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                                                                    EXHIBIT 10.1

                     O'CHARLEY'S 2000 STOCK INCENTIVE PLAN

SECTION 1.  PURPOSE; DEFINITIONS.

The purpose of the O'Charley's 2000 Stock Incentive Plan (the "Plan") is to
enable O'Charley's Inc. (the "Corporation") to attract, retain and reward key
employees of and consultants to the Corporation and its Subsidiaries and
Affiliates, and directors who are not also employees of the Corporation, and to
strengthen the mutuality of interests between such key employees, consultants,
and directors by awarding such key employees, consultants, and directors
performance-based stock incentives and/or other equity interests or equity-based
incentives in the Corporation, as well as performance-based incentives payable
in cash. The creation of the Plan shall not diminish or prejudice other
compensation programs approved from time to time by the Board.

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

A. "Affiliate" means any entity other than the Corporation and its Subsidiaries
that is designated by the Board as a participating employer under the Plan,
provided that the Corporation directly or indirectly owns at least 20% of the
combined voting power of all classes of stock of such entity or at least 20% of
the ownership interests in such entity.

B. "Board" means the Board of Directors of the Corporation.

C. "Cause" has the meaning provided in Section 5(j) of the Plan.

D. "Change in Control" has the meaning provided in Section 10(b) of the Plan.

E. "Change in Control Price" has the meaning provided in Section 10(d) of the
Plan.

F. "Code" means the Internal Revenue Code of 1986, as amended from time to time,
and any successor thereto.

G. "Common Stock" means the Corporation's common stock, no par value per share.

H. "Committee" means the Committee referred to in Section 2 of the Plan.

I. "Corporation" means O'Charley's Inc., a corporation organized under the laws
of the State of Tennessee, or any successor corporation.

J. "Disability" means disability as determined under the Corporation's Group
Long Term Disability Insurance Plan.

K. "Early Retirement" means retirement, for purposes of this Plan with the
express consent of the Corporation at or before the time of such retirement,
from active employment with the Corporation and any Subsidiary or Affiliate
prior to age 65, in accordance with any applicable early retirement policy of
the Corporation then in effect or as may be approved by the Committee.

L. "Effective Date" has the meaning provided in Section 14 of the Plan.

M. "Exchange Act" means the Securities Exchange Act of 1934, as amended from
time to time, and any successor thereto.

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N. "Fair Market Value" means with respect to the Common Stock, as of any given
date or dates, unless otherwise determined by the Committee in good faith, the
reported closing price of a share of Common Stock on NASDAQ or such other market
or exchange as is the principal trading market for the Common Stock, or, if no
such sale of a share of Common Stock is reported on NASDAQ or other exchange or
principal trading market on such date, the fair market value of a share of
Common Stock as determined by the Committee in good faith.

O. "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.

P. "Immediate Family" means any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include
adoptive relationships.

Q. "Non-Employee Director" means a member of the Board who is a Non-Employee
Director within the meaning of Rule 16b-3(b)(3) promulgated under the Exchange
Act and an outside director within the meaning of Treasury Regulation Sec.
162-27(e)(3) promulgated under the Code.

R. "Non-Qualified Stock Option" means any Stock Option that is not an Incentive
Stock Option.

S. "NASDAQ" means The Nasdaq Stock Market's National Market.

T. "Normal Retirement" means retirement from active employment with the
Corporation and any Subsidiary or Affiliate on or after age 65.

U. "Other Stock-Based Award" means an award under Section 8 below that is valued
in whole or in part by reference to, or is otherwise based on, the Common Stock.

V. "Outside Director" means a member of the Board who is not an officer or
employee of the Corporation or any Subsidiary or Affiliate of the Corporation.

W. "Outside Director Option" means an award to an Outside Director under Section
9 below.

X. "Plan" means this O'Charley's 2000 Stock Incentive Plan, as amended from time
to time.

Y. "Restricted Stock" means an award of shares of Common Stock that is subject
to restrictions under Section 7 of the Plan.

Z. "Restriction Period" has the meaning provided in Section 7(c)(i) of the Plan.

AA. "Retirement" means Normal or Early Retirement.

BB. "Section 162(m) Maximum" has the meaning provided in Section 3(a) hereof.

CC. "Stock Appreciation Right" means the right pursuant to an award granted
under Section 6 below to surrender to the Corporation all (or a portion) of a
Stock Option in exchange for an amount equal to the difference between (i) the
Fair Market Value, as of the date such Stock Option (or such portion thereof) is
surrendered, of the shares of Common Stock covered by such Stock Option (or such
portion thereof), subject, where applicable, to the pricing provisions in
Section 6(b)(ii), and (ii) the aggregate exercise price of such Stock Option (or
such portion thereof).

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DD. "Stock Option" or "Option" means any option to purchase shares of Common
Stock (including Restricted Stock, if the Committee so determines) granted
pursuant to Section 5 below.

EE. "Subsidiary" means any entity (other than the Corporation) in an unbroken
chain of entities beginning with the Corporation if each of the entities (other
than the last entity in the unbroken chain) owns stock, membership interest or
partnership interest possessing 50% or more of the total combined voting power
of all classes of stock, membership interest or partnership interest in one of
the other entities in the chain.

SECTION 2.  ADMINISTRATION.

The Plan shall be administered by a Committee of not less than two Non-Employee
Directors, who shall be appointed by the Board and who shall serve at the
pleasure of the Board. The functions of the Committee specified in the Plan may
be exercised by an existing Committee of the Board composed exclusively of
Non-Employee Directors. The initial Committee shall be the Compensation
Committee of the Board. In the event there are not at least two Non-Employee
Directors on the Board, the Plan shall be administered by the Board and all
references herein to the Committee shall refer to the Board.

The Committee shall have authority to grant, pursuant to the terms of the Plan,
to officers, other key employees, Outside Directors, and consultants eligible
under Section 4: (i) Stock Options, (ii) Stock Appreciation Rights, (iii)
Restricted Stock, and/or (iv) Other Stock-Based Awards; provided, however, that
the power to grant and establish the terms and conditions of awards to Outside
Directors other than Outside Director Options shall be reserved to the Board.
With respect to options granted to Outside Directors other than Outside Director
Options, all references to the Committee shall be deemed to be references to the
Board.

In particular, the Committee or the Board, as the case may be, shall have the
authority, consistent with the terms of the Plan:

     (a) to select the officers, key employees, Outside Directors, and
     consultants to the Corporation and its Subsidiaries and Affiliates to whom
     Stock Options, Stock Appreciation Rights, Restricted Stock, and/or Other
     Stock-Based Awards may from time to time be granted hereunder;

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

     (c) to determine the number of shares to be covered by each such award
     granted hereunder;

     (d) to determine the terms and conditions, not inconsistent with the terms
     of the Plan, of any award granted hereunder (including, but not limited to,
     the share price and any restriction or limitation, or any vesting
     acceleration or waiver of forfeiture restrictions regarding any Stock
     Option or other award and/or the shares of Common Stock relating thereto,
     based in each case on such factors as the Committee shall determine, in its
     sole discretion); and to amend or waive any such terms and conditions to
     the extent permitted by Section 11 hereof;

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     (e) to determine whether and under what circumstances a Stock Option may be
     settled in cash or Restricted Stock under Section 5(l) or (m), as
     applicable, instead of Common Stock;

     (f) to determine whether, to what extent, and under what circumstances
     Option grants and/or other awards under the Plan are to be made, and
     operate, on a tandem basis vis-a-vis other awards under the Plan and/or
     cash awards made outside of the Plan;

     (g) to determine whether, to what extent, and under what circumstances
     shares of Common Stock and other amounts payable with respect to an award
     under this Plan shall be deferred either automatically or at the election
     of the participant (including providing for and determining the amount (if
     any) of any deemed earnings on any deferred amount during any deferral
     period);

     (h) to determine whether to require payment of tax withholding requirements
     in shares of Common Stock subject to the award; and

     (i) to impose any holding period required to satisfy Section 16 under the
     Exchange Act.

The Committee shall have the authority to adopt, alter, and repeal such rules,
guidelines, and practices governing the Plan as it shall, from time to time,
deem advisable; to interpret the terms and provisions of the Plan and any award
issued under the Plan (and any agreements relating thereto); and to otherwise
supervise the administration of the Plan; provided, however, that, to the extent
that this Plan otherwise requires the approval of the Board or the shareholders
of the Corporation, all decisions of the Committee shall be subject to such
Board or shareholder approval. Subject to the foregoing, all decisions made by
the Committee pursuant to the provisions of the Plan shall be made in the
Committee's sole discretion and shall be final and binding on all persons,
including the Corporation and Plan participants.

SECTION 3.  SHARES OF COMMON STOCK SUBJECT TO PLAN.

(a) The aggregate number of shares of Common Stock that may be issued under the
Plan shall be 3,000,000 shares. The shares of Common Stock issuable under the
Plan shall be issued from the Corporation's authorized but unissued shares. No
officer of the Corporation or other person whose compensation may be subject to
the limitations on deductibility under Section 162(m) of the Code shall be
eligible to receive awards pursuant to this Plan relating to in excess of
500,000 shares of Common Stock in any fiscal year (the "Section 162(m)
Maximum").

