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                                    VIAD CORP
                                                                    EXHIBIT 10.E
                         PERFORMANCE UNIT INCENTIVE PLAN

              PURSUANT TO THE 1997 VIAD CORP OMNIBUS INCENTIVE PLAN

                            AS AMENDED MARCH 15, 2001

1.       PURPOSE

         The purpose of the Plan is to promote the long-term interests of the
         Corporation and its stockholders by providing a means for attracting
         and retaining designated key executives of the Corporation and its
         Affiliates through a system of cash rewards for the accomplishment of
         long-term predefined objectives.

2.       DEFINITIONS

         The following definitions are applicable to the Plan:

         "Affiliate" - Any "Parent Corporation" or "Subsidiary Corporation" of
                  the Corporation as such terms are defined in Section 425(e)
                  and (f), or the successor provisions, if any, respectively, of
                  the Code (as defined herein).

         "Award" - The grant by the Committee of a Performance Unit or Units as
                  provided in the Plan.

         "Board" - The Board of Directors of Viad Corp.

         "Code" - The Internal Revenue Code of 1986, as amended, or its
                  successor general income tax law of the United States.

         "Committee" - The Human Resources Committee of the Board.

         "Corporation" - Viad Corp.

         "Operating Income" - Income before minority interest, interest expense
                  and taxes, but after deduction of corporate overhead.

         "Participant" - Any executive of the Corporation or any of its
                  Affiliates who is selected by the Committee to receive an
                  Award.

         "Performance Period" - The period of time selected by the Committee for
                  the purpose of determining performance goals and measuring the
                  degree

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                  of accomplishment. Generally, the Performance Period will be a
                  period of three successive fiscal years of the Corporation.

         "Performance Unit Award" - An Award.

         "Plan" - The Performance Unit Incentive Plan of the Corporation.

         "Pre-Tax Income" - Pre-tax income after minority interest.

         "Unit" - The basis for any Award under the Plan.

3.       ADMINISTRATION

         The Plan shall be administered by the Committee. Except as limited by
         the express provisions of the Plan, the Committee shall have sole and
         complete authority and discretion to (i) select Participants and grant
         Awards; (ii) determine the number of Units to be subject to Awards
         generally, as well as to individual Awards granted under the Plan; iii)
         determine the targets that must be achieved in order for the Awards to
         be payable and the other terms and conditions upon which Awards shall
         be granted under the Plan; (iv) prescribe the form and terms of
         instruments evidencing such grants; and (v) establish from time to time
         regulations for the administration of the Plan, interpret the Plan, and
         make all determinations deemed necessary or advisable for the
         administration of the Plan.

4.       PERFORMANCE GOALS

         The Performance Unit Incentive Plan is intended to provide Participants
         with a substantial incentive to achieve or surpass three pre-defined
         long-range financial goals which have been selected because they are
         key factors (goals) in increasing stockholder value.

         The first goal for each Subsidiary Participant emphasizes growth in
         Average Three-Year Operating or Pre-tax Income.

         The first goal for Corporate Participants also emphasizes Growth in
         Average Three-Year Operating Income but the target will be based on
         income per share from continuing operations, the most appropriate
         measure in increasing stockholder value.

         The second goal for Corporate and Subsidiary Participants is a Viad
         Value Added (VVA) measure.

         The third goal for Corporate and Subsidiary Participants emphasizes
         growth in Average Three-Year Revenues.

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5.       DETERMINATION OF TARGETS

         A.       AVERAGE THREE-YEAR GROWTH IN SUBSIDIARY EARNINGS

                  An appropriate average three-year operating or pre-tax income
                  target for the Performance Period for each Subsidiary Company
                  will be established taking into account historical operating
                  or pre-tax income, financial plan operating or pre-tax income
                  for the Performance Period, overall Corporate objectives, and
                  if appropriate, other circumstances. An appropriate range of
                  values above and below such target will then be selected to
                  measure achievement above or below the target.

         B.       AVERAGE GROWTH IN THREE-YEAR VIAD CORP INCOME PER SHARE

                  An appropriate average three-year "Income Per Share" from
                  continuing operations target for Viad Corp will be established
                  after considering historical income per share from continuing
                  operations, financial plan income per share from continuing
                  operations for the Performance Period, overall Corporate
                  objectives and, if appropriate, other circumstances. An
                  appropriate range of values above and below such target will
                  then be selected to measure achievement above or below the
                  target.

         C.       VALUE ADDED MEASUREMENT:

                  The VVA measurement is intended to place increased emphasis on
                  securing an adequate return to Viad Corp on all capital
                  employed in the business. VVA compares net operating income to
                  the return required on capital invested in the business.

