Document:

Exhibit 10.6

                         SEVERANCE AGREEMENT
                         -------------------

     THIS SEVERANCE AGREEMENT (the "Agreement") is entered into as of the
19th day of June, 2001, by and between J. MICHAEL BODNAR (hereinafter
"Bodnar") and SHONEY'S, INC., a Tennessee corporation (hereinafter the
"Company").

                         W I T N E S S E T H:
                         --------------------

     WHEREAS, Bodnar has been employed by the Company as President and Chief
Executive Officer; and

     WHEREAS, Bodnar and the Company are parties to that certain Management
Retention Agreement (the "Management Retention Agreement"), dated as of June
14, 2000, and that certain Letter Agreement (the "Letter Agreement"), dated
as of December 28, 2000; and

     WHEREAS, the Company has determined to terminate Bodnar's employment
relationship with the Company and the Company and Bodnar desire to effect
such termination in an amiable manner; and

     WHEREAS, it is the desire of Bodnar and the Company to enter into this
Agreement to formally terminate the Management Retention Agreement and the
Letter Agreement and to resolve all matters arising out of or related to
Bodnar's employment with the Company and the termination of his employment
with the Company;

     NOW, THEREFORE, for and in consideration of the mutual covenants and
promises contained herein, the parties hereby agree as follows:

     1. Termination of Employment, Management Retention Agreement and Letter
Agreement; Resignations. This confirms that Bodnar's employment with the
Company is terminated effective June 19, 2001.  This Agreement supersedes
each of the Management Retention Agreement and the Letter Agreement, each of
which is hereby wholly terminated and cancelled as of the date of this
Agreement.  The respective rights and obligations of the parties shall be
governed hereafter by the terms of this Agreement.  In addition. Bodnar
hereby resigns, effective immediately, as a member of the Company's Board of
Directors and as a director and officer of each of the Company's
subsidiaries.

     2. Severance Pay.   The Company will pay Bodnar severance pay of Five
Hundred Thousand and 00/100 Dollars ($500,000.00), which shall be payable
over 104 weeks at the rate of $4,807.69 per week, effective the week ending
June 22, 2001, in accordance with Employer's regular payroll policies;
provided, however, that in the event of a "Change in Control" as that term
was defined in the Management Retention Agreement, all then unpaid sums due
pursuant to this

                                   1

paragraph shall be immediately due and payable.

     3. Stock Options.  As of the date of Bodnar's resignation, Bodnar had no
options to purchase shares of the Company's common stock that were vested.
Accordingly, Bodnar hereby relinquishes any right to exercise any rights or
options that he has to purchase the Company's common stock.  The terms and
provisions of this Agreement shall supersede and control over any of the
terms and provisions of any agreement between Bodnar and the Company with
respect to any options to purchase the Company's common stock.

     4. Benefits and Other Matters.

        4.1. Upon payment of the appropriate premiums, Bodnar will have the
right to continue his participation in the Company's group health coverage
plan under the applicable COBRA regulations.

        4.2. Bodnar will be reimbursed for any out-of-pocket expenses
incurred through June 19, 2001 in accordance with the Company's travel and
entertainment reimbursement guidelines, provided, however, that request for
reimbursement is made by July 15, 2001.

        4.3. Within ten (10) days after execution of this Agreement, Bodnar
will be paid for any accrued and unused vacation for 2001.

     5. Covenants.

        5.1. Bodnar agrees not to disclose to any person (other than to any
person specifically authorized by the Board of Directors of the Company) any
confidential information concerning the Company or any of its subsidiaries or
affiliates, including, but not limited to, strategic plans, contract terms,
financial costs, pricing terms, sales data or business opportunities whether
for existing, new or developing businesses.

        5.2 Bodnar agrees that, until June 19, 2002, he will not engage in,
own, manage, operate, control, or participate in any food service business
that conducts or franchises activities which are the same as or similar to
the restaurant concepts and operations of the Company as an employer,
employee, principal, partner, director, agent or otherwise, directly or
indirectly, anywhere in the United States of America.  This time period shall
be extended by any period of noncompliance with this covenant not to compete.

