Document:

EXHIBIT 4.1

AUTOZONE, INC.

THIRD

AMENDED AND RESTATED

EMPLOYEE STOCK PURCHASE PLAN

           
AUTOZONE, INC., a corporation organized under the laws of the State of
Delaware, by resolution of its Board of Directors on March 29, 1991, adopted
the Employee Stock Purchase Plan (the "Plan"). The Plan was approved by
the stockholders of the Company on March 29, 1991. The Plan was amended
by the Board of Directors on June 18, 1991, to conform the Plan to amendments
to the regulations related to the Securities Exchange Act of 1934, as amended.
On December 21, 1991, the Plan was assumed by AutoZone, Inc., a Nevada
corporation, after its reincorporation. The Plan was amended by the Board
of Directors on March 2, 1996, and October 21, 1996, to extend the expiration
date of the Plan. On October 21, 1997, the Compensation Committee adopted
the Amended and Restated Employee Stock Purchase Plan, which was approved
by the stockholders of the Company on December 18, 1997. On October 19,
1999, the Compensation Committee adopted the Second Amended and Restated
Employee Stock Purchase Plan to prohibit sales of shares purchased under
the Plan for at least one year after the exercise of an option under the
Plan.  On December 12, 2002, the Board of Directors extended the termination
date of the Plan to December 31, 2007.

               
The purposes of the Plan are as follows:

           
(1) To assist employees of the Company or of a Parent or Subsidiary of
the Company in acquiring a stock ownership interest in the Company pursuant
to a plan which is intended to qualify as an "employee stock purchase plan"
under Section 423 of the Internal Revenue Code of 1986, as amended.

           
(2) To help employees provide for their future security and to encourage
them to remain in the employment of the Company or of a Parent or Subsidiary
of the Company.

1. DEFINITIONS

           
Whenever any of the following terms are used in the Plan with the first
letter or letters capitalized, they shall have the meaning specified below
unless the context clearly indicates to the contrary. The masculine pronoun
shall include the feminine and neuter and the singular shall include the
plural where the context so indicates:

           
(a) "Board" shall mean the Board of Directors of the Company.

           
(b) "Code" shall mean the Internal Revenue Code of 1986, as amended.

           
(c) "Committee" shall mean the Compensation Committee of the Board appointed
to administer the Plan pursuant to paragraph 12.

           
(d) "Company" shall mean AutoZone, Inc., a Nevada corporation.

           
(e) "Date of Exercise" shall mean with respect to any Option (i) the March
31 of the Plan Year in which the Option was granted (in the case of an
Option granted on January 1), (ii) the June 30 of the Plan Year in which
the Option was granted (in the case of an Option granted on April 1), (iii)
the September 30 of the Plan Year in which the Option was granted (in the
case of an Option granted on July 1), (iv) the December 31 of the Plan
Year in which the Option was granted (in the case of an Option granted
on October 1) or (v) such other day, as may be determined by the Committee,
of the Plan Year in which the Option was granted.

           
(f) "Date of Grant" shall mean the date upon which an Option is granted,
as set forth in paragraph 3(a).

           
(g) "Eligible Compensation" shall mean (i) the Eligible Employee's rate
of pay for the immediately preceding calendar year based on the wages,
tips and other compensation as reported on Form W-2 issued by the Company,
if the Eligible Employee's Form W-2 issued by the Company reports wages,
tips, and other compensation for the full preceding calendar year, otherwise
(ii) the Eligible Employee's annualized current rate of pay on the Date
of Grant.

           
(h) "Eligible Employee" shall mean an employee of the Company and those
of any present or future Parent or Subsidiary of the Company incorporated
under the laws of a state of the United States of America (i) who has completed
six months of employment; and (ii) who does not, immediately after the
Option is granted, own stock (as defined by Sections 423(b)(3) and 424(d)
of the Code) possessing five percent or more of the total combined voting
power or value of all classes of stock of the Company or of a Parent or
Subsidiary of the Company.

           
(i) "Form" shall mean either a paper form or a form on electronic media,
prepared by the Company.

           
(j) "Option" shall mean an option granted under the Plan to an Eligible
Employee to purchase shares of the Company's Stock.

           
(k) "Option Period" shall mean with respect to any Option the period beginning
upon the Date of Grant and ending upon the Date of Exercise.

           
(l) "Option Price" has the meaning set forth in paragraph 4(b).

           
(m) "Parent of the Company" shall mean any corporation, other than the
Company, in an unbroken chain of corporations ending with the Company if,
at the time of the granting of the Option each of the corporations other
than the Company owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in
such chain.

           
(n) "Participant" shall mean an Eligible Employee who has complied with
the provisions of paragraph 3(b).

           
(o) "Plan" shall mean the AutoZone, Inc. Amended and Restated Employee
Stock Purchase Plan.

           
(p) "Plan Year" shall mean the calendar year beginning on January 1 and
ending on December 31.

           
(q) "Stock" shall mean shares of the Company's common stock.

           
(r) "Subsidiary of the Company" shall mean any corporation other than the
Company in an unbroken chain of corporations beginning with the Company
if, at the time of the granting of the Option, each of the corporations
other than the last corporation in the unbroken chain owns stock possessing
50% or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain.

2. STOCK SUBJECT TO THE PLAN

           
Subject to the provisions of paragraph 9 (relating to adjustment upon changes
in the Stock), the Stock which may be sold pursuant to options granted
under the Plan shall not exceed in the aggregate 3,000,000 shares, and
may be unissued shares or reacquired shares or shares bought on the market
for purposes of the Plan.

3. GRANT OF OPTIONS

           
(a) General Statement. Following the effective date of the Plan and continuing
while the Plan remains in force, the Company may offer Options under the
Plan to all Eligible Employees. These Options may be granted four times
each Plan Year on the January 1, the April 1, the July 1, or the October
1 of each Plan Year, or on such other days as may be determined by the
Committee. The term of each Option shall be for three months and shall
end on the March 31 (with respect to a January 1 Date of Grant), the June
30 (with respect to an April 1 Date of Grant), the September 30 (with respect
to a July 1 Date of Grant), or the December 31 (with respect to an October
1 Date of Grant) of the Plan Year in which the Option is granted or for
such other term or Date of Exercise as may be determined by the Committee.
The number of shares of the Stock subject to each Option shall be the whole
number quotient of (i) the aggregate payroll deductions authorized by each
Participant in accordance with subparagraph (b) for the Option Period divided
by (ii) the Option Price of the Stock.

           
(b) Election To Participate; Payroll Deduction Authorization. An Eligible
Employee may participate in the Plan only by payroll deduction. Each Eligible
Employee who elects to participate in the Plan shall deliver to the Company
during the calendar month next preceding either a January 1 Date of Grant,
an April 1 Date of Grant, a July 1 Date of Grant, or an October 1 Date
of Grant, or on such other days as may be determined by the Committee,
the properly completed Form whereby the Eligible Employee gives notice
of the election to participate in the Plan as of the next following Date
of Grant, and which shall designate a stated dollar amount, in $5.00 increments,
of Eligible Compensation to be withheld on each payday. The stated dollar
amount may not be less than $5.00 and may not exceed 10% of the Eligible
Compensation. In addition, at the discretion of the Committee exercised
uniformly as to all Eligible Employees at any particular time, an Eligible
Employee who participates in the Plan may also elect to have an amount
withheld from any bonus. Notwithstanding the foregoing, the maximum cumulative
amount an Eligible Employee may have withheld through payroll deduction
and from any bonus shall not exceed $4,000 per Plan Year. Effective as
of January 1, 2000, the maximum cumulative amount an Eligible Employee
may have withheld through payroll deduction and from any bonus shall not
exceed $15,000 per Plan Year.

