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                                                                    EXHIBIT 10.1

                             FIRST AMENDMENT TO THE
                  COLUMBIA/HCA HEALTHCARE CORPORATION OUTSIDE
                DIRECTORS STOCK AND INCENTIVE COMPENSATION PLAN

         Columbia/HCA Healthcare Corporation, a Delaware corporation (the
("Company"), hereby amends the Columbia/HCA Healthcare Corporation Outside
Directors Stock and Incentive Compensation Plan, as amended and restated on
September 23, 1999, as provided below.

         1.  Section 5.8 of the Plan shall be amended and restated in its
entirety as follows:

             5.8  Other Termination of Service.

                  If an optionee's service as an Outside Director shall be
                  terminated for any reason other than death or Disability, the
                  optionee shall have the right, during the period ending ninety
                  days after such termination (subject to the provisions of
                  Section 5.3 hereof concerning the maximum term of an Option),
                  to exercise the Option to the extent that it was exercisable
                  on the date of such termination of service and shall not have
                  been previously exercised; provided, however, notwithstanding
                  the foregoing, the Board may (subject to the provisions of
                  Section 5.3 hereof concerning the maximum term of an Option),
                  at or after grant, determine that the optionee shall have the
                  right to exercise the Option, whether or not then exercisable,
                  on such terms and conditions and at such times as the Board
                  shall determine.

         2.  Section 6.2(d) of the Plan shall be amended and restated in its
entirety as follows:

             (d)  TERMINATION OF SERVICE DURING RESTRICTED PERIOD. Except as
                  provided herein, or unless determined otherwise by the Board
                  at or after grant, if during the Restricted Period for any
                  Restricted Shares held by a Participant the Participant's
                  service as an Outside Director is terminated for any reason
                  other than death or Disability, the Participant shall forfeit
                  all rights with respect to such Restricted Shares, which shall
                  automatically be considered to be cancelled.

         3.  Section 7.2(b) of the Plan shall be amended and restated in its
entirety as follows:

             (b)  TERMINATION OF SERVICE PRIOR TO FULL VESTING. Unless
                  determined otherwise by the Board at or after grant, if a
                  Participant's service as an Outside Director is terminated for
                  any reason other than death or Disability before a Restricted
                  Share Unit award held by him has become fully vested, the
                  Participant shall forfeit all rights with respect to any Units
                  that are not yet vested on the date of termination.

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         4.  Section 7.2(e) of the Plan shall be amended and restated in its
entirety as follows:

             (e)  PAYMENT OF AWARDS. A Participant shall be entitled to
                  payment, at the time of his termination of service as an
                  Outside Director or at such other time or times as the Board
                  shall determine at or after grant, in respect of all vested
                  Restricted Share Units then credited to him. Subject to the
                  provisions of Sections 9 and 10, such payment shall be made
                  through the issuance to the Participant of a stock certificate
                  for a number of Shares equal to the number of vested
                  Restricted Share Units credited to him at the time of such
                  termination.

                  Notwithstanding the foregoing, a Participant may elect an
                  alternative payment date for the distribution of Shares in
                  respect of his vested Restricted Share Units. Any such
                  election must be made by written notice to the Company by May
                  31, 1998 or, in the case of an election made pursuant to
                  Section 7.1 after 1998, within fourteen days following date of
                  the Board resolution permitting such election (in such form as
                  the Company shall prescribe) and may specify as the
                  alternative payment date either (i) June 1, 2003 or (ii) June
                  1, 2008. Any such election shall be irrevocable.

         5.  The Plan may be restated to reflect this amendment.

         6.  Except as set forth in this amendment, the terms of the Plan
remain unchanged.

         7.  This amendment shall be effective as of the 25th day of May, 2000.<PAGE>   1
                                                                    EXHIBIT 10.3

                      COLUMBIA/HCA HEALTHCARE CORPORATION
                       2000 INCENTIVE AND RETENTION PLAN

1.  Purpose of Plan.

         This Plan shall be known as the "Columbia/HCA Healthcare Corporation
2000 Incentive and Retention Plan" and is hereinafter referred to as the
"Plan." The purpose of the Plan is to aid in attracting, retaining and
incentivizing key employees of Columbia/HCA Healthcare Corporation, a Delaware
corporation (the "Company") and its subsidiaries, to offer them opportunities
to benefit from their efforts to increase the value of the Company and certain
of its subsidiaries, to promote their long-term retention and to strengthen
further the mutuality of interests between such persons and the Company's
stockholders.

