Document:

Exhibit 4.1

                                                         Effective April 1, 2000

                    FIRST AMENDMENT AND COMPLETE RESTATEMENT

                                     OF THE

                                  INNOVEX, INC.
                          EMPLOYEE STOCK PURCHASE PLAN

         WHEREAS, the Board of Directors approved the Innovex, Inc. Employee
Stock Purchase Plan (the "Plan") on October 29, 1999;

         WHEREAS, pursuant to its annual shareholders meeting held on January
19, 2000, the shareholders of Innovex, Inc. approved the Plan with an effective
date of April 1, 2000;

         WHEREFORE, to improve administrative efficiency and reduce
administrative costs, the Board of Directors of Innovex, Inc. have approved and
adopted this First Amendment and Complete Restatement of the Innovex, Inc.
Employee Stock Purchase Plan as follows:

1. ESTABLISHMENT OF PLAN. INNOVEX, INC. (hereinafter referred to as the
"Company") proposes to grant to certain employees of the Company the opportunity
to purchase common stock of the Company. Such common stock shall be purchased
pursuant to the plan herein set forth which shall be known as the "INNOVEX, INC.
EMPLOYEE STOCK PURCHASE PLAN" (hereinafter referred to as the "Plan"). The
Company intends that the Plan shall qualify as an "Employee Stock Purchase Plan"
under Section 423 of the Internal Revenue Code of 1986, as amended, and shall be
construed in a manner consistent with the requirements of said Section 423 and
the regulations thereunder.

2. PURPOSE. The Plan is intended to encourage stock ownership by employees of
the Company and any of its Subsidiaries to which the Company and such respective
Subsidiaries by action of their Boards of Directors shall make this Plan
applicable. The Plan is further intended as an incentive to them to remain in
employment, improve operations, increase profits, and contribute more
significantly to the Company's success, and to permit the Company to compete
with other corporations offering similar plans in obtaining and retaining the
services of competent employees.

3. ADMINISTRATION.

         (a) The Plan shall be administered by a stock purchase committee
         (hereinafter referred to as the "Committee"), consisting of two or more
         directors or employees of the Company, as designated by the Board of
         Directors of the Company (hereinafter referred to as the "Board of
         Directors"). The Board of Directors shall fill all vacancies in the
         Committee and may remove any member of the Committee at any time, with
         or without cause.

         (b) Unless the Board of Directors limits the authority delegated to the
         Committee in its appointment, the Committee shall be vested with full
         authority to make, administer, and interpret such rules and regulations
         as it deems necessary to administer the Plan. For all purposes of this
         Plan other than this Paragraph 3(b), references to the Committee shall
         also refer to the Board of Directors.

         (c) The Committee shall select its own chairman and hold its meetings
         at such times and places as it may determine. All determinations of the
         Committee shall be made by a majority of its members. Any decision
         which is made in writing and signed by a majority of the members of

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         the Committee shall be effective as fully as though made by a majority
         vote at a meeting duly called and held.

         (d) The determinations of the Committee shall be made in accordance
         with its judgment as to the best interests of the Company, its
         employees and its shareholders and in accordance with the purposes of
         the Plan; provided, however, that the provisions of the Plan shall be
         construed in a manner consistent with the requirements of Section 423
         of the Internal Revenue Code, as amended. Such determinations shall be
         binding upon the Company and the participants in the Plan unless
         otherwise determined by the Board of Directors.

         (e) The Company shall pay all expenses of administering the Plan. No
         member of the Board of Directors or the Committee shall be liable for
         any action or determination made in good faith with respect to the Plan
         or any option granted under it. The Company shall indemnify each member
         of the Committee against any and all claims, loss, damages, expenses
         (including counsel fees approved by the Committee), and liability
         (including any amounts paid in settlement with the Committee's
         approval) arising from any loss or damage or depreciation which may
         result in connection with the execution of his or her duties or the
         exercise of his or her discretion, or from any other action or failure
         to act hereunder, except when the same is judicially determined to be
         due to gross negligence or willful misconduct of such member.

4. DURATION AND PHASES OF THE PLAN.

         (a) The Plan will commence on April 1, 2000 or such later date
         specified by the Committee, and will terminate September 30, 2005,
         except that any Phase commenced prior to such termination shall, if
         necessary, be allowed to continue beyond such termination until
         completion. Notwithstanding the foregoing, this Plan shall be
         considered of no force or effect and any options granted shall be
         considered null and void unless the holders of a majority of all of the
         issued and outstanding shares of the common stock of the Company
         approve the Plan within twelve (12) months after the date of its
         adoption by the Board of Directors. The Plan year shall be the same as
         the Company's fiscal year, ending each September 30.

