Document:

<PAGE>   1

                                                                    EXHIBIT 10.2

         SEVERANCE COMPENSATION AGREEMENT, dated as of April 5, 2001, between
O'Charley's Inc., a Tennessee corporation (the "Company"), and A. Chad Fitzhugh
(the "Executive").

         The Company's Board of Directors has determined that it is appropriate
to reinforce and encourage the continued attention and dedication of certain
members of the Company's senior management, including the Executive, to their
assigned duties without distraction in potentially disturbing circumstances
arising from the possibility of a change in control of the Company.

         This Agreement sets forth the severance compensation which the Company
agrees it will pay to the Executive if the Executive's employment with the
Company terminates under one of the circumstances described herein following a
Change In Control of the Company (as defined herein).

         1.       TERM. This Agreement shall terminate, except to the extent
that any obligation of the Company hereunder remains unpaid as of such time,
upon the earliest of (i) three years from the date hereof if a Change in Control
of the Company has not occurred within such three-year period; (ii) the
termination of the Executive's employment with the Company based on death,
Disability (as defined in Section 3(b)), Retirement (as defined in Section 3(c))
or Cause (as defined in Section 3(d)) or by the Executive other than for Good
Reason (as defined in Section 3(e)); and (iii) eighteen months from the date of
a Change in Control of the Company if the Executive has not terminated his
employment for Good Reason as of such time.

         2.       CHANGE IN CONTROL. No compensation shall be payable under this
Agreement unless and until (a) there shall have been a Change in Control of the
Company while the Executive is still an employee of the Company and (b) the
Executive's employment by the Company thereafter shall have been terminated in
accordance with Section 3. For purposes of this Agreement, a Change in Control
means the happening of any of the following:

                           (i)      any person or entity, including a "group" as
         defined in Section 13(d)(3) of the Securities Exchange Act of 1934,
         other than the Company, a wholly-owned subsidiary thereof, any employee
         benefit plan of the Company or any of its Subsidiaries becomes the
         beneficial owner of the Company's securities having 30% or more of the
         combined voting power of the then outstanding securities of the Company
         that may be cast for the election of directors of the Company (other
         than as a result of an issuance of securities initiated by the Company
         in the ordinary course of business); or

                          (ii)      as the result of, or in connection with, any
         cash tender or exchange offer, merger or other business combination,
         sale of assets or contested election, or any combination of the
         foregoing transactions less than a majority of the combined voting
         power of the then outstanding securities of the Company or any
         successor corporation or entity entitled to vote generally in the
         election of the directors of the Company or such other corporation or
         entity after such transaction are held in the aggregate by the holders
         of the Company's securities entitled to vote generally in the election
         of directors of the Company immediately prior to such transaction; or

<PAGE>   2

                         (iii)      during any period of two consecutive years,
         individuals who at the beginning of any such period constitute the
         Board cease for any reason to constitute at least a majority thereof,
         unless the election, or the nomination for election by the Company's
         shareholders, of each director of the Company first elected during such
         period was approved by a vote of at least two-thirds of the directors
         of the Company then still in office who were directors of the Company
         at the beginning of any such period.

         3.       TERMINATION FOLLOWING CHANGE IN CONTROL. (a) If a Change in
Control of the Company shall have occurred while the Executive is still an
employee of the Company, the Executive shall be entitled to the compensation
provided in Section 4 upon the subsequent termination of the Executive's
employment with the Company by the Executive or by the Company unless such
termination is as a result of (i) the Executive's death; (ii) the Executive's
Disability (as defined in Section (3)(b) below); (iii) the Executive's
Retirement (as defined in Section 3(c) below); (iv) the Executive's termination
by the Company for Cause (as defined in Section 3(d) below); or (v) the
Executive's decision to terminate employment other than for Good Reason (as
defined in Section 3(e) below).

                  (b)      DISABILITY. If, as a result of the Executive's
incapacity due to physical or mental illness, the Executive shall have been
absent from his duties with the Company on a full-time basis for six months and
within 30 days after written notice of termination is thereafter given by the
Company the Executive shall not have returned to the full-time performance of
the Executive's duties, the Company may terminate this Agreement for
"Disability."

                  (c)      RETIREMENT. The term "Retirement" as used in this
Agreement shall mean termination by the Company or the Executive of the
Executive's employment based on the Executive's having reached age 65 or such
other age as shall have been fixed in any arrangement established with the
Executive's consent with respect to the Executive.

                  (d)      CAUSE. The Company may terminate the Executive's
employment for Cause. For purposes of this Agreement only, the Company shall
have "Cause" to terminate the Executive's employment hereunder only on the basis
of fraud, misappropriation or embezzlement on the part of the Executive.
Notwithstanding the foregoing, the Executive shall not be deemed to have been
terminated for Cause unless and until there shall have been delivered to the
Executive a copy of a resolution duly adopted by the affirmative vote of not
less than three-quarters of the membership of the Company's Board of Directors
(excluding the Executive if the Executive is then a member of the Board of
Directors) at a meeting of the Board called and held for the purpose (after
reasonable notice to the Executive and an opportunity for the Executive,
together with the Executive's counsel, to be heard before the Board), finding
that in the good faith opinion of the Board the Executive was guilty of conduct
set forth in the second sentence of this Section 3(d) and specifying the
particulars thereof in detail.

