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                                                                    EXHIBIT 10.A
                     1997 VIAD CORP OMNIBUS INCENTIVE PLAN,
                      AS AMENDED THROUGH FEBRUARY 15, 2001

SECTION 1. PURPOSE; DEFINITIONS.

           The purpose of the Plan is to give the Company a significant
advantage in attracting, retaining and motivating officers, employees and
directors and to provide the Company and its subsidiaries with the ability to
provide incentives more directly linked to the profitability of the Company's
businesses and increases in stockholder value. It is the current intent of the
Committee that the Plan shall replace the 1992 Stock Incentive Plan for purposes
of new Awards and that the Viad Corp Management Incentive Plan, the Viad Corp
Performance Unit Incentive Plan, and the Viad Corp Performance-Based Stock Plan
continue under the auspices of Sections 7 and 8 hereof subject to the discretion
of the Committee under the terms and conditions of this Plan.

           For purposes of the Plan, the following terms are defined as set
forth below:

           (a) "AFFILIATE" means a corporation or other entity controlled by the
Company and designated by the Committee as such.

           (b) "AWARD" means an award of Stock Appreciation Rights, Stock
Options, Restricted Stock or Performance-Based Awards.

           (c) "AWARD CYCLE" will mean a period of consecutive fiscal years or
portions thereof designated by the Committee over which Awards of Restricted
Stock or Performance-Based Awards are to be earned.

           (d) "BOARD" means the Board of Directors of the Company.

           (e) "CAUSE" means (1) the conviction of a participant for committing
a felony under federal law or the law of the state in which such action
occurred, (2) dishonesty in the course of fulfilling a participant's employment
duties or (3) willful and deliberate failure on the part of a participant to
perform his employment duties in any material respect, or such other events as
will be determined by the Committee. The Committee will have the sole discretion
to determine whether "Cause" exists, and its determination will be final.

           (f) "CHANGE IN CONTROL" and "CHANGE IN CONTROL PRICE" have the
meanings set forth in Sections 9(b) and (c), respectively.
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           (g) "CODE" means the Internal Revenue Code of 1986, as amended from
time to time, and any successor thereto.

           (h) "COMMISSION" means the Securities and Exchange Commission or any
successor agency.

           (i) "COMMITTEE" means the Committee referred to in Section 2.

           (j) "COMMON STOCK" means common stock, par value $1.50 per share, of
the Company.

           (k) "COMPANY" means Viad Corp, a Delaware corporation.

           (l) "COMPANY UNIT" means any subsidiary, group of subsidiaries, line
of business or division of the Company, as designated by the Committee.

           (m) "DISABILITY" means permanent and total disability as determined
under procedures established by the Committee for purposes of the Plan.

           (n) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended from time to time, and any successor thereto.

           (o) "FAIR MARKET VALUE" means, as of any given date, the mean between
the highest and lowest reported sales prices of the Stock on the New York Stock
Exchange Composite Tape or, if not listed on such exchange, on any other
national exchange on which the Stock is listed or on the Nasdaq Stock Market. If
there is no regular public trading market for such Stock, the Fair Market Value
of the Stock will be determined by the Committee in good faith. In connection
with the administration of specific sections of the Plan, and in connection with
the grant of particular Awards, the Committee may adopt alternative definitions
of "Fair Market Value" as appropriate.

           (p) "INCENTIVE STOCK OPTION" means any Stock Option intended to be
and designated as an "incentive stock option" within the meaning of Section 422
of the Code.

           (q) "MIP" means the Company's Management Incentive Plan providing
annual cash bonus awards to participating employees based upon predetermined
goals and objectives.

           (r) "NET INCOME" means the consolidated net income of the Company
determined in accordance with GAAP before extraordinary, unusual and other
non-recurring items.

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        (s) "NON-EMPLOYEE DIRECTOR" means a member of the Board who qualifies as
a "Non-Employee Director" as defined in Rule 16b-3(b)(3), as promulgated by the
Commission under the Exchange Act, or any successor definition adopted by the
Commission.

        (t) "NON-QUALIFIED STOCK OPTION" means any Stock Option that is not an
Incentive Stock Option.

        (u) "PERFORMANCE GOALS" means the performance goals established by the
Committee in connection with the grant of Restricted Stock or Performance-Based
Awards. In the case of Qualified Performance-Based Awards, such goals (1) will
be based on the attainment of specified levels of one or more of the following
measures with respect to the Company or any Company Unit, as applicable: sales
or revenues, costs or expenses, net profit after tax, gross profit, operating
profit, base earnings, return on actual or pro forma equity or net assets or
capital, net capital employed, earnings per share, earnings per share from
continuing operations, operating income, operating income margin, net income,
stockholder return including performance (total stockholder return) relative to
the S&P 500 or similar index or performance (total stockholder return) relative
to the proxy comparator group, in both cases as determined pursuant to Rule
402(l) of Regulation S-K promulgated under the Exchange Act, cash generation,
unit volume and change in working capital and (2) will be set by the Committee
within the time period prescribed by Section 162(m) of the Code and related
regulations.

        (v) "PERFORMANCE-BASED AWARD" means an Award made pursuant to Section 8.

        (w) "PERFORMANCE-BASED RESTRICTED STOCK AWARD" has the meaning set forth
in Section 7(c)(1) hereof.

        (x) "PLAN" means the 1997 Viad Corp Omnibus Incentive Plan, As Amended,
as set forth herein and as hereafter amended from time to time.

        (y) "PREFERRED STOCK" means preferred stock, par value $0.01, of the
Company.

        (z) "QUALIFIED PERFORMANCE-BASED AWARDS" means an Award of Restricted
Stock or a Performance-Based Award designated as such by the Committee at the
time of grant, based upon a determination that (1) the recipient is or may be a
"covered employee" within the meaning of Section 162(m)(3) of the Code in the
year in which the Company would expect to be able to claim a tax deduction with
respect to such Restricted Stock or Performance-Based Award and (2) the
Committee wishes

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such Award to qualify for the exemption from the limitation on deductibility
imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C).

        (aa)   "RESTRICTED STOCK" means an award granted under Section 7.

        (bb) "RETIREMENT," except as otherwise determined by the Committee,
means voluntary separation of employment, voluntary termination of employment or
voluntary resignation from employment (a) at or after attaining age 55 on
pension or vested to receive pension under a pension plan of the Corporation
upon election, or (b) upon or after attaining age 55 and not less than five
years' continuous service with the Corporation or an affiliate of the
Corporation, whether or not vested for pension. Retirement shall be deemed to
occur at the close of business on the last day of the employee's participation
on the payroll of the Corporation whether receiving compensation for active
employment, accrued vacation, salary continuation (regular way or lump sum) or
like employment programs.

        (cc) "RULE 16b-3" means Rule 16b-3, as promulgated by the Commission
under Section 16(b) of the Exchange Act, as amended from time to time.

        (dd)   "STOCK" means the Common Stock or Preferred Stock.

        (ee) "STOCK APPRECIATION RIGHT" means a right granted under Section 6.

        (ff)   "STOCK OPTION" means an option granted under Section 5.

        (gg) "TERMINATION OF EMPLOYMENT" means the termination of the
participant's employment with the Company and any subsidiary or Affiliate. A
participant employed by a subsidiary or an Affiliate will also be deemed to
incur a Termination of Employment if the subsidiary or Affiliate ceases to be
such a subsidiary or Affiliate, as the case may be, and the participant does not
immediately thereafter become an employee of the Company or another subsidiary
or Affiliate. Transfers among the Company and its subsidiaries and Affiliates,
as well as temporary absences from employment because of illness, vacation or
leave of absence, will not be considered a Termination of Employment.

