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                                 EXHIBIT 10(EE)

                              EMPLOYMENT AGREEMENT
                                       OF
                               STEVEN J. SCHENCK

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                                                                  EXHIBIT 10(EE)
                              EMPLOYMENT AGREEMENT

         This Employment Agreement, made and entered this 5th day of March,
1999, effective as of the 5th day of March, 1999 (the "Effective Date"), by and
between Union Planters Corporation ("UPC"), a Tennessee corporation and Steven
J. Schenck ("Executive").

         WHEREAS, it is the intention and desire of the parties hereto to enter
into a formal agreement whereby UPC will have the benefit of the employment of
Executive during the period covered by this Agreement and Executive will have
the assurance of such continued employment during the period covered by this
Agreement;

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
promises, covenants, representations, warranties and agreements of the parties
set forth herein, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:

         1.       Employment.

                  (a)      Term. UPC hereby agrees to employ Executive and
         Executive hereby agrees to serve UPC, in accordance with the terms and
         conditions set forth herein, for an initial period of three (3) years,
         commencing on the Effective Date of this Agreement, as set forth above;
         subject, however, to earlier termination as expressly provided herein.

                  The initial three (3) year period of employment shall
         automatically be extended for one (1) additional year at the end of the
         initial three year term, and then again after each successive one year
         term thereafter unless, subject to the provisions set forth below in
         this Paragraph 1(a), either party hereto shall terminate this Agreement
         at the end of the initial three (3) year term or at the end of any
         successive one (1) year term thereafter by giving the other party
         written notice of the intent not to renew, delivered at least ninety
         (90) days prior to the end of such initial term or successive term;
         provided, however, that in the event UPC shall elect not to renew this
         Agreement after the initial three (3) year term in accordance with the
         provisions of this Paragraph 1(a) and shall give notice of such
         election not to renew as provided herein, Executive shall be entitled
         to the compensation set forth in Paragraph 10 hereof.

                  In the event such notice of intent not to renew is
         properly delivered subject to the provisions set forth below in this
         Paragraph 1(a), this Agreement, along with all corresponding rights,
         duties and covenants, shall automatically expire at the end of the
         initial term or successive term then in progress.

                  (b)      Position. UPC shall employ the Executive during the
         term of this Agreement as the Chief Executive Officer, Indianapolis,
         Indiana Market. The Executive shall be responsible to the Chairman of
         the Board and Chief Executive Officer of UPC (the "UPC Chairman") and
         to the President and Chief Operating Officer of UPC (the "UPC
         President"). The Executive may engage in charitable, civic or community
         activities and, with the prior approval of the UPC Chairman or the UPC
         President, may serve as a director of any other business corporation.
         The Executive's office for the performance of his duties under this
         Agreement shall be located within the greater metropolitan area of
         Indianapolis, Indiana.

         2.       Base Salary. As compensation for services to UPC, UPC agrees
to pay to Executive the sum of Two Hundred and Twenty-five Thousand Dollars
($225,000) per annum payable in twenty-four (24) as equal as possible payments,
one such payment being made twice each month. Such compensation shall be
reviewed annually and may be increased annually following each such annual
review of the Executive's performance. Such compensation, as it may be increased
annually, shall not be decreased during the term of this Agreement.

         3.       Benefits. UPC agrees to provide Executive the following
benefits, commencing with the Effective Date hereof or as soon thereafter as
practicable (all of which shall vest as of the date thereof or at such date or
dates as provided in the plan documents establishing such benefits) and
continuing for so long as Executive is employed under this Agreement or any
extension hereof.

                  (a)      Any fringe benefit package presently offered or to be
         offered in the future generally to the employees of UPC, such as health
         and dental insurance, disability insurance and participation in the UPC
         ESOP and 401(k) Plans, on the same basis as offered to other senior
         executives of UPC participating therein, with the provision that
         Executive shall be allowed to begin immediate participation in the UPC
         ESOP and 401(k) Plans and also in the UPC Salary Deferral Program
         provided for UPC senior executives.

                  (b)      An annual paid vacation of not less than four (4)
         weeks in accordance with UPC's Personnel Policy. At least two (2) weeks
         of such vacation shall be taken consecutively.

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                  (c)      Any other benefits generally provided to UPC senior
         executives as the Board of Directors may, from time to time, approve.

         4.       Additional Benefits and Bonuses. In addition to those benefits
set forth in Paragraph 3 above, Executive shall receive the following benefits
and bonuses:

                  (a)      Reimbursement of membership dues and assessments
         incurred during the term of this Agreement, in the appropriate civic
         clubs of Executive's choice in accordance with normal policies
         regarding club dues, subject to the approval of the Board of Directors.

                  (b)      An eligibility to participate in UPC's affiliate bank
         CEO incentive bonus program.

                  (c)      Upon the Effective Date hereof, the Executive shall
         receive an initial grant of nine thousand (9,000) restricted shares of
         UPC Common Stock (the "Initial Stock"), which Initial Stock shall vest
         pursuant to the guidelines set forth below.

