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                                                                   EXHIBIT 10.4

                           AMENDMENT NUMBER THREE TO
                               ROCK-TENN COMPANY
                       1993 EMPLOYEE STOCK PURCHASE PLAN
              (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 1998)

         Pursuant to the power reserved in Section 17 of the Rock-Tenn Company
1993 Employee Stock Purchase Plan (as amended and restated effective January 1,
1998), Rock-Tenn Company hereby deletes in its entirety the language contained
in Section 3.8 and inserts the following language in its place:

         Option Price.

         "The term Option Price shall mean for each Purchase Period 85% of the
average of the high and low sales prices for a share of Stock on the last day
of such Purchase Period, as such high and low prices are reported in The Wall
Street Journal or in any successor to The Wall Street Journal or, if no such
successor, any similar trade publication selected by the Plan Administrator (or
its delegate) or, if the Plan Administrator (or its delegate) makes no such
selection, as such prices are determined in good faith by the Plan
Administrator (or its delegate); provided, if no such prices are so reported
for any such day, the average of the high and low sales prices for such day
shall be deemed to be the average of the high and low sales prices for a share
of Stock which was so reported on the most recent day before such day."

         This Amendment Number Three shall be effective with the purchase
period that commences on May 1, 2005.

                                        ROCK-TENN COMPANY

                                        By: /s/ Steven C. Voorhees
                                            -----------------------------------
                                        Title: Executive Vice President and
                                               Chief Financial Officer
                                        Date: December 10, 2004<PAGE>
                                                                 Exhibit 10.1.f

                                REVISED DEFERRED
                             COMPENSATION AGREEMENT

         This Revised Deferred Compensation Agreement is made and entered into
this 13 day of December, 2004, by and between Monroe Carell, Jr. ("Monroe"), a
resident of Nashville, Tennessee, and Central Parking Corporation, a Tennessee
corporation ("CPC" or the "Corporation").

                                  WITNESSETH

         WHEREAS, Monroe presently serves as CPC's Chief Executive Officer and
Chairman of CPC's Board of Directors and has successfully directed the course
and growth of the Corporation for over three decades; and

         WHEREAS, the Corporation recognizes Monroe's unique talents and
contributions to the Corporation's success during his tenure as President,
Chief Executive Officer and Chairman of the Board of Directors; and

         WHEREAS, CPC values the significant efforts, abilities and
accomplishments of Monroe, both past and present, in the performance of his
duties as a CPC employee and recognizes Monroe's importance, both past and
present, as a member of the Corporation's central management team; and

         WHEREAS, should the possibility of a Change in Control (as defined
herein) of the Corporation arise, CPC's Board of Directors believes it is
imperative that the Corporation and the Board be able to rely upon Monroe to
continue in his position, and that the Corporation should be able to receive
and rely upon Monroe's advice, if requested, as to the best interests of CPC
and its shareholders without concern that Monroe might be distracted by the
personal uncertainties and risks created by the possibility of a Change in
Control; and

         WHEREAS, should the possibility of a Change in Control arise, in
addition to his regular duties, Monroe may be called upon to assist in the
assessment of such possible Change in Control, advise management and the Board
as to whether such Change in Control would be in the best interests of the
Corporation and its shareholders, and to take such other actions as the Board
might determine to be appropriate; and

         WHEREAS, Monroe, various trusts benefitting Monroe's wife, children
and/or other descendants, and charitable trusts and/or foundations benefitting
said family members of Monroe and/or various charitable organizations (the
"Carell Shareholders") own a substantial amount of the outstanding common stock
of the Corporation; and

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         WHEREAS, if the Carell Shareholders dispose of a substantial amount of
their stock pursuant to Rule 144 of the Securities Act of 1933 on or about the
same date, such sales in the open market could have a significant adverse
impact on the market price of the Corporation's common stock; and

         WHEREAS, the Corporation desires to provide a mechanism for the Carell
Shareholders to dispose of their CPC common stock in an orderly manner that
would minimize any impact on the Corporation's trading market; and

         WHEREAS, CPC and Monroe entered into that certain Deferred
Compensation Agreement dated October 1, 1981, which Agreement was superseded by
that certain Revised Deferred Compensation Agreement dated October 1, 1988, as
amended by that certain First Amendment to Deferred Compensation Agreement
dated October 1, 1994 (the "1988/94 Agreement"); and

         WHEREAS, the Corporation desires to revise and expand the
non-competition restrictions contained in that certain Employment Contract
dated October 1, 1995, between Monroe and the Corporation, and the 1988/94
Agreement, and enter into certain other restrictions; and

         WHEREAS, to encourage Monroe's continued employment by CPC and to more
fully establish the terms of such employment, CPC desires to provide to Monroe
the benefits set forth herein, which Monroe acknowledges to be a material
element of his continued employment by the Corporation and an inducement to
such continued employment by CPC, and the parties desire and intend that this
Agreement supersede in all respects the 1988/94 Agreement.

         NOW, THEREFORE, to induce Monroe to remain in the employ of the
Corporation and assure the Corporation that it will have Monroe's continued
dedication and the availability of his advice and counsel notwithstanding the
possibility, threat, or occurrence of a Change in Control of the Corporation,
and in consideration of the premises, the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         1.       Duties. Monroe agrees to continue devoting his normal working
time to the interest and activities of the Corporation in such capacities as
the Board of Directors may from time to time reasonably assign to him until his
employment with CPC ceases.

                  1.1.     Cooperation. Monroe will, with reasonable notice
         during or after the Period of Employment (which shall be defined for
         purposes of this Section 1 as the period during which Monroe serves as
         an employee Executive Officer or as a non-employee Chairman of the
         Board of Directors), furnish information as is in his possession and
         cooperate with the Corporation as may reasonably be requested in
         connection with any claims or legal actions in which the Corporation
         is or may become a party.

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                  1.2.     Confidential Information. Monroe recognizes and
         acknowledges that all proprietary information pertaining to the
         affairs, business, clients, customers or other relationships of the
         Corporation is confidential and is a unique and valuable asset of the
         Corporation (the "Confidential Information"). Confidential Information
         shall not include information that becomes generally available to the
         public other than as a result of a disclosure in violation of this
         Agreement or other similar obligation of secrecy. Access to and
         knowledge of the Confidential Information is essential to the
         performance of Monroe's duties under this Agreement. Monroe will not
         during the Period of Employment or after, except to the extent
         reasonably necessary in performance of the duties under this
         Agreement, give to any person, firm, association, corporation or
         governmental agency any Confidential Information, except as required
         by law. Monroe will not make use of Confidential Information for his
         own purposes or for the benefit of any person or organization other
         than the Corporation. All records, memoranda, and documents of any
         kind containing Confidential Information, whether made by Monroe or
         otherwise coming into his possession in the course of his employment,
         will remain the property of the Corporation.

