Document:

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                                                                   EXHIBIT 10(P)

                                LETTER-AGREEMENT

November 19, 2001

Dr. Susan Bies
8379 Creek Bridge Cove
Germantown, TN 38138

This letter describes the components of the special separation package approved
by the Human Resources Committee (the "Committee").

I.       EMPLOYEE BENEFITS

         Pension Supplement

         The Company is providing you with a taxable lump-sum payment of $84,100
         which represents the present value of five additional years of service.

         Executive Survivor Life Insurance

         Your final base salary is $252,095. "Retired" employees at the Vice
         President level and above are provided survivor benefits in the amount
         of two times final base salary. This benefit, automatically provided to
         "retired" employees, may also be provided to anyone else terminating
         from the Company subject to the approval of the Committee. The
         Committee has approved that the Company make a single premium payment
         to pay up the policy and assign the policy and its benefits to you.

         Restricted Stock (TARSAP)

         There are 14, 462 shares of restricted stock in your account. Subject
         to remittance to the Company of all applicable withholding taxes, the
         Committee has approved that the Company release the restrictions on
         these shares that are currently not vested. These restrictions will be
         released on the date of your separation from the Company.
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         Management Incentive Plan (MIP)

         The Committee has approved the payment of a pro-rata share of the
         incentive that you would have earned through the date of your
         separation in 2001. This share is dependent on the percentage
         achievement of your personal performance plan and subject to the
         corporate grid. It has been determined that your Personal Plan
         achievement is 90% and the Corporate Grid is 100%.

         Directors and Executives Deferred Compensation Plan

         The Committee has approved that your account accrue interest at the
         Applicable Rate and that the balance of your account ($483,406) be paid
         to you in a lump sum at the time of your separation from the Company.

         The Committee has also approved a lump sum payment to you of $847,062
         which represents the Present Value of the future cash flows to which
         you would have been entitled under the plan if you had remained with
         the Company. A Discount Rate of 7.75% was used to determine the Present
         Value. This is the same Discount Rate used by the First Tennessee
         Pension Plan in the most recent year.

These benefits extensions are above the other benefits to which you would
otherwise be entitled upon your voluntary resignation.

II.      RELEASE AND WAIVER

         In consideration for the benefits described in paragraph I above, and
         other good and valuable consideration, the receipt of which you
         acknowledge by your signature in the space provided below, you do, for
         yourself, your heirs, personal representatives, agents and assigns,
         fully, absolutely, and unconditionally release, acquit and forever
         discharge the Company, and its parent, First Tennessee National
         Corporation, and any and all of their predecessors, successors,
         assigns, subsidiaries, parents, affiliates, and their respective
         directors, officers, employees and agents, attorneys and
         representatives, both past, present, or future, from any and all
         claims, losses, demands, liabilities, causes of action, fees (including
         attorney's fees), compensation, back pay and/or front pay, employment
         or re-employment and any other benefits, obligation or liability of any
         kind, known or unknown, whether heretofore asserted or unasserted,
         including but not limited to all causes of action arising out of or in
         any way related to your employment by the Bank, or your termination,
         whether arising out of or related to Title VII of the Civil Rights Act
         of 1964, as amended ("Title VII"); the amendments to Title VII of the
         Civil Rights Act of 1991; The Federal Americans with Disabilities Act
         of 1990; and the AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS
         AMENDED, (the "ADEA"), the Tennessee Human Rights Commission Act,
         Tennessee Code Annotated section 4-21-101 et seq., and Tennessee Code
         Annotated 8-50-103 (Employment of the Handicapped), or any other
         federal or state, local, city statute, code, ordinance, rule,
         regulation, or common law governing, controlling or otherwise dealing
         with employment, employment discrimination or equal employment
         opportunity, unemployment compensation,
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         employment termination, or otherwise all causes of action occurring
         from the beginning of time to the date of this Agreement.

III.     ACKNOWLEDGMENT OF COMPLIANCE

         Because this Agreement includes a release and waiver as to claims under
         the AGE DISCRIMINATION IN EMPLOYMENT ACT, your signature below
         acknowledges that it complies with the Older Workers Benefit Protection
         Act ("OWBPA") of 1990 and further acknowledges that you confirm,
         understand and agree to the terms and conditions of this Agreement;
         that these terms are written in lay persons terms, and that you have
         been fully advised of your right to seek the advice and assistance of
         consultants, including an attorney, as well as tax advisors to review
         this Agreement.

         Your signature below also acknowledges that you understand that you
         have twenty-one (21) full days to consider whether to sign this
         Agreement. By signing this Agreement on the date shown below, you
         voluntarily elect to forego waiting twenty-one (21) full days to sign
         this Agreement.

IV.      RIGHT OF REVOCATION

         Your signature also acknowledges that, in Compliance with the OWBPA
         mentioned above, you have been fully advised by the Company of your
         right to revoke and nullify this release and Agreement, which right
         must be exercised if at all, within seven (7) days of the date of your
         signature. Any revocation of this must be in writing, addressed to the
         Company, attention Bill Schwindt, and the Company must be notified
         within the foregoing seven-day period. This Agreement will not become
         effective or enforceable until the expiration of the seven-day period.
         In no event shall payment be made by the Company on or before the
         effective date.