           
(c) Changes in Payroll Authorization. The payroll deduction authorization
referred to in subparagraph (b) may only be changed during the enrollment
period described in subparagraph (b) and may not be changed during the
Option Period, except as provided in paragraph 5.

           
(d) $25,000 Limitation. Notwithstanding anything to the contrary contained
herein, no Participant shall be permitted to purchase Stock under the Plan
or under any other employee stock purchase plan of the Company or of a
Parent or Subsidiary of the Company which is intended to qualify under
Section 423 of the Code, at a rate which exceeds $25,000 in fair market
value of the Stock (determined at the time the option is granted) for each
calendar year in which any such option granted to such Participant is outstanding
at any time.

4. EXERCISE OF OPTIONS

           
(a) General Statement. Each Participant automatically will be deemed to
have exercised the Option on each Date of Exercise to the extent that the
balance then in the Participant's account under the Plan is sufficient
to purchase at the Option Price whole shares of the Stock subject to the
Option. The excess balance, if any, in Participant's account shall remain
in the account and be available for the purchase of Stock on the following
Date of Exercise, provided that no withdrawal from the Plan or termination
of employment has occurred under paragraphs 5 or 6.

           
(b) Option Price Defined. The option price per share of the Stock (the
"Option Price") to be paid by each Participant on each exercise of the
Option shall be an amount equal to the lesser of (y) 85% of the fair market
value of the Stock on the Date of Grant or (z) 85% of the fair market value
of the Stock on the Date of Exercise. The fair market value of the Stock
as of a given date shall be: (i) the closing price of the Stock on the
principal exchange on which the Stock is then trading, if any, on such
date, or, if the Stock was not traded on such date, then on the next preceding
trading day during which a sale occurred; or (ii) if such Stock is not
traded on an exchange but is quoted on NASDAQ or a successor quotation
system, (1) the last sales price (if the Stock is then listed as a National
Market Issue under the NASD National Market System) or (2) the mean between
the closing representative bid and asked prices (in all other cases) for
the Stock on such date as reported by NASDAQ or such successor quotation
system; or (iii) if such Stock is not publicly traded on an exchange and
not quoted on NASDAQ or a successor quotation system, the mean between
the closing bid and asked prices for the Stock on such date as determined
in good faith by the Committee; or (iv) if the Stock is not publicly traded,
the fair market value established by the Committee acting in good faith.

           
(c) Delivery of Share Certificates. (i) For any shares purchased by exercise
of an option prior to January 1, 2000, upon the proper completion and submission
of the proper Form to the Company, the Company will deliver to such Participant
a certificate issued in Participant's name for the number of shares of
the Stock with respect to which the Option was exercised and for which
the Option Price has been paid.

           
(ii)  For any shares purchased by exercise of an option on or after
January 1, 2000, after the passage of one year from an Option exercise
date, upon the proper completion and submission of the proper Form to the
Company, the Company will deliver to such Participant a certificate issued
in Participant's name for the number of shares of the Stock with respect
to which the Option was exercised and for which the Option Price has been
paid. If a Participant's employment has terminated prior to the passage
of one year from the Option exercise date, notwithstanding the first sentence
of this subsection the Participant shall be entitled to receive certificates
representing the number of shares of Stock with respect to which the Option
was exercised and for which the Option Price has been paid.

           
(iii)  In the event the Company is required to obtain from any commission
or agency authority to issue any such certificate, the Company will seek
to obtain such authority. The inability of the Company to obtain from any
such commission or agency authority which counsel for the Company deems
necessary for the lawful issuance of any such certificate shall relieve
the Company from liability to any Participant except to return the amount
of the balance in the account in cash.

           
(d) Restriction on Sale of Stock. Effective as of January 1, 2000, for
all Options exercised under the Plan after that date, a participant shall
not sell any shares of stock purchased under the Plan until after the first
to occur of passage of one year from the date of the Option exercise or
termination of employment.

 

5. WITHDRAWAL FROM THE PLAN

           
(a) General Statement. Any Participant may withdraw from the Plan at any
time. A Participant who wishes to withdraw from the Plan must deliver to
the Company a notice of withdrawal in a Form prepared by the Company. The
Company, as soon as practicable following receipt of a Participant's notice
of withdrawal, will refund to the Participant the amount of the balance
in the account under the Plan. Upon receipt of a Participant's notice of
withdrawal from the Plan, automatically and without any further act on
the part of the Participant, the payroll deduction authorization, any interest
in the Plan, and any Option under the Plan shall terminate.

           
(b) Participation Following Withdrawal. A Participant who withdraws from
the Plan may participate again in the Plan on the next January 1, April
1, July 1, or October 1 immediately following the date of withdrawal, or
on such other days as may be determined by the Committee.

           
(c) Stock Subject to Plan. Notwithstanding a Participant's withdrawal from
the Plan, any Stock acquired under the Plan shall remain subject to the
terms of the Plan.

 

 

6. TERMINATION OF EMPLOYMENT

           
(a) Termination of Employment Other Than By Retirement or Death. If the
employment of a Participant terminates other than by retirement or death,
participation in the Plan automatically shall terminate as of the date
of the termination of employment. As soon as practicable after such a Participant's
termination of employment, the Company will refund the amount of the balance
in that account under the Plan. Upon a Participant's termination of employment,
any interest in the Plan and any Option under the Plan shall terminate.

           
(b) Termination by Retirement. A Participant who retires on a normal retirement
date, or earlier or later with the consent of the Company, may by written
notice to the Company request payment of the balance in the account under
the Plan, in which event the Company shall make such payment as soon as
practicable after receiving such notice; upon receipt of such notice, the
Participant's interest in the Plan and any Option under the Plan shall
terminate. If the Company does not receive such notice prior to the next
Date of Exercise, such Participant's Option will be deemed to have been
exercised on such Date of Exercise.

           
(c) Termination By Death. If the employment of a Participant is terminated
by Participant's death, the executor of the Participant's will or the administrator
of the Participant's estate by written notice to the Company may request
payment of the balance in the Participant's account under the Plan, in
which event the Company shall make such payment without any interest thereon
as soon as practicable after receiving such notice. Upon receipt of such
notice, the Participant's interest in the Plan and Option under the Plan
shall terminate. If the Company does not receive such notice prior to the
next Date of Exercise, the Participant's Option shall be deemed to have
been exercised on such Date of Exercise.

