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                                                                 EXHIBIT 10.1(B)

                AMENDMENT TO THE CENTRAL PARKING CORPORATION 1995
        INCENTIVE AND NOT QUALIFIED STOCK OPTION PLAN FOR KEY PERSONNEL

         The Central Parking Corporation 1995 Incentive and Nonqualified Stock
Option Plan (the "Plan") is hereby amended by deleting Section 3 of the plan in
its entirety and replacing such section with the following:

                  3.       STOCK SUBJECT TO THE PLAN. There will be reserved for
         issuance under the Plan and under the Corporation's 1995 Restricted
         Stock Plan an aggregate of 3,817,500 shares of Common Stock, which will
         be authorized and unissued Common Stock. If an Option expires or
         terminates for any reason without being exercised in full, the shares
         subject thereto which have not been purchased will again be available
         for the purposes of the Plan. The number of shares as to which Options
         may be granted under the Plan will be proportionately adjusted, to the
         nearest whole share, in the event of any stock dividend, stock split,
         reorganization, merger, consolidation, share combination or similar
         recapitalization involving the Common Stock or any spin-off, spin-out
         or other significant distribution of assets of stockholders for which
         the corporation receives no consideration. In the event that there is
         an insufficient number of authorized shares of Common Stock available
         to allow exercise of the Options on the date of any grant hereunder,
         such Options will not be exercisable until there are sufficient shares
         of Common Stock authorized for issuance.<PAGE>   1
                                                                 EXHIBIT 10.1(M)

                               EMPLOYMENT CONTRACT

THIS AGREEMENT made and entered into effective this 12th day of June, 2000, by
and between CENTRAL PARKING SYSTEM, INC., a Tennessee corporation with its
principal place of business in Nashville, Tennessee ("EMPLOYER"), and James J.
Hagan ("EMPLOYEE").

                                   WITNESSETH:

WHEREAS, the parties hereto have reached an understanding as to their contract
of employment, and desire to reduce same to writing.

NOW THEREFORE, in consideration of the premises, the parties hereto have agreed
as follows:

(1)      EMPLOYER does hereby employ EMPLOYEE as Senior Vice President and Chief
         Financial Officer.

(2)      DUTIES. EMPLOYEE agrees to serve in such capacity, and to perform all
         the duties required thereof. EMPLOYEE'S duties and powers in that
         capacity will be determined by EMPLOYER, and will include, but not
         limited to, managing the accounting, tax, treasury and investor
         relations functions. EMPLOYEE'S responsibilities shall include, but not
         be limited to, (i) ensuring that EMPLOYER'S financial reporting
         processes are timely and accurate and its accounting practices are in
         conformity with GAAP; (ii) ensuring the adequacy of the EMPLOYER'S
         financial controls and policies; (iii) assisting EMPLOYER in evaluating
         new business opportunities and potential acquisitions and joint
         ventures; (iv) establishing and maintaining relationships with bankers,
         securities analysts and the financial community as a whole; (v)
         directing the selection, hiring, training and development of all
         personnel within the finance function; (vi) directing the budgeting
         process; and (vii) performing such other duties from time to time as
         may be required by EMPLOYER.

(3)      COMPENSATION. EMPLOYER agrees to pay EMPLOYEE for said services a base
         salary for FY 2000 and FY 2001 equal to Three Hundred Fifty Thousand
         Dollars ($350,000) gross per year (which base salary for FY 2000 shall
         be pro rated based on the period of time actually worked by EMPLOYEE in
         FY 2000) plus a potential bonus based upon EMPLOYER'S earnings per
         share (EPS) realized in the fiscal year. A sample calculation of the
         EPS bonus is

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         attached for reference purposes. Notwithstanding the above, EMPLOYEE
         shall be entitled to an annual bonus of not less than $175,000 for each
         FY 2000 (which bonus shall be pro rated based on the period of time
         actually worked by EMPLOYEE in FY 2000) and FY 2001. EMPLOYEE may elect
         to borrow, in advance, a portion of this potential bonus in an amount
         agreed upon by the EMPLOYER through the course of EMPLOYER'S fiscal
         year. Should such advance exceed the amount actually due EMPLOYEE based
         on the computation of EMPLOYER'S EPS for the period covered by this
         Agreement, EMPLOYEE agrees to repay the borrowed amount upon
         notification by the EMPLOYER.