V.       CONFIDENTIALITY AND NON-DISCLOSURE

         In order to protect the legitimate interests of the Company, and its
         subsidiaries, you agree that you will not disclose to others, whether
         directly or indirectly, any proprietary information relating to the
         Company's business plans or other confidential business information
         and/or trade secrets of the Company which you received or to which you
         were given access during your employment with the Company.

         This obligation of confidentiality and non-disclosure shall also apply
         to the content and substance of this letter, except, of course, it may
         be disclosed to any attorney, financial or tax consultant from whom you
         seek advice. If the confidentiality provisions of this Agreement are
         violated by you, then you will be responsible for all costs and
         enforcement costs including, but not limited to, attorney's fees.
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VI.      NON-SOLICITATION AND NON-COMPETE

         A.       Non-Solicitation / Non-Hire - For a period of two years
                  following the termination of your employment, you agree that
                  you will not, either on your own behalf or on behalf of any
                  other person or entity, directly or indirectly, hire, solicit,
                  or encourage to leave the employment of the Company any person
                  who is then an employee of the Company or who was an employee
                  of the Company within six months of the date of such hiring,
                  soliciting, or encouragement to leave the Company.

         B.       Non-Compete - For a period of two years following the
                  termination of your employment, you agree not to compete with
                  the Company or any and all of its subsidiaries, parents or
                  affiliates, by accepting employment from or having any other
                  relationship (including, without limitation, through owning,
                  managing, operating, controlling or consulting) with a
                  financial institution, or any affiliate thereof, that
                  individually or when aggregated with all of its affiliates,
                  has deposits greater than $5,000,000,000 in the state of
                  Tennessee as disclosed in the latest edition of Sheshunoff
                  BranchSource, FDIC Summary of Deposits.

                  You acknowledge and agree that the restrictions set forth in
                  paragraphs V & VI hereof are reasonable and necessary for the
                  protection of the Company business and goodwill. You further
                  agree that if you breach or threaten to breach any of your
                  obligations in sections V and VI of this Agreement, the
                  Company, in addition to any other remedies available to it
                  under the law, may obtain specific performance and/or
                  injunctive relief against you to prevent such continued or
                  threatened breach. You also acknowledge and agree that the
                  Company shall be reimbursed by you for all attorney's fees and
                  costs incurred by it in enforcing any of its rights or
                  remedies under sections V and VI of this Agreement.

VII.     RETURN OF DOCUMENTS

         By your signature, you acknowledge and confirm that you have returned
         to the Company any and all documents belonging to it, as well as any
         other property which belongs to it, and that no such documents or
         materials or property have been retained by you.

VIII.    BINDING EFFECT

         Upon your signing this Agreement, and after the expiration of seven (7)
         days, it will become effective and is binding upon you and the Company
         and its respective successors, assigns, heirs and personal
         representatives, as is discussed in paragraph II above.

IX.      SEVERABILITY

         A finding that any provision of this Agreement is void or unenforceable
         shall not affect the validity or enforceability of any other provisions
         of this Agreement.
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X.       DRAFTING

         This Agreement is a product of negotiations between the parties and in
         construing the provisions of this Agreement, no inference or
         presumption shall be drawn against either party on the basis of which
         party or their attorneys drafted this Agreement.

XI.      CAPTIONS

         The captions to the various paragraphs of this Agreement are for
         convenience only and are not part of this Agreement.

XII.     SOLE AGREEMENT

         By your signature, you also confirm that the only consideration for
         your signing this Agreement are the terms set forth within it, and that
         no other promise or agreement of any kind has been made to you by the
         Company or anyone acting by, for, or on its behalf.

YOU ALSO AFFIRM THAT YOU HAVE BEEN FREE TO DISCUSS THIS MATTER PRIVATELY AND
THOROUGHLY WITH AN ATTORNEY OF YOUR CHOICE AND THAT YOU FULLY UNDERSTAND THE
MEANING AND INTENT OF THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ITS FINAL
AND BINDING EFFECT.

This Agreement is signed in duplicate originals at First Tennessee Bank National
Association, Memphis, Tennessee.

The benefits which have been approved by the Human Resource Committee are, of
course, conditioned on your acceptance of the terms of this letter, expressed by
your signature in the space provided below.

With best wishes, I am,

Yours very truly,

/s/ Sarah L. Meyerrose
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Sarah L. Meyerrose
EVP Manager, Employee Services

I HAVE READ, UNDERSTOOD AND KNOWINGLY AND VOLUNTARILY SIGNED AND ACCEPTED WITH
FULL KNOWLEDGE OF MY RIGHTS ON THE DATE SET FORTH BELOW.