        5.3 Bodnar and the Company acknowledge and agree that any of the
covenants contained in this Section 5 may be specifically enforced through
injunctive relief but such right to injunctive relief shall not preclude the
Company from other remedies which may be available to it.

     6. Publicity.

                                    2

        6.1. At any time following the date hereof, Bodnar shall not make any
statements, comments or take any actions detrimental to the interests of the
Company, its officers or directors.  To the extent that the foregoing
prohibition might be applicable, it is not intended to prevent Bodnar from
giving testimony pursuant to compulsory process of law.

        6.2. At any time following the date hereof, the Company shall not
make any public statements, announcements or disclosures, except as may be
required by law, of any information detrimental to Bodnar.  The determination
whether any disclosure is required by law shall be made by the Company in its
sole discretion.

     7. Certain Remedies. In addition to any other remedies that the parties
may have at law or in equity, Bodnar and the Company agree that, in the event
of a breach by Bodnar of the provisions of Section 5.1, Section 5.2 or
Section 6.1 hereof, damages to the Company would be difficult to determine
and, in the event of such breach by Bodnar, the Company shall be released
from its obligation to make any further payments to Bodnar under Section 2
hereof and its obligations under Section 6.2 hereof.

     8. Release.  Bodnar hereby releases and forever discharges the Company,
each of its subsidiary corporations and each of their respective directors,
officers, agents and employees from all claims, demands, rights and causes of
action of any kind that Bodnar has or hereafter may have, known or unknown,
on account of or in any way arising out of or related to the Management
Retention Agreement, the Letter Agreement, Bodnar's employment with the
Company or the termination of Bodnar's employment with the Company.  This
release includes, but is not limited to, claims based upon contract, tort as
well as those arising under federal, state or local law, regulation, or
policy or concerning worker's compensation or prohibiting employment
discrimination based on age, including the Age Discrimination in Employment
Act, or discrimination based on race, sex, national origin, religion,
disability, wrongful termination of employment, or any claim growing out of
or based on other statutes or legal restrictions on the Company's rights to
terminate its employees.  The consideration set forth in this Agreement is
accepted by Bodnar in full compromise, settlement and satisfaction of all
claims, damages, rights and causes of action that Bodnar allegedly may have
based upon, arising out of, related to or in conjunction with his employment
with the Company or the termination of that employment.   This release,
however, is not intended to release any rights that Bodnar has or may have to
indemnification pursuant to law or pursuant to the Company's charter or by-
laws or any rights that he has or may have to make claims under the Company's
policy of directors' and officers' liability insurance.

     9. Certain Acknowledgements.  Bodnar agrees that the Company has not
breached any oral or written contract that may have existed between Bodnar
and the Company with respect to his employment or termination of employment
with the Company nor has the Company violated any law, statute, rule
regulation or ordinance of any governmental authority relating to employment.
Bodnar acknowledges that the severance payments and other consideration paid
hereunder can not and shall not be construed as any admission of liability or
wrongdoing on the part of the Company.

                                    3

     10. Covenant Not to Sue. In consideration of the covenants and
agreements contained herein, the Company, on its behalf and on behalf of each
of its subsidiary corporations, subject to the second sentence of this
Section 10, hereby covenants not to sue or to assert any claim against Bodnar
for, relating to or arising out of any claim, action, controversy, damage,
cause of action, liability, obligation, cost, loss or demand of any nature
whatsoever, whether known, unknown, suspected or unsuspected, contingent or
certain, on account of or in any way arising out of any events or any
activities occurring before the date of this agreement.  This covenant is
intended to be given the broadest construction allowed by law; provided,
however, that it shall not apply to: (1) any derivative action in which a
court ultimately adjudges Bodnar liable to the corporation;  (2) any action
for indemnification or contribution brought by the Company against Bodnar
based upon a claim against the Company by a third party for Bodnar's personal
actions where Bodnar has been adjudged individually liable for those actions;
and (3) any fraud on the part of Bodnar.

