Document:

AGREEMENT

 

EXHIBIT 10.14

EXECUTION COPY

AGREEMENT

               
This Agreement is between AutoZone, Inc., a Nevada corporation ("AZO")
and Timothy D. Vargo ("Vargo") made as of the 23rd day of May,
2001 (the "Effective Date").

               
WHEREAS, due to illnesses in Vargo's family, Vargo has notified AZO that
he will not be able to continue acting as President and Chief Operating
Officer of AZO;

               
WHEREAS, AZO desires Vargo to be available to it to continue to assist
with its business;

               
THEREFORE, Vargo and AZO for and in consideration of the promises, undertakings
and benefits set out in this Agreement ("Agreement"), agree as follows:

               
1.   EFFECTIVE DATE.  Vargo resigns as an officer and a
director of AZO and each of AZO's subsidiaries as of the Effective Date
but shall remain an employee of AZO or a subsidiary until May 25, 2004
("Termination Date").  During the period from the Effective Date until
the Termination Date, Vargo shall provide such services to AZO as are requested
by the CEO of AZO.

               
2.   TERMINATION OF EMPLOYMENT AGREEMENT. The parties agree that
the Amended and Restated Employment and Non-Compete Agreement dated August
31, 1999 (the "Prior Agreement") between the parties shall be deemed to
be amended and restated by this Agreement, and after the execution of this
Agreement, neither party hereto shall have any rights under the Prior Agreement.

               
3.   BENEFITS. In consideration for the services to be provided
to AZO by Vargo under this Agreement, AZO agrees to confer or have a subsidiary
confer, the following benefits in Vargo's favor:

  

	A.     

 
 
	For the period beginning on the Effective Date and ending on August
25, 2001, Vargo shall continue to receive his current salary ($500,000
gross on an annual fiscal basis) to be paid at the same time as AZO's executive
officers;

 
	B.

 

 
 
	Beginning August 26, 2001, until the Termination Date, Vargo shall
receive an annualized gross salary of $102,068.80 to be paid in installments
every two weeks at the same time as AZO's executive officers are paid (except
for pay for the period ended August 31, 2002, which will be for one week,
and then again every two weeks thereafter);
	C.

 

 
 
	 For the 2001 fiscal year, Vargo shall receive a bonus calculated
in accordance with the AutoZone, Inc., Executive Incentive Compensation
Plan, for the period beginning from the beginning of the 2001 fiscal year
to the Effective Date, that shall be paid when AZO pays bonuses for fiscal
year 2001 to its executive officers, and shall not be eligible for a bonus
thereafter; and
	D.	All other benefits received by full-time employees of AZO.

               
The stock option agreements between Vargo and AZO shall continue to be
governed by the terms and conditions contained in such agreements. 
All vacation shall be deemed used at the time of the Termination Date.
               
The parties understand that applicable local, state, and federal tax deductions
and withholdings will be made from all of the appropriate payments and
exercises of stock options.

               
4.   NON-COMPETE.  Vargo further agrees that he will not,
for the period beginning on the date of execution of this Agreement and
ending on the Termination Date, be engaged in or concerned with, directly
or indirectly, any business related to or involved in the wholesale or
retail sale or distribution of auto parts and accessories, chemicals, or
motor oil, operating in the automobile aftermarket in any state or geographical
area in which AZO or a subsidiary operates now or shall operate during
the term of the non- compete agreement (herein called "Competitor"), as
an employee, consultant, beneficial or record owner (other than as an owner
of less than 1% of an entity's issued and outstanding securities traded
on a securities exchange registered as such with the U.S. Securities and
Exchange Commission under the Securities Exchange Act of 1934), partner,
joint venturer, officer or agent of the Competitor.

               
The parties acknowledge and agree that the time, scope, geographic area
and other provisions of this Non-Compete section have been specifically
negotiated by sophisticated commercial parties and specifically hereby
agree that such time, scope, geographic area and other provisions are reasonable
under the circumstances.

               
Further, Vargo agrees not to hire, for himself or any other entity, encourage
anyone or entity to hire, or entice away from AZO any employee of AZO or
a subsidiary of AZO, during the term of this non-compete agreement.