                  In calculating the bonus pool of each Company, VVA shall mean
                  Net Operating Profit After Taxes (NOPAT is defined as sales
                  minus operating expenses minus taxes) minus a Capital Charge
                  calculated by multiplying a Cost of Capital times the actual
                  Capital (Capital is defined as total assets less current and
                  other liabilities exclusive of debt). Certain adjustments are
                  necessary to determine NOPAT and Capital.

                  An appropriate average three-year VVA target will be
                  established; a range of values above and below such target
                  will then be selected to measure achievement above or below
                  the target.

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         D.       REVENUE

                  An appropriate average three-year Revenue target will be
                  established for Subsidiary and Corporate with a focus on
                  enhancing profitable top-line growth. An appropriate range of
                  values above and below such target will then be selected to
                  measure achievement above or below the target.

         E.       ESTABLISHING TARGETS

                  The appropriate weighting of goals, targets, range of values
                  above and below such targets and the Performance Period to be
                  used as a basis for the measurement of performance for Awards
                  under the Plan will be determined by the Committee no later
                  than 90 days after the beginning of each new Performance
                  Period during the life of the Plan, after giving consideration
                  to the recommendations of the Chief Executive Officer of Viad
                  Corp. Performance Units will be earned based upon the degree
                  of achievement of pre-defined targets over the Performance
                  Period following the date of grant. Earned Units can range,
                  based on operating performance using an award range of values,
                  from 0% to 200% of the target Units.

6.       OTHER PLAN PROVISIONS

         Subsidiary operating or pre-tax income and Viad Corp income per share
         from continuing operations are determined before extraordinary or
         unusual items, effects of changes in accounting principles, or a change
         in federal income tax rates after the target has been set.
         Reclassification of a major business unit to discontinued operations
         status after targets have been set would also require adjustment
         because of effect on Viad Corp continuing operations results. While
         gains on disposition of a business would normally not be included in
         determining income per share, in the event of the sale of a subsidiary
         or major business unit, a portion of gain would be included for the
         difference between the sold unit's planned net income for the
         performance period and actual results to date of sale plus calculated
         interest savings on proceeds for the balance of the performance period,
         so that actual results are not penalized for selling a business.

         An adjustment to actual operating or pre-tax income will be made for
         any increase or decrease in cost to a subsidiary in connection with a
         change in the formula allocation of corporate overhead over amounts
         included in the Plan at the beginning of the applicable performance
         period.

         Incentives to be paid under this Plan must be deducted from the
         subsidiary corporation's and the Corporation's earnings during the
         Performance Period

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         (generally in the third year, when the amounts to be paid can be
         reasonably estimated). Goals must be achieved after deducting from
         actual results all incentive compensation applicable to such
         performance periods, including those incentives earned under this Plan.

7.       RANGE OF PERFORMANCE AWARDS

         The range of values for the Corporation's or a Subsidiary Company's
         operating or pre-tax income or income per share performance and the VVA
         and Revenue measurements will be recommended by the Chief Executive
         Officer of Viad Corp for approval by the Committee.

         Performance Units will be earned based upon the degree of achievement
         of each of the pre-defined targets (operating or pre-tax income or
         income per share, VVA, and Revenue) over the Performance Period
         following the date of grant. A range of values will be established for
         the operating income or income per share target (to carry a 70%
         weighting), for the VVA target (to carry a 30% weighting), and for the
         Revenue target (to be used for adjustment to the total bonus pool
         otherwise accruable by 95% (threshold) up to 105% (maximum), depending
         upon the achievement against the revenue target).

8.       PARTICIPANT ELIGIBILITY

         Personnel will be eligible for participation as recommended by the
         Chief Executive Officer of Viad Corp for approval by the Committee no
         later than 90 days after the beginning of each new Performance Period
         during the life of the Plan, limited only to those key executives who
         contribute in a substantial measure to the successful performance of
         the Corporation or its Affiliates. The Chief Executive Officer will
         recommend for approval by the Committee which Affiliates among its
         Affiliates should be included in the Plan.

9.       AWARD DETERMINATION

         The number of Units to be awarded will be determined, generally, by
         multiplying a factor times the Participant's annual base salary in
         effect at the time the Award is granted and dividing the result by the
         average of the high and low of the Corporation's Common Stock on the
         date of approval of the grant by the Committee. The Award factor will
         be recommended by the Chief Executive Officer of Viad Corp for approval
         by the Committee annually no later than 90 days after the beginning of
         each new performance period. The Committee may adjust the number of
         Units awarded in its discretion.