        In addition, certain other terms used herein have definitions given to
them in the first place in which they are used.

SECTION 2. ADMINISTRATION.

        The Plan will be administered by the Human Resources Committee of the
Board pursuant to authority delegated by the Board in accordance with the
Company's By-Laws. If at any time there is no such Human Resources Committee or
such Human

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Resources Committee shall fail to be composed of at least two directors each of
whom is a Non-Employee Director and is an "outside director" under Section
162(m)(4) of the Code, the Plan will be administered by a Committee selected by
the Board and composed of not less than two individuals, each of whom is such a
Non-Employee Director and such an "outside director."

           The Committee will have plenary authority to grant Awards pursuant to
the terms of the Plan to officers, employees and directors of the Company and
its subsidiaries and Affiliates, but the Committee may not grant MIP Awards
larger than the limits provided in Section 3.

           Among other things, the Committee will have the authority, subject to
the terms of the Plan:

           (a) to select the officers, employees and directors to whom Awards
may from time to time be granted;

           (b) to determine whether and to what extent Incentive Stock Options,
Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock and
Performance-Based Awards or any combination thereof are to be granted hereunder;

           (c) to determine the number of shares of Stock or the amount of cash
to be covered by each Award granted hereunder;

           (d) to determine the terms and conditions of any Award granted
hereunder (including, but not limited to, the option price (subject to Section
5(a)), any vesting condition, restriction or limitation (which may be related to
the performance of the participant, the Company or any subsidiary, Affiliate or
Company Unit) and any rule concerning vesting acceleration or waiver of
forfeiture regarding any Award and any shares of Stock relating thereto, based
on such factors as the Committee will determine) provided, however, that the
Committee will have no power to accelerate the vesting, or waive the forfeiture,
regarding any Award and any shares of Stock relating thereto, except in
connection with a "change of control" of the Company, the sale of a subsidiary
or majority-owned affiliate of the Company (and then only with respect to
participants employed by each such subsidiary or affiliate), the death or
disability of a participant or termination of employment of a participant, and,
further provided, however, that the Committee will have no power to accelerate
the vesting, or waive the forfeiture, of any Qualified Performance-Based Awards;

           (e) to modify, amend or adjust the terms and conditions, at any time
or from time to time, of any Award, including but not limited to Performance
Goals; provided, however, that the Committee may not adjust upwards the amount
payable with respect to any Qualified Performance-Based Award or waive or alter
the Performance Goals

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associated therewith and provided, further, however, that the Committee may not
reprice Stock Options except for an amount of Stock Options representing not
more than 10% of then outstanding Stock Options;

           (f) to determine to what extent and under what circumstances Stock
and other amounts payable with respect to an Award will be deferred; and

           (g) to determine under what circumstances a Stock Option may be
settled in cash or Stock under Section 5(j).

           The Committee will have the authority to adopt, alter or repeal such
administrative rules, guidelines and practices governing the Plan as it from
time to time deems advisable, to interpret the terms and provisions of the Plan
and any Award issued under the Plan (and any agreement relating thereto) and to
otherwise supervise the administration of the Plan.

           The Committee may act only by a majority of its members then in
office, except that the members thereof may (1) delegate to designated officers
or employees of the Company such of its powers and authorities under the Plan as
it deems appropriate (provided that no such delegation may be made that would
cause Awards or other transactions under the Plan to fail to be exempt from
Section 16(b) of the Exchange Act or that would cause Qualified
Performance-Based Awards to cease to so qualify) and (2) authorize any one or
more members or any designated officer or employee of the Company to execute and
deliver documents on behalf of the Committee.

           Any determination made by the Committee or pursuant to delegated
authority pursuant to the provisions of the Plan with respect to any Award will
be made in the sole discretion of the Committee or such delegates at the time of
the grant of the Award or, unless in contravention of any express term of the
Plan, at any time thereafter. All decisions made by the Committee or any
appropriately delegated officer(s) or employee(s) pursuant to the provision of
the Plan will be final and binding on all persons, including the Company and
Plan participants.

           Notwithstanding anything to the contrary in the Plan, the Committee
will have the authority to modify, amend or adjust the terms and conditions of
any Award as appropriate in the event of or in connection with any
reorganization, recapitalization, stock split, stock dividend, combination or
exchange of shares, merger, consolidation or any change in the capital structure
of the Company.

SECTION 3. STOCK SUBJECT TO PLAN AND LIMITS ON AWARDS.

           (a) Subject to adjustment as provided herein, the number of shares of
Common Stock of the Company available for grant under the Plan in each calendar
year

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(including partial calendar years) during which the Plan is in effect shall be
equal to two percent (2.0%) of the total number of shares of Common Stock of the
Company outstanding as of the first day of each such year for which the Plan is
in effect; provided that any shares available for grant in a particular calendar
year (or partial calendar year) which are not, in fact, granted in such year
shall be added to the shares available for grant in any subsequent calendar
year.

           (b) Subject to adjustment as provided herein, the number of shares of
Stock covered by Awards granted to any one participant will not exceed 750,000
shares for any consecutive three-year period and the aggregate dollar amount for
Awards denominated solely in cash will not exceed $7.5 million for any such
period.

           (c) In addition, and subject to adjustment as provided herein, no
more than 7.5 million shares of Common Stock will be cumulatively available for
the grant of Incentive Stock Options over the life of the Plan.

           (d) Shares subject to an option or award under the Plan may be
authorized and unissued shares or may be "treasury shares." In the event of any
merger, reorganization, consolidation, recapitalization, spin-off, stock
dividend, stock split, extraordinary distribution with respect to the Stock or
other change in corporate structure affecting the Stock, such substitution or
adjustments will be made in the aggregate number and kind of shares reserved for
issuance under the Plan, in the aggregate limit on grants to individuals, in the
number, kind, and option price of shares subject to outstanding Stock Options
and Stock Appreciation Rights, in the number and kind of shares subject to other
outstanding Awards granted under the Plan and/or such other equitable
substitutions or adjustments as may be determined to be appropriate by the
Committee or the Board, in its sole discretion; provided, however, that the
number of shares subject to any Award will always be a whole number.

           (e) Awards under the MIP may not exceed in the case of (i) the
Company's Chief Executive Officer, one and one-half percent (1.5%) of net income
as defined; (ii) a president of any of the Company's operating companies,
whether or not incorporated, six-tenths of one percent (0.6%) of net income as
defined; and (iii) all other executive officers of the Company individually,
one-half of one percent (0.5%) of net income as defined.

SECTION 4. ELIGIBILITY.

           Officers, employees and directors of the Company, its subsidiaries
and Affiliates who are responsible for or contribute to the management, growth
and profitability of the business of the Company, its subsidiaries and
Affiliates are eligible to be granted Awards under the Plan.

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SECTION 5. STOCK OPTIONS.

           Stock Options may be granted alone or in addition to other Awards
granted under the Plan and may be of two types: Incentive Stock Options and
Non-Qualified Stock Options. Any Stock Option granted under the Plan will be in
such form as the Committee may from time to time approve.

           The Committee will have the authority to grant any optionee Incentive
Stock Options, Non-Qualified Stock Options or both types of Stock Options (in
each case with or without Stock Appreciation Rights). Incentive Stock Options
may be granted only to employees of the Company and its subsidiaries (within the
meaning of Section 424(f) of the Code). To the extent that any Stock Option is
not designated as an Incentive Stock Option or even if so designated does not
qualify as an Incentive Stock Option, it will be deemed to be a Non-Qualified
Stock Option.