               
In the event of breach by Vargo of any provision of this Paragraph 6 "NON-COMPETE",
Vargo acknowledges that such breach will cause irreparable damage to AZO,
the exact amount of which will be difficult or impossible to ascertain,
and that remedies at law for any such breach will be inadequate. Accordingly,
AZO shall be entitled, in addition to any other rights or remedies existing
in its favor, to obtain, without the necessity for any bond or other security,
specific performance and/or injunctive relief in order to enforce, or prevent
breach of any such provision and AZO shall be entitled to the remedies
set forth in the section entitled "Remedies".

               
5.   CONFIDENTIALITY.  Unless otherwise required by law,
Vargo shall hold in confidence any proprietary or confidential information
obtained by him during his employment with AZO, which shall include, but
not be limited to, information regarding AZO's present and future business
plans, systems, operations and personnel matters.

               
6.   COMPLETE AGREEMENT.  This Agreement contains the entire
agreement between the parties with respect to the matters covered herein
and is intended to integrate and merge all prior understandings, discussions
and negotiations.  No other agreements, oral or written, relating
to the subject matter contained herein shall be binding upon or enforceable
against any of the parties.  This Agreement and the documents executed
pursuant to it may be amended only in a writing signed by authorized representatives
of the parties.  No provision of this Agreement or any document executed
pursuant to it may be waived except in a writing signed by authorized representatives
of the parties.  The sections of this Agreement taken as a whole are
intended to represent a single agreement.

               
This Agreement shall be governed and construed by the laws of the State
of Tennessee, without regard to its choice of law rules.  The parties
agree that the only proper venue for any dispute under this Agreement shall
be Shelby County, Tennessee.

               
7. TERMINATION WITH CAUSE.  AZO shall have the right to terminate
this Agreement and Vargo's employment with AZO for Cause at any time. 
Upon such termination for Cause, Vargo shall have no right to receive any
compensation, salary, or bonus and shall immediately cease to receive any
benefits (other than those as may be required pursuant to the AutoZone,
Inc Associates' Pension Plan or by law) and any stock options shall be
governed by the respective stock option agreements in effect between Vargo
and AZO at that time.  "Cause" shall mean the willful engagement by
Vargo in conduct which is demonstrably or materially injurious to AZO,
monetarily or otherwise.  For this purpose, no act or failure to act
by Vargo shall be considered "willful" unless done, or omitted to be done,
by Vargo not in good faith and without reasonable belief that his action
or omission was in the best interest of AZO.

               
8.  SURVIVAL OF REPRESENTATIONS, WARRANTIES, AND OBLIGATIONS. 
The representations, warranties, and obligations of the parties pursuant
to this Agreement shall survive the execution hereof and this Agreement
shall continue to be binding upon and enforceable against each of the parties,
their successors, heirs, executors, and assigns.  The rights and benefits
of Vargo hereunder shall inure to the benefit of his heirs and estate and
after Vargo's death, his estate shall have the right to receive the Benefits
as are required by law, and to the extent allowed by their terms, shall
have the rights set forth in the Stock Option Agreements. Notwithstanding,
all payments provided for hereunder shall cease at the death of Vargo.

               
9.  REMEDIES.  Vargo acknowledges and agrees that any remedy
at law for a breach of any obligation herein may be inadequate and that
AZO shall be entitled to any and all equitable relief, including, but not
limited to, injunctive relief.  In the event Vargo breaches this Agreement
in any way, any unpaid Benefits shall immediately terminate and Vargo shall
forfeit any then unexercised option rights.

               
In addition, the parties agree to execute on or after the date of the execution
of this Agreement any and all reasonable additional documents as requested
by the other or its counsel to effectuate the purposes hereof.

               
IN WITNESS WHEREOF, the respective parties execute this Agreement.

AUTOZONE, INC.
	By: 	/s/ Steve Odland	 	/s/ Timothy D. Vargo
	Title:	Chairman, President & CEO	 	Timothy D. Vargo
5-22-2001 

Date

	 By: 	 /s/ Harry Goldsmith	 	 
	Title:	Senior Vice President, General Counsel &
SecretaryAGREEMENT

EXHIBIT 10.15

EXECUTION COPY

AGREEMENT

               
This Agreement is between AutoZone, Inc., a Nevada corporation ("AZO")
and Robert J. Hunt ("Hunt") made as of the 23rd day of May,
2001.