 

7. RESTRICTION UPON ASSIGNMENT

           
No Option or interest or right therein or part thereof shall be liable
for the debts, contracts or engagements of any Participant or any successor
in interest, nor shall any Option be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment or any other
means, whether such disposition be voluntary or involuntary or by operation
of law by judgment, levy, attachment, garnishment or any other legal or
equitable proceedings (including bankruptcy), and attempted disposition
thereof shall be null and void and of no effect; provided, however, that
nothing in this paragraph 7 shall prevent transfers by will or by the applicable
laws of descent and distribution. Except as provided in paragraph 6(c),
an Option may not be exercised to any extent except by the Participant.
The Committee may require the Participant to give the Company prompt notice
of any disposition of shares of stock acquired by exercise of an Option
within two years from the date of granting such Option or one year after
the transfer of such shares to such Participant. The Committee may require
that the certificates evidencing shares acquired by exercise of an Option
refer to such requirement to give prompt notice of disposition.

8. NO RIGHTS OF STOCKHOLDER UNTIL OPTION IS EXERCISED

           
With respect to shares of the Stock subject to an Option, a Participant
shall not be deemed to be a stockholder of the Company, and shall not have
any of the rights or privileges of a stockholder. A Participant shall have
the rights and privileges of a stockholder of the Company when, but not
until, an Option is exercised.

 

9. CHANGES IN THE STOCK; ADJUSTMENTS OF AN OPTION

           
Whenever any change is made in the Stock or to Options outstanding under
the Plan, by reason of stock dividend or by reason of division, combination
or reclassification of shares, appropriate action will be taken by the
Committee to adjust accordingly the number of shares of the Stock subject
to the Plan and the number and the Option Price of shares of the Stock
subject to the Options outstanding under the Plan.

 

10. USE OF FUNDS;
NO INTEREST PAID

           
All funds received or held by the Company under the Plan will be included
in the general funds of the Company free of any trust or other restriction
and may be used for any corporate purpose. No interest will be paid to
any Participant or credited to any account under the Plan with respect
to such funds.

 

11. AMENDMENT OF THE PLAN

           
The Committee may amend, suspend or terminate the Plan at any time and
from time to time; provided, however, that the provisions in paragraphs
1(e), 1(h), 3(a), 3(d), and 4(b) may not be amended more than once every
six months, other than to comport with changes in the Code, the Employee
Retirement Income Security Act of 1974, as amended, or the rules thereunder;
and provided further, that approval by the vote of the holders of more
than 50% of the outstanding shares of the Company's Stock entitled to vote
shall be required to amend the Plan (i) to increase the number of shares
of Stock available under the Plan, (ii) to decrease the Option Price below
a price computed in the manner stated in paragraph 4(b), (iii) to materially
alter the requirements for eligibility to participate in the Plan, or (iv)
to modify the Plan in a manner requiring stockholder approval under the
Code or Securities Exchange Act of 1934 ("Exchange Act").

 

12. ADMINISTRATION BY COMMITTEE; RULES AND REGULATIONS

           
(a) Administration. The Plan shall be administered by the Compensation
Committee of the Board.

           
(b) Duties And Powers of Committee. It shall be the duty of the Committee
to conduct the general administration of the Plan in accordance with its
provisions. The Committee shall have the power to interpret the Plan and
the Options and to adopt such rules for the administration, interpretation
and application of the Plan as are consistent therewith and to interpret,
amend or revoke any such rules. The Board shall have no right to exercise
any of the rights or duties of the Committee under the Plan.

           
(c) Majority Rule. The Committee shall act by a majority of its members
in office. The Committee may act either by vote at a meeting or by a memorandum
or other written instrument signed by a majority of the Committee.

           
(d) Professional Assistance; Good Faith Actions. The Committee may employ
attorneys, consultants, accountants, appraisers, brokers or other persons.
The Committee, the Company and its officers and directors shall be entitled
to rely upon the advice, opinions or valuations of any such persons. All
actions taken and all interpretations and determinations made by the Committee
in good faith shall be final and binding upon all Participants, the Company
and all other interested persons. No member of the Committee shall be personally
liable for any action, determination or interpretation made in good faith
with respect to the Plan or the Options, and all members of the Committee
shall be fully protected by the Company in respect to any such action,
determination or interpretation.

 

13. NO RIGHTS AS AN EMPLOYEE

           
Nothing in the Plan shall be construed to give any person (including any
Eligible Employee or Participant) the right to remain in the employ of
the Company or a Parent or Subsidiary of the Company or to affect the right
of the Company or a Parent or Subsidiary of the Company to terminate the
employment of any person (including any Eligible Employee or Participant)
at any time with or without cause.

 

14. MERGER, ACQUISITION OR LIQUIDATION OF THE COMPANY

           
In the event of the merger or consolidation of the Company into another
corporation, the acquisition by another corporation of all or substantially
all of the Company's assets or 80% or more of the Company's then outstanding
voting stock or the liquidation or dissolution of the Company, the Date
of Exercise with respect to outstanding Options shall be the business day
immediately preceding the effective date of such merger, consolidation,
acquisition, liquidation or dissolution unless the Committee shall, in
its sole discretion, provide for the assumption or substitution of such
Options in manner complying with Section 424(a) of the Code.

 

15. TERM; APPROVAL BY STOCKHOLDERS

           
No Option may be granted during any period of suspension or after termination
of the Plan, and in no event may any Option be granted under the Plan after
December 31, 2007, unless extended by the Board of Directors of the Company.
The Plan will be submitted for the approval of the Company's stockholders
within 12 months after the date of the Board of Directors' initial adoption
of the Plan. The Company shall take such actions with respect to the Plan
as may be necessary to satisfy the requirements of Section 423 of the Code.

 

16. EFFECT UPON OTHER PLANS

           
The adoption of the Plan shall not affect any other compensation or incentive
plans in effect for the Company or a Parent or Subsidiary of the Company.
Nothing in this Plan shall be construed to limit the right of the Company
or a Parent or Subsidiary of the Company (a) to establish any other forms
of incentives or compensation for employees of the Company or a Parent
or Subsidiary of the Company or (b) to grant or assume options otherwise
than under this Plan in connection with any proper corporate purpose, including,
but not by way of limitation, the grant or assumption of options in connection
with the acquisition, by purchase, lease, merger, consolidation or otherwise,
of the business, stock or assets of any corporation, firm or association.

 

17. RULE 16b-3 RESTRICTIONS UPON DISPOSITIONS OF
STOCK

           
The Plan is intended to conform to the extent necessary with all provisions
of the Securities Act of 1933, as amended (the "Securities Act"), and the
Exchange Act and any and all regulations and rules promulgated by the Securities
and Exchange Commission thereunder, including, without limitation, Rule
16b-3. Notwithstanding anything herein to the contrary, the Plan shall
be administered, and Options shall be granted and may be exercised, only
in such a manner as to conform to such laws, rules and regulations. To
the extent permitted by applicable law, the Plan and Options granted hereunder
shall be deemed amended to the extent necessary to conform to such laws,
rules and regulations.

 

18. NOTICES

           
Any notice to be given under the terms of the Plan to the Company shall
be addressed to the Company in care of its Secretary or any designee and
any notice to be given to a Participant shall be addressed to Participant's
last address as reflected in the Company's records and may be given either
in writing or via electronic communication to the extent permitted by law.
By a notice given pursuant to this paragraph, either party may hereafter
designate a different address for notices to be given. Any notice which
is required to be given to a Participant shall, if the Participant is then
deceased, be given to the Participant's personal representative if such
representative has previously informed the Company of the representative
status and address by notice under this paragraph. Any notice shall have
been deemed duly given when received by the Company or when sent to a Participant
by the Company to Participant's last known mailing address or delivered
to an electronic mailbox accessible by Participant as permitted by law.