           Stock Options will be evidenced by option agreements, the terms and
provisions of which may differ. An option agreement will indicate on its face
whether it is an agreement for an Incentive Stock Option or a Non-Qualified
Stock Option. The grant of a Stock Option will occur on the date the Committee
by resolution selects an individual to be a participant in any grant of a Stock
Option, determines the number of shares of Stock to be subject to such Stock
Option to be granted to such individual and specifies the terms and provisions
of the Stock Option. The Company will notify a participant of any grant of a
Stock Option, and a written option agreement or agreements will be duly executed
and delivered by the Company to the participant.

           Anything in the Plan to the contrary notwithstanding, no term of the
Plan relating to Incentive Stock Options will be interpreted, amended or altered
nor will any discretion or authority granted under the Plan be exercised so as
to disqualify the Plan under Section 422 of the Code or, without the consent of
the optionee affected, to disqualify any Incentive Stock Option under such
Section 422.

           Stock Options granted under the Plan will be subject to the following
terms and conditions and will contain such additional terms and conditions as
the Committee will deem desirable:

           (a) OPTION PRICE. The option price per share of Stock purchasable
under a Stock Option will be determined by the Committee and set forth in the
option agreement, and will not be less than the Fair Market Value of the Stock
subject to the Stock Option on the date of grant.

           (b) OPTION TERM. The term of each Stock Option will be fixed by the
Committee, but no Incentive Stock Option may be exercisable more than 10 years
after the date the Incentive Stock Option is granted.

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           (c) EXERCISABILITY. Except as otherwise provided herein, Stock
Options will be exercisable at such time or times and subject to such terms and
conditions as will be determined by the Committee. If the Committee provides
that any Stock Option is exercisable only in installments, the Committee may,
subject to the provisions of Section 2(d) hereof, at any time waive such
installment exercise provisions, in whole or in part, based on such factors as
the Committee may determine. In addition, the Committee may, subject to the
provisions of Section 2(d) hereof, at any time accelerate the exercisability of
any Stock Option.

           (d) METHOD OF EXERCISE. Subject to the provisions of this Section 5,
Stock Options may be exercised, in whole or in part, at any time during the
option term by giving written notice of exercise to the Company specifying the
number of shares of Stock subject to the Stock Option to be purchased.

           Such notice must be accompanied by payment in full of the purchase
price by certified or bank check or such other instrument as the Company may
accept. An option agreement may provide that, if approved by the Committee,
payment in full or in part or payment of tax liability, if any, relating to such
exercise may also be made in the form of unrestricted Stock already owned by the
optionee of the same class as the Stock subject to the Stock Option and, in the
case of the exercise of a Non-Qualified Stock Option, Restricted Stock subject
to an Award hereunder which is of the same class as the Stock subject to the
Stock Option (in both cases based on the Fair Market Value of the Stock on the
date the Stock Option is exercised); provided, however, that, in the case of an
Incentive Stock Option, the right to make a payment in the form of already owned
shares of Stock of the same class as the Stock subject to the Stock Option may
be authorized only at the time the Stock Option is granted. In addition, an
option agreement may provide that, in the discretion of the Committee, payment
for any shares subject to a Stock Option or tax liability associated therewith
may also be made by instruction to the Committee to withhold a number of such
shares having a Fair Market Value on the date of exercise equal to the aggregate
exercise price of such Stock Option.

           If payment of the option exercise price of a Non-Qualified Stock
Option is made in whole or in part in the form of Restricted Stock, the number
of shares of Stock to be received upon such exercise equal to the number of
shares of Restricted Stock used for payment of the option exercise price will be
subject to the same forfeiture restrictions to which such Restricted Stock was
subject, unless otherwise determined by the Committee.

           No shares of Stock will be issued until full payment therefor has
been made. Subject to any forfeiture restrictions that may apply if a Stock
Option is exercised using Restricted Stock, an optionee will have all of the
rights of a stockholder of the Company

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holding the class or series of Stock that is subject to such Stock Option
(including, if applicable, the right to vote the shares and the right to receive
dividends), when the optionee has given written notice of exercise, has paid in
full for such shares and, if requested, has given the representation described
in Section 12(a).

           (e) NONTRANSFERABILITY OF STOCK OPTIONS. (1) No Stock Option will be
transferable by the optionee other than (A) by will or by the laws of descent
and distribution or (B) in the case of a Non-Qualified Stock Option, pursuant to
a qualified domestic relations order (as defined in the Code or Title I of the
Employee Retirement Income Security Act of 1974, as amended, or the rules
thereunder). All Stock Options will be exercisable, during the optionee's
lifetime, only by the optionee or by the guardian or legal representative of the
optionee, it being understood that the terms "holder" and "optionee" include the
guardian and legal representative of the optionee named in the option agreement
and any person to whom a Stock Option is transferred by will or the laws of
descent and distribution or pursuant to a qualified domestic relations order.

                  (2) Notwithstanding Section 5(e)(1) above, the Committee may
grant Stock Options that are transferable, or amend outstanding Stock Options to
make them transferable, by the optionee (any such Stock Option so granted or
amended a "Transferable Option") to one or more members of the optionee's
immediate family, to partnerships of which the only partners are members of the
optionee's immediate family, or to trusts established by the optionee for the
benefit of one or more members of the optionee's immediate family. For this
purpose the term "immediate family" means the optionee's spouse, children or
grandchildren. Consideration may not be paid for the transfer of a Transferable
Option. A transferee described in this Section 5(e)(2) shall be subject to all
terms and conditions applicable to the Transferable Option prior to its
transfer. The option agreement with respect to a Transferable Option shall set
forth its transfer restrictions, such option agreement shall be approved by the
Committee, and only Stock Options granted pursuant to a stock option agreement
expressly permitting transfer pursuant to this Section 5(e)(2) shall be so
transferable.

           (f) TERMINATION BY DEATH. If an optionee's employment terminates by
reason of death, any Stock Option held by such optionee may thereafter be
exercised, to the extent then exercisable, or on such accelerated basis as the
Committee may determine, for a period of one year (or such other period as the
Committee may specify in the option agreement) from the date of such death or
until the expiration of the stated term of such Stock Option, whichever period
is the shorter.

           (g) TERMINATION BY REASON OF DISABILITY. If an optionee's employment
terminates by reason of Disability, any Stock Option held by such optionee may
thereafter be exercised by the optionee, to the extent it was exercisable at the
time of termination, or on such accelerated basis as the Committee may
determine, for a period

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of three years (or such shorter period as the Committee may specify in the
option agreement) from the date of such termination of employment or until the
expiration of the stated term of such Stock Option, whichever period is the
shorter; provided, however, that if the optionee dies within such three-year
period (or such shorter period), any unexercised Stock Option held by such
optionee will, notwithstanding the expiration of such three-year (or such
shorter) period, continue to be exercisable to the extent to which it was
exercisable at the time of death for a period of 12 months from the date of such
death or until the expiration of the stated term of such Stock Option, whichever
period is the shorter. In the event of termination of employment by reason of
Disability, if an Incentive Stock Option is exercised after the expiration of
the exercise periods that apply for purposes of Section 422 of the Code, such
Stock Option will thereafter be treated as a Non-Qualified Stock Option.

