Document:

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                                                                     EXHIBIT 4.4

                               FIRST AMENDMENT TO
                      EQUITY REGISTRATION RIGHTS AGREEMENT

                  FIRST AMENDMENT, dated as of June 22, 2001 (this "AMENDMENT"),
to the Equity Registration Rights Agreement, dated as of June 30, 2000 (as
heretofore amended, supplemented or otherwise modified, the "REGISTRATION RIGHTS
AGREEMENT"), among ANC RENTAL CORPORATION, a Delaware corporation (the
"COMPANY"), and LEHMAN COMMERCIAL PAPER INC., as administrative agent under the
Amended and Restated Senior Loan Agreement, dated as of June 30, 2000 (the
"ADMINISTRATIVE AGENT").

                              W I T N E S S E T H:

                  WHEREAS, the Company has requested that the Administrative
Agent amend certain provisions of the Registration Rights Agreement; and

                  WHEREAS, the Administrative Agent has agreed to amend the
Registration Rights Agreement, but only upon the terms and subject to the
conditions set forth below;

                  NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein, and for other valuable consideration, the receipt
of which is hereby acknowledged, the Company and the Administrative Agent hereby
agree as follows:

         1. DEFINITIONS. All terms defined in the Registration Rights Agreement
shall have such defined meanings when used herein unless otherwise defined
herein.

         2. AMENDMENT TO SECTION 3(B)(I) (FILING OF SHELF REGISTRATION). Section
3(b)(i) of the Registration Rights Agreement is hereby amended by (a) deleting
the words "360 days following the Spin-Off Date" and substituting in lieu
thereof the words "15 days following the receipt of a written request from the
Administrative Agent or Holders of a majority in aggregate principal amount of
the Registrable Securities" and (b) deleting the words "90 days after the
Initial Maturity Date" and substituting in lieu thereof the words "105 days
after the receipt of such written request".

         3. AMENDMENT TO SECTION 3(B)(II) (LIQUIDATED DAMAGES). Clause 3(b)(ii)
of the Registration Rights Agreement is hereby amended by deleting the words "90
days from the Initial Maturity Date" and substituting in lieu thereof the words
"105 days after the receipt of a written request under Section 3(b)(i)".

         4. LIMITED AMENDMENT. Except as expressly amended herein, the
Registration Rights Agreement shall continue to be, and shall remain, in full
force and effect. This Amendment shall not be deemed to be a waiver of, or
consent to, or a modification or amendment of, any other term or condition of
the Registration Rights Agreement or to prejudice any other right or rights
which the Administrative Agent may now have or may have in the future under or
in connection with the Registration Rights Agreement or any of the instruments
or agreements referred to therein, as the same may be amended from time to time.

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         5. COUNTERPARTS. This Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts (which may include
counterparts delivered by facsimile transmission) and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.

         6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed and delivered by their respective duly authorized
officers as of the date first above written.

                                  ANC RENTAL CORPORATION

                                  By:   /s/ HOWARD D. SCHWARTZ
                                        -------------------------------------
                                        Name:   Howard D. Schwartz
                                        Title:  Sr. Vice President & Secretary

                                  LEHMAN COMMERCIAL PAPER INC.,
                                  as Administrative Agent

                                  By:   /s/ MICHELE SWANSON
                                        -------------------------------------
                                        Name:   Michele Swanson
                                        Title:  Authorized Signatory

                                       3<PAGE>   1
                                                                   EXHIBIT 10(h)

                      FIRST TENNESSEE NATIONAL CORPORATION
               DIRECTORS AND EXECUTIVES DEFERRED COMPENSATION PLAN
                   (AMENDED AND RESTATED AS OF JULY 17, 2001)

                                   I. PURPOSE

The purpose of the First Tennessee National Corporation Directors and Executives
Deferred Compensation Plan (hereinafter referred to as the "Plan") is to advance
the interests of First Tennessee National Corporation, and any successor
thereto, and its subsidiaries (hereinafter collectively referred to as the
"Company") by encouraging and enabling the Company to attract, motivate and
retain executives and nonemployee members of the Board of Directors.

                               II. EFFECTIVE DATE

The effective date of the Plan is July 1, 1985.

                                III. DEFINITIONS

         A.       "Accrual Account" means a bookkeeping account maintained for
each Participant which will reflect the sum of each deferral plus interest
payable at the Applicable Rate, compounded annually, on the original amount of
deferral less Interim Distributions, if any.

         B.       "Administrator", for the purpose of this agreement, means the
Vice President, Compensation.

         C.       "Applicable Rate" means that rate approved annually by the
Committee, to be not less than the Guaranteed Rate nor more than the Projected
Rate, which is credited on the Total Compensation deferred.

         D.       "Board" means the Board of Directors of First Tennessee
National Corporation.

         E.       "Base Salary" means the gross monthly salary paid to the
Participants, not including Nonemployee Directors.

         F.       "Cause." Termination by the Company of a Participant's
employment for "Cause" shall mean termination upon (a) the willful and continued
failure by a Participant to perform substantially his or her duties with the
Company (other than any such failure resulting from his or her incapacity due to
physical or mental illness) after a demand for substantial performance is
delivered to the Participant by the Chairman of the Board or President of the
Company which specifically identities the manner in which such executive
believes that the Participant has not substantially performed his or her duties,
or (b) the willful engaging by a Participant in illegal conduct which is
materially and demonstrably injurious to the Company. For purposes of this
subsection (F), no act, or failure to act,

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on a Participant's part shall be considered "willful" unless done, or omitted to
be done, by the Participant in bad faith and without reasonable belief that the
Participant's action or omission was in, or not opposed to, the best interests
of the Company. Any act, or failure to act, based upon authority given pursuant
to a resolution duly adopted by the Board or based upon the advice of counsel
for the Company shall be conclusively presumed to be done, or omitted to be
done, by a Participant in good faith and in the best interests of the Company.
It is also expressly understood that a Participant's attention to matters not
directly related to the business of the Company shall not provide a basis for
termination for Cause so long as the Board has approved the Participant's
engagement in such activities. Notwithstanding the foregoing, a Participant
shall not be deemed to have been terminated for Cause unless and until there
shall have been delivered to the Participant a copy of a resolution duly adopted
by the affirmative vote of not less than three quarters of the entire membership
of the Board at a meeting of the Board called and held for the purpose (after
reasonable notice to the Participant and an opportunity for Participant,
together with his or her counsel, to be heard before the Board), finding that in
the good faith opinion of the Board the Participant was guilty of the conduct
set forth above in (a) or (b) of this subsection (F) and specifying the
particulars thereof in detail.