                                        2
<PAGE>   3

                  (e)      GOOD REASON. The Executive may terminate the
Executive's employment for Good Reason at any time during the term of this
Agreement. For purposes of this Agreement, "Good Reason" shall mean any of the
following (without the Executive's express written consent):

                           (i)      the assignment to the Executive by the
         Company of duties inconsistent with the Executive's position, duties,
         responsibilities and status with the Company immediately prior to a
         Change in Control of the Company, or a change in the Executive's titles
         or offices as in effect immediately prior to a Change in Control of the
         Company, or any removal of the Executive from or any failure to reelect
         the Executive to any of such positions, except in connection with the
         termination of his employment for Disability, Retirement or Cause or as
         a result of the Executive's death or by the Executive other than for
         Good Reason;

                          (ii)      a reduction by the Company in the
         Executive's base salary as in effect on the date hereof or as the same
         may be increased from time to time during the term of this Agreement;

                         (iii)      a relocation of the Company's principal
         executive offices to a location outside of Nashville, Tennessee, or the
         Executive's relocation to any place other than the location at which
         the Executive performed the Executive's duties prior to a Change in
         Control of the Company, except for required travel by the Executive on
         the Company's business to an extent substantially consistent with the
         Executive's business travel obligations at the time of a Change in
         Control of the Company;

                           (iv)     any material breach by the Company of any
         provision of this Agreement;

                           (v)      any failure by the Company to obtain the
         assumption of this Agreement by any successor or assign of the Company;
         or

                           (vi)     any purported termination of the Executive's
         employment which is not effected pursuant to a Notice of Termination
         satisfying the requirements of Section 3(f), and for purposes of this
         Agreement, no such purported termination shall be effective.

                  (f)      NOTICE OF TERMINATION. Any termination by the Company
pursuant to Section 3(b), 3(c) or 3(d) shall be communicated by a Notice of
Termination. For purposes of this Agreement, a "Notice of Termination" shall
mean a written notice which shall indicate those specific termination provisions
in this Agreement relied upon and which sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the
Executive's employment under the provision so indicated. For purposes of this
Agreement, no such purported termination by the Company shall be effective
without such Notice of Termination.

                                       3
<PAGE>   4

                  (g)      DATE OF TERMINATION. "Date of Termination" shall mean
(a) if this Agreement is terminated by the Company for Disability, 30 days after
Notice of Termination is given to the Executive (provided that the Executive
shall not have returned to the performance of the Executive's duties on a
full-time basis during such 30-day period) or (b) if the Executive's employment
is terminated by the Company for any other reason, the date on which a Notice of
Termination is given.

         4.       SEVERANCE COMPENSATION UPON TERMINATION OF EMPLOYMENT. (a) If
the Company shall terminate the Executive's employment following a Change in
Control other than pursuant to Section 3(b), 3(c) or 3(d) or if the Executive
shall terminate his employment following a Change in Control for Good Reason,
then the Company shall pay to the Executive as severance pay in a lump sum, in
cash, on the fifth day following the Date of Termination, an amount equal to the
sum of (i) 150% of the average of the aggregate annual salary paid to the
Executive by the Company during the three calendar years preceding the Change in
Control of the Company and (ii) 150% of the highest bonus compensation paid to
the Executive for any of the three calendar years preceding the Change in
Control of the Company; provided, however, that if the lump sum severance
payment under this Section 4, either alone or together with other payments which
the Executive has the right to receive from the Company, would constitute a
"parachute payment" (as defined in Section 28OG of the Internal Revenue Code of
1986, as amended (the "Code")), such lump sum severance payment shall be reduced
to the largest amount as will result in no portion of the lump sum severance
payment under this Section 4 being subject to the excise tax imposed by Section
4999 of the Code.

                  (b)      In addition to the lump sum payment provided in
Section 4(a), if the Company shall terminate the Executive's employment
following a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d)
or if the Executive shall terminate his employment following a Change in Control
for Good Reason, then the Company shall provide to the Executive health
insurance equivalent to that provided to the Executive immediately prior to
termination until the earlier of: (i) eighteen months following the Date of
Termination or (ii) such time as Executive is employed by another employer and
is covered or permitted to be covered by benefit plans of another employer
providing substantially similar coverage.

         5.       NO OBLIGATION TO MITIGATE DAMAGES; NO EFFECT ON OTHER
CONTRACTUAL RIGHTS. (a) The Executive shall not be required to mitigate damages
or the amount of any payment provided for under this Agreement by seeking other
employment or otherwise, nor shall the amount of any payment provided for under
this Agreement be reduced by any compensation earned by the Executive as the
result of employment by another employer after the Date of Termination, or
otherwise.

