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                                                                   EXHIBIT 10.30

                                NATIONSRENT, INC.
                           THIRD AMENDED AND RESTATED
                             1998 STOCK OPTION PLAN

         1.       ESTABLISHMENT, EFFECTIVE DATE AND TERM

         NationsRent, Inc., a Delaware corporation (the "Company") hereby
establishes the "NationsRent, Inc. 1998 Stock Option Plan" (the "Plan"). The
effective date of the Plan shall be August 6, 1998 (the "Effective Date"), which
is the date that the Plan was approved and adopted by the Board of Directors of
the Company (the "Board") and the stockholders of the Company. The Plan was
amended by the Board of Directors on June 16, 1999, March 27, 2000 and April 6,
2001, which amendments were approved by the stockholders of the Company on July
21, 1999, May 12, 2000 and May 24, 2001, respectively, and incorporated into the
Plan. Unless earlier terminated pursuant to Section 17 hereof, the Plan shall
terminate on August 6, 2008.

         2.       PURPOSE

         The purpose of the Plan is to advance the interests of the Company by
providing Eligible Individuals (as defined in Section 5 below) with an
opportunity to acquire or increase a proprietary interest in the Company, which
thereby will create a stronger incentive to expend maximum effort for the growth
and success of the Company and its subsidiaries, and will encourage such
individuals to remain in the employ of the Company or one or more of its
subsidiaries.

         3.       TYPE OF OPTIONS

         Each stock option granted under the Plan (an "Option") may be
designated by the Board, in its sole discretion, either as (i) an "incentive
stock option" ("Incentive Stock Options") within the meaning of Section 422 of
the Internal Revenue Code of 1986, as amended from time to time (the "Code"), or
(ii) as a non-qualified option which is not intended to meet the requirements of
Section 422 of the Code; PROVIDED that Incentive Stock Options may only be
granted to employees of the Company or any "subsidiary corporation" as defined
in Section 424 of the Code (a "Subsidiary"). In the absence of any designation,
Options granted under the Plan will be deemed to be non-qualified options. The
Plan shall be administered and interpreted so that all incentive stock options
granted under the plan will qualify as incentive stock options under Section 422
of the Code. Options designated as Incentive Stock Options that fail to continue
to meet the requirements of Section 422 of the Code shall be redesignated as
non-qualified options automatically on the date of such failure to continue to
meet such requirements without further action by the Board.

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         4.       ADMINISTRATION

         (a)      BOARD. The Plan shall be administered by the Board, which
                  shall have the full power and authority to take all actions,
                  and to make all determinations required or provided for under
                  the Plan or any Option granted or Option Agreement (as defined
                  in Section 9 below) entered into under the Plan and all such
                  other actions and determinations not inconsistent with the
                  specific terms and provisions of the Plan deemed by the Board
                  to be necessary or appropriate to the administration of the
                  Plan or any Option granted or Option Agreement entered into
                  hereunder. The Board may correct any defect or supply any
                  omission or reconcile any inconsistency in the Plan or in any
                  Option Agreement in the manner and to the extent it shall deem
                  expedient to carry the Plan into effect and shall be the sole
                  and final judge of such expediency. All such actions and
                  determinations shall be by the affirmative vote of a majority
                  of the members of the Board present at a meeting at which any
                  issue relating to the Plan is properly raised for
                  consideration or without a meeting by written consent of the
                  Board executed in accordance with the Company's Certificate of
                  Incorporation and By-laws and applicable law. The
                  interpretation and construction by the Board of any provision
                  of the Plan or of any Option granted or Option Agreement
                  entered into hereunder shall be final and conclusive.

         (b)      COMMITTEE. The Board may, in its discretion, from time to time
                  appoint a Stock Option Committee (the "Committee") consisting
                  of not less than two members of the Board, none of whom shall
                  be an officer or other salaried employee of the Company or any
                  Subsidiary, and each of whom shall qualify in all respects as
                  a "non-employee director" as defined in Rule 16b-3 promulgated
                  under the Securities Exchange Act of 1934, as amended (the
                  "Exchange Act"), and an "outside director" for purposes of
                  Section 162(m) of the Code. The Board, in its sole discretion,
                  may provide that the role of the Committee shall be limited to
                  making recommendations to the Board concerning any
                  determinations to be made and actions to be taken by the Board
                  pursuant to or with respect to the Plan, or the Board may
                  delegate to the Committee such powers and authorities related
                  to the administration of the Plan, as set forth in Section
                  4(a) above, as the Board shall determine, consistent with the
                  Certificate of Incorporation and By-laws of the Company and
                  applicable law. The Board may remove members, add members, and
                  fill vacancies on the Committee from time to time, all in
                  accordance with the Company's Certificate of Incorporation and
                  By-laws, and with applicable law. The majority vote of the
                  Committee, or acts reduced to or approved in writing by a
                  majority of the members of the Committee, shall be the valid
                  acts of the Committee.

         (c)      NO LIABILITY. No member of the Board or of the Committee shall
                  be liable for any action or determination made in good faith
                  with respect to the Plan or any Option granted or Option
                  Agreement entered into hereunder.

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         (d)      DELEGATION TO THE COMMITTEE. In the event that the Plan or any
                  Option granted or Option Agreement entered into hereunder
                  provides for any action to be taken by or determination to be
                  made by the Board, such action may be taken by or such
                  determination may be made by the Committee if the power and
                  authority to do so has been delegated to the Committee by the
                  Board as provided for in Section 4(b) above. Unless otherwise
                  expressly determined by the Board, any such action or
                  determination by the Committee shall be final and conclusive.

         5.       COMMON STOCK

         The capital stock of the Company that may be issued pursuant to Options
granted under the Plan shall be shares of common stock, $.01 par value, of the
Company (the "Common Stock"), which shares may be treasury shares or authorized
but unissued shares. The total number of shares of Common Stock that may be
issued pursuant to Options granted under the Plan shall be 12,000,000 shares,
subject to adjustment as provided in Section 18 below. If any Option expires,
terminates, or is terminated or canceled for any reason prior to exercise in
full, the shares of Common Stock that were subject to the unexercised portion of
such Option shall be available for future Options granted under the Plan.

         6.       ELIGIBILITY

         Options may be granted under the Plan to any employee or director
(employee and non-employee directors) of the Company or any Subsidiary, as well
as to any independent contractor or consultant performing services for the
Company or any Subsidiary as determined by the Board from time to time on the
basis of their importance to the business of the Company or any Subsidiary
(collectively, "Eligible Individuals"), provided that Incentive Stock Options
may only be granted to employees of the Company and its Subsidiaries. An
individual may hold more than one Option, subject to such restrictions as are
provided herein.

         7.       GRANT OF OPTIONS

         (a)      GENERAL. Subject to the terms and conditions of the Plan, the
                  Board may, at any time and from time to time, prior to the
                  date of termination of the Plan, grant to such Eligible
                  Individuals as the Board may determine ("Optionees"), Options
                  to purchase such number of shares of Common Stock on such
                  terms and conditions as the Board may determine. The date on
                  which the Board approves the grant of an Option (or such later
                  date as is specified by the Board) shall be considered the
                  date on which such Option is granted. The maximum number of
                  shares of Common Stock subject to Options that may be granted
                  during any calendar year under the Plan to any executive
                  officer or other employee of the Company or any Subsidiary
                  whose compensation is or may be subject to Section 162(m) of
                  the Code is 1,000,000 shares (subject to adjustment as
                  provided in Section 18 below).

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         (b)      NON-EMPLOYEE DIRECTORS.

                  (i) Each member of the Board that is not an employee of the
                  Company, as determined by the Board in its sole discretion (a
                  "Non-Employee Director"), shall automatically be granted, as
                  of the effective date of the registration statement (the "IPO
                  Effective Date") relating to the Company's initial public
                  offering of its Common Stock ("IPO"), an Option to acquire
                  50,000 shares of Common Stock at a price per share equal to
                  the initial public offering price. Each Non-Employee Director
                  who joins the Board after the closing date of the IPO shall
                  automatically be granted, as of the date he or she joins the
                  Board, an Option to acquire 50,000 shares of Common Stock at a
                  price per share equal to the closing price of a share of
                  Common Stock on the New York Stock Exchange on the last
                  trading date immediately prior to the grant date, provided if
                  the Common Stock is not listed on the NYSE, the price per
                  share shall be determined in accordance with Section 10.

                  (ii) Additionally, each Non-Employee Director as of the first
                  day of each fiscal year of the Company, shall automatically be
                  granted, as of such date, an Option to acquire 10,000 shares
                  of Common Stock at a price per share equal to the closing
                  price of a share of Common Stock on the New York Stock
                  Exchange on the last trading date immediately prior to the
                  grant date, provided if the Common Stock is not listed on the
                  NYSE, the price per share shall be determined in accordance
                  with Section 10.

                  (iii) All Options granted under this Section 7(b) shall be
                  fully vested and immediately exercisable, and shall remain
                  exercisable for a term of ten years from the date of grant so
                  long as such person remains a member of the Board. At such
                  time as such person ceases to be a Board member, any portion
                  of the Option that has not been exercised shall no longer be
                  exercisable and shall terminate.

                  (iv) No Option referred to herein shall be granted, awarded,
                  or exercised at any time prior to the IPO Effective Date. If
                  the IPO is not consummated, the Options referred to herein
                  shall not be granted or awarded or become exercisable.

         8.       LIMITATION ON INCENTIVE STOCK OPTIONS

         (a)      TEN PERCENT STOCKHOLDER. Notwithstanding any other provision
                  of this Plan to the contrary, no individual may receive an
                  Incentive Stock Option under the Plan if such individual, at
                  the time the award is granted, owns (after application of the
                  rules contained in Section 424(d) of the Code) stock
                  possessing more than 10 percent of the total combined voting
                  power of all classes of stock of the Company or its
                  subsidiaries, unless (i) the purchase price for each share of
                  Common Stock subject to such Incentive Stock Option is at
                  least 110 percent of the fair market value of a share of
                  Common Stock on the date of grant (as determined in good faith
                  by the Board) and (ii) such Incentive Stock Option is not
                  exercisable after the date which is five years from the date
                  of grant.

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         (b)      LIMITATION ON GRANTS. The aggregate fair market value
                  (determined with respect to each Incentive Stock Option at the
                  time such Incentive Stock Option is granted) of the shares of
                  Common Stock with respect to which Incentive Stock Options are
                  exercisable for the first time by an individual during any
                  calendar year (under this Plan or any other plan of the
                  Company or a subsidiary) shall not exceed $100,000. If an
                  incentive stock option is granted pursuant to which the
                  aggregate fair market value of shares with respect to which it
                  first becomes exercisable in any calendar year by an
                  individual exceeds such $100,000 limitation, the portion of
                  such option which is in excess of the $100,000 limitation, and
                  any such options issued subsequently in the same calendar
                  year, shall be treated as a non-qualified option pursuant to
                  Section 422(d)(1) of the Code. In the event that an individual
                  is eligible to participate in any other stock option plan of
                  the Company or any parent or subsidiary of the Company which
                  is also intended to comply with the provisions of Section 422
                  of the Code, such $100,000 limitation shall apply to the
                  aggregate number of shares for which incentive stock options
                  may be granted under this Plan and all such other plans.

         9.       OPTION AGREEMENTS

         All Options granted pursuant to the Plan shall be evidenced by written
agreements ("Option Agreements"), to be executed by the Company and by the
Optionee, in such form or forms as the Board shall from time to time determine.
Option Agreements covering Options granted from time to time or at the same time
need not contain similar provisions; PROVIDED, HOWEVER, that all such Option
Agreements shall comply with all terms of the Plan.

         10.      OPTION PRICE

         The purchase price of each share of Common Stock subject to an Option
(the "Option Price") shall be fixed by the Board and stated in each Option
Agreement, and subject to the provisions of Sections 7(b) and 8(a) above, shall
be not less than 100 percent of the fair market value of a share of Common Stock
on the date the Option is granted. If the Common Stock is then listed on any
national securities exchange, the fair market value shall be the closing price
of a share of Common Stock on such exchange on the last trading day immediately
prior to the date of grant; PROVIDED, HOWEVER, that when granting Incentive
Stock Options, the Board shall determine fair market value in accordance with
the provisions of Section 422 of the Code. If the Common Stock is not listed on
any such exchange, the fair market value shall be determined in good faith by
the Board. Notwithstanding the foregoing, the Option Price of Options granted on
the IPO Effective Date shall be equal to the initial public offering price.

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         11.      TERM AND VESTING OF OPTIONS

         (a)      OPTION PERIOD. Subject to the provisions of Sections 8(a) and
                  14 hereof, each Option granted under the Plan shall terminate
                  and all rights to purchase shares thereunder shall cease upon
                  the expiration of 10 years from the date such Option is
                  granted, or on such date prior thereto as may be fixed by the
                  Board and stated in the Option Agreement relating to such
                  Option. Notwithstanding the foregoing, the Board may in its
                  discretion, at any time prior to the expiration or termination
                  of any Option, extend the term of any such Option for such
                  additional period as the Board in its discretion may
                  determine; PROVIDED, HOWEVER, that in no event shall the
                  aggregate option period with respect to any Option, including
                  the initial term of such Option and any extensions thereof,
                  exceed 10 years.

         (b)      VESTING. Subject to the provisions of Section 14 hereof, and
                  except as set forth in Section 7(b)(iii), each Option shall
                  become exercisable with respect to 25% of the total number of
                  shares subject to the Option on the date that is 12 months
                  after the date of its grant (the "Vesting Date") and with
                  respect to an additional 25% of the number of such shares on
                  each of the next three succeeding anniversaries of the Vesting
                  Date. Notwithstanding the foregoing, the Board may in its
                  discretion provide that any vesting requirement or other such
                  limitation on the exercise of an Option may be rescinded,
                  modified or waived by the Board, in its sole discretion, at
                  any time and from time to time after the date of grant of such
                  Option, so as to accelerate the time at which the Option may
                  be exercised.