           (h) TERMINATION BY REASON OF RETIREMENT. If an optionee's employment
terminates by reason of Retirement, any Stock Option held by such optionee may
thereafter be exercised by the optionee, to the extent it was exercisable at the
time of termination, or on such accelerated basis as the Committee may
determine, for a period of five years (or such shorter period as the Committee
may specify in the option agreement) from the date of such termination of
employment or until the expiration of the stated term of such Stock Option,
whichever period is the shorter; provided, however, that if the optionee dies
within such five-year period (or such shorter period), any unexercised Stock
Option held by such optionee will, notwithstanding such five-year (or such
shorter) period, continue to be exercisable to the extent to which it was
exercisable at the time of death for a period of 12 months from the date of such
death or until the expiration of the stated term of such Stock Option, whichever
period is the shorter. In the event of termination of employment by reason of
Retirement, if an Incentive Stock Option is exercised after the expiration of
the exercise periods that apply for purposes of Section 422 of the Code, such
Stock Option will thereafter be treated as a Non-Qualified Stock Option.

           (i) OTHER TERMINATION. Unless otherwise determined by the Committee,
if an optionee incurs a Termination of Employment for any reason other than
death, Disability or Retirement or Cause, any Stock Option held by such optionee
will thereupon terminate, except that such Stock Option, to the extent then
exercisable, or subject to the provisions of Section 2(d) hereof, on such
accelerated basis as the Committee may determine, may be exercised for the
lesser of three months from the date of such Termination of Employment or the
balance of such Stock Option's term; provided, however, that if the optionee
dies within such three-month period, any unexercised Stock Option held by such
optionee will, notwithstanding the expiration of such three-month period,
continue to be exercisable to the extent to which it was exercisable at the time
of death for a period of 12 months from the date of such death or until the
expiration of the stated term of such Stock Option, whichever period is the
shorter. In the event of Termination of Employment, if an Incentive Stock Option
is exercised after

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the expiration of the exercise periods that apply for purposes of Section 422 of
the Code, such Stock Option will thereafter be treated as a Non-Qualified Stock
Option.

           (j) CASHING OUT OF STOCK OPTION. On receipt of written notice of
exercise, the Committee may elect to cash out all or part of the shares of Stock
for which a Stock Option is being exercised by paying the optionee an amount, in
cash or Stock, equal to the excess of the Fair Market Value of the Stock over
the option price times the number of shares of Stock for which the Option is
being exercised on the effective date of such cash-out.

           (k) CHANGE IN CONTROL CASH-OUT. Subject to Section 12(h), but
notwithstanding any other provision of the Plan, during the 60-day period from
and after a Change in Control (the "Exercise Period"), unless the Committee
determines otherwise at the time of grant, an optionee will have the right,
whether or not the Stock Option is fully exercisable and in lieu of the payment
of the exercise price for the shares of Stock being purchased under the Stock
Option and by giving notice to the Company, to elect (within the Exercise
Period) to surrender all or part of the Stock Option to the Company and to
receive cash, within 30 days of such notice, in an amount equal to the amount by
which the Change in Control Price per share of Stock on the date of such
election will exceed the exercise price per share of Stock under the Stock
Option (the "Spread") multiplied by the number of shares of Stock granted under
the Stock Option as to which the right granted under this Section 5(k) will have
been exercised.

SECTION 6. STOCK APPRECIATION RIGHTS.

           (a) GRANT AND EXERCISE. Stock Appreciation Rights may be granted in
conjunction with all or part of any Stock Option granted under the Plan. In the
case of a Non-Qualified Stock Option, such rights may be granted either at or
after the time of grant of such Stock Option. In the case of an Incentive Stock
Option, such rights may be granted only at the time of grant of such Stock
Option. A Stock Appreciation Right will terminate and no longer be exercisable
upon the termination or exercise of the related Stock Option.

           A Stock Appreciation Right may be exercised by an optionee in
accordance with Section 6(b) by surrendering the applicable portion of the
related Stock Option in accordance with procedures established by the Committee.
Upon such exercise and surrender, the optionee will be entitled to receive an
amount determined in the manner prescribed in Section 6(b). Stock Options which
have been so surrendered will no longer be exercisable to the extent the related
Stock Appreciation Rights have been exercised.

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           (b) TERMS AND CONDITIONS. Stock Appreciation Rights will be subject
to such terms and conditions as will be determined by the Committee, including
the following:

                      (1) Stock Appreciation Rights will be exercisable only at
           such time or times and to the extent that the Stock Options to which
           they relate are exercisable in accordance with the provisions of
           Section 5 and this Section 6;

                      (2) Upon the exercise of a Stock Appreciation Right, an
           optionee will be entitled to receive an amount in cash, shares of
           Stock or both equal in value to the excess of the Fair Market Value
           of one share of Stock as of the date of exercise over the option
           price per share specified in the related Stock Option multiplied by
           the number of shares in respect of which the Stock Appreciation Right
           has been exercised, with the Committee having the right to determine
           the form of payment;

                      (3) Stock Appreciation Rights will be transferable only to
           permitted transferees of the underlying Stock Option in accordance
           with Section 5(e).

SECTION 7. RESTRICTED STOCK.

           (a) ADMINISTRATION. Shares of Restricted Stock may be awarded either
alone or in addition to other Awards granted under the Plan. The Committee will
determine the individuals to whom and the time or times at which grants of
Restricted Stock will be awarded, the number of shares to be awarded to any
participant, the conditions for vesting, the time or times within which such
Awards may be subject to forfeiture and any other terms and conditions of the
Awards, in addition to those contained in Section 7(c).

           (b) AWARDS AND CERTIFICATES. Shares of Restricted Stock will be
evidenced in such manner as the Committee may deem appropriate, including
book-entry registration or issuance of one or more stock certificates. Except as
otherwise set forth in a Restricted Stock Agreement, any certificate issued in
respect of shares of Restricted Stock will be registered in the name of such
participant and will bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Award, substantially in the
following form:

           "The transferability of this certificate and the shares of stock
           represented hereby are subject to the terms and conditions (including
           forfeiture) of the 1997 Incentive Plan and a Restricted Stock
           Agreement. Copies of such Plan and Agreement are on file at the
           offices of Viad Corp, Viad Tower, Phoenix, Arizona."

                                       13
<PAGE>   14
The Committee may require that the certificates evidencing such shares be held
in custody by the Company until the restrictions thereon have lapsed and that,
as a condition of any Award of Restricted Stock, the participant has delivered a
stock power, endorsed in blank, relating to the Stock covered by such Award.

           (c) TERMS AND CONDITIONS. Shares of Restricted Stock will be subject
to the following terms and conditions:

                      (1) The Committee may, prior to or at the time of grant,
           designate an Award of Restricted Stock as a Qualified
           Performance-Based Award, in which event it will condition the grant
           or vesting, as applicable, of such Restricted Stock upon the
           attainment of Performance Goals. If the Committee does not designate
           an Award of Restricted Stock as a Qualified Performance-Based Award,
           it may also condition the grant or vesting thereof upon the
           attainment of Performance Goals or such other performance-based
           criteria as the Committee shall establish (such an Award, a
           "Performance-Based Restricted Stock Award"). Regardless of whether an
           Award of Restricted Stock is a Qualified Performance-Based Award or a
           Performance-Based Restricted Stock Award, the Committee may also
           condition the grant or vesting upon the continued service of the
           participant. The provisions of Restricted Stock Awards (including the
           conditions for grant or vesting and any applicable Performance Goals)
           need not be the same with respect to each recipient. The Committee
           may at any time, in its sole discretion, subject to the provisions of
           Section 7(c)(10), accelerate or waive, in whole or in part, any of
           the foregoing restrictions; provided, however, that in the case of
           Restricted Stock that is a Qualified Performance-Based Award, the
           applicable Performance Goals have been satisfied.