/s/ Susan Bies                             11-19-01
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Susan Bies                               Date

Witnessed by:

/s/ William J. Schwindt                    11-19-01
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William J. Schwindt                      Date<PAGE>

                                                                   EXHIBIT 10(q)

                      FIRST TENNESSEE NATIONAL CORPORATION

                         2002 MANAGEMENT INCENTIVE PLAN

                               ARTICLE I-PURPOSE

Section 1.1       The purpose of the Plan is to provide a financial incentive
for key executives to encourage and reward desired performance on key financial
measures that will further the growth, development and financial success of the
Company and to enhance the Company's ability to maintain a competitive position
in attracting and retaining qualified key personnel who contribute, and are
expected to contribute, materially to the success of the Company. The Plan is
designed to replace the existing First Tennessee National Corporation
Management Incentive Plan, as amended and restated, and to ensure that awards
paid pursuant to this Plan to eligible employees of the Company are tax
deductible under Section 162(m) of the Internal Revenue Code of 1986, as
amended (the "Code"). This Plan shall be submitted to the Company's
shareholders for approval pursuant to 26 C.F.R. ss. 1.162.27(e)(4)(vi) at the
annual meeting to be held on April 16, 2002, and shall be effective for the
2002 fiscal year commencing on January 1, 2002. If the shareholders do not
approve the Plan, the Plan shall not become effective.

                             ARTICLE II-DEFINITIONS

Section 2.1       Whenever the following terms are used in this Plan, they
shall have the meaning specified below unless the context clearly indicates to
the contrary. The masculine pronoun shall include the feminine and neuter and
the singular shall include the plural, where the context so indicates.

(a)      "AWARD" shall mean an incentive compensation award made to a
Participant pursuant to this Plan that is subject to and dependent upon the
attainment of one or more Performance Goals.

(b)      "BOARD" shall mean the Board of Directors of the Company.

(c)      "CHANGE IN CONTROL" shall mean the occurrence of any one of (and shall
be deemed to have occurred on the date of the earliest to occur of) the
following events:

         (i)      individuals who, on January 21, 1997, constitute the Board
                  (the "Incumbent Directors") cease for any reason to
                  constitute at least a majority of the Board, provided that
                  any person becoming a director subsequent to January 21,
                  1997, whose election or nomination for election was approved
                  by a vote of at least three-fourths (3/4) of the Incumbent
                  Directors then on the Board (either by a specific vote or by
                  approval of the proxy statement of the Company in which such
                  person is named as a nominee for director, without written
                  objection to such nomination) shall be an Incumbent Director;
                  provided, however, that no individual elected or nominated as
                  a director of the Company initially as a result of an actual
                  or threatened election contest with respect to directors or
                  as a result of any other actual or threatened solicitation of
                  proxies or consents by or on behalf of any person other than
                  the Board shall be deemed to be an Incumbent Director;

         (ii)     any "Person" (as defined under Section 3(a)(9) of the
                  Securities Exchange Act of 1934, as amended (the "Exchange
                  Act") as used in Section 13(d) or Section 14(d) of the
                  Exchange Act) is or becomes a "beneficial owner" (as defined
                  in Rule 13d-3 under the Exchange Act), directly or
                  indirectly, of securities of the Company representing 20% or
                  more of the combined voting power of the Company's then
                  outstanding securities eligible to vote for the election of
                  the Board (the "Company Voting Securities"); provided,
                  however, that the event described in this paragraph (ii)
                  shall not be deemed to be a Change in Control by virtue of
                  any of the following acquisitions: (A) by the Company or any
                  entity in which the Company directly or indirectly
                  beneficially owns more than 50% of the voting securities or
                  interests (a "Subsidiary"), (B) by an employee stock
                  ownership or employee benefit plan or trust sponsored or
                  maintained by the Company or any Subsidiary, (C) by

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                  any underwriter temporarily holding securities pursuant to an
                  offering of such securities, or (D) pursuant to a
                  Non-Qualifying Transaction (as defined in paragraph (iii)
                  hereof);

         (iii)    the shareholders of the Company approve a merger,
                  consolidation, share exchange or similar form of corporate
                  transaction involving the Company or any of its Subsidiaries
                  that requires the approval of the Company's shareholders,
                  whether for such transaction or the issuance of securities in
                  the transaction (a "Business Combination"), unless
                  immediately following such Business Combination: (A) more
                  than 50% of the total voting power of (x) the corporation
                  resulting from such Business Combination (the "Surviving
                  Corporation"), or (y) if applicable, the ultimate parent
                  corporation that directly or indirectly has beneficial
                  ownership of 100% of the voting securities eligible to elect
                  directors of the Surviving Corporation (the "Parent
                  Corporation"), is represented by Company Voting Securities
                  that were outstanding immediately prior to the consummation
                  of such Business Combination (or, if applicable, is
                  represented by shares into which such Company Voting
                  Securities were converted pursuant to such Business
                  Combination), and such voting power among the holders thereof
                  is in substantially the same proportion as the voting power
                  of such Company Voting Securities among the holders thereof
                  immediately prior to the Business Combination, (B) no person
                  (other than any employee benefit plan sponsored or maintained
                  by the Surviving Corporation or the Parent Corporation), is
                  or becomes the beneficial owner, directly or indirectly, of
                  20% or more of the total voting power of the outstanding
                  voting securities eligible to elect directors of the Parent
                  Corporation (or, if there is no Parent Corporation, the
                  Surviving Corporation) and (C) at least a majority of the
                  members of the board of directors of the Parent Corporation
                  (or, if there is no Parent Corporation, the Surviving
                  Corporation) were Incumbent Directors at the time of the
                  Board's approval of the execution of the initial agreement
                  providing for such Business Combination (any Business
                  Combination which satisfies all of the criteria specified in
                  (A), (B) and (C) above shall be deemed to be a
                  "Non-Qualifying Transaction"); or