         (c)      CHANGE IN CONTROL. In the event of a Change in Control (as
                  defined below), except as the Board shall otherwise provide in
                  an Option Agreement with respect to an Option granted under
                  the Plan, all outstanding Options shall become immediately
                  exercisable in full, without regard to any limitation on
                  exercise imposed pursuant to Section 11(b) above. For purposes
                  of the Plan, a "Change in Control" shall be deemed to occur if
                  any person (excluding those persons or affiliates of those
                  persons who were stockholders of the Company prior to the
                  Company's initial public offering) shall acquire direct or
                  indirect beneficial ownership (whether as a result of stock
                  ownership, revocable or irrevocable proxies or otherwise) of
                  more than 50% of the total combined voting power with respect
                  to the election of directors of the issued and outstanding
                  capital stock of the Company (except that no Change in Control
                  shall be deemed to have occurred if the stockholders of the
                  Company immediately before such acquisition own all or
                  substantially all of the voting stock or other interests of
                  such acquiring person immediately after such transaction). For
                  purposes of the Plan, a "person" shall mean any person,
                  corporation, partnership, joint venture or other entity or any
                  group (as such term is defined for purposes of Section 13(d)
                  of the Exchange Act) and "beneficial ownership" shall be
                  determined in accordance with Rule 13d-3 under the Exchange
                  Act.

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         12.      MANNER OF EXERCISE AND PAYMENT

         (a)      EXERCISE. An Option that is exercisable hereunder may be
                  exercised by delivery to the Company on any business day, at
                  its principal office, addressed to the attention of the Stock
                  Option Administrator, of written notice of exercise, which
                  notice shall specify the number of shares with respect to
                  which the Option is being exercised, and shall be accompanied
                  by payment in full of the Option Price of the shares for which
                  the Option is being exercised, by one or more of the methods
                  provided below. The minimum number of shares of Common Stock
                  with respect to which an Option may be exercised, in whole or
                  in part, at any time shall be the lesser of 100 shares or the
                  maximum number of shares available for purchase under the
                  Option at the time of exercise.

         (b)      PAYMENT. Payment of the Option Price for the shares of Common
                  Stock purchased pursuant to the exercise of an Option shall be
                  made (i) in cash or in cash equivalents; (ii) through the
                  tender to the Company of shares of Common Stock, which shares
                  shall be valued, for purposes of determining the extent to
                  which the Option Price has been paid thereby, at their fair
                  market value (determined in the manner described in Section 10
                  above) on the date of exercise; (iii) by delivering a written
                  direction to the Company that the Option be exercised pursuant
                  to a "cashless" exercise/sale procedure (pursuant to which
                  funds to pay for exercise of the Option are delivered to the
                  Company by a broker upon receipt of stock certificates from
                  the Company) or a cashless exercise/loan procedure (pursuant
                  to which the Optionees would obtain a margin loan from a
                  broker to fund the exercise) through a licensed broker
                  acceptable to the Company whereby the stock certificate or
                  certificates for the shares of Common Stock for which the
                  Option is exercised will be delivered to such broker as the
                  agent for the individual exercising the Option and the broker
                  will deliver to the Company cash (or cash equivalents
                  acceptable to the Company) equal to the Option Price for the
                  shares of Common Stock purchased pursuant to the exercise of
                  the Option plus the amount (if any) of federal and other taxes
                  that the Company, may, in its judgment, be required to
                  withhold with respect to the exercise of the Option; (iv) to
                  the extent permitted by applicable law and agreed to by the
                  Board in its sole and absolute discretion, by the delivery of
                  a promissory note of the Optionee to the Company on such terms
                  as the Board shall specify in its sole and absolute
                  discretion; or (v) by a combination of the methods described
                  in clauses (i), (ii), (iii) and (iv). Payment in full of the
                  Option Price need not accompany the written notice of exercise
                  if the Option is exercised pursuant to the cashless
                  exercise/sale procedure described above. An attempt to
                  exercise any Option granted hereunder other than as set forth
                  above shall be invalid and of no force and effect.

         (c)      ISSUANCE OF CERTIFICATES. Promptly after the exercise of an
                  Option, the individual exercising the Option shall be entitled
                  to the issuance of a certificate or certificates evidencing
                  his ownership of such shares of Common Stock. An individual

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                  holding or exercising an Option shall have none of the rights
                  of a stockholder until the shares of Common Stock covered
                  thereby are fully paid and issued to him and, except as
                  provided in Section 18 below, no adjustment shall be made for
                  dividends or other rights for which the record date is prior
                  to the date of such issuance.

         13.      TRANSFERABILITY OF OPTIONS

         No Option shall be assignable or transferable by the Optionee to whom
it is granted, other than by will or the laws of descent and distribution.

         14.      TERMINATION OF EMPLOYMENT, DEATH OR DISABILITY

         (a)      GENERAL. Upon the termination of the employment or other
                  service of an Optionee with the Company or any Subsidiary,
                  other than by reason of death or "permanent and total
                  disability" (within the meaning of Section 22(e)(3) of the
                  Code) of such Optionee, any Option granted to such Optionee
                  pursuant to the Plan shall terminate upon the date of such
                  termination of employment or service and such Optionee shall
                  have no further right to purchase shares of Common Stock
                  pursuant to such Option. Notwithstanding the foregoing
                  provisions of this Section 14, the Board may provide, in its
                  discretion, that following the termination of employment or
                  service of an Optionee with the Company or any Subsidiary, an
                  Optionee may exercise an Option, in whole or in part, at any
                  time subsequent to such termination of employment or service
                  and prior to termination of the Option pursuant to Section
                  11(a) above, either subject to or without regard to any
                  vesting or other limitation on exercise imposed pursuant to
                  Section 11(b) above. Unless otherwise determined by the Board,
                  temporary absence from employment or service because of
                  illness, vacation, approved leaves of absence, military
                  service and transfer of employment shall not constitute a
                  termination of employment or service with the Company or any
                  Subsidiary.

         (b)      DEATH. If an Optionee dies while in the employ or service of
                  the Company or any Subsidiary, Optionee's estate or the
                  devisee named in the Optionee's valid last will and testament
                  or the Optionee's heir at law who inherits the Option shall
                  have the right, at any time within three years after the date
                  of such Optionee's death and prior to termination of the
                  Option pursuant to Section 11(a) above, to exercise, in whole
                  or in part, any vested portion of the Option (in accordance
                  with Section 11(b) above) held by such Optionee at the date of
                  such Optionee's death. On the date of Optionee's death, the
                  unvested portion of the Option shall terminate.

         (c)      DISABILITY. If an Optionee terminates employment or service
                  with the Company or any Subsidiary by reason of the "permanent
                  and total disability" (within the meaning of Section 22(e)(3)
                  of the Code) of such Optionee, then Optionee shall have the
                  right at any time within three years after such termination of
                  employment or service and prior to termination of the Option
                  pursuant to Section 11(a) above, to exercise, in whole or in
                  part, any vested portion of the Option (in accordance with

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                  Section 11(b) above) held by such Optionee at the date of such
                  termination of employment or service. On the date of such
                  termination of employment or service, the unvested portion of
                  the Option shall terminate. Whether a termination of
                  employment or service is to be considered by reason of
                  "permanent and total disability" for purposes of this Plan
                  shall be determined by the Board, which determination shall be
                  final and conclusive.

         15.      USE OF PROCEEDS

         The proceeds received by the Company from the sale of Common Stock
pursuant to Options granted under the Plan shall constitute general funds of the
Company.

         16.      REQUIREMENTS OF LAW

         (a)      VIOLATIONS OF LAW. The Company shall not be required to sell
                  or issue any shares of Common Stock under any Option if the
                  sale or issuance of such shares would constitute a violation
                  by the individual exercising the Option or the Company of any
                  provisions of any law or regulation of any governmental
                  authority, including without limitation any federal or state
                  securities laws or regulations. Any determination in this
                  connection by the Board shall be final, binding, and
                  conclusive. The Company shall not be obligated to take any
                  affirmative action in order to cause the exercise of an Option
                  or the issuance of shares pursuant thereto to comply with any
                  law or regulation of any governmental authority.

         (b)      REGISTRATION. At the time of any exercise of any Option, the
                  Company may, if it shall determine it necessary or desirable
                  for any reason, require the Optionee (or his or her heirs,
                  legatees or legal representative, as the case may be), as a
                  condition to the exercise thereof, to deliver to the Company a
                  written representation of present intention to purchase the
                  shares for their own account as an investment and not with a
                  view to, or for sale in connection with, the distribution of
                  such shares, except in compliance with applicable federal and
                  state securities laws with respect thereto. In the event such
                  representation is required to be delivered, an appropriate
                  legend may be placed upon each certificate delivered to the
                  Optionee (or his or her heirs, legatees or legal
                  representative, as the case may be) upon his or her exercise
                  of part or all of the Option and a stop transfer order may be
                  placed with the transfer agent. Each Option shall also be
                  subject to the requirement that, if at any time the Company
                  determines, in its discretion, that the listing, registration
                  or qualification of the shares subject to the Option upon any
                  securities exchange or under any state or federal law, or the
                  consent or approval of any governmental regulatory body is
                  necessary or desirable as a condition of or in connection
                  with, the issuance or purchase of the shares thereunder, the

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                  Option may not be exercised in whole or in part unless such
                  listing, registration, qualification, consent or approval
                  shall have been effected or obtained free of any conditions
                  not acceptable to the Company in its sole discretion. The
                  Company shall not be obligated to take any affirmative action
                  in order to cause the exercisability or vesting of an Option
                  or to cause the exercise of an Option or the issuance of
                  shares pursuant thereto to comply with any law or regulation
                  of any governmental authority.

         (c)      WITHHOLDING. The Board may make such provisions and take such
                  steps as it may deem necessary or appropriate for the
                  withholding of any taxes that the Company is required by any
                  law or regulation of any governmental authority, whether
                  federal, state or local, domestic or foreign, to withhold in
                  connection with the exercise of any Option, including, but not
                  limited to: (i) the withholding of delivery of shares of
                  Common Stock upon exercise of Options until the holder
                  reimburses the Company for the amount the Company is required
                  to withhold with respect to such taxes, (ii) the canceling of
                  any number of shares of Common Stock issuable upon exercise of
                  such Options in an amount sufficient to reimburse the Company
                  for the amount it is required to so withhold, or (iii)
                  withholding the amount due from any such person's wages or
                  compensation due such person.

         (d)      GOVERNING LAW. This Plan shall be governed by, and construed
                  and enforced in accordance with, the laws of the State of
                  Delaware.

         17.      AMENDMENT AND TERMINATION OF THE PLAN

         The Board may, at any time and from time to time, amend, suspend or
terminate the Plan as to any shares of Common Stock as to which Options have not
been granted; PROVIDED, HOWEVER, that the approval by a majority of the votes
present and entitled to vote at a duly held meeting of the stockholders of the
Company at which a quorum representing a majority of all outstanding voting
stock is, either in person or by proxy, present and voting on the amendment, or
by written consent in accordance with applicable state law and the Certificate
of Incorporation and By-laws of the Company shall be required for any amendment
(i) that changes the requirements as to Eligible Individuals to receive Options
under the Plan, (ii) that increases the maximum number of shares of Common Stock
in the aggregate that may be sold pursuant to Options that are granted under the
Plan (except as permitted under Section 18 hereof), or (iii) if approval of such
amendment is necessary to comply with federal or state law (including without
limitation Rule 162(m) of the Code and Rule 16b-3 under the Exchange Act) or
with the rules of any stock exchange or automated quotation system on which the
Common Stock may be listed or traded. Except as permitted under Section 18
hereof, no amendment, suspension or termination of the Plan shall, without the
consent of the holder of the Option, alter or impair rights or obligations under
any Option theretofore granted under the Plan.

         18.      EFFECT OF CHANGES IN CAPITALIZATION

         (a)      RECAPITALIZATION. If the outstanding shares of Common Stock
                  are increased or decreased or changed into or exchanged for a
                  different number or kind of shares or other securities of the
                  Company by reason of any recapitalization, reclassification,
                  reorganization (other than as described in Section 18(b)
                  below), stock split, reverse split, combination of shares,

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                  exchange of shares, stock dividend or other distribution
                  payable in capital stock of the Company, or other increase or
                  decrease in such shares effected without receipt of
                  consideration by the Company, occurring after the Effective
                  Date, an appropriate and proportionate adjustment shall be
                  made by the Board (i) in the aggregate number and kind of
                  shares of Common Stock available under the Plan, (ii) in the
                  number and kind of shares of Common Stock issuable upon
                  exercise of outstanding Options granted under the Plan, and
                  (iii) in the Option Price per share of outstanding Options
                  granted under the Plan.

         (b)      REORGANIZATION. In connection with a merger, consolidation,
                  reorganization or other business combination of the Company
                  with one or more other entities in which the Company is not
                  the surviving entity, each then outstanding Option shall upon
                  exercise thereafter entitle the holder thereof to such number
                  of shares of Common Stock or other securities or property to
                  which a holder of shares of Common Stock would have been
                  entitled to upon such merger, consolidation, reorganization or
                  other business combination.

         (c)      DISSOLUTION OR LIQUIDATION. Upon the dissolution or
                  liquidation of the Company, the Plan and all Options
                  outstanding hereunder shall terminate. In the event of any
                  termination of the Plan under this Section 18(c), each
                  individual holding an Option shall have the right, immediately
                  prior to the occurrence of such termination and during such
                  reasonable period as the Board in its sole discretion shall
                  determine and designate, to exercise such Option in whole or
                  in part, whether or not such Option was otherwise exercisable
                  at the time such termination occurs and without regard to any
                  vesting or other limitation on exercise imposed pursuant to
                  Section 11(b) above.