                      (2) Subject to the provisions of the Plan and the
           Restricted Stock Agreement referred to in Section 7(c)(8), during the
           period set by the Committee, commencing with the date of such Award
           for which such participant's continued service is required (the
           "Restriction Period") and until the later of (A) the expiration of
           the Restriction Period and (B) the date the applicable Performance
           Goals (if any) are satisfied, the participant will not be permitted
           to sell, assign, transfer, pledge or otherwise encumber shares of
           Restricted Stock.

                      (3) Except as provided in this paragraph (3) and Sections
           7(c)(1) and (2) and the Restricted Stock Agreement, the participant
           will have, with respect to the shares of Restricted Stock, all of the
           rights of a stockholder of the Company holding the class or series of
           Stock that is the subject of the Restricted Stock, including, if
           applicable, the right to vote the shares and the right to receive any
           dividends. If so determined by the Committee in the applicable
           Restricted Stock Agreement and subject to Section 12(f) of the Plan,
           (A) dividends consisting of cash, stock or other property (other than
           Stock) on the class or series of Stock

                                       14
<PAGE>   15
           that is the subject of the Restricted Stock shall be automatically
           deferred and reinvested in additional Restricted Stock (in the case
           of stock or other property, based on the fair market value thereof,
           and the Fair Market Value of the Stock, in each case as of the record
           date for the dividend) held subject to the vesting of the underlying
           Restricted Stock, or held subject to meeting any Performance Goals
           applicable to the underlying Restricted Stock, and (B) dividends
           payable in Stock shall be paid in the form of Restricted Stock of the
           same class as the Stock with which such dividend was paid and shall
           be held subject to the vesting of the underlying Restricted Stock, or
           held subject to meeting any Performance Goals applicable to the
           underlying Restricted Stock.

                      (4) Except to the extent otherwise provided in the
           applicable Restricted Stock Agreement, Section 7(c)(1), 7(c)(2),
           7(c)(5) or 9(a)(2), upon a participant's Termination of Employment
           for any reason during the Restriction Period or before any applicable
           Performance Goals are met, all shares still subject to restriction
           will be forfeited by the participant.

                      (5) Except to the extent otherwise provided in Section
           9(a)(2) and Sections 7(c)(9) and (10), in the event that a
           participant retires or such participant's employment is involuntarily
           terminated (other than for Cause), the Committee will have the
           discretion to waive in whole or in part any or all remaining
           restrictions (other than, in the case of Restricted Stock which is a
           Qualified Performance-Based Award, satisfaction of the applicable
           Performance Goals unless the participant's employment is terminated
           by reason of death or Disability) with respect to any or all of such
           participant's shares of Restricted Stock.

                      (6) Except as otherwise provided herein or as required by
           law, if and when any applicable Performance Goals are satisfied and
           the Restriction Period expires without a prior forfeiture of the
           Restricted Stock, unlegended certificates for such shares will be
           delivered to the participant upon surrender of legended certificates.

                      (7) Awards of Restricted Stock, the vesting of which is
           not conditioned upon the attainment of Performance Goals or other
           performance-based criteria, is limited to twenty percent (20%) of the
           number of shares of Common Stock of the Corporation available for
           grant under the Plan in each calendar year.

                      (8) Each Award will be confirmed by, and be subject to the
           terms of, a Restricted Stock Agreement.

                                       15
<PAGE>   16
                      (9) Performance-Based Restricted Stock will be subject to
           a minimum one-year performance period and Restricted Stock which is
           not performance-based will be subject to a minimum three-year vesting
           period.

                      (10) There will be no vesting acceleration, or waiver of
           forfeiture regarding any Award and any shares of Stock relating
           thereto, except in connection with a "change of control" of the
           Company, the sale of a subsidiary or majority-owned affiliate of the
           Company (and then only with respect to participants employed by each
           subsidiary or affiliate), the death or disability of a participant,
           or termination of employment of a participant.

SECTION 8. PERFORMANCE-BASED AWARDS.

(a)        ADMINISTRATION. Performance-Based Awards may be awarded either alone
or in addition to other Awards granted under the Plan. Subject to the terms and
conditions of the Plan, the Committee shall determine the officers and employees
to whom and the time or times at which Performance-Based Awards will be awarded,
the number or amount of Performance-Based Awards to be awarded to any
participant, whether such Performance-Based Award shall be denominated in a
number of shares of Stock, an amount of cash, or some combination thereof, the
duration of the Award Cycle and any other terms and conditions of the Award, in
addition to those contained in Section 8(b).

(b)        TERMS AND CONDITIONS. Performance-Based Awards will be subject to the
following terms and conditions:

                      (1) The Committee may, prior to or at the time of the
           grant, designate Performance-Based Awards as Qualified
           Performance-Based Awards, in which event it will condition the
           settlement thereof upon the attainment of Performance Goals. If the
           Committee does not designate Performance-Based Awards as Qualified
           Performance-Based Awards, it may also condition the settlement
           thereof upon the attainment of Performance Goals or such other
           performance-based criteria as the Committee shall establish.
           Regardless of whether Performance-Based Awards are Qualified
           Performance-Based Awards, the Committee may also condition the
           settlement thereof upon the continued service of the participant. The
           provisions of such Performance-Based Awards (including without
           limitation any applicable Performance Goals) need not be the same
           with respect to each recipient. Subject to the provisions of the Plan
           and the Performance-Based Award Agreement referred to in Section
           8(b)(5), Performance-Based Awards may not be sold, assigned,
           transferred, pledged or otherwise encumbered during the Award Cycle.

                                       16
<PAGE>   17
                      (2) Unless otherwise provided by the Committee (A) from
           time to time pursuant to the administration of particular Award
           programs under this Section 8, such as the Viad Corp Management
           Incentive Plan, the Viad Corp Performance Unit Incentive Plan or the
           Viad Corp Performance-Based Stock Plan or (B) in any agreement
           relating to an Award, and except as provided in Section 8(b)(3), upon
           a participant's Termination of Employment for any reason prior to the
           payment of an Award under this Section 8, all rights to receive cash
           or Stock in settlement of the Award shall be forfeited by the
           participant.

                      (3) In the event that a participant's employment is
           terminated (other than for Cause), or in the event a participant
           retires, the Committee shall have the discretion to waive, in whole
           or in part, any or all remaining payment limitations (other than, in
           the case of Awards that are Qualified Performance-Based Awards,
           satisfaction of the applicable Performance Goals unless the
           participant's employment is terminated by reason of death or
           Disability) with respect to any or all of such participant's Awards.

                      (4) At the expiration of the Award Cycle, the Committee
           will evaluate the Company's performance in light of any Performance
           Goals for such Award, and will determine the extent to which a
           Performance-Based Award granted to the participant has been earned,
           and the Committee will then cause to be delivered to the participant,
           as specified in the grant of such Award: (A) a number of shares of
           Stock equal to the number of shares determined by the Committee to
           have been earned or (B) cash equal to the amount determined by the
           Committee to have been earned or (C) a combination of shares of Stock
           and cash if so specified in the Award.

                      (5) No Performance-Based Award may be assigned,
           transferred, or otherwise encumbered except, in the event of the
           death of a participant, by will or the laws of descent and
           distribution.