                  (d)      Upon the Effective Date hereof, the Executive shall
         receive an initial grant of options to purchase eight thousand (8,000)
         shares of UPC Common Stock (the "Initial Options"). The Executive shall
         be considered annually for the grant of additional stock options by the
         UPC Stock Option Committee on the same basis as other senior executives
         of UPC. It is anticipated that if the performance of UPC and UPC so
         merits, and if other senior executives of UPC are granted stock
         options, the UPC Chairman or the UPC President will recommend that the
         Executive also be granted stock options.

                  The Initial Stock described in paragraph 4(c) above shall
         vest in equal portions over twelve (12) years; provided, however, that
         such Initial Stock shall fully vest upon the normal retirement of
         Executive occurring during such twelve year period. The Initial Options
         described in paragraph 4(d) shall vest in equal portions at the end of
         each year of the first three year term of employment. If, however,
         Executive elects to voluntarily terminate his employment with UPC
         without Good Reason during the term hereof, all rights in the Initial
         Stock and Initial Options shall be forfeited. If at any time during the
         initial three (3) year term of employment of Executive, there occurs a
         Change in Control of UPC, Executive is terminated without Cause by UPC,
         Executive voluntarily terminates his employment hereunder for Good
         Reason or Executive's employment is terminated due to his death or
         permanent disability, then the unvested portion of said Initial Stock
         and Initial Options then remaining as of the termination date shall
         automatically be vested. In the event of any of the above occurrences,
         all unexercised Initial Options granted in accordance with Paragraph
         4(d) shall be exercisable as follows: (i) immediately upon the
         Effective Date of a Change in Control of UPC (ii) by the Executive for
         one (1) month following termination of employment of the Executive by
         UPC without Cause or by the Executive for Good Reason, (iii) by the
         Executive's executor, administrator or personal representative, as the
         case may be, for not less than one (1) year following termination of
         employment of the Executive due to his death or (iv) by the Executive
         or his legal representative at any time prior to the expiration of the
         term of the Initial Option following termination of the employment of
         the Executive for permanent disability.

         5.       Expenses. Executive is authorized to incur necessary and
         customary expenses in connection with the business of UPC. UPC will pay
         or reimburse Executive for such expenses upon presentation by Executive
         of the appropriate records which verify such expenses in accordance
         with normal expense policies.

         6.       Termination. This Agreement shall terminate upon the first to
         occur of the following:

                  (a)      The expiration of the term provided for in Paragraph
         1;

                  (b)      The death of the Executive;

                  (c)      The permanent disability of Executive, as defined in
         Paragraph 8;

                  (d)      Termination of the employment of Executive by UPC
         "for Cause," as defined in Paragraph 9;

                  (e)      Termination of the employment of the Executive by UPC
         without Cause or by the Executive for Good Reason, as described in
         Paragraph 10; and

                  (f)      Termination of employment by the Executive without
         Good Reason, provided that Executive shall give at least ninety (90)
         days prior written notice of termination. UPC reserves the right to
         accelerate Executive's termination under this provision; provided that
         in the event of termination of employment by the Executive without Good
         Reason, UPC shall pay to the Executive:

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                  (1)      accrued Base Salary through the date of the
         termination of his employment;

                  (2)      any annual bonus owing but not yet paid for any
         fiscal year ended on or before the Executive's termination of
         employment; and

                  (3)      any other benefits to which the Executive is entitled
         upon his termination of employment with UPC, in accordance with the
         terms of the plans and programs of UPC.

         The only event which will justify termination of the employment of the
Executive by UPC without payment of severance and other benefits by UPC is
termination by UPC "for Cause," as specified in Paragraph 6(d). In the event of
Executive's death, nothing contained in this Paragraph 6 shall be construed to
abrogate the obligations of UPC to Executive's personal representative or heirs,
as the case may be, with respect to all rights which shall have accrued prior to
termination.

         7.       Noncompetition. For a period of two (2) years from the date of
any voluntary termination of this Agreement by the Executive without Good
Reason, the Executive covenants and agrees that: (a) the Executive shall not,
directly or indirectly, on his own behalf, or as an employee, representative, or
agent of a third party, by ownership of any type of interest in any business
enterprise or by any other means whatsoever, engage in any business or
activities which are competitive with UPC's business (a "Competitor's Business")
within the State of Indiana or become associated with or render services to a
Competitor's Business; and (b) the Executive shall not, directly or indirectly,
call upon or solicit any customers of UPC or any presently existing affiliate
for any purpose or business that is competitive with UPC's business. For the
purposes of this paragraph, the term "Competitor's Business" shall apply only to
such businesses or activities conducted by a competitor of UPC within the State
of Indiana.

         Nothing in this Paragraph 7 shall prohibit the Executive from being (i)
a stockholder in a mutual fund or a diversified investment company or (ii) a
passive owner of not more than two (2) percent of the outstanding stock of any
class of a corporation, so long as the Executive has no active participation in
the business of such corporation.

         8.       Death or Disability.

                  (a)      In the event of the termination of the employment of
         the Executive due to his permanent disability or death, the Executive
         (or in the event of his death, his executor, administrator or other
         personal representative) shall receive:

                           (1)      accrued Base Salary through the date of the
         termination of the Executive's employment;

                           (2)      any annual bonus owing but not yet paid for
         any fiscal year ended on or before the Executive's termination of
         employment; and

                           (3)      any other benefits to which the Executive is
         entitled upon his termination of employment with UPC due to his death,
         in accordance with the terms of the plans and programs of UPC,
         including the vesting of all initial stock and unexercisable options
         pursuant to UPC's 1992 Stock Incentive Plan, as amended (the "Stock
         Incentive Plan").