         (d)      ADJUSTMENTS. Adjustments under this Section 18 related to
                  stock or securities of the Company shall be made by the Board,
                  whose determination in that respect shall be final, binding,
                  and conclusive. No fractional shares of Common Stock or units
                  of other securities shall be issued pursuant to any such
                  adjustment, and any fractions resulting from any such
                  adjustment shall be eliminated in each case by rounding
                  downward to the nearest whole share or unit.

         (e)      NO LIMITATIONS. The grant of an Option pursuant to the Plan
                  shall not affect or limit in any way the right or power of the
                  Company to make adjustments, reclassifications,
                  reorganizations or changes of its capital or business
                  structure or to merge, consolidate, dissolve or liquidate, or
                  to sell or transfer all or any part of its business or assets.

         19.      DISCLAIMER OF RIGHTS

         No provision in the Plan or in any Option granted or Option Agreement
entered into pursuant to the Plan shall be construed to confer upon any
individual the right to remain in the employ of the Company or any Subsidiary or
to interfere in any way with the right and authority of the Company or any
Subsidiary either to increase or decrease the compensation of any individual,

                                       11
<PAGE>   12

including any Option holder, at any time, or to terminate any employment or
other relationship between any individual and the Company or any Subsidiary. A
holder of an option shall not be deemed for any purpose to be a stockholder of
the Company with respect to such option except to the extent that such option
shall have been exercised with respect thereto and, in addition, a stock
certificate shall have been issued theretofore and delivered to the holder. No
adjustment shall be made for dividends (ordinary or extraordinary, whether in
cash, securities or other property) or distributions or other rights for which
the record date is prior to the date such stock certificate is issued, except as
expressly provided in Section 18 hereof.

         20.      NONEXCLUSIVITY OF THE PLAN

         The adoption of the Plan shall not be construed as creating any
limitations upon the right and authority of the Board to adopt such other
incentive compensation arrangements (which arrangements may be applicable either
generally to a class or classes of individuals or specifically to a particular
individual or individuals) as the Board in its discretion determines desirable,
including, without limitation, the granting of stock options or stock
appreciation rights otherwise than under the Plan.

         21.      SEVERABILITY

         If any provision of the Plan or any Option Agreement shall be
determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof shall be severable and
enforceable in accordance with their terms, and all provisions shall remain
enforceable in any other jurisdiction.

         22.      NOTICES

         Any communication or notice required or permitted to be given under the
Plan shall be in writing, and mailed by registered or certified mail or
delivered by hand, if to the Company, to its principal place of business,
attention: President, and if to the holder of an option, to the address as
appearing on the records of the Company.

                                       12<PAGE>   1

                                                                    EXHIBIT 10.1

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS AGREEMENT, dated as of April 23, 2001, by and between GAYLORD
ENTERTAINMENT COMPANY, a Delaware corporation having its corporate headquarters
at One Gaylord Drive, Nashville, Tennessee 37214 ("the Company") and COLIN V.
REED, a resident of Las Vegas, Clark County, Nevada ("Executive").

                                   WITNESSETH:

         WHEREAS, the Company desires to employ Executive as its President and
Chief Executive Officer, and Executive desires to serve in such capacity
pursuant to the terms of this Agreement;

         NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

                                    AGREEMENT

         1.       EMPLOYMENT; TERM; PLACE OF EMPLOYMENT. The Company hereby
employs Executive, and Executive hereby accepts employment with the Company upon
the terms and conditions contained in this Agreement. The term of Executive's
employment hereunder shall commence on April 23, 2001 (the "Effective Date") and
shall continue for a period of four (4) years from and after the Effective Date
(the "Employment Period"). For purposes of this Agreement, a "Contract Year"
shall mean a one year period commencing on the Effective Date or any anniversary
thereof. Executive shall render services at the offices established by the
Company in the greater Nashville metropolitan area; provided that Executive
agrees to travel on temporary trips to such other places as may be required to
perform Executive's duties hereunder.

         2.       DUTIES; TITLE.

                  (a)      Description of Duties.

                           (i)      During the Employment Period, Executive
                  shall serve the Company as its President and Chief Executive
                  Officer and report directly to the Board of Directors of
                  Directors (the "Board of Directors"). Executive shall
                  supervise the conduct of the business and affairs of the
                  Company, its subsidiaries and respective divisions and perform
                  such other duties as the Board of Directors shall determine.

                           (ii)     Subject to approvals required by the
                  Delaware Business Corporation Act and the Company's
                  Certificate of Incorporation and Bylaws, Executive shall serve
                  as a member of the Board of Directors.

                           (iii)    Executive shall faithfully perform the
                  duties required of his office. Subject to Section 2(b),
                  Executive shall devote all of his business time and effort to
                  the performance of his duties to the Company.

                  (b)      Other Activities. Notwithstanding anything to the
         contrary contained in Section 2(a), Executive shall be permitted to
         engage in the following activities, provided that

                                        1
<PAGE>   2

         such activities do not materially interfere or conflict with
         Executive's duties and responsibilities to the Company:

                           (i)      Executive may serve on the governing boards
                  of, or otherwise participate in, a reasonable number of trade
                  associations and charitable organizations, whose purposes are
                  not inconsistent with the activities and the image of the
                  Company;

                           (ii)     Executive may engage in a reasonable amount
                  of charitable activities and community affairs; and

                           (iii)    Subject to the prior approval of the Board
                  of Directors, Executive may serve on the board of directors of
                  one or more business corporations, provided also that they do
                  not compete, directly or indirectly, with the Company.

                  (c)      Other Policies. Executive shall be subject to and
         shall comply with all codes of conduct, personnel policies and
         procedures applicable to senior executives of the Company, including,
         without limitation, policies regarding sexual harassment, conflicts of
         interest and insider trading.

         3.       CASH COMPENSATION.

                  (a)      Signing Bonus. The Company shall pay Executive a
         signing bonus in the amount of $500,000 (the "Signing Bonus"). The
         Signing Bonus shall be payable as follows: (i) an amount shall be paid
         to Executive on or before May 7, 2001 equal to $500,000 less the
         projected "applicable employee remuneration" as defined in Section
         162(m)(4)o to be received by Executive during the calendar year ending
         December 31, 2001; and (ii) the remainder of the Signing Bonus (the
         "Deferred Signing Bonus") shall be a fully vested deferred obligation
         of the Company which shall be payable, together with investment
         earnings thereon, in accordance with Section 6 hereof. Payment of the
         Deferred Signing Bonus shall be facilitated by the Company contributing
         to the rabbi trust established pursuant to Section 6 (the "Rabbi
         Trust") an amount of cash equal to the Deferred Signing Bonus, as set
         forth in Section 6.

                  (b)      Base Salary. During the initial Contract Year, the
         Company shall pay to Executive an annual salary of $650,000.
         Executive's annual salary shall be increased in each subsequent
         Contract Year by a percentage equal to the annual percentage increase,
         if any, generally granted to other senior executives, such percentage
         to be determined from time to time by the Compensation Committee of the
         Board of Directors (such annual salary, together with any increases
         under this subsection (b), being herein referred to as the "Base
         Salary").

                  (c)      Annual Cash Bonus.

                           (i)      2001 Calendar Year Bonus. For the 2001
                  calendar year, Executive shall be entitled to receive a
                  guaranteed cash bonus of $200,000.00 (the "Guaranteed Cash
                  Bonus"). In addition to the Guaranteed Cash Bonus, Executive
                  shall be entitled to receive a bonus of up to $200,000.00
                  which shall be determined in accordance with

---------------
- All section references are to the Internal Revenue Code of 1986, as amended,
unless otherwise specified.

                                       2
<PAGE>   3

                  the following procedures (the "Additional 2001 Bonus"). On or
                  before June 30, 2001, Executive shall deliver to the Board of
                  Directors a proposed budget for the Company for July 1, 2001
                  through December 31, 2001 (the "2001 Interim Period") for the
                  Board's approval. Executive and the Board of Directors shall
                  mutually establish performance target(s) for the Company for
                  the 2001 Interim Period (which when so determined shall be
                  attached as Exhibit A hereto) (the "2001 Bonus Target"). If
                  the Company attains 85% of the 2001 Bonus Target (the "2001
                  Minimum Percentage"), Executive shall be entitled to receive a
                  bonus of $170,000.00. Executive shall be entitled to receive
                  an additional $2,000.00 for each percentage point increase
                  over the 2001 Minimum Percentage up to the attainment by the
                  Company of 100% of the Bonus Target. The Guaranteed Cash Bonus
                  and the Additional 2001 Bonus shall be paid to Executive in a
                  single lump sum on or before February 28, 2002.

                           (ii)     2002, 2003, 2004 and 2005 Calendar Year
                  Bonus. For the 2002, 2003 and 2004 calendar years, and for the
                  2005 partial year, Executive shall be eligible for an annual
                  cash bonus of up to 150% of the portion of Executive's Base
                  Salary to be paid to him in each calendar year and shall be
                  determined in accordance with the following procedures (the
                  "Year-End Bonus"). Executive shall deliver to the Board of
                  Directors a budget for the Company for each calendar year by
                  January 15 of such calendar year. Executive and the Board of
                  Directors shall mutually establish performance target(s) for
                  the Company for such calendar year (which when so determined
                  shall be attached as Exhibit A hereto) (the "Bonus Target").
                  If the Company attains 85% of the Bonus Target (the "Minimum
                  Percentage"), Executive shall be entitled to receive a bonus
                  of 50% of Base Salary. For each percentage point increase over
                  the Minimum Percentage, Executive shall be entitled to receive
                  an additional bonus of 3.3% of his Base Salary. For each
                  percentage point increase over 100% of the Bonus Target up to
                  a maximum of 150% of the Bonus Target, Executive shall be
                  entitled to receive an additional bonus of 1.0% of his Base
                  Salary. The Year End Bonus for each calendar year shall be
                  paid to Executive on or before the end of February 28th of the
                  immediately succeeding year.

                  (d)      Withholding. The Base Salary, the Guaranteed Cash
         Bonus, the Additional 2001 Bonus, and each Year-End Bonus shall be
         subject to applicable withholding and shall be payable in accordance
         with the Company's payroll practices.

         4.       EQUITY COMPENSATION.

                  (a)      Stock Option Grant. Subject to the vesting schedule
         provided herein, the Company hereby grants to Executive options to
         purchase 500,000 shares of common stock of the Company ("Company Common
         Stock") (the "Stock Options"). The Stock Options shall (i) be granted
         pursuant to the Company's 1997 Stock Option and Incentive Plan as may
         hereinafter be further amended (the "Omnibus Plan"); (ii) be subject to
         the terms of a stock option agreement between the Company and Executive
         in the form prescribed for Company executives generally and attached
         hereto as Exhibit B; (iii) vest in 125,000 share increments on the
         first through the fourth anniversaries of the Effective Date (each a
         "Vesting Date"); provided, however, Executive must be employed by the
         Company on each such anniversary date for such particular share
         increment to vest; (iv) be exercisable at the closing price of the
         Company Common Stock as reported in the Wall Street Journal for the
         trading day

                                       3
<PAGE>   4

         immediately preceding the award of the option grant by the Board of
         Directors (which award shall precede the execution of this Agreement);
         and (v) have a term of ten years from the Effective Date (the "Stock
         Option Term"). If Executive remains employed by Company until the
         expiration of the Employment Period, he shall be entitled to exercise
         the Stock Options at any time prior to the expiration date of the Stock
         Option Term notwithstanding anything to the contrary contained in the
         Company's Omnibus Plan.

                  (b)      Restricted Stock Grant. The Company shall deliver to
         the trustee of the Rabbi Trust 50,000 restricted shares of Company
         Common Stock (the "Restricted Stock Grant") to be held in a separate
         share known as "Account B." The restrictions on the Restricted Stock
         Grant shares shall terminate (i.e., the shares will become available
         for distribution to Executive) in 12,500 share increments on the first
         through the fourth anniversaries of the Effective Date; provided,
         however, Executive must be employed by the Company on each such
         anniversary date for the restrictions on the particular share increment
         to be terminated. The Restricted Stock Grant is hereby granted pursuant
         to the Company's Omnibus Plan as may hereafter be further amended, and
         shall otherwise be subject to the terms of a restricted stock grant
         agreement between the Company and Executive in the form prescribed for
         Company executives generally, which form is attached hereto as Exhibit
         C. If a restriction terminates as to a 12,500 share increment, the
         trustee of the Rabbi Trust shall deliver such shares to Executive
         unless Section 6 herein requires that the distribution be deferred. If
         distribution is deferred, the Restricted Stock Grant shall continue to
         be held in Account B of the Rabbi Trust, until distribution is made in
         accordance with Section 6(d) hereof. Nothing herein shall, however,
         prevent the trustee of the Rabbi Trust upon the direction of the
         Company, which shall be made only after consultation with Executive,
         from selling unrestricted shares held in Account B and reinvesting the
         proceeds in other investments selected by Company (in which event the
         benefit under this paragraph (b) shall be determined by reference to
         the value of such substituted assets). If Executive's employment is
         terminated for any reason, any of the Restricted Stock Grant held in
         the Rabbi Trust, the restrictions of which have not been eliminated,
         will be forfeited by Executive and delivered to the Company.

                  5.       BENEFITS; EXPENSES; ETC.

                  (a)      Custom Non-Qualified Mid-Career Supplemental Employee
         Retirement Plan. Executive shall be entitled to a nonqualified
         supplemental executive retirement benefit (the "SERP"). Company agrees
         to pay Executive a retirement benefit which will have a present value
         of $2,500,000.00 upon the expiration of four (4) years from the
         Effective Date (the "SERP Benefit"). The retirement benefit will accrue
         25% for each complete year over a four (4) year period beginning with
         the Effective Date (the "SERP Vesting Period") to a present value
         amount after four (4) years of $2,500,000.00. Except as otherwise set
         forth in this Agreement, and subject to deferral pursuant to Section 6,
         the SERP Benefit shall be payable upon the fourth anniversary of the
         Effective Date.

