Emanuel J. Eads  
 
                               EMPLOYMENT CONTRACT
 
 
THIS AGREEMENT made and entered into effective this 1st day of October, 2000, by
and  between  CENTRAL  PARKING  SYSTEM,  INC.,  a Tennessee corporation with its
principal place of business in Nashville, Tennessee ("EMPLOYER"), and Emanuel J.
Eads  ("EXECUTIVE").
 
     W  I  T  N  E  S  S  E  T  H:
 
WHEREAS,  EMPLOYER  desires to induce EXECUTIVE to serve or continue to serve as
an  executive  officer  of  EMPLOYER;
 
WHEREAS,  EXECUTIVE  has access to trade secrets and confidential information of
EMPLOYER  including,  but  not  limited  to,  the  terms of, and the parties to,
EMPLOYER's  leases,  management  contracts and other contracts pursuant to which
EMPLOYER  operates  its business, and EXECUTIVE has the ability to influence the
goodwill  of  EMPLOYER  with  such  parties;
 
WHEREAS, in consideration of his continued employment at will upon the terms and
conditions hereinafter set forth, and the payment of the amounts hereinafter set
forth,  including  but  not  limited  to, the Termination Amount (as hereinafter
defined),  EXECUTIVE  has  agreed  to  be  bound  by  such terms and conditions,
including  but  not limited to, the restrictive covenants set forth hereinafter;
 
NOW,  THEREFORE,  in consideration of the mutual covenants contained herein, and
other  good and valuable consideration, the receipt and sufficiency of which are
hereby  acknowledged,  EMPLOYER  and  EXECUTIVE  agree  as  follows:
 
(1)     TITLE.  Subject  to the terms and conditions of this Agreement, EMPLOYER
does  hereby  employ  EXECUTIVE  during the Term (as defined below) as Executive
Vice  President.
 
(2)     DUTIES.  EXECUTIVE  agrees to serve in such capacity, and to perform all
the  duties  required  thereof.  EXECUTIVE'S  duties and powers in that capacity
will  be determined by EMPLOYER, and are expected to include, but not be limited
to,  managing  EMPLOYER's  operations in certain geographical areas and managing
certain  administrative  functions  as  may  be  determined from time to time by
EMPLOYER.
 
(3)     COMPENSATION.  During  the  Term,  EMPLOYER  agrees to pay EXECUTIVE for
said  services  a  base salary ("Base Salary") of $350,000 gross per year.  Base
Salary  shall  be  payable  in accordance with the ordinary payroll practices of
EMPLOYER  but  no  less  frequently  than biweekly.  Any increase in Base Salary
shall  be  in  the discretion of EMPLOYER and, as so increased, shall constitute
"Base  Salary"  hereunder.  During  the  Term,  in  addition to his Base Salary,
EXECUTIVE  shall, with respect to each fiscal year beginning on or about October
1,  be  eligible to receive an annual bonus (the "Bonus") in accordance with the
Company's  bonus  program as may be in effect from time-to-time.  For the fiscal
year  beginning on October 1, 2000, EXECUTIVE's Bonus shall be determined as set
forth  in  Exhibit A to this Agreement. EXECUTIVE may elect to draw, in advance,
up  to  fifty percent (50%) of the Bonus through the course of EMPLOYER'S fiscal
year.  Should such advance exceed the amount actually due EXECUTIVE based on the
computation  of EXECUTIVE'S Bonus, EXECUTIVE agrees to repay the borrowed amount
upon  notification  by  EMPLOYER.
 
     It  is  EMPLOYER'S  policy  that  bonuses  will not be earned by two people
during  a  job change transition period.  Therefore, in reference to EXECUTIVE'S
position,  if  the  outgoing  manager  is  to continue working for EMPLOYER in a
similar position or is promoted, then the outgoing manager will continue to earn
toward a bonus until leaving the current position, and the incoming manager will
not begin to earn toward a bonus until the day after the outgoing manager's last
day  in  the  position.  If the outgoing manager resigns, retires, or is removed
from the position, then the incoming manager will begin to earn toward the bonus
from  the  time  he  or she commences work and the outgoing person will not have
earned  any  bonus  attributable to the period in which he has not worked in the
position.
 