                  (b)      As used in Paragraph 6(c), "permanent disability"
         shall mean six (6) months of continuous disability. Disability shall be
         deemed "continuous" if Executive, by reason of mental or physical
         health, is unable to perform the essential functions of his position
         with or without reasonable accommodation.

                  In the event of any dispute regarding the existence of
         the Executive's incapacity hereunder, the matter shall be resolved by
         the determination of a physician qualified to practice medicine in the
         State of Indiana to be selected by the UPC Chairman or the UPC
         President. The Executive shall have the right to require a second
         opinion from a physician qualified to practice medicine in the State of
         Indiana as selected by the Executive. If the initial and second
         opinions are inconsistent, the matter shall be resolved by a third
         opinion from a physician qualified to practice medicine as selected by
         agreement between the UPC Chairman or the UPC President and the
         Executive. For purposes of this Paragraph 8, the Executive shall submit
         to appropriate medical examinations. Thirty (30) days notice of
         termination for permanent disability shall be given in writing, stating
         the bases upon which such termination is made.

                  9.       Termination for Cause. As used in Paragraph 6(d),
         termination "for Cause" shall be deemed to have occurred if UPC gives
         notice in writing, delivered to the Executive and providing ten (10)
         calendar days, from the date of delivery of the notice, within which
         the Executive has the opportunity to cure, if possible, any of the
         following conduct while an employee of UPC: (1) willful and

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         knowing dishonesty in communication of any kind on any material subject
         for any purpose either to UPC or to any person or entity for or on
         behalf of UPC; (2) theft, embezzlement, false entries on records,
         misapplication of funds or property, misappropriation of any asset, any
         conduct resulting in conversion of any kind, or any actual or
         constructive fraud; (3) at any time during employment at UPC, imparting
         Confidential Information, whether proprietary or non-proprietary,
         resulting in a material adverse effect upon UPC or UPC to any person
         other than (i) an authorized employee (as such term is defined in
         Paragraph 13) of UPC; or (ii) as required by law, regulation or order
         of any court or regulatory commission, department or agency or (iii) as
         part of a confidential communication to an attorney; (4) gross neglect
         of duty or willful refusal to perform his duties of employment at UPC;
         (5) conduct involving moral turpitude which results in public disgrace
         for which there is probable cause to believe that, if criminally
         prosecuted, such conduct would be adjudged felonious; or (6) receiving,
         during the term of this Agreement, compensation, income, or a future
         interest in or future entitlement to compensation, or income, from any
         person or entity who or which is engaged in the same or substantially
         the same business as UPC in the same product, service or geographical
         market, except stock dividends and/or UPC gains from passive
         investments in financial institutions by Executive made in the ordinary
         course of business and as part of Executive's investment portfolio.
         However, Cause shall not be deemed to exist merely because of a
         difference of opinion between Executive and UPC, or any employees,
         directors or officers of UPC, as to philosophy of management or other
         personal beliefs.

         If UPC terminates the Executive's employment for Cause, he shall be
entitled to:

                  (1)      accrued Base Salary through the date of the
         termination of his employment;

                  (2)      any annual bonus owing but not yet paid for any
         fiscal year ended on or before the Executive's termination of
         employment for Cause; and

                  (3)      any other benefits to which the Executive shall be
         entitled upon his termination of employment with UPC, in accordance
         with the terms of the plans and programs of UPC.

         Notwithstanding anything to the contrary contained in this Agreement,
if, following a termination of the Executive's employment for Cause, an
arbitrator appointed pursuant to Paragraph 17, or a court of competent
jurisdiction in a final determination, determines that the Executive was not
guilty of the conduct that formed the basis for the termination, the Executive
shall be entitled, as damages for breach of this Agreement, to the payments and
the economic equivalent of the benefits he would have received had his
employment been terminated by UPC without Cause.

                  10.      Termination by UPC without Cause or by the Executive
for Good Reason. As stated in Paragraph 6(e) hereof, Executive's employment may
be terminated by UPC without Cause. In addition, the Executive may voluntarily
terminate his employment with UPC for Good Reason. For purposes of this
Agreement, "Good Reason" shall mean any material breach of this Agreement by
UPC, including but not limited to, (1) any reduction in Executive's Base Salary
or incentive opportunities, (2) any reduction in benefits to which the Executive
shall be entitled under the plans and programs of UPC (unless such reduction is
made at least six months prior to a Change in Control (as such term is
hereinafter defined) and is equally applicable to all senior executives of UPC,
including the Executive), (3) any reduction in the Executive's employment
responsibilities or in his office or title before or after a Change in Control,
(4) any change resulting in Executive directly reporting to anyone other than
the UPC Chairman and the UPC President; (5) the Executive's relocation from the
greater metropolitan area of Indianapolis, Indiana or (6) the failure of UPC to
obtain the written assumption of this Agreement by (I) any successor of UPC or
transferee of the assets of UPC or (ii) any successor of UPC or transferee of
the assets of UPC following a Change in Control. Upon termination of the
employment of the Executive by UPC without Cause or the voluntary termination of
such employment by the Executive for Good Reason, the Executive shall receive:

                  (1)      accrued Base Salary through the date of the
         termination of his employment;

                  (2)      any annual bonus owing but not yet paid for any
         fiscal year ended on or before the Executive's termination of
         employment;

                  (3)      any other benefits to which the Executive is entitled
         upon his termination of employment with UPC, in accordance with the
         terms of the plans and programs of UPC, including the vesting of all
         initial stock, stock grants, and unexercisable options pursuant to the
         Stock Incentive Plan; and

                  (4)      a lump sum amount equal to Executive's Base Salary
         and annual bonus due for the remainder of the term of this Agreement
         then in effect, but not less than one year's Base Salary and annual
         bonus, as determined in good faith by the UPC Chairman or the UPC
         President based on appropriate performance factors and criteria;
         provided, that if an annual bonus or bonuses

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         shall have been awarded to the Executive for a fiscal year or years
         prior to the fiscal year in which such termination shall occur, the
         bonus amount so determined shall not be less than the average of the
         annual bonuses awarded to the Executive for the two most recent fiscal
         years in which the annual bonuses were awarded to the Executive (or the
         amount of the annual bonus previously awarded to the Executive if only
         one annual bonus was previously awarded to the Executive); and provided
         further, that if any such prior annual bonus was prorated for a partial
         fiscal year, the amount of such prior annual bonus shall be annualized
         for a full fiscal year for purposes of determining such bonus amount.

         11.      Termination following a Change in Control. If a
Change in Control, as hereinafter defined, occurs during the term of this
Agreement and within two (2) years after such Change in Control, Executive's
employment shall be terminated for reasons other than Cause as described in
Paragraph 9 hereof, or if following such Change in Control, the Executive
terminates his employment for Good Reason, then Executive shall receive:

                  (1)      accrued Base Salary through the date of termination
         of his employment;

                  (2)      a lump sum equal to Executive's Base Salary and
         annual bonus due for the remainder of the term of this Agreement then
         in effect, but not less than one year's Base Salary and annual bonus,
         as determined in good faith by the UPC Chairman or the UPC President
         based on appropriate performance factors and criteria; provided, that
         if an annual bonus or bonuses shall have been awarded to the Executive
         for a fiscal year or years prior to the fiscal year in which such
         termination shall occur, the bonus amount so determined shall not be
         less than the average of the annual bonuses awarded to the Executive
         for the two most recent fiscal years in which the annual bonuses were
         awarded to the Executive (or the amount of the annual bonus previously
         awarded to the Executive if only one annual bonus was previously
         awarded to the Executive); and provided further, that if any such prior
         annual bonus was prorated for a partial fiscal year, the amount of such
         prior annual bonus shall be annualized for a full fiscal year for
         purposes of determining such bonus amount;

                  (3)      any annual bonus owing but not yet paid for any
         fiscal year ended on or before the Executive's termination of
         employment; and

                  (4)      any other benefits to which the Executive is entitled
         upon his termination of employment with UPC, in accordance with the
         terms of the plans and programs of UPC, including the vesting of all
         initial stock, stock grants, and unexercisable options pursuant to the
         Stock Incentive Plan.

         A "Change in Control" of UPC shall be deemed to have occurred, without
limitation, if:

                  (a)      Any person becomes the beneficial owner, directly or
         indirectly, of 50% or more of the outstanding shares of any class of
         voting stock issued by UPC;

                  (b)      Any appropriate regulatory authority has given a
         required approval to the acquisition or control of UPC by any person,
         and such acquisition or control has formally closed or occurred;

                  (c)      During any period of twelve (12) consecutive months,
         individuals who at the beginning of such period constitute UPC's Board
         of Directors cease, for any reason to constitute at least a majority of
         the Board, unless the election of each director who was not a director
         at the beginning of such period has been approved in advance by
         directors representing at least two-thirds of the directors then in
         office who were directors at the beginning of the period; or

                  (d)      A plan of reorganization, merger, consolidation, sale
         of all or substantially all the assets of UPC or similar transaction is
         consummated in which either (i) UPC is not the resulting entity or (ii)
         UPC is the resulting entity and, immediately after such transaction,
         less than 50% of the then outstanding shares of voting stock of UPC is
         beneficially owned, directly or indirectly, by all or substantially all
         of the individuals or entities who were the beneficial owners of the
         outstanding voting stock of UPC immediately prior to such transaction
         in substantially the same proportions relative to each other.

         12.      Non-Disclosure. For a period of five (5) years after the date
of any termination or expiration of this Agreement, Executive will not disclose
any information deemed Confidential Information, except (i) to a person who is
an authorized employee (as such term is defined in Paragraph 13), (ii) as
required by law, regulation or order of any court or regulatory commission,
department or agency or (iii) as part of a confidential communication to an
attorney. If Executive shall attempt to disclose the Confidential Information or
any part or parts thereof in a manner contrary to the terms of this Agreement,
UPC shall have the right, in addition to

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other remedies which may be available to it, to injunctive relief enjoining such
acts or attempts, it being acknowledged that legal remedies are inadequate. This
provision shall survive termination of this Agreement for the five (5) year
period above provided.