     11. Nonassignability.  The rights of Bodnar under this Agreement are not
transferable otherwise than by will or the laws of descent and distribution.
No assignment, pledge, anticipation or attachment of any of the benefits
under this Agreement shall be valid or recognized by the Company.

     12. Company Property/Correspondence.  Bodnar shall immediately return
the following to the Company:

        (a) Any company credit card in his possession;
        (b) Any coupons or discount cards for use at any of the
            Company's facilities that are in his possession; and
        (c) Any other company property in his possession.

     13. Withholding.  All cash payments and issuance of stock to Bodnar
shall be subject to any applicable federal, state or local withholding tax or
information reporting requirements.  Any such withholding shall be at the
minimum rate required.  In the event that Bodnar and the Company do not agree
on the amount or method of any required withholding, such matter shall be
referred to the Company's independent public accountants for resolution.  The
decision of such independent public accountants shall be binding on all
parties unless Bodnar, at his sole expense, shall obtain an appropriate
ruling from the Internal Revenue Service.

     14. Validity of Provisions. Whenever possible, each provision and term
of this Agreement shall be interpreted in such manner as to be valid and
enforceable, provided, however, that in the event any provision or term of
this Agreement should be determined to be invalid or unenforceable, all other
provisions and terms of this Agreement and the application thereof to all
persons and circumstances subject thereto shall remain unaffected to the
extent permitted by law.  If any application of any provision or term of this
Agreement to any person or circumstances should be determined to be invalid
or unenforceable, the application of such provision or term to other persons
and circumstances shall remain unaffected to the extent permitted by law.

                                    4

     15. Construction.  This Agreement shall be governed by the laws of the
State of Tennessee.  As herein used, the singular number shall include the
plural, and the plural the singular, unless the context would fairly not
admit of such construction.  Section or paragraph headings are employed
herein solely for convenience of reference, and such headings shall not be
used in construing any term or provisions of this instrument.  References
herein to a "section" shall refer to the appropriately numbered section of
this Agreement unless specific reference is made to another instrument or
document.

     16. Entire Agreement/Binding Effect.  This Agreement contains the entire
agreement between the parties hereto and there are no representations,
inducements, promises, agreements, arrangements or undertakings, oral or
written, between the parties other than those set forth herein.  No agreement
of any kind relating to the matters covered by this Agreement shall be
binding upon either party unless and until the same is made in writing and
executed by both parties.  This Agreement shall be binding upon the Company,
its successors and assigns, and upon Bodnar, his heirs, representatives,
successors and assigns.

     17. Counterparts.  This Agreement may be executed in any number of
counterparts, each of which when executed and delivered shall be an original,
but all such counterparts shall constitute one and the same instrument.

     18. Captain D's Guaranty. Captain D's, Inc., a wholly-owned subsidiary
of the Company, has joined this Agreement for the purpose of guaranteeing
those obligations of the Company to Bodnar under Section 2 of this Agreement
and does hereby guarantee those obligations of the Company under Section 2 of
this Agreement.

     19. Acknowledgement of  Opportunity to Consider and Review Agreement.
The Company acknowledges that Bodnar is entitled and has been given the
opportunity to take twenty-one (21) calendar days from June 19, 2001, to
consider this Agreement and may use as much of the twenty-one (21) day period
as Bodnar wishes prior to signing.  Bodnar is strongly encouraged by the
Company to consult, and Bodnar acknowledges that, prior to entering into this
Agreement, he has consulted with legal counsel with respect to this
Agreement.  Bodnar further acknowledges that Bodnar has entered into this
Agreement voluntarily and of his own free will.

     20. Revocation of Agreement.  Bodnar may, within seven (7) calendar days
following the execution of this Agreement, revoke it.  To revoke this
Agreement, a written notice of revocation must be delivered to Chairman, 1727
Elm Hill Pike, Nashville, Tennessee 37210 before the close of business on the
seventh calendar day after signing of this Agreement.