                  (b)      Expenses. During the Employment Period, the Company
         shall reimburse Executive, in accordance with the Company's policies
         and procedures, for all reasonable expenses incurred by Executive,
         including reimbursement for his reasonable first class travel expenses
         and, on up to two occasions per year, those of his spouse, in
         connection with the performance of his duties for the Company.

                                       4
<PAGE>   5

                  (c)      Vehicle Allowance. During the Employment Period,
         Executive shall be entitled to receive from the Company a vehicle
         allowance of $1,050 per month, subject to future increases as may be
         granted to senior executives.

                  (d)      Use of Company Aircraft. During the Employment Period
         and subject to availability, the Company shall make available a jet
         aircraft to Executive.

                  (e)      Vacation. During the Employment Period, Executive
         shall be entitled to four (4) weeks vacation during each Contract Year.

                  (f)      Executive Financial Counseling. During the Employment
         Period, the Company shall reimburse Executive for up to a maximum of
         $15,000 of financial counseling expenses per year, upon submission of
         documentation evidencing such expenses.

                  (g)      Relocation Benefits. Executive will receive
         relocation benefits under the Company's relocation policy for top level
         executive officers. In addition, Executive shall receive a reasonable
         temporary housing allowance for up to 90 days, and reimbursement for
         all commissions paid in connection with the sale of Executive's
         principal residence pursuant to the relocation.

                  (h)      Attorney's Fees. Executive shall be entitled to
         reimbursement for reasonable attorney's fees and expenses incurred by
         Executive in the review and negotiation of this Agreement, upon
         submission of documentation evidencing such fees and expenses.

                  (i)      Company Plans. During the Employment Period,
         Executive shall be entitled to participate in and enjoy the benefits of
         (i) the Company Health Insurance Plan, (ii) the Company 401(k) Savings
         Plan, (iii) the Company Supplemental Deferred Compensation ("SUDCOMP")
         Plan, and (iv) any health, life, disability, retirement, pension, group
         insurance, or other similar plan or plans which may be in effect or
         instituted by the Company for the benefit of senior executives
         generally, upon such terms as may be therein provided. A summary of
         such benefits as in effect on the date hereof has been provided to
         Executive, the receipt of which is hereby acknowledged.

         6.       DEFERRAL OF EXCESSIVE EMPLOYEE REMUNERATION.

                  (a)      Deferral of Current Compensation. During any period
         in which Executive is a "covered employee" within the meaning of
         Section 162(m)(3), any "applicable employee remuneration" otherwise
         payable to Executive in excess of the limit specified in Section
         162(m)(1) or any successor provision of the Code (currently $1,000,000)
         shall not be currently paid, but shall be a deferred payment obligation
         of the Company governed by the provisions of this Section 6.

                  (b)      Vesting of Deferred Compensation; Investment
         Earnings. All such deferred payment obligations shall be fully vested
         and shall be credited with investment earnings (or losses). The rate of
         investment earnings (or losses) of such deferred amounts shall be equal
         to the rate of investment earnings (or losses) of one or more mutual
         funds selected by the Company after consultation with Executive and
         identified to Executive as such, which mutual funds may be changed from
         time to time by the Company after consultation with Executive. While
         the Company shall make reasonable efforts to act prudently in the

                                       5
<PAGE>   6

         selection of such mutual funds, taking into account Executive's
         investment preferences, the Company shall not be responsible for the
         investment performance of any such fund(s).

                  (c)      Deposit to Rabbi Trust. In order to facilitate the
         payment of the Company's deferred payment obligation, at the time that
         the Company would otherwise make a payment to Executive but for the
         Code Section 162(m) limitations, the Company shall deposit an amount of
         cash equal to the amount which is being deferred, into "Account A" of a
         "rabbi trust" to be known as the Deferred Compensation Rabbi Trust (the
         "Rabbi Trust") to be established by the Company with an independent
         corporate trustee acceptable to the Company and Executive within thirty
         (30) days from the Effective Date. The Rabbi Trust shall satisfy the
         requirements of Section 7 hereof and shall be in substantially the form
         attached hereto as Exhibit E.

                  (d)      Distribution of Deferred Amounts. Amounts deferred
         pursuant to this Section 6 and earnings thereon, shall be paid to
         Executive at the earliest time possible without being nondeductible by
         the Company under Code Section 162(m), but in all events not later than
         ten (10) days following the termination of Executive's employment with
         the Company (without regard to the reason of such termination), except
         that if the Company believes, based on the written opinion of counsel,
         that payment at such time will result in nondeductibility by the
         Company under Section 162(m), payment may, at the election of Company
         be further deferred but not beyond the end of the first full week
         following the calendar year in which the termination of employment
         occurs. Distributions from the Rabbi Trust shall to the extent feasible
         be made from Account A prior to any distributions from Account B.

         7.       RABBI TRUST. It is understood and agreed by the parties that
(i) the Rabbi Trust shall remain subject to the claims of the Company's general
creditors; (ii) any income tax payable with respect to the Rabbi Trust shall be
the sole obligation and responsibility of the Company (and shall not reduce the
assets in the Rabbi Trust so long as the Rabbi Trust remains a "grantor trust"
for federal income tax purposes); and (iii) the establishment of the Rabbi Trust
shall not relieve the Company of its liability to pay amounts due under this
Agreement. The Rabbi Trust shall, however, relieve the Company of its liability
to pay amounts due under this Agreement to the extent that payments are made in
accordance with the terms of this Agreement and the Rabbi Trust.

         8.       TERMINATION. Executive's employment hereunder may be
terminated prior to the expiration of the Employment Period as follows:

                  (a)      Termination by Death. Upon the death of Executive
         ("Death"), Executive's employment shall automatically terminate as of
         the date of Death.

                  (b)      Termination by Company for Permanent Disability. At
         the option of the Company, Executive's employment may be terminated by
         written notice to Executive or his personal representative in the event
         of the Permanent Disability of Executive. As used herein, the term
         "Permanent Disability" shall mean a physical or mental incapacity or
         disability which renders Executive unable substantially to render the
         services required hereunder for a period of ninety (90) consecutive
         days or one hundred eighty (180) days during any twelve (12) month
         period as determined in good faith by the Company.

                                       6
<PAGE>   7

                  (c)      Termination by Company for Cause. At the option of
         the Company, Executive's employment may be terminated by written notice
         to Executive upon the occurrence of any one or more of the following
         events (each, a "Cause"):

                           (i)      any action by Executive constituting fraud,
                  self-dealing, embezzlement, or dishonesty in the course of his
                  employment hereunder;

                           (ii)     any conviction of Executive of a crime
                  involving moral turpitude;

                           (iii)    failure of Executive after reasonable notice
                  promptly to comply with any valid and legal directive of the
                  Board of Directors ;

                           (iv)     a material breach by Executive of any of his
                  obligations under this Agreement and failure to cure such
                  breach within ten (10) days of his receipt of written notice
                  thereof from the Company; or

                           (v)      a failure by Executive to perform adequately
                  his responsibilities under this Agreement as demonstrated by
                  objective and verifiable evidence showing that the business
                  operations under Executive's control have been materially
                  harmed as a result of Executive's gross negligence or willful
                  misconduct.

                  (d)      Termination by Executive for Good Reason. At the
         option of Executive, Executive may terminate his employment by written
         notice to Company given within a reasonable time after the occurrence
         of the following circumstances ("Good Reason"), unless the Company
         cures the same within thirty (30) days of such notice:

                           (i)      Any adverse change by Company in the
                  Executive's position or title described in Section 2 hereof,
                  whether or not any such change has been approved by a majority
                  of the members of the Board;

                           (ii)     The assignment to Executive, over his
                  reasonable objection, of any duties materially inconsistent
                  with his status as President and Chief Executive Officer or a
                  substantial adverse alteration in the nature of his
                  responsibilities;

                           (iii)    A reduction by Company in his annual base
                  salary of $650,000 as the same may be increased from time to
                  time pursuant to Section 3(b) hereof;

                           (iv)     Company's requiring Executive to be based
                  anywhere other than the Company's headquarters in Nashville,
                  Tennessee except for required travel on the Company's
                  business;

                           (v)      The failure by Company, without Executive's
                  consent, to pay to him any portion of his current
                  compensation, except pursuant to this Agreement or pursuant to
                  a compensation deferral elected by Executive, or to pay to
                  Executive any portion of an installment of deferred
                  compensation under any deferred compensation program of
                  Company within thirty days of the date such compensation is
                  due;

                           (vi)     Except as permitted by this Agreement, the
                  failure by Company to continue in effect any compensation plan
                  (or substitute or alternative plan) in which

                                       7
<PAGE>   8

                  Executive is entitled to participate which is material to
                  Executive's total compensation, or the failure by the Company
                  to continue Executive's participation therein on a basis that
                  is materially as favorable both in terms of the amount of
                  benefits provided and the level of Executive's participation
                  relative to other participants at Executive's grade level; or

                           (vii)    The failure by Company to continue to
                  provide Executive with benefits substantially similar to those
                  enjoyed by senior executives under the Company's pension and
                  deferred compensation plans, and the life insurance, medical,
                  health and accident, and disability plans in which Executive
                  is entitled to participate, except as required by law, or the
                  taking of any action by the Company which would directly or
                  indirectly materially reduce any of such benefits or deprive
                  Executive of any material fringe benefit enjoyed by Executive,
                  or the failure by the Company to provide Executive with the
                  number of paid vacation days to which Executive is entitled;
                  or

                           (viii)   A material breach by the Company of any of
                  its obligations under this Agreement.

                  (e)      Termination by Company Without Cause. At the option
         of the Company Executive's employment may be terminated by written
         notice to Executive at any time ("Without Cause").

         9.       EFFECT OF TERMINATION.

                  (a)      Effect Generally. If Executive's employment is
         terminated prior to the fourth anniversary of the Effective Date, the
         Company shall not have any liability or obligation to Executive other
         than as specifically set forth in Section 8, Section 9 and Section 10
         hereof. Upon the termination of Executive's employment for any reason,
         he shall, upon the request of the Company, resign from the Board of
         Directors.

                  (b)      Effect of Termination by Death. Upon the termination
         of Executive's employment as a result of Death, Executive's estate
         shall be entitled to receive an amount equal to: (i) accrued but unpaid
         Base Salary through the date of termination; (ii) a pro rata portion of
         Executive's Annual Bonus, if any, for the year in which termination
         occurs, (iii) any unpaid portion of the Signing Bonus or Annual Bonuses
         for prior calendar years, accrued and unpaid vacation pay, unreimbursed
         expenses incurred pursuant to Section 5(b), (c), (f), (g) or (h), and
         any other benefits owed to Executive pursuant to any written employee
         benefit plan or policy of the Company, excluding benefits payable
         pursuant to any plan beneficiary pursuant to a contractual beneficiary
         designation by Executive, (iv) a pro-rata portion of the SERP Benefit
         with the vested portion of the SERP Benefit equal to $2,500,000
         multiplied by a fraction, the numerator of which is the total number of
         months (including any fractional month) during which Executive was
         employed hereunder, and the denominator of which is 48; (v) the portion
         of the Restricted Stock Grant that is free from restrictions as of the
         date of death and the acceleration and immediate release of all
         restrictions from all Restricted Stock Grants that are subject to
         restrictions as of the date of death, (vi) Executive's vested Stock
         Options as of the date of death, the vesting and exercise of which is
         governed by the Omnibus Plan; and (vii) all of Executive's Stock
         Options, which pursuant to the Omnibus

                                       8
<PAGE>   9

         Plan are accelerated as of the termination date (date of death) and are
         exercisable until the expiration of the Stock Option Term.

                  (c)      Effect of Termination for Permanent Disability. Upon
         the termination of Executive's employment hereunder as a result of
         Permanent Disability, Executive shall be entitled to receive an amount
         equal to: (i) accrued but unpaid Base Salary through the date of
         termination; (ii) a pro rata portion of Executive's Annual Bonus, if
         any, for the year in which termination occurs, (iii) any unpaid portion
         of the Signing Bonus or an Annual Bonus for prior calendar years,
         long-term disability benefits available to executives of the Company,
         accrued and unpaid vacation pay, unreimbursed expenses incurred
         pursuant to Section 5(b), (c), (f), (g) or (h), and any other benefits
         owed to Executive pursuant to any written employee benefit plan or
         policy of the Company; (iv) a pro rata portion of the SERP Benefit with
         the vested portion of the SERP Benefit equal to $2,500,000 multiplied
         by a fraction, the numerator of which is the total number of months
         (including any fractional month) during which Executive was employed
         hereunder, and the denominator of which is 48; (v) the portion of the
         Restricted Stock Grant that is free from restrictions as of the
         termination date; (vi) Executive's vested Stock Options as of the date
         of termination, the vesting of which is governed by the Omnibus Plan;
         and (vii) all of Executive's Stock Options, which pursuant to the
         Omnibus Plan are accelerated as of the termination date and are
         exercisable until the expiration of the Stock Option Term. Payments to
         Executive hereunder shall be reduced by any payments received by
         Executive under any worker's compensation or similar law.

                  (d)      Effect of Termination by the Company for Cause or by
         Executive Without Good Reason. Upon the termination of Executive's
         employment by the Company for Cause or by Executive for any reason
         other than Good Reason, Executive shall be entitled to receive an
         amount equal to: (i) accrued but unpaid Base Salary through the date of
         termination, (ii) any unpaid Annual Bonus for prior calendar years,
         accrued but unpaid vacation pay, unreimbursed expenses incurred
         pursuant to Section 5(b), (c), (f), (g) or (h), and any other benefits
         owed to Executive pursuant to any written employee benefit plan or
         policy of the Company; (iii) to the extent Executive's termination
         occurs after the expiration of one (1) year from the Effective Date,
         any unpaid portion of the Signing Bonus and (iv) the portion of the
         Restricted Stock Grant that is free from restrictions as of the
         termination date. All Stock Options, to the extent not theretofore
         exercised, shall terminate on the date of termination of employment
         under this Section 9(d). Executive shall also forfeit any vested or
         unvested SERP Benefit and any right to an Annual Bonus for the calendar
         year in which Executive's termination occurs. In addition, if such
         termination occurs within one (1) year after the Effective Date,
         Executive will forfeit any unpaid portion of his Signing Bonus and must
         repay to the Company any portion of the Signing Bonus paid to
         Executive. To satisfy Executive's obligation to repay the Signing
         Bonus, the Company shall be entitled to offset any amounts owed to
         Executive pursuant to this subparagraph.