         13.      Definition of Confidential Information and Authorized
Employee. Confidential Information means any information not disseminated by UPC
to the general public (including identity of customers, clients, business
contacts, suppliers of goods and/or services, and any transaction by or between
such person or entities and UPC) and which Executive used or knew of because of
his employment at UPC, including specific information about methods not
generally employed in the industry at large and which are used or known to be
contemplated for use in the future by UPC for the purpose of gaining proprietary
advantage over competitors; provided, however, that Confidential Information
shall not include general knowledge of skills and techniques acquired or
improved as a result of the employment experience at UPC. Authorized employee
means with respect to UPC, members of the UPC Board of Directors; the Chief
Executive Officer; the President; Executive Vice Presidents; immediate
supervisors; a fellow employee on a need-to-know basis only; and any UPC
employee in the course of the performance of the Executive's duties pursuant to
this Agreement. Executive shall be entitled at all times to disclose
Confidential Information to his personal attorney on a confidential basis and as
may otherwise be required by law.

         14.      Assignment. The rights and obligations of UPC and Executive
(except Executive's obligation to perform services) under this Agreement shall
inure to the benefit of and shall be binding upon their respective successors,
if any.

         15.      Execution of Agreement. The execution of this Agreement shall
be final upon signing by UPC, and the Executive and shall not require the
approval or ratification of any Committee or of the Board of Directors.

         16.      Entire Agreement. This Agreement contains the entire agreement
between the parties and supersedes all prior discussions, understandings and
commitments, if any, whether oral or written. This Agreement cannot be amended
or modified except by subsequent written agreement signed by all of the parties.
In agreeing that this Agreement may not be changed in any way except by a
written and executed document, the parties knowingly waive and give up any
constitutional right which they may otherwise have to amend or modify this
Agreement by some means other than in writing. Finally, any agreement between
UPC and Executive which concerns any subject dealt with by this Agreement shall
be considered an amendment or modification of this Agreement and not an
agreement separate from this Agreement.

         17.      Arbitration. Any dispute or controversy between UPC and the
Executive, whether arising out of or relating to this Agreement, its
interpretation, its breach, or otherwise, shall be settled by arbitration in
Memphis, Tennessee administered by the American Arbitration Association, with
any such dispute or controversy arising under this Agreement being so
administered in accordance with its rules then in effect, and judgment on the
award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. The arbitrator shall have the authority to award any remedy or relief
that a court of competent jurisdiction could order or grant, including, without
limitation, the issuance of an injunction. However, either party may, without
inconsistency with this arbitration provision, apply to any court having
jurisdiction over such dispute or controversy and seek interim provisional,
injunctive or other equitable relief until the arbitration award is rendered or
the controversy is otherwise resolved. Except as necessary in court proceedings
to enforce this arbitration provision or an award rendered hereunder, or to
obtain interim relief, neither a party nor an arbitrator may disclose the
existence, content or results of any arbitration hereunder without the prior
written consent of UPC and the Executive. Notwithstanding any choice of law
provision included in this Agreement, the United States Federal Arbitration Act
shall govern the interpretation and enforcement of this arbitration provision.

         18.      Controlling Law. This Agreement and the rights and obligations
hereunder shall be governed by and construed in accordance with the federal law
of the United States of America, and in the absence of controlling federal law,
in accordance with the laws of the State of Tennessee.

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

                                                    EXECUTIVE

                                               /s/ Steven J. Schenck
                                     ------------------------------------------

                                            UNION PLANTERS CORPORATION

                                     By:       /s/ Jackson W. Moore
                                        ---------------------------------------
                                        Jackson W. Moore, President and COO<PAGE>   1

                                                                  EXHIBIT 10(FF)

                              EMPLOYMENT AGREEMENT
                                       OF
                               JOHN V. WHITE, JR.
<PAGE>   2

                                                                  EXHIBIT 10(FF)
                              EMPLOYMENT AGREEMENT

         This Employment Agreement entered into and effective as of the 1st day
of May, 2000 (the "Effective Date"), by and between Union Planters Bank, N.A.
(hereinafter referred to as "UP"), and John V. White, Jr.("Executive").

         WHEREAS, it is the intention and desire of the parties hereto to enter
into a formal agreement whereby UP will have the benefit of the employment of
Executive during the period covered by this Agreement and Executive will have
the assurance of such continued employment during the period covered by this
Agreement;

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
promises, covenants, representations, warranties and agreements of the parties
set forth herein, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:

         1.       Employment.

                  (a)      Term. UP hereby agrees to employ Executive and
         Executive hereby agrees to serve UP in accordance with the terms and
         conditions set forth herein, for a period of three (3) years (the
         "Initial Term"), commencing on the Effective Date of this Agreement, as
         set forth above; subject, however, to earlier termination as expressly
         provided herein.

         The Initial Term shall automatically be extended for one (1) additional
year at the end of thereof, unless, subject to the provisions set forth below in
this Paragraph 1(a), either party hereto shall terminate this Agreement at the
end of the Initial Term or at the end of any successive one (1) year term
thereafter by giving the other party written notice of the intent not to renew,
delivered at least ninety (90) days prior to the end of such Initial Term or
successive term; provided, however, that in the event UP shall elect not to
renew this Agreement after the Initial Term in accordance with the provisions of
this Paragraph 1(a) and shall give notice of such election not to renew as
provided herein, Executive shall be entitled to the compensation set forth in
Paragraph 10 hereof.

