Document:

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                       DATED             1999

                       TRANSWORLD HEALTHCARE (UK) LIMITED

          -------------------------------------------------------------

                        WARRANT INSTRUMENT IN RESPECT OF
                        WARRANTS TO SUBSCRIBE FOR SHARES
                     IN TRANSWORLD HEALTHCARE (UK) LIMITED

          -------------------------------------------------------------

                              ASHURST MORRIS CRISP
                                 Broadwalk House
                                 5 Appold Street
                                 London EC2A 2HA

                               Tel: 0207-638 1111
                               Fax: 0207-972 7990

                                  PDG/T73800003

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                                    CONTENTS

CLAUSE                                                             PAGE

1.   INTERPRETATION..................................................1
2.   DEED TO BE BINDING ON COMPANY...................................3
3.   SUBSCRIPTION RIGHTS.............................................3
4.   EXERCISING SUBSCRIPTION RIGHTS..................................3
5.   ISSUE OF SHARES UPON EXERCISE OF SUBSCRIPTION RIGHTS............5
6.   INFORMATION AND RIGHTS OF WARRANTHOLDERS........................6
7.   RESTRICTIONS AND OBLIGATIONS OF THE COMPANY.....................6
8.   TRANSFER OF WARRANTS............................................8
9.   MODIFICATION OF RIGHTS..........................................8
10.   LIQUIDATION....................................................8
11.   CERTIFICATES...................................................9
12.   INCORPORATION OF SUBSCRIPTION AGREEMENT OBLIGATIONS............9
13.   NOTICES........................................................9
14.   GOVERNING LAW.................................................11
SCHEDULE 1..........................................................12
Form of Certificate.................................................12
SCHEDULE 2..........................................................15
The Register and Transfers..........................................15
SCHEDULE 3..........................................................17
Adjustments to Warrant Shares and Subscription Price................17

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THIS DEED  is made on                                                     1999

BY TRANSWORLD HEALTHCARE (UK) LIMITED (No. 3370146) whose registered office is
at Balderton Hall, South Drive, Balderton, Newark, Nottinghamshire, NG24 3TR
(the "COMPANY")

RECITALS

(A)      The Company has, by resolution of its directors, agreed to issue
         warrants to subscribe for shares in the capital of the Company on the
         terms set out in this deed.

(B)      This document has been executed by the Company as a deed poll in favour
         of the Warrantholders (defined below).

BY THIS DEED THE COMPANY DECLARES AND COVENANTS AS FOLLOWS:

1.       INTERPRETATION

1.1      The following words and expressions shall have the following meanings
         unless the context requires otherwise:

         "ADJUSTMENT EVENT" has the meaning given in schedule 3;

         "ARTICLES" means the articles of association of the Company in force at
         the relevant time;

         "BUSINESS DAY" means a day (excluding Saturdays) on which banks
         generally are open in London for the transaction of normal banking
         business;

         "CERTIFICATE" means a certificate evidencing a Warrantholder's
         entitlement to Warrants in the form, or substantially in the form, set
         out in schedule 1;

         "CONSENT" means the consent in writing of Warrantholders entitled to
         the right to subscribe for at least 50 per cent. of the Warrant Shares;

         "DIRECTORS" means the board of directors of the Company for the time
         being;

         "EQUITY SHARES" means shares in the capital of the Company which are
         "equity securities" as defined in section 94(2) of the Companies Act
         1985 or are "relevant employee shares" as defined in section 94(4) of
         that Act;

         "EXERCISE DATE" means, in the case of an exercise of Subscription
         Rights pursuant to a Liquidity Event immediately prior to that
         Liquidity Event and in the case of any other exercise of Subscription
         Rights, the latest day on which the Company is obliged by clause 5.1 to
         issue the relevant Warrant Shares;

         "EXERCISE EVENT" OR "LIQUIDITY EVENT" means a Liquidity Event as
         defined in the Subscription Agreement;

                                      -1-

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         "EXTRAORDINARY RESOLUTION" means a resolution consented to in writing
         by Warrantholders entitled to exercise 75 per cent of the Total
         Subscription Rights;

         "FACILITY" means the mezzanine facility agreement between the Company
         and the Mezzanine Lender dated today;

         "MEZZANINE INDEBTEDNESS" has the meaning contained in the Subscription
         Agreement;

         "ORDINARY SHARES" means ordinary shares of 5p each in the capital of
         the Company (and, if there is a sub-division, consolidation or
         re-classification of those shares, shares resulting from the
         sub-division, consolidation or re-classification);

         "REGISTER" means the register of persons for the time being entitled to
         the benefit of the Warrants required to be maintained pursuant to this
         deed;

         "SUBSCRIPTION AGREEMENT" means the agreement between inter alia the
         Company and the Purchasers (each as defined in that agreement) in
         respect of the Company entered into on or about the date hereof;

         "SUBSCRIPTION PRICE" means 5p per Warrant Share, subject to adjustment
         in accordance with schedule 3;

         "SUBSCRIPTION RIGHTS" means the individual subscription rights of each
         Warrantholder as defined in clause 3.2;

         "SUBSIDIARY" has the meaning given to it in Section 736 of the
         Companies Act 1985;

         "TOTAL SUBSCRIPTION RIGHTS" has the meaning given to it in clause 3.1;

         "WARRANTHOLDER" means, in relation to a Warrant, the person whose name
         appears in the Register as the holder of the Warrant;

         "WARRANTS" means the warrants of the Company constituted by this deed
         and all rights conferred by it (including Subscription Rights); and

         "WARRANT SHARES" means 1,640,000 Ordinary Shares, subject to adjustment
         in accordance with schedule 3.

1.2      Any expression or word used in this deed which is not defined in it but
         which has been defined in the Articles shall have the meaning given to
         it in the Articles unless the context requires otherwise.

1.3      Headings to clauses and paragraphs and descriptive notes in italic type
         and in brackets are for information only and shall not form part of the
         operative provisions of this deed and shall be ignored in its
         construction.

1.4      References to recitals, clauses or schedules are to recitals to,
         clauses of and schedules to this deed. The recitals and schedules form
         part of the operative provisions of this deed and

                                      -2-
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         references to this deed shall, unless the context otherwise requires,
         include references to the recitals and schedules.

1.5      References to statutes or statutory provisions include references to
         any orders or regulations made under them and any references to any
         statute, provision, order or regulation include references to that
         statute, provision, order or regulation as amended, modified,
         re-enacted or replaced from time to time whether before or after the
         date of this deed (or subject as otherwise expressly provided in this
         deed) and to any previous statute, statutory provision, order or
         regulation amended, modified, re-enacted or replaced by such statute,
         provision, order or regulation.

2.       DEED TO BE BINDING ON COMPANY

         The Company agrees with the Warrantholders that the terms of this deed
         shall be binding upon the Company.

3.       SUBSCRIPTION RIGHTS

3.1      TOTAL SUBSCRIPTION RIGHTS

         Subject to clause 3.3, the Warrants give the Warrantholder(s) the right
         (the "TOTAL SUBSCRIPTION RIGHTS") to subscribe in cash at the
         Subscription Price for the Warrant Shares on the terms set out in this
         deed.

3.2      INDIVIDUAL SUBSCRIPTION RIGHTS

         Each Warrantholder shall have the right ("SUBSCRIPTION RIGHTS") to
         subscribe in cash at the Subscription Price for that percentage of
         Subscription Rights in respect of Warrant Shares in respect of which it
         is recorded in the Register as the holder.

3.3      ADJUSTMENT EVENT

         If an Adjustment Event occurs the percentage of Warrant Shares which
         each Warrantholder is entitled to subscribe and (as appropriate) the
         Subscription Price payable in respect of such subscription shall be
         adjusted in accordance with the provisions set out in schedule 3.

4.       EXERCISING SUBSCRIPTION RIGHTS

4.1      TIMING

         Any Warrantholder may exercise its Subscription Rights:-

         (a)      at any time without condition; or

         (b)      conditionally upon an Exercise Event occurring.

                                      -3-

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4.2      LAPSE

         Any Subscription Rights which have not been exercised prior to an
         Exercise Event occurring shall lapse immediately following such
         Exercise Event unless no notice of such Exercise Event was received
         from the Company in accordance with clause 7.3.

4.3      NUMBER OF WARRANTS WHICH MUST BE EXERCISED

         No exercise of Subscription Rights by a Warrantholder shall be valid
         unless all Subscription Rights of that Warrantholder are being
         exercised at the same time.

4.4      EXERCISE MECHANISM

         In order validly to exercise its Subscription Rights, a Warrantholder
         must deliver the following items to the registered office of the
         Company, and where the exercise of Subscription Rights is made in
         response to notice of an Exercise Event received from the Company in
         accordance with clause 7.3 at least ten Business Days prior to the
         anticipated date of the relevant Exercise Event:-

         (a) the Certificate for the Warrants in respect of which Subscription
         Rights are being exercised with the exercise notice contained on the
         Certificate duly completed; and

         (b) a payment by banker's draft, drawn on a London clearing bank (or
         such other mode of payment as the Company and the Warrantholder shall
         agree), for the aggregate Subscription Price in respect of the
         Subscription Rights which are being exercised.

4.5      IRREVOCABLE ELECTION

         Delivery of the items specified in clause 4.4 to the Company shall,
         subject to clause 4.7, be an irrevocable election by the Warrantholder
         to exercise the relevant Subscription Rights except where such delivery
         is made in response to a notice of an Exercise Event received from the
         Company in accordance with clause 7.3 and such Exercise Event does not
         occur.