                  1.3.     Non-Compete & Non-Solicitation. During (i) the
         Period of Employment, (ii) the period following the Period of
         Employment while Monroe is receiving compensation or benefits from the
         Corporation under this or any other agreement, and (iii) the period of
         twelve (12) months following the acceleration of amounts payable to
         Monroe under this or any other agreement upon a Change in Control,
         Monroe (a) will not use his status with the Corporation to obtain
         loans, goods or services from another organization on terms that would
         not be available to him in the absence of his relationship to the
         Corporation; and (b) will not, directly or indirectly, either as an
         individual for his own account or as a consultant, partner, joint
         venturer, employee, agent, officer, director, shareholder or member:
         (1) own or hold any proprietary interest (as defined herein) in or be
         employed by, consult with or receive compensation from, any party
         engaged in the same or any substantially similar business as the
         Corporation, as such exists as of the date hereof and as of the date
         commencing on the first day following the Period of Employment, in the
         United States and other areas where the Corporation conducts its
         business; (2) discuss with any of the Corporation's clients,
         customers, landlords, employees or consultants, as such exist as of
         the date hereof and as of the date commencing on the first day
         following the Period of Employment, information about or the operation
         of any business intended to compete with the Corporation; (3) solicit
         or attempt to solicit any clients, customers or landlords of the
         Corporation existing as of the date hereof and as of the date
         commencing on the first day following the Period of Employment with
         the intent or purpose to perform services for such clients, customers
         or landlords which are the same or substantially similar to those
         provided by the Corporation, or encourage or attempt to encourage any
         such clients, customers or landlords to not continue or otherwise
         modify adversely its business relationship with the Corporation; (4)
         enter into any lease, sublease, license agreement, service agreement,
         option agreement, management or operating agreement relating to, or
         otherwise acquire any rights with respect to, any of the parking
         facilities managed or operated by the Corporation or its affiliates as
         of the date hereof and as of the date commencing on the first day
         following the Period of Employment; or (5) solicit or attempt to
         solicit for the purpose of hiring or engaging, as an employee, agent,
         consultant, independent contractor, or in any other capacity,

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         any of the Corporation's employees. For purposes of this Section 1,
         "Corporation" shall include any of the Corporation's subsidiaries,
         joint ventures, partnerships or affiliates, to the extent that the
         Corporation has an interest of fifty percent (50%) or greater in such
         entities. For purposes of the Agreement, proprietary interest means
         legal or equitable ownership, whether through stock holdings or
         otherwise, of a debt or equity interest (including options, warrants,
         rights and convertible interests) in a non-publicly held business firm
         or entity, or ownership of more than five percent (5%) of any class of
         equity interest in a publicly-held company. Monroe acknowledges that
         the covenants contained herein are reasonable as to geographic and
         temporal scope and the sufficiency of the consideration for such
         covenants. Notwithstanding the foregoing, during the Period of
         Employment (with the prior written consent of a majority of the
         disinterested members of the Corporation's Board of Directors, or a
         majority of the members of a committee composed of disinterested
         directors), and following the Period of Employment, it will not be a
         violation of this Section 1.3 for Monroe to (i) provide advisory
         services to municipalities, developers, investors, owners and others
         regarding the development of parking facilities, or (ii) to acquire
         and own, directly or indirectly, any interest in one or more parking
         facilities of any kind or nature (a "Parking Facility") that are
         managed by or leased to persons other than Monroe, provided that the
         Corporation shall have a right of first refusal (subject to any
         pre-existing agreements that are not by their terms terminable without
         material penalty to Monroe or the owner of the Parking Facility) to
         lease, manage or operate such Parking Facility for the first term
         (which shall not exceed five (5) years) after Monroe becomes the
         majority owner or otherwise obtains control of such Parking Facility
         (as "control" is defined in Rule 405 of the Securities Act of 1933, as
         amended). This right of first refusal shall require that Monroe offer
         to the Corporation the first right of negotiation with respect to
         management or lease of the Parking Facility. In the event the
         Corporation and Monroe are unable after thirty (30) days to agree on
         terms, then the Corporation shall have the right to match any third
         party's terms that are offered to Monroe with respect to management or
         lease of the Parking Facility, such right to be exercised or declined
         by the Corporation within fifteen (15) days after written notice
         describing the third party terms. The Corporation acknowledges that
         Monroe and his daughters currently own 100% of The Carell Family, LLC,
         which is the owner of two parking facilities located in Nashville,
         Tennessee (Alloway Parking Lot and 2nd & Church Parking Lot), that are
         leased to the Corporation under leases dated October 6, 1995 ("Lease
         Agreements"), and that Monroe and his daughters currently own 100% of
         D-Garage, LLC, which has an ownership interest in the LoDo Garage in
         Denver, Colorado with the Corporation. The Corporation acknowledges
         that ownership of such limited liability company interests and of such
         parking facilities, by Monroe, either LLC or the members of either LLC
         upon its dissolution or distribution, shall not be deemed to be a
         violation of this Section 1.3, and each LLC and its members are free
         to dispose of the LLC membership interests or the assets of such LLC
         without restriction by this Section 1.3 except for the provisions of
         the Lease Agreements or the agreement governing ownership by D-Garage,
         LLC of the LoDo garage interest.

                  1.4.     Injunctive Relief. Monroe hereby acknowledges the
         receipt and sufficiency of the consideration set forth in this
         Agreement in return for the covenants and agreements set forth in this
         Section 1 and that such consideration includes, but is not limited to,
         the payments set forth in Section 3 of this Agreement. Monroe further
         acknowledges and agrees that his breach or threatened or

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         attempted breach of any provision of Section 1 would cause irreparable
         harm to the Corporation not compensable in monetary damages and that
         the Corporation shall be entitled, in addition to all other applicable
         remedies, to a temporary and permanent injunction and a decree for
         specific performance of the terms of Section 1 without being required
         to prove damages or furnish any bond or other security. If any
         provision of this Section 1 or any other section of this Agreement is
         held to be invalid by a court of competent jurisdiction, then such
         provision shall be severed from this Agreement, and such invalidity
         shall not affect any other provision of this Agreement, the balance of
         which shall remain in full force and effect. In the event that any
         provision of this Section 1 shall ever be deemed to exceed the time or
         geographical limits permitted by applicable law, then such provision
         shall be reformed to the maximum time and geographical limits
         permitted by applicable law. In the event of the material breach by
         Monroe of a provision of this Section 1, which remains uncured after
         thirty (30) days' written notice to Monroe, the Corporation shall be
         entitled to suspend all payments required to be made under this
         Agreement and the provision of benefits (excluding insurance benefits
         under Section 4) to Monroe pending resolution thereof as provided
         herein.