         In the event such notice of intent not to renew is properly delivered
subject to the provisions set forth in this Paragraph 1(a), this Agreement,
along with all corresponding rights, duties and covenants, shall automatically
expire at the end of the Initial Term or successive term then in progress.

                  (b)      Position. UP shall employ the Executive during the
         term of this Agreement as Chairman, President and Chief Executive
         Officer, Union Planters Bank, N.A., Memphis Region. The Executive shall
         be responsible to the Chairman of the Board and Chief Executive Officer
         of UP and to the President and Chief Operating Officer of UP or to such
         other UPC executive as either of them shall designate from time to
         time. The Executive may engage in charitable, civic or community
         activities and, with the prior approval of the UPC Chairman or the UPC
         President, may serve as a director of any other business corporation.
         The Executive's office for the performance of his duties under this
         Agreement shall be located within the greater metropolitan area of
         Memphis, Tennessee.

                  (c)      Cash Payment. Upon the execution hereof, Executive
         shall be paid the sum of Fifty Thousand Dollars ($50,000.00) . Should
         Executive terminate his employment without Good Reason during the
         Initial Term hereof, Executive shall repay UP one third of such Cash
         Payment for each year or portion thereof of the Initial Term remaining
         after such termination.

         2.       Base Salary. As compensation for services to UP, UP agrees to
pay to Executive the sum of Two Hundred Twenty-five Thousand Dollars
($225,000.00) per annum payable in twenty-four (24) as equal as possible
payments, one such payment being made twice each month. Such compensation shall
be reviewed annually and may be increased annually following each such annual
review of the Executive's performance. Such compensation, as it may be increased
annually, shall not be decreased during the term of this Agreement.

         3.       Benefits. UP agrees to provide Executive the following
benefits, commencing with the Effective Date hereof or as soon thereafter as
practicable (all of which shall vest as of the date thereof or at such date or
dates as provided in the plan documents establishing such benefits) and
continuing for so long as Executive is employed under this Agreement or any
extension hereof.

                  (a)      Any fringe benefit package presently offered or to be
         offered in the future generally to the employees of UP, such as health
         and dental insurance, disability insurance and participation in the
         ESOP and 401K Plans of UP, on the same basis as offered to other
         similar senior executives of UP participating therein.

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<PAGE>   3

                  (b)      An annual paid vacation in accordance with UP's
         Personnel Policy. At least two (2) weeks of such vacation shall be
         taken consecutively.

                  (c)      Any other benefits generally provided to similar
         senior executives of UP as the Board of Directors may, from time to
         time, approve.

         4.       Additional Benefits and Bonuses. In addition to those benefits
set forth in Paragraph 3 above, Executive shall receive the following benefits
and bonuses:

                  (a)      Reimbursement of membership dues and assessments
         incurred during the term of this Agreement, in the appropriate country
         and civic clubs as approved by the UPC Chairman or UPC President in
         accordance with normal policies regarding club dues.

                  (b)      An eligibility to participate in UP's Key Officer
         incentive bonus program and receive an annual bonus of up to one
         hundred and twenty-five per cent (125%) of Executive's base salary. For
         the first year of service by Executive hereunder, Executive shall be
         guaranteed an incentive bonus of at least $100,000.00.

                  (c)      Upon the Effective Date hereof, the Executive shall
         receive an initial grant of ten thousand (10,000) restricted shares of
         Union Planters Corporation(AUPC@) Common Stock (the "Initial Stock").

                  (d)      Upon the Effective Date hereof, the Executive shall
         receive an initial grant of options to purchase (at the closing market
         price upon date of grant) forty thousand (40,000) shares of UPC Common
         Stock (the "Initial Options").

         The Initial Stock described in paragraph 4(c) above shall vest in equal
portions over twelve (12) years. The Initial Options described in paragraph 4(d)
shall vest in equal portions at the end of each year of the Initial Term. If at
any time during the Initial Term, Executive voluntarily terminates his
employment hereunder for Good Reason, as described in paragraph 10, then the
unvested portion of the Initial Options shall automatically be vested. Executive
shall be considered annually for the grant of additional stock options by the UP
Stock Option Committee on the same basis as other senior executives of UP.

                  (e)      Executive shall be eligible to participate in UP's
         Executive Deferred Compensation Plan.

                  (f)      UP will assist in the disposition of Executive's
         principal residence as set forth herein. Executive shall use his best
         efforts to sell such residence for a period of 90 days, which 90 days
         shall be deemed to begin May 1, 2000. If Executive has not executed a
         contract for sale within such 90 day period, UP shall purchase such
         residence from Executive at a purchase price determined by averaging
         two appraisals, one of which shall be obtained by Executive and one by
         UP.

         5.       Expenses. Executive is authorized to incur necessary and
customary expenses in connection with the business of UP. UP will pay or
reimburse Executive for such expenses upon presentation by Executive of the
appropriate records which verify such expenses in accordance with normal expense
policies. Executive shall be granted an automobile allowance of $500.00 per
month during the term hereof. Relocation expenses, such as moving, travel and
temporary living expenses, shall be governed by UP's policy on such expenses.