 

19. TITLES

           
Titles are provided herein for convenience only and are not to serve as
a basis for interpretation or construction of the Plan.Exhibit 10.1

Exhibit 10.1

AutoZone, Inc.
Executive Deferred Compensation Plan

 

 

TABLE OF CONTENTS

ARTICLE I INTRODUCTION

1.1
Name
of Plan.

1.2
Purposes
of Plan.

1.3
"Top
Hat" Pension Benefit Plan.

1.4
Funding.

1.5
Effective
Date.

1.6
Administration.

ARTICLE II DEFINITIONS AND CONSTRUCTION

2.1
Definitions.

2.2
Number
and Gender.

2.3
Headings.

ARTICLE III PARTICIPATION AND ELIGIBILITY

3.1
Participation.

3.2
Commencement
of Participation.

3.3
Cessation
of Active Participation.

ARTICLE IV DEFERRALS

4.1
Deferrals
by Participants.

4.2
Effective
Date of Executive Deferred Compensation Agreement.

4.3
Modification
or Revocation of Election by Participant.

ARTICLE V DEFINED BENEFIT ACCRUALS

5.1
Defined
Benefit Accruals.

5.2
Service
Credit.

ARTICLE VI VESTING, DEFERRAL PERIODS

6.1
Vesting.

6.2
Deferral
Periods.

ARTICLE VII ACCOUNTS AND ACCOUNT
VALUATION

7.1

Establishment of Bookkeeping Accounts.

7.2

Subaccounts.

7.3

Hypothetical Nature of Accounts.

7.4

Account Valuation.

ARTICLE VIII PAYMENT OF ACCOUNT AND
DEFINED BENEFIT ACCRUALS

8.1

Timing of Distribution of Benefits.

8.2  Adjustment for Investment Gains and Losses
Upon Distribution.

8.3

Form of Payment or Payments.

8.4

Defined Benefit Accrual Payments.

8.5

Designation of Beneficiaries.

8.6

Unclaimed Benefits.

8.7

Hardship Withdrawals.

ARTICLE IX ADMINISTRATION

9.1 

Administrative Committee.

9.2 

General Powers of Administration.

9.3 

Indemnification of Administrative Committee.

ARTICLE X DETERMINATION OF BENEFITS,
CLAIMS PROCEDURE AND ADMINISTRATION

10.1 

Claims.

10.2 

Claim Decision.

ARTICLE XI MISCELLANEOUS

11.1 

Not Contract of Employment.

11.2 

Non-Assignability of Benefits.

11.3 

Withholding.

11.4 

Amendment and Termination.

11.5 

No Trust Created.

11.6   Unsecured General Creditor Status Of Employee.
11.7 

Severability.

11.8 

Governing Laws.

11.9 

Binding Effect.

11.10
Entire
Agreement.

ARTICLE I

INTRODUCTION

1.1     Name of Plan.

AutoZone, Inc. (the "Company") hereby amends and restates the
AutoZone, Inc. Executive Deferred Compensation Plan (the "Plan").

1.2     Purposes of
Plan.

The purposes of the Plan are to provide certain eligible employees
of the Company the opportunity to defer elements of their compensation
which might not otherwise be deferrable under other Company plans, including
the AutoZone 401(k) Plan, and to receive the benefit of additions to their
deferral comparable to those obtainable under the AutoZone 401(k) Plan
in the absence of certain restrictions and limitations in the Internal
Revenue Code.  In addition the Plan is intended to provide benefits
in addition to those provided by the AutoZone, Inc. Pension Plan which
are limited due to certain restrictions and limitations in the Internal
Revenue Code.

1.3     "Top Hat" Pension
Benefit Plan.

The Plan is an "employee pension benefit plan" within the meaning
of ERISA.  The Plan is maintained, however, for a select group of
management or highly compensated employees and, therefore, it is intended
that the Plan is exempt from Parts 2, 3 and 4 of Title I of ERISA. 
The Plan is not intended to qualify under Code section 401(a).

1.4     Funding.

The Plan is unfunded.  All benefits will be paid from
the general assets of the Company.

1.5     Effective Date.

The amended and restated Plan is effective as of January 1,
2003.

1.6     Administration.

The Plan shall be administered by the Administrative Committee.

ARTICLE II

DEFINITIONS AND CONSTRUCTION

2.1     Definitions.

For purposes of the Plan, the following words and phrases shall
have the respective meanings set forth below, unless their context clearly
requires a different meaning:
(a)     "Account" means the bookkeeping account
maintained by the Company on behalf of each Participant pursuant to Article
VI that is credited with Base Salary Deferrals and Bonus Deferrals made
by the Company on behalf of each Participant pursuant to Article IV, and
interest on such amounts as determined in accordance with Article VI. As
of any Valuation Date, a Participant's Defined Contribution Benefit under
the Plan shall be equal to the amount credited to his Account as of such
date.

(b)     "Administrative
Committee" means the Compensation Committee of the Board of Directors.

 

(c)     "Allocation Election" means
a choice by a Participant of one or more Investment Options, and the allocation
among them, in which future Participant deferrals and/or existing Account
Balances are Deemed Invested for purposes of determining earnings in a
particular subaccount.

 

(d)     "Allocation Election Form" means the form
(or website screen) approved by the Administrative Committee on which the
Participant makes an Allocation Election, Rebalances a subaccount, or elects
a Transfer.

(e)     "Base Salary"
means the base rate of cash compensation paid by the Company to or for
the benefit of a Participant for services rendered or labor performed while
a Participant, including base pay a Participant could have received in
cash in lieu of (A) deferrals pursuant to Section 4.1 and (B) contributions
made on his behalf to any qualified plan maintained by the Company or to
any cafeteria plan under section 125 of the Code maintained by the Company.

 

(f)     "Base Salary Deferral" means the amount
of a Participant's Base Salary which the Participant elects to have withheld
on a pre-tax basis from his Base Salary and credited to his Account pursuant
to Section 4.1.

 

(g)     "Beneficiary" means the person or persons
designated by the Participant in accordance with Section 7.4.

 

(h)     "Bonus Compensation" means the amount awarded
to a Participant for a Plan Year under any bonus plan maintained by the
Company.

 

(i)     "Bonus Deferral" means the amount of a
Participant's Bonus Compensation which the Participant elects to have withheld
on a pre-tax basis from his Bonus Compensation and credited to his account
pursuant to Section 4.1.