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10.      GENERAL TERMS AND CONDITIONS

         The Committee shall have full and complete authority and discretion,
         except as expressly limited by the Plan, to grant Units and to provide
         the terms and conditions (which need not be identical among
         Participants) thereof. Without limiting the generality of the
         foregoing, the Committee may specify a Performance Period of not less
         than two years or not more than five years, rather than the three-year
         Performance Period provided for above, and such time period will be
         substituted as appropriate to properly effect the specified Performance
         Period. No Participant or any person claiming under or through such
         person shall have any right or interest, whether vested or otherwise,
         in the Plan or in any Award thereunder, contingent or otherwise, unless
         and until all the terms, conditions, and provisions of the Plan and its
         approved administrative requirements that affect such Participant or
         such other person shall have been complied with. Nothing contained in
         the Plan or its Administrative Guidelines shall (i) require the
         Corporation to segregate cash or other property on behalf of any
         Participant or (ii) affect the rights and power of the Corporation or
         its Affiliates to dismiss and/or discharge any Participant at any time.

         Any recapitalization, reclassification, stock split, stock dividend
         sale of assets, combination or merger not otherwise provided for herein
         which affects the outstanding shares of Common Stock of the Corporation
         or any other change in the capitalization of the Corporation affecting
         the Common Stock shall be appropriately adjusted for by the Committee
         or the Board, and any such adjustments shall be final, conclusive and
         binding.

11.      PAYMENTS OF AWARDS

         (a) Performance Unit Awards which may become payable under this Plan
         shall be calculated as determined by the Committee but any resulting
         Performance Unit Award payable shall be subject to the following
         calculation: each Unit payable shall be multiplied by the average of
         the daily means of the market prices of the Corporation's Common Stock
         during the ten trading day period beginning on the day following public
         announcement of the Corporation's year-end financial results following
         the Performance Period. Distribution of the Award will be made within
         ninety (90) days following the close of the Performance Period. For
         those Executive Officers affected by Section 162(m) of the Internal
         Revenue Code, awards will be subject to discretionary downward
         adjustment by the Committee.

         (b) Performance Unit Awards granted under this Plan shall be payable
         during the lifetime of the Participant to whom such Award was granted
         only to such Participant; and, except as provided in (d) and (e) of
         this Section 11, no such Award will be payable unless at the time of
         payment such Participant is an employee of and has continuously since
         the grant thereof been an employee of,

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         the Corporation or an Affiliate. Neither absence or leave, if approved
         by the Corporation, nor any transfer of employment between Affiliates
         or between an Affiliate and the Corporation shall be considered an
         interruption or termination of employment for purposes of this Plan.

         (c) Prior to the expiration of the Performance Period, all Participants
         will be provided an irrevocable option to defer all or a portion of any
         earned Performance Unit Award, if there be one but not less than a
         specified minimum, in written form as prescribed by the Board under the
         provisions of a deferred compensation plan for executives of the
         Corporation and its Affiliates, if one be adopted.

         (d) If a Participant to whom a Performance Unit Award was granted shall
         cease to be employed by the Corporation or its Affiliate for any reason
         (other than death, disability, or retirement) prior to the completion
         of any applicable Performance Period, said Performance Unit Award will
         be withdrawn and subsequent payment in any form at any time will not be
         made.

         (e) If a Participant to whom a Performance Unit Award was granted shall
         cease to be employed by the Corporation or its Affiliate due to early,
         normal, or deferred retirement, or in the event of the death or
         disability of the Participant, during the Performance Period stipulated
         in the Performance Unit Award, such Award shall be prorated for the
         period of time from date of grant to date of retirement, disability or
         death, as applicable, and become payable within ninety (90 days)
         following the close of the Performance Period to the Participant or the
         person to whom interest therein is transferred by will or by the laws
         of descent and distribution. Performance Unit Awards shall be
         determined at the same time and in the same manner (except for
         applicable proration) as described in Section 11(a).

         (f) There shall be deducted from all payment of Awards any taxes
         required to be withheld by any Federal, State, or local government and
         paid over to any such government in respect to any such payment.

12.      EFFECT OF CHANGE OF CONTROL

         Notwithstanding anything to the contrary in this Plan, in the event of
         a Change of Control (as defined in the 1997 Viad Corp Omnibus Incentive
         Plan) each participant in the Plan shall be entitled to a prorata bonus
         award calculated on the basis of achievement of performance goals
         through the date of the Change of Control.

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13.      ASSIGNMENTS AND TRANSFERS

         No award to any Participant under the provisions of the Plan may be
         assigned, transferred, or otherwise encumbered except, in the event of
         death of a Participant, by will or the laws of descent and
         distribution.

14.      AMENDMENT OR TERMINATION

         The Board may amend, suspend, or terminate the Plan or any portion
         thereof at any time provided, however, that no such amendment,
         suspension, or termination shall invalidate the Awards already made to
         any Participant pursuant to the Plan, without his consent.

