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                                                                   EXHIBIT 10.1

           AMENDED AND RESTATED EMPLOYMENT AND NON-COMPETE AGREEMENT

         THIS AGREEMENT is between AutoZone, Inc., a Nevada corporation and its
various subsidiaries (collectively "AutoZone"), and Steve Odland, an individual
("Employee"), dated as of October 23, 2003 (the "Effective Date") and is an
amendment and restatement of the Employment and Non-Compete Agreement between
Employee and AutoZone dated January 29, 2001 (as amended and restated the
"Agreement"). For good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

1.       Employment. AutoZone agrees to employ Employee and Employee agrees to
         remain in the employment of AutoZone, or a subsidiary or affiliate,
         until the expiration of the Term or until earlier termination as
         provided under this Agreement. If Employee's employment shall continue
         after December 31, 2007, Employee's employment shall be at will and,
         subject to the obligations of AutoZone, Inc. under Paragraph 9(b) or
         11(b) (as the case may be), may be terminated by AutoZone with or
         without Cause or by Employee with or without Good Reason at any time
         thereafter.

2.       Term. This Agreement shall be effective as of the Effective Date and
         shall continue until December 31, 2007 unless sooner terminated
         pursuant to Paragraph 9, 10 or 11. The period of employment under this
         Paragraph 2 is referred to as the "Term."

3.       Salary. Employee shall receive a salary from AutoZone as follows:
         During the Term, Employee shall receive minimum annual compensation of
         $1,000,000, subject to increases as determined by the Compensation
         Committee of the Board of Directors ("Base Salary"). The Base Salary
         amount shall be paid on a pro-rated basis for all partial years based
         on a 364-day year. AutoZone reserves the right to increase the Base
         Salary above the amounts stated above in its sole discretion. All
         salary shall be paid at the same time and in the same manner that
         AutoZone's other senior executives are paid.

4.       Annual Bonuses. During the Term, Employee shall be entitled to receive
         an annual bonus (the "Annual Bonus") in an amount equal to 100% of his
         Base Salary if the Target is met, subject to and determined in
         accordance with AutoZone's Executive Incentive Compensation Plan (the
         "Bonus Plan") and the policies and procedures established by
         AutoZone's Compensation Committee of the Board of Directors which
         shall be based upon the financial and operational goals and objectives
         for the Employee and AutoZone established by the Compensation
         Committee for each of AutoZone's fiscal years ("Target") in accordance
         with the Bonus Plan. The Target is established at the sole discretion
         of the Compensation Committee and Board of Directors and is subject to
         review and revision at any time upon notification to the Employee. All
         bonuses shall be paid at the same time and in the same manner that
         AutoZone's other senior executives are paid.

5.       Duties. Employee shall serve as Chairman of AutoZone's Board of
         Directors and Chief Executive Officer of AutoZone, Inc., performing
         such duties as AutoZone, Inc.'s Board of Directors may direct from
         time to time and as are normally associated with such a position.
         AutoZone may, in its sole discretion, alter, expand or curtail the
         services to be performed by Employee or position held by Employee from
         time to time, without adjustment in compensation. Employee shall
         devote his full time and attention to AutoZone's business. During the
         term of this Agreement, Employee shall not engage in any other
         business activity that conflicts with his duties with AutoZone,
         regardless of whether it is pursued for gain or profit. Employee may,
         however, invest his assets in or serve on the Board of Directors of
         other companies so long as they do not require Employee's services in
         the day to day operation of their affairs and do not violate
         AutoZone's conflict of interest policy.

6.       Other Compensation and Benefits. Other compensation and benefits to be
         received by Employee from AutoZone shall at least be the ordinary
         benefits received by AutoZone's other executive officers, which may be
         changed by AutoZone in its sole discretion from time to time. Employee
         shall be considered for possible annual or other grants of stock
         options and other equity compensation as determined by the
         Compensation Committee of the Board of Directors in its discretion
         based on Employee's performance, consistent with the treatment of
         other senior executives of AutoZone. Any grants of stock options or
         other equity compensation

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         made to Employee after the Effective Date shall provide by their terms
         that they (i) shall vest in full and become immediately exercisable
         upon the termination of Employee's employment with AutoZone pursuant
         to Paragraphs 9(a), 9(b) or 11, as the case may be, and (ii) shall
         expire at the earlier of their full normal term or the following dates
         after the date of Employee's termination of employment with AutoZone
         for the following reasons: (x) immediately upon termination if by
         AutoZone for Cause, (y) one year after termination if by reason of
         Employee's death, (z) 90 days after termination if by AutoZone without
         Cause or by Employee for any reason or no reason, including a
         termination of employment by reason of Employee's disability, and that
         if Employee's employment terminates on or after Employee's normal
         retirement date under AutoZone's Pension Plan, such options shall
         expire at the end of their full normal term.