(b) If any shares of Common Stock that have been optioned cease to be subject to
a Stock Option, or if any shares of Common Stock that are subject to any
Restricted Stock or Other Stock-Based Award granted hereunder are forfeited
prior to the payment of any dividends, if applicable, with respect to such
shares of Common Stock, or any such award otherwise terminates without a payment
being made to the participant in the form of Common Stock, such shares shall
again be available for distribution in connection with future awards under the
Plan.

(c) In the event of any merger, reorganization, consolidation, recapitalization,
extraordinary cash dividend, stock dividend, stock split or other change in
corporate structure affecting the Common Stock, an appropriate substitution or
adjustment shall be made in

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the maximum number of shares that may be awarded under the Plan, in the number
and option price of shares subject to outstanding Options granted under the
Plan, in the number of shares underlying Outside Director Options to be granted
under Section 9 hereof, the Section 162(m) Maximum and in the number of shares
subject to other outstanding awards granted under the Plan as may be determined
to be appropriate by the Committee, in its sole discretion, provided that the
number of shares subject to any award shall always be a whole number. An
adjusted option price shall also be used to determine the amount payable by the
Corporation upon the exercise of any Stock Appreciation Right associated with
any Stock Option.

SECTION 4.  ELIGIBILITY.

Officers, other key employees and Outside Directors of and consultants to the
Corporation and its Subsidiaries and Affiliates who are responsible for or
contribute to the management, growth and/or profitability of the business of the
Corporation and/or its Subsidiaries and Affiliates are eligible to be granted
awards under the Plan.

SECTION 5.  STOCK OPTIONS.

Stock Options may be granted alone, in addition to, or in tandem with other
awards granted under the Plan and/or cash awards made outside of the Plan. Any
Stock Option granted under the Plan shall be in such form as the Committee may
from time to time approve.

Stock Options granted under the Plan may be of two types: (i) Incentive Stock
Options and (ii) Non-Qualified Stock Options. Incentive Stock Options may be
granted only to individuals who are employees of the Corporation or any
Subsidiary of the Corporation.

Subject to the foregoing, the Committee shall have the authority to grant to any
optionee Incentive Stock Options, Non-Qualified Stock Options, or both types of
Stock Options (in each case with or without Stock Appreciation Rights).

Options granted to officers, key employees, Outside Directors and consultants
under the Plan shall be subject to the following terms and conditions and shall
contain such additional terms and conditions, not inconsistent with the terms of
the Plan, as the Committee shall deem desirable.

     (a) Option Price.  The option price per share of Common Stock purchasable
     under a Stock Option shall be determined by the Committee at the time of
     grant but shall be not less than 100% (or, in the case of any employee who
     owns stock possessing more than 10% of the total combined voting power of
     all classes of stock of the Corporation or of any of its Subsidiaries, not
     less than 110%) of the Fair Market Value of the Common Stock at grant, in
     the case of Incentive Stock Options, and not less than 50% of the Fair
     Market Value of the Common Stock at grant, in the case of Non-Qualified
     Stock Options.

     (b) Option Term.  The term of each Stock Option shall be fixed by the
     Committee, but no Incentive Stock Option shall be exercisable more than ten
     years (or, in the case of an employee who owns stock possessing more than
     10% of the total combined voting power of all classes of stock of the
     Corporation or any of its Subsidiaries or parent corporations, more than
     five years) after the date the Option is granted.

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     (c) Exercisability.  Stock Options shall be exercisable at such time or
     times and subject to such terms and conditions as shall be determined by
     the Committee at or after grant; provided, however, that except as provided
     in Section 5(g) and (h) and Section 10, unless otherwise determined by the
     Committee at or after grant, no Stock Option shall be exercisable prior to
     the first anniversary date of the granting of the Option. The Committee may
     provide that a Stock Option shall vest over a period of future service at a
     rate specified at the time of grant, or that the Stock Option is
     exercisable only in installments. If the Committee provides, in its sole
     discretion, that any Stock Option is exercisable only in installments, the
     Committee may waive such installment exercise provisions at any time at or
     after grant, in whole or in part, based on such factors as the Committee
     shall determine in its sole discretion.

     (d) Method of Exercise.  Subject to whatever installment exercise
     restrictions apply under Section 5(c), Stock Options may be exercised in
     whole or in part at any time during the option period, by giving written
     notice of exercise to the Corporation specifying the number of shares to be
     purchased. Such notice shall be accompanied by payment in full of the
     purchase price, either by check, note, or such other instrument as the
     Committee may accept. As determined by the Committee, in its sole
     discretion, at or (except in the case of an Incentive Stock Option) after
     grant, payment in full or in part may also be made in the form of shares of
     Common Stock already owned by the optionee or, in the case of a
     Non-Qualified Stock Option, shares of Restricted Stock or shares subject to
     such Option or another award hereunder (in each case valued at the Fair
     Market Value of the Common Stock on the date the Option is exercised). If
     payment of the exercise price is made in part or in full with Common Stock,
     the Committee may award to the employee a new Stock Option to replace the
     Common Stock that was surrendered. 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, such Restricted Stock (and any replacement shares
     relating thereto) shall remain (or be) restricted in accordance with the
     original terms of the Restricted Stock award in question, and any
     additional Common Stock received upon the exercise shall be subject to the
     same forfeiture restrictions, unless otherwise determined by the Committee,
     in its sole discretion, at or after grant. No shares of Common Stock shall
     be issued until full payment therefor has been made. An optionee shall
     generally have the rights to dividends or other rights of a shareholder
     with respect to shares subject to the Option 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 13(a).

     (e) Transferability of Options.  No Non-Qualified Stock Option shall be
     transferable by the optionee without the prior written consent of the
     Committee other than (i) transfers by the Optionee to a member of his or
     her Immediate Family or a trust for the benefit of the optionee or a member
     of his or her Immediate Family, or (ii) transfers by will or by the laws of
     descent and distribution. No Incentive Stock Option shall be transferable
     by the optionee otherwise than by will or by the laws of descent and
     distribution and all Incentive Stock Options shall be exercisable, during
     the optionee's lifetime, only by the optionee.

     (f) Bonus for Taxes.  In the case of a Non-Qualified Stock Option or an
     optionee who elects to make a disqualifying disposition (as defined in
     Section 422(a)(1) of the Code) of Common Stock acquired pursuant to the
     exercise of an Incentive Stock Option, the Committee in its discretion may
     award at the time of grant or thereafter

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     the right to receive upon exercise of such Stock Option a cash bonus
     calculated to pay part or all of the federal and state, if any, income tax
     incurred by the optionee upon such exercise.

     (g) Termination by Death.  Subject to Section 5(k), if an optionee's
     employment by the Corporation and any Subsidiary or (except in the case of
     an Incentive Stock Option) Affiliate terminates by reason of death, any
     Stock Option held by such optionee may thereafter be exercised, to the
     extent such option was exercisable at the time of death or (except in the
     case of an Incentive Stock Option) on such accelerated basis as the
     Committee may determine at or after grant (or except in the case of an
     Incentive Stock Option, as may be determined in accordance with procedures
     established by the Committee) by the legal representative of the estate or
     by the legatee of the optionee under the will of the optionee, for a period
     of one year (or such other period as the Committee may specify at or after
     grant) from the date of such death or until the expiration of the stated
     term of such Stock Option, whichever period is the shorter.

     (h) Termination by Reason of Disability.  Subject to Section 5(k), if an
     optionee's employment by the Corporation and any Subsidiary or (except in
     the case of an Incentive Stock Option) Affiliate 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 (except in the case of an Incentive Stock Option) on such
     accelerated basis as the Committee may determine at or after grant (or,
     except in the case of an Incentive Stock Option, as may be determined in
     accordance with procedures established by the Committee), for a period of
     (i) three years (or such other period as the Committee may specify at or
     after grant) 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, in the case of a Non-Qualified Stock Option and (ii) one year from
     the date of termination of employment or until the expiration of the stated
     term of such Stock Option, whichever period is shorter, in the case of an
     Incentive Stock Option; provided however, that, if the optionee dies within
     the period specified in (i) above (or other such period as the committee
     shall specify at or after grant), any unexercised Non-Qualified Stock
     Option held by such optionee shall thereafter be exercisable to the extent
     to which it was exercisable at the time of death for a period of twelve
     months from the date of such death or until the expiration of the stated
     term of such Stock Option, whichever period is 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 period applicable
     to Incentive Stock Options, but before the expiration of any period that
     would apply if such Stock Option were a Non-Qualified Stock Option, such
     Stock Option will thereafter be treated as a Non-Qualified Stock Option.