         G.       "Change in Control" means the occurrence of any one of the
following events:

                  (i)  individuals who, on January 21, 1997, constitute the
         Board (the "Incumbent Directors") cease for any reason to constitute at
         least a majority of the Board, provided that any person becoming a
         director subsequent to January 21, 1997, whose election or nomination
         for election was approved by a vote of at least three-fourths (3/4) of
         the Incumbent Directors then on the Board (either by a specific vote or
         by approval of the proxy statement of the Company in which such person
         is named as a nominee for director, without written objection to such
         nomination) shall be an Incumbent Director; provided, however, that no
         individual elected or nominated as a director of the Company initially
         as a result of an actual or threatened election contest with respect to
         directors or as a result of any other actual or threatened solicitation
         of proxies or consents by or on behalf of any person other than the
         Board shall be deemed to be an Incumbent Director;

                  (ii) any "Person" (as defined under Section 3(a)(9) of the
         Securities Exchange Act of 1934, as amended (the "Exchange Act") and as
         used in Section 13(d) or Section 14(d) of the Exchange Act) is or
         becomes a "beneficial owner" (as defined in Rule 13d-3 under the
         Exchange Act), directly or indirectly, of securities of the Company
         representing 20% or more of the combined voting power of the Company's
         then outstanding securities eligible to vote for the election of the
         Board (the "Company Voting Securities"); provided, however, that the
         event described in this paragraph (ii) shall not be deemed to be a
         change in control by virtue of any of the following acquisitions: (A)
         by the Company or any entity in which the Company directly or
         indirectly beneficially owns more than 50% of the voting securities or
         interests (a "Subsidiary"), (B) by an employee stock ownership or
         employee benefit plan or trust sponsored or maintained by the Company
         or any Subsidiary, (C) by any underwriter temporarily holding
         securities pursuant to an offering of such securities, or (D) pursuant
         to a Non-Qualifying Transaction (as defined in paragraph (iii));

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                  (iii) the consummation of a merger, consolidation, share
         exchange or similar form of corporate transaction involving the Company
         or any of its Subsidiaries that requires the approval of the Company's
         shareholders, whether for such transaction or the issuance of
         securities in the transaction (a "Business Combination"), unless
         immediately following such Business Combination: (A) more than 50% of
         the total voting power of (x) the corporation resulting from such
         Business Combination (the "Surviving Corporation"), or (y) if
         applicable, the ultimate parent corporation that directly or indirectly
         has beneficial ownership of 100% of the voting securities eligible to
         elect directors of the Surviving Corporation (the "Parent
         Corporation"), is represented by Company Voting Securities that were
         outstanding immediately prior to the consummation of such Business
         Combination (or, if applicable, is represented by shares into which
         such Company Voting Securities were converted pursuant to such Business
         Combination), and such voting power among the holders thereof is in
         substantially the same proportion as the voting power of such Company
         Voting Securities among the holders thereof immediately prior to the
         Business Combination, (B) no person (other than any employee benefit
         plan sponsored or maintained by the Surviving Corporation or the Parent
         Corporation), is or becomes the beneficial owner, directly or
         indirectly, of 20% or more of the total voting power of the outstanding
         voting securities eligible to elect directors of the Parent Corporation
         (or, if there is no Parent Corporation, the Surviving Corporation) and
         (C) at least a majority of the members of the board of directors of the
         Parent Corporation (or, if there is no Parent Corporation, the
         Surviving Corporation) were Incumbent Directors at the time of the
         Board's approval of the execution of the initial agreement providing
         for such Business Combination (any Business Combination which satisfies
         all of the criteria specified in (A), (B) and (C) above shall be deemed
         to be a "Non-Qualifying Transaction"); or

                  (iv)  the shareholders of the Company approve a plan of
         complete liquidation or dissolution of the Company or a sale of all or
         substantially all of the Company's assets.

Notwithstanding the foregoing, a Change in Control of the Company shall not be
deemed to occur solely because any person acquires beneficial ownership of more
than 20% of the Company Voting Securities as a result of the acquisition of
Company Voting Securities by the Company which reduces the number of Company
Voting Securities outstanding; provided, that if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the Company
shall then occur.

         H.       "Committee", for the purpose of this agreement, means the
Human Resources Committee of the Board of Directors.

         I.       "Director's Compensation" means the total sum of fees and
retainer earned by a Nonemployee Director.

         J.       "Deferral and Acknowledgment Agreement" means an agreement
substantially in the form of Exhibit A attached hereto.

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         K.       "Guaranteed Rate" means the annualized rate on ten (10) year
United States Treasury obligations during each Plan Year as published by Data
Resources, Inc.

         L.       "Incentive Compensation" means the gross amount earned by a
Participant during the Plan Year under the Company's Management Incentive Plan,
Annual Bonus Plan or the Bond Division Management Bonus Plan.

         M.       "Nonemployee Director" means a member of the Board of
Directors of the Company who is not concurrently a common law employee of the
Company.