4.6      EFFECTIVE DATE

         An exercise of Subscription Rights which is conditional on an Exercise
         Event occurring shall be deemed to take effect immediately prior to the
         relevant Exercise Event occurring.

4.7      EXERCISE EVENT NOT OCCURRING

         Where the Exercise Event in response to which any exercise of
         Subscription Rights is made does not occur within 30 Business Days of
         the proposed date of such Exercise Event specified in the notice
         received from the Company pursuant to clause 7.3:-

         (a)      the Company shall forthwith deliver to each relevant
                  Warrantholder a banker's draft in the amount of the total
                  Subscription Price delivered to the Company by that
                  Warrantholder in respect of such exercise of Subscription
                  Rights; and

                                      -4-
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         (b)      the relevant Subscription Rights shall remain exercisable by
                  the relevant Warrantholder in accordance with the provisions
                  of this deed as if they had never been exercised.

5.       ISSUE OF SHARES UPON EXERCISE OF SUBSCRIPTION RIGHTS

5.1      ALLOTMENT AND ISSUE

         (a)      On the date of the Exercise Event pursuant to which any
                  Subscription Rights have been exercised (or in the case of a
                  valid exercise of Subscription Rights not made pursuant to an
                  Exercise Event, within five Business Days of such exercise)
                  the Company shall:-

                  (i)      allot and issue to the person(s) identified in the
                           relevant exercise notice (the "ALLOTTEE(S)") the
                           Ordinary Shares to which the Warrantholder is
                           entitled; and

                  (ii)     enter the Allottee(s) name in the register of members
                           of the Company as the holder of the Ordinary Shares
                           issued to the Allottee(s).

         (b)      Within five Business Days of the date of the Exercise Event
                  pursuant to which any Subscription Rights have been exercised
                  (or in the case of a valid exercise of Subscription Rights not
                  made pursuant to an Exercise Event, within five Business Days
                  of such exercise) the Company shall, at the Company's cost,
                  send to the address stipulated by the Warrantholder in the
                  exercise notice share certificate(s) in respect of the
                  Ordinary Shares issued.

5.2      RIGHTS ATTACHING TO WARRANT SHARES

         The Ordinary Shares allotted pursuant to exercise of the Subscription
         Rights shall:-

         (a)      be allotted and issued fully paid;

         (b)      have the rights set out in the Articles relating to Ordinary
                  Shares; and

         (c)      rank pari passu with the fully paid Ordinary Shares then in
                  issue.

5.3      ROUNDING

         If the number of Ordinary Shares falling to be allotted to a
         Warrantholder (or at its direction) on an exercise of Subscription
         Rights would otherwise require a fraction of an Ordinary Share to be
         allotted, the number of Ordinary Shares to be so allotted will be
         rounded down to the nearest whole number of Ordinary Shares.

                                      -5-

<PAGE>

5.4      SUBSCRIPTION AGREEMENT

         If the Subscription Agreement will be in force immediately following
         the exercise of the Subscription Rights, the Company's obligation under
         clause 5.1 will be conditional upon the Warrantholder which is
         exercising its Subscription Rights entering into a deed agreeing to be
         bound by the Subscription Agreement in a form required by that
         agreement or, if no particular form is so required, in such form as the
         Company reasonably requires.

6.       INFORMATION AND RIGHTS OF WARRANTHOLDERS

6.1      INFORMATION TO BE PROVIDED BY THE COMPANY

         The Company shall send to each Warrantholder:-

         (a)      a copy of its Annual Report and Accounts together with all
                  documents required by law to be annexed to that report;

         (b)      copies of every statement, notice or circular issued to the
                  Ordinary Shareholders of the Company.

6.2      ATTENDANCE AT MEETINGS

         Warrantholders may attend all general meetings of members of the
         Company but may not vote at those meetings by virtue of or in respect
         solely of their holdings of Warrants.

6.3      WARRANTHOLDER'S OBLIGATIONS OF CONFIDENTIALITY

         Each Warrantholder shall keep confidential any information received by
         it in its capacity as a Warrantholder which is of a confidential nature
         except:-

         (a)      as required by law or any applicable regulations; and

         (b)      to the extent the information is in the public domain through
                  no default of the Warrantholder.

7.       RESTRICTIONS AND OBLIGATIONS OF THE COMPANY

7.1      UNDERTAKINGS

         For so long as any Subscription Rights remain outstanding, the Company
         will comply with the undertakings in this clause 7.

7.2      SHARE CAPITAL

         The Company will keep available for issue out of its authorised but
         unissued share capital free from pre-emptive rights such number of
         Ordinary Shares as would enable the Warrant Shares to be issued to the
         Warrantholders in full.

                                       -6-
<PAGE>

7.3      UNDERTAKINGS OF THE COMPANY

         The Company undertakes that during the Subscription Period (except with
         the prior sanction of an Extraordinary Resolution):

         (a)      it will keep available for issue sufficient authorised but
                  unissued share capital to satisfy in full the exercise of all
                  outstanding warrants;

         (b)      it will not reduce any of its share capital or its share
                  premium account or capital redemption reserve (other than by
                  way of a distribution or capitalisation of a reserve which is
                  expressly permitted by and is in accordance with the terms of
                  Schedule 3 (other than for a purchase of shares in accordance
                  with the Subscription Agreement));

         (c)      it will not make a distribution of profits or of reserves
                  unless each Warrantholder receives at the same time a payment
                  attributable to the number of Ordinary Shares which the
                  relevant Warrantholder would be entitled to receive if the
                  Warrantholder had exercised his respective Subscription Rights
                  in full on the record date for the distribution other than
                  as may be necessary to provide UK Parent with sufficient funds
                  to settle any applicable assessment of taxation or any
                  professional fees and administration costs in the ordinary
                  course of business (including any interest paid on the
                  Subordinated Notes or the PIK Notes incurred by it pursuant to
                  the terms of the Transaction Documents);

         (d)      it will not do anything which would, or could be reasonably
                  expected to, result in Ordinary Shares being issued to the
                  Warrantholders at a discount to their nominal value;

         (e)      it will not conclude terms for a Listing unless the Listing
                  involves a quotation for all the Ordinary Shares which are the
                  subject of the Warrants;

         (f)      it will not alter its Memorandum of Association or Articles of
                  Association in force on the date of this Instrument in any way
                  which could reasonably be expected to have an adverse effect
                  on the rights of the Warrantholders vis a vis the ordinary
                  shareholders.

7.4      NOTIFICATIONS

         (a)      The Company will notify each Warrantholder in writing as soon
                  as reasonably practicable (and in any event within ten
                  Business Days) after the relevant board or general meeting of
                  shareholders (whichever is the earlier) has resolved to
                  implement an Exercise Event or Adjustment Event (or, if no
                  such resolution is required, after the Company became aware of
                  such Exercise Event or Adjustment Event) specifying the
                  proposed date of the event and the nature of the event;

         (b)      Where the Exercise Event or Adjustment Event referred to in a
                  notice made by the Company pursuant to clause 7.3 (a) does not
                  occur within 30 Business Days of the proposed date of the
                  event specified in such notice, an additional notice by the
                  Company pursuant to clause 7.3(a) shall be required if the
                  Company subsequently resolves to implement or becomes aware of
                  such Exercise Event or Adjustment Event.

                                      -7-

<PAGE>

7.5      PURCHASE OF WARRANTS

         The Company will not purchase, and will procure that its Subsidiaries
         will not purchase, Warrants unless an offer to purchase is made pro
         rata to all Warrantholders.

8.       TRANSFER OF WARRANTS

8.1      The Warrants may be transferred in whole or in part with the Mezzanine
         Indebtedness by any Warrantholder with prior consultation with the
         Company.

8.2      The Warrants may not be transferred otherwise than as permitted by
         clause 8.1.

8.3      The provisions of paragraph 2 of schedule 2 shall apply to any transfer
         permitted by clause 8.1.

9.       MODIFICATION OF RIGHTS

9.1      GENERAL MODIFICATIONS

         Subject to clause 9.2, this deed may be modified only with the prior
         sanction of a Consent.

9.2      TECHNICAL MODIFICATIONS

         Modifications to this deed which are of a purely formal, minor or
         technical nature may be made by written agreement signed as a deed by
         the Company.

10.       LIQUIDATION

10.1      LIQUIDATION AND DISSOLUTIONS

          If an order is made or an effective resolution is passed for the
winding-up or dissolution of the Company or if any other dissolution of the
Company by operation of law is to be effected then the provisions of clause 10.2
or 10.3 shall apply.

10.2      SANCTIONED AGREEMENT

          If the winding-up or dissolution is for the purpose of a
reorganisation or amalgamation pursuant to a scheme of arrangement sanctioned by
a Consent the terms of the scheme of arrangement will be binding on the
Warrantholders.

10.3     NON-SANCTIONED AGREEMENT

         If clause 10.2 does not apply, the Company shall immediately notify the
         Warrantholders, in writing, that such an order has been made or
         resolution has been passed or other dissolution is to be effected. The
         Warrantholders shall be entitled at any time within three months after
         the date such notice is given to elect by notice in writing to the
         Company to be treated as if they had, immediately before the date of
         the making of the order or passing of the resolution or other
         dissolution, exercised the Subscription Rights and they shall be
         entitled to receive

                                      -8-
<PAGE>

         out of the assets which would otherwise be available in the liquidation
         to the holders of Ordinary Shares, such a sum, if any, as they would
         have received had they been the holders of and paid for the Ordinary
         Shares to which they would have become entitled by virtue of such
         exercise, after deducting from such sum the amount which would have
         been payable by them in respect of the Ordinary Shares if they had
         exercised the Subscription Rights. Nothing contained in this clause
         10.3 shall have the effect of requiring the Warrantholders to make any
         actual payment to the Company.