     (i) Termination by Reason of Retirement.  Subject to Section 5(k), if an
     optionee's employment by the Corporation and any Subsidiary or (except in
     the case of an Incentive Stock Option) Affiliate terminates by reason of
     Normal or Early 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 such Retirement or (except in the case of an Incentive Stock
     Option) on such accelerated basis as the Committee may determine at or
     after grant (or, except in the case of an Incentive Stock Option, as may be
     determined in accordance with procedures established by the Committee), for
     a period of (i) three years (or such other period as the Committee

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     may specify at or after grant) from the date of such termination of
     employment or the expiration of the stated term of such Stock Option,
     whichever period is the shorter, in the case of a Non-Qualified Stock
     Option and (ii) three months from the date of such termination of
     employment or the expiration of the stated term of such Stock Option,
     whichever period is the shorter, in the event of an Incentive Stock Option;
     provided however, that, if the optionee dies within the period specified in
     (i) above (or other such period as the Committee shall specify at or after
     grant), any unexercised Non-Qualified Stock Option held by such optionee
     shall thereafter be exercisable to the extent to which it was exercisable
     at the time of death for a period of twelve months from the date of such
     death or until the expiration of the stated term of such Stock Option,
     whichever period is 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 period applicable to Incentive Stock Options,
     but before the expiration of the period that would apply if such Stock
     Option were a Non-Qualified Stock Option, the option will thereafter be
     treated as a Non-Qualified Stock Option.

     (j) Other Termination.  Subject to Section 5(k), unless otherwise
     determined by the Committee (or pursuant to procedures established by the
     Committee) at or (except in the case of an Incentive Stock Option) after
     grant, if an optionee's employment by the Corporation and any Subsidiary or
     (except in the case of an Incentive Stock Option) Affiliate is
     involuntarily terminated for any reason other than death, Disability or
     Normal or Early Retirement, the Stock Option shall thereupon terminate,
     except that such Stock Option may be exercised, to the extent otherwise
     then exercisable, for the lesser of three months or the balance of such
     Stock Option's term if the involuntary termination is without Cause. For
     purposes of this Plan, "Cause" means (i) a felony conviction of a
     participant or the failure of a participant to contest prosecution for a
     felony or (ii) a participant's willful misconduct or dishonesty that is
     directly and materially harmful to the business or reputation of the
     Corporation or any Subsidiary or Affiliate. If an optionee voluntarily
     terminates employment with the Corporation and any Subsidiary or (except in
     the case of an Incentive Stock Option) Affiliate (except for Disability,
     Normal or Early Retirement), the Stock Option shall thereupon terminate;
     provided, however, that the Committee at grant or (except in the case of an
     Incentive Stock Option) thereafter may extend the exercise period in this
     situation for the lesser of three months or the balance of such Stock
     Option's term.

     (k) Incentive Stock Options.  Anything in the Plan to the contrary
     notwithstanding, no term of this Plan relating to Incentive Stock Options
     shall be interpreted, amended, or altered, nor shall any discretion or
     authority granted under the Plan be so exercised, so as to disqualify the
     Plan under Section 422 of the Code, or, without the consent of the
     optionee(s) affected, to disqualify any Incentive Stock Option under such
     Section 422. No Incentive Stock Option shall be granted to any participant
     under the Plan if such grant would cause the aggregate Fair Market Value
     (as of the date the Incentive Stock Option is granted) of the Common Stock
     with respect to which all Incentive Stock Options are exercisable for the
     first time by such participant during any calendar year (under all such
     plans of the Company and any Subsidiary) to exceed $100,000. To the extent
     permitted under Section 422 of the Code or the

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     applicable regulations thereunder or any applicable Internal Revenue
     Service pronouncement:

        (i) if (x) a participant's employment is terminated by reason of death,
        Disability, or Retirement and (y) the portion of any Incentive Stock
        Option that is otherwise exercisable during the post-termination period
        specified under Section 5(g), (h) or (i), applied without regard to the
        $100,000 limitation contained in Section 422(d) of the Code, is greater
        than the portion of such Option that is immediately exercisable as an
        "Incentive Stock Option" during such post-termination period under
        Section 422, such excess shall be treated as a Non-Qualified Stock
        Option; and

        (ii) if the exercise of an Incentive Stock Option is accelerated by
        reason of a Change in Control, any portion of such Option that is not
        exercisable as an Incentive Stock Option by reason of the $100,000
        limitation contained in Section 422(d) of the Code shall be treated as a
        Non-Qualified Stock Option.

     (l) Buyout Provisions.  The Committee may at any time offer to buy out an
     Option previously granted for a payment in cash, Common Stock, or
     Restricted Stock, based on such terms and conditions as the Committee shall
     establish and communicate to the optionee at the time that such offer is
     made.

     (m) Settlement Provisions.  If the option agreement so provides at grant or
     (except in the case of an Incentive Stock Option) is amended after grant
     and prior to exercise to so provide (with the optionee's consent), the
     Committee may require that all or part of the shares to be issued with
     respect to the spread value of an exercised Option take the form of
     Restricted Stock, which shall be valued on the date of exercise on the
     basis of the Fair Market Value (as determined by the Committee) of such
     Restricted Stock determined without regards to the forfeiture restrictions
     involved.

     (n) Performance and Other Conditions.  The Committee may condition the
     exercise of any Option upon the attainment of specified performance goals
     or other factors as the Committee may determine, in its sole discretion.
     Unless specifically provided in the option agreement, any such conditional
     Option shall vest six months prior to its expiration if the conditions to
     exercise have not theretofore been satisfied.

     (o) Termination of Consultant.  The Committee shall have discretion in
     determining when a termination under Sections 5(g), (h), (i) or (j) above
     shall occur with respect to a consultant's relationship with the
     Corporation.

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 the grant of such Stock Option. In the case of an Incentive Stock
Option, such rights may be granted only at the time of the grant of such Stock
Option. A Stock Appreciation Right or applicable portion thereof granted with
respect to a given Stock Option shall terminate and no longer be exercisable
upon the termination or exercise of the related Stock Option, subject to such
provisions as the Committee may specify at grant where a Stock Appreciation
Right is granted with respect to less than the full number of shares covered by
a related Stock Option. A Stock Appreciation Right may be exercised by an
optionee, subject to Section 6(b), in accordance with the procedures established
by the Committee for such

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purpose. Upon such exercise, the optionee shall be entitled to receive an amount
determined in the manner prescribed in Section 6(b). Stock Options relating to
exercised Stock Appreciation Rights shall no longer be exercisable to the extent
that the related Stock Appreciation Rights have been exercised.

(b) Terms and Conditions.  Stock Appreciation Rights shall be subject to such
terms and conditions, not inconsistent with the provisions of the Plan, as shall
be determined from time to time by the Committee, including the following:

     (i) Stock Appreciation Rights shall be exercisable only at such time or
     times and to the extent that the Stock Options to which they relate shall
     be exercisable in accordance with the provisions of Section 5 and this
     Section 6 of the Plan.

     (ii) Upon the exercise of a Stock Appreciation Right, an optionee shall be
     entitled to receive an amount in cash and/or shares of Common Stock equal
     in value to the excess of the Fair Market Value of one share of Common
     Stock 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 shall have been exercised, with the Committee having the
     right to determine the form of payment. When payment is to be made in
     shares, the number of shares to be paid shall be calculated on the basis of
     the Fair Market Value of the shares on the date of exercise. When payment
     is to be made in cash, such amount shall be calculated on the basis of the
     Fair Market Value of the Common Stock on the date of exercise.

     (iii) Stock Appreciation Rights shall be transferable only when and to the
     extent that the underlying Stock Option would be transferable under Section
     5(e) of the Plan.

     (iv) Upon the exercise of a Stock Appreciation Right, the Stock Option or
     part thereof to which such Stock Appreciation Right is related shall be
     deemed to have been exercised for the purpose of the limitation set forth
     in Section 3 of the Plan on the number of shares of Common Stock to be
     issued under the Plan.

     (v) The Committee, in its sole discretion, may also provide that, in the
     event of a Change in Control and/or a Potential Change in Control, the
     amount to be paid upon the exercise of a Stock Appreciation Right shall be
     based on the Change in Control Price, subject to such terms and conditions
     as the Committee may specify at grant.

     (vi) The Committee may condition the exercise of any Stock Appreciation
     Right upon the attainment of specified performance goals or other factors
     as the Committee may determine, in its sole discretion.

SECTION 7.  RESTRICTED STOCK.

(a) Administration.  Shares of Restricted Stock may be issued either alone, in
addition to, or in tandem with other awards granted under the Plan and/or cash
awards made outside the Plan. The Committee shall determine the eligible persons
to whom, and the time or times at which, grants of Restricted Stock will be
made, the number of shares of Restricted Stock to be awarded to any person, the
price (if any) to be paid by the recipient of Restricted Stock (subject to
Section 7(b)), the time or times within which such awards may be subject to
forfeiture, and the other terms, restrictions and conditions of the awards in
addition to those set forth in Section 7(c). The Committee may condition the
grant of Restricted Stock upon the attainment of specified performance goals or
such

<PAGE>   11

other factors as the Committee may determine, in its sole discretion. The
provisions of Restricted Stock awards need not be the same with respect to each
recipient.