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                     SIGNATURES APPEAR ON FOLLOWING PAGE

                                      5

     IN WITNESS WHEREOF, the parties have executed this Agreement, the
corporate party by its duly authorized officer, as of the day and year first
above written.

     BODNAR ACKNOWLEDGES THAT  HE HAS READ THIS AGREEMENT, UNDERSTANDS IT,
AND IS VOLUNTARILY ENTERING INTO IT.

     PLEASE READ THIS AGREEMENT CAREFULLY.  IT CONTAINS A RELEASE OF ANY AND
ALL KNOWN AND UNKNOWN CLAIMS.

                                      SHONEY'S, INC.

                                      By: /s/ William M. Wilson
                                         -----------------------------------

                                      Title: Chairman of the Board
                                            --------------------------------

                                      For the limited purpose
                                            set forth in Section 18
                                      CAPTAIN D'S, INC.

                                      By: /s/ V. Michael Payne
                                         -----------------------------------

                                      Title: Vice President
                                            --------------------------------

                                      /s/ J. Michael Bodnar
                                      --------------------------------------
                                      J. MICHAEL BODNAR
                                      Date signed: 6/28/01
                                                   -------------------------

                                     6Exhibit 10.7

                               AGREEMENT
                               ---------

     This Agreement is entered into as of the 22 day of June, 2001, by and
between Shoney's, Inc. ("Employer"), a Tennessee corporation with its
principal place of business at 1727 Elm Hill Pike, Nashville, Tennessee 37210
and V. Michael Payne ("Executive").

                          W I T N E S S E T H:
                          --------------------

     WHEREAS, the Executive is currently employed by Employer as the Chief
Financial Officer of Employer, and Employer and Executive desire to set forth
certain rights and obligations of Employer and Executive in the event of a
change in control of Employer.

     NOW, THEREFORE, in consideration of the premises hereof and of the
mutual promises and agreements contained herein, the parties hereto,
intending to be legally bound, hereby agree as follows:

     1. BENEFITS UPON TERMINATION OF EMPLOYMENT FOLLOWING A CHANGE IN
CONTROL.  If at any time within one year following the occurrence of a Change
in Control (as defined in Section 14 below) (i) the employment of Executive
with Employer is terminated by Employer for any reason other than Good Cause
(as defined in Section 14 below), or (ii) Executive terminates his or her
employment with Employer for Good Reason (as defined in Section 14 below),
the following provisions will apply:

        (a)     Employer shall pay Executive an amount equal to 200% of
                Executive's Base Salary (as defined in Section 14 below).
                Such amount will be paid to Executive in equal weekly
                payments using Employer's regular payroll periods.

        (b)     For purposes of any Incentive Plans, Executive shall be
                given service credit for all purposes for, and shall be
                deemed to be an employee of Employer during the Coverage
                Period (as defined in Section 14 below), notwithstanding the
                fact that Executive is not an employee of Employer or any
                Affiliate (as defined in Section 14 below) thereof during
                the Coverage Period; provided that, if the terms of any of
                such Incentive Plans do not permit such credit or deemed
                employee treatment, Employer will make payments and
                distributions to Executive outside of the Incentive Plans in
                amounts substantially equivalent to the payments and
                distributions Executive would have received pursuant to the
                terms of the Incentive Plans and attributable to such credit
                or deemed employee treatment, had such credit or deemed
                employee treatment been permitted pursuant to the terms of
                the Incentive Plans.