(4)     ADDITIONAL  COMPENSATION AND BENEFITS.  During the Term, EXECUTIVE shall
be  eligible to participate in any additional compensation and benefits plans or
programs  maintained  by  EMPLOYER  from  time  to  time  in  which other senior
executives  of  EMPLOYER  participate on terms comparable to those applicable to
such  other  senior executives generally (commensurate with EXECUTIVE's position
with  EMPLOYER).
 
(5)     STOCK  OPTIONS.  During the Term, EXECUTIVE shall be eligible to receive
stock options under EMPLOYER'S 1995 Incentive and Nonqualified Stock Option Plan
for  Key  Employees  or  substitute  plan  (the  "Plan") in amounts and on terms
comparable  to  other senior executives generally (commensurate with EXECUTIVE'S
position  with EMPLOYER).  In accordance with the Plan, such stock options shall
have  a  term  of  ten  (10)  years and shall vest as determined by the Board of
Directors  at  the  date  of  grant;  provided,  however,  that  in the event of
EXECUTIVE'S  termination  without  Cause  or  for Good Reason (as such terms are
defined  below),  all unvested options held by EXECUTIVE on the termination date
shall  vest  as  of such date and EXECUTIVE shall have the right to exercise all
vested  options  during  the  one-year  period  following  termination.
 
(6)     TERM.  This  Agreement  shall  continue  through  September  30,  2001;
provided,  however,  that the Term shall be automatically renewed for a one-year
period  on  October 1, 2001, and on each anniversary thereof and, as so renewed,
shall constitute the "Term" hereunder, unless EMPLOYER has notified EXECUTIVE in
writing prior to the thirty-day period ending on the expiration of the then Term
that  such Term shall not be so renewed and that EXECUTIVE's employment shall be
terminated.  Notwithstanding  the foregoing, this Agreement may be terminated at
any  time  by  either  EMPLOYER  or  EXECUTIVE   upon thirty days' prior written
notice  (except  that  such  notice  is  not  required  in the event EXECUTIVE's
employment  is  terminated  for  Cause  (as  defined below)); provided, however,
EMPLOYER  retains in its sole discretion the option to substitute for the thirty
(30)  days'  written  notice  of  termination  an  amount  of  pay,  with normal
withholdings,  as  pay in lieu of notice.  Notwithstanding any of the foregoing,
Sections  9,  10,  11,  12,  13  and  14  shall  survive the termination of this
Agreement.
 
(7)     EXTENT  OF  SERVICES.  EXECUTIVE  shall  devote his entire attention and
energy  to  the business and affairs of EMPLOYER and shall not be engaged in any
other  business  activity,  whether or not such business activity is pursued for
gain,  profit  or  other  pecuniary  advantage,  unless  EMPLOYER  consents  to
EXECUTIVE's  involvement  in such business activity in writing. This restriction
shall  not  be  construed as preventing EXECUTIVE from investing his assets in a
form  or  manner  that will not require EXECUTIVE's services in the operation of
any  of  the  companies  in  which  such  investments  are  made.
 
(8)     TERMINATION  OF  EMPLOYMENT.
 
8.1     Termination  without  Cause;  Resignation  for Good Reason.  (a)  In the
        ----------------------------------------------------------
event  that  EXECUTIVE's employment is terminated (i) by EMPLOYER other than for
Cause  (as  defined  below),  including without limitation a termination of this
Agreement  pursuant  to  a  notice  by  EMPLOYER  that the then Term will not be
renewed, and other than as a result of EXECUTIVE's death or Permanent Disability
(as  defined  below),  or  (ii) by EXECUTIVE for Good Reason (as defined below),
EXECUTIVE  shall  receive  the  following  amounts:
 
          (i)     a  cash lump sum payment in respect of EXECUTIVE's Base Salary
earned  but  not yet paid (the "Compensation Payment"), in each case through the
effective  date  of  such  termination;
 
          (ii)     such  payments,  if  any, under applicable plans or programs,
including  but not limited to those referred to in Section 4 hereof, to which he
is  entitled  pursuant  to  the  terms  of  such  plans  or  programs;
 
          (iii)     an  amount  (the  "Termination Amount") equal to one hundred
and  twenty-five  percent  (125%)  of  EXECUTIVE's  Base  Salary;  and
 
          (iv)     the  Bonus  in  respect  of  the  fiscal  year  in  which his
termination of employment occurs, prorated by a fraction, the numerator of which
is the number of days from the beginning of the then current fiscal year through
and  including  the date of his termination and the denominator of which is 365,
less  any  amounts  drawn  in  advance  under  Section  3  of  this  Agreement.
 