         2.       Post-Retirement Payments. If Monroe ceases to be employed by
the Corporation for any reason other than his termination by the Corporation
for "Cause" as provided in Section 14 below, CPC shall make the following
payments:

                  2.1.     Payments to Monroe. If Monroe ceases to be employed
         by the Corporation for any reason other than his death or Termination
         for Cause, then the Corporation shall pay to Monroe a monthly
         retirement benefit on the first day of each month for the remainder of
         his life. The first such payment in the amount of Two Hundred Fifty
         Thousand Dollars ($250,000) shall be due on the first day of the
         seventh (7th) month immediately following the last month in which
         Monroe is employed by the Corporation and subsequent monthly payments
         in the amount of Forty-One Thousand Six Hundred Sixty-Seven Dollars
         ($41,667) shall be due on the first day of each succeeding month
         thereafter until Monroe's death.

                  2.2.     Payments to Monroe's Widow. Following Monroe's death
         (whether such occurs before or after Monroe ceases to be employed by
         the Corporation), CPC shall pay a monthly widow's benefit to Monroe's
         wife, Ann Scott Carell, on the first day of each month for the
         remainder of her life. The first payment shall be due on the first day
         of the month immediately following the month in which Monroe dies
         (provided, however, if Monroe's death occurs before he ceases to be
         employed by the Corporation for any reason, then the first payment to
         Ann Scott Carell shall be due on the first day of the seventh (7th)
         month immediately following the month in which Monroe dies) and all
         subsequent payments shall be due on the first day of each succeeding
         month thereafter until Ann Scott Carell's death. The amount of each
         monthly payment shall be Forty-One Thousand Six Hundred Sixty-Seven
         Dollars ($41,667); provided, however, if Monroe's death occurs before
         he ceases to be employed by the Corporation for any reason, then the
         first payment to Ann Scott Carell shall be in the amount of Two
         Hundred Fifty Thousand Dollars ($250,000) and all subsequent monthly
         payments shall be in the amount of Forty-One Thousand Six Hundred
         Sixty-Seven Dollars ($41,667). Notwithstanding

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         anything in this Section 2.2 to the contrary, if Monroe's death occurs
         after he ceases to be employed by the Corporation for any reason and
         before payments to Monroe have begun under Section 2.1, then the first
         payment to Ann Scott Carell in the amount of Two Hundred Fifty
         Thousand Dollars ($250,000) shall be due on the first day of the
         seventh (7th) month immediately following the last month in which
         Monroe is employed by the Corporation and subsequent monthly payments
         in the amount of Forty-One Thousand Six Hundred Sixty-Seven Dollars
         ($41,667) shall be due on the first day of each succeeding month
         thereafter until Ann Scott Carell's death.

         Notwithstanding anything in this Section 2 to the contrary, if CPC
makes the payment(s) required of it under Section 9 below in the event of a
Change in Control of the Corporation, neither Monroe nor his widow shall
receive any additional payments under this Section 2 after the payment(s)
required under Section 9 are paid in full by the Corporation.

         For purposes of this Agreement, Monroe's employment by the Corporation
shall not include any period in which Monroe is serving as a non-employee
Chairman or member of the Corporation's Board of Directors. It is intended by
the parties hereto that Monroe's ceasing to be employed by the Corporation
(regardless of whether Monroe continues thereafter to serve as a non-employee
Chairman or member of the Corporation's Board of Directors) be a "separation
from service" as such phrase is used in Section 409A of the Internal Revenue
Code of 1986, as amended (the "Code").

         3.       Payments Following Termination of Employment as Chief
Executive Officer. Immediately after Monroe ceases to serve as the
Corporation's Chief Executive Officer, the Corporation shall pay to Monroe a
monthly amount of Twenty-Five Thousand Dollars ($25,000), which payments shall
commence on the first day of the month immediately following the last month in
which Monroe is employed as CPC's Chief Executive Officer and continue each
month thereafter until the later to occur of (i) the date on which Monroe
ceases to serve as non-employee Chairman of the Corporation's Board of
Directors, and (ii) the date that is five (5) years after the first payment is
made under this Section 3; provided, however, if Monroe does not commence
serving or ceases to serve as non-employee Chairman of the Board prior to the
termination of said five (5) year period, then payments under this Section 3
shall be suspended for six (6) months and shall begin or resume in the seventh
(7Th) month thereafter and continue until the date that is five (5) years and
six (6) months after the first payment is made or is to be made under this
Section 3. Notwithstanding anything in this Section 3 to the contrary, payments
under this Section 3 shall cease upon Monroe's death and shall be suspended
upon any breach of Section 1 of this Agreement in accordance with Section 1.4
of this Agreement.

                  3.1.     Per Diem Payments. The Corporation shall pay to
         Monroe a daily per diem fee of Two Thousand Five Hundred Dollars
         ($2,500) for services rendered by Monroe as Chairman (excluding Board
         meetings) in excess of eighteen (18) days in any consecutive twelve
         (12) month period. For purposes of this Section 3.1, any services
         provided by Monroe during a day shall constitute one (1) day
         regardless of the actual length of such services.

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                  3.2.     Use of Office. During the period in which Monroe is
         serving as a non-executive officer Chairman of the Corporation's Board
         of Directors, Monroe shall be entitled to the continued use of the
         office, secretarial assistance and customary office facilities and
         services he is using at the time he ceases to be CPC's Chief Executive
         Officer.

         4.       Insurance. Immediately following Monroe's cessation of
employment by CPC (other than upon his termination by the Corporation for
Cause), the Corporation will arrange and pay for health care (including, but
not limited to, medical, prescription, vision and dental), life (including, but
not limited to, individual, group and accidental death) and other insurance
coverage (excluding disability) for Monroe and his wife, during their
respective lifetimes after Monroe's cessation of employment by CPC, at the same
or substantially similar level of benefits as if Monroe's employment by CPC had
not ceased. Any costs Monroe is paying for such coverages at the time he ceases
to be employed by CPC shall continue to be paid by him (and following his
death, his widow). There shall be no period of time after Monroe ceases to be
employed by CPC in which the Corporation is not providing Monroe or his wife
with such coverage.