 

(j)     "Change In Control" means the happening
of any of the following events:

(i)     An acquisition
by an individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act")) (a "Person") of beneficial ownership (within the meaning of Rule
13 d-3 promulgated under the Exchange Act) of 20% or more of either (1)
the then outstanding shares of common stock of the Company (the "Outstanding
Company Common Stock") or (2) the combined voting power of the then outstanding
voting securities of the Company entitled to Vote generally in the election
of directors (the "Outstanding Company Voting Securities"); provided, however,
that the following acquisitions shall not constitute a Change of Control:
(A) any acquisition directly from the Company (excluding an acquisition
by virtue of the exercise of a conversion privilege), (B) any acquisition
by the Company, (C) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any of its affiliated
companies or (D) any acquisition of the Company by any corporation pursuant
to a reorganization, merger, consolidation, if, following such reorganization,
merger or consolidation, the conditions described in clauses (1), and (2)
of subsection (iii) of this Section 2.1(j) are satisfied; or

 

(ii)     Individuals who, as of the date hereof,
constitute the Directors (the "Incumbent Board") cease for any reason to
constitute at least a majority of the Board, provided, however, that any
individual becoming a director subsequent to the date hereof whose election,
or nomination for election by the Company's shareholders, was approved
by a vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of Regulation
14A promulgated under the Exchange Act) or other actual or threatened solicitation
of proxies or consents by or on behalf of a Person other than the Board;
or

 

(iii)     Approval by the shareholders of the Company
of a reorganization, merger or consolidation, in each case, unless, following
such reorganization, merger of consolidation, (1) all or substantially
all of the individuals and entities who were beneficial owners, respectively,
of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such reorganization, merger or consolidation
beneficially own, directly or indirectly, more than 50% of, respectively,
the then outstanding shares of common stock and the combined voting power
of the then outstanding voting securities entitled to vote generally in
the election of directors, as the case may be, of the corporation resulting
from such reorganization, merger or consolidation of the Outstanding Company
Common Stock and Outstanding Company Voting Securities, as the case may
be, and (2) at least a majority of the members of the board of directors
of the corporation resulting from such reorganization, merger or consolidation
were members of the Incumbent Board at the time of the execution of the
initial agreement providing for such reorganization, merger or consolidation;
or

 

(iv)     The approval by the shareholders of the
Company of (1) a complete liquidation or dissolution of the Company or
(2) the sale or other disposition of all or substantially all of the assets
of the Company; excluding, however, such a sale or other disposition to
a corporation, with respect to which following such sale or other disposition,
(A) more than 60% of, respectively, the outstanding shares of common stock
of such corporation and the combined voting power of the outstanding voting
securities of such corporation entitled to vote generally in the election
of directors will be beneficially owned, directly or indirectly, by all
or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such sale or other disposition
in substantially the same proportions as their ownership, immediately prior
to such sale or other disposition, of the Outstanding Company Common Stock
and Outstanding Company Voting Securities, as the case may be, (B) no Person
(other than the Company and any employee benefit plan (or related trust)
of the Company or of such corporation and any Person beneficially owning,
immediately prior to such sale or other disposition, 20% or more of the
Outstanding Company Common Stock or Outstanding Company Voting Securities,
as the case may be) then beneficially owns, directly or indirectly, 20%
or more of, respectively, the then outstanding shares of common stock of
such corporation and the combined voting power of the then outstanding
voting securities of such corporation entitled to vote generally in the
election of directors and (C) individuals who were members of the Incumbent
Board will constitute at least a majority of the members of the board of
directors of such corporation.

(k)     "Code" means
the Internal Revenue Code of 1986, as amended.

 

(l)     "Company" means AutoZone, Inc. and its
direct and indirect subsidiaries, as designated from time to time by the
Compensation Committee of the Board of Directors of AutoZone, Inc.

 

(m)     "Compensation" shall include only a Participant's
Base Salary and Bonus Compensation. Severance Pay, expense reimbursements
and non-cash compensation shall not be included.  Compensation shall
not be limited by Code § 401(a)(17).

 

(n)     "Deemed Investment" or "Deemed Invested"
shall mean the notional conversion of a dollar amount of deferred Compensation
credited to a Participant's Accounts into shares or units (or a fraction
of such measures of ownership, if applicable) of a designated investment
(e.g. mutual fund or other investment) which is referred to by the Investment
Option(s) selected by the Participant.  The conversion shall occur
as if shares (or units) of the designated investment were being purchased
(or sold, for a distribution) at the purchase price as of the close of
business of the day on which the Deemed Investment occurs.  At no
time shall a Participant have any real or beneficial ownership in the actual
investment vehicle to which the Investment Option refers, irrespective
of whether such a Deemed Investment is mirrored by an actual identical
investment by the Employer or a trustee acting on behalf of the Employer.

 

(o)     "Deferral Period" means the period of time
for which a Participant elects to defer receipt of the Base Salary Deferrals,
and Bonus Deferrals credited to such Participant's Account and shall be
either the Retirement Date, a period of years as specified in Section 5.2
or upon a Change In Control. Deferral Periods shall be measured on the
basis of Plan Years, beginning with the Plan Year that commences immediately
following the Plan Year for which the applicable Base Salary Deferrals,
and Bonus Deferrals are credited to the Participant's Account.

 

(p)     "Defined Benefit Accrual" means the amounts
accrued to a Participant pursuant to Article V.

 

(q)     "Defined Contribution Benefit" means the
amounts accrued to a Participant pursuant to Article IV.

 

(r)     "Directors" means the Board of Directors
of the Company.

 

(s)     "Effective Date" means January l, 2000.

 

(t)     "Employee" means any common-law employee
of the Company.

 

(u)     "ERISA" means the Employee Retirement Income
Security Act of 1974, as amended.

 

(v)     "Executive Deferred Compensation Agreement"
means the written agreement entered into between the Company and a Participant
pursuant to which the Participant elects the amount of Base Salary and/or
his Bonus Compensation to be deferred into the Plan and the Deferral Period,
and the form of payment for such amounts.

 

(w)     "401(k) Plan" means the AutoZone 401(k)
Plan.

 

(x)     "Investment Option" shall mean an investment
such as a mutual fund, life insurance subaccount, or other security approved
by the Administrative committee for use in the Plan as part of an Investment
Option menu, which a Participant may elect as a measuring device to determine
Deemed Investment earnings (positive or negative) to be valued in the Participant's
Account or subaccount.  The Participant has no real or beneficial
ownership in any investment indicated by the elected Investment Options.

 

(y)     "Participant" means each Employee who has
been selected for participation in the Plan and who has become a Participant
pursuant to Article III.

 

(z)     "Pension Plan" means the AutoZone, Inc.
Pension Plan.

 

(aa)     "Plan" means the AutoZone, Inc. Executive
Deferred Compensation Plan, as amended from time to time.

 

(bb)     "Plan Year" means the twelve-consecutive
month period commencing January 1 of each year ending on December 31.

 

(cc)     "Retirement Date" means the date the Participant
is eligible for and retires under any qualified retirement plan maintained
by the Company.

 

(dd)     "Transfer" means a partial Allocation
Election with respect to a Participant's then existing subaccount where
a Participant transfers a portion of the subaccount balance from one Investment
Option to another.

 

(ee)     "Valuation Date" means the last business
day of each calendar month and each special valuation date designated by
the Administrative Committee.

2.2     Number and
Gender.

Wherever appropriate herein, words used in the singular shall
be considered to include the plural and words used in the plural shall
be considered to include the singular. The masculine gender, where appearing
in the Plan, shall be deemed to include the feminine gender.