         (iv)     the shareholders of the Company approve a plan of complete
                  liquidation or dissolution of the Company or a sale of all or
                  substantially all of the Company's assets.

Computations required by paragraph (iii) shall be made on and as of the date of
shareholder approval and shall be based on reasonable assumptions that will
result in the lowest percentage obtainable. Notwithstanding the foregoing, a
change in control of the Company shall not be deemed to have occurred solely
because any person acquires beneficial ownership of more than twenty percent
(20%) of the Company Voting Securities as a result of the acquisition of
Company Voting Securities by the Company which reduces the number of Company
Voting Securities outstanding: provided, that if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the
company shall then occur.

(d)      "CODE" shall mean the Internal Revenue Code of 1986, as amended from
time to time.

(e)      "COMMITTEE" shall mean the Committee designated pursuant to Section
3.1 of this Plan and shall consist solely of two or more members of the Board,
appointed by and holding office at the pleasure of the Board, each of whom is
both a "non-employee director" as defined by Rule 16b-3 of the Securities
Exchange Act of 1934, as amended, and an "outside director" for purposes of
Section 162(m) of the Code.

(f)      "COMMON STOCK" shall mean the common stock of the Company, par value
$0.625 per share, as adjusted from time to time for stock splits.

(g)      "COMPANY" shall mean First Tennessee National Corporation, and its
successors and assigns.

(h)      "COMPENSATION" shall mean the base salary earned by a Participant
during any Performance Period.

(i)      "COVERED OFFICER" shall mean at any date (i) any individual who, with
respect to the previous tax year of the Company, was a "covered employee" of
the Company within the meaning of Code Section 162(m), excluding any such
individual whom the Committee, in its discretion, reasonably expects not to be
a "covered employee" with respect to the current tax year of the Company and
(ii) any individual who was not a "covered employee" under

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Code Section 162(m) for the previous tax year of the Company, but whom the
Committee, in its discretion, reasonably expects to be a "covered employee"
with respect to the current tax year of the Company or with respect to the tax
year of the Company in which any applicable Award will be paid.

(j)      "DISABILITY" shall mean a disability that would qualify as a total and
permanent disability under the long-term disability plan then in effect at the
Company or Subsidiary employing the Participant at the onset of such total and
permanent disability.

(k)      "EARLY RETIREMENT" shall mean the Termination of Employment of a
Participant from the employ or service of the Company, or any of its
Subsidiaries participating in the First Tennessee National Corporation Pension
Plan, as amended from time to time, on or after the Participant has attained
the age of 55 and 15 years of employment or service with the Company or any of
its participating Subsidiaries.

(l)      "EMPLOYEE" shall mean any employee of the Company or a Subsidiary,
whether such employee is so employed at the time this Plan is adopted or
becomes so employed subsequent to the adoption of this Plan.

(m)      "EMPLOYER" shall mean the Company or a Subsidiary, whichever at the
time employs the Employee.

(n)      "FAIR MARKET VALUE" with respect to the Common Stock, shall mean, as
of any date, (i) the mean between the high and low sales prices at which shares
of Common Stock were sold on the New York Stock Exchange, or any other such
exchange on which the Common Stock is traded, on such date, or, in the absence
of reported sales on such date, the mean between the high and low sales prices
on the immediately preceding date on which sales were reported, or (ii) in the
event there is no public market for the Common Stock on such date, the fair
market value as determined in good faith by the Committee in its sole
discretion.

(o)      "MAXIMUM AWARD" shall mean the maximum Award payable under the Plan
for the attainment of Performance Goals in any Performance Period, which Award
(i) shall be payable for Superior Performance and (ii) shall not exceed the
lesser of two and one-half (2 1/2) times the Target Award or $4,000,000 for any
Performance Period.

(p)      "PARTICIPANT" shall mean an Employee who is selected to participate in
the Plan.

(q)      "PERFORMANCE GOALS" shall mean the performance goals or targets for
the Performance Measures established by the Committee for each Performance
Period, the attainment of which is necessary for the payment of an Award to a
Participant at the completion of the Performance Period. The level of the
attainment of the Performance Goals shall determine the amount of the Award
payable hereunder. Performance Goals may be expressed as an absolute amount or
percent, as a ratio, or per share or per Employee.