7.       Supplemental Pension Plan Service Credit. For all purposes under
         AutoZone's Executive Deferred Compensation Plan (a copy of which is on
         file with the Securities and Exchange Commission, the "supplemental
         pension"), Employee shall continue to be eligible for participation
         therein and, in addition to his years of service with AutoZone prior
         to the freeze of the plan, has been credited with four years of
         defined benefit pension accruals and vesting service for Employee's
         time in service with Employee's former employer, including, without
         limitation, a benefit accrual equal to such amounts as Employee would
         have accrued under the AutoZone tax-qualified pension plan if such
         plan does not credit Employee with such prior employer service
         thereunder.

8.       Taxes. Employee understands that all salary, bonuses and other
         benefits will be subject to reduction for amounts required to be
         withheld by law as taxes and otherwise.

9.       Termination by AutoZone or by Employee for Good Reason

         (a)      Without Cause or for Good Reason before January 1, 2008. At
                  any time before January 1, 2008, AutoZone may terminate this
                  Agreement without Cause, and Employee may terminate this
                  Agreement for Good Reason, upon notice by the terminating
                  party to the other party. In such event, Employee shall
                  thereupon resign from AutoZone's Board of Directors and shall
                  cease to be Chief Executive Officer of AutoZone, Inc. In such
                  event, Employee shall continue to be paid his then current
                  Base Salary until December 31, 2007 but for a period of not
                  more than three (3) years (the "Continuation Period"). During
                  the Continuation Period, Employee shall not receive any bonus
                  payments, except as expressly provided herein. During the
                  Continuation Period, Employee shall continue to be an
                  employee of AutoZone or a subsidiary of AutoZone available to
                  perform such services as may be requested by the Chief
                  Executive Officer of AutoZone, pursuant to a mutually
                  satisfactory agreement to be entered into by AutoZone and
                  Employee at that time which shall specify Employee's duties
                  as a common law employee of AutoZone.

         (i)      During the Continuation Period, Employee's stock options
                  shall continue to vest and may be exercised in the manner set
                  forth in the respective stock option agreements until the end
                  of the Continuation Period, at which time Employee's
                  employment with AutoZone shall be terminated and further
                  stock option exercise and vesting shall be governed by the
                  terms of the respective stock option agreements. During the
                  Continuation Period, Employee shall receive such other
                  benefits as other executives of AutoZone, including, but not
                  limited to, health and life insurance, on the same terms and
                  conditions. AutoZone shall pay Employee any earned and unpaid
                  bonus from any prior year and a full bonus for the fiscal
                  year in which this Agreement is terminated pursuant to this
                  Paragraph 9(a) calculated based on the period of time elapsed
                  during such fiscal year until this Agreement is terminated
                  and the formula established by the Compensation Committee for
                  officers for that fiscal year. Said bonus shall be paid when
                  other officer bonuses are paid for that fiscal year.

         (ii)     At the end of the Continuation Period, Employee's employment
                  with AutoZone shall terminate and Employee shall receive as
                  soon as practicable after such termination a lump-sum cash
                  payment in immediately available funds in an amount equal to
                  (a) 2.99 times his then current annual Base Salary minus (b)
                  the total amount of the Base Salary

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                  paid to Employee during the Continuation Period. In addition,
                  during the period beginning on the date of termination of
                  Employee's employment and ending on the earlier of (A) the
                  third anniversary of the date on which the Continuation
                  Period begins or (B) the first day on which Employee becomes
                  eligible to participate in a group health plan of a
                  subsequent employer which provides benefits comparable to
                  AutoZone's health plan, Employee shall receive health
                  insurance coverage under AutoZone's health insurance plan on
                  the same terms and conditions as other senior executive
                  employees of AutoZone; provided, however, that if Employee is
                  ineligible under the terms of AutoZone's health plan to
                  continue to be so covered, AutoZone shall provide Employee
                  with substantially equivalent coverage through other sources
                  or will provide Employee with a lump-sum payment in such
                  amount that, after all taxes on that amount, shall be equal
                  to the cost to Employee of providing himself such coverage.