2.3     Headings.

The headings of Articles and Sections herein are included solely
for convenience, and if there is any conflict between such headings and
the text of the Plan, the text shall control.

ARTICLE III

PARTICIPATION AND ELIGIBILITY

3.1     Participation.

Participants in the Plan are those Employees who satisfy all
of the following conditions:  (a) are subject to the income tax laws
of United States, (b) are determined by the Company to be members of a
select group of highly compensated or management Employees of the Company,
(c) are officers of the Company with the title of Vice-President or higher,
and (d) are selected by the Administrative Committee, in its sole discretion,
as Participants. The Administrative Committee shall notify each Participant
of his selection as a Participant. Subject to the provisions of Section
3.3 a Participant shall remain eligible to continue participation in the
Plan for each Plan Year following his initial year of participation in
the Plan, provided the Participant continues to satisfy Sections 3.1(a),
(b) and (c) above.

3.2     Commencement
of Participation.

An Employee shall become a Participant effective as of the
date the Administrative Committee determines, which date shall be on or
after the date his Executive Deferred Compensation Agreement becomes effective.
Newly eligible employees must make deferral elections during the first
30 days after becoming eligible.

3.3     Cessation of
Active Participation.

Notwithstanding any provision herein to the contrary, an individual
who has become a Participant in the Plan shall cease to be a Participant
hereunder effective as of any date designated by the Administrative Committee.

ARTICLE IV

DEFERRALS

4.1     Deferrals by
Participants.

At least thirty days preceding the first day of each Plan Year
(or the remaining portion thereof for an Employee who commences participation
in the Plan other than on the first day of a Plan Year), a Participant
may file with the Administrative Committee an Executive Deferred Compensation
Agreement pursuant to which such Participant elects to make Base Salary
Deferrals and/or Bonus Deferrals.  The Participant's Base Salary Deferrals
and Bonus Deferrals shall not exceed twenty-five percent (25%) of the Participant's
Compensation.  Any such Participant election shall be subject to any
maximum or minimum percentage or dollar amount limitations and to any other
rules prescribed by the Administrative Committee in its sole discretion. 
Base Salary Deferrals will be credited to the Account of each Participant
as of the last day of each calendar month, provided that such Participant
is an Employee on the last day of such calendar month.  A Participant
whose employment terminates during the calendar month shall be paid the
amount of his Base Salary Deferrals for such month in cash. Bonus Deferrals
will be credited to the Account of each Participant as of the day of the
month in which such Bonus Compensation otherwise would have been paid to
the Participant in cash, provided that the Participant is an Employee on
the payment date.

4.2     Effective Date
of Executive Deferred Compensation Agreement.

A Participant's initial Executive Deferred Compensation Agreement
shall be effective as of the first payroll period after the date the Participant
commences participation in the Plan. Each subsequent Executive Deferred
Compensation Agreement shall become effective on the first day of the Plan
Year to which it relates. If a Participant fails to file a new Executive
Compensation Agreement or revoke a prior Executive Compensation Agreement,
the latest Executive Compensation Agreement on file with the Committee
shall remain in effect for each Plan Year subsequent to its filing. If
a Participant fails to complete an Executive Deferred Compensation Agreement
on or before the date the Participant commences participation in the Plan
or the first day of any Plan Year, and has no Executive Deferral Compensation
Agreement in effect, the Participant shall be deemed to have elected not
to make Base Salary Deferrals and/or Bonus Deferrals for such Plan Year
(or remaining portion thereof if the Participant enters the Plan other
than on the first day of a Plan Year).

4.3     Modification
or Revocation of Election by Participant.

A Participant may not change the amount of his Base Salary
Deferrals or Bonus Deferrals during a Plan Year.  However, a Participant
may discontinue a Base Salary Deferral or Bonus Deferral election at any
time by filing, on such forms and subject to such limitations and restrictions
as the Administrative Committee may prescribe in its discretion, a revised
Executive Deferred Compensation Agreement with the Administrative Committee. 
If approved by the Administrative Committee, revocation shall take effect
as of the first payroll period next following its filing.  A Participant
who discontinues a Base Salary Deferral or Bonus Deferral election during
a Plan Year will not be permitted to elect to make Base Salary Deferrals
or Bonus Deferrals again until the next Plan Year.  Under no circumstances
may a Participant's Executive Deferred Compensation Agreement be made,
modified or revoked retroactively.  A Participant' s Executive Deferred
Compensation Agreement shall remain in effect in the event of a Change
in Control.

ARTICLE V

DEFINED BENEFIT ACCRUAL

5.1     Defined Benefit
Accruals.

A Participant's Defined Benefit Accrual earned prior to January
1, 2003 shall be preserved.  No additional Defined Benefit Accrual
shall be earned after December 31, 2002.

5.2     Service Credit.

The Administrative Committee shall determine the service to
be credited to the Participant for purposes of calculating the Defined
Benefit Accrual provided by Section 5.1 of this Plan.  Such service
may only include service for the Company or service for a prior employer
that is related or formerly related to the Company.

ARTICLE VI

VESTING, DEFERRAL PERIODS

6.1     Vesting.

A Participant shall be 100% vested in his Account and his Defined
Benefit Accrual at all times.

6.2     Deferral Periods.

A Deferral Period may be for any period of five (5) years,
or ten (10) years or any period of one (l) year or more after the Participant
has completed one (l) year of participation, or more, and shall not end
later than the year in which the Participant attains age 70. A Participant
must specify on the Executive Deferred Compensation Agreement the Deferral
Period for the Base Salary Deferrals, and Bonus Deferrals to be made to
the Plan for the Plan Year (or the remaining portion thereof for a Participant
who enters the Plan other than on the first day of a Plan Year) to which
the Executive Deferred Compensation Agreement relates, subject to certain
rules as determined by the Administrative Committee from time to time.
A Participant may change an election of a Deferral Period at any time prior
to the first day of the calendar year in which payments are to commence.

ARTICLE VII

ACCOUNTS AND ACCOUNT VALUATION

7.1     Establishment
of Bookkeeping Accounts.

A separate bookkeeping account shall be maintained for each
Participant. Such account shall be credited with the Participant's Base
Salary Deferrals, and Bonus Deferrals, and earnings in accordance with
Section 6.3.  A separate bookkeeping account shall also be maintained
for each Participant's Defined Benefit Accrual, but shall not be adjusted
for earnings.

7.2     Subaccounts.

Separate subaccounts shall be maintained to the extent necessary
for the administration of the Plan. For example, it may be necessary to
maintain separate subaccounts where the Participant has specified different
Deferral Periods, methods of payment or investment directions with respect
to Base Salary Deferrals, and Bonus Deferrals for different Plan Years.

7.3     Hypothetical
Nature of Accounts.

The Accounts established under this Article VI shall be hypothetical
in nature and shall be maintained for bookkeeping purposes only so that
earnings on the Base Salary Deferrals, and Bonus Contributions made to
the Plan can be credited. Neither the Plan nor any of the Accounts established
hereunder shall hold any actual funds or assets. The right of any person
to receive one or more payments under the Plan shall be an unsecured claim
against the general assets of the Company. Any liability of the Company
to any Participant, former Participant, or Beneficiary with respect to
a right to payment shall be based solely upon contractual obligations created
by the Plan. Neither the Company, the Directors, nor any other person shall
be deemed to be a trustee of any amounts to be paid under the Plan. Nothing
contained in the Plan, and no action taken pursuant to its provisions,
shall create or be construed to create a trust of any kind, or a fiduciary
relationship, between the Company and a Participant or any other Person.