11.      CERTIFICATES

11.1     ISSUE OF CERTIFICATES

         Within five Business Days of entering the name of a Warrantholder in
         the Register, the Company shall issue to the Warrantholder a
         Certificate in respect of that percentage of the Subscription Rights in
         respect of which it is recorded in the Register as the holder.

11.2      LOST CERTIFICATES, ETC.

         If a Certificate is mutilated, defaced, lost, stolen or destroyed the
         Company will replace it provided that:-

         (a)      the Warrantholder seeking the replacement provides the Company
                  with such evidence and indemnity in respect of the mutilation,
                  defacement, loss, theft or destruction as the Company may
                  reasonably require;

         (b)      the Warrantholder seeking the replacement pays the Company's
                  reasonable costs in connection with the issue of the
                  replacement; and

         (c)      mutilated or defaced Certificates in respect of which
                  replacements are being sought are surrendered.

12.      INCORPORATION OF SUBSCRIPTION AGREEMENT OBLIGATIONS

         The Warrants and the Warrantholder shall be bound by the provisions of
         Articles XII to XV of the Subscription Agreement as if such Articles
         were set out in full in this Warrant Instrument and the Warrantholder
         was a Purchaser (as defined therein).

13.      NOTICES

13.1     MODE OF SERVICE

         Subject to clause 13.2 any notice, demand or other communication given
         or made under or in connection with the matters contemplated by this
         deed shall be in writing and shall be delivered personally or sent by
         fax or prepaid first class post (air mail if posted to or from a place
         outside the United Kingdom):-

         (a)      in the case of the Company to:-

                                      -9-
<PAGE>

                  Balderton Hall
                  South Drive
                  Balderton
                  Newark
                  Nottinghamshire   NG24 3TR
                  Fax: 01636 610659
                  Attention: Company Secretary

         (b)      in the case of a Warrantholder to:-

                  the address of the Warrantholder shown in the Register or, if
                  no address is shown in the Register, to its last known place
                  of business or residence.

13.2     PROCEDURE IF NO KNOWN ADDRESS

         If no address has been notified to the Company by a Warrantholder, any
         notice, demand or other communication given or made under or in
         connection with the matters contemplated by this deed may be given to
         that Warrantholder by the Company by exhibiting it for three days at
         the registered office of the Company.

13.3     DEEMED SERVICE

         Any notice, demand or other communication given or made under or in
         connection with the matters contemplated by this deed in accordance
         with clause 13.1 or 13.2 shall be deemed to have been duly given or
         made as follows:-

         (a)      if personally delivered, upon delivery at the address of the
                  relevant party;

         (b)      if sent by first class post, two Business Days after the date
                  of posting;

         (c)      if sent by air mail, five Business Days after the date of
                  posting;

         (d)      if sent by fax, when despatched; and

         (e)      if clause 13.2 applies, at the expiry of the three day period
                  referred to in that clause,

         provided that if, in accordance with the above provision, any such
         notice, demand or other communication would otherwise be deemed to be
         given or made after 5.30 p.m. such notice, demand or other
         communication shall be deemed to be given or made at 9.30 a.m. on the
         next Business Day.

13.4     JOINT REGISTERED HOLDERS

         All notices and other communications with respect to Warrants standing
         in the names of joint registered holders shall be given to whichever of
         such persons is named first in the Register and such notice so given
         shall be sufficient notice to all the registered holders of such
         Warrants.

                                      -10-

<PAGE>

13.5     SUCCESSORS

         Any person who becomes entitled to any Warrant (whether by operation of
         law, transfer or otherwise) shall be bound by every notice given in
         respect of that Warrant before its name and address is entered on the
         Register.

14.      GOVERNING LAW

         This deed (and any dispute, controversy, proceedings or claim of
         whatever nature arising out of or in any way relating to this deed or
         its formation) shall be governed by and construed in accordance with
         English law.

                                      -11-

<PAGE>

                                   SCHEDULE 1
                               FORM OF CERTIFICATE

                       TRANSWORLD HEALTHCARE (UK) LIMITED
                                  (NO 3370146)

                               WARRANT CERTIFICATE

                                                  WARRANT CERTIFICATE NUMBER [ ]

This is to certify that the person named below is a Warrantholder for the
purpose of the warrant instrument issued by the Company on 17 December 1999
("WARRANT INSTRUMENT") and has the right to subscribe in cash at the
Subscription Price for that percentage of the Warrant Shares (as defined in the
Warrant Instrument) specified below on the terms set out in the Warrant
Instrument.

WARRANTHOLDER

Name:

Address:

PERCENTAGE WARRANT SHARES REPRESENTED BY THIS CERTIFICATE:

[ ]

(subject to adjustment in accordance with clause 3.3 of the Warrant Instrument)

DATE OF ISSUE:                                              17 December 1999

Executed as a deed by TRANSWORLD HEALTHCARE (UK) LIMITED

 ...................                              ..........................
Director                                          Director/Secretary

Notes:

(1)      THE SUBSCRIPTION RIGHTS ARE TRANSFERABLE PRIOR TO EXERCISE ONLY IN
         ACCORDANCE WITH THE PROVISIONS OF THE WARRANT INSTRUMENT.

(2)      ALL TRANSFERS MUST BE ACCOMPANIED BY THIS CERTIFICATE.

(3)      A COPY OF THE WARRANT INSTRUMENT MAY BE OBTAINED ON REQUEST FROM THE
         COMPANY SECRETARY, TRANSWORLD HEALTHCARE (UK) LIMITED, BALDERTON HALL,
         SOUTH DRIVE, BALDERTON, NEWARK, NOTTINGHAMSHIRE NG24 3TR

(4)      THE "EXERCISE NOTICE" PRINTED ON THE NEXT PAGE FORMS PART OF THIS
         CERTIFICATE.

                                      -12-

<PAGE>

We hereby agree to be bound by, and subject to, the terms and conditions set out
in the Warrant Instrument.

Executed as a deed by

 ....................                       ..............................
Director                                       Director/Secretary

                                     - 13 -

<PAGE>

                                 EXERCISE NOTICE

                 (To be printed on the back of the Certificate)

We hereby exercise the Subscription Rights in respect of the Total Subscription
Rights and attach [a banker's draft] [OTHER METHOD OF PAYMENT AGREED BY THE
COMPANY] for (pound) [__] being the aggregate Subscription Price payable in
respect of the Subscription Rights we are exercising. [This exercise is
conditional upon the Liquidity Event referred to in the notice from the Company
dated [__] taking place.] We agree that the Ordinary Shares are accepted
subject to the Articles of Association of the Company.

We direct the Company to allot the Ordinary Shares to be issued pursuant to
this exercise in the following numbers to the following proposed allottees:

                              NAME OF                         ADDRESS OF
     NO OF SHARES**       PROPOSED ALLOTTEE               PROPOSED ALLOTTEE

1

2

3

4

Share certificates should be sent to [INCLUDE DETAILS]

Signed            .......................................

Print Name        .......................................

Address           .......................................

                  .......................................

* Amend/delete as appropriate.
**Specify percentage proportion.

                                     - 14 -

<PAGE>

                                   SCHEDULE 2

                           THE REGISTER AND TRANSFERS

1.       REGISTER

1.1      An accurate register of entitlement to the Warrants (the "REGISTER")
         will be kept by the Company at its registered office in which the
         Company shall enter:-

         (a)      the names and addresses of the persons for the time being
                  entitled to be registered as the holders of the Warrants;

         (b)      the number of Warrants held by every registered holder; and

         (c)      the date on which the name of every registered holder is
                  entered in the Register in respect of the Warrants in his
                  name.

1.2      Any Warrantholder and any person authorised by any Warrantholder may at
         all reasonable times during office hours inspect the Register and take
         copies of or extracts from it or any part of it.

1.3      The Company may treat the registered Warrantholder as the absolute
         owner of a Warrant and accordingly shall not, except as ordered by a
         court of competent jurisdiction or as required by law, be bound to
         recognise any equitable or other claim to or interest in a Warrant on
         the part of any other person, whether or not it shall have express or
         other notice of such a claim.

1.4      Every Warrantholder will be recognised by the Company as entitled to
         its Warrants free from any equity, set-off or cross-claim on the part
         of the Company against the original or any intermediate holder of
         Warrants.

2.       TRANSFERS

2.1      Every transfer of a Warrant shall be made in accordance with clause 8
         of the Warrant Instrument by an instrument of transfer in the usual or
         common form or in any other form which may be approved by the
         Directors.

2.2      The instrument of transfer of a Warrant shall be executed by or on
         behalf of the transferor but need not be executed by or on behalf of
         the transferee. The transferor shall be deemed to remain the holder of
         the Warrant until the name of the transferee is entered in the Register
         in respect of the Warrant being transferred.

2.3      The Directors may decline to recognise any instrument of transfer of a
         Warrant otherwise permitted by clause 8 of this deed unless the
         instrument is deposited at the registered office of the Company
         accompanied by the Certificate for the Warrant to which it relates, and
         such other evidence as the Directors may reasonably require to show the
         right of the transferor to make the transfer. The Directors may waive
         production of any Certificate upon production

                                      -15-
<PAGE>

         to them of satisfactory evidence of the loss or destruction of the
         Certificate together with such indemnity as they may require.