                  (e)      Effect of Termination by the Company Without Cause or
         by Executive for Good Reason. Upon the termination of Executive's
         employment hereunder by the Company Without Cause or by Executive for
         Good Reason, Executive shall be entitled to: (i) the payment of two
         times Executive's Base Salary for the year in which such termination
         shall occur; (ii) payment of two times Executive's Annual Bonus for the
         preceding year, (iii) any unpaid portion of the Signing Bonus or any
         Annual Bonus for prior calendar years, accrued and unpaid vacation pay,
         unreimbursed expenses incurred pursuant to Section 5(b), (c) (f), (g)
         or (h), and any other benefits owed to Executive pursuant to any
         written employee benefit

                                       9
<PAGE>   10

         plan or policy of the Company; (iv) any vested portion of the SERP
         Benefit and the acceleration and immediate vesting of up to 1/2 of the
         SERP Benefit ($1,250,000.00); (v) the portion of the Restricted Stock
         Grant that is free from restrictions as of the date of termination and
         the acceleration and immediate release of all restrictions from up to
         25,000 shares of the Restricted Stock Grant that are subject to
         restrictions as of the date of termination, and (vi) the vested portion
         of Executive's Stock Options, and the acceleration and immediate
         vesting of up to 250,000 of Executive's unvested Stock Options.
         Executive shall have two (2) years from the date of such termination
         Without Cause or by Executive for Good Reason to exercise all vested
         Stock Options.

         10.      CHANGE OF CONTROL.

                  (a)      Definition. A "Change of Control" shall be deemed to
         have taken place if:

                           (i)      any person or entity, including a "group" as
                  defined in Section 13(d)(3) of the Securities Exchange Act of
                  1934, other than the Company, a wholly-owned subsidiary
                  thereof, Edward L. Gaylord or any member of his immediate
                  family or any trusts or other entities controlled by Edward L.
                  Gaylord or any member of his immediate family, or any employee
                  benefit plan of the Company or any of its subsidiaries becomes
                  the beneficial owner of Company securities having 50% or more
                  of the combined voting power of the then outstanding
                  securities of the Company that may be cast for the election of
                  directors of the Company (other than as a result of the
                  issuance of securities initiated by the Company in the
                  ordinary course of business);

                           (ii)     any person or entity, including a "group" as
                  defined in Section 13(d)(3) of the Securities Exchange Act of
                  1934, becomes the beneficial owner of Company securities
                  having greater voting power than the Company securities held
                  by Edward L. Gaylord, any member of his immediate family, and
                  any trusts or other entities controlled by Edward L. Gaylord
                  or any member of his immediate family.

                           (iii)    as the result of, or in connection with, any
                  cash tender or exchange offer, merger or other business
                  combination, sale of assets or contested election, or any
                  combination of the foregoing transactions, the holders of all
                  the Company's securities entitled to vote generally in the
                  election of directors of the Company immediately prior to such
                  transaction constitute, following such transaction, less than
                  a majority of the combined voting power of the
                  then-outstanding securities of the Company or any successor
                  corporation or entity entitled to vote generally in the
                  election of the directors of the Company or such other
                  corporation or entity after such transactions; or

                           (iv)     the Company sells all or substantially all
                  of the assets of the Company.

                  (b)      Effect of Change of Control. In the event that within
         one (1) year following a Change of Control, the Company terminates
         Executive Without Cause or Executive terminates employment for Good
         Reason, Executive shall be entitled to: (i) the payment of two times
         Executive's Base Salary for the year in which such termination shall
         occur; (ii) the payment of two times Executive's Annual Bonus for the
         preceding year; (iii) any unpaid

                                       10
<PAGE>   11

         portion of the Signing Bonus or any Annual Bonus for prior calendar
         years, accrued and unpaid vacation pay, unreimbursed expenses incurred
         pursuant to Section 5(b), (c) (f), (g) or (h), and any other benefits
         owed to Executive pursuant to any written employee benefit plan or
         policy of the Company; (iv) any vested portion of the SERP Benefit and
         the immediate vesting of any unvested portion of the SERP Benefit; (v)
         the portion of the Restricted Stock Grant that is free from
         restrictions as of the date of termination and the acceleration and
         immediate release of all restrictions from all Restricted Stock Grants
         that are subject to restrictions as of the date of termination; and
         (vi) the vested portion of Executive's Stock Options and the
         acceleration and immediate vesting of any unvested portion of
         Executive's Stock Options. Executive shall have two (2) years from the
         date of such termination to exercise all vested Stock Options.

                  (c)      Going Private Transaction. Notwithstanding the
         foregoing, if Edward L. Gaylord or any member of his immediate family
         or any trusts or other entities controlled by Edward L. Gaylord or any
         member of his immediate family initiates any Rule 13e-3 transaction, as
         that term is defined in Rule 13e-3 promulgated under the Securities
         Exchange Act of 1934 (the "Rule 13e-3 Transaction"), and all conditions
         precedent to the Company's obligation to consummate the Rule 13e-3
         Transaction shall have been satisfied, all unvested Stock Options shall
         vest and all restrictions shall be removed from the Restricted Stock
         Grant shares. Provided, however, that if the Rule 13e-3 Transaction is
         not thereafter consummated, the acceleration of Stock Option vesting
         and removal of Restricted Stock Grant restrictions shall be deemed to
         be null and void.

         11.      EXCISE TAX REIMBURSEMENT. In connection with or arising out of
a Change in Control of the Company, in the event Executive shall be subject to
the tax imposed by Section 4999 of the Code (the "Excise Tax") in respect of any
payment or distribution by the Company or any other person or entity to or for
Executive's benefit, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, or whether prior to or
following any termination of Executive other than Termination for Cause or By
Executive without Good Reason (a "Payment"), the Company shall pay to Executive
an additional amount. The additional amount (the "Gross-Up Payment") shall be
equal to the Excise Tax, together with any federal, state and local income tax,
employment tax and any other taxes associated with this payment such that
Executive incurs no out-of-pocket expenses associated with the Excise Tax.
Provided, however, nothing in this Section shall obligate the Company to pay
Executive for any federal, state or local income taxes imposed upon Executive by
virtue of a Payment. For purposes of determining whether any of the Payments
will be subject to the Excise Tax and the amount of such Excise Tax the
following will apply:

                  (a)      Determination of Parachute Payments. Any payments or
         benefits received or to be received by Executive in connection with a
         Change in Control of the Company or his termination of employment other
         than by the Company for Cause or by Executive Without Good Reason shall
         be treated as "parachute payments" within the meaning of Section
         280G(b)(2) of the Code, and all "excess parachute payments" within the
         meaning of Section 280G(b)(1) shall be treated as subject to the Excise
         Tax, unless in the opinion of tax counsel selected by the Company's
         independent auditors and acceptable to Executive such other payments or
         benefits (in whole or in part) do not constitute parachute payments, or
         such excess parachute payments (in whole or in part) represent
         reasonable compensation for services actually rendered within the
         meaning of Section 280G(b)(3) of the Code, or are otherwise not subject
         to the Excise Tax; and

                                       11
<PAGE>   12

                  (b)      Valuation of Benefits and Determination of Tax Rates.
         The value of any non-cash benefits or any deferred payment or benefit
         shall be determined by the Company's independent auditors in accordance
         with proposed, temporary or final regulations under Section 280G(d)(3)
         and (4) of the Code or, in the absence of such regulations, in
         accordance with the principles of Section 280G(d)(3) and (4) of the
         Code. For purposes of determining the amount of the Gross-Up Payment,
         Executive shall be deemed to pay federal income taxes at the highest
         marginal rate of federal income taxation in the calendar year in which
         the Gross-Up Payment is to be made and state and local income taxes at
         the highest marginal rate of taxation in the state and locality of
         Executive's residence on the date of termination of his employment, net
         of the applicable reduction in federal income taxes which could be
         obtained from deduction of such state and local taxes.

                  (c)      Repayment of Gross-Up by Executive and Possible
         Additional Gross-Up by Company. In the event that the amount of Excise
         Tax attributable to Payments is subsequently determined to be less than
         the amount taken into account hereunder at the time of termination of
         Executive's employment, he shall repay to the Company at the time that
         the amount of such reduction in Excise Tax is finally determined the
         portion of the Gross-Up Payment attributable to such reduction
         (including the portion of the Gross-Up Payment attributable to the
         Excise Tax, employment tax and federal (and state and local) income tax
         imposed on the Gross-Up Payment being repaid by Executive if such
         repayment results in a reduction in Excise Tax and/or a federal (and
         state and local) income tax deduction) plus interest on the amount of
         such repayment at the rate provided in section 1274(b)(2)(B) of the
         Code. In the event that the Excise Tax attributable to Payments is
         determined to exceed the amount taken into account hereunder at the
         time of the termination of Executive's employment (including by reason
         of any payment the existence or amount of which cannot be determined at
         the time of the Gross-Up Payment), the Company shall make an additional
         gross-up payment in respect of such excess (plus any interest and/or
         penalties payable by Executive with respect to such excess) at the time
         that the amount of such excess is finally determined.

         12.      EXECUTIVE COVENANTS.

                  (a)      General. Executive and the Company understand and
         agree that the purpose of the provisions of this Section 12 is to
         protect legitimate business interests of the Company, as more fully
         described below, and is not intended to impair or infringe upon
         Executive's right to work, earn a living, or acquire and possess
         property from the fruits of his labor. Executive hereby acknowledges
         that the post-employment restrictions set forth in this Section 12 are
         reasonable and that they do not, and will not, unduly impair his
         ability to earn a living after the termination of his employment with
         the Company. Therefore, subject to the limitations of reasonableness
         imposed by law upon restrictions set forth herein, Executive shall be
         subject to the restrictions set forth in this Section 12.

                  (b)      Definitions. The following capitalized terms used in
         this Section 12 shall have the meanings assigned to them below, which
         definitions shall apply to both the singular and the plural forms of
         such terms: "Confidential Information" means any confidential or
         proprietary information possessed by the Company without limitation,
         any confidential "know-how," customer lists, details of client and
         consultant contracts, current and anticipated customer requirements,
         pricing policies, price lists, market studies, business plans,

                                       12
<PAGE>   13

         operational methods, marketing plans or strategies, product development
         techniques or plans, computer software programs (including object code
         and source code), data and documentation, data base technologies,
         systems, structures and architectures, inventions and ideas, past,
         current and planned research and development, compilations, devices,
         methods, techniques, processes, financial information and data,
         business acquisition plans, new personnel acquisition plans and any
         other information that would constitute a trade secret under the common
         law or statutory law of the State of Tennessee.

                           "Person" means any individual or any corporation,
                  partnership, joint venture, association or other entity or
                  enterprise.

                           "Protected Employees" means employees of the Company
                  or its affiliated companies who are employed by the Company or
                  its affiliated companies at any time within six (6) months
                  prior to the date of termination of Executive for any reason
                  whatsoever or any earlier date (during the Restricted Period)
                  of an alleged breach of the Restrictive Covenants by
                  Executive.

                           "Restricted Period" means the period of Executive's
                  employment by the Company plus a period extending two (2)
                  years from the date of termination of employment; provided,
                  however, the Restricted Period shall be extended for a period
                  equal to the time during which Executive is in breach of his
                  obligations to the Company under this Section 12.

                           "Restrictive Covenants" means the restrictive
                  covenants contained in Section 12(c) hereof:

                  (c)      Restrictive Covenants.

                           (i)      Restriction on Disclosure and Use of
                  Confidential Information. Executive understands and agrees
                  that the Confidential Information constitutes a valuable asset
                  of the Company and its affiliated entities, and may not be
                  converted to Executive's own use or converted by Executive for
                  the use of any other Person. Accordingly, Executive hereby
                  agrees that Executive shall not, directly or indirectly, at
                  any time during the Restricted Period or thereafter, reveal,
                  divulge or disclose to any Person not expressly authorized by
                  the Company any Confidential Information, and Executive shall
                  not, at any time during the Restricted Period or thereafter,
                  directly or indirectly, use or make use of any Confidential
                  Information in connection with any business activity other
                  than that of the Company. The parties acknowledge and agree
                  that this Agreement is not intended to, and does not, alter
                  either the Company's rights or Executive's obligations under
                  any state or federal statutory or common law regarding trade
                  secrets and unfair trade practices,

                           (ii)     Non-solicitation of Protected Employees.
                  Executive understands and agrees that the relationship between
                  the Company and each of its Protected Employees constitutes a
                  valuable asset of the Company and may not be converted to
                  Executive's own use or converted by Executive for the use of
                  any other Person. Accordingly, Executive hereby agrees that
                  during the Restricted Period Executive shall not directly or
                  indirectly on Executive's own behalf or on behalf of any
                  Person

                                       13
<PAGE>   14

                  solicit any Protected Employee to terminate his or her
                  employment with the Company.

                           (iii)    Non-interference with Company Opportunities.
                  Executive understands and agrees that all business
                  opportunities with which he is involved during his employment
                  with the Company constitute valuable assets of the Company and
                  its affiliated entities, and may not be converted to
                  Executive's own use or converted by Executive for the use of
                  any other Person. Accordingly, Executive hereby agrees that
                  during the Restricted Period or thereafter, Executive shall
                  not directly or indirectly on Executive's own behalf or on
                  behalf of any Person, interfere with, solicit, pursue, or in
                  any way make use of any such business opportunities.