(r)      "PERFORMANCE MEASURES" shall mean one or more, or any combination, of
the following Company, Subsidiary, operating unit, division, line of business,
department, team or business unit financial performance measures: stock price,
dividends, total shareholder return, earnings per share, market capitalization,
book value, revenues, expenses, loans, deposits, noninterest income, net
interest income, fee income, operating income before or after taxes, net income
before or after taxes, net income before securities transactions, net or
operating income excluding non-recurring charges, return on assets, return on
equity, return on capital, cash flow, credit quality, service quality, market
share, customer retention, efficiency ratio, strategic business objectives,
consisting of one or more objectives based on meeting specified cost targets,
business expansion goals, and goals relating to acquisitions or divestitures;
and except in the case of a Covered Officer, any other performance criteria
established by the Committee, including Personal Plan Goals.

(s)      "PERFORMANCE PERIOD" shall mean the fiscal-year period to be used in
measuring the degree to which the Performance Goals relating to Awards have
been met; provided, however, that for purposes of the initial Performance
Period of the Plan, Performance Period shall mean the period commencing on
January 1, 2002 and ending December 31, 2002.

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(t)      "PERSONAL PLAN GOALS" shall mean the individual performance goals to
be achieved by a Participant in a Performance Period which are not based upon
corporate performance, as recommended by the Chief Executive Officer of the
Company and approved by the Committee.

(u)      "PLAN" shall mean the First Tennessee National Corporation 2002
Management Incentive Plan, as amended from time to time.

(v)      "RETIREMENT" shall mean the Termination of Employment of a Participant
after the Participant (i) has fulfilled all service requirements for a pension
under the terms of the First Tennessee National Corporation Pension Plan, as
amended from time to time, or (ii) has achieved a certain number of years of
service with the Company or any Subsidiary participating in the First Tennessee
National Corporation Pension Plan, as amended from time to time, and attained a
certain age, that the sum of the Participant's years of service and age equals
or exceeds the number 75.

(w)      "SUBSIDIARY" shall mean any corporation or other person of which a
majority of its voting power or its equity securities or equity interest is
owned directly or indirectly by the Company.

(x)      "SUPERIOR PERFORMANCE" shall mean the Performance Goals established
for any Performance Period, the attainment of which is necessary for the
payment of the Maximum Award for that Performance Period.

(y)      "TARGET AWARD" shall mean the Award payable to a Participant under the
terms of the Plan for the achievement of 100% of the Performance Goal in any
Performance Period, expressed as a percentage of a Participant's Compensation
in accordance with Section 5.1 of the Plan.

(z)      "TERMINATION OF EMPLOYMENT" shall mean the time when the
employee-employer relationship between a Participant and the Employer is
terminated for any reason, with or without Cause, including, but not by way of
limitation, a termination by resignation, discharge, death, Disability, Early
Retirement or Retirement, but excluding (i) terminations where there is a
simultaneous reemployment or continuing employment of a Participant by the
Employer; (ii) at the discretion of the Committee, terminations which result in
a temporary severance of the employee-employer relationship; and (iii) at the
discretion of the Committee, terminations which are followed by the
simultaneous establishment of a consulting relationship by the Employer with
the former Employee. The Committee, in its absolute discretion, shall determine
the effect of all matters and questions relating to Termination of Employment,
including, but not by way of limitation, the question of whether a Termination
of Employment resulted from a discharge for cause, and all questions of whether
particular leaves of absence constitute Terminations of Employment. However,
notwithstanding any provision of this Plan, the Employer has an absolute and
unrestricted right to terminate an Employee's employment at any time for any
reason whatsoever, with or without cause, except to the extent expressly
provided otherwise in writing.

(aa)     "THRESHOLD PERFORMANCE" shall mean the level of attainment of the
Performance Goal necessary for the payment of any Award upon the completion of
any Performance Period.

                        ARTICLE III-PLAN ADMINISTRATION

Section 3.1       Subject to the authority and powers of the Board in relation
to the Plan as hereinafter provided, the Plan shall be administered by a
Committee designated by the Board. The Committee shall have full authority to
interpret the Plan and from time to time to adopt such rules and regulations
not inconsistent with the terms of the Plan for carrying out the Plan as it may
deem best in its sole and absolute discretion; provided, however, that the
Committee may not exercise any authority otherwise granted to it hereunder if
such action would have the effect of increasing the amount of any Award payable
hereunder to any Covered Officer. All determinations by the Committee shall be
made by the affirmative vote of a majority of those members present at a
meeting duly called and held at which a quorum exists, but any determination
reduced to writing and signed by all of the members of the Committee shall be
fully as effective as if it had been made by a majority vote at a meeting duly
called and held. All designations, determinations, interpretations and other
decisions of the Committee under or with respect to the provisions of the Plan
or any Award and all orders or resolutions of the Board pursuant thereto shall
be final, conclusive and binding on all persons, including but not limited to
the Participants, the Company and its Subsidiaries and their respective equity
holders, heirs, successors and personal representatives.