(b) Awards and Certificates.  The prospective recipient of a Restricted Stock
award shall not have any rights with respect to such award, unless and until
such recipient has executed an agreement evidencing the award and has delivered
a fully executed copy thereof to the Corporation, and has otherwise complied
with the applicable terms and conditions of such award.

     (i) The purchase price for shares of Restricted Stock shall be established
     by the Committee and may be zero.

     (ii) Awards of Restricted Stock must be accepted within a period of 60 days
     (or such shorter period as the Committee may specify at grant) after the
     award date, by executing a Restricted Stock Award Agreement and paying
     whatever price (if any) is required under Section 7(b)(i).

     (iii) Each participant receiving a Restricted Stock award shall be issued a
     stock certificate in respect of such shares of Restricted Stock. Such
     certificate shall be registered in the name of such participant (or a
     transferee permitted by Section 13(h) hereof), and shall bear an
     appropriate legend referring to the terms, conditions, and restrictions
     applicable to such award.

     (iv) The Committee shall require that the stock certificates evidencing
     such shares be held in custody by the Corporation until the restrictions
     thereon shall have lapsed, and that, as a condition of any Restricted Stock
     award, the participant shall have delivered a stock power, endorsed in
     blank, relating to the shares of Common Stock covered by such award.

(c) Restrictions and Conditions.  The shares of Restricted Stock awarded
pursuant to this Section 7 shall be subject to the following restrictions and
conditions:

     (i) In accordance with the provisions of this Plan and the award agreement,
     during a period set by the Committee commencing with the date of such award
     (the "Restriction Period"), the participant shall not be permitted to sell,
     transfer, pledge, assign, or otherwise encumber shares of Restricted Stock
     awarded under the Plan. Within these limits, the Committee, in its sole
     discretion, may provide for the lapse of such restrictions in installments
     and may accelerate or waive such restrictions, in whole or in part, based
     on service, performance, such other factors or criteria as the Committee
     may determine in its sole discretion.

     (ii) Except as provided in this paragraph (ii) and Section 7(c)(i), the
     participant shall have, with respect to the shares of Restricted Stock, all
     of the rights of a shareholder of the Corporation, including the right to
     vote the shares, and the right to receive any cash dividends. The
     Committee, in its sole discretion, as determined at the time of award, may
     permit or require the payment of cash dividends to be deferred and, if the
     Committee so determines, reinvested, subject to Section 13(e), in
     additional Restricted Stock to the extent shares are available under
     Section 3, or otherwise reinvested. Pursuant to Section 3 above, stock
     dividends issued with respect to Restricted Stock shall be treated as
     additional shares of Restricted Stock that are subject to the same
     restrictions and other terms and conditions that apply to the shares with
     respect to which such dividends are issued. If the Committee so

<PAGE>   12

     determines, the award agreement may also impose restrictions on the right
     to vote and the right to receive dividends.

     (iii) Subject to the applicable provisions of the award agreement and this
     Section 7, upon termination of a participant's employment with the
     Corporation and any Subsidiary or Affiliate for any reason during the
     Restriction Period, all shares still subject to restriction will vest, or
     be forfeited, in accordance with the terms and conditions established by
     the Committee at or after grant.

     (iv) If and when the Restriction Period expires without a prior forfeiture
     of the Restricted Stock subject to such Restriction Period, certificates
     for an appropriate number of unrestricted shares shall be delivered to the
     participant (or a transferee permitted by Section 13(h) hereof) promptly.

(d) Minimum Value Provisions. In order to better ensure that award payments
actually reflect the performance of the Corporation and service of the
participant, the Committee may provide, in its sole discretion, for a tandem
performance-based or other award designed to guarantee a minimum value, payable
in cash or Common Stock to the recipient of a restricted stock award, subject to
such performance, future service, deferral, and other terms and conditions as
may be specified by the Committee.

SECTION 8.  OTHER STOCK-BASED AWARDS.

(a) Administration.  Other Stock-Based Awards, including, without limitation,
performance shares, convertible preferred stock, convertible debentures,
exchangeable securities and Common Stock awards or options valued by reference
to earnings per share or Subsidiary performance, may be granted either alone, in
addition to, or in tandem with Stock Options, Stock Appreciation Rights, or
Restricted Stock granted under the Plan and cash awards made outside of the
Plan; provided that no such Other Stock-Based Awards may be granted in tandem
with Incentive Stock Options if that would cause such Stock Options not to
qualify as Incentive Stock Options pursuant to Section 422 of the Code. Subject
to the provisions of the Plan, the Committee shall have authority to determine
the persons to whom and the time or times at which such awards shall be made,
the number of shares of Common Stock to be awarded pursuant to such awards, and
all other conditions of the awards. The Committee may also provide for the grant
of Common Stock upon the completion of a specified performance period. The
provisions of Other Stock-Based Awards need not be the same with respect to each
recipient.

(b) Terms and Conditions.  Other Stock-Based Awards made pursuant to this
Section 8 shall be subject to the following terms and conditions:

     (i) Shares subject to awards under this Section 8 and the award agreement
     referred to in Section 8(b)(v) below, may not be sold, assigned,
     transferred, pledged, or otherwise encumbered prior to the date on which
     the shares are issued, or, if later, the date on which any applicable
     restriction, performance, or deferral period lapses.

     (ii) Subject to the provisions of this Plan and the award agreement and
     unless otherwise determined by the Committee at grant, the recipient of an
     award under this Section 8 shall be entitled to receive, currently or on a
     deferred basis, interest or dividends or interest or dividend equivalents
     with respect to the number of shares covered by the award, as determined at
     the time of the award by the Committee, in its sole discretion, and the
     Committee may provide that such amounts (if any) shall

<PAGE>   13

     be deemed to have been reinvested in additional shares of Common Stock or
     otherwise reinvested.

     (iii) Any award under Section 8 and any shares of Common Stock covered by
     any such award shall vest or be forfeited to the extent so provided in the
     award agreement, as determined by the Committee in its sole discretion.

     (iv) In the event of the participant's Retirement, Disability, or death, or
     in cases of special circumstances, the Committee may, in its sole
     discretion, waive in whole or in part any or all of the remaining
     limitations imposed hereunder (if any) with respect to any or all of an
     award under this Section 8.

     (v) Each award under this Section 8 shall be confirmed by, and subject to
     the terms of, an agreement or other instrument by the Corporation and the
     participant.

     (vi) Common Stock (including securities convertible into Common Stock)
     issued on a bonus basis under this Section 8 may be issued for no cash
     consideration. Common Stock (including securities convertible into Common
     Stock) purchased pursuant to a purchase right awarded under this Section 8
     shall be priced at least 85% of the Fair Market Value of the Common Stock
     on the date of grant.

SECTION 9.  AWARDS TO OUTSIDE DIRECTORS.

(a) The provisions of this Section 9 shall apply only to awards to Outside
Directors in accordance with this Section 9. The Committee shall have no
authority to determine the timing of or the terms or conditions of any award
under this Section 9.

(b) On the date of his or her initial election or appointment to the Board, each
Outside Director will receive a Non-Qualified Stock Option to purchase 11,250
shares of Common Stock (an "Initial Grant"). The exercise price per share of
each option granted pursuant to this Section 9(b) shall equal the Fair Market
Value per share of Common Stock on the date of grant. Such option shall vest and
become exercisable in five equal, annual installments beginning on the first
anniversary of the date of grant.

(c) On the date of each Annual Meeting of Shareholders of the Corporation
beginning with the Annual Meeting of Shareholders in 2000, unless this Plan has
been previously terminated, each Outside Director who will continue as a
director following such meeting will receive a Non-Qualified Stock Option to
purchase 3,500 shares of Common Stock; provided, that no Outside Director shall
be entitled to receive options granted pursuant to this Section 9(c) until such
Outside Director has served as a director of the Corporation for a period of at
least eleven months prior to the date of the Annual Meeting of Shareholders at
which options are to be granted. The exercise price per share of each option
granted pursuant to this Section 9(c) shall equal the Fair Market Value per
share of Common Stock on the date of grant. Such option shall vest and become
exercisable, with respect to all shares, six months following the date of grant.

(d) No Outside Director Option shall be exercisable prior to vesting. Each
Outside Director Option shall expire, if unexercised, on the tenth anniversary
of the date of grant. The exercise price may be paid in cash or in shares of
Common Stock, including shares of Common Stock subject to the Outside Director
Option.

(e) Outside Director Options shall not be transferable without the prior written
consent of the Board other than (i) transfers by the optionee to a member of his
or her Immediate

<PAGE>   14

Family or a trust for the benefit of optionee or a member of his or her
Immediate Family, or (ii) transfers by will or by the laws of descent and
distribution.

(f) Grantees of Outside Director Options shall enter into a stock option
agreement with the Corporation setting forth the exercise price and other terms
as provided herein.