                  (b)      The provisions of this Agreement, and any payment
provided for hereunder, shall not reduce any amounts otherwise payable, or in
any way diminish the Executive's existing rights, or rights which would accrue
solely as a result of the passage of time, under any benefit plan, incentive
plan or stock option plan, employment agreement or other contract, plan or
arrangement.

                                       4
<PAGE>   5

         6.       SUCCESSOR TO THE COMPANY. (a) The Company will require any
successor or assign (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, by agreement in form and substance satisfactory to the
Executive, expressly, absolutely and unconditionally to assume and agree to
perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession or assignment had
taken place. Any failure of the Company to obtain such agreement prior to the
effectiveness of any such succession or assignment shall be a material breach of
this Agreement and shall entitle the Executive to terminate the Executive's
employment for Good Reason. As used in this Agreement, "Company" shall mean the
Company as hereinbefore defined and any successor or assign to its business
and/or assets as aforesaid which executes and delivers the agreement provided
for in this Section 6 or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law. If at any time during the term
of this Agreement the Executive is employed by any corporation a majority of the
voting securities of which is then owned by the Company, "Company" as used in
Sections 3, 4, 11 and 12 hereof shall in addition include such employer. In such
event, the Company agrees that it shall pay or shall cause such employer to pay
any amounts owed to the Executive pursuant to Section 4 hereof.

                  (b)      This Agreement shall inure to the benefit of and be
enforceable by the Executive's personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If the
Executive should die while any amounts are still payable to him hereunder, all
such amounts, unless otherwise provided herein, shall be paid in accordance with
the terms of this Agreement to the Executive's devisee, legatee, or other
designee or, if there be no such designee, to the Executive's estate.

         7.       NOTICE. For purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, as follows:

                           If to the Company:

                           O'Charley's Inc.
                           3038 Sidco Drive
                           Nashville, Tennessee 37204
                           Attention: Chief Executive Officer

                           If to the Executive:

                           A. Chad Fitzhugh
                           3038 Sidco Drive
                           Nashville, Tennessee 37204

                                       5
<PAGE>   6

or such other address as either party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

         8.       MISCELLANEOUS. No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing signed by the Executive and the Company. No waiver by
either party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. This Agreement shall be governed by and construed
in accordance with the laws of the State of Tennessee.

         9.       VALIDITY. The invalidity or unenforceability of any provisions
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

         10.      COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

         11.      LEGAL FEES AND EXPENSES. The Company shall pay all legal fees
and expenses which the Executive may incur as a result of the Company's
contesting the validity, enforceability or the Executive's interpretation of, or
determinations under, this Agreement.

         12.      CONFIDENTIALITY. The Executive shall retain in confidence any
and all confidential information known to the Executive concerning the Company
and its business so long as such information is not otherwise publicly
disclosed. The provisions of this Section 12 are not intended to restrict the
ability of the Executive following termination of employment for any reason to
engage in any business which is, directly or indirectly, competitive with the
business conducted by the Company.

                                        6
<PAGE>   7

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

                                         O'CHARLEY'S INC.

                                         By: /s/ Gregory L. Burns
                                            ------------------------------------
                                             Name: Gregory L. Burns
                                             Title: Chief Executive Officer

                                            /s/ A. Chad Fitzhugh
                                         ---------------------------------------
                                         A. Chad Fitzhugh

                                        7<PAGE>   1
                                                                     EXHIBIT 4.1

                              ALLIED HOLDINGS, INC.
             AMENDED AND RESTATED 1999 EMPLOYEE STOCK PURCHASE PLAN

                                    ARTICLE I
                              PURPOSE AND APPROVAL

1.1      PURPOSE OF THE PLAN. The purpose of the Allied Holdings, Inc. 1999
Employee Stock Purchase Plan is to provide a method whereby Employees of the
Company may acquire a proprietary interest in the Company through the purchase
of Shares of common stock of Allied Holdings, Inc. The Plan is intended to
qualify as an "Employee Stock Purchase Plan" as defined in Section 423 of the
Code. The provisions of the Plan shall be construed so as to extend and limit
participation in a manner consistent with the requirements of the Code.

1.2      APPROVAL OF THE PLAN. The Plan was adopted by the Board on December 16,
1998, subject to approval by the Company's shareholders, as required by the
Code. The Plan was adopted by the shareholders on May 12, 1999. The Board
approved the Amended and Restated 1999 Employee Stock Purchase Plan on February
21, 2001, and the shareholders adopted this Amended and Restated 1999 Employee
Stock Purchase Plan on May 15, 2001.

                                   ARTICLE II
                                   DEFINITIONS

2.1      "ACCOUNT" means the account maintained by the Company for a Participant
pursuant to Section 3.3.