         5.       Additional Benefits. After Monroe ceases to be employed by
the Corporation (other than upon his Termination for Cause):

                  5.1.     Reimbursement of Expenses Incurred as Director.
         During any period in which Monroe is serving as a member of the
         Corporation's Board of Directors, the Corporation shall pay, or
         reimburse Monroe upon his submission of receipts therefor, all
         out-of-pocket expenses for entertainment, travel, meals, hotel
         accommodations, and the like incurred in connection with his duties
         and responsibilities as a Board member.

                  5.2.     Stationary. After Monroe ceases to serve as Chairman
         of the Corporation's Board of Directors, Monroe may use stationary and
         other letterhead of the Corporation, at CPC's expense, in which Monroe
         is referred to as Chairman of the Board Emeritus.

         6.       Right to Participate in Secondary Offerings. If the
Corporation at any time proposes to register any of its common stock under the
Securities Act for sale to the public, except with respect to (i) registration
statements on Forms S-4, S-8 or any successor or similar forms or another form
not available for registering the shares held by the Carell Shareholders for
sale to the public or in connection with a tender offer, merger or other
acquisition, (ii) any registration statement relating to any demand
registration rights granted pursuant to any existing registration rights
agreement, or (iii) any registration statement filed in connection with the
Trust Issued Preferred Securities that the Corporation sold pursuant to Rule
144A on March 18, 1998, each such time it will give written notice to the
Carell Shareholders of its intention to do so. Upon the written request of any
of such Carell Shareholder, given within fifteen (15) days after receipt by
such person of such notice, the Corporation will, subject to the limits
contained in this Section 6, use its reasonable best efforts to cause all such
shares of said requesting shareholders to be registered under the Securities
Act and qualified for sale under any state blue sky law, all to the extent
required to permit such sale or other disposition of said shares held by the
Carell Shareholders; provided, however, that if the Corporation is advised in
good faith by any managing underwriter of the Corporation's securities

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being offered in a public offering pursuant to such registration statement that
the amount to be sold by persons other than the Corporation (collectively,
"Selling Stockholders") is greater than the amount which can be offered without
adversely affecting the offering (including an adverse effect on the marketing
of the securities to be sold by the Corporation or an opinion that the number
of securities requested to be included in such registration exceeds the number
which can be sold in or during the time of the offering), the Corporation shall
include in such registration all securities proposed by the Corporation to be
sold for its own account and the Corporation may reduce the amount offered for
the accounts of other Selling Stockholders (including the Carell Shareholders)
to a number deemed reasonably satisfactory by such managing underwriter;
provided further, that the total amount offered by the Carell Shareholders
shall not be reduced to less than ten percent (10%) of the total number of
securities to be offered on the registration statement, not including shares
available pursuant to the underwriters' over allotment option, if any. All
Registration Expenses (exclusive of Selling Expenses) incurred in connection
with Registration(s) pursuant to this Section 6, shall be borne by the
Corporation. All Selling Expenses shall be borne by the holders of the
securities registered pro rata on the basis of the number of shares registered.
In addition, the Carell Shareholders shall bear the expense of any fees and
disbursements of separate counsel, if any, engaged by the Carell Shareholders,
and any transfer taxes relating to the sale of securities by the Carell
Shareholders pursuant to this Agreement. For purposes of this Section 6,
"Registration Expenses" shall mean all expenses incurred by the Corporation in
connection with the registration, including, without limitation, all Federal
and state registration, qualification, and filing fees, printing expenses, fees
and disbursements of counsel and independent auditors for the Corporation, blue
sky fees and expenses, and the expense of any special audits incident to or
required by any such registration, and "Selling Expenses" shall mean all
underwriting discounts and commissions, brokerage and sales commissions.
Nothing in the Agreement shall limit or otherwise adversely affect the Carell
Shareholders' rights under that certain Registration Rights Agreement dated as
of September 21, 1998, as amended, with respect to which some of the Carell
Shareholders are parties.

         7.       Stock Options.

                  7.1.     Vesting. The Parties acknowledge that all options to
         acquire stock of the Corporation held by Monroe on the earlier of a
         Change in Control (as defined herein) or the date Monroe ceases to be
         employed by CPC for any reason (other than upon his Termination for
         Cause), including his death, that are not vested as of such date shall
         vest as provided in the Corporation's 1995 Incentive and Nonqualified
         Stock Option Plan for Key Personnel, as amended (the "Stock Option
         Plan").

                  7.2.     Options Transferable at Death. All options held by
         Monroe on the date of his death shall be transferable by Monroe upon
         his death under the terms of his Last Will and Testament or by the
         laws of descent and distribution.

                  7.3.     Options Exercisable Until Expiration Date. All
         options granted to Monroe, whether granted before or after the date of
         this Agreement, may, notwithstanding any contrary language in the
         Stock Option Plan or agreements granting said options, be exercised by
         Monroe (or the transferees of such options following Monroe's death),
         regardless of Monroe's employment status at the time of

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         such exercise, until the expiration date or dates set forth in the
         agreements granting said options notwithstanding any language to the
         contrary in said option agreements or in the Stock Option Plan. To the
         extent of any such inconsistent or contrary language, this provision
         is intended to and shall hereby amend such option grant agreements,
         whether the date such options were or are granted was before or is
         after the date of this Agreement. The stock options held by Monroe as
         of the date of this Agreement are listed in the attached Exhibit A.

                  7.4.     Option Grants to Directors. For so long as Monroe
         remains a director of the Corporation following the date on which he
         ceases to be employed by CPC, in each fiscal year of the Corporation
         Monroe shall be granted stock options in the same amount and upon the
         same terms as are granted to the non-employee member of the
         Corporation's Board of Directors who is granted the most stock options
         in said fiscal year.