         It is EMPLOYER'S policy that bonuses will not be earned by two people
         during a job change transition period. Therefore, in reference to
         EMPLOYEE'S position, if the outgoing manager is to continue working for
         EMPLOYER in a similar position or is promoted, then the outgoing
         manager will continue to earn toward a bonus until leaving the current
         position, and the incoming manager will not begin to earn toward a
         bonus until the day after the outgoing manager's last day in the
         position. If the outgoing manager resigns, retires, or is removed form
         the position, then the incoming manager will begin to earn toward the
         bonus from the time he or she commences work and the outgoing person
         will not have earned any bonus attributable to the period in which he
         has not worked in the position.

(4)      DURATION. This Agreement shall continue through September 30, 2001, and
         shall continue on a month-to-month basis thereafter until a new
         agreement is entered into or until this Agreement is terminated
         pursuant to the terms of this paragraph. This Agreement may be
         terminated by either party upon thirty (30) days' written notice unless
         EMPLOYEE is discharged or resigns as a result of the commission by him
         or her of an act involving theft, embezzlement, fraud, intentional
         mishandling of EMPLOYER funds, any breach of this Agreement or
         conviction of a criminal offense which adversely affects the EMPLOYEE'S
         job-related responsibilities in which event such termination will be
         effective immediately. EMPLOYER retains in its sole discretion the
         option to substitute for the thirty (30) days' written notice of
         termination of this Agreement.

(5)      EXTENT OF SERVICES. EMPLOYEE shall devote his entire attention and
         energy to the business and affairs of EMPLOYER and shall not be engaged
         in any other business activity, whether or not such business activity
         is pursued for gain, profit or other pecuniary advantage, unless
         EMPLOYER consents to EMPLOYEE's involvement in such business activity
         in writing. This restriction shall not be construed as preventing
         EMPLOYEE from investing his assets in a form or manner that will not
         require EMPLOYEE's services in the operation of any of the companies in
         which such investments are made.

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(6)      SEVERANCE. In the event EMPLOYEE is discharged by EMPLOYER without
         CAUSE (as defined below), EMPLOYEE shall be entitled to receive
         severance pay equal to a maximum of 24 months base salary which amount
         shall be reduced on a pro rata basis for the period of time actually
         worked by EMPLOYEE; however, the amount of such severance pay shall not
         be less than 12 months of base salary. As an example, in the event
         EMPLOYEE is discharged without Cause after working six months, EMPLOYEE
         would receive 18 months of base salary. For purposes of this Agreement,
         "Cause" shall be defined as the commission by EMPLOYEE of an act
         involving theft, embezzlement, fraud, intentional mishandling of
         EMPLOYER funds, conviction of a criminal offense which adversely
         affects EMPLOYEE'S job-related responsibilities or a violation by
         EMPLOYEE of any of the covenants set forth in paragraphs 7 or 8 of this
         Agreement. Notwithstanding anything else herein to the contrary,
         EMPLOYEE shall not be entitled to receive severance pay in the event he
         violates any of the covenants set forth in paragraphs 7 or 8 of this
         Agreement.

(7)      RESTRICTIVE COVENANTS. During the term of this Agreement and for a
         period of one (1) year after termination of employment (or one (1) year
         after EMPLOYER is granted injunctive relief to enforce the provisions
         of this paragraph, whichever is later.), EMPLOYEE shall not, either as
         an individual on his own account or as a partner, joint venturer,
         employee, agent, officer, director or shareholder, directly or
         indirectly:

         a.       solicit or attempt to solicit any of EMPLOYER's clients or
                  customers, whether located within the territory of the
                  Operation or outside such territory, with the intent or
                  purpose to perform services for such clients or customers
                  which are the same or similar to those provided to the
                  customer by EMPLOYER;

         b.       hire, solicit or attempt to solicit for the purpose of hiring,
                  any of EMPLOYER's employees, whether located within the
                  territory of the operations or outside such territory or to
                  perform any services as an employee, agent, consultant,
                  independent contractor, or in any other capacity;

         c.       enter into, or engage in, any business competitive with that
                  of EMPLOYER or provide services to any business competitive
                  with that of EMPLOYER.