2.2      "ACT" means the Securities Exchange Act of 1934, as amended.

2.3      "BOARD" means the Board of Directors of Allied Holdings, Inc.

2.4      "CODE" means the Internal Revenue Code of 1986, as amended.

2.5      "COMMITTEE" means the Compensation Committee of the Board, or such
other Committee as the Board may designate to administer the Plan pursuant to
Article VI.

2.6      "COMPANY" means Allied Holdings, Inc. and its Subsidiaries.

2.7      "COMPENSATION" means all base straight time gross earnings,
commissions, overtime and other compensation, but shall not include income
recognized pursuant to stock options or Shares purchased hereunder or to imputed
fringe benefit income.

2.8      "ELIGIBLE EMPLOYEE" means an Employee described in Section 3.2.

2.9      "EMPLOYEE" means any person who is an employee of the Company for tax
purposes, subject to the exclusion of such persons or classes of persons as the
Committee may determine
<PAGE>   2

to be consistent with Code Section 423 and other applicable law.

2.10     "EXERCISE PRICE" means the purchase price for Shares purchased pursuant
to the exercise of an Option identified in Section 4.1.

2.11     "FAIR MARKET VALUE" means,

         (a)      If the Shares are listed on any established stock exchange or
a national market system, including without limitation the Nasdaq National
Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market
Value shall be the closing sales price for such Shares (or the closing bid, if
no sales were reported) as quoted on such exchange or system on the date of such
determination, as reported in "The Wall Street Journal" or such other source as
the Committee deems reliable, or;

         (b)      If the Shares are regularly quoted by a recognized securities
dealer but selling prices are not reported, Fair Market Value shall be the mean
of the closing bid and asked prices for Shares on the date of such
determination, as reported in "The Wall Street Journal" or such other source as
the Committee deems reliable, or;

         (c)      In the absence of an established market for the Shares, the
Fair Market Value thereof shall be determined in good faith by the Committee.

2.12     "HOLDING PERIOD" means that period beginning on an Offering Termination
Date on which Shares purchased by Participants and ending twelve (12) calendar
months later.

2.13     "OFFERING" means an offering to Participants of Options to purchase
Shares under Section 4.1.

2.14     "OFFERING COMMENCEMENT DATE" means the first business day of the
calendar quarter applicable to the Offering.

2.15     "OFFERING TERMINATION DATE" means the last business day of the calendar
quarter applicable to the Offering.

2.16     "OPTION" means an option to purchase Shares granted pursuant to the
Plan.

2.17     "PARTICIPANT" means an Eligible Employee who has elected to participate
in the Plan pursuant to Section 3.3, and who has not become an ineligible
Employee or withdrawn from participation in the Plan pursuant to Article III.

2.18     "PLAN" means the Allied Holdings, Inc. 1999 Employee Stock Purchase
Plan.

2.19     "PLAN ADMINISTRATOR" means the Vice President, Human Resources of
Allied Industries Incorporated or such other individual as the Committee may
designate to administer

                                       2
<PAGE>   3

the Plan pursuant to Article VI.

2.20     "SHARE" means one share of common stock no par value of Allied
Holdings, Inc.

2.21     "SUBSIDIARY" means a corporation (or other form of entity which the
Committee has determined shall be treated as a corporation for purposes of Code
Section 423), domestic or foreign, of which not less than fifty percent (50%) of
the voting shares are held by the Company or a Subsidiary, whether or not such
corporation now exists or is hereafter organized or acquired by the Company or
Subsidiary.

2.22     "TRANSFER AGENT" means the officially designated transfer agent of the
Company.

                                   ARTICLE III
                          ELIGIBILITY AND PARTICIPATION

3.1      GRANTING OF OPTIONS TO EMPLOYEES

         A.       GRANTING OF OPTIONS TO COMPANY EMPLOYEES ONLY. To the extent
         permitted by the Plan, Options to purchase Shares hereunder, shall only
         be granted to Employees of the Company.

         B.       EMPLOYEE RIGHTS AND PRIVILEGES. All Employees granted Options
         under the Plan shall have the same rights and privileges, except that
         the Committee may from time to time provide for differences in the
         rights and privileges of Employees granted Options hereunder, so long
         as such differences do not jeopardize the qualification of the Plan
         under Code Section 423 or violate other applicable law.

3.2      ELIGIBILITY OF EMPLOYEES. Employees who qualify as Eligible Employees
pursuant to this Section shall be eligible to elect to participate in the Plan
in accordance with Section 3.3.