2.4      No fee shall be charged for any registration of a transfer of a Warrant
         or for the registration of any other documents which in the opinion of
         the Directors require registration.

2.5      The registration of a transfer shall be conclusive evidence of the
         approval by the Directors of such a transfer.

                                     - 16 -

<PAGE>

                                   SCHEDULE 3

              ADJUSTMENTS TO WARRANT SHARES AND SUBSCRIPTION PRICE

         The Warrants shall be subject to the same adjustment mechanisms as are
         contained in clauses 3 and 4 of the Warrant Instrument dated the date
         hereof, constituting the Warrants issued to Triumph (as defined in the
         Subscription Agreement).

                                     - 17 -

<PAGE>

Executed and delivered by the Company as a deed poll on the date stated at the
beginning of this deed.

Signed as a deed by
TRANSWORLD HEALTHCARE                       )
(UK) LIMITED acting by its duly authorized  ) /s/ Wayne A. Palladino
attorney                                    )

                                              Director

                                              Director/Secretary

                                     - 18 -<PAGE>   1

                                    AGREEMENT

         THIS AGREEMENT is effective as of the 1st day of December, 1999,
between Gary D. Parker ("PARKER") and Lindsay Manufacturing Co., a Delaware
corporation ("LINDSAY").

         WHEREAS, PARKER, who currently serves as Chairman, President and Chief
Executive Officer of LINDSAY, has elected to retire early in order to pursue
other interests; and

         WHEREAS, LINDSAY desires to obtain assurances that PARKER will remain
an employee of LINDSAY for a period of time on the terms set forth herein and
that he will not accept any position or engage in any activity which is directly
competitive in the irrigation business with the products, processes or business
of LINDSAY for a period of time thereafter; and

         WHEREAS, PARKER is willing to accept such continued employment and to
agree not to enter into competition with LINDSAY for the compensation and upon
the terms set forth herein; and

         WHEREAS, each party is willing to grant a release of claims which it
may have against the other party pursuant to the terms of the releases set forth
herein;

         NOW, THEREFORE, the parties agree as follows:

         1.  EMPLOYMENT AND TERM. Upon the terms set out in this Agreement,
LINDSAY agrees to employ PARKER, and PARKER agrees to be so employed by LINDSAY,
in accordance with the following terms:

             A. FULL-TIME EMPLOYMENT. PARKER will remain a full-time employee of
LINDSAY and will continue to serve as President and Chief Executive Officer
until the Annual Meeting of Stockholders on January 25, 2000 and thereafter
until his successor (including any interim successor) is selected by the Board
of Directors and assumes office or until August 31, 2000, whichever is sooner.
PARKER will not be nominated for re-election as a Director of LINDSAY and will
cease to serve as Chairman of the Board at the next Annual Meeting of
Stockholders of LINDSAY. Thereafter, PARKER shall report to the Chairman of the
Board and to the Board.

             While he remains a full-time employee of LINDSAY and continues to
serve as President and Chief Executive Officer:

             i.   Parker agrees to devote his best efforts to such employment.
                  His duties shall be rendered at Lindsay, Nebraska, and at such
                  other place or places agreeable to PARKER within or without
                  the State of Nebraska, as

                                       1

<PAGE>   2

                  LINDSAY shall in good faith require or as the interest, needs,
                  business or opportunities of LINDSAY shall require.

             ii.  PARKER shall devote his normal and regular business time,
                  attention, knowledge and skill to the business and interests
                  of LINDSAY, and LINDSAY shall be entitled to all of the
                  benefits, profits or other issues arising from or incident to
                  all work, services and advice of PARKER performed for LINDSAY.

             iii. PARKER shall have the right to devote such amounts of his time
                  which are not required for the full and faithful performance
                  of his duties hereunder to any outside activities and
                  businesses which are not then being engaged in by LINDSAY and
                  which shall not otherwise interfere with the performance of
                  his duties hereunder.

             iv. Absent prior approval from the Board of Directors, PARKER:

                  (a) shall not knowingly make investments in businesses which
                  do business with or which are competitive with LINDSAY, and

                  (b) shall not knowingly engage in any activity which
                  constitutes a conflict of interest with his employment at
                  LINDSAY.

             Effective when he ceases to serve as President and Chief Executive
Officer, PARKER shall automatically without further action on his part be deemed
to resign from all other positions of responsibility and authority, whether as
an officer, director, manager, trustee, administrator or otherwise, at LINDSAY
or any of its subsidiaries and affiliates. To the extent necessary, PARKER
agrees upon LINDSAY's request to execute any and all documents as may be
necessary or desirable to confirm his resignation from such positions.

             B.   CONSULTING PERIOD. PARKER will remain an employee of LINDSAY
in a consulting capacity for a period (the "Consulting Period") commencing when
he ceases to serve as President and Chief Executive Officer under Paragraph 1A
above and ending on August 31, 2002. During this Consulting Period, PARKER
agrees to be available on a full-time basis during the first month after he
ceases to serve as President and Chief Executive Officer. Thereafter, PARKER
agrees to be available, upon reasonable notice and at reasonable times which
shall be mutually agreed upon by the parties, to consult with and assist LINDSAY
for (i) up to a maximum of 160 hours during the balance of the first year of the
Consulting Period and (ii) up to a maximum of 160 hours during the remainder of
the Consulting Period. For this purpose any service or travel for LINDSAY shall
be counted based on the actual hours expended; provided that any such service or
travel on a given day shall be deemed to be not less than one hour or more than
eight hours, regardless of the actual time spent by PARKER during such day.

                                       2

<PAGE>   3

             During the Consulting Period, PARKER shall assist LINDSAY to
maintain good relationships with its dealers, customers, suppliers and employees
and shall provide such other consulting and assistance consistent with PARKER's
experience as may be requested by the Chief Executive Officer or the Chairman of
the Board. In addition, PARKER shall assist LINDSAY and cooperate in preparing
for any and all litigation, arbitration proceedings, investigations and other
legal proceedings (collectively, "Legal Proceedings") relating to matters which
occurred during his tenure with LINDSAY and as to which LINDSAY may reasonably
request his assistance. Without limiting the generality of the foregoing, PARKER
shall (i) make himself available at such times as may reasonably be requested
for depositions in connection with any Legal Proceedings, (ii) make himself
available to testify in any Legal Proceedings, and (iii) assist LINDSAY in
preparing responses to requests for written discovery in any Legal Proceedings.

             PARKER shall have the right to accept other full-time employment or
engage in other activities beginning at any time after the first month of the
Consulting Period, provided that such other employment or activities shall not
excuse PARKER from his obligations to provide consulting services and assistance
to LINDSAY in accordance with the provisions of this Paragraph 1B and shall not
result in a breach of the non-competition provisions of Paragraph 4 below.
Absent prior approval from the Board of Directors, PARKER shall not knowingly
engage in any activity which constitutes a conflict of interest with his
services as a consultant to LINDSAY.

         2.  COMPENSATION THROUGH AUGUST 31, 2000. As compensation for the
services to be rendered by PARKER, LINDSAY agrees to provide PARKER with the
following through August 31, 2000:

             A.   SALARY. PARKER shall continue to receive salary at the annual
rate of $367,047.

             B.   OTHER BENEFITS. PARKER shall also be entitled to receive the
fringe benefits and to participate in the benefit programs of LINDSAY which are
listed below:

                  -  Vacation
                  -  Life Insurance
                  -  Long Term Disability Insurance
                  -  Club Dues
                  -  Company Automobile
                  -  Annual Physical and Medical Check Up
                  -  Medical Insurance
                  -  Financial and accounting assistance up to $5,000 annually
                  -  Profit Sharing
                  -  Directors and Officers Liability Insurance

                                      3

<PAGE>   4

Notwithstanding the foregoing, after PARKER ceases to serve as President and
Chief Executive Officer, he will no longer participate in LINDSAY's group
medical or dental insurance coverage, but LINDSAY will use reasonable efforts to
assist PARKER to obtain individual medical and dental insurance coverage for
PARKER and his spouse which is generally comparable to LINDSAY's group medical
and dental insurance coverage. At his option, PARKER may cease to participate in
LINDSAY's group medical and dental insurance coverage and obtain such individual
medical and dental insurance coverage while he continues to serve as President
and Chief Executive Officer. LINDSAY agrees to reimburse PARKER up to an
aggregate limit (which includes any gross-up payments to cover taxes) of $25,000
for each full calendar year (or a pro-rated amount for a partial year) for
premiums paid by PARKER for such individual medical and dental insurance
coverage for PARKER and his spouse and for the cost of an annual physical and
medical check-up for PARKER (grossed-up for any federal and state taxes which
are payable by PARKER on such reimbursements). Further, PARKER shall only be
eligible to make or receive contributions under LINDSAY's Profit Sharing Plan to
the extent permitted under the terms thereof.

             PARKER shall no longer be eligible to participate in the Salaried
Severance program or to accrue additional benefits under the Supplemental
Retirement Plan, except as contemplated by Paragraph 5E below. He shall not be
eligible to earn any bonuses or supplemental compensation or to receive any new
awards or grants of stock options or restricted stock, but shall only be
entitled to receive the benefits which are listed above.