        (c)     During the Coverage Period, Executive and his or her spouse
                and family will continue to be covered by all Welfare Plans
                (as defined in Section 14 below), maintained by Employer in
                which Executive or his or her spouse or family were
                participating immediately prior to the date of Executive's

                termination as if Executive continued to be an employee of
                Employer; provided that, if participation in any one or more
                of such Welfare Plans is not possible under the terms
                thereof, Employer will provide substantially identical
                benefits.  If, however, Executive obtains employment with
                another employer during the Coverage Period, such coverage
                shall be provided until the earlier of: (i) the end of the
                Coverage Period or (ii) the date on which the Executive and
                his or her spouse and family can be covered under the plans
                of a new employer without being excluded from full coverage
                because of any actual pre-existing condition.  Nothing
                contained herein is intended to in any way limit Employee's
                rights under COBRA.

     Compensation under Section 1(a), (b) and (c) hereof is contingent upon
Executive's compliance with Section 4 hereof.

     2. SETOFF.  With respect to Section 1, no payments or benefits payable
to or with respect to Executive pursuant to this Agreement shall be reduced
by any amount Executive or his or her spouse may earn or receive from
employment with another employer or from any other source, except as
expressly provided in Section 1(c).

     3. DEATH.  If Executive dies during the Coverage Period:

        (a)   All amounts not theretofore paid described in Section 1(a)
shall be paid to his or her estate.

        (b)   The spouse and family of Executive shall, during the remainder
of the Coverage Period, be covered under all Welfare Plans made available by
Employer to Executive or his or her spouse immediately prior to the date of
Executive's death; provided that, if participation in any one or more of such
plans and arrangements is not possible under the terms thereof, Employer will
provide substantially identical benefits.

     Any benefits payable under this Section 3 are in addition to any other
benefit due to Executive or his or her spouse or beneficiaries from Employer,
including, but not limited to, payments under any Incentive Plans.

     4. RESTRICTIVE COVENANTS.

        (a) Confidential Information.  Executive agrees not to disclose,
following termination of his or her employment hereunder under the
circumstances described in Section 1 hereof, to any person (other than to any
person specifically authorized by the Board of Directors of Employer) any
material confidential information concerning the Employer or any of its
Affiliates, including, but not limited to, strategic plans, contract terms,
financial costs, pricing terms, sales data or business opportunities whether
for existing, new or developing businesses.

        (b) Non-Competition.  In the event of any termination of Executive's
employment pursuant to Section 1 hereby, Executive covenants and agrees that,
for a period of one

                                     2

year from the effective date of his or her termination from active employment
with the Employer, Executive will not engage in, own, manage, operate,
control, or participate in any food service business that conducts or
franchises activities which are the same as or similar to the restaurant
concepts and operations of Employer as an employer, employee, principal,
partner, director, agent, or otherwise, directly or indirectly, anywhere in
the United States of America.
        (c) Enforcement.  Executive and the Employer acknowledge and agree
that any of the covenants contained in this Section 4 may be specifically
enforced through injunctive relief but such right to injunctive relief shall
not preclude the Employer from other remedies which may be available to it.

     5. EXECUTIVE ASSIGNMENT.  No interest of Executive or his or her  spouse
or any other beneficiary under this Agreement, or any right to receive any
payment or distribution hereunder, shall be subject in any manner to sale,
transfer, assignment, pledge, attachment, garnishment, or other alienation or
encumbrance of any kind, nor may such interest or right to receive a payment
or distribution be taken, voluntarily or involuntarily, for the satisfaction
of the obligations or debts of, or other claims against, Executive or his or
her spouse or other beneficiary, including claims for alimony, support,
separate maintenance, and claims in bankruptcy proceedings.

     6. BENEFITS UNFUNDED.  All rights of Executive and his or her spouse or
other beneficiary under this Agreement shall at all times be entirely
unfunded and no provision shall at any time be made with respect to
segregating any assets of Employer for payment of any amounts due hereunder.
Neither Executive nor his or her spouse or other beneficiary shall have any
interest in or rights against any specific assets of Employer, and Executive
and his or her spouse or other beneficiary shall have only the rights of a
general unsecured creditor of Employer.