                      (6) Each Award will be confirmed by, and be subject to,
           the terms of a Performance-Based Award Agreement.

                      (7) Performance-Based Awards will be subject to a minimum
           one-year performance period.

SECTION 9. CHANGE IN CONTROL PROVISIONS.

           (a) IMPACT OF EVENT. Notwithstanding any other provision of the Plan
to the contrary, in the event of a Change in Control:

                                       17
<PAGE>   18
                      (1) Any Stock Options and Stock Appreciation Rights
           outstanding as of the date such Change in Control is determined to
           have occurred and not then exercisable and vested will become fully
           exercisable and vested to the full extent of the original grant;

                      (2) The restrictions and conditions to vesting applicable
           to any Restricted Stock will lapse, and such Restricted Stock will
           become free of all restrictions and become fully vested and
           transferable to the full extent of the original grant;

                      (3) Performance-Based Awards will be considered to be
           earned and payable to the extent, if any, and in an amount, if any,
           and otherwise, in accordance with the provisions of the agreement
           relating to such Awards.

           (b) DEFINITION OF CHANGE IN CONTROL. For purposes of the Plan, a
"Change in Control" will mean the happening of any of the following events:

                      (1) An acquisition by any individual, entity or group
           (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
           Act) (a "Person") of beneficial ownership (within the meaning of Rule
           13d-3 promulgated under the Exchange Act) of twenty percent (20%) or
           more of either (A) the then outstanding shares of common stock of the
           Company (the "Outstanding Company Common Stock") or (B) 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"); excluding, however, the
           following: (i) any acquisition directly from the Company, 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 Company, (ii) any acquisition by the Company, (iii) any
           acquisition by any employee benefit plan (or related trust) sponsored
           or maintained by the Company or any corporation controlled by the
           Company or (iv) any acquisition by any corporation pursuant to a
           transaction which complies with clauses (A), (B) and (C) of
           subsection (3) of this Section 9(b); or

                      (2) A change in the composition of the Board such that the
           individuals who, as of February 20, 1997, constitute the Board (such
           Board will be hereinafter referred to as the "Incumbent Board") cease
           for any reason to constitute at least a majority of the Board;
           provided, however, for purposes of this Section 9(b), that any
           individual who becomes a member of the Board subsequent to February
           20, 1997, whose election, or nomination for election by the Company's
           stockholders, was approved by a vote of at least a majority of those
           individuals who are members of the Board and who were also members of
           the Incumbent Board (or deemed to be such pursuant to this proviso)
           will be considered as though such individual were a member of the
           Incumbent Board; but, provided further, that any such individual
           whose initial assumption of office

                                       18
<PAGE>   19
           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
           will not be so considered as a member of the Incumbent Board; or

                      (3) The approval by the stockholders of the Company of a
           reorganization, merger or consolidation or sale or other disposition
           of all or substantially all of the assets of the Company ("Corporate
           Transaction") (or, if consummation of such Corporate Transaction is
           subject, at the time of such approval by stockholders, to the consent
           of any government or governmental agency, the earlier of the
           obtaining of such consent or the consummation of the Corporate
           Transaction); excluding, however, such a Corporate Transaction
           pursuant to which (A) all or substantially all of the individuals and
           entities who are the beneficial owners, respectively, of the
           Outstanding Company Common Stock and Outstanding Company Voting
           Securities immediately prior to such Corporate Transaction will
           beneficially own, directly or indirectly, more than sixty percent
           (60%) of, respectively, the 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 Corporate Transaction
           (including, without limitation, a corporation which as a result of
           such transaction owns the Company or all or substantially all of the
           Company's assets either directly or through one or more subsidiaries)
           in substantially the same proportions as their ownership, immediately
           prior to such Corporate Transaction, of the Outstanding Company
           Common Stock and Outstanding Company Voting Securities, as the case
           may be, (B) no Person (other than the Company, any employee benefit
           plan (or related trust) of the Company or such corporation resulting
           from such Corporate Transaction) will beneficially own, directly or
           indirectly, twenty percent (20%) or more of, respectively, the
           outstanding shares of common stock of the corporation resulting from
           such Corporate Transaction or the combined voting power of the
           outstanding voting securities of such corporation entitled to vote
           generally in the election of directors except to the extent that such
           ownership existed prior to the Corporate Transaction 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 the
           corporation resulting from such Corporate Transaction; or

                      (4) The approval by the stockholders of the Company of a
           complete liquidation or dissolution of the Company.

           (c) CHANGE IN CONTROL PRICE. For purposes of the Plan, "Change in
Control Price" means the higher of (1) the highest reported sales price, regular
way, of a share of Stock in any transaction reported on the New York Stock
Exchange Com-

                                       19
<PAGE>   20
posite Tape or other national exchange on which such shares are listed or on The
Nasdaq Stock Market during the 60-day period prior to and including the date of
a Change in Control or (2) if the Change in Control is the result of a tender or
exchange offer or a Corporate Transaction, the highest price per share of Stock
paid in such tender or exchange offer or Corporate Transaction; provided,
however, that in the case of Incentive Stock Options and Stock Appreciation
Rights relating to Incentive Stock Options, the Change in Control Price will be
in all cases the Fair Market Value of the Stock on the date such Incentive Stock
Option or Stock Appreciation Right is exercised. To the extent that the
consideration paid in any such transaction described above consists all or in
part of securities or other non-cash consideration, the value of such securities
or other non-cash consideration will be determined in the sole discretion of the
Board.

SECTION 10.          TERM, AMENDMENT AND TERMINATION.

           The Plan will terminate May 31, 2007, but may be terminated sooner at
any time by the Board, provided that no Incentive Stock Options shall be granted
under the Plan after February 19, 2007. Awards outstanding as of the date of any
such termination will not be affected or impaired by the termination of the
Plan.

           The Board may amend, alter, or discontinue the Plan, but no
amendment, alteration or discontinuation will be made which would (a) impair the
rights of an optionee under a Stock Option or a recipient of a Stock
Appreciation Right, Restricted Stock Award or Performance-Based Award
theretofore granted without the optionee's or recipient's consent, except such
an amendment which is necessary to cause any Award or transaction under the Plan
to qualify, or to continue to qualify, for the exemption provided by Rule 16b-3,
or (b) disqualify any Award or transaction under the Plan from the exemption
provided by Rule 16b-3. In addition, no such amendment may be made without the
approval of the Company's stockholders to the extent such approval is required
by law or agreement.

           The Committee may amend the terms of any Stock Option or other Award
theretofore granted, prospectively or retroactively, but no such amendment will
(1) impair the rights of any holder without the holder's consent except such an
amendment which is necessary to cause any Award or transaction under the Plan to
qualify, or to continue to qualify, for the exemption provided by Rule 16b-3 or
(2) amend any Qualified Performance-Based Award in such a way as to cause it to
cease to qualify for the exemption set forth in Section 162(m)(4)(C). The
Committee may also substitute new Stock Options for previously granted Stock
Options, including previously granted Stock Options having higher option prices;
provided, however, that the Committee may take such action only with respect to
Stock Options representing not more than 10% of then outstanding Stock Options.

                                       20
<PAGE>   21
           Subject to the above provisions, the Board will have authority to
amend the Plan to take into account changes in law and tax and accounting rules,
as well as other developments and to grant Awards which qualify for beneficial
treatment under such rules without stockholder approval.

SECTION 11.          UNFUNDED STATUS OF PLAN.