         6.       Termination. This Agreement shall terminate upon the first to
occur of the following:

                  (a)      The expiration of the term provided for in
         Paragraph 1;

                  (b)      The death of the Executive;

                  (c)      The permanent disability of Executive, as defined in
         Paragraph 8;

                  (d)      The Termination for Cause of the employment of the
         Executive, as defined in Paragraph 9;

                  (e)      Termination of the employment of the Executive by UP
         without cause or by the Executive for Good Reason, as described in
         Paragraph 10; and

                  (f)      Termination of employment by the Executive without
         Good Reason, provided that Executive shall give at least ninety (90)
         days prior written notice of termination. UP reserves the right to
         accelerate Executive's termination under this provision and pay to

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<PAGE>   4

         Executive accrued Base Salary through the date of the termination as
         determined by UP, and any other benefits to which the Executive is
         entitled upon his termination of employment with UP, in accordance with
         the terms of the plans and programs of UP.

         7.       Noncompetition. For a period of two (2) years from the date of
any voluntary termination of this Agreement by the Executive without Good
Reason, the Executive covenants and agrees that: (a) the Executive shall not,
directly or indirectly, on his own behalf, or as an employee, representative, or
agent of a third party, by ownership of any type of interest in any business
enterprise or by any other means whatsoever, engage in any business or
activities which are competitive with UP's business (a "Competitor's Business")
within the states where UP maintains and operates banking offices or become
associated with or render services to a Competitor's Business; and (b) the
Executive shall not, directly or indirectly, call upon or solicit any customers
of UP or any presently existing affiliate for any purpose or business that is
competitive with UP's business. For the purposes of this paragraph, the term
"Competitor's Business" shall apply only to such businesses or activities
conducted by a competitor of UP within the states where UP maintains and
operates banking offices.

         Nothing in this Paragraph 7 shall prohibit the Executive from being (i)
a stockholder in a mutual fund or a diversified investment company or (ii) a
passive owner of not more than two (2) percent of the outstanding stock of any
class of a corporation, so long as the Executive has no active participation in
the business of such corporation.

         8.       Death or Disability.

                  (a)      In the event of the termination of the employment of
         the Executive due to his permanent disability or death, the Executive
         (or in the event of his death, his executor, administrator or other
         personal representative) shall receive:

                           (1)      accrued Base Salary through the date of the
                  termination of the Executive's employment;

                           (2)      any annual bonus owing but not yet paid for
                  any fiscal year ended on or before the Executive's termination
                  of employment; and

                           (3)      any other benefits to which the Executive is
                  entitled upon his termination of employment with UP due to his
                  death, in accordance with the terms of the plans and programs
                  of UP.

                  (b)      "Disability" as used herein, means a physical or
         mental condition of the Executive determined by UPC in accordance with
         standards and procedures similar to those under UPC's employee
         long-term disability plan, if any. At any time that UPC does not
         maintain such a long-term disability plan, Disability shall mean the
         inability of Executive, as determined by UPC, to substantially perform
         Executive's regular duties and responsibilities due to a medically
         determinable physical or mental illness which has lasted (or can
         reasonably be expected to last) for a period of six (6) consecutive
         months.

         9.       Termination for Cause. As used in Paragraph 6(d), "Termination
for Cause" means a termination of the Executive's employment because the
Executive engages in theft, fraud, or embezzlement causing significant damage to
UP. The determination of theft, fraud, or embezzlement will be made by the UP
Board of Directors in good faith, but such determination does not require an
actual criminal indictment or conviction prior to or after such decision.

         If UP terminates the Executive's employment for Cause, he shall be
entitled only to:

                           (1)      accrued Base Salary through the date of the
                  termination of his employment; and

                           (2)      any other benefits to which the Executive
                  shall be legally entitled upon his termination of employment
                  with UP, in accordance with the terms of the plans and
                  programs of UP.

         10.      Termination by UP without Cause or by the Executive for Good
Reason. As stated in Paragraph 6(e) hereof, Executive's employment may be
terminated by UP without Cause. In addition, the Executive may voluntarily
terminate his employment with UP for Good Reason. For purposes of this
Agreement, "Good Reason" shall mean any material breach of this Agreement by UP,
including but not limited to, (1) any reduction in Executive's Base Salary or
incentive opportunities, (2) any material reduction in benefits to which the
Executive shall be entitled under the plans and programs of UP (unless such
reduction is equally applicable to all senior executives of UP, including the
Executive), (3) any material reduction in the Executive's employment
responsibilities or in his office or title, or (4) the Executive's relocation
from the greater metropolitan area of Memphis, Tennessee without his consent.
Upon termination of the employment of the Executive by UP without Cause or the
voluntary termination of such employment by the Executive for Good Reason, the
Executive shall receive:

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<PAGE>   5

                           (1)      accrued Base Salary through the date of the
                  termination of his employment;

                           (2)      any annual bonus owing but not yet paid for
                  any fiscal year ended on or before the Executive's termination
                  of employment;

                           (3)      any other benefits to which the Executive is
                  entitled upon his termination of employment with UP, in
                  accordance with the terms of the plans and programs of UP; and

                           (4)      a lump sum amount equal to Executive's Base
                  Salary for the remainder of the term of this Agreement then in
                  effect, but not less than one year's Base Salary.