         N.       "Normal Retirement" means any termination by a Participant
after attaining the age of 65.

         O.       "Participant" means an individual who is authorized by the
Committee to participate in this Plan and who has executed a Deferral and
Acknowledgment Agreement.

         P.       "Plan Year" means (i) July 1, 1985 through December 31, 1985
and (ii) each and every calendar year thereafter.

         Q.       "Projected Rate" means that rate applicable to each
Participant group as set forth below which will be credited on each date for
which interest is to be credited under the Plan:

<TABLE>
<CAPTION>
          Attained Age At End of
         Year of Deferral Election             Projected Rate
         -------------------------             --------------
         <S>                                   <C>
                39 & Under                          19%
                40 - 44                             20%
                45 - 49                             21%
                50 - 54                             22%
                55 - 59                             23%
                60 & Over                           24%
</TABLE>

         R.       "Total Compensation" means the sum of Base Salary and
Incentive Compensation, or, in the case of a Nonemployee Director, the sum of
the Director's retainer and fees.

                                    IV. TERM

This plan is effective on the date hereof and shall be effective until
terminated by the Board; however, this Plan provides only for a deferral and
corresponding interest rate for the first Plan Year with subsequent deferrals
and corresponding interest rates to be approved by the Committee for each
separate Plan Year. This Plan may be amended, renewed, restated or extended for
additional Plan Years by the Committee and the Committee may in its sole
discretion, on the basis of financial or other considerations, not authorize the
execution of Deferral and Acknowledgment Agreements by Participants
prospectively deferring compensation for additional years. Notwithstanding the
foregoing, neither the termination nor any amendment of the Plan or any Deferral
and

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Acknowledgment Agreement shall, without the consent of the Participant, affect
the Participant's rights under any Deferral and Acknowledgment Agreement in
existence on the date of such termination or amendment.

                    V. DEFERRAL AND ACKNOWLEDGMENT AGREEMENT

         A.       Election to Defer. As hereinafter provided and subject to
acceptance by the Company, a Participant may elect to reduce the amount of Total
Compensation which will be paid to him or her during the Plan Year by executing
and delivering to the Company in a timely fashion a Deferral and Acknowledgment
Agreement. Notwithstanding anything herein to the contrary, during the ten
consecutive Plan Years commencing with the Plan Year with respect to which a
Participant is first authorized to participate in the Plan, such Participant may
elect to make no more than five deferrals. The preceding sentence does not
confer upon any Participant the right to make a deferral with respect to any
Plan Year; it merely places a limitation upon the total number of deferrals a
Participant may make if otherwise authorized to participate in the Plan, except
for Participants who are Nonemployee Directors who may elect to make no more
than six deferrals. Notwithstanding the 10-year limitation in this Section V(A),
employee Participants may make salary deferrals for the 1995 Plan Year unless
such a deferral would cause the Participant to exceed the five deferral
limitation.

         B.       Creation of Contractual Obligation. The Company, by acceptance
of a properly executed and timely delivered Deferral and Acknowledgment
Agreement agrees to pay to the Participant or his or her Designated Beneficiary,
as defined in Paragraph VII, the benefits described in Paragraph VI, which shall
be calculated based upon (i) the amount of the Total Compensation deferred by
each Participant, (ii) the interest rate established for the Plan Year by the
Committee applied to the amount deferred, (iii) the time which elapses between
the date of deferral and the date of the benefit payments, and (iv) other
factors established in this Plan and by the Committee.

         C.       Acceptance. The Administrator is authorized to accept and
approve a properly executed Deferral and Acknowledgment Agreement on behalf of
the Company.

         D.       Timing of Election. A Participant may execute and deliver to
the Company a Deferral and Acknowledgment Agreement:

         1.       on or before December 15 of any calendar year, however, such a
                  Deferral and Acknowledgment Agreement shall be effective to
                  reduce a Participant's Total Compensation only for the next
                  subsequent Plan Year;

         2.       in the first Plan Year only, on or before July 31, 1985,
                  however, such a Deferral and Acknowledgment Agreement may be
                  executed an delivered only by a Participant who is employed as
                  an employee or is a Nonemployee Director on June 1, 1985 and
                  is only effective to reduce a Participant's Total Compensation
                  earned during the period from the date of the execution and
                  delivery of the Deferral and Acknowledgment Agreement until
                  the end of the first Plan Year of this Plan;

         3.       notwithstanding any other provision of this Plan or any
                  Deferral and Acknowledgment

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                  Agreement, no Deferral and Acknowledgment Agreement shall be
                  effective to defer compensation which is earned by any
                  Participant on or before the date upon which the Deferral and
                  Acknowledgment Agreement is properly executed and timely
                  delivered to the Company.

         E.       Amount of Deferral. A Participant who is not a Nonemployee
Director may elect to defer during any Plan Year any dollar amount which is less
than or equal to thirty-five percent (35%) of a Participant's Total Compensation
applicable to the Plan Year. However, a Nonemployee Director may defer any
dollar amount which is less than or equal to one hundred percent (100%) of his
or her Director's Compensation. Notwithstanding any provision of any Deferral
and Acknowledgment Agreement or this Plan to the contrary, the Deferral and
Acknowledgment Agreement of a Participant shall be modified automatically if
necessary such that all actual reductions pursuant to his or her Deferral and
Acknowledgment Agreement are made from his or her Base Salary or Incentive
Compensation or, in the case of a Nonemployee Director, from his or her
Director's Compensation.

         F.       Accrual of Interest. Where applicable under the terms of this
Plan, interest on the amounts in an Accrual Account shall accrue interest at the
Applicable Rate, commencing on the date on which the Total Compensation deferred
under the Deferral and Acknowledgment Agreement would have been paid. The
Applicable Rate may be adjustable only on an annual basis, effective January 1
of each Plan Year; provided, however, that no adjustment to the Applicable Rate
may affect amounts previously accrued. Notwithstanding the provisions of the
prior sentence, the Applicable Rate will be replaced by the Guaranteed Rate if
the Plan otherwise requires a recalculation of interest at the Guaranteed Rate.
The Applicable Rate for the first Plan Year shall be the Projected Rate and
shall remain so unless adjusted by the Committee as set forth herein.