(g) Upon termination of an Outside Director's service as a director of the
Corporation, (i) all Outside Director Options theretofore exercisable and held
by such Outside Director will remain vested and exercisable through the
expiration date and (ii) all remaining Outside Director Options held by such
Outside Director will become exercisable and vested and remain so through the
expiration date to the extent of any shares that would have become exercisable
and vested within a period of less than twelve months following the date of
termination of service. Any unvested Outside Director Options held by the
Outside Director on the date of termination of service will be forfeited to the
extent of any shares that would not have become vested and exercisable until at
least twelve months from the date of termination of service. The Board may, in
its sole discretion, elect to accelerate the vesting of any Outside Director
Options in connection with the termination of service of any individual Outside
Director.

(h) Outside Director Options shall be subject to Section 10. The number of
shares and the exercise price per share of each Outside Director Option
theretofore awarded shall be adjusted automatically in the same manner as the
number of shares and the exercise price for Stock Options under Section 3(c)
hereof at any time that Stock Options are adjusted as provided in Section 3(c).
The number of shares underlying Outside Director Options to be awarded in the
future shall be adjusted automatically in the same manner as the number of
shares underlying outstanding Stock Options are adjusted under Section 3(c)
hereof at any time that Stock Options are adjusted under Section 3(c) hereof.

(i) The Board, in its sole discretion, may determine to reduce the size of any
Outside Director Option prior to grant or to postpone the vesting and
exercisability of any Outside Director Option prior to grant.

SECTION 10.  CHANGE IN CONTROL PROVISIONS.

(a) Impact of Event.  In the event of:

     (1) a "Change in Control" as defined in Section 10(b); or

     (2) a "Potential Change in Control" as defined in Section 10(c), but only
     if and to the extent so determined by the Committee or the Board at or
     after grant (subject to any right of approval expressly reserved by the
     Committee or the Board at the time of such determination),

        (i) Subject to the limitations set forth below in this Section 10(a),
        the following acceleration provisions shall apply:

             (a) Any Stock Appreciation Rights, any Stock Option or Outside
             Director Option awarded under the Plan not previously exercisable
             and vested shall become fully exercisable and vested.

             (b) The restrictions applicable to any Restricted Stock and Other
             Stock-Based Awards, in each case to the extent not already vested
             under the Plan, shall lapse and such shares and awards shall be
             deemed fully vested.

<PAGE>   15

        (ii) Subject to the limitations set forth below in this Section 10(a),
        the value of all outstanding Stock Options, Stock Appreciation Rights,
        Restricted Stock, Outside Director Options and Other Stock-Based Awards,
        in each case to the extent vested, shall, unless otherwise determined
        Board or by the Committee in its sole discretion prior to any Change in
        Control, be cashed out on the basis of the "Change in Control Price" as
        defined in Section 10(d) as of the date such Change in Control or such
        Potential Change in Control is determined to have occurred or such other
        date as the Board or Committee may determine prior to the Change in
        Control provided, however, that this Section 10(a)(ii) shall have no
        effect if it would preclude the pooling method of accounting for the
        specific transaction that resulted in a Change in Control (if the
        pooling method of accounting is proposed for such a transaction).

        (iii) The Board or the Committee may impose additional conditions on the
        acceleration or valuation of any award in the award agreement.

(b) Definition of Change in Control.  For purposes of Section 10(a), a "Change
in Control" means the happening of any of the following:

     (i) any person or entity, including a "group" as defined in Section
     13(d)(3) of the Exchange Act, other than the Corporation or a wholly-owned
     subsidiary thereof or any employee benefit plan of the Corporation or any
     of its Subsidiaries, becomes the beneficial owner of the Corporation's
     securities having 35% or more of the combined voting power of the then
     outstanding securities of the Corporation that may be cast for the election
     of directors of the Corporation (other than as a result of an issuance of
     securities initiated by the Corporation in the ordinary course of
     business); or

     (ii) as the result of, or in connection with, any cash tender or exchange
     offer, merger or other business combination, sales of assets or contested
     election, or any combination of the foregoing transactions, less than a
     majority of the combined voting power of the then outstanding securities of
     the Corporation or any successor corporation or entity entitled to vote
     generally in the election of the directors of the Corporation or such other
     corporation or entity after such transaction are held in the aggregate by
     the holders of the Corporation's securities entitled to vote generally in
     the election of directors of the Corporation immediately prior to such
     transaction; or

     (iii) during any period of two consecutive years, individuals who at the
     beginning of any such period constitute the Board cease for any reason to
     constitute at least a majority thereof, unless the election, or the
     nomination for election by the Corporation's shareholders, of each director
     of the Corporation first elected during such period was approved by a vote
     of at least two-thirds of the directors of the Corporation then still in
     office who were directors of the Corporation at the beginning of any such
     period.

(c) Definition of Potential Change in Control.  For purposes of Section 10(a), a
"Potential Change in Control" means the happening of any one of the following:

     (i) The approval by shareholders of an agreement by the Corporation, the
     consummation of which would result in a Change in Control of the
     Corporation as defined in Section 10(b); or

     (ii) The acquisition of beneficial ownership, directly or indirectly, by
     any entity, person or group (other than the Corporation or a Subsidiary or
     any Corporation

<PAGE>   16

     employee benefit plan (including any trustee of such plan acting as such
     trustee)) of securities of the Corporation representing 5% or more of the
     combined voting power of the Corporation's outstanding securities and the
     adoption by the Committee of a resolution to the effect that a Potential
     Change in Control of the Corporation has occurred for purposes of this
     Plan.

(d) Change in Control Price.  For purposes of this Section 10, "Change in
Control Price" means the highest price per share paid in any transaction
reported on NASDAQ or such other exchange or market as is the principal trading
market for the Common Stock, or paid or offered in any bona fide transaction
related to a Potential or actual Change in Control of the Corporation at any
time during the 60 day period immediately preceding the occurrence of the Change
in Control (or, where applicable, the occurrence of the Potential Change in
Control event), in each case as determined by the Committee except that, in the
case of Incentive Stock Options and Stock Appreciation Rights relating to
Incentive Stock Options, such price shall be based only on transactions reported
for the date on which the optionee exercises such Stock Appreciation Rights or,
where applicable, the date on which a cash out occurs under Section 10(a)(ii).

SECTION 11.  AMENDMENTS AND TERMINATION.

The Board may at any time amend, alter or discontinue the Plan; provided,
however, that, without the approval of the Corporation's shareholders, no
amendment or alteration may be made that would (a) except as a result of the
provisions of Section 3(c) of the Plan, increase the maximum number of shares
that may be issued under the Plan or increase the Section 162(m) Maximum, (b)
change the provisions governing Incentive Stock Options except as required or
permitted under the provisions governing incentive stock options under the Code,
(c) amend Section 9 hereof so as to increase the size of any award (other than
as contemplated by Section 3(c) and Section 9(i) hereof) or otherwise materially
increase the benefits to Outside Directors under Section 9 hereof, or (d) make
any change for which applicable law or regulatory authority (including the
regulatory authority of NASDAQ or any other market or exchange on which the
Common Stock is traded) would require shareholder approval or for which
shareholder approval would be required to secure full deductibility of
compensation received under the Plan under Section 162(m) of the Code. No
amendment, alteration, or discontinuation shall be made that would impair the
rights of an optionee or participant under a Stock Option, Stock Appreciation
Right, Restricted Stock, Other Stock-Based Award or Outside Director Option
theretofore granted, without the participant's consent. The Committee may amend
the terms of any Stock Option or other award theretofore granted, prospectively
or retroactively, but, subject to Section 3 above, no such amendment shall
impair the rights of any holder without the holder's consent.

SECTION 12.  UNFUNDED STATUS OF PLAN.

The Plan is intended to constitute an "unfunded" plan for incentive and deferred
compensation. With respect to any payments not yet made to a participant or
optionee by the Corporation, nothing contained herein shall give any such
participant or optionee any rights that are greater than those of a general
creditor of the Corporation. In its sole discretion, the Committee may authorize
the creation of trusts or other arrangements to meet the obligations created
under the Plan to deliver Common Stock or payments in lieu of or with respect to
awards hereunder; provided, however, that, unless the Committee

<PAGE>   17

otherwise determines with the consent of the affected participant, the existence
of such trusts or other arrangements is consistent with the "unfunded" status of
the Plan.

SECTION 13.  GENERAL PROVISIONS.

(a) The Committee may require each person purchasing shares pursuant to a Stock
Option or other award under the Plan to represent to and agree with the
Corporation in writing that the optionee or participant is acquiring the shares
without a view to distribution thereof. The certificates for such shares may
include any legend that the Committee deems appropriate to reflect any
restrictions on transfer. All certificates for shares of Common Stock or other
securities delivered under the Plan shall 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 Common 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.

(b) Nothing contained in this Plan shall prevent the Board from adopting other
or additional compensation arrangements, subject to shareholder approval if such
approval is required; and such arrangements may be either generally applicable
or applicable only in specific cases.