         11.      Termination following a Change in Control. If a "Change in
Control" as defined in the Severance Agreement attached hereto as Exhibit A
occurs, then the rights, privileges and responsibilities of the parties hereto
shall be governed by the terms of such Severance Agreement. For the purposes of
the interpretation of the Severance Agreement: (a) "Company" shall be deemed to
mean Union Planters Corporation; (b) In paragraph 1.(h),The date "December 31,
1997" shall be revised to "May 1, 2003" and the proviso (A) shall be revised to
read "commencing on May 1, 2001 and each May 1 thereafter, the term of this
Agreement will automatically be extended for an additional year unless, not
later than January 30 of such year and every year thereafter, the Company or
Executive shall have given notice that it or Executive, as the case may be, does
not wish to have the Term extended"; and (c), in paragraph 12, "Delaware" shall
be replaced with "Tennessee". In the event of a conflict between the terms of
this Agreement and the Severance Agreement in the interpretation of the
Severance Agreement, the Severance Agreement shall govern.

         12.      Non-Disclosure. For a period of five (5) years after the date
of any termination or expiration of this Agreement, Executive will not disclose
any information deemed Confidential Information, except (i) to a person who is
an authorized employee (as such term is defined in Paragraph 13), (ii) as
required by law, regulation or order of any court or regulatory commission,
department or agency or (iii) as part of a confidential communication to an
attorney. If Executive shall attempt to disclose the Confidential Information or
any part or parts thereof in a manner contrary to the terms of this Agreement,
UP shall have the right, in addition to other remedies which may be available to
it, to injunctive relief enjoining such acts or attempts, it being acknowledged
that legal remedies are inadequate. This provision shall survive termination of
this Agreement for the five (5) year period above provided.

         13.      Definition of Confidential Information and Authorized
Employee. Confidential Information means any information not disseminated by UP
to the general public (including identity of customers, clients, business
contacts, suppliers of goods and/or services, and any transaction by or between
such person or entities and UP) and which Executive used or knew of because of
his employment at UP, including specific information about methods not generally
employed in the industry at large and which are used or known to be contemplated
for use in the future by UP for the purpose of gaining proprietary advantage
over competitors; provided, however, that Confidential Information shall not
include general knowledge of skills and techniques acquired or improved as a
result of the employment experience at UP. Authorized employee means with
respect to UP, members of the UP Board of Directors; the Chief Executive
Officer; the President; Executive Vice Presidents; immediate supervisors; a
fellow employee on a need-to-know basis only; and any UP employee in the course
of the performance of the Executive's duties pursuant to this Agreement.
Executive shall be entitled at all times to disclose Confidential Information to
his personal attorney on a confidential basis and as may otherwise be required
by law.

         14.      Assignment. The rights and obligations of UP and Executive
(except Executive's obligation to perform services) under this Agreement shall
inure to the benefit of and shall be binding upon their respective successors,
if any.

         15.      Execution of Agreement. The execution of this Agreement shall
be final upon signing by UP and the Executive, and shall not require the
approval or ratification of any Committee or of the Board of Directors.

         16.      Entire Agreement. This Agreement contains the entire agreement
between the parties and supersedes all prior discussions, understandings and
commitments, if any, whether oral or written. This Agreement cannot be amended
or modified except by subsequent written agreement signed by all of the parties.
In agreeing that this Agreement may not be changed in any way except by a
written and executed document, the parties knowingly waive and give up any
constitutional right which they may otherwise have to amend or modify this
Agreement by some means other than in writing. Finally, any agreement between UP
and Executive which concerns any subject dealt with by this Agreement shall be
considered an amendment or modification of this Agreement and not an agreement
separate from this Agreement.

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<PAGE>   6

         17.      Arbitration. Any dispute or controversy between UP and the
Executive, whether arising out of or relating to this Agreement, its
interpretation, its breach, or otherwise, shall be settled by arbitration in
Memphis, Tennessee administered by the American Arbitration Association, with
any such dispute or controversy arising under this Agreement being so
administered in accordance with its rules then in effect, and judgment on the
award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. The arbitrator shall have the authority to award any remedy or relief
that a court of competent jurisdiction could order or grant, including, without
limitation, the issuance of an injunction. However, either party may, without
inconsistency with this arbitration provision, apply to any court having
jurisdiction over such dispute or controversy and seek interim provisional,
injunctive or other equitable relief until the arbitration award is rendered or
the controversy is otherwise resolved. Except as necessary in court proceedings
to enforce this arbitration provision or an award rendered hereunder, or to
obtain interim relief, neither a party nor an arbitrator may disclose the
existence, content or results of any arbitration hereunder without the prior
written consent of UP and the Executive. Notwithstanding any choice of law
provision included in this Agreement, the United States Federal Arbitration Act
shall govern the interpretation and enforcement of this arbitration provision.

         18.      Controlling Law. This Agreement and the rights and obligations
hereunder shall be governed by and construed in accordance with the federal law
of the United States of America, and in the absence of controlling federal law,
in accordance with the laws of the State of Tennessee.

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

                                                     EXECUTIVE

                                               /s/ John V. White, Jr.
                                        --------------------------------------

                                              UNION PLANTERS BANK, N.A.

                                        By:       /s/ Jackson W. Moore
                                           -----------------------------------
                                           Jackson W. Moore, President and COO

                                       5

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