         3.  COMPENSATION FROM SEPTEMBER 1, 2000 THROUGH AUGUST 31, 2002. As
compensation for the consulting services and assistance to be rendered by PARKER
as an employee from September 1, 2000 through August 31, 2002, LINDSAY agrees to
pay PARKER a salary at the annual rate of $367,047. PARKER will be entitled to
receive his full salary irrespective of whether LINDSAY elects to utilize his
services for the maximum time permitted under Paragraph 1B. LINDSAY will use
reasonable efforts to assist PARKER to obtain or maintain individual medical and
dental insurance coverage for PARKER and his spouse which is generally
comparable to LINDSAY's group medical and dental insurance coverage. LINDSAY
agrees to reimburse PARKER during the Consulting Period up to an aggregate limit
(which includes any gross-up payments to cover taxes) of $25,000 for each full
calendar year (or a pro-rated amount for a partial year) for premiums paid by
PARKER for such individual medical and dental insurance coverage for PARKER and
his spouse and for the cost of an annual physical and medical check-up for
PARKER (grossed-up for any federal and state taxes which are payable by PARKER
on such reimbursements), provided that such reimbursements for medical and
dental insurance coverage and an annual physical and medical check-up will
terminate if he becomes eligible to obtain medical insurance coverage as a
result of other full-time employment. In addition, LINDSAY will continue to
provide $250,000 of life insurance coverage for PARKER, so long as such coverage
is provided for senior executives of LINDSAY, which will terminate if he becomes
eligible to obtain life insurance coverage as a result of other full-time
employment. PARKER will not be eligible for any other benefits, other than
eligibility to make or receive

                                      4

<PAGE>   5

contributions under LINDSAY's Profit Sharing Plan to the extent permitted under
the terms thereof.

         4.  NON-COMPETITION; COMPENSATION. During the Consulting Period and for
a period (the "Non-Competition Period") of four (4) years after the end of the
Consulting Period, PARKER will not engage in, work for (directly or indirectly)
or contribute his knowledge to any person or entity, company or work which is
directly competitive in the irrigation business with the products, processes or
business of LINDSAY.

             During the four-year Non-Competition Period, PARKER shall be
entitled to receive non-competition payments at an annual rate of $367,047 from
September 1, 2002 through August 31, 2004 and $115,000 from September 1, 2004
through August 31, 2006, which shall be payable on a monthly basis at the end of
each month during the Non-Competition Period. LINDSAY will use reasonable
efforts to assist PARKER to maintain individual medical and dental insurance
coverage for PARKER and his spouse which is generally comparable to LINDSAY's
group medical and dental insurance coverage. LINDSAY agrees to reimburse PARKER
during the Non-Competition Period up to an aggregate limit (which includes any
gross-up payments to cover taxes) of $25,000 for each full calendar year (or a
pro-rated amount for a partial year) for premiums paid by PARKER for such
individual medical and dental insurance coverage for PARKER and his spouse and
for the cost of an annual physical and medical check-up for PARKER (grossed-up
for any federal and state taxes which are payable by PARKER on such
reimbursements), provided that such reimbursements for medical and dental
insurance coverage and an annual physical and medical check-up will terminate if
he becomes eligible to obtain medical insurance coverage as a result of other
full-time employment. In addition, LINDSAY will continue to provide $250,000 of
life insurance coverage for PARKER, so long as such coverage is provided for
senior executives of LINDSAY, which will terminate if he becomes eligible to
obtain life insurance coverage as a result of other full-time employment. PARKER
will not be eligible to receive any other benefits during the Non-Competition
Period.

             Notwithstanding any other provision of this Agreement to the
contrary, if PARKER commits a breach of the non-competition provisions of this
Paragraph 4 at any time, PARKER shall not thereafter be entitled to receive any
further payments or benefits during the Consulting Period or the Non-Competition
Period under Paragraphs 3 or 4 of this Agreement.

         5.  OTHER FINANCIAL TERMS.

             A.   BONUS FOR FISCAL YEAR 1999. PARKER has earned the maximum
annual bonus for fiscal year 1999 of $200,000. This amount will be paid to
PARKER immediately following execution of this Agreement.

             B.   SUPPLEMENTAL COMPENSATION FOR FISCAL YEAR 1998. PARKER is
entitled to receive the deferred supplemental compensation earned for fiscal
year 1998 of

                                      5

<PAGE>   6
$200,000 (plus interest thereon at 6.50% per annum until paid). This amount will
be paid to PARKER immediately following execution of this Agreement.

             C.   SUPPLEMENTAL COMPENSATION FOR FISCAL YEAR 1999. PARKER has
earned supplemental compensation for fiscal year 1999 in the amount of $200,000.
This amount (plus interest thereon at 5.28% per annum computed in accordance
with the past practice of LINDSAY) will be vested and paid to PARKER on
September 1, 2000, if he continues to be employed by LINDSAY (including as a
consultant) at that time.

             D.   RESTRICTED STOCK. PARKER has earned 50,625 shares of
performance-based restricted stock for fiscal year 1999. All restricted stock
which has previously been awarded to PARKER will continue to vest while PARKER
continues to be employed with LINDSAY (including as a consultant). PARKER will
not be eligible to earn any new restricted stock awards. PARKER has a total of
121,500 shares of restricted stock (including the performance-based grant of
50,625 shares for fiscal year 1999) which are not yet vested, of which one-half
(60,750 shares) will vest in 2000 (10,125 shares in June and 50,625 shares in
September) and the other one-half (60,750 shares) will vest in 2001 (10,125
shares in June and 50,625 shares in September). All shares of restricted stock
held by PARKER will fully vest upon a "Change in Control," as such term is
defined in the Lindsay Manufacturing Co. Supplemental Retirement Plan.

             E.   SUPPLEMENTAL RETIREMENT PLAN. PARKER shall receive an early
retirement benefit under the Supplemental Retirement Plan in the amount of
$16,989.58 per month commencing on January 1, 2001, which shall be paid to
PARKER in monthly installments until his death. After PARKER's death, his
surviving spouse, if any, shall receive a survivor benefit of $8,494.79 per
month commencing on the later of the first day of the month following PARKER's
death or January 1, 2001, which shall be paid in monthly installments during the
lifetime of PARKER's surviving spouse, unless PARKER's surviving spouse is more
than ten years younger than PARKER, in which case his surviving spouse shall
receive monthly retirement benefits for a maximum of 15 years. If a "Change in
Control" (as defined in the Supplemental Retirement Plan) occurs, PARKER or his
surviving spouse may elect, within a 30-day period following the Change in
Control, to receive a lump sum benefit equal to the actuarial equivalent of the
remaining monthly benefits due, based upon mortality and interest rate
assumptions which are determined by the actuary for the Supplemental Retirement
Plan and apply to all participants in the Supplemental Retirement Plan. The
foregoing benefits shall be payable in lieu of any other benefits under the
Lindsay Manufacturing Co. Supplemental Retirement Plan and notwithstanding any
provisions contained therein to the contrary, including, without limitation, any
provisions for a greater supplemental retirement benefit or survivor benefit due
to inclusion of severance benefits or consulting or non-competition payments as
compensation or resulting from a Change of Control of LINDSAY. PARKER hereby
releases all claims to any other benefits under the Lindsay Manufacturing Co.
Supplemental Retirement Plan, except as set forth in this Paragraph 5E.

                                       6

<PAGE>   7

             F.   SPLIT-DOLLAR LIFE INSURANCE POLICIES. PARKER and LINDSAY are
parties to split-dollar life insurance policies which are owned by PARKER and
collaterally assigned to LINDSAY which are identified on Exhibit A to this
Agreement. LINDSAY agrees to make additional premium payments on these policies
(approximately $100,000), as set forth on Exhibit A. LINDSAY shall be entitled
to recover the total premiums which it has paid on each insurance policy from
the death benefits which are payable under the policy upon PARKER's death or
from the cash surrender value upon any surrender of the policy. Neither LINDSAY,
PARKER nor any other owner of any of the insurance policies listed on Exhibit A
may make withdrawals or loans from the policies. PARKER will provide a
collateral assignment to LINDSAY from the owner of each insurance policy listed
on Exhibit A, substantially in the form of the collateral assignment for the
Security Life of Denver insurance policies or other form of collateral
assignment which is reasonably acceptable to LINDSAY. In addition, LINDSAY,
PARKER and the owner of each insurance policy listed on Exhibit A shall execute
a Memorandum of Understanding in the form attached as part of Exhibit A
confirming the death benefit which will be payable to LINDSAY under each such
insurance policy and the restriction on any withdrawals or loans under each such
insurance policy. If PARKER is unable to provide LINDSAY with such collateral
assignment executed by the owner and such a Memorandum of Understanding executed
by PARKER and the owner for any insurance policy listed on Exhibit A prior to
commencement of the Consulting Period, LINDSAY may withhold from payments
pursuant to Paragraphs 3 and 4 above amounts up to the total premiums which it
has paid on such insurance policy, whereupon LINDSAY shall release all rights to
any death benefit or other interest in such insurance policy and shall not be
obligated to make any further premium payments on such insurance policy. PARKER
will use reasonable efforts to obtain written confirmation acknowledging receipt
of a copy of the Memorandum of Understanding from the insurance company which
issued each insurance policy listed on Exhibit A and confirming that no
withdrawals or loans have been made under each insurance policy.

             G.   SUPPLEMENTAL DISABILITY INSURANCE POLICY. LINDSAY will cease
to pay premiums on PARKER's supplemental disability insurance policy after
PARKER ceases to be President and Chief Executive Officer, and PARKER will
retain ownership of this disability insurance policy.