                             VI. PAYMENT OF BENEFITS

         A.       Retirement Benefit. If a Participant terminates employment
with the Company and such termination constitutes a Normal Retirement, then the
Company shall pay to the Participant the monthly benefit defined in Paragraph 2
of each of his or her Deferral and Acknowledgment Agreements on those dates
specified in this paragraph. The first benefit payable under Paragraph 2 of a
Deferral and Acknowledgment Agreement shall be paid on the thirty-first (31st)
day of January following the calendar year in which the Participant attains
Normal Retirement. Notwithstanding the foregoing, any Deferral and
Acknowledgment Agreement executed by a Participant which defers compensation
which would otherwise be payable to the Participant in or after the Plan Year in
which he or she attains Normal Retirement shall provide that the first benefit
payable shall be paid on the thirty-first (31st) day of January following the
later of (i) the fifth (5th) anniversary of the date upon which the Deferral and
Acknowledgment Agreement is accepted by the Company or (ii) his or her Normal
Retirement.

         B.       Alternative Retirement Benefit. If a Participant, prior to a
Change in Control, is, on the date of Normal Retirement, or becomes thereafter,
but prior to a Change in Control, a proprietor, officer, partner, or employee
of, or otherwise is or becomes, prior to a Change in Control, affiliated with
any business that is in competition with the Company, then, upon that date, no
further benefit

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payments shall be made to the Participant or any other person under any
provision of this Plan, except that, the Participant shall be paid in lump sum
on the thirty-first (31st) day of January following that date, an amount equal
to the value of the Accrual Account recalculated over the entire period of
deferral at an interest rate equal to the Guaranteed Rate, compounded annually,
from the date on which the deferred compensation would have been paid to the
date on which the act occurs or status is first attained. In the event Interim
Distributions are made to the Participant, said payments shall reduce the amount
to which the Guaranteed Rate is applied. If the above calculation results in a
negative amount, such amount shall not be collected from, or enforced against
the Participant as a claim by the Company.

         C.       Interim Distributions. A Participant shall be paid the
benefits defined in Paragraph 3 of his or her Deferral and Acknowledgment
Agreement on those dates stated in that paragraph of each Deferral and
Acknowledgment Agreement (hereinafter referred to as "Interim Distributions").
However, no Interim Distribution shall be paid to any Participant as a result of
the Deferral and Acknowledgment Agreement if the Participant is age fifty-eight
(58) or older on any day during the Plan Year in which a Deferral and
Acknowledgment Agreement is executed. No Interim Distribution shall be paid to a
Participant on or after the date upon which the Participant or his or her
Designated Beneficiary receives any benefit or payment under any other paragraph
of this Plan or any other paragraph of his or her Deferral and Acknowledgment
Agreement.

         D.       Pre-Retirement, Pre-Disability Death Benefit. If a Participant
dies on or before the date upon which he or she is first entitled to receive a
benefit under this paragraph, then his or her Designated Beneficiary, as defined
in Paragraph VII, shall be paid in lump sum or, at the discretion of the
Administrator, in five (5) annual installments with interest paid on the unpaid
balance at the Applicable Rate, an amount equal to the value of the Accrual
Account. In the event Interim Distributions are made to the participant, said
payments shall reduce the amount to which the Applicable Rate is applied. If the
above calculation results in a negative amount, such amount shall not be
collected from or enforced against the Designated Beneficiary or the
Participant's estate as a claim by the Company. If the Participant's Designated
Beneficiary receives or is entitled to receive a benefit hereunder, then no
person or persons shall receive or be entitled to receive any benefit or payment
under any other paragraph of this Plan or under any Deferral and Acknowledgment
Agreement, notwithstanding any other provision of this Plan or any Deferral and
Acknowledgment Agreement. The benefit payable under this paragraph, if lump sum,
shall be paid on the thirty-first day of January following the Participant's
date of death (including interest thereon at the Applicable Rate). In the event
installment payments are elected, said payments shall commence on the
thirty-first day of January following the Participant's death and continue
thereafter on January 31st of each successive year.

         E.       Pre-Retirement Disability Benefit. If a Participant suffers a
Disability or becomes Disabled, as those terms are defined in the First
Tennessee National Corporation Long Term Disability Income Plan, as amended from
time to time, prior to that date upon which he or she receives or is entitled to
receive a benefit under this paragraph, then he or she shall be paid by the
Company in lump sum, or at the discretion of the Administrator, in five (5)
annual installments with interest paid on the unpaid balance at the Applicable
Rate, an amount equal to the value of the Accrual Account. In the event Interim
Distributions are made to a Participant, said payments shall

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reduce the amount to which the Applicable Rate is applied. If the above
calculation results in a negative amount, such amount shall not be collected
from, or enforced against the Participant as a claim by the Company. If the
Participant receives or is entitled to receive a benefit hereunder, then no
person or persons shall receive or be entitled to receive any benefit or payment
under any other paragraph of this Plan or under any Deferral and Acknowledgment
Agreement, notwithstanding any other provisions of this Plan or any Deferral and
Acknowledgment Agreement. The benefit payable under this paragraph, if lump sum,
shall be paid on the thirty-first (31st) day of January following the
Participant's date of Disability (including interest thereon at the Applicable
Rate). In the event installments payments are elected, said payments shall
commence on the thirty-first day of January following the Participant's
Disability and continue thereafter on January 31st of each successive year.