15.      EFFECTIVE DATE

         The Plan shall be effective January 1, 1997, provided however, that any
         Award made under this Plan is subject to the approval of the 1997 Viad
         Corp Omnibus Incentive Plan by the stockholders of Viad Corp.

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                                                                 EXHIBIT 10.F(i)
                              AMENDED AND RESTATED
                          EXECUTIVE SEVERANCE AGREEMENT
                              AS OF MARCH 15, 2001

         This Agreement is between Viad Corp, a Delaware corporation (the
"Corporation"), and Robert H. Bohannon (the "Executive").

                                   WITNESSETH:

         WHEREAS, the Board of Directors (the "Board") of the Corporation has
authorized the Corporation to enter into an employment agreement with Executive;
and

         WHEREAS, the Executive is a key executive of the Corporation and the
employment agreement provides that Corporation shall enter into an Executive
Severance Agreement with Executive comparable in form and substance to the
executive severance agreement between Corporation and Executive's predecessor;
and

         WHEREAS, should the Corporation receive any proposal from a third
person concerning a possible business combination with, or acquisition of equity
securities of, the Corporation, the Board believes it imperative that the
Corporation and the Board be able to rely upon the Executive to continue in his
position, and that the Corporation be able to receive and rely upon his advice
when requested as to the best interests of the Corporation and its shareholders,
without concern that he might be distracted by the personal uncertainties and
risks created by such a proposal; and

         WHEREAS, should the Corporation receive any such proposals, in addition
to the Executive's regular duties, he may be available to be called upon to
assist in the assessment of such proposals, to advise management and the Board
as to whether such proposals would be in the best interests of the Corporation
and its shareholders, and to take such other actions as the Board might
determine to be appropriate.

         NOW, THEREFORE, to assure the Corporation that it will have the
continued dedication of the Executive and the availability of his advice and
counsel notwithstanding the possibility, threat or occurrence of a bid to take
over control of the Corporation, and to induce the Executive to remain in the
employ of the Corporation, and for other good and valuable consideration, the
Corporation and the Executive agree as follows:

         1. Services During Certain Events. In the event a third person begins a
tender or exchange offer, circulates a proxy to shareholders, or takes other
steps seeking to effect a Change of Control (as hereafter defined), the
Executive agrees that he will not voluntarily leave the employ of the
Corporation, and will render the services contemplated in the recitals to this
Agreement, until the third person has abandoned or terminated his or its efforts
to effect a Change of Control or until six months after a Change of Control has
occurred.
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         2.       Definition of Change of Control. For the purposes of this
Agreement, a "Change of Control" shall mean any of the following events:

                  (a)      The acquisition by any 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 13d-3 promulgated under the Exchange Act)
of 20% or more of either (i) the then outstanding shares of common stock of the
Corporation (the "Outstanding Corporation Common Stock") or (ii) the combined
voting power of the then outstanding voting securities of the Corporation
entitled to vote generally in the election of directors (the "Outstanding
Corporation Voting Securities"); provided, however, that for purposes of this
subsection (a), the following acquisitions shall not constitute a Change of
Control: (i) any acquisition directly from the Corporation other than an
acquisition by virtue of the exercise of a conversion privilege unless the
security being so converted was itself acquired directly from the Corporation,
(ii) any acquisition by the Corporation, (iii) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Corporation or
any corporation controlled by the Corporation or (iv) any acquisition by any
corporation pursuant to a transaction which complies with clauses (i), (ii) and
(iii) of subsection (c) of this Section 2; or

                  (b)      Individuals who, as of the date hereof, constitute
the Board (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 Corporation'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 an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board; or

                  (c)      Approval by the shareholders of the Corporation of a
reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Corporation (a "Business Combination"),
in each case, unless, following such Business Combination, (i) all or
substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Corporation Common Stock and
Outstanding Corporation Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 60% 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 Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the Corporation or all or
substantially all of the Corporation's assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination of the Outstanding Corporation
Common Stock and Outstanding Corporation Voting Securities, as the case may be,
(ii) no Person (excluding any employee benefit plan (or related trust) of the
Corporation or such corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 20% or more of, respectively, the
then outstanding shares of common stock of the corporation resulting from

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such Business Combination or the combined voting power of the then outstanding
voting securities of such corporation except to the extent that such ownership
existed prior to the Business Combination, and (iii) at least a majority of the
members of the board of directors of the corporation resulting from such
Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board, providing for
such Business Combination; or

                  (d)      Approval by the shareholders of the Corporation of a
complete liquidation or dissolution of the Corporation.