7.4     Account Valuation.

(a)  A Participant shall elect Investment
Options from a list of Investment Options provided by the Administrative
Committee.  The initial election shall be made on the Allocation Election
Form approved by the Administrative Committee and shall specify the allocations
among the Investment Options elected.  A Participant may make different
Allocation Elections for each subaccount.  A Participant's Sub-Accounts
shall be valued as the sum of the value of all Investment Options in which
such subaccount is Deemed Invested minus any withdrawals or distributions
from said subaccount.  Investment Options shall be utilized to determine
the earnings attributable to the subaccount.  Election of Investment
Options do not represent actual ownership of, or any ownership rights in
or to, the actual funds to which the Investment Options refer, nor is the
Company (or any other Participating Employer) in any way bound or directed
to make actual investments corresponding to Deemed Investments.

 

(b)  The Administrative Committee, in its sole discretion shall
be permitted to add or remove Investment Options provided that any such
additions or removals of Investment Options shall not be effective with
respect to any period prior to the effective date of such change. 
Any unallocated portion of a Sub-Account or any unallocated portion of
new deferrals shall be Deemed Invested in an Investment Option referring
to a money market based fund or sub-account.

 

(c)  A Participant may make a new Allocation Election with respect
to future Base Salary Deferrals and Bonus Contributions, and may Rebalance
or Transfer funds in any of his or her Sub-Accounts, provided that such
new allocations, Rebalances or Transfers shall be in increments of one
percent (1%), and Rebalances and Transfers apply to the entire Sub-Account
Balance.  New Allocation Elections, Rebalances, and Transfers may
be made on any day, and will become effective as soon as administratively
practicable.

 

(d)  Notwithstanding anything in this Section to the contrary,
the Company shall have the sole and exclusive authority to invest any or
all amounts deferred under the Plan in any manner, regardless of any Allocation
Elections by any Participant.  A Participant's Allocation Election
shall be used solely for purposes of determining the value of such Participant's
Sub-Accounts and the amount of the corresponding liability of the Participating
Employer in accordance with this Plan.

ARTICLE VIII

PAYMENT OF ACCOUNT AND DEFINED BENEFIT ACCRUALS

8.1     Timing of Distribution
of Benefits.

Distribution of a Participant's Account shall be made or commence
as soon as practicable following the date the Deferral Period for such
amounts ends. Notwithstanding the foregoing, the Participant's entire Account
shall be distributed to him (or his Beneficiary in the event of his death)
as soon as practicable following the earliest to occur of the following:
(i) the Participant's death; (ii) the Participant's permanent disability
(as defined in the Company's long-term disability program; or (iii) the
Participant's termination of employment.

8.2     Adjustment
for Investment Gains and Losses Upon Distribution.

Upon a distribution pursuant to this Article VII, the balance
of a Participant's Account shall be determined as of the Valuation Date
immediately preceding the date of the distribution to be made and shall
be adjusted for investment gains and losses which have accrued to the date
of distribution but which have not been credited to his Account.

8.3     Form of Payment
or Payments.

The Participant's Account shall be distributed in accordance
with the form of payment elected by the Participant on the Executive Deferred
Compensation Agreement to which such amounts relate. The form of payment
with respect to amounts and the earnings credited thereon may be in any
of the following forms:

(a)     In the event
of distribution after the expiration of the Deferral Period, distribution
may be made in a lump sum, or in installment payments for a period not
to exceed fifteen years;

 

(b)     In the event of distribution after the
Participant's death or permanent disability, distribution shall be made
in a lump sum:

 

(c)     In the event of distribution after termination
of employment other than by reason of death or disability, distribution
shall be made in a lump sum if the value of the Participant's Account is
Fifty Thousand Dollars ($50,000) or less, and shall be made as follows,
if the Account exceeds Fifty Thousand Dollars ($50,000):

(i)     the sum of
Fifty Thousand Dollars ($50,000) shall be distributed in a lump sum; and

 

(ii)     the remaining balance shall be distributed
in annual installments of at least Five Thousand Dollars ($5,000) over
a period of up to five (5) years.

Installment payments shall be paid annually on the first business
day of January of each Plan Year as elected by the Participant on the Executive
Deferred Compensation Agreement. Each installment payment shall be determined
by multiplying the amounts to be distributed by a fraction, the numerator
of which is one and the denominator of which is the number of remaining
installment payments to be made to Participant. Anything contained herein
to the contrary notwithstanding, total distribution of a Participant's
Account must be made by the date such Participant attains age 85.

Upon termination of a Participant's employment following a
Change in Control (unless elected as a Deferral Period in the Executive
Deferred Compensation Agreement), a Participant's Account shall be distributed
as described in 8.3(c)(1) and (2) above in five (5) annual installments
with the first installment payment commencing no later than ninety (90)
days after the Participant's employment is terminated. However, such Participant
or Beneficiary, as the case may be, may apply to the Administrative Committee
for payment of installments over a shorter period of time, or for payment
of the entire Account in a lump sum payment.

8.4     Defined Benefit
Accrual Payments.

Payment of Defined Benefit Accruals shall be in the form elected
by the Participant for payment of benefits under the Pension Plan.

8.5     Designation
of Beneficiaries.

Each Participant shall have the right to designate the beneficiary
or beneficiaries to receive payment of his benefit in the event of his
death. A beneficiary designation shall be made by executing the beneficiary
designation form prescribed by the Administrative Committee and filing
the same with the Administrative Committee. Any such designation may be
changed at any time by execution of a new designation in accordance with
this Section. If no such designation is on file with the Administrative
Committee at the time of the death of the Participant or such designation
is not effective for any reason as determined by the Administrative Committee,
then the designated beneficiary or beneficiaries to receive such benefit
shall be the Participant's surviving spouse, if any, or if none, the Participant's
executor or administrator, or his heirs at law if there is no administration
of such Participant's estate.

8.6     Unclaimed Benefits.

In the case of a benefit payable on behalf of such Participant,
if the Administrative Committee is unable to locate the Participant or
beneficiary to whom such benefit is payable, such benefit may be forfeited
to the Company, upon the Administrative Committee's determination. Notwithstanding
the foregoing, if subsequent to any such forfeiture the Participant or
beneficiary to whom such benefit is payable makes a valid claim for such
benefit, such forfeited benefit shall be paid by the Company or restored
to the Plan by the Company.