         8.       Deferred Stock Units. The Parties acknowledge that (i) all
Stock Units, as such term is defined in the Corporation's Deferred Stock Unit
Plan (the "DSU Plan"), that are unvested as of the date of Monroe's death or
disability or a Change in Control (as defined in the DSU Plan) shall
immediately vest as provided in the DSU Plan, and (ii) Monroe shall receive
payment in full of his Stock Unit Account, as such term is defined in the DSU
Plan, in accordance with the terms of such Plan. The parties desire that
Monroe's Stock Units that are unvested as of the date of Monroe's retirement as
the Corporation's CEO immediately vest upon such event, and agree to amend the
DSU Plan to so provide following the issuance of certain guidance by the U.S.
Secretary of Treasury with regard to the interpretation of certain provisions
of newly enacted Code section 409A; provided that any such amendment does not
materially adversely affect the Corporation or DSU Plan participants. If the
parties are unable to amend the DSU Plan as desired, then CPC shall pay to
Monroe, on the first day of the seventh (7th) month immediately following the
last month in which Monroe is employed by the Corporation, cash in an amount
equal to the product of the number of Stock Units that are unvested as of the
date of Monroe's last day of employment multiplied by the closing price of a
share of CPC common stock on such date, as such price shall be reported on the
New York Stock Exchange Composite Tape and published in the Wall Street
Journal. Notwithstanding anything in the DSU Plan to the contrary, if any
shares of CPC stock issued to Monroe pursuant to the DSU Plan are required to
be forfeited under the terms of such Plan because of Monroe's ownership and/or
participation in The Carell Family LLC, or D-Garage, LLC, which are described
in Section 1.3 above, or for engaging in any other activity, competitive or
otherwise, in which Monroe is not, by this Agreement, prohibited from engaging,
then the Corporation shall, within five (5) days after such forfeiture, pay to
Monroe cash in an amount equal to the product of the number of CPC shares so
forfeited multiplied by the closing price of a share of CPC common stock on the
date of such forfeiture, as such price shall be reported on the New York Stock
Exchange Composite Tape and published in the Wall Street Journal.

         9.       Payment to Monroe if Change in Control. In the event of a
Change in Control (as defined in that certain Employment Agreement entered into
between Monroe and the Corporation contemporaneously with this Agreement on
this ___ day of December, 2004), the Corporation shall, within ninety (90) days
after the date of such Change in Control, pay to Monroe, or his widow if Monroe
is then deceased, an

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amount of cash equal to the then actuarial value of all payments payable by CPC
under Section 2 hereof (excluding payments previously made) as determined by
Deloitte & Touche LLP (or its successor) and based upon interest discount and
age of retirement assumptions to be agreed upon by CPC and Monroe (or his
widow), provided, however, if Deloitte & Touche LLP (or its successor) is then
serving as CPC's auditors, then Monroe (or his widow) and the Corporation
shall, within ten (10) days after such Change in Control, agree in writing on a
firm other than Deloitte & Touche LLP (or its successor) to conduct such
valuation. Payments made in accordance with this Section 9 shall not affect in
any way Monroe's (and his widow's) rights to any benefits under this Agreement
(other than Section 2, as provided therein), including, but not limited to,
insurance benefits provided in Section 4 and payments under Section 3, nor
shall payments made under this Section 9 reduce or affect in any manner any
payments to which Monroe is entitled under any other agreement or arrangement
with CPC that may be triggered upon a Change in Control, as defined herein or
in such other agreement or arrangement. The cost of such valuation shall be
paid by the Corporation.

         It is intended by the parties hereto that a Change in Control be a
"change in the ownership or effective control" as such phrase is used in Code
Section 409A.

         10.      Excise Tax Equalization Payment. If Monroe becomes entitled
to any payment or benefit under this Agreement, or under any other agreement
with, or plan of, CPC or any of its affiliates or from any person who acquires
ownership or effective control or ownership of a substantial portion of the
Corporation's assets (within the meaning of Code section 280G) and all or any
part of such payments will be subject to the tax imposed by Code section 4999,
including any interest and penalties with respect thereto, or any similar tax
that may hereafter be imposed (excluding therefrom any tax and interest that
may imposed under Code section 409A), the Corporation shall pay to Monroe in
cash an additional amount (the "Gross-Up Payment"), which, after deduction and
payment of: (i) any Excise Tax under Section 4999 thereon; (ii) any Federal,
state, and local income tax thereon; and (iii) any F.I.C.A. tax thereon, shall
be equal to the Excise Tax on such total payments. The Gross-Up Payment shall
be made by the Corporation to Monroe as soon as practical following a Change in
Control, but in no event later than ninety (90) days after the date thereof.
The determination of whether any payments will be subject to tax under Code
section 4999 and the amount of such tax shall be made jointly by the
Corporation's independent auditors and a certified public accounting firm of
Monroe's choice. For purposes of determining the amount of the Gross- Up
Payment, Monroe shall be deemed to pay Federal income taxes at the highest
marginal rate of Federal income taxation in the calendar year in which the
Gross-Up Payment is to be made, and state and local income taxes at the highest
marginal rate of taxation in the state and locality of Monroe's residence on
the date of the Change in Control. If the tax under Code section 4999 imposed
by the Internal Revenue Service exceeds the amount of such tax as calculated by
the Corporation, then the Corporation shall pay to Monroe an additional amount
of cash so as to make him whole and carry out the intention of this Section 10,
plus interest on any portion thereof that is a reimbursement of payments made
by Monroe to the U.S. Treasury in satisfaction thereof or to his tax advisors
and preparers for services rendered in connection therewith at the rate that is
three (3) percentage points above the interest rate announced by Bank of
America (or its successor) as its prime lending rate from the date such
payments were made by Monroe until he is reimbursed in full.

                                      10
<PAGE>
         11.      Unsecured Obligation of CPC. The Corporation shall be under
no obligation whatsoever to purchase or maintain any contract, policy or other
asset to provide the benefits under this Agreement. Further, any contract,
policy or other asset that the Corporation may utilize to assure itself of the
funds to provide the benefits hereunder shall not serve in any way as security
to Monroe for the Corporation's performance under this Agreement, and Monroe
acknowledges that, with respect to the benefits promised under this Agreement,
his status is that of an unsecured creditor of the Corporation.