         F.       Termination of Employment Prior to Retirement. If a
Participant, prior to a Change in Control, terminates employment with the
Company or is terminated by the Company for Cause and if such termination is
prior to death, disability and Normal Retirement (and is not pursuant to Section
VI. G.), then he or she shall be paid in lump sum on the thirty-first (31st) day
of January following his or her date of termination an amount equal to the value
of the Accrual Account recalculated over the entire period of deferral at an
interest rate equal to the Guaranteed Rate, compounded annually, from the date
on which the deferred compensation would have been paid to the date on which the
benefit herein is paid. In the event Interim Distributions are made, said
payments shall reduce the amount to which the Guaranteed Rate is applied. If the
above calculation results in a negative amount, such amount shall not be
collected from, or enforced against the Participant as a claim by the Company.
If the Participant receives or is entitled to receive a benefit hereunder, then
no person or persons shall then or thereafter receive any benefit or payment
under any other paragraph of this Plan or any Deferral and Acknowledgment
Agreement, notwithstanding any other provision of this Plan or any Deferral and
Acknowledgment Agreement. Notwithstanding the foregoing, if the Participant's
termination occurs prior to a Change in Control and prior to death, disability
and Normal Retirement and is as the result of any reason other than voluntary
termination, or a termination by the Company for Cause, then the value of the
Accrual Account distributed to such Participant shall be calculated over the
entire period of deferral at the Applicable Rate.

         G.       Early Retirement Benefit. If a Participant other than a
Nonemployee Director terminates employment with the Company after the date on
which he or she qualifies for early retirement (as such term is defined in the
First Tennessee National Corporation Pension Plan or upon satisfaction of a
"Rule of 75," where the sum of a Participant's age and years of service with the
Company equals at least 75), or if a Participant who is a Nonemployee Director
terminates as a director of the Company after at least 10 years of service as a
director of the Company, then the Participant shall be entitled to receive a
monthly benefit as described in paragraph 2 of each of his or her Deferral and
Acknowledgment Agreements (or at the discretion of the Committee, a lump sum
payment equal to the value of the Accrual Account), however, the Accrual Account
shall be recalculated over the entire period of deferral using an interest rate
equal to the Guaranteed Rate (unless a higher rate is approved by the
Committee). In addition, said benefit shall commence on the later of (i) the
thirty-first (31st) day of January following the calendar year in which the
Participant commences early retirement, or (ii) the January 31 of the year
immediately following the fifth anniversary of the execution date of the
Deferral and Acknowledgment Agreement (unless an earlier or later date, which is
prior to or coincident with the Participant's attainment of the age of 65, is

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approved by the Committee). In the event Interim Distributions are made, said
payments shall reduce the amount to which the Guaranteed Rate is applied. If the
above calculation results in a negative amount, such amount shall not be
collected from, or enforced against the Participant as a claim by the Company.
If the Participant receives or is entitled to receive a benefit hereunder, then
no person or persons shall then or thereafter receive any benefit or payment
under any other paragraph of this Plan or any Deferral and Acknowledgment
Agreement, notwithstanding any other provision of this Plan or any Deferral and
Acknowledgment Agreement.

         H.       Change in Control.

         (i) This Section VI.H(i) applies solely to Participants who are current
         or former Nonemployee Directors. After a Change in Control, the value
         of the Accrual Account distributed to a Participant or to the trustee
         of a trust for the benefit of one or more Participants shall be
         calculated over the entire period of deferral through the date of the
         Change in Control at the Applicable Rate. Thereafter, interest shall
         accrue at the Applicable Rate unless the Participant voluntarily
         terminates or is terminate by the Company for Cause, in which case
         interest shall accrue from the date of the Change in Control at the
         Guaranteed Rate. Thus, if a Participant's termination occurs on or
         after a Change in Control and is the result of any reason other than a
         voluntary termination or a termination by the Company for Cause, then
         the value of the Accrual Account distributed to such Participant shall
         be calculated over the entire period of deferral at the Applicable
         Rate.

         (ii) Notwithstanding any provision of this Plan to the contrary, in the
         event a Change in Control or "Pre-Change in Control Date" (as defined
         below) occurs, the Company shall make a lump sum payment (a "Payment")
         to each Participant other than current or former Nonemployee Directors
         (except as provided below) on a date (the "Payment Date") no later than
         2 business days after the Change in Control has occurred (or, if an
         agreement to effectuate a Change in Control pursuant to a Business
         Combination has been executed, on the date (the "Pre-Change in Control
         Date") that is the third business day prior to the date the Chief
         Executive Officer of the Company believes in good faith will be the
         effective date of the Change in Control, but in any event prior to the
         effective date of such Change in Control). For purposes of this Section
         VI.H (ii), "Determination Date" shall mean the date of the Change in
         Control (or, if an agreement to effectuate a Change in Control pursuant
         to a Business Combination has been executed, the date one month prior
         to the date such agreement was executed). If a Payment is to be made,
         the amount of the Payment shall be determined as follows:

         (1)      (a) If on the Payment Date a Participant is (I) employed by
                  the Company or any Subsidiary (provided that any Participant
                  whose employment is terminated by the Company other than for
                  Cause (as defined below) on or after the Determination Date
                  shall be deemed solely for purposes of this Section
                  VI.H(ii)(1)(a) to be employed on the Payment Date by the
                  Company or any Subsidiary), (II) receiving or entitled to
                  receive benefits under Section VI.A, or (III) otherwise
                  designated by the Committee as eligible to receive benefits
                  under this Section VI.H(ii)(1)(a), the Company shall pay on
                  the Payment Date to such Participant a Payment in an amount
                  equal to the present

                                       9
<PAGE>   10

                  value as of the Payment Date of the remaining scheduled
                  Interim Distributions and retirement distributions to be made
                  to such Participant as of December 31, 1996 (based upon
                  assumed continued accruals at an interest rate equal to the
                  Applicable Rate effect on December 31, 1996, as disclosed to
                  such Participant by the Company in its statement of benefits
                  under this Plan), to the extent such distributions have not
                  been made; provided, that in the event a Participant eligible
                  for a Payment under this Section VI.H(ii)(1)(a) has already
                  received prior to the Payment Date a lump sum benefit under
                  Section VI.F, the amount of Payment to such Participant shall
                  be an amount equal to the excess, if any, of (x) the amount of
                  the Payment determined under this Section VI.H(ii)(1)(a)
                  (without regard to this proviso), over (y) the amount of the
                  lump sum benefit already received pursuant to Section VI.F.
                  For purposes of this Section VI.H(ii)(1)(a), the "present
                  value" shall be determined on an interest-only basis (i.e.,
                  without discount for mortality) using a discount rate of 4.2%,
                  compounded annually (see Exhibit B for an illustration of such
                  present value calculation).