(c) The adoption of the Plan shall not confer upon any employee of the
Corporation or any Subsidiary or Affiliate any right to continued employment
with the Corporation or a Subsidiary or Affiliate, as the case may be, nor shall
it interfere in any way with the right of the Corporation or a Subsidiary or
Affiliate to terminate the employment of any of its employees 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 shall pay to the Corporation, or make
arrangements satisfactory to the Committee regarding the payment of, any
Federal, state, or local taxes of any kind required by law to be withheld with
respect to such amount. The Committee may require withholding obligations to be
settled with Common Stock, including Common Stock that is part of the award that
gives rise to the withholding requirement. The obligations of the Corporation
under the Plan shall be conditional on such payment or arrangements and the
Corporation and its Subsidiaries or Affiliates shall, to the extent permitted by
law, have the right to deduct any such taxes from any payment of any kind
otherwise due to the participant.

(e) The actual or deemed reinvestment of dividends or dividend equivalents in
additional Restricted Stock (or other types of Plan awards) at the time of any
dividend payment shall only be permissible if sufficient shares of Common Stock
are available under Section 3 for such reinvestment (taking into account then
outstanding Stock Options and other Plan awards).

(f) The Plan and all awards made and actions taken thereunder shall be governed
by and construed in accordance with the laws of the State of Tennessee.

(g) The members of the Committee and the Board shall not be liable to any
employee or other person with respect to any determination made hereunder in a
manner that is not inconsistent with their legal obligations as members of the
Board. In addition to such other rights of indemnification as they may have as
directors or as members of the Committee,

<PAGE>   18

the members of the Committee shall be indemnified by the Corporation against the
reasonable expenses, including attorneys' fees actually and necessarily incurred
in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein, to which they or any of them may be a party
by reason of any action taken or failure to act under or in connection with the
Plan or any option granted thereunder, and against all amounts paid by them in
settlement thereof (provided such settlement is approved by independent legal
counsel selected by the Corporation) or paid by them in satisfaction of a
judgment in any such action, suit or proceeding, except in relation to matters
as to which it shall be adjudged in such action, suit or proceeding that such
Committee member is liable for negligence or misconduct in the performance of
his duties; provided that within 60 days after institution of any such action,
suit or proceeding, the Committee member shall in writing offer the Corporation
the opportunity, at its own expense, to handle and defend the same.

(h) In addition to any other restrictions on transfer that may be applicable
under the terms of this Plan or the applicable award agreement, no Stock Option,
Stock Appreciation Right, Restricted Stock award, or Other Stock-Based Award or
other right issued under this Plan is transferable by the participant without
the prior written consent of the Committee, or, in the case of an Outside
Director, the Board, other than (i) transfers by an optionee to a member of his
or her Immediate Family or a trust for the benefit of the optionee or a member
of his or her Immediate Family or (ii) transfers by will or by the laws of
descent and distribution. The designation of a beneficiary will not constitute a
transfer.

(i) The Committee may, at or after grant, condition the receipt of any payment
in respect of any award or the transfer of any shares subject to an award on the
satisfaction of a six-month holding period, if such holding period is required
for compliance with Section 16 under the Exchange Act.

SECTION 14.  EFFECTIVE DATE OF PLAN.

The Plan shall be effective as of May 4, 2000 (the "Effective Date"), provided
that it has been approved by the Board of the Corporation and by a majority of
the votes cast by the holders of the Corporation's Common Stock.

SECTION 15.  TERM OF PLAN.

No Stock Option, Stock Appreciation Right, Restricted Stock Award, Other
Stock-Based Award or Outside Director Option award shall be granted pursuant to
the Plan on or after the tenth anniversary of the Effective Date of the Plan,
but awards granted prior to such tenth anniversary may be extended beyond that
date.<PAGE>   1
                                                                    EXHIBIT 10.2

                              CHUX OWNERSHIP PLAN

                                   ARTICLE I

                                  INTRODUCTION

1.1  RESTATEMENT OF PLAN

O'Charley's Inc., a Tennessee corporation ("O'Charley's") with principal offices
located in Nashville, Tennessee, amends and restates the following employee
stock purchase plan for its eligible employees, effective on October 1, 1999,
except as otherwise expressly provided herein. This Plan, known as the CHUX
Ownership Plan, was originally effective October 1, 1993 in accordance with a
document executed August 10, 1993.

1.2  PURPOSE

The purpose of this Plan is to provide an opportunity for eligible employees of
the Employer to become shareholders in O'Charley's. It is believed that
broad-based employee participation in the ownership of the business will help to
achieve the unity of purpose conducive to the continued growth of the Employer
and to the mutual benefit of its employees and shareholders.

1.3  QUALIFICATION

This Plan is intended to be an employee stock purchase plan which qualifies for
favorable Federal income tax treatment under Section 423 of the Code and is
intended to comply with the provisions thereof, including the requirement of
Section 423(b)(5) of the Code that all Employees granted options to purchase
Stock under the Plan have the same rights and privileges with respect to such
options.

1.4  RULE 16B-3 COMPLIANCE

This Plan is intended to comply with Rule 16b-3 under the Securities Exchange
Act of 1934, and should be interpreted in accordance therewith.

                                   ARTICLE II

                                  DEFINITIONS

As used herein, the following words and phrases shall have the meanings
specified below:

2.1  Application Date: Each October 1 and April 1.

2.2  Board of Directors: The Board of Directors of O'Charley's Inc.

2.3  Closing Market Price: The last sale price of the Stock as reported in the
NASDAQ National Market System on the date specified; or if no sales occurred on
such day, at the mean between the closing "bid" and "asked" prices on such day;
but if there should be any material alteration in the present system of
reporting sales prices of such Stock, or if

<PAGE>   2

such Stock should no longer be listed on NASDAQ's National Market System, the
market value of the Stock as of a particular date shall be determined in such a
method as shall be specified by the Plan Administrator.

2.4  Code: The Internal Revenue Code of 1986, as amended from time to time.

2.5  Contribution Account: The account established on behalf of a Participant to
which shall be credited the amount of the Participant's contribution, pursuant
to Article V.

2.6  Effective Date: October 1, 1999.

2.7  Employee: Each employee of an Employer except (for periods prior to April
1, 2000):

     (i) any employee whose customary employment is twenty (20) hours per week
     or less, or

     (ii) any employee whose customary employment is for not more than five
     months in any calendar year.

2.8  Employer: O'Charley's Inc. and any corporation (i) which is a Subsidiary of
O'Charley's Inc., (ii) which is authorized by the Board of Directors to adopt
this Plan with respect to its Employees, and (iii) which adopts this Plan. The
term "Employer" shall include any corporation into which an Employer may be
merged or consolidated or to which all or substantially all of its assets may be
transferred, provided that the surviving or transferee corporation would qualify
as a subsidiary under Section 2.19 hereof and that such corporation does not
affirmatively disavow this Plan.

2.9  Exercise Date: The last trading date of the Plan Period on the NASDAQ
National Market System.

2.10  Exercise Price: The price per share of the Stock to be charged to
Participants at the Exercise Date, as determined in Section 6.3.

2.11  Five-Percent Shareholder: An Employee who owns five percent (5%) or more
of the total combined voting power or value of all classes of stock of
O'Charley's or any Subsidiary thereof. In determining this five percent test,
shares of stock which the Employee may purchase under outstanding options, as
well as stock attributed to the Employee under Section 424(d) of the Code, shall
be treated as stock owned by the Employee in the numerator, but shares of stock
which may be issued under options shall not be counted in the total of
outstanding shares in the denominator.

2.12  Grant Date: The first trading date of the Plan Period on the NASDAQ
National Market System.

2.13  NASDAQ: The National Association of Securities Dealers Automated Quotation
System.

2.14  Participant: Any Employee of an Employer who has met the conditions for
eligibility as provided in Article IV and who has elected to participate in the
Plan.

2.15  Plan: CHUX Ownership Plan.

2.16  Plan Administrator: The committee composed of one or more individuals to
whom authority is delegated by the Board of Directors to administer the Plan.
The initial committee shall be the Compensation Committee of the Board of
Directors.

<PAGE>   3

2.17  Plan Period: A six (6) month period beginning on the first day of each
October and April and ending on the last day of the following September and
March, respectively.

2.18  Stock: Those shares of common stock of O'Charley's which are reserved
pursuant to Section 6.1 for issuance upon the exercise of options granted under
this Plan.

2.19  Subsidiary: Any corporation in an unbroken chain of corporations beginning
with O'Charley's each of which (other than the last corporation in the chain)
owns stock possessing fifty percent (50%) or more of the combined voting power
of all classes of stock in one of the other corporations in such chain.

                                  ARTICLE III

                              SHAREHOLDER APPROVAL

3.1  CONDITION SUBSEQUENT

If the restated Plan is not approved by the shareholders of O'Charley's before
September 30, 2000, the Plan and all options thereunder granted to individuals
who were not Employees pursuant to the terms of the Plan in effect immediately
prior to this restatement shall terminate, the balance in each such
Participant's Contribution Account shall be refunded in cash as promptly as
possible, and all rights and obligations thereunder shall be void ab initio.

