injunctive and other
equitable relief, without posting bond or other security and without the
necessity of showing actual monetary damages. 
Nothing in this Section 6 will
be construed as prohibiting Parent or the Company from pursuing any other
remedies available to them for such breach or threatened breach, including the
recovery of any damages that they are able to prove.

7.                                 No
Right to Employment.  No provision
of this Agreement shall give Executive any right to continue in the employ of
the Company or any of its Affiliates, create any inference as to the length of
employment of Executive, affect the right of the Company or its Affiliates to
terminate the employment of Executive, with or without cause, or give Executive
any right to participate in any Executive welfare or benefit plan or other
program of the Company or any of its Affiliates.

8.                                 Modification
and Waiver.  This Agreement may
not be modified or amended except by an instrument in writing signed by the
parties.  No term or condition of this
Agreement will be deemed to have been waived, except by written instrument of
the party charged with such waiver.  No
such written waiver will be deemed to be a continuing waiver unless
specifically stated therein, and each such waiver will operate only as to the
specific term or condition waived and shall not constitute a waiver of such
term or condition for the future or as to any act other than that specifically
waived.

 4
 

9.                                 Severability.  Executive acknowledges that the agreements
and covenants contained in this Agreement are essential to protect Parent, the
Company and their goodwill.  Each of the
covenants in this Agreement will be construed as independent of any other
covenants or other provisions of this Agreement.  It is the intention and desire of the parties
that the court treat any provisions of this Agreement which are not fully
enforceable as having been modified to the extent deemed necessary by the court
to render them reasonable and enforceable and that the court enforce them to
such extent.

10.                                 Notices.
Any notice, consent, waiver and other communications required or permitted
pursuant to the provisions of this Agreement must be in writing and will be deemed
to have been properly given (a) when delivered by hand; (b) when sent by
telecopier (with acknowledgment of complete transmission), provided that a copy
is mailed by U.S. certified mail, return receipt requested; (c) three (3) days
after sent by certified mail, return receipt requested; or (d) one (1) day
after deposit with a nationally recognized overnight delivery service, in each
case to the appropriate addresses and telecopier numbers set forth below:

	
  If to the Company:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  VICORP Restaurants, Inc.

  	
   

  	
  VICORP Restaurants, Inc.

  	
   

  
	
  c/o Wind Point
  Partners

  	
   

  	
  400 West 48th Avenue

  	
   

  
	
  Suite 3700

  	
   

  	
  Denver, Colorado  
  80216

  	
   

  
	
  676 North
  Michigan Avenue

  	
   

  	
  Attn:   Debra Koenig

  	
   

  
	
  Chicago,
  Illinois   60611

  	
   

  	
  Fax:    (303) 672-2606

  	
   

  
	
  Attn:   Michael
  Solot

  	
   

  	
   

  	
   

  
	
  Fax:    (312)
  255-4820

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  With
  a copy to:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sachnoff &
  Weaver, Ltd.

  	
   

  	
   

  	
   

  
	
  30 South Wacker
  Drive

  	
   

  	
   

  	
   

  
	
  Suite 2900

  	
   

  	
   

  	
   

  
	
  Chicago,
  Illinois   60606

  	
   

  	
   

  	
   

  
	
  Attn:   Seth
  M. Hemming, Esq.

  	
   

  	
   

  	
   

  
	
  Fax:    (312)
  207-6400

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  If
  to Executive:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Jeffry L. Guido

  	
   

  	
   

  	
   

  
	
  5412 West
  Prentice Circle

  	
   

  	
   

  	
   

  
	
  Littleton,
  Colorado 80123

  	
   

  	
   

  	
   

  

 

Each party will be
entitled to specify a different address for the receipt of subsequent notices
by giving written notice thereof to the other party in accordance with this Section 10.

 5
 

11.                                 Headings.  The headings and other captions in this
Agreement are included solely for convenience of reference and will not control
the meaning and interpretation of any provision of this Agreement.

12.                                 Governing
Law.  This Agreement has
been executed in the State of Illinois, and its validity, interpretation,
performance, and enforcement will be governed by the laws of such state, except
with respect to conflicts of laws principles.

13.                                 Binding
Effect.  This Agreement will be
binding upon and inure to the benefit of Executive, the Company, and their
respective successors and permitted assigns. 
The Company will be entitled to assign its rights and duties under this
Agreement provided that the Company will remain liable to Executive should such
assignee fail to perform its obligations under this Agreement.

14.                                 No Strict
Construction.  The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction will
be applied against any person.

IN
WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer and Executive has signed this
Agreement, as of the date written below.

	
  

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Jeffry L. Guido

  	
   

  
	
   

  	
   

  
	
  

  	
  VICORP Restaurants, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Debra Koenig

  	
   

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 6

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