         A.       ELIGIBLE EMPLOYEE DEFINED. Except as otherwise required by
         Code Section 423 or other applicable law, including, without
         limitation, securities laws of a foreign jurisdiction applicable to
         such Employee, an Employee shall be considered an Eligible Employee for
         purposes of participation in the Plan as of the first Offering
         Commencement Date after Employee attains the age of twenty-one (21),
         provided, that, such Employee's customary employment with the Company
         is at least twenty (20) hours per week and more than five (5) months
         per calendar year. For purposes of the Plan, the employment
         relationship shall be treated as continuing intact while the individual
         is on sick leave or other leave of absence approved by the Company.
         Where the period of leave exceeds ninety (90) days and the individual's
         right to reemployment is not guaranteed either by statute or by
         contract, the employment relationship shall be deemed to have
         terminated on the ninety-first (91)st day of such leave.

                                       3
<PAGE>   4

         B.       REHIRED EMPLOYEES. If an Eligible Employee who has ceased to
         be an Employee becomes an Employee again on a date thereafter, such
         Employee automatically shall become an Eligible Employee effective as
         of the Offering Commencement Date following such date.

         C.       EMPLOYEES DEEMED INELIGIBLE FOR PARTICIPATION

                  (i)      5% OWNERS. No Option shall be granted hereunder to
         any Employee who, immediately after the Option is granted, would own,
         within the meaning of Code Section 424(d), Shares possessing 5% or more
         of the total combined voting power or value of all classes of stock of
         the Company. For purposes of this Section, Shares that an Employee
         would be entitled to purchase on the Offering Termination Date
         applicable to an Option that has been granted pursuant to Section 4.1
         shall be treated as owned by the Employee.

                  (ii)     EMPLOYEES WITH EXERCISE RIGHTS IN EXCESS OF $25,000
         PER YEAR. No Option shall be granted hereunder to any Employee if,
         within the calendar year in which such Option first becomes
         exercisable, such Option (together with any other options that first
         become exercisable in such year that have been granted to the Employee
         under the Plan or any other qualified employee stock purchase plan
         maintained by the Company) would provide the Employee with the right in
         such year to purchase Shares having a Fair Market Value (determined on
         the Offering Commencement Date applicable to each such Option) in
         excess of $25,000.

                  (iii)    OTHER EMPLOYEES. The Committee may from time to time
         deem ineligible for participation hereunder any class or group of
         Employees, so long as the exclusion of such class or group from
         participation does not jeopardize the qualification of the Plan under
         Code Section 423 or violate other applicable law.

3.3      ELECTION TO PARTICIPATE

         A.       PAYROLL DEDUCTION AUTHORIZATION FORM. An Eligible Employee may
         elect to participate in the Plan by filing a properly completed
         authorization form, or such other authorization as the Plan
         Administrator shall require, with the party designated by the Plan
         Administrator no later than ten (10) business days before the Offering
         Commencement Date. Such form shall authorize automatic payroll
         deductions from a Participant's Compensation for each pay period
         commencing on the Offering Commencement Date next succeeding receipt of
         the timely filed authorization form by the designated party (or such
         other date as may be designated by the Plan Administrator), and
         continuing until (i) the Participant changes the amount of such payroll
         deductions pursuant to Section 3.3(C), (ii) the Participant becomes an
         ineligible Employee or withdraws from participation in the Plan
         pursuant to Article III, (iii) the Plan is suspended or terminated
         pursuant to Section 7.11, or (iv) the Committee otherwise determines.

                                       4
<PAGE>   5

         B.       AMOUNT OF PAYROLL DEDUCTIONS; CALENDAR YEAR LIMIT. The payroll
         deductions authorized by the Participant shall be in whole percentages,
         not less than 1% and not more than 10% of Compensation, for each pay
         period, in effect on the date the payroll deductions to which the
         authorization form relates are made. Purchases under the Plan will be
         limited to the lesser of (i) $10,000 of the Fair Market Value of Shares
         (determined as of the Offering Commencement Date), or (ii) six hundred
         (600) Shares for each calendar year (or at such other limit as
         determined by the Committee).

         C.       CHANGES IN PAYROLL DEDUCTIONS. Subject to Section 3.3(B), a
         Participant may increase or decrease the amount of payroll deductions
         previously authorized by filing a properly completed change form, or
         such other authorization as the Plan Administrator shall require, with
         the party and by the date designated by the Plan Administrator. Such
         change shall be made in whole percentages of Compensation, and shall be
         effective beginning on the Offering Commencement Date next succeeding
         the receipt of the timely filed change form by the designated party (or
         such other date as may be designated by the Plan Administrator).

         D.       PARTICIPANT'S ACCOUNT. The Company shall cause to be
         maintained payroll deduction Accounts for all Participants. Payroll
         deductions made from a Participant's Compensation shall be credited to
         the Participant's Account, and shall be applied for the purchase of
         Shares pursuant to Article IV. No interest shall be paid or allowed on
         any payroll deductions credited to a Participant's Account.