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<PAGE>

Section 3.2       The Committee, on behalf of the Participants, shall enforce
this Plan in accordance with its terms and shall have all powers necessary for
the accomplishment of that purpose, including, but not by way of limitation,
the following powers:

         (a)      To select the Participants;

         (b)      To select the Performance Measures to be used for purposes of
                  setting the Performance Goals for a Performance Period;

         (c)      To establish the Performance Goals for each Performance
                  Period and the Target Awards to be payable to Participants
                  for the achievement thereof;

         (d)      To interpret, construe, approve and adjust all terms,
                  provisions, conditions and limitations of this Plan;

         (e)      To decide any questions arising as to the interpretation or
                  application of any provision of the Plan;

         (f)      To prescribe forms to be used and procedures to be followed
                  by Participants for the administration of the Plan; and

         (g)      To establish the terms and conditions of any agreement or
                  instrument under which an Award may be earned and paid.

                            ARTICLE IV-PARTICIPATION

Section 4.1       Subject to the provisions of the Plan, the Committee may from
time to time select any Employee who is a senior officer of the Company or of
any Subsidiary to be granted Awards under the Plan. Eligible Employees hired by
the Company after the commencement of a Performance Period may receive an Award
for the Performance Period which commenced in the fiscal year in which the
Employee became employed by the Company, if any is payable under the terms of
the Plan, and the Employee is selected by the Committee to participate in the
Plan at the time the Employee is employed by the Company. Such Award may be
paid in full or may be prorated based on the number of full months in the
Performance Period the Participant was employed by the Company, at the sole and
absolute discretion of the Committee. No Employee shall at any time have the
right (a) to be selected as a Participant in the Plan for any Performance
Period, (b) if selected as a Participant in the Plan, to be entitled to an
Award, or (c) if selected as a Participant in one Performance Period, to be
selected as a Participant in any subsequent Performance Period.

                                ARTICLE V-AWARDS

Section 5.1       The Committee may make Awards to Participants with respect to
each Performance Period, subject to the terms and conditions set forth in the
Plan. Unless specified otherwise by the Committee, the amount payable pursuant
to an Award shall be based on a percentage of the Participant's Compensation,
with the Target Award set for attaining 100% of the Performance Goal for any
Performance Period.

Section 5.2       The Committee shall establish in writing the Performance
Goals for the selected Performance Measures applicable to a Performance Period,
including the Threshold Performance and Superior Performance, within 90 days of
the commencement of the Performance Period and an Award for that Performance
Period shall be earned, paid, vested or otherwise deliverable upon the
completion of the Performance Period solely on account of the attainment of
such Performance Goals.

Section 5.3       Performance Goals may be described in terms of Company-wide
objectives or objectives that are related to the performance of the individual
Participant or the Subsidiary, operating unit, division, line of business,
department, team, business unit or function within the Company or Subsidiary in
which the Participant is employed, and may be expressed on an absolute and/or
relative basis, based on or otherwise employ comparisons based on Company
internal targets, the past performance of the Company and/or the past or
current performance of other companies, the performance of other companies over
one or more years, or an index of the performance of other companies, markets
or economic metrics over one or more years, and in the case of earnings-based
measures, may use or employ comparisons relating to capital, shareholders'
equity and/or Common Stock outstanding, or to assets or net assets.

                                                                            B-5
<PAGE>

Section 5.4       The degree to which the Company achieves the Performance
Goals established by the Committee for a Performance Period shall serve as the
basis for the Committee's determination of the Award payable to a Participant
upon the completion of the Performance Period. Awards will be prorated for
Company performance results occurring between stated performance levels.
Company performance below the Threshold Performance will result in no Award
payments for that Performance Period. The Award payable for the attainment of
Superior Performance shall not exceed two and one-half times the Target Award
for any Performance Period.

Section 5.5       With respect to any Covered Officer during any Performance
Period, the maximum number of shares of Common Stock in respect of which an
Award may be paid under the Plan is 100,000 and the maximum amount of any Award
settled in cash is $4,000,000.

Section 5.6       Except in the case of Performance Goals related to an Award
intended to qualify under Section 162(m) of the Code, if the Committee
determines that a change in the business, operations, corporate structure or
capital structure of the Company, or the manner in which it conducts its
business, or other events or circumstances render the Performance Goals and/or
Performance Measures established for any Performance Period unsuitable, the
Committee, after the commencement of a Performance Period, may modify such
Performance Measures and/or Performance Goals, in whole or in part, as the
Committee deems appropriate and equitable.

                         ARTICLE VI - PAYMENT OF AWARDS

Section 6.1       Upon completion of each Performance Period, the Committee
shall review Company performance results as compared to the established
Performance Goals for that Performance Period, and shall certify (either by
written consent or as evidenced by the minutes of a meeting) the specified
Performance Goals achieved for the Performance Period (if any) and direct which
Award payments, if any, are payable under the Plan. No payment shall be made if
the Threshold Performance for the Performance Period is not met. The Committee
may, in its sole and absolute discretion, reduce or eliminate a Participant's
Award that would have been otherwise paid, including without limitation by
reference to a Participant's failure to achieve his or her Personal Plan Goals.