             H.   AGREEMENT REGARDING HOME. The agreement relating to PARKER's
home dated February 7, 1997 is hereby terminated and shall have no further force
or effect. PARKER hereby releases all claims against LINDSAY under such
agreement.

             I.   STOCK OPTIONS. PARKER's existing stock options will remain
outstanding (subject to their original expiration dates) while he continues in
employment with LINDSAY (including as a consultant). PARKER will not be eligible
to receive any new stock option grants.

                                      7

<PAGE>   8

         6.  REMOVAL AS PRESIDENT AND CEO FOR CAUSE.

             A.   DEFINITION OF CAUSE. LINDSAY may remove PARKER as President
and Chief Executive Officer for cause if after the effective date of this
Agreement:

             i.   he commits a breach of his fiduciary duty of loyalty to
                  LINDSAY; or

             ii.  he commits acts or omissions regarding LINDSAY's business and
                  which are not in good faith or which involve intentional
                  misconduct, dishonesty, or a knowing violation of the law; or

             iii. he engages in any transaction involving LINDSAY from which he
                  gains an improper personal benefit, which is not agreed to by
                  the Board of Directors of LINDSAY in advance of the
                  transaction; or

             iv.  he refuses to perform or neglects any of his material duties
                  under this Agreement; or

             v.   he breaches the provisions of this Agreement.

             B.  PROCEDURE. Prior to such removal for cause, LINDSAY shall
notify PARKER in writing of its intent to remove him as President and Chief
Executive Officer for cause, shall state the effective date of removal, shall
state the reason and give grounds therefor, and shall give PARKER five (5)
working days after receipt of such notice to explain his conduct to LINDSAY's
reasonable satisfaction, whereupon the removal for cause shall be final.

             C.   CONSEQUENCES OF REMOVAL FOR CAUSE. If PARKER is removed as
President and Chief Executive Officer for cause, he shall not be entitled to any
further compensation or benefits pursuant to Paragraph 2A, and the Consulting
Period shall commence immediately upon such removal.

         7.  TERMINATION OF EMPLOYMENT.

             A.   CONSULTING AND NON-COMPETITION PAYMENTS. PARKER (or his
beneficiary) will continue to be entitled to receive any remaining consulting
and non-competition payments when they otherwise would have been paid pursuant
to Paragraphs 2 and 3 of this Agreement following termination of his employment
(including as a consultant) initiated by LINDSAY for any reason (either with or
without cause) or due to PARKER's death or total and permanent disability, for
so long as PARKER complies (or prior to his death had complied) with the
non-competition restrictions of Paragraph 4 of this Agreement. PARKER will
forfeit any remaining consulting and non-competition payments under Paragraphs 2
and 3 if he voluntarily terminates employment or violates the non-competition
restrictions of Paragraph 4 of this Agreement.

                                       8

<PAGE>   9

             B.   SUPPLEMENTAL COMPENSATION. Any supplemental compensation
described in Paragraph 5C which has not yet vested will become fully vested and
be immediately paid to PARKER if his employment (including as a consultant) is
terminated by LINDSAY without cause (as defined in Paragraph 6A) or due to
PARKER's death or total and permanent disability, but any supplemental
compensation which is not yet vested shall be forfeited if PARKER is removed as
President and Chief Executive Officer for cause pursuant to Paragraph 6 or
violates the non-competition restrictions of Paragraph 4.

             C.   RESTRICTED STOCK. Any restricted stock held by PARKER which
has not yet vested will become fully vested and shall be free of restrictions
and freely transferable if his employment (including as a consultant) is
terminated by LINDSAY without cause (as defined in Paragraph 6A) or due to
PARKER's death or total and permanent disability, but any restricted stock which
is not yet vested shall be forfeited if PARKER is removed as President and Chief
Executive Officer for cause pursuant to Paragraph 6 or violates the
non-competition restrictions of Paragraph 4.

         8.  BUSINESS OPPORTUNITIES. While he is employed by LINDSAY, PARKER
will make full and prompt written disclosure to LINDSAY of any business
opportunity of which he becomes aware and which relates to the business of
LINDSAY or any of its subsidiaries or affiliates.

         9.  INVENTIONS.

             A.   An "Invention" means any new or useful art, discovery,
contribution, finding, or improvement whether or not patentable, and all related
know-how.

             B.   "Copyright Works" are materials for which copyright protection
may be obtained, including but not limited to: literary works, computer
programs, artistic works, (including designs, graphs, drawings, blueprints and
other works), recordings, photographs, slides, motion pictures, and audio-visual
works.

             C.   Upon conception, all Inventions and Copyright Works described
herein shall become the property of LINDSAY whether or not patent or copyright
applications are filed on the subject matter of the conception. PARKER will
communicate to LINDSAY promptly and fully all Inventions, or suggestions
(whether or not patentable), and all Copyright Works made or conceived by PARKER
(whether made or conceived solely by PARKER or jointly with others) during the
period of PARKER's employment with LINDSAY or in the two years following
cessation of employment: (a) which correspond to the business, work or
investigations of LINDSAY at the time of conception, or (b) which result from or
are suggested by any work which PARKER has done or may do for or on behalf of
LINDSAY, or (c) which are developed, tested, improved or investigated either in
part or entirely on time for which PARKER was paid by LINDSAY or using any
resources of LINDSAY.

                                       9

<PAGE>   10

             D.   PARKER will assign to LINDSAY his entire right, title and
interest in all Inventions and Copyright Works: (a) which relate in any way to
the actual or anticipated business of LINDSAY, or (b) which relate in any way to
the actual or anticipated research or development of LINDSAY, or (c) which is
suggested by or results from any task assigned to PARKER on behalf of LINDSAY.
PARKER also will execute at any time during or after his employment an
assignment for each such Invention or Copyright Work as LINDSAY may request and
on such documents as LINDSAY may provide. PARKER will promptly and fully assist
LINDSAY during and subsequent to PARKER's employment in every lawful way without
reimbursement other than his normal compensation as an employee of LINDSAY and
other than a reasonable payment for time involved in the event his employment
with LINDSAY has terminated, but at the expense of LINDSAY, to obtain for the
benefit of LINDSAY patents, copyrights, mask work protection or other
proprietary rights for Inventions or Copyright Works.

         10. CONFIDENTIALITY.

             A.   PARKER will not at any time during or after his employment by
LINDSAY, directly or indirectly, divulge, disclose or communicate to any person,
firm or corporation in any manner whatsoever, other than in the normal course of
performing his duties for LINDSAY, any Confidential Information. While engaged
by LINDSAY, PARKER may only use Confidential Information for a purpose which is
necessary to the carrying out of PARKER's duties as an employee or director of
LINDSAY, and PARKER may not make use of any Confidential Information of LINDSAY
after he is no longer an employee or director of LINDSAY.

             B.   PARKER agrees that the following shall be considered
Confidential Information: all non-public and internal information, whether
written or otherwise, regarding LINDSAY's business (or business of any
subsidiary or affiliate of LINDSAY), including but not limited to information
regarding customers, customer lists, employees, employee salaries, costs,
prices, earnings, and any financial or cost accounting reports, products,
services, formulae, compositions, machines, equipment, apparatus, systems,
manufacturing procedures, operations, potential acquisitions, new location
plans, prospective and executed contracts and other business arrangements, and
sources of supply.

             C.   PARKER agrees that all such information is a trade secret
owned exclusively by LINDSAY which shall at all times be kept confidential.

             D.   PARKER further agrees that he will, upon termination of his
employment with LINDSAY, return to LINDSAY all books, records, lists and other
written, typed or printed materials, whether furnished by LINDSAY or prepared by
PARKER, which contain any Confidential Information, and PARKER agrees that he
will neither make nor retain any copies of such materials after termination of
employment.

                                       10
<PAGE>   11

         11. SOLICITATION OF EMPLOYEES. While he is employed by LINDSAY
(including as a consultant) and during the Non-Competition Period, PARKER will
not, directly or indirectly, either as an individual, proprietor, stockholder,
partner, officer, director, employee or otherwise, solicit any officer,
director, employee or other individual:

             A.   to leave his or her employment or position with LINDSAY,

             B.   to compete with the business of LINDSAY, or

             C.   to violate the terms of any employment, non-competition or
                  similar agreement with LINDSAY.

         12. REMEDIES; SURVIVAL OF PARKER'S COVENANTS.

             A.   Without limiting the rights of LINDSAY to pursue all other
legal and equitable rights available to it for any violation of the covenants of
PARKER contained herein, it is agreed that: (a) the services to be rendered by
PARKER under this Agreement are of a special, unique, unusual and extraordinary
character which gives them a peculiar value, and the loss of such services can
not be reasonably and adequately compensated in damages in an action at law, and
(b) remedies other than injunctive relief can not fully compensate LINDSAY for
violations of Paragraphs 1, 4, 8, 9, 10 and 11 of this Agreement; accordingly,
LINDSAY shall be entitled to injunctive relief to prevent violations of such
paragraphs or continuing violations thereof.

             B.   All of PARKER's covenants in and obligations under Paragraphs
4, 9, 10 and 11 of this Agreement shall continue in effect notwithstanding any
termination of PARKER's employment, whether by LINDSAY or by PARKER, upon
expiration or otherwise, and whether or not pursuant to the terms of this
Agreement.

         13. PARKER EXPENSES. LINDSAY shall pay PARKER's reasonable airline
fare, hotel bills, and other necessary and proper expenses when traveling on or
otherwise performing LINDSAY's business, provided that PARKER furnishes LINDSAY
with appropriate supporting documentation of such expenses in accordance with
LINDSAY's applicable procedures. During the Consulting Period, PARKER will only
be reimbursed for reasonable business expenses incurred in connection with
LINDSAY's business which are authorized in advance and approved by LINDSAY's
Chief Executive Officer.