3.4      WITHDRAWAL FROM PARTICIPATION

         A.       IN GENERAL. A Participant may withdraw from participation in
         the Plan at any time up to ten (10) business days prior to the Offering
         Termination Date by filing a properly completed withdrawal form, or
         such other authorization as the Plan Administrator shall require, with
         the party and by the date designated by the Plan Administrator. As soon
         as practicable after receipt of the timely filed withdrawal form by the
         designated party, (i) all payroll deductions then credited to the
         Participant's Account which have not already been applied for the
         purchase of Shares hereunder shall be paid to the Participant, and (ii)
         no further payroll deductions shall be made from the Participant's
         Compensation and no Options shall be granted to the Participant during
         any Offering commencing thereafter, unless the Participant elects again
         to participate in the Plan pursuant to Section 3.3. Partial withdrawals
         from participation shall not be permitted.

         B.       TERMINATION OF EMPLOYMENT.

                  (i)      If a Participant ceases to be an Employee for any
         reason other than death or retirement, on or before the last working
         day preceding the 10th day prior to any Offering Termination Date, the
         Participant shall be deemed to have filed a withdrawal

                                       5
<PAGE>   6

         form in accordance with Section 3.4(A) on the date such Participant
         ceases to be an Employee. If the Participant ceases to be an Employee
         after such last working day, the Participant shall be deemed to have
         (x) exercised any outstanding Options in accordance with Article IV,
         and (y) immediately thereafter filed a withdrawal form in accordance
         with Section 3.4(A). The deemed filing of a withdrawal form pursuant to
         this Section shall have the same consequences as would the actual
         filing of a withdrawal form pursuant to Section 3.4(A). Shares in the
         Account of a Participant who experiences a termination of employment
         under the circumstances described in this Section 3.4(B) (i) will
         continue to be subject to the twelve (12)-month restriction period as
         discussed in Section 4.2(B) (iv).

                  (ii)     In the event of the retirement or death of a
         Participant, prior to an Offering Termination Date, the Participant or
         his personal representative shall receive the Shares to which the
         Participant would have been entitled to receive as a result of such
         Participant's payroll deductions, for the current Offering up to the
         time of retirement or death. Shares in the Account of a Participant who
         experiences a termination of employment described in this Section
         3.4(B) (ii) will not be subject to the twelve-month restriction period
         described in Section 4.2(B) (iv).

                                   ARTICLE IV
                        GRANTING AND EXERCISE OF OPTIONS

4.1      GRANTING OF OPTIONS

         A.       QUARTERLY OFFERINGS. The Plan shall be implemented by
         Offerings to Participants of Options to purchase Shares. Offerings
         shall be made each calendar quarter. Each Offering shall commence on
         the Offering Commencement Date and shall terminate on the Offering
         Termination Date. The first Offering Commencement Date shall be the
         Effective Date of the Plan as provided in Section 7.8. Offerings shall
         continue to be made under the Plan until the later of (i) the date the
         maximum number of Shares identified in Article V has been purchased
         pursuant to Options granted hereunder, or (ii) the Plan is terminated
         or suspended pursuant to Section 7.11. The Committee shall have the
         power to change the duration of Offerings (including the commencement
         dates thereof) with respect to future Offerings, without shareholder
         approval, if such change is announced at least two (2) days prior to
         the scheduled beginning of the first Offering to be affected
         thereafter.

         B.       GRANTING OF OPTIONS. On the Offering Commencement Date for
         each Offering period, a Participant automatically shall be granted a
         separate Option to purchase for the applicable Exercise Price a maximum
         number of Shares equal to the accumulated payroll deductions credited
         to the Participant's Account as of the Offering Termination Date for
         such period, divided by 85% of the lesser of (i) the Fair Market Value
         of the Shares on the Offering Commencement Date, or (ii) the Fair
         Market Value of the Shares on the Offering Termination Date.

                                       6
<PAGE>   7

         C.       EXERCISE PRICE. The Exercise Price for Options granted
         hereunder shall be set by the Committee, provided, however, that the
         Exercise price shall not be less than 85% of the lesser of (i) the Fair
         Market Value of the Shares on the Offering Commencement Date, or (ii)
         the Fair Market Value of the Shares on the Offering Termination Date.
         Unless otherwise provided by the Committee prior to the commencement of
         an Offering, the Exercise Price for that Offering shall be 85% of the
         lesser of (i) the Fair Market Value of the Shares on the Offering
         Commencement Date, or (ii) the Fair Market Value of the Shares on the
         Offering Termination Date.

4.2      EXERCISE OF OPTIONS

         A.       AUTOMATIC EXERCISE. Except as otherwise provided in the Plan
         or determined by the Committee, an Option granted to a Participant
         hereunder shall be deemed to have been exercised automatically on the
         Offering Termination Date applicable to such Option. Such exercise
         shall be for the purchase, on or as soon as practicable after the
         Offering Termination Date, of the number of full and/or fractional
         Shares that the accumulated payroll deductions credited to the
         Participant's Account as of the Offering Termination Date will purchase
         at the applicable Exercise Price (but not in excess of the number of
         Shares for which an Option has been granted to the Participant pursuant
         to Section 4.1). The Participant's Account shall be charged for the
         amount of the purchase, and the Participant's ownership of the Shares
         purchased shall be appropriately evidenced on the books of the Company.