(8)      CONFIDENTIAL INFORMATION. EMPLOYEE acknowledges and agrees that all
         information of a technical or business nature, such as know-how, trade
         secrets, business plans, data, processes, techniques, financial
         information, information regarding customers, suppliers, consultants,
         joint venture partners and employees, inventions, sales and marketing
         concepts, discoveries,

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         formulas, patterns, and devices (collectively the "Confidential
         Information") acquired by EMPLOYEE in the course of his employment
         under this Agreement is valuable proprietary information of EMPLOYER.
         EMPLOYEE agrees that such Confidential Information, whether in written,
         verbal or model form, shall not be disclosed to anyone outside the
         employment of EMPLOYER without EMPLOYER's written consent unless the
         Confidential Information has been made generally available to the
         public through no fault of the EMPLOYEE.

(9)      RETURN OF COMPANY PROPERTY. Upon termination of EMPLOYEE's employment
         with or without cause, EMPLOYEE shall immediately return and deliver to
         EMPLOYER and shall not retain any originals or copies of any books,
         papers, price lists, customer contracts, bids, customer lists, files,
         notebooks, computer files, computer hardware or software, or any other
         documents or computer records which are company property, which
         contains Confidential Information, or which otherwise relate to
         EMPLOYEE's performance of duties under this Agreement. EMPLOYEE further
         acknowledges and agrees that all such documents and computer records
         are EMPLOYER's sole and exclusive property.

(10)     NOTICE. All notices, demands and communications required, desired or
         permitted to be given hereunder shall be in writing and shall be deemed
         to have been duly given on the date received, if delivered personally,
         or on the third day after mailing, if sent by registered or certified
         mail, return receipt requested, postage prepaid, and addressed to the
         parties at the addresses set forth below or to such other person at
         such location as either party hereto may subsequently designate in a
         similar manner.

(11)     CONSTRUCTION OF AGREEMENT. This Agreement shall be interpreted,
         construed and governed by and under the laws of the State of Tennessee
         without reference to the choice of law doctrine of such state, and
         EMPLOYEE unconditionally submits to the jurisdiction of the courts
         located in the State of Tennessee in all matters relating to or arising
         from this Agreement, except to the extent that an issue is subject to
         the arbitration clause set out herein.

         a.       If any provision or clause of this Agreement or the
         application thereof to either party is held to be invalid by a court of
         competent jurisdiction, then such provision shall be severed herefrom,
         and such invalidity shall not affect any other provision of this
         Agreement, the balance of which shall remain in and have its intended
         full force and effect.

         b.       In the event that the provisions of Paragraphs 7, 8 or 9 of
         this Agreement shall ever be deemed to exceed the time or geographical
         limits permitted by applicable law, then such provisions shall be
         reformed to the maximum time and geographical limits permitted by
         applicable law.

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         c.       References herein to "Paragraphs" or "Subparagraphs" mean the
         various paragraphs and subparagraphs of this Agreement. The headings
         and titles of the Paragraphs of this Agreement are not a part of this
         Agreement, but are for convenience only and are not intended to define,
         limit or construe the contents of the various Paragraphs. The term
         "including" means including, without limitation, unless the context
         clearly indicates otherwise.

         d.       If EMPLOYEE defaults in the performance of its covenants,
         agreements, or other obligations described in paragraphs 7, 8 or 9 of
         this Agreement, then in addition to any and all other rights or
         remedies which the EMPLOYER may have against the EMPLOYEE, EMPLOYEE
         will be liable to and will pay to the EMPLOYER a sum equal to the
         EMPLOYER's court costs and the reasonable fees of its attorneys and
         their support staff incurred in enforcing the covenants, agreements and
         other obligations set out in paragraphs 6,7 or 8 of this Agreement.

         e.       EMPLOYEE acknowledges and agrees that it is impossible to
         measure completely in money, the damages which will accrue to the
         EMPLOYER if EMPLOYEE shall breach or be in default of the provisions
         set forth in paragraphs 7, 8 or 9 of this Agreement. Accordingly, if
         any action or proceeding is instituted by or on behalf of the EMPLOYER
         to enforce any provisions in paragraphs 7, 8 or 9 of this Agreement,
         EMPLOYEE hereby waives any claim or defense thereto that EMPLOYER has
         adequate remedy at law or that EMPLOYER has not been, or is not being,
         irreparably injured thereby. The rights and remedies of the EMPLOYER
         pursuant to this paragraph are cumulative, in addition to, and shall
         not be deemed to exclude any other right or remedy which the EMPLOYER
         may have pursuant to this Agreement or otherwise, at law or in equity,
         including, without limitation, the rights and remedies available to the
         EMPLOYER under Tennessee statutory or common law.