     7. COST OF ENFORCEMENT; INTEREST.  In the event that Executive collects
any part or all of the payments or benefits due hereunder or otherwise
enforces the terms of this Agreement following a dispute with Employer
regarding the terms of this Agreement by or through a lawyer or lawyers,
Employer will pay all costs of such collection or enforcement, including
reasonable attorneys' and accountants' fees and other out-of-pocket expenses
incurred by the Executive, up to that point when Employer offers to settle
the dispute for an amount equal to the amount which the Executive actually
recovers; provided, however, that if the Executive violates any provision of
Section 4, this Section 7 shall be void and of no further force and effect.

     8. NOTICES.  Any notice required or permitted to be given under this
Agreement shall be sufficient if in writing and sent by registered or
certified mail to Executive's residence in the case of Executive, or to its
principal office in the case of the Employer and the date of mailing shall be
deemed the date which such notice has been provided.

     9. WAIVER OF BREACH.  The waiver by either party of any provision of
this Agreement shall not operate or be construed as a waiver of any
subsequent breach by the other party.

     10. ASSIGNMENT; SUCCESSORS.  The rights and obligations of the Employer
under this Agreement shall inure to the benefit of and shall be binding upon
the successors and assigns of the Employer, including the surviving entity in
any merger, consolidation, share exchange or other

                                    3

transaction described in Section 14(c)(ii) hereof or any person, entity or
group that has acquired a majority of the outstanding shares of Common Stock
(or securities convertible into Common Stock) of Employer or all, or
substantially all, of the assets of Employer.  The Executive acknowledges
that the services to be rendered by him or her are unique and personal, and
Executive may not assign any of his or her rights or delegate any of his or
her duties or obligations under this Agreement.

     11. ENTIRE AGREEMENT.  This instrument contains the entire agreement of
the parties and supersedes all other prior agreements, employment contracts
and understandings, both written and oral, express or implied with respect to
the subject matter of this Agreement and may not be changed orally but only
by an agreement in writing signed by the party against whom enforcement of
any waiver, change, modification, extension or discharge is sought.

     12. APPLICABLE LAW.  This Agreement shall be governed by the laws of the
State of Tennessee, without giving effect to the principles of conflicts of
law thereof.

     13. HEADINGS.  The sections, subjects and headings of this Agreement are
inserted for convenience only and shall not affect in any way the meaning or
interpretation of this Agreement.

     14. DEFINITIONS.  For purposes of this Agreement:

        (a) "Affiliate" shall have the meaning set forth in the Securities
Exchange Act of 1934, as amended (the "Exchange Act").

        (b) "Base Salary" means the higher of (i) Executive's annual base
salary in effect immediately prior to the occurrence of the Change in Control
giving rise of an obligation on the part of Employer to make any payments
under this Agreement or (ii) Executive's annual base salary in effect
immediately prior to the termination of Executive's employment under the
circumstances described in Section 1 above.

        (c) "Change in Control" shall mean the occurrence of any of the
following:

          (i)   if any person or entity, including a "group" as defined in
                Section 13(d)(3) of the Exchange Act, other than Employer or
                a wholly-owned subsidiary thereof or any employee benefit
                plan of Employer or any of its subsidiaries, becomes the
                beneficial owner of Employer securities having 50% or more
                of the combined voting power of the then outstanding
                securities of Employer that may be cast for the election of
                directors of Employer; or

          (ii)  as the result of, or in connection with, any cash tender or
                exchange offer, merger or other business combination, sale
                of substantially all of the assets or contested election, or
                any combination of the foregoing transactions less than a
                majority of the combined voting power of the then-
                outstanding securities of Employer or any

                                     4

                successor corporation or entity entitled to vote generally
                in the election of the directors of the Employer or such
                other corporation or entity after such transaction is held
                in the aggregate by the holders of Employer securities
                entitled to vote generally in the election of directors of
                Employer immediately prior to such transaction; or

         (iii)  following the date of this Agreement, individuals who on
                such date constitute the Board of Directors of Employer
                cease for any reason to constitute at least a majority
                thereof, unless the election, or the nomination for election
                by Employer's shareholders, of each director of Employer
                first elected following such date was approved by a vote of
                at least two-thirds of the directors of Employer then still
                in office who were directors on the date of this Agreement.