          (b)     The  Compensation  Payment  shall  be  paid  by  EMPLOYER  to
EXECUTIVE  within  thirty  (30)  days  after  the  termination  of  EXECUTIVE's
employment  by check payable to the order of EXECUTIVE or by wire transfer to an
account  specified  by  EXECUTIVE.  The  Termination  Amount shall be payable in
equal  installments  during  the  one-year  period  following  termination  of
employment in accordance with the ordinary payroll practices of EMPLOYER, but no
less  frequently  than  bi-weekly.  The Bonus shall be paid following the end of
the  fiscal  year  in which EXECUTIVE's employment terminated in accordance with
EMPLOYER's  ordinary  practices,  but in no event later than December 15 of such
year.  Notwithstanding anything else herein to the contrary, EXECUTIVE shall not
be  entitled  to  receive the Termination Amount in the event he violates any of
the  covenants  set  forth  in  Sections  9  or  10  of  this  Agreement.
 
          (c)     For  purposes  of  this  Agreement, "Good Reason" shall mean a
reduction  by  EMPLOYER  in excess of fifteen (15%) in the amount of EXECUTIVE's
Base  Salary  or  Bonus Potential (as defined below) unless the reduction in the
amount  of  Bonus Potential is part of a program in which the Bonus Potential of
at  least  ninety percent (90%) of the senior executives of EMPLOYER is reduced.
Bonus  Potential  means the amount of Bonus EXECUTIVE would earn if he meets the
budget  objectives  or other objectives as may be set forth in the bonus plan as
amended  from  time-to-time.  It  is  understood that the actual amount of Bonus
earned  by  EXECUTIVE  can vary from year to year depending upon performance and
such  variance, regardless of amount, shall not constitute "Good Reason."  It is
further understood that the amount of EXECUTIVE's Bonus Potential may be reduced
for  factors  such as the closure or loss of cities or locations, sale of cities
or  properties,  or  as  a  result  of  economic  conditions  and  that any such
reduction,  regardless  of  amount,  shall  not  constitute  "Good  Reason."
 
     8.2     Permanent Disability.  In the event that EXECUTIVE becomes disabled
             --------------------
during  the  Term  to  an extent which entitles him to benefits under EMPLOYER's
long-term  disability  benefit  plan  applicable  to  senior  executive officers
generally  as in effect on the date hereof ("Permanent Disability"), Executive's
employment  shall  terminate  automatically,  and  EXECUTIVE  shall  receive  or
commence  receiving,  as  soon  as  practicable:
 
          (i)     amounts  payable  pursuant  to  the  terms  of  a  long-term
disability  insurance  policy  or  similar  arrangement which EMPLOYER maintains
during  the  Term;
 
               (ii)     the  Compensation  Payment;
 
          (iii)     such  payments,  if any, under applicable plans or programs,
including  but not limited to those referred to in Section 4 hereof, to which he
is  entitled  pursuant  to  the  terms  of  such  plans  or  programs;  and
 
          (iv)     the  Bonus  in  respect  of  the  fiscal  year  in  which his
termination  occurs prorated by a fraction, the numerator of which is the number
of days from the beginning of the then current fiscal year through and including
the  date  of  his  termination  and  the  denominator of which is 365, less any
amounts  drawn  in  advance  under  Section  3  of  this  Agreement.
 .
 