         (iii)    AutoZone shall have no other obligations other than those
                  stated herein upon the termination of this Agreement and
                  Employee hereby releases AutoZone from any and all
                  obligations and claims except those as are specifically set
                  forth herein.

         (iv)     Any provision of this Agreement to the contrary
                  notwithstanding, "Good Reason" shall mean any one of the
                  following events, unless Employee consents in writing:

                  (1)      (I) the material failure of AutoZone to comply with
                           the provisions of Paragraphs 3 through 7 of this
                           Agreement, (II) any material adverse change in the
                           status, responsibilities, perquisites of Employee
                           (except, in the case of perquisites, for
                           across-the-board changes applicable to all other
                           senior executives), including any actual material
                           adverse change in status which results from an
                           assignment of this Agreement by AutoZone pursuant to
                           Paragraph 18 below, (III) approval by AutoZone's
                           Board of Directors of a transaction (other than a
                           Change of Control) pursuant to which Employee would
                           cease to be the Chief Executive Officer of AutoZone,
                           Inc. or the publicly-held successor to AutoZone,
                           Inc., provided that Employee has provided written
                           notice of termination to the Board of Directors
                           within 60 days following such approval and provided
                           that such termination shall not be effective until
                           the consummation of such approved transaction, (IV)
                           any failure to nominate or elect Employee as
                           Chairman of the Board of Directors of AutoZone,
                           Inc.(or the publicly-held successor to AutoZone,
                           Inc.), (V) causing or requiring Employee to report
                           to anyone other than the Board of Directors, (VI)
                           assignment of duties which are materially and
                           adversely inconsistent with his positions and duties
                           described in this Agreement or (VII) any other
                           material breach of the Agreement by AutoZone;

                      provided, that no such act or omission shall constitute
                      Good Reason unless Employee gives AutoZone 30 days prior
                      written notice (except as provided in clause (III) of
                      this subparagraph (1)) of such act or omission and
                      AutoZone fails to cure such act or omission within the
                      30-day period;

                  (2)      The failure of AutoZone to assign this Agreement to
                           a successor to AutoZone or failure of a successor to
                           AutoZone to explicitly assume and agree to be bound
                           by the Agreement; or

                  (3)      The requiring of Employee to be principally based at
                           any office or location more than 60 miles from the
                           current corporate offices of AutoZone in Memphis,
                           Tennessee.

         (b)      Without Cause or For Good Reason after December 31, 2007. At
                  any time after December 31, 2007, AutoZone may terminate
                  Employee's employment without Cause, and Employee may
                  terminate Employee's employment for Good Reason (and, for
                  purposes of this Paragraph 9(b), in any determination of
                  "Good Reason" the provisions of Paragraphs 3 through 7 and
                  Paragraph 18 of this Agreement shall be deemed to survive any
                  expiration of this Agreement under Paragraph 2), upon notice
                  by the terminating party to the other party. In such event,

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                  Employee shall thereupon resign from AutoZone's Board of
                  Directors and shall cease to be Chief Executive Officer of
                  AutoZone, Inc. In the event of a termination pursuant to this
                  Paragraph 9(b),

                  i.       Employee shall receive as soon as practicable after
                           the date of the termination of employment (the
                           "Termination Date") a lump-sum cash amount in
                           immediately available funds equal to 2.99 times his
                           then current annual Base Salary. In addition,
                           AutoZone shall pay Employee his full Annual Bonus
                           for the fiscal year which includes the Termination
                           Date pursuant to this Paragraph 9(b), based on the
                           Targets attained by AutoZone and Employee for such
                           fiscal year. Said bonus shall be paid when other
                           officer bonuses are paid for that fiscal year or
                           cycle. Except as set forth in the preceding
                           sentence, Employee shall not be entitled to receive
                           any bonus payments after the termination of his
                           employment hereunder;