3.2  SHAREHOLDER APPROVAL REQUIRED

Without the approval of the shareholders of O'Charley's, no amendment to this
Plan shall increase the number of shares reserved under the Plan, other than as
provided in Section 10.3. Approval by shareholders must: (i) occur within one
year of such amendment or such amendment shall be void ab initio; (ii) comply
with applicable provisions of the corporate charter and bylaws of O'Charley's;
and (iii) comply with Tennessee law prescribing the method and degree of
shareholder approval required for issuance of corporate stock or options.

                                   ARTICLE IV

                         ELIGIBILITY AND PARTICIPATION

4.1  CONDITIONS

Each Employee shall become eligible to become a Participant on an October 1 if
such Employee has been employed by the Employer for a continuous period of at
least six (6) months prior to such October 1; provided, however, that effective
April 1, 2000, each Employee shall become eligible to become a Participant on
the Application Date next following the date of his employment. No Employee who
is a Five-Percent Shareholder shall be eligible to participate in the Plan.
Notwithstanding anything to the contrary contained herein, no individual who is
not an Employee shall be granted an option to purchase Stock under the Plan.

<PAGE>   4

4.2  APPLICATION FOR PARTICIPATION

Each Employee who becomes eligible to participate shall be furnished a summary
of the Plan and an enrollment form. If such Employee elects to participate
hereunder, he shall complete such form and file it with his Employer no later
than seven (7) days prior to the next Application Date. The completed enrollment
form shall indicate the amount of Employee contribution authorized by the
Employee. If no new enrollment form is filed by a Participant in advance of any
Plan Period after the initial Plan Period, that Participant shall be deemed to
have elected to continue to participate with the same contribution previously
elected (subject to the limit of 15% of base pay). If any Employee does not
elect to participate in any given Plan Period, he may elect to participate on
any future Application Date so long as he continues to meet the eligibility
requirements.

4.3  DATE OF PARTICIPATION

All Employees who elect to participate shall be enrolled in the Plan commencing
with the first paydate after the Application Date following their submission of
the enrollment form. Upon becoming a Participant, the Participant shall be bound
by the terms of this Plan, including any amendments whenever made.

                                   ARTICLE V

                              CONTRIBUTION ACCOUNT

5.1  EMPLOYEE CONTRIBUTIONS

The enrollment form signed by each Participant shall authorize the Employer to
deduct from the Participant's compensation an after-tax amount during each
payroll period not less than five dollars ($5.00) nor more than an amount which
is fifteen percent (15%) of the Participant's base pay on the Application Date.
The term "base pay" shall be determined before subtracting any of the Employee's
contributions to O'Charley's 401(k) plan. The dollar amount deducted each payday
shall be credited to the Participant's Contribution Account. Participant
contributions will not be permitted to commence at any time during the Plan
Period other than on an Application Date. No interest will accrue on any
contributions or on the balance in a Participant's Contribution Account.

5.2  MODIFICATION OF CONTRIBUTION RATE

No change shall be permitted in a Participant's amount of withholding except
upon an Application Date, and then only if the Participant files a new
enrollment form with the Employer at least seven (7) days in advance of the
Application Date designating the desired withholding rate. Notwithstanding the
foregoing, a Participant may notify the Employer at any time (except during the
period from September 21 through September 30 and the period from March 22
through March 31) that he wishes to discontinue his contributions. This notice
shall be in writing and on such forms as provided by the Employer and shall
become effective as of a date provided on the form not more than thirty (30)
days following its receipt by the Employer. The Participant shall become
eligible to recommence contributions on the next Application Date.

<PAGE>   5

5.3  WITHDRAWAL OF CONTRIBUTIONS

A Participant may elect to withdraw the balance of his Contribution Account at
any time during the Plan Period prior to the Exercise Date (except during the
period from September 21 through September 30 and the period from March 22
through March 31). The option granted to a Participant shall be canceled upon
his withdrawal of the balance in his Contribution Account. This election to
withdraw must be in writing on such forms as may be provided by the Employer. If
contributions are withdrawn in this manner, further contributions during that
Plan Period will be discontinued in the same manner as provided in Section 5.2,
and the Participant shall become eligible to recommence contributions on the
next Application Date.

5.4  LUMP SUM CONTRIBUTIONS

Effective for the Plan Period commencing on April 1, 2000, subject to the
limitations described in Section 5.5, a Participant who has not discontinued his
contributions pursuant to Section 5.2 or elected to withdraw his contributions
pursuant to Section 5.3 may make no more than one (1) lump sum contribution
during each Plan Period. These lump sum contributions shall be paid by check by
the Participant, delivered at least ten (10) days prior to the last day of the
Plan Period and shall be credited to the Participant's Contribution Account.

5.5  LIMITATIONS ON CONTRIBUTIONS

Effective for the Plan Period commencing on April 1, 2000, during each Plan
Period the total contributions by a Participant to his contribution Account
(including both contributions by payroll deduction pursuant to Section 5.1 and
lump sum contributions pursuant to Section 5.4) shall not exceed fifteen percent
(15%) of the Participant's base pay per month on the Application Date multiplied
by six (6) months. If a Participant's total contributions should exceed this
limit, the excess shall be returned to the Participant without interest.

                                   ARTICLE VI

                        ISSUANCE AND EXERCISE OF OPTIONS

6.1  RESERVED SHARES OF STOCK

O'Charley's originally reserved three hundred thousand (300,000) shares of Stock
for issuance upon exercise of the options granted under this Plan. As a result
of adjustments to reflect changes in capitalization of O'Charley's made pursuant
to Section 10.3 hereof, the number of shares originally reserved has been
increased to six hundred and seventy-five thousand 675,000 shares of Stock as of
the Effective Date.

6.2  ISSUANCE OF OPTIONS

On the Grant Date each Participant shall be deemed to receive an option to
purchase Stock with the number of shares and Exercise Price determined as
provided in this Article VI, subject to the maximum limits specified in Section
6.6(a). All such options shall be automatically exercised on the following
Exercise Date, except for options which

<PAGE>   6

are canceled when a Participant withdraws the balance of his Contribution
Account or which are otherwise terminated under the provisions of this Plan.

6.3  DETERMINATION OF EXERCISE PRICE

The Exercise Price of the options granted under this Plan for any Plan Period
shall be the lesser of

     (i) eighty-five percent (85%) of the Closing Market Price of the Stock on
     the Exercise Date, or

     (ii) eighty-five percent (85%) of the average of the Closing Market Price
     of the Stock on the Grant Date and the Closing Market Price of the Stock on
     the Exercise Date.

6.4  PURCHASE OF STOCK

On an Exercise Date, all options shall be automatically exercised, except that
the options of a Participant who has terminated employment pursuant to Section
7.1 or who has withdrawn all his contributions shall expire. The Contribution
Account of each Participant shall be used to purchase the maximum number of
whole shares of Stock determined by dividing the Exercise Price into the balance
of the Participant's Contribution Account. Any money remaining in a
Participant's Contribution Account representing a fractional share shall remain
in his Contribution Account to be used in the next Plan Period along with new
contributions in the next Plan Period; provided, however, that if the
Participant does not enroll for the next Plan Period, the balance remaining
shall be returned to him in cash.

6.5  TERMS OF OPTIONS

Options granted under this Plan shall be subject to such amendment or
modification as the Employer shall deem necessary to comply with any applicable
law or regulation, including but not limited to Section 423 of the Code, and
shall contain such other provisions as the Employer shall from time to time
approve and deem necessary.

6.6  LIMITATIONS ON OPTIONS

The options granted hereunder are subject to the following limitations:

     (a) The maximum number of shares of Stock which may be purchased by any
     Participant on Exercise Dates within any calendar year shall be equal to
     the lesser of

        (i) two thousand five hundred (2,500) shares, or

        (ii) the number of shares of Stock having a market value of twenty-five
        thousand dollars ($25,000.00), as determined based on the Closing Market
        Price on the Grant Date for the Plan Period during which each such share
        of Stock is purchased, as provided in Section 423(b)(8) of the Code.

     The maximum number of shares as determined above shall be adjusted upon the
     occurrence of an event described in Section 10.3.

     (b) No option may be granted to a Participant if the Participant
     immediately after the option is granted would be a Five-Percent
     Shareholder.

<PAGE>   7

     (c) No Participant may assign, transfer or otherwise alienate any options
     granted to him under this Plan, otherwise than by will or the laws of
     descent and distribution, and such options must be exercised during the
     Participant's lifetime only by him.

6.7  PRO-RATA REDUCTION OF OPTIONED STOCK

If the total number of shares of Stock to be purchased under option by all
Participants on an Exercise Date exceeds the number of shares of Stock remaining
authorized for issuance under Section 6.1, a pro-rata allocation of the shares
of Stock available for issuance will be made among Participants in proportion to
their respective Contribution Account balances on the Exercise Date, and any
money remaining in the Contribution Accounts shall be returned to the
Participants.