         14. RELEASE BY PARKER. As a material inducement to LINDSAY to enter
into this Agreement, PARKER hereby irrevocably and unconditionally releases,
acquits and forever discharges LINDSAY and each of LINDSAY's past, present and
future owners, stockholders, predecessors, successors, assigns, agents,
directors, officers, employees, representatives, attorneys, divisions,
subsidiaries and affiliates (and all past, present and future owners,
stockholders, predecessors, successors, assigns, agents, directors, officers,
employees, representatives and attorneys of such divisions, subsidiaries and
affiliates), and all persons acting

                                     11

<PAGE>   12
by, through, under or in concert with any of them (collectively, the "Company
Releases"), from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies and expenses (including
attorneys' fees and costs actually incurred) of any nature whatsoever, known or
unknown, suspected or unsuspected, including, but not limited to, any charges,
complaints, claims, liabilities, obligations, controversies and expenses arising
out of alleged violations of any contracts, express or implied, any covenant of
good faith and fair dealing, express or implied, any obligation for
compensation, lost wages, lost benefits or any other expectation of remuneration
or benefit on the part of PARKER, including but not limited to intentional or
negligent infliction of emotional distress, or any other tort, or any legal
restrictions on LINDSAY's right to terminate employees, or any federal, state or
other governmental statute, regulation or ordinance (including, without
limitation: (i) Title VII of the Civil Rights Act of 1964 (race, color,
religion, sex and national origin discrimination); (ii) 42 U.S.C. Section 1981
(discrimination); (iii) 29 U.S.C. Section 206(d)(1) (equal pay); (iv) Executive
Order 11246 (race, color, religion, sex and national origin discrimination); (v)
Executive Order 11141 (age discrimination); (vi) Section 503 and Section 504 of
the Rehabilitation Act of 1973 (disability discrimination); (vii) the Employee
Retirement Income Security Act (employee benefits); (viii) the Fair Labor
Standards Act; (ix) the Americans with Disabilities Act (discrimination against
individuals with a disability); (x) the Age Discrimination in Employment Act
(age discrimination); (xi) the Civil Rights Act of 1991; and (xii) any Nebraska
or other state fair employment, discrimination, labor or workers compensation
laws), which PARKER now has, owns or holds, or claims to have, own or hold, or
which PARKER, at any time heretofore had, owned, or held, or claimed to have,
own or hold, against LINDSAY or any Company Releasee; provided, however, that
the foregoing shall not release LINDSAY or any other Company Releasee from any
(1) obligations under this Agreement (including the obligation to make the
payments provided for herein and to reimburse PARKER for business expenses as
provided herein), (2) rights to vested benefits under LINDSAY's Profit Sharing
Plan, or (3) claims arising after the effective date of this Agreement.

         15. RELEASE BY LINDSAY. As a material inducement to PARKER to enter
into this Agreement, LINDSAY, on its own behalf and on behalf of the
subsidiaries and affiliated entities which it controls, hereby irrevocably and
unconditionally releases, acquits and forever discharges PARKER, his personal
and legal representatives, executors, administrators, heirs, distributees,
devisees and legatees (collectively, the "PARKER Releasees") from any and all
charges, complaints, claims, liabilities, obligations, promises, agreements,
controversies and expenses (including attorneys' fees and costs actually
incurred) of any nature whatsoever, known or unknown, suspected or unsuspected,
including, but not limited to, any charges, complaints, claims, liabilities,
obligations, controversies and expenses arising out of alleged violations of any
contracts, express or implied, or any covenant of good faith and fair dealing,
express or implied, which LINDSAY or any of such subsidiaries or affiliated
entities now has, owns or holds, or claims to have, own or hold, or which
LINDSAY or any of such subsidiaries or affiliated entities at any time
heretofore had, owned, or held, or claimed to have, own or hold, against PARKER
or any other PARKER Releasee relating to the performance of PARKER's duties as
an officer, director or employee of LINDSAY or any of its divisions,
subsidiaries or affiliates; provided, however, that the foregoing shall not
release PARKER or any PARKER Releasee from any

                                       12

<PAGE>   13

(1) obligations under this Agreement, (2) claims arising after the effective
date of this Agreement, or (3) unknown claims based on acts of PARKER which
occurred prior to the effective date of this Agreement which would constitute a
felony under federal or state laws.

         16. TERMINATION OF EMPLOYMENT AGREEMENT. LINDSAY and PARKER acknowledge
and agree that, effective as of the effective date of this Agreement, all of
their respective rights and obligations under that certain Employment Agreement
between LINDSAY and PARKER dated September 1, 1998 (the "Employment Agreement")
shall be deemed to have terminated and to be of no further force or effect.

         17. NO CLAIMS; COVENANT NOT TO SUE. PARKER represents and covenants
that (i) he has not filed any complaints, charges or lawsuits, nor commenced any
arbitration or similar proceedings, against LINDSAY or any other Company
Releasee in connection with any claim or potential claim released hereunder,
including any claims under the Employment Agreement, and (ii) he will not do so
at any time hereafter; provided, however, that this Paragraph 17 shall not limit
PARKER from commencing appropriate proceedings for the purpose of enforcing any
claims not released hereunder. LINDSAY represents and covenants that (i) neither
it nor any subsidiary or other affiliated entity which it controls has filed any
complaints, charges or lawsuits, nor commenced any arbitration or similar
proceedings against PARKER or any other PARKER Releasee in connection with any
claim or potential claim released hereunder, including any claims under the
Employment Agreement, and (ii) neither it nor any such subsidiary or affiliated
entity will do so at any time hereafter; provided, however, that this Paragraph
17 shall not limit the Company from commencing appropriate proceedings for the
purpose of enforcing any claims not released hereunder.

         18. NON-ADMISSION OF LIABILITY. This Agreement shall not in any way be
construed as an admission by LINDSAY that it or any subsidiary or affiliated
entity has acted wrongfully with respect to PARKER or that PARKER has any rights
whatsoever against LINDSAY or any other Company Releasee, and LINDSAY
specifically disclaims any liability to or wrongful acts against PARKER. This
Agreement shall not in any way be construed as an admission by PARKER that he
has acted wrongfully with respect to LINDSAY, or that LINDSAY or any subsidiary
or affiliated entity has any rights whatsoever against Parker or any other
PARKER Releasee, and PARKER specifically disclaims any liability to or wrongful
acts against LINDSAY.

         19. NO CONFIDENTIALITY. PARKER acknowledges that LINDSAY intends to
file a copy of this Agreement as an exhibit to a future filing with the
Securities and Exchange Commission. Consequently, PARKER acknowledges and agrees
that the contents of this Agreement will be made publicly available and confirms
that he has no expectation of confidentiality with respect to the terms hereof.

         20. ARBITRATION OF DISPUTES. All controversies, claims, disputes and
matters in question arising out of or relating to this Agreement or the breach
hereof or to PARKER's

                                       13

<PAGE>   14

employment or termination of employment with LINDSAY shall be decided by binding
arbitration conducted in Omaha, Nebraska under the Commercial Arbitration Rules
of the American Arbitration Association (the "AAA") or its successor in effect
at the time a demand for arbitration is made. The arbitration will be conducted
by a single arbitrator chosen pursuant to the Commercial Arbitration Rules of
the AAA then in effect. The decision of the arbitrator shall be conclusive,
final, and binding on the parties hereto and on their respective heirs, legal
representatives, successors, and assigns. The arbitrator shall have no power to
award punitive, exemplary or similar damages to any party. Each party shall pay
for its own attorney's fees and other expenses incurred in connection with any
such dispute or proceeding, and each party shall pay one-half of the
arbitrator's fees and expenses.

         21. NOTICES. Notices contemplated by this Agreement shall be in writing
and shall be deemed given when delivered in person or mailed by registered or
certified first class mail, postage prepaid, return receipt requested, to
LINDSAY at East Highway 91, Lindsay, Nebraska, 68644, Attention: Chairman of the
Compensation Committee, and to PARKER at 6272 Country Club Drive, Columbus, NE,
68601, or to such other address as the party so notifies to the other.

         22. INTEGRATION, AMENDMENT AND MODIFICATION.

             A.   This Agreement contains the entire Agreement between the
parties hereto with respect to the employment contemplated herein, and
supersedes all prior negotiations and employment agreements, both oral and
written, between the parties relating to PARKER's employment with LINDSAY.

             B.   This Agreement can be amended, supplemented or modified by the
parties only by an instrument in writing signed by both parties.

             C.   If, in any action before any court or arbitrator legally
empowered to enforce such covenants, any term, restriction, covenant or promise
contained herein is found to be unreasonable, unlawful or otherwise invalid and
for that reason unenforceable, then such term, restriction, covenant or promise
shall be deemed modified to the extent necessary to make it enforceable by such
court or arbitrator.

         23. HEADINGS. The headings in this Agreement are inserted for
convenience or reference only and shall not affect the meaning or interpretation
of this Agreement.

         24. GOVERNING LAW. This Agreement shall be construed, interpreted and
enforced according to the laws of the State of Nebraska.

         25. COUNTERPARTS. This Agreement may be executed in counterparts which
may be delivered by facsimile, each of which will be deemed an original, and
both of which together shall constitute one and the same Agreement.