                  ii.      During the period from the Termination Date and
                           ending on the earlier of (A) the third anniversary
                           of the Termination Date or (B) the first day on
                           which Employee becomes eligible to participate in a
                           group health plan of a subsequent employer which
                           provides benefits comparable to AutoZone's health
                           plan, Employee shall receive health insurance
                           coverage under AutoZone's health insurance plan on
                           the same terms and conditions as other senior
                           executive employees of AutoZone; provided, however,
                           that if Employee is ineligible under the terms of
                           AutoZone's health plan to continue to be so covered,
                           AutoZone shall provide Employee with substantially
                           equivalent coverage through other sources or will
                           provide Employee with a lump-sum payment in such
                           amount that, after all taxes on that amount, shall
                           be equal to the cost to Employee of providing
                           himself such coverage;

                  iii.     Any grants of stock options or other equity
                           compensation made to Employee after the Effective
                           Date shall vest in full and become immediately
                           exercisable as of the Termination Date and shall
                           expire at the earlier of the last day of each such
                           grant's full normal term or 90 days after the
                           Termination Date.

                  iv.      AutoZone shall have no other obligations other than
                           those stated herein after the Termination Date and
                           Employee hereby releases AutoZone from any and all
                           obligations and claims except those as are
                           specifically set forth herein.

         (c)      With Cause. AutoZone shall have the right to terminate this
                  Agreement and Employee's employment with AutoZone for Cause
                  at any time by a determination of a majority of the members
                  of the Board of Directors in good faith. Upon such
                  termination for Cause, Employee shall have no right to
                  receive any compensation, salary, or bonus and shall
                  immediately cease to receive any benefits (other than those
                  as may be required pursuant to the AutoZone Pension Plan or
                  by law) and any stock options shall be governed by the
                  respective stock option agreements in effect between the
                  Employee and AutoZone at that time. "Cause" shall mean (i)
                  the willful engagement by the Employee in conduct which is
                  demonstrably and materially injurious to AutoZone, monetarily
                  or otherwise, and (ii) if reasonably capable of being cured,
                  is not cured by the Employee within thirty (30) days after
                  the Board of Directors provides him with a detailed notice of
                  the conduct that is considered to be grounds for a
                  determination of Cause. For this purpose, no act or failure
                  to act by the Employee shall be considered "willful" unless
                  done, or omitted to be done, by the Employee not in good
                  faith and without reasonable belief that his action or
                  omission was in the best interest of AutoZone.

10.      Termination by Employee. Employee may terminate this Agreement and
         Employee's employment with AutoZone at anytime upon written notice to
         AutoZone. Upon such termination, other than for Good Reason,
         Employee's employment shall terminate and Employee shall cease to
         receive any further salary, benefits, or bonus, and all stock options
         granted shall be governed by the respective stock option agreement(s)
         between the Employee and AutoZone.

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11.      Termination by Employee upon a Change of Control. In the event of a
         Change of Control at any time during the Term or thereafter, Employee
         may terminate this Agreement and/or his employment with AutoZone upon
         a Change of Control of AutoZone after the occurrence of a Change of
         Control, as follows.

                  (a)      In the event of Change of Control before January 1,
                           2008, Employee may terminate this Agreement by
                           giving written notice to AutoZone within sixty (60)
                           days after the occurrence of a Change of Control and
                           the provisions of Paragraph 9(a) of this Agreement
                           shall then apply.

                  (b)      In the event of Change of Control after December 31,
                           2007 and while Employee is employed by AutoZone,
                           Employee may terminate this Agreement and his
                           employment with AutoZone by giving written notice to
                           AutoZone within sixty (60) days after the occurrence
                           of a Change of Control and the provisions of
                           Paragraph 9(b) of this Agreement shall then apply.