                  (b) For purposes of Section VI.H(ii), termination by the
                  Company of a Participant's employment for "Cause" shall mean
                  termination upon (I) the willful and continued failure by such
                  Participant to perform substantially such Participant's duties
                  with the Company (other than any such failure resulting from
                  such Participant's incapacity due to physical or mental
                  illness) after a written demand for substantial performance is
                  delivered to such Participant by the Chairman of the Board,
                  Chief Executive Officer or President of the Company which
                  specifically identifies the manner in which such person
                  believes that such Participant has not substantially performed
                  such Participant's duties, which failure to perform causes
                  material and demonstrable economic harm to the Company or its
                  Affiliates (as defined below), (II) the willful engaging by
                  such Participant in illegal conduct which is materially and
                  demonstrably injurious to the Company, or (III) the conviction
                  of such Participant of, or a plea of guilty or nolo contendere
                  by such Participant to, a felony. For purposes of this Section
                  VI.H(ii)(1)(b), no act, or failure to act, on such
                  Participant's part shall be considered "willful" unless done,
                  or omitted to be done, by such Participant in bad faith and
                  without reasonable belief that such Participant's action or
                  omission was in, or not opposed to, the best interests of the
                  Company or its Affiliates. Any act, or failure to act, based
                  upon authority given pursuant to a resolution duly adopted by
                  the Board or based upon the advice of counsel for the Company
                  or upon the instructions of the Chief Executive Officer or
                  other senior executive officer of the Company shall be
                  conclusively presumed to be done, or omitted to be done, by
                  such Participant in good faith and in the best interests of
                  the Company and its Affiliates. For purposes of this Section
                  VI.H(ii)(1)(b), "Affiliate" means any person directly or
                  indirectly controlling, controlled by, or under common control
                  with the Company. It is also expressly understood that such
                  Participant's attention to matters or such Participant's
                  engagement in activities not directly related to the business
                  of the Company shall not provide a basis for termination for
                  Cause so long as the Board has approved such Participant's
                  engagement in such activities prior to or following a Change
                  in Control. Notwithstanding the foregoing, in the case of
                  clause (I) or (II) of this Section

                                       10
<PAGE>   11

                  VI.H(ii)(1)(b), such Participant shall not be deemed to have
                  been terminated for Cause unless and until there shall have
                  been delivered to such Participant a copy of a resolution duly
                  adopted by the affirmative vote of not less than three-fourths
                  (3/4) of the entire membership of the Board (excluding such
                  Participant if such Participant is a Board member) at a
                  meeting of the Board called and held for such purpose (after
                  reasonable notice to such Participant and an opportunity for
                  such Participant, together with such Participant's counsel, to
                  be heard before the Board), finding that in the good faith
                  opinion of the Board such Participant was guilty of the
                  conduct set forth above in clause (I) or (II) of this Section
                  VI.H(ii)(1)(b) and specifying the particulars thereof in
                  detail. The Company must notify such Participant of any event
                  constituting Cause within ninety (90) days following the
                  Company's knowledge of its existence or such event shall not
                  constitute Cause under this Section VI.H(ii)(1)(b).

         (2)      If on the Payment Date a Participant is (a) entitled to
                  receive a lump sum benefit under Section VI.B or (b) entitled
                  to receive a lump sum benefit under Section VI.F (other than
                  any Participant eligible to receive a Payment pursuant to the
                  proviso in clause (I) of Section VI.H(ii)(1)(a)), the Company
                  shall pay on the Payment Date to such Participant a Payment in
                  an amount equal to the amount of such lump sum benefit
                  otherwise payable under such applicable Section to such
                  Participant (with continued interest accruals through the
                  Payment Date only).

         (3)      If on the Payment Date a Participant is receiving or entitled
                  to receive benefits under Section VI.G (other than any
                  Participant designated by the Committee as eligible to receive
                  benefits under Section VI.H(ii)(1)(a)(III) above), the Company
                  shall pay on the Payment Date to such Participant a Payment in
                  an amount equal to the unpaid balance as of the Payment Date
                  of the Accrual Account (as recalculated under Section VI.G) in
                  respect of such Participant; provided, that if such
                  Participant has begun receiving monthly payments under Section
                  VI.G, the Payment shall be in an amount equal to the present
                  value as of the Payment Date of the remaining monthly payments
                  to be made to such Participant under Section VI. G. For
                  purposes of this Section VI.H(ii)(3), the "present value"
                  shall be determined in the same manner as under Section
                  VI.H(ii)(1)(a), except that the discount rate of 4.2% shall be
                  replaced by the discount rate used to determine (under such
                  Participant's applicable Deferral and Acknowledgment Agreement
                  or Agreements) the monthly payments that are currently being
                  paid to such Participant.