                  (d)      Exceptions from Disclosure Restrictions. Anything
         herein to the contrary notwithstanding, Executive shall not be
         restricted from disclosing or using Confidential Information that: (i)
         is or becomes generally available to the public other than as a result
         of an unauthorized disclosure by Executive or his agent; (ii) becomes
         available to Executive in a manner that is not in contravention of
         applicable law from a source (other than the Company or its affiliated
         entities or one of its or their officers, employees, agents or
         representatives) that is not known by Executive, after reasonable
         investigation, to be bound by a confidential relationship with the
         Company or its affiliated entities or by a confidentiality or other
         similar agreement; or (iii) is required to be disclosed by law, court
         order or other legal process; provided, however, that in the event
         disclosure is required by law, court order or legal process, Executive
         shall provide the Company with prompt notice of such requirement so
         that the Company may seek an appropriate protective order prior to any
         such required disclosure by Executive.

                  (e)      Enforcement of the Restrictive Covenants.

                           (i)      Rights and Remedies upon Breach. In the
                  event Executive breaches, or threatens to commit a breach of,
                  any of the provisions of the Restrictive Covenants, the
                  Company shall have the right and remedy to enjoin,
                  preliminarily and permanently, Executive from violating or
                  threatening to violate the Restrictive Covenants and to have
                  the Restrictive Covenants specifically enforced by any court
                  of competent jurisdiction, it being agreed that any breach or
                  threatened breach of the Restrictive Covenants would cause
                  irreparable injury to the Company and that money damages would
                  not provide an adequate remedy to the Company. The rights
                  referred to herein shall be independent of any others and
                  severally enforceable, and shall be in addition to, and not in
                  lieu of, any other rights and remedies available to the
                  Company at law or in equity.

                           (ii)     Severability of Covenant. Executive
                  acknowledges and agrees that the Restrictive Covenants are
                  reasonable and valid in all respects. If any court determines
                  that any Restrictive Covenants, or any part thereof, is
                  invalid or unenforceable, the remainder of the Restrictive
                  Covenants shall not thereby be affected and shall be given
                  full effect, without regard to the invalid portions.

                                       14
<PAGE>   15

         13.      COOPERATION IN FUTURE MATTERS. Executive hereby agrees that,
for a period of three (3) years following the date of his termination, he shall
cooperate with the Company's reasonable requests relating to matters that
pertain to Executive's employment by the Company, including, without limitation,
providing information of limited consultation as to such matters, participating
in legal proceedings, investigations or audits on behalf of the Company, or
otherwise making himself reasonably available to the Company for other related
purposes. Any such cooperation shall be performed at times scheduled taking into
consideration Executive's other commitments, and Executive shall be compensated
at a reasonable hourly or per diem rate to be agreed by the parties to the
extent such cooperation is required on more than an occasional and limited
basis. Executive shall also be reimbursed for all reasonable out of pocket
expenses. Executive shall not be required to perform such cooperation to the
extent it conflicts with any requirements of exclusivity of service for another
employer or otherwise, nor in any manner that in the good faith belief of
Executive would conflict with his rights under or ability to enforce this
Agreement.

         14.      INDEMNIFICATION. The Company shall indemnify Executive and
hold him harmless from and against any and all costs, expenses, losses, claims,
damages, obligations or liabilities (including actual attorneys fees and
expenses) arising out of any acts or failures to act by the Company, its
directors, employees or agents that occurred prior to the Effective Date, or
arising out of or relating to any acts, or omissions to act, made by Executive
on behalf of or in the course of performing services for the Company to the
fullest extent permitted by the Bylaws of the Company, or, if greater, as
permitted by applicable law, as the same shall be in effect from time to time.
If any claim, action, suit or proceeding is brought, or any claim relating
thereto is made, against Executive with respect to which indemnity may be sought
against the Company pursuant to this Section, Executive shall notify the Company
in writing thereof, and the Company shall have the right to participate in, and
to the extent that it shall wish, in its discretion, assume and control the
defense thereof, with counsel satisfactory to Executive.

         15.      EXECUTIVE'S REPRESENTATIONS AND WARRANTIES. Executive
represents and warrants that he is free to enter into this Agreement and, as of
the Effective Date, that he is not subject to any conflicting obligation or any
disability which shall prevent or hinder Executive's execution of this Agreement
or the performance of his obligations hereunder; that no lawsuits or claims are
pending or, to Executive's knowledge, threatened against Executive; and that he
has never been subject to bankruptcy, insolvency, or similar proceedings, has
never been convicted of a felony or a crime involving moral turpitude, and has
never been subject to an investigation or proceeding by or before the Securities
and Exchange Commission or any state securities commission. The Company shall
have the authority to conduct an independent investigation into the background
of Executive and Executive agrees to fully cooperate in any such investigation.
The Company shall notify Executive if it intends to conduct such an
investigation.

         16.      NOTICES. Any and all notices or other communications required
or permitted to be given under any of the provisions of this Agreement shall be
in writing and shall be deemed to have been duly given when personally delivered
or mailed by first class registered mail, return receipt requested, or by
commercial courier or delivery service, or by facsimile or electronic mail,
addressed to the parties at the addresses set forth below (or at such other
address as any party may specify by notice to all other parties given as
aforesaid):

                                       15
<PAGE>   16

                  (a)      if to the Company, to:

                           Gaylord Entertainment Company
                           One Gaylord Drive
                           Nashville, Tennessee 37214
                           Attention: Rod Connor
                           Facsimile Number: (615) 316-6312
                           E-Mail: rconnor@gaylordentertainment.com

                           With a copy to:

                           Thomas J. Sherrard, Esq.
                           Sherrard & Roe, PLC
                           424 Church Street, Suite 2000
                           Nashville, TN  37219
                           Facsimile Number: (615) 742-4539
                           E-Mail: TSherrard@sherrardroe.com

                  (b)      if to Executive, to:

                           Colin V. Reed
                           c/o Gaylord Entertainment Company
                           One Gaylord Drive
                           Nashville, TN 37214

                           With a copy to:

                           Ralph B. Lake, Esq.
                           Burch, Porter & Johnson PLLC
                           130 N Court Avenue
                           Court Square Office
                           Memphis, TN  38103-2217
                           Facsimile Number: (901) 524-5024
                           E-Mail: Rlake@bpjlaw.com

and/or to such other persons and addresses as any party shall have specified in
writing to the other by notice as aforesaid.

         17.      MISCELLANEOUS.

                  (a)      Entire Agreement. This writing and the Exhibits
         hereto constitute the entire agreement of the parties with respect to
         the subject matter hereof and may not be modified, amended, or
         terminated except by a written agreement signed by all of the parties
         hereto. Nothing contained in this Agreement shall be construed to
         impose any obligation on the Company to renew this Agreement and
         neither the continuation of employment nor any other conduct shall be
         deemed to imply a continuing obligation upon the expiration of this
         Agreement.

                                       16
<PAGE>   17

                  (b)      Assignment; Binding Effect. This Agreement shall not
         be assignable by Executive, but it shall be binding upon, and shall
         inure to the benefit of, his heirs, executors, administrators, and
         legal representatives. This Agreement shall be binding upon the Company
         and inure to the benefit of the Company and its respective successors
         and permitted assigns. This Agreement may only be assigned by the
         Company to an entity controlling, controlled by, or under common
         control with the Company; provided, however, that no such assignment
         shall relieve the Company of any of its obligations hereunder.

                  (c)      Waiver. No waiver of any breach or default hereunder
         shall be considered valid unless in writing, and no such waiver shall
         be deemed a waiver of any subsequent breach or default of the same or
         similar nature.

                  (d)      Enforceability. Subject to the terms of Section 12(e)
         hereof, if any provision of this Agreement shall be held invalid or
         unenforceable, such invalidity or unenforceability shall attach only to
         such provision and shall not in any manner affect or render invalid or
         unenforceable any other severable provision of this Agreement, and this
         Agreement shall be carried out as if any such invalid or unenforceable
         provision were not contained herein, unless the invalidity or
         unenforceability of such provision substantially impairs the benefits
         of the remaining portions of this Agreement.

                  (e)      Headings. The section headings contained herein are
         for the purposes of convenience only and are not intended to define or
         limit the contents of the sections.

                  (f)      Counterparts. This Agreement may be executed in two
         or more counterparts, all of which taken together shall be deemed one
         original.

                  (g)      Confidentiality of Agreement. The parties agree that
         the terms of this Agreement as they relate to compensation, benefits,
         and termination shall, unless otherwise required by law (including, in
         the Company's reasonable judgment, as required by federal and state
         securities laws), be kept confidential; provided, however, that any
         party hereto shall be permitted to disclose this Agreement or the terms
         hereof with any of its legal, accounting, or financial advisors
         provided that such party ensures that the recipient shall comply with
         the provisions of this Section 17(g).

                  (h)      Governing Law. This Agreement shall be deemed to be a
         contract under the laws of the State of Tennessee and for all purposes
         shall be construed and enforced in accordance with the internal laws of
         said state.

                  (i)      No Third Party Beneficiary. This Agreement shall not
         confer any rights or remedies upon any person or entity other than the
         parties hereto and their respective successors and permitted assigns.

                  (j)      Arbitration. Any controversy or claim between or
         among the parties hereto, including but not limited to those arising
         out of or relating to this Agreement or any related agreements or
         instruments, including any claim based on or arising from an alleged
         tort, shall be determined by binding arbitration in accordance with the
         Federal Arbitration Act (or if not applicable, the law of the state of
         Tennessee), the Commercial Arbitration Rules of the American
         Arbitration Association in effect as of the date hereof, and the
         provisions set forth below. In the event of any inconsistency, the
         provisions herein shall control. Judgment upon

                                       17
<PAGE>   18

         any arbitration award may be entered in any court having jurisdiction.
         Any party to the Agreement may bring an action, including a summary or
         expedited proceeding, to compel arbitration of any controversy or claim
         to which this Agreement applies in any court having jurisdiction over
         such action; provided, however, that all arbitration proceedings shall
         take place in Nashville, Tennessee. The arbitration body shall set
         forth its findings of fact and conclusions of law with citations to the
         evidence presented and the applicable law, and shall render an award
         based thereon. In making its determinations and award(s), the
         arbitration body shall base its award on applicable law and precedent,
         and shall not entertain arguments regarding punitive damages, nor shall
         the arbitration body award punitive damages to any person. Each party
         shall bear its own costs and expenses.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                                     GAYLORD ENTERTAINMENT COMPANY

                                     By:          /s/ E. K. Gaylord II
                                         ---------------------------------------
                                         E. K. Gaylord II, Chairman
                                         Board of Directors

                                     EXECUTIVE:

                                                  /s/ Colin V. Reed
                                         ---------------------------------------
                                         Colin V. Reed

                                       18
<PAGE>   19

                                    EXHIBIT A

                               Bonus Plan Targets

<PAGE>   20

                                    EXHIBIT B

                             STOCK OPTION AGREEMENT

                          GAYLORD ENTERTAINMENT COMPANY
                  1997 OMNIBUS STOCK OPTION AND INCENTIVE PLAN

         This STOCK OPTION AGREEMENT (the "Agreement") is by and between Gaylord
Entertainment Company, a Delaware corporation (the "Company"), and Colin V. Reed
(the "Grantee"), under the Company's 1997 Omnibus Stock Option and Incentive
Plan, as amended (the "Plan").

         Pursuant to the terms of that certain Executive Employment Agreement,
dated as of April 23, 2001, between the Company and Grantee (the "Employment
Agreement"), in order to provide an incentive to the Grantee to exert his utmost
efforts on behalf of the Company, the Grantee has been awarded a nonqualified
stock option (the "Option") to purchase certain shares of Common Stock of the
Company, par value $.01 per share ("Common Stock"), on the terms and conditions
set forth in the Plan and this Agreement.

         SECTION 1.        THE OPTION GRANT. The Grantee is hereby granted a
Nonqualified Stock Option to purchase 500,000 shares of Common Stock of the
Company at a purchase price of $25.25 per share. Said Nonqualified Stock Option
is subject to the terms set forth below.

         SECTION 2.        EXERCISE OF OPTION RIGHTS.

         2.1      Times When the Option Can Be Exercised. The Option shall vest
and become exercisable pursuant to the terms of the Employment Agreement.

         2.2      Term of Option. The term during which the Option may be
exercised shall terminate on April 22, 2011 subject to earlier termination as
provided for in Section 3 of this Agreement or in the Employment Agreement (the
"Option Term").

         2.3      Notice of Exercise. If the Grantee wishes to exercise his
rights hereunder, the Grantee must give notice of exercise to the Company at the
Company's principal office. The Grantee must give the notice in writing in form
satisfactory to the Compensation Committee of the Board of Directors of the
Company (the "Committee"). The Grantee must include with the notice full payment
for any shares being purchased under the Option (unless, in accordance with the
Plan, the Committee shall have provided otherwise), and any taxes due under
Section 2.4.2 hereof.

         2.4      Payment.

                  2.4.1    Payment for any Common Stock being purchased under
the Option must be made in cash, by certified or bank check, or by delivering to
the Company Common Stock of the Company which the Grantee already owns. If the
Grantee pays by delivering Common Stock of the Company, the Grantee must include
with the notice of exercise the certificates for the Common Stock duly endorsed
for transfer. The Company will value the Common Stock delivered by the Grantee
at its Fair Market Value as of the date of receipt as set forth in the Plan and,
if the value of

                                      B-1
<PAGE>   21

the Common Stock delivered by the Grantee exceeds the amount required under this
Section 2.4.1, will return to the Grantee cash in an amount equal to the value,
so determined, of any fractional portion of a share of Common Stock exceeding
the amount required and will issue a certificate for any whole share of Common
Stock exceeding the amount required.

                  2.4.2    The Grantee cannot buy any Common Stock under the
Option unless, at the time the Grantee gives notice of exercise to the Company,
the Grantee includes with such notice payment in cash, by certified or bank
check, of all local, state, or federal withholding taxes due, if any, on account
of buying Common Stock under the Option or gives other assurance to the Company
satisfactory to the Committee of the payment of those withholding taxes.