(12)     ARBITRATION. EMPLOYEE and EMPLOYER knowingly and voluntarily agree to
         submit to binding arbitration any claims, disputes, or controversies
         arising out of or relating to this employment relationship or this
         Agreement, or alleged breach thereof, including any present or future
         claim of employment discrimination by EMPLOYEE under either federal or
         state law. Although workers' compensation issues are not within the
         scope of this provision, workers' compensation retaliation claims are
         intended to be arbitrable. Arbitration shall serve as the exclusive
         forum for claims described above, with the exception that EMPLOYER need
         not submit issues relating to a breach or threatened breach of
         paragraphs 7, 8 or 9 to arbitration.

         Any arbitration under this paragraph must be instituted within the
         applicable statute of limitations governing the dispute under state or
         federal law. The laws of the State of Tennessee

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         shall govern all issues relating to such arbitration, including but not
         limited to the applicability and enforceability of this arbitration
         provision, without reference to the choice of law doctrine of such
         state. Such arbitration shall be conducted in Nashville, Tennessee (or
         such other location designated by EMPLOYER) in accordance with the
         governing rules of the Federal Mediation and Conciliation Service
         ("FMCS") then in effect, except for any rule in conflict with this
         paragraph. If for any reason FMCS cannot provide a panel from which to
         select an arbitrator, EMPLOYER may utilize any other arbitrator
         selection services, including the American Arbitration Association. One
         arbitrator shall be selected, using an alternating-strike method, from
         a list of arbitrators provided by FMCS. EMPLOYEE and EMPLOYER will have
         the right of representation of their own choosing at such hearing as
         well as the right to present and cross examine witnesses and to submit
         relevant evidence. Both parties shall have the right, unless waived at
         the hearing, to file a post-hearing brief and the selected arbitrator
         shall not limit this right. Judgment may be entered on the arbitrator's
         award in any court of competent jurisdiction.

         The arbitrator shall have full and complete power to settle any claim
         presented, including any federal or state claim of employment
         discrimination or retaliation by EMPLOYEE, and to fashion an
         appropriate remedy. However, the arbitrator shall not have the power to
         amend or modify this Agreement. In any dispute concerning the
         termination of EMPLOYEE, the arbitrator may not award reinstatement or
         any other remedy unless he or she determines that EMPLOYER was not
         entitled to terminate EMPLOYEE under this Agreement. Fees and costs for
         the arbitration will be split equally between the parties; however,
         each party will be responsible for their own attorney's fees.

(13)     ENTIRE AGREEMENT. This Agreement contains the entire agreement between
         the parties hereto with respect to the subject matter hereof, and there
         are no understandings, representations or warranties of any kind
         between the parties except as expressly set forth herein.

(14)     NO ORAL NOTIFICATION. This Agreement may not be modified except by a
         writing duly signed by both parties hereto.

(15)     NO ASSIGNMENT. Neither this Agreement nor any right or obligation of
         EMPLOYEE hereunder may be assigned by EMPLOYEE without the prior
         written consent of EMPLOYER. Subject thereto, this Agreement and the
         covenants and conditions herein contained shall inure to the benefit of
         and shall be binding upon the parties hereto and their respective
         successors and permitted assigns.

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(16)     All references herein to payment or sums of money shall mean in U.S.
         currency only. All references herein to calendar year, month, week or
         day shall mean the calendar and parts thereof as observed in the U.S.
         All references herein to date and time shall mean the date and time in
         Nashville, Tennessee, U.S.

(17)     This Agreement may be executed in any number of counterparts, each of
         which shall be deemed an original and all of which shall constitute one
         and the same agreement.

(18)     The waiver by either party of a breach or default by the other party of
         any provision of this Agreement shall not operate or be construed as a
         waiver of any other, continuing or subsequent breach or default by such
         party.

WITNESS our hands the day and date first above written.

         CENTRAL PARKING SYSTEM, INC.                 JAMES J. HAGAN

By:      /s/ Monroe J. Carell, Jr.                    /s/ James J. Hagan
         -----------------------------                ------------------------

Title:   Chief Executive Officer
         -----------------------------

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