8.7     Hardship Withdrawals.

A Participant may apply in writing to the Administrative Committee
for, and the Administrative Committee may permit, a hardship withdrawal
of all or any part of a Participant's Account if the Administrative Committee,
in its sole discretion, determines that the Participant has incurred a
severe financial hardship resulting from a sudden and unexpected illness
or accident of the Participant or of a dependent (as defined in section
1 52(a) of the Code) of the Participant, loss of the Participant's property
due to casualty, or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant, as
determined by the Administrative Committee, in its sole and absolute discretion.
The amount that may be withdrawn shall be limited to the amount reasonably
necessary to relieve the hardship or financial emergency upon which the
request is based, plus the federal and state taxes due on the withdrawal,
as determined by the Administrative Committee. The Administrative Committee
may require a Participant who requests a hardship withdrawal to submit
such evidence as the Administrative Committee, in its sole discretion,
deems necessary or appropriate to substantiate the circumstances upon which
the request is based.

ARTICLE IX

ADMINISTRATION

9.1    
Administrative Committee.

The Plan shall be administered by an Administrative Committee
appointed by the Board of Directors. The Administrative Committee shall
be responsible for the general operation and administration of the Plan
and for carrying out the provisions thereof. The Administrative Committee
may delegate to others certain aspects of the management and operational
responsibilities of the Plan including the employment of advisors and the
delegation of ministerial duties to qualified individuals, provided that
such delegation is in writing.

9.2     General Powers
of Administration.

The Administrative Committee shall have all powers necessary
or appropriate to enable it to carry out its administrative duties. Not
in limitation, but in application of the foregoing, the Administrative
Committee shall have the duty and power to interpret the Plan and determine
all questions that may arise hereunder as to the status and rights of Employees,
Participants, and Beneficiaries. The Administrative Committee may exercise
the powers hereby granted in its sole and absolute discretion. No member
of the Administrative Committee shall be personally liable for any actions
taken by the Administrative Committee unless the member's action involves
willful misconduct.

9.3     Indemnification
of Administrative Committee.

The Company shall indemnify, hold harmless, and defend the
members of the Administrative Committee against any and all claims, losses,
damages, expenses, including attorney's fees, incurred by them, and any
liability, including any amounts paid in settlement with their approval
arising from their action or failure to act, except when the same is judicially
determined to be attributable to their gross negligence or willful misconduct.

ARTICLE X

DETERMINATION OF BENEFITS, CLAIMS PROCEDURE AND ADMINISTRATION

10.1     Claims.

A person who believes that he is being denied a benefit to
which he is entitled under the Plan (hereinafter referred to as a "Claimant")
may file a written request for such benefit with the Administrative Committee,
setting forth his claim, The request must be addressed to the Administrative
Committee at the Company at its then principal place of business.

10.2     Claim Decision.

Upon receipt of a claim, the Company shall advise the Claimant
that a reply will be forthcoming within ninety (90) days and shall, in
fact, deliver such reply within such period. The Company may, however,
extend the reply period for an additional ninety (90) days for reasonable
cause.

ARTICLE XI

MISCELLANEOUS

11.1     Not Contract
of Employment.

The adoption and maintenance of the Plan shall not be deemed
to be a contract between the Company and any person or to be consideration
for the employment of any person.

Nothing herein contained shall be deemed to give any person
the right to be retained in the employ of the Company or to restrict the
right of the Company to discharge any person at any time nor shall the
Plan be deemed to give the Company the right to require any person to remain
in the employ of the Company or to restrict any person's right to terminate
his employment at any time.

11.2     Non-Assignability
of Benefits.

No Participant, Beneficiary or distributee
of benefits under the Plan shall have any power or right to transfer, assign,
anticipate, hypothecate or otherwise encumber any part or all of the amounts
payable hereunder, which are expressly declared to be unassignable and
nontransferable. Any such attempted assignment or transfer shall be void.
No amount payable hereunder shall, prior to actual payment thereof, be
subject to seizure by any creditor of any such Participant, Beneficiary
or other distributee for the payment of any debt judgment or other obligation,
by a proceeding at law or in equity, nor transferable by operation of law
in the event of the bankruptcy, insolvency or death of such Participant,
Beneficiary or other distributee hereunder.

11.3     Withholding.

All deferrals and payments provided for hereunder shall be
subject to applicable withholding and other deductions as shall be required
of the Company under any applicable local, state or federal law.

11.4     Amendment
and Termination.

The Company may from time to time, in its discretion, amend,
in whole or in part, any or all of the provisions of the Plan; provided,
however, that no amendment may be made that would impair the rights of
a Participant with respect to amounts already allocated to his Account,
or reduce the Participant's Defined Benefit Accruals accrued to the date
of such amendment.  The Company may terminate the Plan at any time.
In the event that the Plan is terminated, the balance in a Participant's
Account shall be paid to such Participant or his Beneficiary in a single
cash lump sum, in full satisfaction of all such Participant's or Beneficiary's
benefits hereunder.  The Participant's Defined Benefit Accruals shall
be paid commencing coincident with the commencement of payment of benefits
to the Participant, or the Participant's Beneficiary, by the Pension Plan.

11.5     No Trust
Created.

Nothing contained in this Agreement, and no action taken pursuant
to its provisions by either party hereto, shall create, nor be construed
to create, a trust of any kind or a fiduciary relationship between the
Company and the Participant, his beneficiary, or any other person.

11.6     Unsecured
General Creditor Status Of Employee.

The payments to Participant, his Beneficiary or any other distributee
hereunder shall he made from assets which shall continue, for all purposes,
to be a part of the, general, unrestricted assets of the Company; no person
shall have nor acquire any interest in any such assets by virtue of the
provisions of this Agreement.  The Company's obligation hereunder
shall be an unfunded and unsecured promise to pay money in the future.
To the extent that the Participant Beneficiary or other distributee acquires
a right to receive payments from the Company under the provisions hereof,
such right shall be no greater than the right of any unsecured general
creditor of the Company: no such person shall have nor require any legal
or equitable right, interest or claim in or to any property or assets of
the Company.

In the event that, in its discretion, the Company purchases
an insurance policy, or policies insuring the life of the Employee (or
any other property) to allow the Company to recover the cost of providing
the benefits, in whole, or in part, hereunder, neither the Participant,
Beneficiary or other distributee shall have nor acquire any rights whatsoever
therein or in the proceeds therefrom. The Company shall be the sole owner
and beneficiary of any such policy or policies and, as such, shall possess
and, may exercise all incidents of ownership therein. No such policy, policies
or other property shall be held in any trust for a Participant, Beneficiary
or other distributee or held as collateral security for any obligation
of the Company hereunder.

11.7     Severability.

If any provision of this Plan shall be held illegal or invalid
for any reason, said illegality or invalidity shall not affect the remaining
provisions hereof; instead, each provision shall be fully severable and
the Plan shall be construed and enforced as if said illegal or invalid
provision had never been included herein.

11.8     Governing
Laws.

All provisions of the Plan shall be construed and enforced
in accordance with the laws of the State of Tennessee, and in the courts
situated in that State.

11.9     Binding Effect.

This Plan shall be binding on each Participant and his heirs
and legal representatives and on the Company and its successors and assigns.

11.10     Entire
Agreement.

This document and any amendments contain all the terms and
provisions of the Plan and shall constitute the entire Plan, any other
alleged terms or provisions being of no effect.

IN WITNESS WHEREOF, the Company has caused
this Plan to be properly executed on the ___ day of _________, ____.

 

 
	
ATTEST:

______________________

Title:
__________________

	
AUTOZONE,
INC.

 

By: ____________________

Title:____________________

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