         3.       Definitions.

                  a)       For purposes of this Agreement, "Cause" shall mean:

                           (i)      The willful and continued failure of the
Executive to perform substantially the Executive's duties with the Corporation
or one of its affiliates (other than any such failure resulting from incapacity
due to physical or mental illness), after a written demand for substantial
performance is delivered to the Executive by the Board or the Chief Executive
Officer of the Corporation which specifically identifies the manner in which the
Board or Chief Executive Officer believes that the Executive has not
substantially performed the Executive's duties; or

                           (ii)     The willful engaging by the Executive in
illegal conduct or gross misconduct which is materially and demonstrably
injurious to the Corporation.

For purposes of this provision, no act or failure to act, on the part of the
Executive, shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Corporation. Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer or
a senior officer of the Corporation or based upon the advice of counsel for the
Corporation shall be conclusively presumed to be done, or omitted to be done, by
the Executive in good faith and in the best interests of the Corporation. The
cessation of employment of the Executive shall not be deemed to be 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 entire membership of the Board at a meeting of the Board called and held
for such purpose (after reasonable notice is provided to the Executive and the
Executive is given an opportunity, together with counsel, to be heard before the
Board), finding that, in the good faith opinion of the Board, the Executive is
guilty of the conduct described in subparagraph (i) or (ii) above, and
specifying the particulars thereof in detail.

                  (b)      For purposes of this Agreement, "Good Reason" shall
mean:

                  (i)      The assignment to the Executive of any duties
inconsistent in any respect with the Executive's position (including status,
offices, titles and reporting requirements), authority, duties or
responsibilities immediately prior to the Change of Control, or any other

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action by the Corporation which results in a diminution in such position,
authority, duties or responsibilities, excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith and which is
remedied by the Corporation promptly after receipt of notice thereof given by
the Executive;

                  (ii)     Any reduction by the Corporation of the Executive's
base salary, annual bonus, incentive opportunities, retirement benefits, welfare
or fringe benefits below the highest level enjoyed by the Executive during the
120-day period prior to the Change of Control;

                  (iii)    The Corporation's requiring the Executive to be based
at any office or location other than that at which he was based immediately
prior to the Change of Control or the Corporation's requiring the Executive to
travel on Corporation business to a substantially greater extent than required
immediately prior to the Change of Control;

                  (iv)     Any purported termination by the Corporation of the
Executive's employment otherwise than as expressly permitted by this Agreement;
or

                  (v)      Any failure by the Corporation to comply with and
satisfy Section 5(d) of this Agreement.

For purposes of this Agreement, any good faith determination of "Good Reason"
made by the Executive shall be conclusive.

         4.       Termination After Change of Control. In the event the
Executive's employment with the Corporation is terminated (a) involuntarily
without Cause, at any time, (b) by the Executive for Good Reason at any time, or
(c) by the Executive for any reason at least six months after the Change of
Control (other than as a result of his death, disability or retirement at or
after his normal retirement date under the Corporation's retirement plans), but
in each case within eighteen months after a Change of Control:

                  (a)      Lump Sum Cash Payment. On or before the Executive's
last day of employment with the Corporation, the Corporation will pay to the
Executive as compensation for services rendered to the Corporation a lump sum
cash amount (subject to any applicable payroll or other taxes required to be
withheld) equal to three times the sum of (i) his highest annual salary fixed
during the period he was an employee of the Corporation, plus (ii) the greater
of (A) the largest amount awarded to him in a year as a cash bonus (whether or
not deferred) under the Corporation's Management Incentive Plan and Performance
Unit Incentive Plan or other similar short and long term cash incentive plans or
arrangements providing for performance bonus payments during the preceding four
years or (B) the target bonus (under all of the Corporation's bonus plans for
which the Executive is eligible including the Corporation's Management Incentive
Plan and Performance Unit Incentive Plan) for the fiscal year in which the
Change of Control occurs.

                  (b)      Employee Plans. The Executive's participation in the
life, accident and health insurance plans of the Corporation, and in fringe
benefits provided the Executive prior to

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the Change of Control or his termination, whichever is more favorable, shall be
continued, or equivalent benefits provided, by the Corporation, at no direct
cost to him for a period of three years from the date his employment terminates
(or until his normal retirement date, whichever is sooner). The Executive's
participation in any applicable retirement and/or pension plans of the
Corporation or any of its subsidiaries shall continue only through the last day
of his employment. Any terminating distributions and/or vested rights under such
plans shall be governed by the terms of the respective plans.