                  (c)      Any of the following events shall constitute a
                           "Change of Control": (a) the acquisition after the
                           date hereof, in one or more transactions, of
                           beneficial ownership (as defined in Rule 13d-3(a)(1)
                           under the Securities Exchange Act of 1934, as
                           amended ("Exchange Act")), by any person or entity
                           or any group of persons or entities who constitute a
                           group (as defined in Section 13(d)(3) under the
                           Exchange Act) of any securities such that as a
                           result of such acquisition such person, entity or
                           group beneficially owns AutoZone Inc.'s then
                           outstanding voting securities representing 51% or
                           more of the total combined voting power entitled to
                           vote on a regular basis for a majority of the Board
                           of Directors of AutoZone, Inc. or (b) the sale of
                           all or substantially all of the assets of AutoZone
                           (including, without limitation, by way of merger,
                           consolidation, lease or transfer) in a transaction
                           where AutoZone or the beneficial owners (as defined
                           in Rule 13d-3(a)(1) under the Exchange Act) of
                           capital stock of AutoZone do not receive (i) voting
                           securities representing a majority of the total
                           combined voting power entitled to vote on a regular
                           basis for the board of directors of the acquiring
                           entity or of an affiliate which controls the
                           acquiring entity or (ii) securities representing a
                           majority of the total combined equity interest in
                           the acquiring entity, if other than a corporation;
                           provided however, that the foregoing provisions of
                           this Paragraph 11 shall not apply to any
                           reorganization, recapitalization or similar
                           transaction in which all or substantially all of the
                           individuals and entities who were the beneficial
                           owners of the outstanding voting securities of
                           AutoZone immediately prior to such transaction
                           respectively continue to beneficially own, directly
                           or indirectly, the outstanding voting securities of
                           the surviving entity in such transaction in
                           substantially the same proportions as their
                           beneficial ownership immediately prior to such
                           transaction.

12.      Effect of Termination. Any termination of Employee's service as an
         officer of AutoZone shall be deemed a termination of Employee's
         service on all boards and as an officer of all subsidiaries of
         AutoZone.

13.      Non-Compete. Employee agrees that he will not, for the three (3) year
         period commencing on the first day of any Continuation Period, if
         there is one, or commencing on the date of Employee's termination of
         employment if there is no Continuation Period prior to such
         termination of Employment (the "Non-Competition Period"), be engaged
         in or concerned with, directly or indirectly, any business related to
         or involved in the retail sale of auto parts to "DIY" customers, or
         the wholesale or retail sale of auto parts to commercial installers in
         any state, province, territory or foreign country in which AutoZone
         operates now or shall operate during the term set forth in this
         Non-Compete section (herein called "Competitor"), as an employee,
         director, consultant, beneficial or record owner, partner, joint
         venturer, officer or agent of the Competitor, other than the
         acquisition of not more than a 1% equity interest in a publicly-traded
         Competitor; provided, solely for purposes of excluding any retail
         business with retail stores that sell automotive parts and automotive
         accessories as a minor portion of the retail business in each of its
         retail stores from the term "Competitor", any such retail business
         engaged in the same business or substantially the same business as
         that of AutoZone either directly or through an operating division or
         subsidiary of such retail business shall not be deemed to be a
         "Competitor" if both (a) the average sales per store per annum of the
         business or the average sales per store per annum of any
         organizational unit, part, subpart, subsidiary or affiliate of such
         business from the sale of automotive parts and automotive accessories
         (excluding sales at stores which do not sell automotive parts and
         automotive accessories ) shall be less than 10%

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         of the average sales per store per annum of AutoZone for the same year
         and (b) the total sales of automotive parts and accessories for any
         such retail business (including the sales of automotive parts and
         automotive accessories by any organizational unit, part, subpart,
         subsidiary or affiliate of such business) shall be, in the aggregate,
         less than 10% of such business' total gross sales.

         The parties acknowledge and agree that the time, scope, geographic
         area and other provisions of this Non-Compete section have been
         specifically negotiated by sophisticated commercial parties and
         specifically hereby agree that such time, scope, geographic area and
         other provisions are reasonable under the circumstances and are in
         exchange for the obligations undertaken by AutoZone pursuant to this
         Agreement.

         Further, Employee agrees not to hire, for himself or any other entity,
         encourage anyone or entity to hire, or entice away from AutoZone any
         employee of AutoZone during the term of this non-compete obligation.

         If at any time in a proceeding under or arising out of this Agreement
         (or a proceeding brought on behalf of or at the direction of Employee)
         a court of competent jurisdiction holds that any portion of this
         Non-Compete section is unenforceable for any reason, then Employee
         shall forfeit his right to any further salary, bonus, stock option
         exercises, or benefits from AutoZone during the Non-Competition
         Period.