         2.5      Transfer.

                  2.5.1    The Company shall deliver certificates for Common
Stock bought under the Option as soon as practicable after receiving payment for
the Common Stock and for any taxes under Section 2.4.2 hereof, and all documents
required under the Plan and this Agreement. The certificates will be made out in
the name of the Grantee.

                  2.5.2    If the Plan or any law, regulation, or interpretation
requires the Company to take any action regarding the Common Stock before the
Company issues certificates for the Common Stock being purchased, the Company
may delay delivering the certificates for the Common Stock for the period
necessary to take that action.

         SECTION 3.        TERMINATION.

         3.1      Generally. Except as otherwise provided in the Employment
Agreement, this Agreement and the Plan, the Option may not be exercised unless
the Grantee is then in the service or employ of the Company or a Parent or
Subsidiary (collectively for purposes of this Agreement, the "Company"), and
unless the Grantee has remained continuously so employed since the date of grant
of the Option. Unless otherwise set forth in the Employment Agreement or
determined by the Committee at or after the date of grant, in the event that the
employment of the Grantee terminates, any portion of the Option that is
exercisable at the time of such termination may be exercised by Grantee for a
period of 90 days from the date of such termination or until the expiration of
the stated term of the Option, whichever period is shorter. Provided, however,
if Grantee remains employed by Company until the expiration of the Employment
Period, Grantee shall have until the expiration of the Option Term to exercise
the Options.

         3.2      Death or Disability. If the Grantee dies while employed by the
Company (or within the period of extended exercisability provided herein), or if
the Grantee's employment terminates by reason of Disability, the Option will
become fully vested and exercisable (notwithstanding the provisions of Section
2.1 hereof), and may be exercised by the Grantee, by the legal representative of
the Grantee's estate, or by the legatee under the Grantee's will at any time
until the expiration of the term of the Option provided in Section 2.2 hereof.

         3.3      Retirement. If the Grantee's employment terminates by reason
of Retirement, any portion of the Option may be exercised by Grantee, to the
extent such portion was exercisable at the time of such Retirement or on such
accelerated basis as the Committee may determine at or after the date of grant
(but before the date of such Retirement) at any time until the expiration of the
term of the Option provided in Section 2.2 hereof.

                                      B-2
<PAGE>   22

         3.4      Cause or by Grantee Without Good Reason. If the Grantee's
employment is terminated by the Company for Cause or by Grantee Without Good
Reason, as determined by the Committee in its sole discretion, the Option, to
the extent not theretofore exercised, shall terminate on the date of such
termination.

         3.5      Committee Discretion. Notwithstanding the provisions of
subsections 3.1 through 3.4 above, but subject to the provisions of Section 4
below, the Committee may, in its sole discretion, at or after the date of grant
(but before the date of termination), establish different terms and conditions
pertaining to the effect on any Option of termination of Grantee's employment,
to the extent permitted by applicable federal and state law.

         SECTION 4.        GOVERNING PROVISIONS. This Agreement is made under
and subject to the provisions of the Plan, and all of the provisions of the Plan
are also provisions of this Agreement. Capitalized terms used but not defined
herein shall have the same meanings ascribed to such terms in the Plan. If there
is a difference or conflict between the provisions of this Agreement and the
provisions of the Plan, the provisions of the Plan will govern. If there is a
difference or conflict between the provisions of this Agreement and/or the
provisions of the Plan and the provisions of the Employment Agreement, the
provisions of the Employment Agreement will govern. By signing this Agreement,
the Grantee confirms that he has received a copy of the Plan.

         SECTION 5.        MISCELLANEOUS.

         5.1      Entire Agreement. This Agreement, the Employment Agreement and
the Plan contain all of the understandings between the Company and Grantee
concerning the Option and include any earlier negotiations and understandings.
The Company and Grantee have made no promises, agreements, conditions, or
understandings relating to the Option, either orally or in writing, that are not
included in this Agreement, the Employment Agreement or the Plan.

         5.2      Employment. None of the provisions of this Agreement or the
Plan will interfere with or limit the right of the Company to end the Grantee's
employment pursuant to the terms of the Employment Agreement.

         5.3      Captions. The captions and section numbers appearing in this
Agreement are inserted only as a matter of convenience. They do not define,
limit, construe, or describe the scope or intent of the provisions of this
Agreement.

         5.4      Counterparts. This Agreement may be executed in counterparts,
each of which when signed by the Company and the Grantee will be deemed an
original and all of which together will be deemed the same agreement.

         5.5      Notice. Any notice or communication having to do with this
Agreement must be given by personal delivery or by certified mail, return
receipt requested, addressed, if to the Company or the Committee, to the
principal office of the Company and, if to Grantee, to the Grantee's last known
address on the personnel records of the Company.

         5.6      Amendment. This Agreement may be amended by the Company,
provided that unless the Grantee consents in writing, the Company cannot amend
this Agreement if the amendment

                                      B-3
<PAGE>   23

will materially change or impair the Grantee's rights under this Agreement and
such change is not to the Grantee's benefit.

         5.7      Succession and Transfer. Each and all of the provisions of
this Agreement are binding upon and inure to the benefit of the Company and the
Grantee and their heirs, successors and assigns; however, neither the Option nor
this Agreement is transferable, without the prior written consent of the
Committee, other than (i) by will or by the laws of descent and distribution,
(ii) by the Grantee to a member of his Immediate Family, or (iii) to a trust for
the benefit of the Grantee or a member of his Immediate Family.

         5.8      Governing Law. This Agreement shall be governed and construed
exclusively in accordance with the law of the State of Delaware applicable to
agreements to be performed in the State of Delaware to the extent it may apply.

         The Company and the Grantee have caused this Agreement to be signed and
delivered as of the __ day of ________________, 2001.

                                      GAYLORD ENTERTAINMENT COMPANY

                                      By:
---------------------------------         --------------------------------------
Colin V. Reed                             Rod Connor, Senior Vice President and
                                          Chief Administrative Officer

                                      B-4
<PAGE>   24

                                    EXHIBIT C

                           RESTRICTED STOCK AGREEMENT

                          GAYLORD ENTERTAINMENT COMPANY
                  1997 OMNIBUS STOCK OPTION AND INCENTIVE PLAN

         This RESTRICTED STOCK AGREEMENT (the "Agreement") is by and between
Gaylord Entertainment Company, a Delaware corporation (the "Company"), and Colin
V. Reed, (the "Grantee"), pursuant to the Company's 1997 Omnibus Stock Option
and Incentive Plan (the "Plan").

         SECTION 1.        RESTRICTED STOCK AWARD. Effective April 23, 2001 the
Grantee is hereby awarded the right to receive 50,000 shares (the "Restricted
Stock") of the Company's Common Stock, Par Value $ .01 per share (the "Common
Stock"), subject to the terms and conditions of this Agreement and the Plan.

         SECTION 2.        VESTING OF THE AWARD. The Grantee shall become vested
in the number of shares of Restricted Stock as provided in the Executive's
Employment Agreement between the Company and Grantee dated as of April 23, 2001,
(the "Employment Agreement") (such number of shares referred to herein as the
"Vested Stock") on the corresponding date set forth in the Employment Agreement
(such date referred to herein as the "Vested Date"); provided that, as of the
Vested Date, there has been no prior termination of Grantee's employment that,
under the terms of the Employment Agreement, would preclude vesting of all or
any part of the Restricted Stock.

         SECTION 3.        DISTRIBUTION OF VESTED STOCK. Subject to the terms of
the Employment Agreement, shares of Vested Stock will be distributed to the
Grantee as soon as practicable after the Vested Date.

         SECTION 4.        VOTING RIGHTS AND DIVIDENDS. Prior to the vesting of
the Restricted Stock, certificates representing shares of the Restricted Stock
will bear an appropriate legend in accordance with Section 10(b) of the Plan and
will be held by the trustee of the Rabbi Trust as provided in the Employment
Agreement. The trustee of the Rabbi Trust shall be entitled to vote the
Restricted Stock and receive dividends thereon. No voting or dividend rights
shall inure to the Grantee with respect to unvested shares of Restricted Stock
following a termination pursuant to the terms of the Employment Agreement.

         SECTION 5.        GOVERNING PROVISIONS. This Agreement is made under
and subject to the provisions of the Plan, and all of the provisions of the Plan
are also provisions of this Agreement. Capitalized terms used but not defined
herein shall have the same meanings ascribed to such terms in the Plan. If there
is a difference or conflict between the provisions of this Agreement and the
provisions of the Plan, the provisions of the Plan will govern. If there is a
difference or conflict between the provisions of this Agreement and/or the
provisions of the Plan and the provisions of the Employment Agreement, the
provisions of the Employment Agreement will govern. By signing this Agreement,
the Grantee confirms that he has received a copy of the Plan.

                                      C-1
<PAGE>   25

         SECTION 6.        MISCELLANEOUS.

                  6.1      Entire Agreement. This Agreement, the Employment
         Agreement, and the Plan contain the entire understanding and agreement
         between the Company and the Grantee concerning the Restricted Stock
         granted hereby and supersede any prior or contemporaneous negotiations
         and understandings. The Company and the Grantee have made no promises,
         agreements, conditions, or understandings relating to the Restricted
         Stock, either orally or in writing, that are not included in this
         Agreement, the Plan, or the Employment Agreement.

                  6.2      Employment. None of the provisions of this Agreement
         or the Plan will interfere with or limit the right of the Company to
         terminate the Grantee's employment pursuant to the terms of the
         Employment Agreement.

                  6.3      Captions. The captions and section numbers appearing
         in this Agreement are inserted only as a matter of convenience. They do
         not define, limit, construe, or describe the scope or intent of the
         provisions of this Agreement.

                  6.4      Counterparts. This Agreement may be executed in
         counterparts, each of which when signed by the Company and the Grantee
         will be deemed an original and all of which together will be deemed the
         same agreement.

                  6.5      Notice. Any notice or communication having to do with
         this Agreement must be given by personal delivery or by certified mail,
         return receipt requested, addressed, if to the Company, to the
         principal office of the Company and, if to the Grantee, to the
         Grantee's last known address on the personnel records of the Company.

                  6.6      Amendment. This Agreement may be amended by the
         Company, provided that unless the Grantee consents in writing, the
         Company cannot amend this Agreement if the amendment will materially
         change or impair the Grantee's rights under this Agreement and such
         change is not to the Grantee's benefit. Nevertheless, the Committee
         shall have the authority to cancel all or any portion of any
         outstanding restrictions prior to the Vested Date with respect to any
         or all of the shares of the Restricted Stock awarded on such terms and
         conditions as the Committee shall deem appropriate.

                  6.7      Succession and Transfer. Each and all of the
         provisions of this Agreement are binding upon and inure to the benefit
         of the Company and the Grantee and their heirs, successors, and
         assigns. However, neither the Restricted Stock nor this Agreement is
         transferable prior to the Vested Date other than by will or by the laws
         of descent and distribution.

                  6.8      Governing Law. This Agreement shall be governed and
         construed exclusively in accordance with the law of the State of
         Delaware applicable to agreements to be performed in the State of
         Delaware to the extent it may apply.

                                      C-2
<PAGE>   26

                  IN WITNESS WHEREOF, the Company and the Grantee have executed
this Agreement to be effective as of _____________, 2001.

GRANTEE:                            GAYLORD ENTERTAINMENT COMPANY

                                    By:
-------------------------------         ----------------------------------------
Colin V. Reed                           Rod Connor, Senior Vice President and
                                        Chief Administrative Officer

                                      C-3
<PAGE>   27

                                    EXHIBIT D

                        DEFERRED COMPENSATION RABBI TRUST
                        FOR THE BENEFIT OF COLIN V. REED

         This Agreement made as of this 23rd day of April, 2001, by and between
GAYLORD ENTERTAINMENT COMPANY (the "Company") and SunTrust Bank, Nashville, N.A.
(Trustee);

         WHEREAS, Colin V. Reed ("Executive") is employed as President and Chief
Executive Officer of Company; and

         WHEREAS, Company and Executive have entered into that certain Executive
Employment Agreement (the "Employment Agreement") dated as of April 23, 2001,
wherein Company has obligated itself to make certain deferred compensation
payments to Executive; and

         WHEREAS, all capitalized terms not defined herein shall have the same
meaning given to those terms in the Employment Agreement; and

         WHEREAS, Company in accordance with the Employment Agreement, desires
to establish a trust (hereinafter called "Trust") and to contribute to the Trust
assets that shall be held therein, invested and reinvested as the case may be,
subject to the claims of Company's creditors in the event of Company's
Insolvency, as herein defined, until paid to Executive or his beneficiaries in
such manner and at such times as specified in the Employment Agreement or under
certain limited circumstances returned to Company; and

         WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement maintained for the purpose of providing
deferred compensation for a member of a select group of management or highly
compensated employees for purposes of Title I of the Employee Retirement Income
Security Act of 1974;

         WHEREAS, it is the intention of Company to make contributions to the
Trust to provide itself with a source of funds to assist it in the meeting of
its liabilities under the Employment Agreement;

         NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows:

         SECTION 1.        ESTABLISHMENT OF TRUST; SEPARATE SHARES.

         (a)      Account A. Company has deposited with Trustee, an amount equal
to the deferred portion of Executive's Signing Bonus, as provided in Section
3(a) of the Employment Agreement. Company shall deposit with Trustee on or
before the dates specified in the Employment Agreement (i) an amount of cash
equal to the deferred portion, if any, of his Guaranteed Bonus as provided in
Section 3(c)(i) of the Employment Agreement, and (ii) any other compensation
that is deferred pursuant to the provisions of Section 6 of the Employment
Agreement.

                                      D-1
<PAGE>   28

         (b)      Account B. Within five (5) days of the date hereof, Company
shall deposit with Trustee Fifty Thousand (50,000) restricted shares of
Company's common stock, to be held, administered and disposed of by Trustee as
provided in this Trust Agreement, pursuant to Section 4(b) of the Employment
Agreement.

         (c)      Subject to the provisions of Section 12(a), the Trust hereby
established shall be irrevocable.