                  (c)      Acceleration of Stock Awards. Stock options and any
other rights granted to the Executive by the Corporation under its 1983 Stock
Option and Incentive Plan, its 1992 Stock Incentive Plan and any later or
successor plan or plans (collectively, the "Stock Incentive Plans"), will be
exercisable in full for a period of 90 days (i) following the date of a Change
of Control of the Corporation, or (ii) commencing on the date of approval by the
Corporation's shareholders of an agreement providing for a merger in which the
Corporation will not remain an independent publicly owned corporation or a
consolidation or a sale or other disposition of all or substantially all the
assets of the Corporation, provided that no option or right shall be exercisable
by the Executive within six months after the date of grant, or after the
termination date, of such option or right. In the event of a Change of Control,
the restrictions and deferral limitations applicable to any restricted or
deferred stock awarded under the Stock Incentive Plans shall lapse, and such
stock shall become free of all restrictions and become fully vested and
transferable to the full extent of the original grant.

                           If either (i) the transaction or transactions which
resulted in the Change of Control were not approved by a vote of at least
two-thirds (2/3) of the directors of the Company who are members of the
Incumbent Board as described in subparagraph (b) of Section 2 above, or
originated with an unsolicited offer (as determined by the Incumbent Board in
good faith), or (ii) the Board of Directors of the Company, in its discretion,
determines that this provision shall apply in the event of a Change of Control,
then the Executive shall have the rights set forth in this paragraph. If this
paragraph applies, then in lieu of cashing-out or exercising some or all of his
stock options granted to the Executive under the Stock Incentive Plans, the
Executive may, during the period in which the Executive could otherwise exercise
such options under this Section 4(c), cancel such options in exchange for an
amount equal to (i) the fair market value of a share of the Corporation's common
stock on a date selected by the Executive (the "Exercise Date"), such date being
no earlier than 30 days prior to the event described in this Section 4(c) and no
later than 30 days after such event, multiplied by (ii) the number of shares
subject to the stock options for which such election is made, and then minus
(iii) the aggregate purchase price for such shares under the applicable stock
option agreements. The Executive must provide written notice to the Corporation
which sets forth the options (or portion thereof) he wishes to cancel, the
number of shares being canceled, and the Exercise Date elected by the Executive.
Payment to the Executive shall be made in lump sum in cash within five days
following delivery of such written notice to the Corporation.

                  (d)      Special Retirement Benefits. The Executive shall
receive Special Retirement Benefits payable hereunder to the Executive or his
beneficiaries equal to the excess of the amount specified in subsection (d)(i)
over that in (d)(ii) below;

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                           (i)      The total retirement benefits that would be
paid to the Executive or his beneficiaries, if either (x) the three years (or
the period to his normal retirement date, if less) following his termination, or
(y) the number of years necessary to accumulate twenty years of credited
service, whichever is greater, are added to his credited service under the
Corporation's pension plans (including any predecessor or successor or
substitute plan or plans of the Corporation), and his final average compensation
is as determined under the Plans referred to in this subsection (d)(i) (the
amount specified in subsection (a) of this Section 4 not being considered
"compensation" for purposes of calculating final average compensation under this
subsection (d)(i)), in each case utilizing actuarial assumptions no less
favorable to the Executive than those used in the Corporation's pension plans
immediately prior to the Change of Control;

                           (ii)     The total retirement benefits actually
payable to the Executive or his beneficiaries under the Corporation's retirement
plans (including any successor plans of the Corporation).

All Special Retirement Benefits and other benefits provided for herein are
provided on an unfunded basis and are not intended to meet the qualification
requirements of Section 401 of the Internal Revenue Code. All Special Retirement
Benefits and other benefits provided for herein shall be payable solely from the
general assets of the Corporation or its appropriate affiliate.

                  (e)      Taxes: Anything in this Agreement to the contrary
notwithstanding, and whether or not the Executive becomes entitled to severance
payments under this Agreement, if any of the payments or benefits received or to
be received by the Executive in connection with a Change of Control (whether
pursuant to the terms of this Agreement or any other plan, arrangement or
agreement with the Corporation, any person whose actions result in a Change of
Control, or any person affiliated with the Corporation or such person) (such
payments or benefits, excluding the Gross-Up Payment, being hereinafter referred
to as the "Total Payments") would be subject to the excise tax imposed under
Section 4999 of the Code (the "Excise Tax"), the Corporation shall pay to the
Executive an additional amount (the "Gross-Up Payment") such that the net amount
retained by the Executive, after deduction of any Excise Tax on the Total
Payments and any federal, state and local income and employment taxes and Excise
Tax upon the Gross-Up Payment, shall be equal to the Total Payments. For
purposes of determining the amount of the Gross-Up Payment, the Executive shall
be deemed to pay federal income taxes at the highest marginal rate of federal
income taxation in the calendar year in which the Gross-Up Payment is to be made
and state and local income taxes at the highest marginal rates of taxation in
the state and locality of the residence of the Executive on the last day of the
Executive's employment with the Corporation (the "Date of Termination"), net of
the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes.