14.      Confidentiality. Unless otherwise required by law, Employee shall hold
         in confidence any proprietary or confidential information obtained by
         him during his employment with AutoZone, which shall include, but not
         be limited to, information regarding AutoZone's present and future
         business plans, vendors, systems, operations and personnel.
         Confidential information shall not include information: (a) publicly
         disclosed by AutoZone, (b) rightfully received by Employee from a
         third party without restrictions on disclosure, (c) approved for
         release or disclosure by AutoZone, or (d) produced or disclosed
         pursuant to applicable laws, regulation or court order. Employee
         acknowledges that all such confidential or proprietary information is
         and shall remain the sole property of AutoZone and all embodiments of
         such information shall remain with AutoZone. Unless otherwise required
         by law, each of AutoZone and Employee shall hold in confidence all
         matters regarding the termination of employment of Employee and the
         conduct of Employee or the Board of Directors resulting in such
         termination.

15.      Breach by Employee. The parties further agree that if, at any time,
         despite the express agreement of the parties hereto, Employee violates
         the provisions of this Agreement by violating the Non-Compete or
         Confidentiality sections, or by failing to perform his obligations
         under this Agreement, Employee shall forfeit any unexercised stock
         options, vested or not vested, and AutoZone may cease paying any
         further salary or bonus. In the event of breach by Employee of any
         provision of this Agreement, Employee acknowledges that such breach
         will cause irreparable damage to AutoZone, the exact amount of which
         will be difficult or impossible to ascertain, and that remedies at law
         for any such breach will be inadequate. Accordingly, AutoZone shall be
         entitled, in addition to any other rights or remedies existing in its
         favor, to obtain, without the necessity for any bond or other
         security, specific, performance and/or injunctive relief in order to
         enforce, or prevent breach of any such provision.

16.      Death of Employee or Disability. If Employee should die or become
         disabled (such that he is no longer capable of performing his duties)
         during the term of this Agreement, then all salary and bonuses shall
         cease as of the date of his death or disability, all stock options
         shall be governed by the terms of the respective stock option
         agreements, and Employee shall receive disability or death benefits as
         may be provided under AutoZone's then existing policies and procedures
         related to disability or death of AutoZone senior executives. If
         Employee should die or become disabled (such that he is no longer
         capable of performing his duties) during the Continuation Period, then
         Employee, or his estate in the event of Employee's death, shall
         continue to be paid his then current Base Salary until the expiration
         of the Continuation Period and shall be paid any severance benefit
         payable to Employee pursuant to Paragraphs 9(a),9(b) or 11, all stock
         options shall be governed by the terms of the respective stock option
         agreements, and Employee shall receive disability or death benefits as
         may be provided under AutoZone's then existing policies and procedures
         related to disability or death of AutoZone senior executives.

17.      Waiver. Any waiver of any breach of this Agreement by AutoZone shall
         not operate or be construed as a waiver of any subsequent breach by
         Employee. No waiver shall be valid unless in writing and signed by an
         authorized officer of AutoZone.

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18.      Assignment. Employee acknowledges that his services are unique and
         personal. Accordingly, Employee shall not assign his rights or
         delegate his duties or obligations under this Agreement. Employee's
         rights and obligations under this Agreement shall inure to the benefit
         of and be binding upon AutoZone successors and assigns. AutoZone may
         assign this Agreement to any wholly-owned subsidiary operating for the
         use and benefit of AutoZone.

19.      Entire Agreement. This Agreement contains the entire understanding of
         the parties related to the matters discussed herein. It 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.

20.      Jurisdiction. This Agreement shall be governed and construed by the
         laws of the State of Tennessee, without regard to its choice of law
         rules. The parties agree that the only proper venue for any dispute
         under this Agreement shall be in the state or federal courts located
         in Shelby County, Tennessee.

21.      Survival. Paragraphs 9, 11, 13, 14, 15, 16, 20, 23 and 25 of this
         Agreement shall survive any termination of this Agreement or
         Employee's employment with AutoZone (including, without limitation
         termination pursuant to Paragraph 9, 10 or 11).