        (d) "Coverage Period" shall mean the period beginning on the date the
Executive's employment with Employer terminates under circumstances described
in Section 1 and ending on the date that is twelve (12) months thereafter.

        (e) "Good Cause" shall mean the occurrence of any one of the
following after a Change in Control:

         (i)    Executive's personal dishonesty;

         (ii)   Executive's willful misconduct;

         (iii)  breach of fiduciary duty involving personal profit by
                Executive;

         (iv)   conviction of Executive for any felony or crime involving
                moral turpitude;

         (v)    material intentional breach by Executive of any provision of
                this Agreement; or

         (vi)   unsatisfactory performance by Executive of the duties
                designated for Executive as a result of alcohol or drug use
                by Executive.

     Without limiting the generality of the foregoing, if Executive acted in
good faith and in a manner he or she reasonably believed to be in, and not
opposed to, the best interest of Employer and had no reasonable cause to
believe his or her conduct was unlawful in connection with any action taken
by Executive in connection with his or her duties, it shall not constitute
Good Cause.

     Notwithstanding anything herein to the contrary, in the event Employer
shall terminate the employment of Executive for Good Cause hereunder,
Employer shall give at least 30 days prior written notice to Executive
specifying in detail the reason or reasons for Executive's termination.

                                    5

        (f) "Good Reason" shall exist if after the occurrence of a Change of
Control:

         (i)    there is a significant change in the nature or the scope of
                Executive's authority;

         (ii)   there is a reduction in Executive's rate of base salary;

         (iii)  Employer changes the principal location in which Executive
                is required to perform services outside a thirty-five mile
                radius of such location without Executive's consent;

         (iv)   there is a reasonable determination by Executive that, as a
                result of a change in circumstances significantly affecting
                his or her position, Executive is unable to exercise the
                authority, powers, function or duties attached to his or her
                position; or

         (v)    Employer terminates or amends any Incentive Plan so that,
                when considered in the aggregate with any substitute plan or
                other substitute compensation, the Incentive Plan in which
                Executive is participating fails to provide Executive with
                a level of benefits equivalent to at least 75% of the value
                of the level of benefits provided in the aggregate by the
                terminated or amended Incentive Plan at the date of such
                termination or amendment; provided, however, that Good
                Reason shall not be deemed to exist under this clause (v) if
                the decline in Incentive Plan compensation is related to a
                decline in performance.

        (g) "Incentive Plans" shall mean any incentive, bonus, deferred
compensation or similar plan or arrangement currently or hereafter made
available by Employer in which Executive is eligible to participate.

        (h) "Welfare Plans" shall mean any health and dental plan, disability
plan, survivor income plan and life insurance plan or arrangement currently
or hereafter made available by Employer in which Executive is eligible to
participate.

     15. COUNTERPARTS.  This Agreement may be executed in counterparts, each
of which shall be deemed an original.

     16. SEVERABILITY; CONSTRUCTION.  In the event any provision of this
Agreement is held illegal or invalid, the remaining provisions of this
Agreement shall not be affected thereby.  In the event that Section 4(b) is
deemed by any court of competent jurisdiction to be invalid due to
overbreadth, such Section 4(b) shall be construed as narrowly as necessary to
be enforceable.

                                     6

     17. EXCLUSIVITY.  The benefits provided Executive pursuant to this
Agreement shall be the exclusive benefits to which Executive is entitled upon
termination of employment following a Change in Control notwithstanding any
other plan or agreement in effect, whether written or oral, between Executive
and Employer providing for the payment of benefits following a termination of
employment.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first written above.

                                         /s/ V. Michael Payne
                                         ------------------------------------
                                         [Executive]
                                         V. Michael Payne

                                         SHONEY'S, INC.

                                         By: /s/ William M. Wilson
                                            ---------------------------------
                                         Title: Chairman of the Board

                                    7

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