                           (i)      Determination By Accountant. All
determinations required to be made under this Section 4(e), including whether a
Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be
made by the independent accounting firm which served as the Corporation's
auditor immediately prior to the Change of

                                       6
<PAGE>   7
Control (the "Accounting Firm"), which shall provide detailed supporting
calculations both to the Corporation and the Executive within fifteen (15)
business days after the Date of Termination, if applicable, or such earlier time
as is requested by the Corporation. In the event that the Accounting Firm is
also serving as accountant or auditor for the individual, entity, or group
effecting the Change of Control, the Executive may appoint another nationally
recognized public accounting firm to make the determinations required hereunder
(which accounting firm shall then be referred to as the Accounting Firm
hereunder), by giving written notice of such appointment to the Corporation
within 5 business days after the Date of Termination. All fees and expenses of
the Accounting Firm shall be borne solely by the Corporation and it shall be the
Corporation's obligation to cause the Accounting Firm to take any actions
required hereby.

If the Accounting Firm determines that no Excise Tax is payable by the
Executive, it shall furnish the Executive with an opinion that he or she has
substantial authority not to report any Excise Tax on his or her federal income
tax return. As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the initial determination by the Accounting Firm
hereunder, it is possible that a Gross-Up Payment which will not have been made
by the Corporation should have been made ("Underpayment"), consistent with the
calculations required to be made hereunder. In the event that the Corporation
exhausts its remedies pursuant to Section 4(e)(ii) and the Executive thereafter
is required to make a payment of any Excise Tax, the Accounting Firm shall
determine the amount of the Underpayment that has occurred and any such
Underpayment shall be promptly paid by the Corporation to or for the benefit of
the Executive.

                           (ii)     Notification Required. The Executive shall
notify the Corporation in writing of any claim by the Internal Revenue Service
that, if successful, would require the payment by the Corporation of the
Gross-Up Payment. Such notification shall be given as soon as practicable but no
later than 10 business days after the Executive knows of such claim and shall
apprise the Corporation of the nature of such claim and the date on which such
claim is requested to be paid. The Executive shall not pay such claim prior to
the expiration of the 30-day period following the date on which he or she gives
such notice to the Corporation (or such shorter period ending on the date that
any payment of taxes with respect to such claim is due). If the Corporation
notifies the Executive in writing prior to the expiration of such period that it
desires to contest such claim, the Executive shall:

                                    (A)      give the Corporation any
information reasonably requested by the Corporation relating to such claim,

                                    (B)      take such action in connection with
contesting such claim as the Corporation shall reasonably request in writing
from time to time, including, without limitation, accepting legal representation
with respect to such claim by an attorney reasonably selected by the
Corporation,

                                       7
<PAGE>   8
                                    (C)      cooperate with the Corporation in
good faith in order to effectively contest such claim,

                                    (D)      permit the Corporation to
participate in any proceedings relating to such claim, provided, however, that
the Corporation shall bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with such contest and
shall indemnify and hold the Executive harmless, on an after-tax basis, for any
Excise Tax or income tax, including interest and penalties with respect thereto,
imposed as a result of such representation and payment of costs and expenses.
Without limitation on the foregoing provisions of this Section 4(e), the
Corporation shall control all proceedings taken in connection with such contest
and, at its sole option, may pursue or forgo any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of
such claim and may, at its sole option, either direct the Executive to pay the
tax claimed and sue for a refund, or contest the claim in any permissible
manner, and the Executive agrees to prosecute such contest to a determination
before any administrative tribunal, in a court of initial jurisdiction and in
one or more appellate courts, as the Corporation shall determine; provided,
however, that if the Corporation directs the Executive to pay such claim and sue
for a refund, the Corporation shall advance the amount of such payment to the
Executive, on an interest-free basis and shall indemnify and hold the Executive
harmless, on an after-tax basis, from any Excise Tax or income tax, including
interest or penalties with respect thereto, imposed with respect to such advance
or with respect to any imputed income with respect to such advance; and further
provided that any extension of the statute of limitations relating to payment of
taxes for the taxable year of the Executive with respect to which such contested
amount is claimed to be due is limited solely to such contested amount.
Furthermore, the Corporation's control of the contest shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder and the
Executive shall be entitled to settle or contest, as the case may be, any other
issue raised by the Internal Revenue Service or any other taxing authority.