Section 6.2       The Committee shall have sole and absolute authority and
discretion to determine the time and manner in which Awards, if any, shall be
paid under this Plan. Generally, however, the following provisions may apply:

                  (a)      Form of Payment: Payment of Awards may be made in a
         single-sum in cash, or at the option of the Committee in its sole and
         absolute discretion, in whole or in part in Company Common Stock.

                  (b)      Date of Payment: Payment of Awards shall be made as
         soon as practicable (as determined by the Committee) following the
         close of the Performance Period (the "Payment Date"), except as
         otherwise provided in Section 6.2(c) below.

                  (c)      Employment Required: Except as provided below,
         Participants must be Employees on the Payment Date in order to receive
         payment of an Award.

                  (i)      Early Retirement, Retirement, death or Disability
                  during a Performance Period: If, during a Performance Period,
                  a Participant's Termination of Employment by the Company or
                  its Subsidiaries is due to the Early Retirement, Retirement,
                  death or Disability of the Participant, the Participant (or
                  his beneficiary, as the case may be) shall nonetheless
                  receive payment of an Award, if any, after the close of the
                  Performance Period based upon the Performance Goals actually
                  attained by the Company for the Performance Period. The
                  Award, if any, may be paid in full or may be prorated based
                  on the number of full months which have elapsed in the
                  Performance Period as of the date of such Termination of
                  Employment, at the sole and absolute discretion of the
                  Committee. Payments under this Section 6.2(c)(i) shall be
                  made on the Payment Date.

                  (ii)     Early Retirement, Retirement, death or Disability
                  after Last Day of the Performance Period: If a Participant is
                  an Employee on the last day of a Performance Period, but is
                  not an Employee on the Payment Date due to Early Retirement,
                  Retirement, death or Disability, then the Participant (or his
                  beneficiary, as the case may be) may receive on the Payment
                  Date the full Award earned under

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<PAGE>

                  the terms of the Plan for the Performance Period, if any. The
                  Award, if any, shall be made on the Payment Date. If a
                  Participant's employment with the Company is terminated for
                  any other reason other than Early Retirement, Retirement,
                  death or Disability after the last day of a Performance
                  Period, but before the Payment Date, the Participant (or his
                  beneficiary, as the case may be) will forfeit all rights to
                  any earned but unpaid Awards for that Performance Period
                  under the Plan; provided, however, that the Committee may, at
                  any time and in its sole and absolute discretion, authorize a
                  full or partial payment of any earned but unpaid Awards under
                  the Plan.

                  (iii)    Change in Control: In the event the terms of any
                  agreement entered into by and between the Company and a
                  Participant governs the payment of any Award granted
                  hereunder following a Change in Control, then the payment of
                  such Award shall be governed by the terms and conditions of
                  such agreement and not of this Plan. If the payment of any
                  Award granted hereunder following a Change in Control is not
                  otherwise provided for by the terms of an agreement by and
                  between the Company and a Participant, then the payment of
                  such Award following a Change in Control shall be governed by
                  this Section 6.2(c)(iii). Unless otherwise provided under the
                  terms of an agreement between the Participant and the
                  Company, a Participant shall receive an Award equal to the
                  Target Award the Participant would have received for the
                  Performance Period if the Participant's employment with the
                  Company is terminated during a Performance Period in which
                  there has been a Change in Control, and the Target Award in
                  such event shall be prorated based upon the number of full
                  months which have elapsed in the Performance Period as of the
                  date of such Termination of Employment. If a Participant's
                  employment is terminated following a Performance Period in
                  which there was a Change in Control, but before the Payment
                  Date for that Performance Period, the Participant shall
                  receive the full amount of any Award earned but not yet paid
                  for that Performance Period.

Section 6.3       The Committee in its sole and absolute discretion may
decrease the amount payable pursuant to an Award, but in no event shall the
Committee have discretion to increase the amount payable to any Covered Officer
pursuant to an Award in a manner inconsistent with the requirements for
qualified performance-based compensation under Code Section 162(m). In
interpreting Plan provisions applicable to Performance Goals and Awards, it is
the intent of the Plan to conform with the standards of Code Section 162(m)
applicable to qualified performance-based compensation, and the Committee in
establishing such Performance Goals and interpreting the Plan shall be guided
by such provisions.

                   ARTICLE VII - SHARES AVAILABLE FOR AWARDS

7.1      Subject to the provisions of Section 7.2 hereof, the stock to be
subject to Awards under the Plan shall be the Common Stock of the Company, and
the maximum number of shares of Common Stock with respect to which Awards may
be granted under the Plan shall be 200,000 shares. Any shares of Common Stock
delivered pursuant to an Award may consist, in whole or in part, of authorized
and unissued shares of Common Stock or of issued shares of Common Stock which
have been required by the Company and shall be issued at 100% of the Fair
Market Value of the Common Stock as of the date of issuance.