         12.      Establishment of Rabbi Trust. While recognizing Monroe's
status under this Agreement is that of an unsecured creditor, the parties
desire to avail themselves of the safe harbor (commonly referred to as a Rabbi
trust) permitted under I.R.S. Revenue Procedure 92-64 whereby an employer can
adopt and maintain a grantor trust in connection with an unfunded deferred
compensation arrangement with respect to which the employee will not be in
constructive receipt of income or incur an economic benefit solely on account
of the adoption or maintenance of the trust. To that end, upon execution of
this Agreement, the Corporation shall contribute assets having a value of Four
Million Five Hundred Twenty-Eight Thousand Dollars ($4,528,000) to a trust (the
"Rabbi Trust") of which Cumberland Trust & Investment Company, Nashville,
Tennessee, shall serve as Trustee, which Rabbi Trust shall be governed by a
Rabbi Trust Agreement between the Corporation and Cumberland Trust & Investment
Company having as its terms those set forth in the attached Exhibit B (form of
Rabbi Trust Agreement). Within sixty (60) days following the end of each fiscal
year of the Corporation, the Corporation shall retain Deloitte & Touche LLP (or
its successor) to determine the actuarial value, as of such year-end, of all
benefits payable by CPC hereunder (excluding payments previously made), based
upon interest discount and age of retirement assumptions to be agreed upon by
CPC and Monroe (or his widow), provided, however, if Deloitte & Touche LLP (or
its successor) is then serving as CPC's auditors, then Monroe (or his widow)
and the Corporation shall, within ten (10) days after the end of such fiscal
year, agree in writing on a firm other than Deloitte & Touche LLP (or its
successor) to conduct such valuation. If the most recent year-end value of the
assets in the Rabbi Trust are less than the actuarial value of the benefits
payable hereunder as of such year-end as determined under this Section 12, then
the Corporation shall contribute to the Rabbi Trust an amount of assets having
a value equal to the amount such actuarial value exceeds the year-end value of
the Rabbi Trust assets. Commencing upon the execution of this Agreement and
until such time as no further payments are due hereunder, the Corporation shall
provide to Monroe (or his widow if he is then deceased) a statement of the
assets then held in the Rabbi Trust and an accounting thereof on a
quarter-annual basis.

         13.      Non-Disparagement. Monroe shall not disparage CPC or engage
in any act that is intended, or may reasonably be expected, to harm the
reputation, business, prospects or operations of the Corporation, its officers,
directors, stockholders or employees. The Corporation shall not disparage
Monroe or engage in any act that is intended, or may reasonably be expected, to
harm the reputation, business or prospects of Monroe. Notwithstanding the
prohibitions in this Section 13, each party shall respond accurately and fully
to any question, inquiry, or request for information when required by legal
process or when posed by a governmental entity.

                                      11
<PAGE>
         14.      Termination of Monroe's Employment for Cause.

                  14.1.    Termination for Cause. For purposes of this
         Agreement, "Termination for Cause" shall mean termination of Monroe's
         employment by the Corporation, acting in good faith, by written notice
         to Monroe specifying the events relied upon, as a result of:

                           14.1.1.  Embezzlement, Theft or Fraud. Monroe's
                  embezzlement or intentional mishandling of the Corporation's
                  funds, or theft or fraud with respect to the business or
                  affairs of the Corporation;

                           14.1.2.  Felony. Monroe's conviction of a felony or
                  other crime involving moral turpitude which adversely affects
                  Monroe's job-related responsibilities;

                           14.1.3.  Violation of Section 1. Monroe's violation
                  of the covenants set forth in Section 1 of this Agreement; or

                           14.1.4.  Willful & Continued Failure to
                  Substantially Perform Duties. Following written notice by the
                  Company, Monroe's deliberate and willful continuing refusal
                  to substantially perform the duties and obligations of his
                  position.

                  For purposes of this Section 14.1, no act, or failure to act,
         on Monroe's part will be considered "willful" unless it is done, or
         omitted to be done, by Monroe in bad faith and without reasonable
         belief that his action or omission was in the best interest of the
         Corporation. Furthermore, any act, or failure to act, based upon
         authority given pursuant to a resolution duly adopted by CPC's Board
         of Directors or based upon the advice of counsel for the Corporation
         shall be conclusively presumed to be done, or omitted to be done, by
         Monroe in good faith and in the best interests of the Corporation.

                  Notwithstanding anything in this Section 14.1 to the
         contrary, Cause shall not include any one or more of the following:
         (i) an error in judgment or negligence; (ii) any act or omission
         believed by Monroe in good faith to have been in, or not opposed to,
         the interests of the Corporation; or (iii) any act or omission with
         respect to which a determination could properly have been made by the
         Board of Directors that Monroe met the applicable standard of conduct
         for indemnification or reimbursement under the Corporation's by-laws,
         any applicable indemnification agreement, or applicable law in effect
         at the time of such act or omission.

                  14.2.    Procedure for Termination for Cause. The Corporation
         may not terminate Monroe's employment for Cause unless: (i) no fewer
         than sixty (60) days prior to the date of Monroe's proposed
         termination, the Corporation provides Monroe with written notice (the
         "Notice of Consideration") of its intent to consider termination of
         Monroe's employment for Cause, including a detailed description of the
         specific reasons that form the basis for such consideration; (ii)
         Monroe shall have the opportunity to appear before the Board, with or
         without legal representation, at Monroe's election, to present
         arguments and evidence on his behalf; (iii) following the presentation
         to the Board provided in clause (ii) or following Monroe's failure to
         appear before the Board at a date and time specified in the Notice

                                      12
<PAGE>
         of Consideration (which date shall not be less than thirty (30) days
         after the date the Notice of Consideration is provided to Monroe), the
         Board, by the affirmative vote of not less than a majority of all of
         its members (excluding Monroe, members of his family and any other
         member of the Board reasonably believed by the Board to be involved in
         the events leading the Board to consider Monroe's Termination for
         Cause), determines that the actions or inactions of Monroe specified
         in the Notice of Consideration occurred, that such actions or
         inactions constitute Cause, and that Monroe's employment should
         accordingly be terminated for Cause; and (iv) the Board provides
         Monroe with a Notice of Termination together with a written
         determination (a "Determination of Cause") setting forth in specific
         detail the basis of Monroe's termination of employment for Cause,
         which Determination of Cause shall be consistent with the reasons set
         forth in the Notice of Consideration. Unless the Corporation
         establishes by clear and convincing evidence, (x) its full compliance
         with the substantive and procedural requirements of clauses (i), (ii)
         and (iii) of this Section 14.2 prior to giving Notice of Termination,
         and (y) that Monroe's action or inaction specified in the
         Determination of Cause did occur and constitutes Cause, any Notice of
         Termination and any termination of employment thereby resulting shall,
         for all purposes of this Agreement, be deemed to be other than for
         Cause.

         15.      Other Employment Benefits Not Reduced. Nothing contained
herein shall be deemed to exclude Monroe from any supplemental compensation,
bonus, pension, insurance benefits, severance pay, or any other benefits to
which Monroe is now, or might otherwise become, entitled as an employee of the
Corporation.

         16.      No Contract of Employment. This Agreement shall not be
construed as a guarantee of the continued employment of Monroe by the
Corporation, nor shall it be construed as restricting the right of CPC to
discharge Monroe or the right of Monroe to terminate employment at any time. No
such discharge or termination (other than for Cause) will affect the benefits
to which Monroe is entitled under this Agreement.