               
WHEREAS, Hunt has notified AZO that he does not desire to continue acting
as Executive Vice President and Chief Financial Officer of AZO;

               
WHEREAS, AZO desires Hunt to continue to assist with its business;

               
THEREFORE, Hunt and AZO for and in consideration of the promises, undertakings
and benefits set out in this Agreement ("Agreement"), agree as follows:

               
1.   EFFECTIVE DATE.  Hunt resigns as a director of AZO
and each of its subsidiaries effective May 23, 2001, and as an officer
and Chief Financial Officer of AZO and each of AZO's subsidiaries as of
the date a new Chief Financial Officer is employed by AZO or such earlier
date as may be decided by AZO's Board of Directors ("Effective Date"),
but shall remain an employee of AZO or a subsidiary until August 31, 2004
("Termination Date").  During the period from the Effective Date until
the Termination Date, Hunt shall make himself available to perform such
services for AZO as are requested by the CEO of AZO.

               
2.   TERMINATION OF EMPLOYMENT AGREEMENT. The parties agree that
the Amended and Restated Employment and Non-Compete Agreement dated August
31, 1999 (the "Prior Agreement"), between the parties shall be deemed to
be amended and restated by this Agreement and, after the execution of this
Agreement, neither party hereto shall have any rights under the Prior Agreement.

               
3.   BENEFITS. In consideration for the services to be provided
to AZO by Hunt under this Agreement, AZO agrees to confer the following
benefits in Hunt's favor: 

	A.	From May 23, 2001, through August 25, 2001,
Hunt shall continue to receive his current annual base salary of $330,000
which shall be paid on a pro-rated basis at the same time as AZO's other
officers are paid;
	B.	On or before August 25, 2001, Hunt shall receive
a lump sum gross payment of $650,000 (which payment shall not be considered
in determining average monthly earnings for benefit purposes under the
AutoZone, Inc. Associates Pension Plan or the AutoZone, Inc. Executive
Deferred Compensation Plan);
	C.	Beginning August 26, 2001, until the Termination
Date, Hunt shall receive a annual gross salary of $100,000 to be paid in
pro rata installments every two weeks at the same time as AZO's executive
officers are paid (except for pay for the period ended August 31, 2002,
which will be for one week, and then again every two weeks thereafter);
	D.	For the 2001 fiscal year, Hunt shall receive
a bonus calculated in accordance with the AutoZone, Inc., Executive Incentive
Compensation Plan, that shall be paid when AZO pays bonuses for fiscal
year 2001 to its executive officers and shall not be eligible to receive
a bonus thereafter; and
	E.	All other benefits received by full-time employees
of AZO.

               
The stock option agreements between Hunt and AZO shall continue to be governed
by the terms and conditions contained in such agreements. All vacation
shall be deemed used at the time of the Termination Date.
               
The parties understand that applicable local, state, and federal tax deductions
and withholdings will be made from all of the appropriate payments and
exercises of stock options.

               
4.   NON-COMPETE.  Hunt further agrees that he will not,
for the period beginning on the date of execution of this Agreement and
ending on the Termination Date, be engaged in or concerned with, directly
or indirectly, any business related to or involved in the wholesale or
retail sale or distribution of auto parts and accessories, chemicals, or
motor oil, operating in the automobile aftermarket in any state or geographical
area in which AZO or a subsidiary of AZO operates now or shall operate
during the term of the non- compete agreement (herein called "Competitor"),
as an employee, consultant, beneficial or record owner (other than as an
owner of less than 1% of an entity's issued and outstanding securities
traded on a securities exchange registered as such with the U.S. Securities
Exchange Commission under the Securities Exchange Act of 1934), partner,
joint venturer, officer or agent of the Competitor.

               
The parties acknowledge and agree that the time, scope, geographic area
and other provisions of this Non-Compete section have been specifically
negotiated by sophisticated commercial parties and specifically hereby
agree that such time, scope, geographic area and other provisions are reasonable
under the circumstances.

               
Further, Hunt agrees not to hire, for himself or any other entity, encourage
anyone or entity to hire, or entice away from AZO any employee of AZO or
a subsidiary of AZO during the term of this non-compete agreement.