                                       14

<PAGE>   15

         26. INTERPRETIVE MATTERS. This Agreement and any exhibits hereto shall
be construed without regard to the identity of the person who drafted the
various provisions of the same. Each and every provision of this Agreement and
any exhibits hereto shall be construed as though the parties participated
equally in the drafting of the same. Consequently, the parties acknowledge and
agree that any rule of construction that a document is to be construed against
the drafting party shall not be applicable either to this Agreement or any
exhibits hereto.

         27. WITHHOLDING. LINDSAY shall withhold from payments made hereunder
federal, state or local taxes to the extent required to comply with applicable
laws.

         28. BINDING ON SUCCESSORS. LINDSAY shall have any successor to all or
substantially all of its business and/or its assets expressly assume and agree
to perform this Agreement in the same manner and to the same extent that LINDSAY
would be required to perform if no such succession had taken place. In addition,
LINDSAY shall have the ultimate parent entity of any such successor guaranty
such performance of this Agreement.

         29. PUBLIC RELATIONS. LINDSAY agrees to cooperate reasonably with
PARKER regarding internal and external media communications concerning PARKER's
early retirement and continuing employment under this Agreement, it being
understood that LINDSAY shall have sole and complete discretion regarding the
timing, content and other aspects of its internal and external media
communications. The initial press release will be substantially in the form of
Exhibit B hereto.

         30. NEGOTIATION. PARKER acknowledges that (i) he has had an opportunity
to negotiate the terms of this Agreement and to receive advice of counsel with
regard thereto, (ii) he has carefully read and considered this Agreement, (iii)
he fully understands the extent and impact of the provisions of this Agreement,
and (iv) he has executed this Agreement voluntarily and without coercion, undue
influence, threats, or intimidation of any kind or type whatsoever.

         31. TIME PERIODS. PARKER understands that he has the right to be given
twenty-one (21) days to consider whether or not to execute this Agreement
insofar as any claims released hereby arise under the federal Age Discrimination
in Employment Act and that, if he chooses to execute this Agreement before that
time period expires, he will be deemed to have voluntarily waived and forfeited
such right. PARKER also understands that he has up to seven (7) days after
executing this Agreement to rescind this Agreement by notifying LINDSAY of such
recission in writing.

                                       15

<PAGE>   16

         IN WITNESS WHEREOF, this Agreement is entered into effective as of the
date set forth above.

GARY D. PARKER                            LINDSAY MANUFACTURING CO.

/s/ Gary D. Parker                        By:  /s/ Howard G. Buffett
-----------------------------                 ---------------------------------
Gary D. Parker                                 Howard G. Buffett
                                               Chairman, Compensation Committee

                                       16

<PAGE>   17

                                    EXHIBIT A

                      SPLIT-DOLLAR LIFE INSURANCE POLICIES

                       Employer: Lindsay Manufacturing Co.

1.    Insurance Company:    Equitable Variable Life Assurance Co.
                            Box B.W.
                            Des Moines, IA 50306
                            Attn: Kully Webster

      Agent:                Mr. Charles E. Halbur
                            Duhaine Agency
                            10040 Regency Circle, Suite 150
                            Omaha, NE 68114
                            Phone:  (402) 397-2112
                            Fax:  (402) 397-9573

      Insured:              Gary D. Parker
                            (Face Amount:  $1,000,000)

      Policy No.            40-244-648

Premiums Paid to Date by Employer and Portion
of Death Benefit or Cash Surrender Value Payable to Employer:           $200,000

Remaining Premiums to Be Paid by Employer:                               None
                                                                     -----------
Total Death Benefit or Cash Surrender Value Payable to Employer:        $200,000

2.    Insurance Company:    Security Life of Denver
                            1290 Broadway
                            Denver, CO 80203-5699

      Agent:                Tom Von Riesen
                            Silverstone Group
                            11516 Miracle Hills Drive, Suite 102
                            Omaha, NE 68154
                            Phone:  (402) 964-5441
                            Fax:  (402) 964-5454

                                       A-1

<PAGE>   18

      Insured:              Gary D. Parker
                            (Face Amount:  $2,000,000)

      Policy Nos.:          00-1019465
                            00-1551958

Premiums Paid to Date by Employer and Portion
 of Death Benefit or Cash Surrender Value Payable to Employer:       $509,924.26

Remaining Premiums to Be Paid by Employer
(4 annual premiums of $16,647):                                           66,588
                                                                     -----------

Total Death Benefit or Cash Surrender Value Payable to Employer:     $576,512.26

3.    Insurance Company:    Northwest Mutual Life Insurance Company
                            Attn: Mr. Timothy J. Engel
                            2304 13th Street
                            P. O. Box 7
                            Columbus, NE 68601
                            Phone:  (402) 564-8616
                            Fax:  (402) 563-1879

      Insured:              Gary D. Parker
                            (Face Amount:  $250,000)

      Policy No.:           7374536

Premiums Paid to Date by Employer and Portion of
 Death Benefit or Cash Surrender Value Payable to Employer:              $60,904

Remaining Premiums to Be Paid by Employer (10 annual
premiums of $2,648 and 1 premium of $2,548):                              29,078
                                                                     -----------
Total Death Benefit or Cash Surrender Value Payable to Employer:         $89,982

                         *        *        *        *

      It is hereby agreed that this Exhibit A shall be attached as the schedule
to the Split-Dollar Insurance Agreement entered into between LINDSAY and PARKER
dated September 1, 1990, and shall be deemed to be incorporated as a part
thereof.

                                       A-2

<PAGE>   19

                           MEMORANDUM OF UNDERSTANDING
                    REGARDING SPLIT-DOLLAR INSURANCE POLICIES

      The purpose of this Memorandum of Understanding which is entered into as
of December 1, 1999, is to confirm the rights of Lindsay Manufacturing Co.
("Employer") and the owner in the split-dollar life insurance policy(ies)
identified on Schedule I hereto. This will confirm the following:

      1. Employer is entitled to recover the amount shown on Exhibit A as "Total
Death Benefit or Cash Surrender Value Payable to Employer," which represents the
total premiums to be paid by Employer, less any payments which have not yet been
paid by Employer.

      2. Neither Employer, the owner of the policy(ies) or the insured may make
any withdrawals or loans from the policy(ies).

      3. The owner may surrender the policy(ies) at any time, provided Employer
receives an amount equal to the amount shown on Exhibit A as "Total Death
Benefit or Cash Surrender Value Payable to Employer" upon any surrender of the
policy(ies), less any payments which have not yet been paid by Employer.

      This Memorandum of Understanding shall be attached to the Split-Dollar
Insurance Agreement entered into between Lindsay Manufacturing Co. (Employer)
and Gary D. Parker (Employee and Insured) dated September 1, 1990, and shall be
deemed to be incorporated as a part thereof. This Memorandum of Understanding
may be executed in counterparts, each of which will be deemed an original, and
all of which together shall constitute one and the same instrument.

EMPLOYER:                        Lindsay Manufacturing Co.

                                 By: /s/ Bruce C. Karsk
                                    --------------------------------------
                                    Bruce C. Karsk, Vice President and Secretary

EMPLOYEE/INSURED:                   /s/ Gary D. Parker
                                    --------------------------------------
                                        Gary D. Parker

OWNER:                           By:
                                    -------------------------------------------

                                    -------------------------------------------

                                    -------------------------------------------

                                    -------------------------------------------

                                    -------------------------------------------
                                    (Type or Print Name and Address of Owner)

                                      A-3

<PAGE>   20

                                    EXHIBIT B

                                                                   PRESS RELEASE
                                                           For Immediate Release

          Lindsay Manufacturing Chairman, President and CEO Gary Parker
             Announces Retirement; Director John Croghan to Serve as
        Chairman; Parker to Continue as President and CEO Pending Search

December 1, 1999.  Lindsay, NE

Lindsay Manufacturing, a leading manufacturer of center pivot and lateral move
irrigation systems, today announced its Chairman, President and CEO, Gary D.
Parker will be retiring from the company by the conclusion of the fiscal year.

Mr. Parker will serve as Chairman of the Board and a Director until his term
expires at the Company's annual meeting on January 25, 2000. Following the
annual meeting, he will continue serving as President and CEO, and will retire
from those positions at the earlier of the end of Lindsay's current fiscal year
(ending August 31, 2000) or upon the naming of a successor. He will also serve
as a consultant to the Company for two years following his retirement.

At the annual meeting in January, Mr. John W. Croghan, a director of the Company
since 1989, will assume the role of Chairman. As Chairman, he will manage the
Board process while Mr. Parker, pending his retirement, will continue to manage
the Company. Mr. Parker will report to Mr. Croghan and the Board, which will
oversee the search for a successor to Mr. Parker.

"On behalf of the shareholders, the Board and the employees, I wish to thank
Gary for his years of fine service to Lindsay. The company has grown
dramatically and Gary has made many contributions in product innovation, factory
automation and expanded distribution. Since going public in 1988, under Gary's
leadership as President and CEO, Lindsay's stock has appreciated approximately
tenfold. We are grateful that Gary has agreed to serve as a consultant to the
company following his retirement and we wish him well in all of his future
endeavors," stated Mr. Croghan.

Mr. Parker commented, "It has been rewarding to be associated with the growth
and success of Lindsay during the last 28 years. Today Lindsay is a global
leader with systems operating in over 85 countries. I have truly enjoyed my
association with employees, dealers, and fellow shareholders, but have decided
at this point in my life I want to spend more time with my family and travel for
pleasure."

                                      B-1

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