6.8  STATE SECURITIES LAWS

Notwithstanding anything to the contrary contained herein, the Company shall not
be obligated to issue shares of Stock to any Participant if to do so would
violate any State securities law applicable to the sale of Stock to such
Participant. In the event that the Company refrains from issuing shares of Stock
to any Participant in reliance on this Section, the Company shall return to such
Participant the amount in such Participant's Contribution Account that would
otherwise have been applied to the purchase of Stock.

                                  ARTICLE VII

                          TERMINATION OF PARTICIPATION

7.1  TERMINATION OF EMPLOYMENT

Any Employee whose employment with the Employer is terminated during the Plan
Period for any reason except death, disability or retirement at or after age 65
shall cease being a Participant immediately. The balance of that Participant's
Contribution Account shall be paid to such Participant as soon as practical
after his termination. The option granted to such Participant shall be null and
void.

7.2  DEATH

If a Participant should die while employed by the Employer, no further
contributions on behalf of the deceased Participant shall be made. The legal
representative of the deceased Participant may elect to withdraw the balance in
said Participant's Contribution Account by notifying the Employer in writing
prior to the Exercise Date in the Plan Period during which the Participant died
(except during the period from September 21 through September 30 and the period
from March 22 through March 31). In the event no election to withdraw is made on
or before the September 20 or March 21 preceding the Exercise Date, the balance
accumulated in the deceased Participant's Contribution Account shall be used to
purchase shares of Stock in accordance with Section 6.4. Any money remaining
which is insufficient to purchase a whole share shall be paid to the legal
representative.

<PAGE>   8

7.3  RETIREMENT

If a Participant should retire from the employment of the Employer at or after
attaining age 65, no further contributions on behalf of the retired Participant
shall be made. The Participant may elect to withdraw the balance in his
Contribution Account by notifying the Employer in writing prior to the Exercise
Date in the Plan Period during which the Participant retired (except during the
period from September 21 through September 30 and the period from March 22
through March 31). In the event no election to withdraw is made on or before the
September 20 or March 21 preceding the Exercise Date, the balance accumulated in
the retired Participant's Contribution Account shall be used to purchase shares
of Stock in accordance with Section 6.4, and any money remaining which is
insufficient to purchase a whole share shall be paid to the retired Participant.

7.4  DISABILITY

If a Participant should terminate employment with the Employer on account of
disability, as determined by reference to the definition of "disability" in the
Employer's long-term disability plan, no further contributions on behalf of the
disabled Participant shall be made. The Participant may elect to withdraw the
balance in his Contribution Account by notifying the Employer in writing prior
to the Exercise Date in the Plan Period during which the Participant became
disabled (except during the period from September 21 through September 30 and
the period from March 22 through March 31). In the event no election to withdraw
is made on or before the September 20 or March 21 preceding the Exercise Date,
the balance accumulated in the disabled Participant's Contribution Account shall
be used to purchase shares of Stock in accordance with Section 6.4, and any
money remaining which is insufficient to purchase a whole share shall be paid to
the disabled Participant.

                                  ARTICLE VIII

                               OWNERSHIP OF STOCK

8.1  STOCK CERTIFICATES

Certificates for Stock purchased through exercise of the options granted
hereunder shall be issued as soon as practical after the Exercise Date.
Certificates may be issued, at the request of the Participant, in the name of
the Participant, jointly in the name of the Participant and a member of the
Participant's family, or to the Participant as custodian for the Participant's
child under the Gift to Minors Act.

8.2  PREMATURE SALE OF STOCK

If a Participant (or former Participant) sells or otherwise disposes of any
shares of Stock obtained under this Plan

     (i) prior to two (2) years after the Grant Date of the option under which
     such shares were obtained, or

     (ii) prior to one (1) year after the Exercise Date on which such shares
     were obtained,

<PAGE>   9

that Participant (or former Participant) must notify the Employer immediately in
writing concerning such disposition.

                                   ARTICLE IX

                          ADMINISTRATION AND AMENDMENT

9.1  ADMINISTRATION

The Plan Administrator shall (i) administer the Plan and keep records of the
Contribution Account balance of each Participant, (ii) interpret the Plan, and
(iii) determine all questions arising as to eligibility to participate, amount
of contributions permitted, determination of the Exercise Price, and all other
matters of administration. The Plan Administrator shall have such duties, powers
and discretionary authority as may be necessary to discharge the foregoing
duties, and may delegate any or all of the foregoing duties to any individual or
individuals (including officers or other Employees who are Participants). The
Board of Directors shall have the right at any time and without notice to remove
or replace any individual or committee of individuals serving as Plan
Administrator. All determinations by the Plan Administrator shall be conclusive
and binding on all persons. Any rules, regulations, or procedures that may be
necessary for the proper administration or functioning of this Plan that are not
covered in this Plan document shall be promulgated and adopted by the Plan
Administrator.

9.2  AMENDMENT

The Board of Directors of the Employer may at any time amend the Plan in any
respect, including termination of the Plan, without notice to Participants. If
the Plan is terminated, all options outstanding at the time of termination shall
become null and void and the balance in each Participant's Contribution Account
shall be paid to that Participant. Notwithstanding the foregoing, no amendment
of the Plan as described in Section 3.2 shall become effective until and unless
such amendment is approved by the shareholders of O'Charley's.

                                   ARTICLE X

                                 MISCELLANEOUS

10.1  EXPENSES

The Employer will pay all expenses of administering this Plan that may arise in
connection with the Plan.

10.2  NO CONTRACT OF EMPLOYMENT

Nothing in this Plan shall be construed to constitute a contract of employment
between an Employer and any Employee or to be an inducement for the employment
of any Employee. Nothing contained in this Plan shall be deemed to give any
Employee the right to be retained in the service of an Employer or to interfere
with the right of an Employer to discharge any Employee at any time, with or
without cause, regardless of the effect which such discharge may have upon him
as a Participant of the Plan.

<PAGE>   10

10.3  ADJUSTMENT UPON CHANGES IN STOCK

The aggregate number of shares of Stock reserved for purchase under the Plan as
provided in Section 6.1, and the calculation of the Exercise Price as provided
in Section 6.3, shall be adjusted by the Plan Administrator (subject to
direction by the Board of Directors) in an equitable manner to reflect changes
in the capitalization of O'Charley's, including, but not limited to, such
changes as result from merger, consolidation, reorganization, recapitalization,
stock dividend, dividend in property other than cash, stock split, combination
of shares, exchange of shares and change in corporate structure. If any
adjustment under this Section 10.3 would create a fractional share of Stock or a
right to acquire a fractional share of Stock, such fractional share shall be
disregarded and the number of shares available under the Plan and the number of
shares covered under any options granted pursuant to the Plan shall be the next
lower number of shares, rounding all fractions downward.

10.4  EMPLOYER'S RIGHTS

The rights and powers of any Employer shall not be affected in any way by its
participation in this Plan, including but not limited to the right or power of
any Employer to make adjustments, reclassifications, reorganizations or changes
of its capital or business structure or to merge or to consolidate or to
dissolve, liquidate or sell, or transfer all or any part of its business or
assets.

10.5  LIMIT ON LIABILITY

No liability whatever shall attach to or be incurred by any past, present or
future shareholders, officers or directors, as such, of O'Charley's or any
Employer, under or by reason of any of the terms, conditions or agreements
contained in this Plan or implied therefrom, and any and all liabilities of any
and all rights and claims against O'Charley's, an Employer, or any shareholder,
officer or director as such, whether arising at common law or in equity or
created by statute or constitution or otherwise, pertaining to this Plan, are
hereby expressly waived and released by every Participant as a part of the
consideration for any benefits under this Plan; provided, however, no waiver
shall occur, solely by reason of this Section 10.5, of any right which is not
susceptible to advance waiver under applicable law.

10.6  GENDER AND NUMBER

For the purposes of the Plan, unless the contrary is clearly indicated, the use
of the masculine gender shall include the feminine, and the singular number
shall include the plural and vice versa.

10.7  GOVERNING LAW

The validity, construction, interpretation, administration and effect of this
Plan, and any rules or regulations promulgated hereunder, including all rights
or privileges of any Participants hereunder, shall be governed exclusively by
and in accordance with the laws of the State of Tennessee, except that the Plan
shall be construed to the maximum extent possible to comply with Section 423 of
the Code and the Treasury regulations promulgated thereunder.

<PAGE>   11

10.8  HEADINGS

Any headings or subheadings in this Plan are inserted for convenience of
reference only and are to be ignored in the construction of any provisions
hereof.

10.9  SEVERABILITY

If any provision of this Plan is held by a court to be unenforceable or is
deemed invalid for any reason, then such provision shall be deemed inapplicable
and omitted, but all other provisions of this Plan shall be deemed valid and
enforceable to the full extent possible under applicable law.

IN WITNESS WHEREOF, the Employer has adopted this amended and restated Plan
effective October 1, 1999 subject to approval by the shareholders of O'Charley's
Inc. on or before the expiration of the time period specified in Section 3.1.

Date: September 30, 1999
                                          O'CHARLEY'S INC.

                                          By:      /s/ A. Chad Fitzhugh
                                             -----------------------------------
ATTEST:

/s/ Terri Parks
---------------------------------------------

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