         17.      Release of Parties. Each of the parties hereby agrees to
discharge and release the other and their respective heirs, successors,
transferees and assigns, from any claims, demands and/or causes of action
whatsoever, presently known or unknown, that are based upon facts occurring
prior to the date of this Agreement, and the parties (and their heirs,
successors, transferees and assigns) agree to execute a similar mutual release
upon Monroe ceasing to be an employee of the Corporation that is based upon
facts occurring after the date hereof and prior to the date Monroe ceases to be
an employee of CPC.

         18.      Indemnification. The Corporation agrees that if Monroe is
made a party or is threatened to be made a party to any claim, action, suit or
proceeding, whether civil, criminal, administrative or investigative (a
"Proceeding"), by reason of the fact that Monroe is or was a trustee, director,
officer, member, employee or agent of the Corporation or any of its affiliates
or is or was serving at the request of the Corporation or any of its affiliates
as a trustee, director, officer, member, employee or agent of another
corporation or a partnership, joint venture, limited liability company, trust
or other entity, including, without limitation, service with respect to
employee benefit plans, whether or not the basis of such Proceeding is alleged
action in an official capacity while serving as a trustee, director, officer,
member, employee, agent

                                      13
<PAGE>
or otherwise, Monroe shall be indemnified and held harmless by the Corporation
to the fullest extent authorized by law, as the same exists or may hereafter be
amended, against all Expenses (as defined herein) incurred or suffered by
Monroe in connection therewith, and such indemnification shall continue as to
Monroe even if he has ceased to be an officer, director, trustee, member or
agent, or is no longer employed by the Corporation or any of its affiliates and
shall inure to the benefit of his heirs, executors and administrators.

                  18.1.    Expenses. As used in this Section 18 and Section 22,
         "Expenses" shall include, without limitation, damages, losses,
         judgments, liabilities, fines, penalties, excise taxes, settlements,
         costs, attorneys' fees, accountants' fees, disbursements and costs of
         attachment or similar bonds, costs of investigations, and any expenses
         of establishing a right to indemnification under this Agreement.

                  18.2.    Enforcement. If a claim or request is not paid by
         the Corporation, or on its behalf, within sixty (60) days after a
         written claim or request has been received by the Corporation, Monroe
         may at any time thereafter pursue arbitration in accordance with the
         provisions of Section 22 below to recover the unpaid amount of the
         claim or request and, if successful in whole or in part, Monroe shall
         be entitled to be paid also the costs and expenses, including, without
         limitation, attorneys' fees, of prosecuting such arbitration.

                  18.3.    Partial Indemnification. If Monroe is entitled to
         indemnification by the Corporation for some or a portion of any
         Expenses, but not, however, for the total amount thereof, the
         Corporation shall nevertheless indemnify Monroe for the portion of
         such Expenses to which Monroe is entitled.

                  18.4.    Advances of Expenses. Expenses incurred by Monroe in
         connection with any Proceeding shall be paid by the Corporation upon
         Monroe's submission to the Corporation of invoices for such Expenses,
         but only in the event that Monroe shall have delivered in writing to
         the Corporation (i) an undertaking to reimburse the Corporation for
         Expenses with respect to which Monroe is not entitled to
         indemnification, and (ii) a statement of his good faith belief that
         the standard of conduct necessary for indemnification by the
         Corporation has been met.

                  18.5.    Notice of Claim. Monroe shall give to the
         Corporation notice of any claim made against him for which
         indemnification will or could be sought under this Agreement. In
         addition, Monroe shall give the Corporation such information and
         cooperation as it may reasonably require and as shall be within
         Monroe's power and at such times and places as are convenient for
         Monroe.

                  18.6.    Defense of Claim. With respect to any Proceeding as
         to which Monroe notifies the Corporation of the commencement thereof:
         (i) The Corporation will be entitled to participate therein at its own
         expense. (ii) Except as otherwise provided below, to the extent it so
         desires, the Corporation will be entitled to assume the defense
         thereof, with counsel satisfactory to Monroe, which in the
         Corporation's discretion may be regular counsel to the Corporation and
         may be counsel to other officers and directors of the Corporation or
         any subsidiary thereof. Monroe also shall have the right to employ his
         own counsel in such action, suit or proceeding if he reasonably
         concludes that failure to

                                      14
<PAGE>
         do so would involve a conflict of interest between the Corporation and
         Monroe, and under such circumstances the fees and expenses of such
         counsel shall be at the expense of the Corporation. (iii) The
         Corporation shall not be liable to indemnify Monroe under this
         Agreement for any amounts paid in settlement of any action or claim
         effected without its written consent. The Corporation shall not settle
         any action or claim in any manner that would impose any penalty that
         would not be paid directly or indirectly by the Corporation or
         limitation on Monroe without Monroe's prior written consent. Neither
         the Corporation nor Monroe will unreasonably withhold or delay their
         respective consent to any proposed settlement.

                  18.7.    Non-Exclusivity. The right to indemnification and
         the payment of expenses incurred in defending a Proceeding in advance
         of its final disposition conferred in this Section 18 shall not be
         exclusive of any other right that Monroe may have or hereafter may
         acquire under any statute or certificate of incorporation or by-laws
         of the Corporation or any subsidiary thereof, agreement, vote of
         shareholders or disinterested directors or trustees or otherwise.

         19.      Benefit Claims Procedure. If CPC fails to timely make any
payments or provide any benefits (including the benefit of continuing health,
life and other insurance coverage provided under Section 4 hereof, but
excluding claims under any such policy of insurance) that become payable under
this Agreement, Monroe (or his widow) shall file a claim for such payments or
benefits by notifying the Corporation orally or in writing. If the claim is
wholly or partially denied, the Corporation shall provide a written notice to
the claimant within fourteen (14) days after the claim is made specifying the
reason for the denial, the provisions of the Agreement on which the denial is
based, and any additional material or information necessary to receive the
payments or benefits claimed. If no notice of denial by the Corporation is
received by the claimant within said fourteen (14) day period, then the claim
shall be approved for all purposes. If a claim is denied, in whole or in part,
and a review of such denial is requested by Monroe (or his widow), the claimant
shall notify the Corporation in writing within fourteen (14) days after the
date upon which the claimant received the written notice of denial. In
requesting such a review, the claimant may submit any additional material or
information in support of the payments or benefits claimed. The Corporation, by
and through its Board of Directors or a committee thereof, shall review the
claim, denial and appeal of denial and provide a written notice modifying,
affirming, or overruling, in whole or in part, the prior denial within fourteen
(14) days following the date of the claimant's request for review of the
denial, which written notice shall state the specific reasons for the Board's
(or committee's) decision, including reference to the provisions of this
Agreement on which the decision is based.