     8.3     Death.  In  the  event  of  EXECUTIVE's  death  during  the  Term,
             -----
EXECUTIVE's  employment shall terminate automatically, and EXECUTIVE's estate or
designated  beneficiaries  shall  receive  or  commence  receiving,  as  soon as
practicable:
 
          (i)     any  death benefits provided under the employee benefit plans,
programs and practices referred to in Section 4 hereof, in accordance with their
terms;
 
          (ii)     the  Compensation  Payment;
 
          (iii)     such  payments,  if any, under applicable plans or programs,
including  but  not  limited  to those referred to in Section 4 hereof, to which
EXECUTIVE's  estate  or  designated  beneficiaries  are entitled pursuant to the
terms  of  such  plans  or  programs;  and
 
          (iv)     the  Bonus  in  respect of the fiscal year in which his death
occurs,  prorated  by  a  fraction, the numerator of which is the number of days
from  the  beginning  of  the then current fiscal year through and including the
date of his death and the denominator of which is 365, less any amounts drawn in
advance  under  Section  3  of  this  Agreement.
 
     8.4     Resignation  Without  Good  Reason.  In  the event that EXECUTIVE's
             ----------------------------------
employment  is terminated by EXECUTIVE other than for Good Reason and other than
as  a  result  of  EXECUTIVE's  death  or  Permanent Disability, EXECUTIVE shall
receive  the  following  amounts:
 
(i)     the  Compensation  Payment;
 
(ii)     such  payments,  if  any, under applicable plans or programs, including
but  not  limited  to  those  referred  to  in  Section 4 hereof, to which he is
entitled  pursuant  to  the  terms  of  such  plans  or  programs;  and
 
(iii)     the  Bonus  in  respect of the fiscal year in which his termination of
employment  occurs, prorated by a fraction, the numerator of which is the number
of days from the beginning of the then current fiscal year through and including
the  date  of  his  termination  and  the  denominator of which is 365, less any
amounts  drawn  in  advance  under  Section  3  of  this  Agreement.
 
     8.5     Termination  for Cause.  EMPLOYER shall have the right to terminate
             -----------------------
the employment of EXECUTIVE for Cause.  In the event that EXECUTIVE's employment
is  terminated  by  EMPLOYER  for  Cause,  EXECUTIVE  shall  only be entitled to
receive  the  following  amounts and shall not be entitled to the payment of any
other  compensation  otherwise  included  under  this  Agreement:
 
               (i)     the  Compensation  Payment;  and
 
          (ii)     such  payments,  if  any, under applicable plans or programs,
including  but not limited to those referred to in Section 4 hereof, to which he
is  entitled  pursuant  to  the  terms  of  such  plans  or  programs.
 
After  the  termination  of  EXECUTIVE's  employment under this Section 8.5, the
obligations  of  EMPLOYER  under  this Agreement to make any further payments or
provide  any  benefits  specified  herein to EXECUTIVE shall thereupon cease and
terminate.
 
     For  purposes  of  this  Agreement,  "Cause"  shall  be  defined as (i) the
commission  by  EXECUTIVE  of  an  act  involving  theft, embezzlement, fraud or
intentional mishandling of EMPLOYER funds; (ii) conviction of a criminal offense
which  adversely  affects  EXECUTIVE's  job-related  responsibilities;  (iii)  a
violation  by  EXECUTIVE  of the covenants set forth in Sections 9 or 10 of this
Agreement;  or (iv) EXECUTIVE's deliberate and intentional continuing refusal to
substantially  perform  his  duties  and obligations, which continues beyond ten
days  after  a  written  demand  for  substantial  performance  is  delivered to
EXECUTIVE  by  EMPLOYER.
 
 
(9)     RESTRICTIVE  COVENANTS.
 
     9.1.     Covenant Not-to-Compete.     During the term of this Agreement and
              ------------------------
for  a  period  of one (1) year after termination of employment (or one (1) year
after  EMPLOYER  is  granted injunctive relief to enforce the provisions of this
Section,  whichever  is  later),  EXECUTIVE  shall  not, directly or indirectly,
either  as  an individual for his own account or as a consultant, partner, joint
venturer,  employee, agent, officer, director or shareholder, engage in the same
or  similar  business  of  EMPLOYER  or  any  of  its  parents,  subsidiaries,
partnerships,  joint  ventures,  affiliates  or  related companies (collectively
referred to hereinafter as "Affiliated Entities") within fifty (50) miles of the
perimeter  of any county or any independent city in which he is rendering or has
rendered  services  to  or  for  EMPLOYER  during  the  one-year period prior to
termination  of  his  employment.
 