           It is presently intended that the Plan constitute an "unfunded" plan
for incentive and deferred compensation. The Committee may authorize the
creation of trusts or other arrangements to meet the obligations created under
the Plan to deliver Stock or make payments; provided, however, that, unless the
Committee otherwise determines, the existence of such trusts or other
arrangements is consistent with the "unfunded" status of the Plan.

SECTION 12.          GENERAL PROVISIONS.

           (a) The Committee may require each person purchasing or receiving
shares pursuant to an Award to represent to and agree with the Company in
writing that such person is acquiring any shares without a view to the
distribution thereof. The certificates for such shares may include any legend
which the Committee deems appropriate to reflect any restrictions on transfer.

           All certificates for shares of Stock or other securities delivered
under the Plan will be subject to such stock transfer orders and other
restrictions as the Committee may deem advisable under the rules, regulations
and other requirements of the Commission, any stock exchange upon which the
Stock is then listed and any applicable federal or state securities law, and the
Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions.

           Notwithstanding any other provision of the Plan or agreements made
pursuant thereto, the Company shall not be required to issue or deliver any
certificate or certificates for shares of Stock under the Plan prior to
fulfillment of all of the following conditions:

                      (1) Listing or approval for listing upon notice of
           issuance, of such shares on the New York Stock Exchange, Inc., or
           such other securities exchange as may at the time be the principal
           market for the Stock;

                      (2) Any registration or other qualification of such shares
           of the Company under any state or federal law or regulation, or the
           maintaining in effect of any such registration or other qualification
           which the Committee shall, in its absolute discretion upon the advice
           of counsel, deem necessary or advisable; and

                                       21
<PAGE>   22
                      (3) Obtaining any other consent, approval, or permit from
           any state or federal governmental agency which the Committee shall,
           in its absolute discretion after receiving the advice of counsel,
           determine to be necessary or advisable.

           (b) Nothing contained in the Plan will prevent the Company or any
subsidiary or Affiliate from adopting other or additional compensation
arrangements for its employees.

           (c) The adoption of the Plan will not confer upon any employee any
right to continued employment nor will it interfere in any way with the right of
the Company or any subsidiary or Affiliate to terminate the employment of any
employee at any time.

           (d) No later than the date as of which an amount first becomes
includible in the gross income of the participant for Federal income tax
purposes with respect to any Award under the Plan, the participant will pay to
the Company, or make arrangements satisfactory to the Company regarding the
payment of, any federal, state, local or foreign taxes of any kind required by
law to be withheld with respect to such amount. Unless otherwise determined by
the Company, withholding obligations may be settled with Stock, including Stock
that is part of the Award that gives rise to the withholding requirement. The
obligations of the Company under the Plan will be conditional on such payment or
arrangements, and the Company and its Affiliates will, to the extent permitted
by law, have the right to deduct any such taxes from any payment otherwise due
to the participant. The Committee may establish such procedures as it deems
appropriate, including the making of irrevocable elections, for the settlement
of withholding obligations with Stock.

           (e) At the time of grant, the Committee may provide in connection
with any grant made under the Plan that the shares of Stock received as a result
of such grant will be subject to a right of first refusal pursuant to which the
participant will be required to offer to the Company any shares that the
participant wishes to sell at the then Fair Market Value of the Stock, subject
to such other terms and conditions as the Committee may specify at the time of
grant.

           (f) The reinvestment of dividends in additional Restricted Stock at
the time of any dividend payment will only be permissible if sufficient shares
of Stock are available under Section 3 for such reinvestment (taking into
account then outstanding Stock Options and other Awards).

           (g) The Committee will establish such procedures as it deems
appropriate for a participant to designate a beneficiary to whom any amounts
payable in the event of the participant's death are to be paid or by whom any
rights of the participant, after the participant's death, may be exercised.

                                       22
<PAGE>   23
           (h) Notwithstanding any other provision of the Plan or any agreement
relating to any Award hereunder, if any right granted pursuant to this Plan
would make a Change in Control transaction ineligible for
pooling-of-interests-accounting under APB No. 16 that, but for the nature of
such grant, would otherwise be eligible for such accounting treatment, the
Committee will have the ability, in its sole discretion, to substitute for the
cash payable pursuant to such grant Common Stock with a Fair Market Value equal
to the cash that would otherwise be payable hereunder.

           (i) The Plan and all Awards made and actions taken thereunder will be
governed by and construed in accordance with the laws of the State of Delaware.

SECTION 13.          EFFECTIVE DATE OF PLAN.

           The Plan will be effective on the later of (a) the time it is
approved by the Board and (b) the time certain provisions of the Plan are
approved by stockholders for tax purposes.

SECTION 14.          DIRECTOR STOCK OPTIONS.

           a) Each director of the Company who is not otherwise an employee of
the Company or any of its subsidiaries or Affiliates, will (1) on the date of
his or her first election as a director of the Company (such initial grant being
an "Initial Grant"), and (2) annually on the third Thursday of February, during
such director's term (the "Annual Grant"), automatically be granted
Non-Qualified Stock Options to purchase Common Stock having an exercise price
per share of Common Stock equal to 100% of Fair Market Value per share of Common
Stock at the date of grant of such Non-Qualified Stock Option. The number of
shares subject to each such Initial Grant, and each such Annual Grant, will be
5,000 shares. A non-employee director who is first elected as a director of the
Company during the course of a year (i.e., on a date other than the date of the
Annual Grant) will, in addition to the Initial Grant, receive upon election a
grant of Non-Qualified Stock Options prorated to reflect the number of months
served in the initial year of service, with the number of shares of Common Stock
subject to such Stock Option being equal to (1) the number of shares subject to
the Initial Grant multiplied by (2) a fraction the numerator of which will be
the number of months from the date of such election through the date of the next
Annual Grant and the denominator of which will be twelve (12).

           (b) An automatic director Stock Option will be granted hereunder only
if as of each date of grant the director (1) is not otherwise an employee of the
Company or any of its subsidiaries or Affiliates, (2) has not been an employee
of the Company or any of its subsidiaries or Affiliates for any part of the
preceding fiscal year, and (3) has served on the Board continuously since the
commencement of his term.

                                       23
<PAGE>   24
           (c) Except as expressly provided in this Section 14, any Stock Option
granted hereunder will be subject to the terms and conditions of the Plan as if
the grant were made pursuant to Section 5 hereof including, without limitation,
the rights set forth in Section 5(j) hereof.

                                       24<PAGE>   1
                                                                   EXHIBIT 10.B

                                    VIAD CORP
                           1997 OMNIBUS INCENTIVE PLAN
                  PERFORMANCE DRIVEN RESTRICTED STOCK AGREEMENT

           Shares of Performance Driven Restricted Stock are hereby awarded by
Viad Corp (Corporation), a Delaware corporation, effective ,
to [First_Name] [Last_Name](Employee) in accordance with the following
restrictions, terms and conditions:

           1. SHARE AWARD. The Corporation hereby awards the Employee
[Options_Granted] shares (Shares) of Common Stock, par value $1.50 per share
(Common Stock) of the Corporation pursuant to the Viad Corp 1997 Omnibus
Incentive Plan (Plan), and upon the terms and conditions, and subject to the
restrictions therein and hereinafter set forth.