2.  Stock Subject to Plan.

         The shares subject to awards under the Plan shall be the authorized
common or preferred stock of one or more of the Company's subsidiaries (the
"Stock"). Such shares may be either authorized but unissued shares or issued
shares which have been reacquired by the issuer. The maximum number of shares
which may be issued pursuant to awards under this Plan shall be determined by
the Board and/or the Committee from time to time.

3.  Administration of Plan.

         The Plan shall be administered by the Company's Board of Directors
(the "Board"). The Board shall have plenary authority in its discretion, but
subject to the express provisions of the Plan, to administer the Plan and to
exercise all the powers and authorities either specifically granted to it under
the Plan or necessary or advisable in the administration of the Plan,
including, without limitation, to amend the Plan, to interpret the Plan, to
prescribe, amend and rescind rules and regulations relating to the Plan, to
determine the details and provisions of the Agreements and to make all other
determinations deemed necessary or advisable for the administration of the
Plan. The Board's determinations on the foregoing matters shall be final and
conclusive. The Board may delegate the administration of the Plan to a
committee (the "Committee") of two or more non-employee directors of the
Company. The members of the Committee shall be appointed by and serve at the
pleasure of the Board.

4.  Restricted Stock Awards.

         Awards of Stock may be granted to any officer or employee of the
Company or any of its majority owned subsidiaries, at any time or from time to
time, and upon such terms and conditions as may be determined by the Board
and/or the Committee. The awards shall be evidenced by agreements in such form
and containing such terms, conditions or restrictions as the Board and/or the
Committee shall from time to time approve.
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5.  Options.

         Awards of options to purchase Stock may be granted to any officer or
employee of the Company or any of its majority owned subsidiaries, at any time
or from time to time, and upon such terms and conditions as may be determined
by the Board and/or the Committee. The awards shall be evidenced by agreements
in such form and containing such terms, conditions or restrictions as the Board
and/or the Committee shall from time to time approve.

6.  Other Stock-Based Awards.

         Other stock-based awards may be granted to any officer or employee of
the Company or any of its majority owned subsidiaries, at any time or from time
to time, and upon such terms and conditions as may be determined by the Board
and/or the Committee. Other stock-based awards shall be any award not described
in Sections 4 and 5 above which is an award payable in, valued in whole or in
part with reference to, or otherwise based upon, Stock. Other stock-based
awards shall be evidenced by agreements in such form and containing such terms,
conditions or restrictions as the Board and/or the Committee shall from time to
time approve.

7.  Tax Withholding.

         The Company shall have the right to deduct from any settlement,
including the delivery or vesting of shares, made under the Plan any federal,
state or local taxes of any kind required by law to be withheld with respect to
such payments or to take such other action as may be necessary in the opinion
of the Company to satisfy all obligations for the payment of such taxes. If
Stock is used to satisfy tax withholding, such stock shall be valued based on
the fair value of such Stock as determined by the Board in its sole discretion
when the tax withholding is required to be made.

8.  Amendment or Discontinuance of Plan.

         The Board, in its sole discretion, may amend any provision of the
Plan or discontinue the Plan at any time. The above notwithstanding, the Board
shall not alter or impair any award theretofore granted under the Plan without
the consent of the holder of the award.

9.  Effective Date and Termination of Plan.

         (a)  The Plan was approved by the Board effective as of April 27, 2000.

         (b)  Unless the Plan shall have been earlier discontinued, the Plan
shall terminate on April 27, 2010. No award may be granted after such
termination, but termination of the Plan shall not, without the consent of the
holder of the award, alter or impair any rights or obligations under any award
theretofore granted.

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