         (4)      If on the Payment Date a Participant (or such Participant's
                  Designated Beneficiary) is receiving or entitled to receive a
                  benefit under Section VI.D or Section VI.E, the Company shall
                  pay on the Payment Date to such Participant (or such
                  Participant's Designated Beneficiary) a Payment in an amount
                  equal to the amount of such lump sum benefit otherwise payable
                  under such applicable Section to such Participant (or such
                  Participant's Designated Beneficiary) (with continued interest
                  accruals through the Payment Date only); provided, that if
                  such Participant (or such Participant's Designated
                  Beneficiary) is scheduled to receive such benefit in
                  installments, the

                                       11
<PAGE>   12

                  Company shall pay to such Participant (or such Participant's
                  Designated Beneficiary) the unpaid balance as of the Payment
                  Date of the Accrual Account in respect of such Participant;
                  provided, further, that if such Participant (or such
                  Participant's Designated Beneficiary) has begun to receive
                  installment payments under Section VI.D or Section VI.E, the
                  Payment shall be in an amount equal to the present value as of
                  the Payment Date of the remaining installment payments to be
                  made to such Participant under such applicable Section. For
                  purposes of this Section VI.H(ii)(4), the "present value"
                  shall be determined in the same manner as under Section
                  VI.H(ii)(1)(a), except that the discount rate of 4.2% shall be
                  replaced by the discount rate used by the Administrator to
                  determine the installment payments that are currently being
                  paid to such Participant.

                  If any Participant receives a payment pursuant to this Section
                  VI.H(ii), then no persons or persons shall receive or be
                  entitled to receive any benefit or payment under any other
                  paragraph of this Plan or under any Deferral and
                  Acknowledgment Agreement, notwithstanding any other provision
                  of this Plan or any Deferral and Acknowledgment Agreement.

         (iii) The provisions of Section VI.H(ii) shall not apply to a
         Participant who is a current or former Nonemployee Director; provided,
         however, that the provisions of Section VI.H(ii) shall apply to the
         extent any Participant defers Base Salary or Incentive Compensation
         earned while such Participant was not a Nonemployee Director.

                          VII. BENEFICIARY DESIGNATION

Upon the death of the Participant, any benefit or benefits remaining to be paid
to the Participant under the terms and conditions of this Plan, shall be paid to
that person or persons designated by the Participant in the Deferral and
Acknowledgment Agreement governing said benefit or benefits. If no Designated
Beneficiary has been chosen by the Participant or if no Designated Beneficiary
is then living on the date of the Participant's death, then the remaining
benefit or benefits shall be paid to the personal representative, executor, or
administrator of the Participant's estate who shall be deemed to be a Designated
Beneficiary.

                           VIII. RECALCULATION EVENTS

         A.       Treatment of This Plan Under Applicable Federal Income Tax
Laws. The adoption and maintenance of the Plan is conditioned upon (i) the
applicability of Section 451 (a) of the Internal Revenue Code of 1986 ("Code")
to the Participant's recognition of gross income as a result of his or her
participation, (ii) the fact that Participants will not recognize gross income
as a result of participation in this Plan until and to the extent that benefits
are received, (iii) the applicability of Code Section 404(a)(5) to the
deductibility of the amounts paid to Participants hereunder, (iv) the fact that
the Company will not receive a deduction for amounts credited to any accounting
reserve created as a result of this Plan until and only to the extent that
benefits are paid, and (v) the very limited applicability of the provisions of
the Employee Retirement Income Security Act of 1974. If

                                       12
<PAGE>   13

the Internal Revenue Service, the Department of Labor or any court determines or
find as a fact or legal conclusion that any of the above conditions is untrue
and issues or intends to issue an assessment, determination, opinion or report
stating such, or if the opinion of the legal counsel of the Company based upon
legal authorities then existing is that any of the above assumptions is
incorrect, then, if the Committee so elects, a Recalculation Event shall be
deemed to have occurred. If a Recalculation Event occurs under this or any other
section of this Plan, then the Participant thereafter, or a Designated
Beneficiary, shall be paid benefits on the dates stated in Paragraph VI, herein,
or in the Deferral and Acknowledgment Agreement; however, the amount of each
benefit stated in Paragraphs 2 and 3 of the Deferral and Acknowledgment
Agreement shall be recalculated and restated, at the Committee's discretion,
using a rate of interest not less than the Guaranteed Rate nor more than the
Projected Rate on each date upon which interest should have been or will be
calculated, compounded annually. If the Participant receives or is entitled to
receive a benefit as a result of the occurrence of a Recalculation Event, then
no person or persons shall receive or be entitled to receive any benefit or
payment under any other Paragraph of this Plan or under any Deferral and
Acknowledgment Agreement, notwithstanding any other provision of the Plan or the
Deferral and Acknowledgment Agreement.

         B.       Changes in the Internal Revenue Code of 1986. Subsequent to
December 15, 1992, and prior to a Change in Control, (1) if Code Section 11(b)
is deleted or amended or a surtax or other addition to tax is imposed hereafter
and, as a result thereof, the amount of federal income tax imposed on taxable
income of corporations in excess of One Hundred Thousand Dollars ($100,000) is
less than thirty-four percent (34%), (2) if a tax is imposed by the federal
government on income, sales, consumption, or the value of goods and services
which is not currently contained in the Code, or (3) if the Code is amended or
restated so extensively that in the opinion of the legal counsel of the Company
the tax treatment of this Plan to the Company has materially changed to the
detriment of the Company, then, if the Committee so elects, a Recalculation
Event shall be deemed to have occurred and a benefit will be payable only as
described in Paragraph VIII.A.

                      [Plan does not contain a Section IX.]