         (d)      The Trust is intended to be a grantor trust, of which Company
is the grantor, within the meaning of subpart E, part I, subchapter J, chapter
1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be
construed accordingly.

         (e)      Accounts A and B shall be administered separately and separate
books and records shall be kept for each Account.

         (f)      The principal of the Trust, and any earnings thereon shall be
held separate and apart from other funds of Company and shall be used
exclusively for the uses and purposes of Executive and general creditors as
herein set forth. Executive and his beneficiaries shall have no preferred claim
on, or any beneficial ownership interest in, any assets of the Trust. Any rights
created under the Employment Agreement and this Trust Agreement shall be mere
unsecured contractual rights of Executive and his beneficiaries against Company.
Any assets held by the Trust will be subject to the claims of Company's general
creditors under federal and state law in the event of Insolvency, as defined in
Section 3(a) herein.

         (g)      Company, in its sole discretion, may at any time, or from time
to time, make additional deposits of cash or other property in trust with
Trustee to augment the principal of one or more of the Accounts established
herein, to be held, administered and disposed of by Trustee as provided in this
Trust Agreement. Neither Trustee, Executive nor any beneficiary shall have any
right to compel such additional deposits.

         SECTION 2.        PAYMENT TO EXECUTIVE OR HIS BENEFICIARIES.

         (a)      Company shall deliver to Trustee a schedule (the "Payment
Schedule") that provides the amounts payable to Executive (and/or his
beneficiaries), a formula or other instructions acceptable to Trustee for
determining the amount so payable, the Account of the Trust from which such
amount is payable, the form in which such amount is to be paid (as provided for
or available under the Employment Agreement), and the time of commencement for
payment of such amounts. Except as otherwise provided herein, Trustee shall make
payments to Executive and his beneficiaries in accordance with such Payment
Schedule. Trustee shall make provision for the reporting and withholding of any
federal, state or local taxes that may be required to be withheld with respect
to the payment of benefits pursuant to the terms of the Employment Agreement and
shall pay amounts withheld to the appropriate taxing authorities or determine
that such amounts have been reported, withheld and paid by Company.

         (b)      The entitlement of Executive or his beneficiaries to benefits
under the Employment Agreement shall be determined by Company, and any claim for
such benefits shall be considered and reviewed under the procedures set out in
that Agreement.

                                      D-2
<PAGE>   29

         (c)      Company may make payment of benefits directly to Executive or
his beneficiaries as they become due under the terms of the Employment
Agreement. Company shall notify Trustee of its decision to make payment of
benefits directly prior to the time amounts are payable to Executive or his
beneficiaries.

         SECTION 3.        TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST
BENEFICIARY WHEN COMPANY IS INSOLVENT.

         (a)      Trustee shall cease payment of benefits to Executive or his
beneficiaries if Company is Insolvent. Company shall be considered "Insolvent"
for purposes of this Trust Agreement if (i) Company is unable to pay its debts
as they become due, or (ii) Company is subject to a pending proceeding as a
debtor under the United States Bankruptcy Code.

         (b)      At all times during the continuance of this Trust, as provided
in Section 1(f) hereof, the principal and income of the Trust shall be subject
to claims of general creditors of Company under federal and state law as set
forth below.

                  (i)      The Board of Directors of Company or the Chief
         Executive Officer shall have the duty to inform Trustee and Executive
         in writing of Company's Insolvency. If a person claiming to be a
         creditor of Company alleges in writing to Trustee that Company has
         become Insolvent, Trustee shall determine whether Company is Insolvent
         and, pending such determination, Trustee shall discontinue payment of
         benefits to Executive or his beneficiaries.

                  (ii)     Unless Trustee has actual knowledge of Company's
         Insolvency, or has received notice from Company or a person claiming to
         be a creditor alleging that Company is Insolvent, Trustee shall have no
         duty to inquire whether Company is Insolvent. Trustee may in all events
         rely on such evidence concerning Company's solvency as may be furnished
         to trustee and that provides Trustee with a reasonable basis for making
         a determination concerning Company's solvency.

                  (iii)    If at any time Trustee has determined that Company is
         Insolvent, Trustee shall discontinue payments to Executive or his
         beneficiaries and shall hold the assets of the Trust for the benefit of
         Company's general creditors. Nothing in this Trust Agreement shall in
         any way diminish any rights of Executive or his beneficiaries to pursue
         their rights as general creditors of Company with respect to benefits
         due under the Employment Agreement or otherwise.

                  (iv)     Trustee shall resume the payment of benefits to
         Executive or his beneficiaries in accordance with Section 2 of this
         Trust Agreement only after Trustee has determined that Company is not
         Insolvent (or is no longer Insolvent).

         (c)      Provided that there are sufficient assets, if Trustee
discontinues the payment of benefits from the Trust pursuant to Section 3(b)
hereof and subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to
Executive or his beneficiaries under the terms of the Employment Agreement for
the period of such discontinuance, less the aggregate amount of any payments
made to Executive or his beneficiaries by Company in lieu of the payments
provided for hereunder during such period of discontinuance.

                                      D-3
<PAGE>   30

         SECTION 4.        PAYMENTS TO COMPANY. Except as provided in Section 3
hereof, Company shall have no right or power to direct Trustee to return to
Company or to direct to others any of the trust assets before all payments of
benefits have been made to Executive and his beneficiaries pursuant to the terms
of the Employment Agreement.

         SECTION 5.        INVESTMENT AUTHORITY.

         (a)      All rights associated with assets of the Trust shall be
exercised by Trustee or the person designated by Trustee, and shall in no event
be exercisable by or rest with Executive. Company may direct Trustee to invest
the assets of the Trust, and shall be held harmless from acting in such manner.

         (b)      Trustee is authorized to invest cash contributed to the Trust
in Account A in one or more mutual funds, without the requirement of
diversification, and pursuant to the terms of the Employment Agreement.

         (c)      Trustee is authorized to hold Company common stock contributed
to the Trust in Account B as Company stock, provided that Trustee shall be
authorized, pursuant to the terms of the Employment Agreement, at the direction
of Company, to sell any shares which become unrestricted in each calendar year
beginning in the year 2002 and to invest the proceeds in one or more mutual
funds.

         (d)      Unless Company instructs Trustee otherwise, Trustee is
authorized and directed to reinvest dividends in any of the Accounts in the same
investment as the investment giving rise to the dividend.

         (e)      Company shall not bear any risk associated with the investment
of the assets of the Trust in accordance with the terms of the Employment
Agreement.

         SECTION 6.        DISPOSITION OF INCOME; ALLOCATION OF EXPENSES.

         (a)      During the term of this Trust, all income received by the
Trust, net of expenses, shall be accumulated and reinvested in such manner as
Trustee deems appropriate.

         (b)      While this Trust remains a grantor trust with respect to
Company, Company shall bear all taxes attributable to income earned by Trust
assets.

         (c)      Transaction and investment expenses, other than Trustee fees
and administrative expenses, shall be allocated to and borne by Trust assets.

         SECTION 7.        ACCOUNTING BY TRUSTEE. Trustee shall keep accurate
and detailed records of all investments, receipts, disbursements, and all other
transactions required to be made, including such specific records as shall be
agreed upon in writing between Company and Trustee. Within 60 days following the
close of each calendar quarter and within 30 days after the removal or
resignation of Trustee, Trustee shall deliver to Company and Executive a written
account of its administration of the Trust during such calendar quarter or
during the period from the close of the last preceding calendar quarter to the
date of such removal or resignation, setting forth all investments, receipts,
disbursements and other transactions effected by it, including a description of
all securities and

                                      D-4
<PAGE>   31

investments purchased and sold with the cost or net proceeds of such purchases
or sales (accrued interest paid or receivable being shown separately), and
showing all cash, securities and other property held in the Trust at the end of
such calendar quarter or as of the date of such removal or resignation, as the
case may be.

         SECTION 8.        RESPONSIBILITY OF TRUSTEE.

         (a)      Trustee shall act with the care, skill, prudence and diligence
under the circumstances then prevailing that a prudent person acting in like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided, however, that
Trustee shall incur no liability to any person for any action taken pursuant to
direction, request or approval given by Company which is contemplated by, and in
conformity with, the terms of the Employment Agreement or this Trust and is
given in writing by Company. In the event of a dispute between Company and a
party, Trustee may apply to a court of competent jurisdiction to resolve the
dispute.

         (b)      If Trustee undertakes or defends any litigation arising in
connection with this Trust, Company agrees to indemnify Trustee against
Trustee's costs, expenses and liabilities (including, without limitation,
attorneys' fees and expenses) relating thereto and to be primarily liable for
such payments. If Company does not pay such costs, expenses and liabilities in a
reasonably timely manner, Trustee may obtain payment from the Trust.

         (c)      Trustee may consult with legal counsel (who may also be
counsel for Company generally) with respect to any of its duties or obligations
hereunder.

         (d)      Trustee may hire agents, accountants, actuaries, investment
advisors, financial consultants or other professionals to assist it in
performing any of its duties or obligations hereunder.

         (e)      Trustee shall have, without exclusion, all powers conferred on
Trustees by Tennessee Code Annotated, ss. 35-50-110 and other applicable law,
unless expressly provided otherwise herein, provided, however, that if an
insurance policy is held as an asset of the Trust, Trustee shall have no power
to name a beneficiary of the policy other than the Trust, to assign the policy
(as distinct from conversion of the policy to a different form) other than to a
successor Trustee, or to loan to any person the proceeds of any borrowing
against such policy.

         (f)      Notwithstanding any powers granted to Trustee pursuant to this
Trust Agreement or to applicable law, Trustee shall not have any power that
could give this Trust the objective of carrying on a business and dividing the
gains therefrom, within the meaning of section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Internal Revenue Code.

         SECTION 9.        COMPENSATION AND EXPENSES OF TRUSTEE. Company shall
pay all administrative and Trustee's fees and expenses.

         SECTION 10.       RESIGNATION AND REMOVAL OF TRUSTEE.

         (a)      Trustee may resign at any time by written notice to Company
and Executive, which shall be effective 30 days after receipt of such notice
unless Company, Executive and Trustee agree otherwise.

                                      D-5
<PAGE>   32

         (b)      Trustee may be removed by Company on 30 days notice or upon
shorter notice accepted by Trustee. A copy of any such notice shall be provided
to Executive on the same date as such notice is provided to Trustee.

         (c)      Upon resignation or removal of Trustee and appointment of a
successor Trustee, all assets shall subsequently be transferred to the successor
Trustee. The transfer shall be completed within 30 days after receipt of notice
of resignation, removal or transfer, unless Company extends the time limit.

         (d)      If Trustee resigns or is removed, a successor shall be
appointed, in accordance with Section 11 hereof, by the effective date of
resignation or removal under paragraphs (a) or (b) of this section. If no such
appointment has been made, Trustee may apply to a court of competent
jurisdiction for appointment of a successor or for instructions. All expenses of
Trustee in connection with the proceeding shall be allowed as administrative
expenses of the Trust.

         SECTION 11.       APPOINTMENT OF SUCCESSOR.

         (a)      If Trustee resigns or is removed in accordance with Section
10(a) or (b) hereof, Company may, with the consent of Executive, appoint any
third party, such as a bank trust department or other party that may be granted
corporate trustee powers under state law, as a successor to replace Trustee upon
resignation or removal. The appointment shall be effective when accepted in
writing by the new Trustee, who shall have all of the rights and powers of the
former Trustee, including ownership rights in the Trust assets. The former
Trustee shall execute any instrument necessary or reasonably requested by
Company or the successor Trustee to evidence the transfer.

         (b)      The successor Trustee need not examine the records and acts of
any prior Trustee and may retain or dispose of existing Trust assets, subject to
Sections 7 and 8 hereof. The successor Trustee shall not be responsible for and
Company shall indemnify and defend the successor Trustee from any claim or
liability resulting from any action or inaction of any prior Trustee or from any
other past event, or any condition existing at the time it becomes successor
Trustee.

         SECTION 12.       AMENDMENT OR TERMINATION.

         (a)      This Trust Agreement may be amended by a written instrument
executed by Trustee and Company, subject to the consent of Executive.
Notwithstanding the foregoing, no such amendment shall conflict with the terms
of the Employment Agreement or shall make the Trust revocable.

         (b)      The Trust shall not terminate until the date on which
Executive and his beneficiaries are no longer entitled to benefits pursuant to
the terms of the Employment Agreement. Upon termination of the Trust any assets
remaining in the Trust shall be returned to Company.

         (c)      Upon written approval of Executive or beneficiaries entitled
to payment of benefits pursuant to the terms of the Employment Agreement,
Company may terminate this Trust prior to the time all benefit payments under
the Employment Agreement have been made. All assets in the Trust at termination
shall be returned to Company.

                                      D-6
<PAGE>   33

         SECTION 13.       MISCELLANEOUS.

         (a)      Any provision of this Trust Agreement prohibited by law shall
be ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.

         (b)      Benefits payable to Executive or his beneficiaries under this
Trust Agreement may not be anticipated, assigned (either at law or in equity),
alienated, pledged, encumbered or subjected to attachment, garnishment, levy,
execution or other legal or equitable process.

         (c)      This Trust Agreement shall be governed by and construed in
accordance with the laws of Tennessee.

         SECTION 14.       EFFECTIVE DATE. The effective date of this Trust
Agreement shall be April ______, 2001.

         IN WITNESS WHEREOF, the parties, by their respective duly authorized
representatives, have executed this Agreement as of the date first recited
above.

                                   GAYLORD ENTERTAINMENT COMPANY

                                   By:
                                       -----------------------------------------
                                       Rod Conner, Chief Administrative Officer
Attest:
       -------------------------

                                   TRUSTEE:

                                   SUNTRUST BANK, NASHVILLE, N.A.

                                   By:
                                        ----------------------------------------

Attest:
       -------------------------
                                   Its:
                                        ----------------------------------------

                                      D-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}]]