               
In the event of breach by Hunt of any provision of this Paragraph 6 "NON-COMPETE",
Hunt acknowledges that such breach will cause irreparable damage to AZO,
the exact amount of which will be difficult or impossible to ascertain,
and that remedies at law for any such breach will be inadequate. Accordingly,
AZO shall be entitled, in addition to any other rights or remedies existing
in its favor, to obtain, without the necessity for any bond or other security,
specific performance and/or injunctive relief in order to enforce, or prevent
breach of any such provision and AZO shall be entitled to the remedies
set forth in the section entitled "Remedies".

               
5.   CONFIDENTIALITY.  Unless otherwise required by law
or requested by AZO in the performance of his duties, Hunt shall hold in
confidence any proprietary or confidential information obtained by him
during his employment with AZO, which shall include, but not be limited
to, information regarding AZO's present and future business plans, systems,
operations and personnel matters.

               
6.   COMPLETE AGREEMENT.  This Agreement contains the entire
agreement between the parties with respect to the matters covered herein
and is intended to integrate and merge all prior understandings, discussions
and negotiations.  No other agreements, oral or written, relating
to the subject matter contained herein shall be binding upon or enforceable
against any of the parties.  This Agreement and the documents executed
pursuant to it may be amended only in a writing signed by authorized representatives
of the parties.  No provision of this Agreement or any document executed
pursuant to it may be waived except in a writing signed by authorized representatives
of the parties. The sections of this Agreement taken as a whole are intended
to represent a single agreement.

               
This Agreement shall be governed and construed by the laws of the State
of Tennessee, without regard to its choice of law rules.  The parties
agree that the only proper venue for any dispute under this Agreement shall
be  Shelby County, Tennessee.

               
7. TERMINATION WITH CAUSE: AZO shall have the right to terminate this Agreement
and Hunt's employment with AZO and all of its subsidiaries for Cause at
any time. Upon such termination for Cause, Hunt shall have no right to
receive any compensation, salary, or bonus and shall immediately cease
to receive any benefits (other than those as may be required pursuant to
the AutoZone, Inc. Associates Pension Plan or by law) and any stock options
shall be governed by the respective stock option agreements in effect between
Hunt and AZO at that time. "Cause" shall mean the willful engagement by
Hunt in conduct which is demonstrably or materially injurious to AZO, monetarily
or otherwise. For this purpose, no act or failure to act by Hunt shall
be considered "willful" unless done, or omitted to be done, by the Employee
not in good faith and without reasonable belief that his action or omission
was in the best interest of AZO.

               
8.  SURVIVAL OF REPRESENTATIONS, WARRANTIES, AND OBLIGATIONS. 
The representations, warranties, and obligations of the parties pursuant
to this Agreement shall survive the execution hereof and this Agreement
shall continue to be binding upon and enforceable against each of the parties,
their successors, heirs, executors, and assigns.  The rights and benefits
of Hunt hereunder shall inure to the benefit of his heirs and estate and
after Hunt's death, his estate shall have the right to receive the Benefits
as are required by law, and to the extent allowed by their terms, shall
have the rights set forth in the Stock Option Agreements. Notwithstanding,
all payments provided for hereunder shall cease at the death of Hunt.

               
9.  REMEDIES.  Hunt acknowledges and agrees that any remedy at
law for a breach of any obligation herein may be inadequate and that AZO
shall be entitled to any and all equitable relief, including, but not limited
to, injunctive relief.  In the event Hunt breaches this Agreement
in any way, any unpaid Benefits shall immediately terminate and Hunt shall
forfeit any then unexercised option rights.

               
In addition, the parties agree to execute on or after the date of the execution
of this Agreement any and all reasonable additional documents as requested
by the other or its counsel to effectuate the purposes hereof.

               
IN WITNESS WHEREOF, the respective parties execute this Agreement.

AUTOZONE, INC.

 
	By: 	/s/ Steve Odland	 	/s/ Robert J. Hunt
	 Title:	 Chairman, President and CEO		Robert J. Hunt
			 	5-22-2001 

Date
	By: 	/s/ Harry Goldsmith	 	 
	Title:	Senior Vice President, General Counsel and Secretary

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