                               X. CLAIMS PROCEDURE

         A.       Administration. The Plan shall be administered by the
Administrator.

         B.       Benefit Payments. All benefits described in this Plan shall be
paid when due. In the event the Participant or Designated Beneficiary fails to
receive a benefit which he or she feels is due, a written claim for the benefit
shall be submitted in writing to the Administrator. The Administrator shall
review the claim when filed and advise the claimant as to whether the claim is
approved or denied. If the claim is wholly or partially denied, the
Administrator shall furnish a written denial within 90 days after receipt of the
filed claim unless special circumstances required an extension of time for
processing the claim, in which case the Administrator shall furnish the written
denial within 180 days after receipt of the filed claim. The written denial
shall contain (a) the specific reason or reasons for denial; (b) specific
reference to pertinent Plan provisions on which the denial is based; (c) a
description of any additional information necessary for the claimant to perfect
the claim and an

                                       13
<PAGE>   14

explanation of why such material or information is necessary; and (d)
appropriate information as to the steps to be taken if the claimant wishes to
appeal the denial of the claim.

         C.       Appeal. The claimant may appeal the denial of the claim to the
Committee within 90 days after receipt of such decision. The appeal shall be in
writing addressed to the Committee and shall state the reason why it should
grant the appeal. The Committee shall conduct a full and fair review of the
claim and shall issue its decision within 60 days of the receipt of the appeal
unless there are special circumstances, in which case a decision shall be
rendered within 120 days of the receipt of the appeal. The Committee's decision
shall be in writing, stating the reasons therefor and shall make specific
references to the pertinent Plan provisions on which the decision is based.

         D.       Binding Effect. The Committee's decision upon appeal, or the
Administrator's initial decision if no appeal is taken, shall be final,
conclusive and binding on all parties.

         E.       Claims after Change in Control. Notwithstanding anything in
Section X to the contrary, after a Change in Control:

         1.       Subsection (D) shall be inoperative;

         2.       the "90" and "180" day periods in subsection (B) shall be
                  changed to "15" and "30" day periods, respectively;

         3.       the "90", "60" and "120" day periods in subsection (C) shall
                  be changed to "30", "15", and "30" day periods, respectively;
                  and

         4.       if the claim has not been wholly approved within 90 days after
                  receipt by the Administrator, then the claimant may bring a
                  lawsuit in a court of competent jurisdiction to enforce
                  claimant's rights under the Plan. All attorneys' fees and all
                  other costs and expenses incurred by claimant in connection
                  with such litigation shall be the obligation of and shall be
                  paid on a timely basis by the Company regardless of whether
                  claimant prevails in such litigation.

                          XI. MISCELLANEOUS PROVISIONS

         A.       Governing Law. This Plan and the Deferral and Acknowledgment
Agreements are subject to the laws of the State of Tennessee.

         B.       Successors This Plan shall bind any successor of the Company,
its assets or its businesses (whether direct or indirect, by purchase, merger,
consolidation or otherwise), in the same manner and to the same extent that the
Company would be obligated under this Plan if no succession had taken place. In
the case of any transaction in which a successor would not by the foregoing
provision or by operation of law be bound by this Plan, the Company shall
require such successor expressly and unconditionally to assume and agree to
perform the Company's obligations under this Plan, in the same manner and to the
same extent that the Company would be required to perform if

                                       14
<PAGE>   15

no such succession had taken place. The term "Company," as used in the Plan,
shall mean the Company as hereinbefore defined and any successor or assignee to
the business or assets which by reason hereof becomes bound by this Plan.

         C.       Discharge of Company's Obligation. The payment by the Company
of the benefits due under each and every Deferral and Acknowledgment Agreement
to the Participant or to the Designated Beneficiary discharges the Company's
obligations hereunder, and the Participant has no further rights under this Plan
or the Deferral and Acknowledgment Agreements upon receipt by the appropriate
person of all benefits.

         D.       Social Security and Income Tax Withholding. The Participants
agree as a condition of participation hereunder that the Company may withhold
federal, state, and local income taxes and Social Security taxes from any
distribution or benefit paid hereunder.

         E.       Notice; Delivery of Deferral and Acknowledgment Agreement. Any
notice required to be delivered hereunder and any Deferral and Acknowledgment
Agreement is properly delivered to the Company when personally delivered to, or
actually received from the United States mail, postage prepaid, by the
Administrator.

         F.       Nature of Obligations Created Hereunder. The Participants
agree as a condition of participation hereunder that:

         1.       the Company only has a contractual obligation to make payments
                  to or on behalf of the Participants, and the rights of
                  Participants under this Plan and the Deferral and
                  Acknowledgment Agreements are no greater than the rights of
                  any general unsecured creditor of the Company;

         2.       to the extent that any person, other than a Participant,
                  acquires a right to receive payments from the Company under
                  this Plan or any Deferral and Acknowledgment Agreement, such
                  right is no greater than the rights of any general unsecured
                  creditor of the Company;

         3.       nothing contained in this Plan or any Deferral and
                  Acknowledgment Agreement shall create or be construed to
                  create a trust of any kind or a fiduciary relationship between
                  the Company and any Participant;

         4.       the rights of any Participant may not be sold, assigned,
                  transferred, pledged, or encumbered, nor shall any interest of
                  the Participant be liable to the claim of any creditor of the
                  Participant or subject to any judicial process involving the
                  Participant;

         5.       no Participant shall have any rights in any specific assets of
                  the Company, and any accounting reserve established as a
                  result of the Plan only reflects a contractual obligation of
                  the Company on its books of accounting and does not constitute
                  a segregated fund of assets or separation of assets, and the
                  obligations of the Company

                                       15
<PAGE>   16

                  only are payable from its operating assets at the time the
                  payment is due.

         6.       neither this Plan nor any Deferral and Acknowledgment
                  Agreement constitutes a modification of the employment
                  conditions of any Participant, and no right to continued
                  employment is created by this Plan or the Deferral and
                  Acknowledgment Agreement.

         G.       Non-Uniform Determinations. The Committee's determinations
under the Plan need not be uniform and may be made by it selectively among
persons who receive, or are eligible to receive, benefits under the Plan,
regardless of whether such persons are similarly situated.

                                       16

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