         B.       RESTRICTIONS ON EXERCISE OF OPTIONS

                  (i)      EXERCISE OF OPTIONS. As required by Code Section 423,
         any Option granted hereunder shall in no event be exercisable after the
         expiration of twenty-seven (27) months following the Offering
         Commencement Date applicable thereto.

                  (ii)     EXERCISE BY THE PARTICIPANT ONLY. During the
         Participant's lifetime, any Option granted to the Participant shall be
         exercisable only by such Participant.

                  (iii)    OTHER RESTRICTIONS. Under no circumstances shall any
         Option be exercised, nor shall any Shares be issued hereunder, until
         such time as the Company shall have complied with all applicable
         requirements of (a) the Act, (b) all applicable listing requirements of
         any securities exchange on which the Shares are listed, and (c) all
         other applicable requirements of law or regulation.

                  (iv)     HOLDING PERIOD. Shares purchased pursuant to this
         Plan may not be sold, assigned, transferred, pledged, exchanged,
         encumbered or otherwise disposed of in any way (other than by will or
         the laws of descent or distribution) during the applicable Holding
         Period, except in the event of Death or Disability as discussed in
         Section

                                       7
<PAGE>   8

         3.4(B); provided, however, that the Committee, in its discretion, may
         shorten the Holding Period or otherwise provide for the lapse of any
         restrictions outstanding on any Shares. All certificates issued to
         Participants following each Offering Termination Date shall bear a
         legend in substantially the following form:

                  The shares represented by this certificate may not be sold,
         assigned, transferred, pledged, exchanged, encumbered or otherwise
         disposed of in any way (other than by will or the laws of descent and
         distribution) for a period commencing on [insert applicable Purchase
         Date] and ending one (1) year thereafter (the "Holding Period");
         provided, however, that the committee administering the Allied
         Holdings, Inc. 1999 Employee Stock Purchase Plan, in its discretion,
         may shorten the Holding Period or otherwise provide for the lapse of
         any restrictions outstanding on any such shares.

         C.       ISSUANCE OF CERTIFICATES. Certificates with respect to Shares
         purchased hereunder shall be issued to the Participant upon request by
         the Participant to the Transfer Agent. The Transfer Agent shall issue
         and deliver such certificates as soon as practicable after receipt of
         such a request. The Participant shall pay any fees charged by the
         Transfer Agent for its services. The Company shall not be required to
         issue any certificates for fractional Shares. If a Participant requests
         certificates for Shares for the purpose of disposing of all of the
         Participant's Shares, the Company shall pay to the Participant cash in
         lieu of any fractional Shares, based on the Fair Market Value of such
         fractional Shares as of the date of the issuance of such certificates.

         D.       REGISTRATION OF CERTIFICATES. Certificates shall be registered
         only in the name of the Participant or the Participant and his or her
         spouse.

         E.       RIGHTS AS A SHAREHOLDER. The Participant shall have no rights
         or privileges of a shareholder of the Company with respect to Options
         granted or Shares purchased hereunder, unless and until such Shares
         shall have been appropriately evidenced on the books of the Company.

                                    ARTICLE V
                                      STOCK

5.1      MAXIMUM SHARES. The maximum aggregate number of Shares which may be
purchased under the Plan shall be 700,000, subject to adjustment upon certain
corporate changes as provided in Section 5.2. If the total number of Shares for
which Options are exercised on any Offering Termination Date exceeds such
maximum number, the Committee shall make a pro rata allocation of the Shares
available for purchase in as nearly a uniform manner as shall be practicable and
as it shall determine to be equitable, and the balance of payroll deductions
credited to the Account of each Participant shall, to the extent not applied for
the purchase of Shares, be refunded to the Participants as soon as practicable
thereafter.

5.2      ADJUSTMENT UPON CORPORATE CHANGES. In the event of any stock dividend,

                                       8
<PAGE>   9

stock split, recapitalization (including, without limitation, the payment of an
extraordinary dividend), merger, consolidation, combination, spin-off,
distribution of assets to shareholders (other than ordinary cash dividends),
exchange of Shares, or other similar corporate change with respect to the
Company, the Committee (i) shall determine the kind of Shares that may be
purchased under the Plan after such event, and (ii) may, in its discretion,
adjust the aggregate number of Shares available for purchase under the Plan or
subject to outstanding Options and the respective Exercise Prices applicable to
outstanding Options. Any adjustment made by the Committee pursuant to the
preceding sentence shall be conclusive and binding on the Company and all
Employees.