7.2      Any increase in the number of outstanding shares of Common Stock
occurring through stock splits or stock dividends after the adoption of this
Plan shall be reflected proportionately in an increase in the aggregate number
of shares of Common Stock then available for Awards under the Plan and in the
number of shares of Common Stock available for an Award to any one person under
the Plan. Any fractional shares of Common Stock resulting from such adjustments
shall be eliminated. If changes in capitalization other than a stock split or
stock dividend shall occur, including without limitation, a recapitalization,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of shares of Common Stock or other
securities of the Company, issuance of warrants or other rights to purchase
shares of Common Stock or other securities of the Company, or other similar
corporate transaction or event which affects the shares of Common Stock such
that an adjustment is determined by the Board, in its sole discretion, to be
appropriate, then the Board shall, in such manner as it may deem equitable,
adjust any or all of (a) the aggregate number of shares of Common Stock with
respect to which Awards may be granted under the Plan; (b) the number of shares
of Common Stock of the Company subject to outstanding Awards under the Plan;
and (c) the appropriate Fair Market Value and other price determinations for
such Awards; provided that the number of shares subject to any Award shall
always be a whole number.

                                                                            B-7
<PAGE>

 ARTICLE VIII - AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION OF THE PLAN

Section 8.1       The Board may at any time terminate or suspend the Plan, in
whole or in part, and from time to time, subject to the shareholder approval
requirements of Section 162(m), amend or modify the Plan, provided that, except
as otherwise provided in the Plan, no such amendment, modification, suspension
or termination shall adversely affect the rights of any Participant under any
Award previously earned but not yet paid to such Participant without the
consent of such Participant. In the event of such termination, in whole or in
part, of the Plan, the Committee may in its sole discretion direct the payment
to Participants of any amounts specified in Article VI and theretofore not paid
out, prior to the Payment Date, and in a lump sum or installments as the
Committee shall prescribe with respect to each such Participant.
Notwithstanding the foregoing, any such payment to a Covered Officer must be
discounted to reflect the present value of such payment using a rate equal to
the discount rate in effect under the First Tennessee National Corporation
Pension Plan, as amended from time to time, on the date of such payment. The
Board may at any time and from time to time delegate to the Committee any or
all of its authority under this Article VIII to the extent permitted by law.

                        ARTICLE IX - GENERAL PROVISIONS

Section 9.1       Unless otherwise determined by the Committee and provided in
the Agreement, no Award or any other benefit under this Plan shall be
assignable or otherwise transferable, except by will or the laws of descent and
distribution. Any attempted assignment of an Award or any other benefit under
this Plan in violation of this Section 9.1 shall be null and void. A
Participant may designate in writing a beneficiary (including the trustee or
trustees of a trust) who shall upon the death of such Participant be entitled
to receive all amounts payable under the provisions of Section 6.2(c) to such
Participant. A Participant may rescind or change any such designation at any
time.

Section 9.2       The Company shall have the right to withhold applicable taxes
from any Award payment and to take such other action as may be necessary in the
opinion of the Company to satisfy all obligations for withholding of such
taxes.

Section 9.3       No Employee or other person shall have any claim or right to
be granted an Award under this Plan. Neither the Plan nor any action taken
thereunder shall be construed as giving an Employee any right to be retained in
the employ of the Company or an Employer and the right of the Company or
Employer to dismiss or discharge any such Participant is specifically reserved.
The benefits provided for Participants under the Plan shall be in addition to,
and shall in no way preclude, other forms of compensation to or in respect of
such Participants. No Participant shall have any lien on any assets of the
Company or any Employer by reason of any Award made under this Plan.

Section 9.4       The payment of all or any portion of the Awards payable to a
Participant under this Plan may be deferred by the Participant, subject to such
terms and conditions as may be established by the Committee in its sole and
absolute discretion.

Section 9.5       This Plan and all determinations made and actions taken
pursuant thereto, shall be governed by and construed in accordance with, the
laws of the State of Tennessee, without giving effect to the conflicts of law
principles thereof.

Section 9.6       The terms of the Plan shall be binding upon the Company and
its successors and assigns and the Participants and their legal
representatives, and shall bind any successor of the Company, as well as its
assets or its businesses (whether direct or indirect, by purchase, merger,
consolidation or otherwise), in the same manner and to the same extent that the
Company would be obligated under this Plan if no succession had taken place. In
the case of any transaction in which a successor would not by the foregoing
provision or by operation of law be bound by this Plan, the Company shall
require such successor expressly and unconditionally to assume and agree to
perform the Company's obligations hereunder, in the same manner and to the same
extent that the Company would be required to perform if no such succession had
taken place.

Section 9.7       This Plan shall expire on December 31, 2012, and no new
Awards shall be granted under the Plan after that date.

B-8

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