22.      Notices. All notices hereunder shall be in writing and delivered by
         hand, by nationally-recognized delivery service that guarantees
         overnight delivery, or by first-class, registered or certified mail,
         return receipt requested, postage prepaid, addressed as follows:

         If to AutoZone, to:   AutoZone, Inc.
                                    123 South Front Street
                                    Memphis, TN  38103
         Attention:                 General Counsel

         With copy to:              James D.C. Barrall, Esq.
                                    Gary Olson, Esq.
                                    Latham & Watkins
                                    633 West Fifth Street, Suite 4000
                                    Los Angeles, CA  90071

         If to Employee, to:   Steve Odland
                                    c/o AutoZone, Inc.
                                    123 South Front Street
                                    Memphis, TN  38103

         With copy to:              Vedder, Price, Kaufman & Kammholz
                                    222 North LaSalle Street, Suite 2600
                                    Chicago, IL  60601
         Attention:                 Robert J. Stucker

         Either party may from time to time designate a new address by notice
         given in accordance with this Paragraph. Notice shall be effective
         when actually received by the addressee.

23.      Tax Gross-Up Payment. If it shall be finally determined that any
         payment to Employee pursuant to this Agreement or any other payment or
         benefit from AutoZone, any affiliate, or any other person would be
         subject to the excise tax imposed by Section 4999 of the Internal
         Revenue Code of 1986, as amended (the "Code"), or any similar tax
         payable under any United States federal, state, local or other law,
         then Employee shall receive a Tax Gross-Up Payment with respect to all
         such excise taxes and similar taxes (collectively, the "Excise Tax").
         An initial determination as to whether a Tax Gross-Up Payment is
         required pursuant to this Agreement and the amount of such Tax
         Gross-Up Payment shall be made at AutoZone's expense by a nationally
         recognized accounting firm selected by AutoZone (the "Accounting
         Firm"). The determination by the Accounting Firm (the "Determination")
         shall be binding, final and conclusive upon AutoZone and the Employee
         for purposes of any dispute between the parties hereto. The parties
         hereto shall cooperate with each other in connection with

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         any proceeding or claim involving any taxing authority under this
         Paragraph 23 relating to the existence or amount of any liability for
         the Excise Tax; provided, however, that AutoZone shall control all
         proceedings taken in connection with such proceeding or claim and
         shall bear and pay directly all costs, expenses, and tax penalties and
         interest incurred in connection with such proceeding or claim. As a
         result of uncertainty in the application of Section 4999 of the Code
         at the time of the initial Determination by the Accounting Firm, it is
         possible that the Tax Gross-Up Payment made will have been an amount
         less than AutoZone should have paid pursuant to this Paragraph 23 (the
         "Underpayment") or an amount greater than AutoZone should have paid
         pursuant to this Paragraph 23 (the "Overpayment"). In the event that
         it is finally determined that an Underpayment exists and the Employee
         is required to make a payment of any Excise Tax, the Tax Gross-Up
         Payment shall be adjusted accordingly and the shortfall shall be
         promptly paid by AutoZone to the Employee or for his benefit. In the
         event that it is finally determined that an Overpayment exists and
         AutoZone paid a Tax Gross-Up Payment to the Employee in excess of the
         amount of the Tax Gross-Up Payment to which he is actually entitled
         hereunder, such excess shall be promptly reimbursed by the Employee to
         AutoZone.

24.      No Mitigation. The Employee shall not be required to mitigate the
         amount of any payment provided for in this Agreement by seeking other
         employment or otherwise and no such payment shall be offset or reduced
         by the amount of any compensation or benefits provided to the Employee
         in any subsequent employment.

25.      Indemnification. Employee shall be indemnified while serving as Chief
         Executive Officer or Chairman of the Board of Directors to the same
         extent and in the same manner as other members of the Board of
         Directors and senior executives of AutoZone.

26.      Counterparts. This Agreement may be executed in two or more
         counterparts, each of which shall be deemed an original, but all of
         which together shall constitute one and the same instrument.
         Counterpart signature pages may be delivered via facsimile.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

IN WITNESS WHEREOF, the respective parties execute this Agreement.


  AUTOZONE, INC.




By:  /s/ Edward S. Lampert                            /s/   Steve Odland
     ---------------------------------------          -------------------------
Title:  Chairman, Compensation Committee              Employee