           2. RESTRICTIONS ON TRANSFER AND RESTRICTION PERIOD. During the period
commencing on the date hereof (Commencement Date) and terminating as set forth
below (Restriction Period), the Shares may not be sold, assigned, transferred,
pledged, or otherwise encumbered by the Employee, except as hereinafter
provided. The Restriction Period shall lapse as to successive installments as
follows:

               a)      50% of Shares at the end of three years from the date
                       hereof if certain predefined stretch performance targets
                       are achieved; 70% of Shares at the end of three years
                       from the date hereof if certain maximum (cap) performance
                       targets are achieved; if targets are not achieved, then
                       no (zero) Shares will vest at the end of three years from
                       the date hereof

               b)      100% of Shares as to which the Restriction Period has not
                       lapsed at the end of four years from the date hereof if
                       certain predefined performance targets are achieved; if
                       targets are not achieved, then 25% of Shares as to which
                       the Restriction Period has not lapsed at the end of four
                       years from the date hereof

               c)      The balance of Shares as to which the Restriction Period
                       has not lapsed at the end of five years from the date
                       hereof if the predefined performance targets are not
                       achieved

Full ownership of shares will enure to the benefit of the Employee at the
expiration of the Restriction Period with respect thereto, provided, however,
notwithstanding the foregoing, Employee agrees that if beneficial ownership of
such Shares is not retained by Employee for a period of at least three years
after such full ownership occurs, Employee may be deemed ineligible to receive
any further awards under the Plan or any successor plan; provided, however, such
retention requirement will be satisfied if at the direction of Employee the
Corporation in its discretion retains or reacquires ownership of a sufficient
number of shares to satisfy any tax withholding requirement under the Code. The
Board of Directors (Board) shall have the authority, in its discretion, to
accelerate the time at which any or all of the restrictions shall lapse with
respect to any Shares, prior to the expiration of the Restriction Period with
respect thereto, or to remove any or all of such restrictions, whenever the
Board may determine that such action is appropriate by reason of change in
applicable tax or other law, or any other change in circumstances.

           3. TERMINATION OF EMPLOYMENT. Except as provided in paragraph 8
below, if the Employee ceases to be an Employee of the Corporation or any
affiliate of the Corporation for any reason (other than death, total or partial
disability, or normal or early retirement), all Shares which at the time of such
termination of employment are subject to the restrictions imposed by paragraph 2
above shall upon such termination of

                                                                         (PDRS)1
<PAGE>   2
employment be forfeited and returned to the Corporation. Except as otherwise
specifically determined by the Human Resources Committee in its absolute
discretion on a case by case basis, if the Employee ceases to be an employee of
the Corporation or any affiliate by reason of death or total or partial
disability, full ownership of the Shares will occur to the extent not previously
earned, upon lapse of the applicable Restriction Periods as set forth in
paragraph 2. If the Employee ceases to be an employee of the Corporation or any
Affiliate of the Corporation by reason of normal or early retirement, full
ownership of the Shares will occur upon lapse of the Restriction Periods as set
forth in paragraph 2 and dividends will be paid through such period, in each
case on a pro-rata basis, calculated based on the percentage of time such
Employee was employed during the three-year period following the Commencement
Date.

           4. CERTIFICATES FOR THE SHARES. The Corporation shall issue a
certificate in respect of the aggregate number of Shares in the name of the
Employee, which shall equal the amount of the award specified herein. The
Corporation shall hold all certificates on deposit for the account of the
Employee until expiration of the first restriction period set forth in paragraph
2 above, as applicable, with respect to the Shares granted, at which time new
certificates shall be issued which shall be commensurate with the installment
periods set forth in paragraph 2 above. Each certificate for restricted shares
shall bear the following legend:

                The transferability of this certificate and the
                shares of stock represented hereby are subject
                to the terms and conditions (including
                forfeiture) contained in the Viad Corp 1997
                Omnibus Incentive Plan and an Agreement entered
                into between the registered owner and Viad
                Corp. Copies of such Plan and Agreement are on
                file with the Vice President-General Counsel of
                Viad Corp, Viad Tower, Phoenix, Arizona 85077-1012.

           The Employee further agrees that simultaneously with his or her
acceptance of this Agreement, he or she shall from time to time execute a stock
power covering such award endorsed in blank and that he or she shall promptly
deliver such stock power to the Corporation.

           5. EMPLOYEE'S RIGHTS. Except as otherwise provided herein, the
Employee, as owner of the Shares, shall have all rights of a shareholder,
including, but not limited to, the right to receive all dividends paid on the
Shares and the right to vote the Shares.

           6. EXPIRATION OF RESTRICTION PERIOD. Upon the lapse or expiration of
the Restriction Period with respect to any Shares, the Corporation shall deliver
or redeliver to the Employee the certificate in respect of such Shares and the
related stock power held by the Corporation pursuant to paragraph 4 above. The
Shares as to which the Restriction Period shall have lapsed or expired and which
are represented by such certificate shall be free of the restrictions referred
to in paragraph 2 above and such certificate shall not bear thereafter the
legend provided for in paragraph 4 above provided, however, that sale of such
shares within three years may result in deemed ineligibility to receive any
further awards pursuant to said paragraph 2.

           To the extent permissible under applicable tax, securities, and other
laws, the Corporation may, in its sole discretion, permit Employee to satisfy a
tax withholding requirement by directing the Corporation to apply Shares to
which Employee is entitled as a result of termination of the Restricted Period
with respect to any shares of Restricted Stock, in such manner as the
Corporation shall choose in its discretion to satisfy such requirement.

                                                                         (PDRS)2
<PAGE>   3
           7. ADJUSTMENTS FOR CHANGES IN CAPITALIZATION OF CORPORATION. In the
event of a change in the Common Stock through stock dividends, stock splits,
recapitalization or other changes in the corporate structure of the Corporation
during the Restriction Period, the number of shares of Common Stock subject to
restrictions as set forth herein shall be appropriately adjusted and the
determination of the Board of Directors of the Corporation as to any such
adjustments shall be final, conclusive and binding upon the Employee. Any shares
of Common Stock or other securities received, as a result of the foregoing, by
the Employee with respect to Shares subject to the restrictions contained in
paragraph 2 above also shall be subject to such restrictions and the
certificate(s) or other instruments representing or evidencing such shares or
securities shall be legended and deposited with the Corporation, along with an
executed stock power, in the manner provided in paragraph 4 above.

           8. EFFECT OF CHANGE IN CONTROL. In the event of a Change in Control
(as defined in the Plan), the restrictions applicable to any Shares awarded
hereby shall lapse, and such Shares shall be free of all restrictions and become
fully vested and transferable to the full extent of the original grant.

           9. PLAN AND PLAN INTERPRETATIONS AS CONTROLLING. The Shares hereby
awarded and the terms and conditions herein set forth are subject in all
respects to the terms and conditions of the Plan, which are controlling. The
Plan provides that the Corporation's Board of Directors may from time to time
make changes therein, interpret it and establish regulations for the
administration thereof. The Employee, by acceptance of this Agreement, agrees to
be bound by said Plan and such Board actions.

Shares may not be issued hereunder, or redelivered, whenever such issuance or
redelivery would be contrary to law or the regulations of any governmental
authority having jurisdiction.

IN WITNESS WHEREOF, the parties have caused this Performance Driven Restricted
Stock Agreement to be duly executed.

Dated:          2001                           VIAD CORP

                                               By:
                                                  -----------------------------
                                                  ROBERT H. BOHANNON
                                                  Chairman, President and Chief
                                                  Executive Officer
ATTEST:

---------------------------------------
General Counsel or Assistant Secretary
                                               ACCEPTED:

                                               ---------------------------------
                                               Employee

                                                                         (PDRS)3

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