                           (iii)    Repayment. If, after the receipt by the
Executive of an amount advanced by the Corporation pursuant to Section 4(e)(ii),
the Executive becomes entitled to receive any refund with respect to such claim,
the Executive shall (subject to the Corporation's complying with the
requirements of Section 4(e)(ii)) promptly pay to the Corporation the amount of
such refund (together with any interest paid or credited thereon after taxes
applicable thereto). If, after the receipt by the Executive of an amount
advanced by the Corporation pursuant to Section 4(e)(ii), a determination is
made that the Executive shall not be entitled to any refund with respect to such
claim and the Corporation does not notify the Executive in writing of its intent
to contest such denial of refund prior to the expiration of 30 days after such
determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall offset, to the extent thereof,
the amount of Gross-Up Payment required to be paid.

                                       8
<PAGE>   9
         5.       General.

                  (a)      Indemnification. If litigation shall be brought to
enforce or interpret any provision contained herein, the Corporation, to the
extent permitted by applicable law and the Corporation's Articles of
Incorporation, hereby indemnifies the Executive for his reasonable attorneys'
fees and disbursements incurred in such litigation, and hereby agrees to pay
prejudgment interest on any money judgment obtained by the Executive calculated
at the Citibank prime interest rate in effect from time to time from the date
that payment(s) to him should have been made under this Agreement.

                  (b)      Payment Obligations Absolute. The Corporation's
obligation to pay the Executive the Compensation and benefits hereunder and to
make the arrangements provided herein shall be absolute and unconditional and
shall not be affected by any circumstances, including, without limitation, any
set-off, counterclaim, recoupment, defense or other right which the Corporation
may have against him or anyone else. All amounts payable by the Corporation
hereunder shall be paid without notice or demand. Each and every payment made
hereunder by the Corporation shall be final and the Corporation will not seek to
recover all or any part of such payment from the Executive or from whosoever may
be entitled thereto, for any reason whatsoever. The Executive shall not be
obligated to seek other employment in mitigation of the amounts payable or
arrangements made under any provision of this Agreement, and the obtaining of
any such other employment shall in no event effect any reduction of the
Corporation's obligations to make the payments and arrangements required to be
made under this Agreement.

                  (c)      Continuing Obligations. The Executive shall retain in
confidence any confidential information known to him concerning the Corporation
and its subsidiaries and their respective businesses so long as such information
is not publicly disclosed.

                  (d)      Successors.

                           (i)      This Agreement is personal to the Executive
and without the prior written consent of the Corporation shall not be assignable
by the Executive otherwise than by will or the laws of descent and distribution.
This Agreement shall inure to the benefit of and be enforceable by the
Executive's legal representatives.

                           (ii)     This Agreement shall inure to the benefit of
and be binding upon the Corporation and its successors and assigns.

                           (iii)    The Corporation will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Corporation to
assume expressly and agree to perform this Agreement in the same manner and to
the same extent that the Corporation would be required to perform it if no such
succession had taken place. As used in this Agreement, Corporation shall mean
the Corporation as hereinbefore defined and which assumes and agrees to perform
this Agreement by operation of law, or otherwise.

                                       9
<PAGE>   10
                  (e)      Severability. Any provision in this Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective only to the extent of such prohibition or
unenforceability without invalidating or affecting the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

                  (f)      Other Agreements. In the event the Executive's
employment with the Corporation terminates and the Executive is entitled to
receive termination, separation or other like amounts from the Corporation
pursuant to any contract of employment, general prevailing separation pay
policy, or other program of the Corporation, all such amounts shall be applied
to and set off against the Corporation's obligation set forth in subsection (a)
of Section 4 of this Agreement, subsection (b) of this Section notwithstanding.

                  (g)      Controlling Law. This Agreement shall in all respects
be governed by, and construed in accordance with, the laws of the State of
Delaware.

                  (h)      Termination. This Agreement shall terminate if the
                           Board determines that the Executive is no longer a
key executive to be provided a severance agreement and so notifies the
Executive; except that such determination shall not be made, and if made shall
have no effect, (i) within eighteen months after the Change of Control in
question or (ii) during any period of time when the Corporation has knowledge
that any third person has taken steps reasonably calculated to effect a Change
of Control until, in the opinion of the Board, the third person has abandoned or
terminated his efforts to effect a Change of Control. Any decision by the Board
that the third person has abandoned or terminated his efforts to effect a Change
of Control shall be conclusive and binding on the Executive.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
15th day of March, 2001.

                                                             /s/
                                             -----------------------------------
                                                     Robert H.  Bohannon

ATTESTED:                                    Viad Corp

By:              /s/                         By:             /s/
   --------------------------------             --------------------------------
     Secretary                                    Scott E. Sayre
                                                  Vice President-General Counsel
                                                  and Corporate Secretary

                                       10

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