                                   ARTICLE VI
                                 ADMINISTRATION

6.1      APPOINTMENT OF COMMITTEE. Except as otherwise delegated by the
Committee pursuant to this Article VI, (i) the Plan shall be administered by the
Committee, (ii) the Committee shall have full authority to administer and
interpret the Plan in any manner it deems appropriate in its sole discretion,
and (iii) the determinations of the Committee shall be binding on and conclusive
as to all parties.

6.2      DELEGATION OF CERTAIN AUTHORITY TO PLAN ADMINISTRATOR. Except as
otherwise provided in the Plan, required by applicable law, or determined by the
Committee, (i) the Plan Administrator shall be responsible for the performance
of such administrative duties under the Plan not otherwise reserved to the
Committee, (ii) the Plan Administrator shall have full authority to administer
and interpret the Plan in any manner it deems appropriate in its sole
discretion, and (iii) the determinations of the Plan Administrator shall be
binding on and conclusive as to all parties.

6.3      COMPLIANCE WITH APPLICABLE LAW. The Plan shall not be interpreted or
administered in any way that would cause the Plan to be in violation of Code
Section 423 or other applicable law.

6.4      EXPENSES. The Company shall pay all expenses related to the
administration of the Plan, except charges imposed by the Transfer Agent for
issuing certificates for Shares, sales charges and commissions applicable to
Shares, charges for back records and research performed at the request of the
Participant, and such other expenses as may be designated by the Committee. The
Participant shall pay all expenses related to administration of the Plan that
are not paid for by the Company.

                                   ARTICLE VII
                                  MISCELLANEOUS

7.1      NO EMPLOYMENT RIGHTS. The Plan shall not, directly or indirectly,
create in any Employee or class of Employees any right with respect to
continuation of employment with the Company. The Plan shall not interfere in any
way with the Company's right to terminate, or

                                       9
<PAGE>   10

otherwise modify, an Employee's employment at any time.

7.2      RIGHTS NOT TRANSFERABLE. Any rights of the Participant under the Plan
shall not be transferred other than (i) by will, (ii) by the laws of descent or
distribution, or (iii) pursuant to a qualified domestic relations order, as
defined in the Code.

7.3      WITHHOLDING. The Committee shall have the right to make such provisions
as it deems appropriate to satisfy any obligation of the Company to withhold
federal, state or local income or other taxes incurred by reason of the
operation of the Plan.

7.4      DELIVERY OF SHARES TO ESTATE UPON DEATH. In the event of the death of a
Participant, any Shares purchased by the Participant hereunder, other than
Shares as to which the Participant previously received certificates, shall be
issued and delivered to the estate of the Participant as soon as practical
thereafter.

7.5      EFFECT OF PLAN. The provisions of the Plan shall be binding upon, and
inure to the benefit of, all successors of each Participant, including without
limitation the Participant's estate and the executors, administrators or
trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or
representative of creditors of such Participant.

7.6      USE OF FUNDS. All funds received or held by the Company pursuant to the
Plan may be used by the Company for any corporate purpose, and the Company shall
not be obligated to segregate such funds from its general assets.

7.7      PLAN SHARE PURCHASES. Shares subject to purchase by Participants under
the Plan shall, in the discretion of the Committee, be made available from
treasury Shares, authorized but unissued Shares, reacquired Shares, and/or
Shares purchased on the open market.

7.8      EFFECTIVE DATE. The Plan shall be effective on the first business day
of the calendar quarter occurring on or after the later of (i) February 1, 1999,
(ii) the effective date of the Form S-8 Registration Statement covering Shares
authorized for purchase under the Plan, or (iii) such other date as may be
designated by the Committee. The Plan shall remain in effect for a term of ten
(10) years thereafter, unless sooner terminated pursuant to Section 7.10.

7.9      AMENDMENTS TO THE PLAN. The Committee may from time to time make
amendments to the Plan that it deems advisable and consistent with the purposes
of the Plan and applicable law. Notwithstanding the foregoing, no amendment that
would (i) effect an increase in the number of Shares which may be purchased
under the Plan, which increase is of a type that would require shareholder
approval under Code Section 423, or (ii) effect a change in the designation of
the corporations whose Employees may be offered Options under the Plan, which
change is of a type that would require shareholder approval under Code Section
423, shall become effective unless the shareholder approval required by Code
Section 423 is obtained.

                                       10
<PAGE>   11

7.10     TERMINATION OR SUSPENSION OF THE PLAN. The Committee shall have the
power at any time to terminate or suspend the Plan and all rights of Employees
under the Plan.

7.11     GOVERNING LAW. The laws of the State of Georgia shall govern all
matters relating to the Plan, except to the extent such laws are superseded by
the laws of the United States.

7.12     MERGER CLAUSE. The terms of the Plan are wholly set forth in this
document, including certain standards of certain other plans which are to be
applied to an Employee for purposes of the Plan to the extent provided herein,
regardless of whether such Employee is covered under such plans. This Section
shall in no way limit the authority of the Committee and the Plan Administrator
to administer the Plan as provided herein.

                                       11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}]]