     9.2     Non-solicitation  and  Other Covenants.     During the term of this
             ---------------------------------------
Agreement  and for a period of two (2) years after termination of employment (or
two  (2)  years  after  EMPLOYER  is  granted  injunctive  relief to enforce the
provisions  of  this Section, whichever is later), EXECUTIVE shall not, directly
or  indirectly,  either as an individual for his own account or as a consultant,
partner,  joint  venturer,  employee,  agent,  officer, director or shareholder:
 
          (i)     solicit  or  attempt  to  solicit  any  clients,  customers or
landlords  of EMPLOYER or any of its Affiliated Entities existing on the date of
EXECUTIVE's  termination with the intent or purpose to perform services for such
clients,  customers or landlords which are the same or similar to those provided
by  EMPLOYER  or  any  of  its  Affiliated  Entities, or encourage or attempt to
encourage  any such clients, customers or landlords to not continue or otherwise
modify  adversely  its  business  relationship  with  EMPLOYER or its Affiliated
Entities;
 
               (ii)     enter  into  any  lease,  sublease,  license  agreement,
services agreement, option agreement, management or operating agreement relating
to,  or  otherwise  acquire  any  rights  with  respect  to,  any of the parking
facilities  managed or operated by EMPLOYER or any of its Affiliated Entities on
the  date  of  EXECUTIVE's  termination;  or
 
          (iii)     engage,  hire, solicit or attempt to solicit for the purpose
of  hiring  or  engaging,  as  an  employee,  agent,  consultant,  independent
contractor,  or  in  any  other  capacity,  any  of EMPLOYER's or its Affiliated
Entities'  employees  or  consultants.
 
EXECUTIVE  acknowledges  and  agrees that the provisions of Sections 9 and 10 of
this  Agreement  are  intended  to  protect  EMPLOYER's  interest  in  certain
confidential  information and established landlord, client and other contractual
relationships  and goodwill and that such provisions are reasonable and valid in
geographical  and  temporal  scope  and  in  all  other  respects.
 
(10)     CONFIDENTIAL  INFORMATION.  EXECUTIVE  acknowledges and agrees that all
information  of a technical or business nature, such as know-how, trade secrets,
business  plans,  data processes, techniques, financial information, information
regarding  clients,  customers, landlords, suppliers, consultants, joint venture
partners  and  employees,  contracts,  leases,  inventions,  sales and marketing
concepts,  discoveries,  formulae,  patterns,  and  devices  (collectively,  the
"Confidential  Information'')  acquired  by  EXECUTIVE  in  the  course  of  his
employment under this Agreement is valuable proprietary information of EMPLOYER.
EXECUTIVE  agrees that such Confidential Information, whether in written, verbal
or  model  form,  shall  not  be  disclosed  to anyone outside the employment of
EMPLOYER  without EMPLOYER's written consent unless the Confidential Information
has  been  made  generally  available  to  the  public  through  no fault of the
EXECUTIVE.
 
(11)     RETURN OF COMPANY PROPERTY.  Upon termination of EXECUTIVE's employment
with  or  without  Cause,  EXECUTIVE  shall  immediately  return  and deliver to
EMPLOYER  and  shall  not  retain  any originals or copies of any books, papers,
price  lists,  customer  contracts,  bids,  customer  lists,  files,  notebooks,
computer  files,  computer  hardware  or  software,  or  any  other documents or
computer  records  which  are  company  property,  which  contains  Confidential
Information,  or  which  otherwise  relate  to EXECUTIVE's performance of duties
under  this  Agreement.  EXECUTIVE further acknowledges and agrees that all such
documents  and  computer  records  are  EMPLOYER's  sole and exclusive property.
 
(12)     NOTICE.  All  notices,  demands and communications required, desired or
permitted  to be given hereunder shall be in writing and shall be deemed to have
been  duly  given on the date received, if delivered personally, or on the third
day  after  mailing,  if  sent  by  registered or certified mail, return receipt
requested,  postage  prepaid,  and addressed to the parties at the addresses set
forth  below or to such other person at such location as either party hereto may
subsequently  designate  in  a  similar  manner:
 
EMPLOYER:                                    EXECUTIVE:
Central  Parking  System,  Inc.              Emanuel  J.  Eads
2401  21st  Avenue  South,  Suite  200       106  Suffolk  Crescent
Nashville,  Tennessee  37212                 Brentwood,  TN  37027
Attn:  Monroe  J.  Carell,  Jr.
 