         20.      Non-Assignable. Monroe (and his widow) shall have no right to
sell, assign, transfer or otherwise convey or encumber the right to receive any
payments or benefits hereunder. This Agreement shall not be assignable by the
Corporation, provided that, with Monroe's (or his widow's) prior written
consent, CPC may assign this Agreement to another entity wholly owned by it,
either directly or through one or more other entities, or to any successor of
the Corporation or any such entity. This Section 20 shall in no way limit or
restrict Monroe's right upon his death to transfer any options to acquire stock
of the Corporation under the terms of his Last Will and Testament or by the
laws of descent and distribution.

                                      15
<PAGE>
         21.      No Set-Off. CPC's obligation to make the payments provided
for in this Agreement and otherwise perform its obligations hereunder shall not
be affected by any set-off, counter-claim, recoupment, defense or other claim,
right or action that the Corporation may have against Monroe or others except
as otherwise provided in Sections 1.4 and 3 hereof. In no event shall Monroe be
obligated to seek other employment or take any other action by way of
mitigation of the amounts payable under any of the provisions of this
Agreement.

         22.      Arbitration. The parties agree that any disputes not resolved
by the procedures set forth in this Agreement shall be submitted to final
binding arbitration before a single arbitrator in Nashville, Tennessee. The
rules of the American Arbitration Association shall be used, including those
rules regarding the selection of the arbitrator. The final and binding decision
of the arbitrator may be filed with, and enforced by, a court of competent
jurisdiction situated in Davidson County, Tennessee. Either party may initiate
the arbitration by filing a request with the American Arbitration Association
and serving a copy of the request on the other party. Monroe shall be
indemnified and held harmless by the Corporation against all attorneys' fees,
costs and Expenses (as defined herein) associated with maintaining, defending
or enforcing such arbitration that are incurred or suffered by Monroe in
connection with any such arbitration. (For purposes of this Section 22,
Expenses shall exclude any final and binding monetary award made by the
arbitrator payable by Monroe.) Monroe shall be so indemnified and held harmless
regardless of the ultimate outcome of the merits of the arbitration. Such
indemnification shall inure to the benefit of Monroe's heirs, executors and
administrators. Sections 18.2, 18.3 and 18.4 shall apply to the indemnification
provided in this Section 22.

         23.      Notices. Except as otherwise provided herein, any notice or
other communication under this Agreement shall be in writing, signed by the
party making the same and hand delivered or sent by certified or registered
mail, return receipt requested, postage prepaid, addressed as follows:

         If to Monroe (or his widow):    Monroe Carell, Jr.
                                           (or if deceased, Ann Scott Carell)
                                         4432 Tyne Boulevard
                                         Nashville, Tennessee 37215

         If to CPC:                      Central Parking Corporation
                                         2401 21st Avenue South, Suite 200
                                         Nashville, Tennessee  37212
                                         Attn: Chief Executive Officer

or to such other address or agent as may hereafter be designated in writing by
either party hereto. All such notices shall be deemed given on the date hand
delivered or if mailed, on the date of receipt.

         24.      Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid, but
if any one or more of the provisions contained in this Agreement shall be
invalid, illegal or unenforceable in any respect for any reason, then the
validity, legality and enforceability of any such provision or provisions in
every other respect and of the remaining provisions of this Agreement shall not
be impaired in any way.

                                      16
<PAGE>
         25.      Waiver. If either party should waive any breach of any
provision of this Agreement, then such party shall not thereby be deemed to
have waived any preceding or succeeding breach of the same or any other
provision of this Agreement.

         26.      Captions. The captions or headings of the sections hereof are
inserted for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning of this Agreement.

         27.      Successor and Assigns. This Agreement is intended to bind and
inure to the benefit of and be enforceable by Monroe and the Corporation and
their respective successors, heirs, executors, administrators and, to the
extent an assignment of a party's rights or obligations is otherwise permitted
under this Agreement, such party's assigns. The Corporation expressly agrees
that it shall not participate in any merger, consolidation or other business
reorganization unless the surviving entity expressly assumes the Corporation's
liabilities hereunder.

         28.      Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Tennessee.

         29.      Amendment. This Agreement may not be altered, amended or
revoked, except by a written agreement signed by both parties hereto.

         30.      American Jobs Creation Act of 2004. On October 22, 2004, the
American Jobs Creation Act of 2004, which amends the Internal Revenue Code by
adding Section 409A, was enacted. Section 409A generally requires that
compensation deferred under a nonqualified deferred compensation plan be
included in the participant's income prior to receiving such deferred
compensation if the requirements of Section 409A are not satisfied. Section
409A directs the Secretary of Treasury to provide guidance with regard to the
interpretation of certain provisions thereof. The parties hereto agree to amend
this Agreement for purposes of complying with Section 409A promptly upon
issuance of such guidance, provided that any such amendment shall not
materially increase the benefits payable to Monroe hereunder or otherwise
materially adversely affect the Corporation.

         31.      Entire Agreement; Earlier Agreements Superseded. This
Agreement (including all Exhibits hereto) contains the entire agreement of the
parties with respect to the subject matter contained herein. There are no
restrictions, promises, covenants, or undertakings between CPC and Monroe with
respect to the subject matter hereof, other than those expressly set forth in
this Agreement. This Agreement supersedes all prior agreements and
understandings between the parties with respect to the subject matter hereof,
including that certain Revised Deferred Compensation Agreement dated October 1,
1988, between Monroe and the Corporation, as Amended by that certain First
Amendment to Deferred Compensation Agreement dated October 1, 1994, which
superseded that certain Deferred Compensation Agreement dated October 1, 1981,
between Monroe and the Corporation.

                                      17
<PAGE>
         32.      Duplicate Counterparts. This Agreement shall be executed in
two (2) counterparts, each of which shall be deemed an original, but both of
which together shall constitute one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have signed this Revised
Deferred Compensation Agreement on the day and year above written.

                                        /s/ MONROE CARELL, JR.
                                        ---------------------------------------
                                        MONROE CARELL, JR.

                                        CENTRAL PARKING CORPORATION

                                        BY: /s/ CECIL CONLEE
                                           ------------------------------------
                                           CECIL CONLEE
                                           Member, Board of Directors;
                                           Chairman, Compensation Committee

                                       18
<PAGE>
                                   EXHIBIT B
                                REVISED DEFERRED

                             COMPENSATION AGREEMENT

[Insert form of Rabbi Trust Agreement]

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