(13)     CONSTRUCTION  OF  AGREEMENT.  This  Agreement  shall  be  interpreted,
construed  and  governed by and under the laws of the State of Tennessee without
reference  to  the  choice  of  law  doctrine  of  such  state,  and  EXECUTIVE
unconditionally  submits  to the jurisdiction of the courts located in the State
of  Tennessee  in all matters relating to or arising from this Agreement, except
to the extent that an issue is subject to the arbitration clause set out herein.
 
 
<PAGE>
a.          If  any  provision  or  clause  of this Agreement or the application
thereof  to  either  party  is  held  to  be  invalid  by  a  court of competent
jurisdiction, then such provision shall be severed herefrom, and such invalidity
shall  not  affect  any  other provision of this Agreement, the balance of which
shall  remain  and  have  its  intended  full  force  and  effect.
 
b.          In  the  event  that  the  provisions  of  Sections  9 or 10 of this
Agreement  shall  ever  be  deemed  to  exceed  the  time or geographical limits
permitted  by  applicable  law,  then  such  provisions shall be reformed to the
maximum  time  and  geographical  limits  permitted  by  applicable  law.
 
c.          References  herein  to  "Sections" or "Subsections" mean the various
Sections  and  subsections  of  this  Agreement.  The headings and titles of the
Sections  of  this  Agreement  are  not  a  part  of this Agreement, but are for
convenience  only and are not intended to define, limit or construe the contents
of  the  various  Sections.  The  term  "including"  means  including,  without
limitation,  unless  the  context  clearly  indicates  otherwise.
 
d.          If  EXECUTIVE  defaults  in  the  performance  of  the  covenants,
agreements,  or  other  obligations  described  in  Sections  9  or  10  of this
Agreement,  then  in  addition  to  any  and  all other rights or remedies which
EMPLOYER  may  have  against  the EXECUTIVE, (i) EXECUTIVE will be liable to and
will  pay  to  EMPLOYER a sum equal to EMPLOYER's court costs and the reasonable
fees  of  its  attorneys  and  their  support  staff  incurred  in enforcing the
covenants,  agreements and other obligations set out in Sections 9 or 10 of this
Agreement; and (ii) EMPLOYER shall be entitled to discontinue the payment of the
Termination  Amount  and  to  institute  an action to recover any portion of the
Termination  Amount  already  paid  under  this  Agreement.
 
e.          EXECUTIVE  acknowledges  and agrees that it is impossible to measure
completely in money the damages which will accrue to EMPLOYER if EXECUTIVE shall
breach  or be in default of the provisions set forth in Sections 9 or 10 of this
Agreement.  Accordingly,  if  any  action  or  proceeding is instituted by or on
behalf  of  EMPLOYER  to  enforce  any  provisions  in  Sections 9 or 10 of this
Agreement,  EXECUTIVE  hereby  waives any claim or defense thereto that EMPLOYER
has  an  adequate  remedy at law or that EMPLOYER has not been, or is not being,
irreparably  injured  thereby.  The  rights and remedies of EMPLOYER pursuant to
this  Section are cumulative, in addition to, and shall not be deemed to exclude
any  other right or remedy which EMPLOYER may have pursuant to this Agreement or
otherwise,  at  law  or in equity, including, without limitation, the rights and
remedies  available  to  EMPLOYER  under  Tennessee  statutory  or  common  law.
 
(14)     ARBITRATION.  EXECUTIVE and EMPLOYER knowingly and voluntarily agree to
submit to binding arbitration any claims, disputes, or controversies arising out
of  or  relating  to  this employment relationship or this Agreement, or alleged
breach  thereof,  including  any  present  or  future  claim  of  employment
discrimination  by  EXECUTIVE  under  either  federal  or  state  law.  Although
workers'  compensation  issues  are  not  within  the  scope  of this provision,
workers'  compensation  retaliation  claims  are  intended  to  be  arbitrable.
Arbitration  shall serve as the exclusive forum for claims described above, with
the  exception  that  EMPLOYER  need  not  submit issues relating to a breach or
threatened  breach  of  Sections  9  or  10  to  arbitration.
 
Any  arbitration  under  this  Section  must be instituted within the applicable
statute  of  limitations  governing the dispute under state or federal law.  The
laws  of  the  State  of  Tennessee  shall  govern  all  issues relating to such
arbitration,  including but not limited to, the applicability and enforceability
of  this  arbitration provision, without reference to the choice of law doctrine
of  such state.  Such arbitration shall be conducted in Nashville, Tennessee (or
such  other  location  designated  by EMPLOYER) in accordance with the governing
rules of the Federal Mediation and Conciliation Service ("FMCS") then in effect,
except  for  any  rule  in  conflict  with this Section.  If for any reason FMCS
cannot  provide a panel from which to select an arbitrator, EMPLOYER may utilize
any  other  arbitrator  selection  services,  including the American Arbitration
Association.  One  arbitrator  shall  be  selected,  using an alternating-strike
method,  from  a  list  of arbitrators provided by FMCS.  EXECUTIVE and EMPLOYER
will  have  the right of representation of their own choosing at such hearing as
well  as the right to present and cross examine witnesses and to submit relevant
evidence.  Both  parties  shall have the right, unless waived at the hearing, to
file  a  post-hearing  brief  and  the  selected arbitrator shall not limit this
right.  Judgment  may  be  entered  on  the  arbitrator's  award in any court of
competent  jurisdiction.
 
The arbitrator shall have full and complete power to settle any claim presented,
including any federal or state claim of employment discrimination or retaliation
by  EXECUTIVE,  and  to  fashion an appropriate remedy.  However, the arbitrator
shall  not  have  the  power  to amend or modify this Agreement.  In any dispute
concerning  the  termination  of  EXECUTIVE,  the  arbitrator  may  not  award
reinstatement  or any other remedy unless he or she determines that EMPLOYER was
not  entitled  to  terminate EXECUTIVE under this Agreement.  Fees and costs for
the  arbitration  will be split equally between the parties; however, each party
will  be  responsible  for  their  own  attorney's  fees.
 
(15)     ENTIRE AGREEMENT.  This Agreement contains the entire agreement between
the  parties  hereto with respect to the subject matter hereof, and there are no
understandings,  representations  or  warranties of any kind between the parties
except  as  expressly  set  forth  herein.
 
 
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(16)     NO  ORAL  NOTIFICATION.  This Agreement may not be modified except by a
writing  duly  signed  by  both  parties  hereto.
 
(17)     NO  ASSIGNMENT.  Neither  this Agreement nor any right or obligation of
EXECUTIVE  hereunder  may  be  assigned  by  EXECUTIVE without the prior written
consent  of  EMPLOYER.  Subject  thereto,  this  Agreement and the covenants and
conditions  herein  contained shall inure to the benefit of and shall be binding
upon  the  parties hereto and their respective successors and permitted assigns.
 
(18)     All  references  herein  to payment or sums of money shall mean in U.S.
currency  only. All references herein to calendar year, month, week or day shall
mean  the  calendar  and  parts  thereof  as observed in the U.S. All references
herein  to  date  and time shall mean the date and time in Nashville, Tennessee.
 
(19)     This  Agreement  may be executed in any number of counterparts, each of
which  shall be deemed an original and all of which shall constitute one and the
same  agreement.
 
(20)     The waiver by either party of a breach or default by the other party of
any provision of this Agreement shall not operate or be construed as a waiver of
any  other,  continuing  or  subsequent  breach  or  default  by  such  party.
 
WITNESS  our  hands  the  day  and  date  first  above  written.
 
EMPLOYER:                                           EXECUTIVE:
CENTRAL  PARKING  SYSTEM,  INC.
 
         /s/ Monroe J. Carell                     /s/ Emanuel J. Eads
        --------------------------------         -------------------------------
             Monroe J. Carell                         Emanuel J. Eads
 
Title:     Chairman of the Board
          ------------------------
 
 
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