         (b) The Plan shall be carried out in one or more Phases, each Phase
         being for a period of six months, or such shorter or longer period of
         time (not to exceed 27 months) as may be determined by the Committee
         prior to the commencement of a Phase. No Phase shall run concurrently
         with any other Phase but a Phase may commence immediately after the
         termination of the preceding Phase. The existence and date of
         commencement of a Phase (the "Commencement Date") shall be determined
         by the Committee and shall terminate on a date (the "Termination Date")
         which is not more than 365 days from a Commencement Date, provided that
         the commencement of the first Phase shall be within six months before
         or twelve months after the date of approval of the Plan by the
         shareholders of the Company. In the event all of the stock reserved for
         grant of options hereunder is issued pursuant to the terms hereof prior
         to the commencement of one or more Phases scheduled by the Committee or
         the number of shares remaining is so small, in the opinion of the
         Committee, as to render administration of any succeeding Phase
         impracticable, such Phase or Phases shall be canceled. Phases shall be
         numbered successively as Phase 1, Phase 2, Phase 3, etc.

         (c) The Board of Directors may elect to accelerate the Termination Date
         of any Phase effective on the date specified by the Board of Directors
         in the event of (i) any consolidation or merger of the Company in which
         the Company is not the continuing or surviving corporation or pursuant
         to which shares would be converted into cash, securities or other
         property, other than a merger of the Company in which shareholders
         immediately prior to the merger have the same

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         proportionate ownership of stock in the surviving corporation
         immediately after the merger; or (ii) any sale, lease, exchange or
         other transfer (in one transaction or a series of related transactions)
         of all or substantially all of the assets of the Company. Subject to
         any required action by the shareholders, if the Company shall be
         involved in any merger or consolidation, in which it is not the
         surviving corporation, and if the Board of Directors does not
         accelerate the Termination Date of the Phase, each outstanding option
         shall pertain to and apply to the securities or other rights to which a
         holder of the number of shares subject to the option would have been
         entitled.

         (d) A dissolution or liquidation of the Company shall cause each
         outstanding option to terminate, provided in such event that,
         immediately prior to such dissolution or liquidation, each Participant
         shall be repaid the payroll deductions credited to his account without
         interest.

5. ELIGIBILITY. All Employees, as defined in Paragraph 18 hereof who have
completed six or more months of employment service for the Company prior to the
Commencement Date of a Phase shall be eligible to participate in such Phase. Any
Employee who is a member of the Board of Directors of the Company who satisfies
the above requirements shall be eligible to participate in the Plan.

6. PARTICIPATION.

         (a) Participation in the Plan is voluntary. An eligible Employee may
         elect to participate in the Plan, and thereby become a "Participant" in
         the Plan, by completing the Enrollment Form provided by the Company and
         delivering it to the Company or its designated representative at least
         five days prior to an Enrollment Date and five days prior to the
         Commencement Date of that Phase. The Enrollment Date shall be
         established by the Committee, which shall be no less often than annual
         and shall coincide with one, but need not coincide with each,
         Commencement Date. The first Commencement Date shall be April 1, 2000.
         Payroll deductions for a Participant shall commence on the first payday
         after the Commencement Date of the Phase and shall terminate on the
         last payday immediately prior to or coinciding with the Termination
         Date of that Phase unless sooner terminated by the Participant as
         provided in Paragraph 9 hereof. A Participant who ceases to be an
         eligible Employee, although still employed by the Company, thereupon
         shall be deemed to discontinue his or her participation in the Plan and
         shall have the rights provided in Section 9.

         (b) Once enrolled in the Plan, a Participant will continue to
         participate in the Plan until he or she ceases to be an Eligible
         Employee, withdraws from the Plan pursuant to Section 9 or reaches the
         end of the Plan Period. A Participant who withdraws from the Plan
         pursuant to Section 9 may again become a Participant, if he or she is
         then an Eligible Employee, by proceeding as provided in Section 6(a)
         above. A Participant whose payroll deductions were discontinued because
         of Section 8(a)(iv)(A) will automatically resume participation at the
         beginning of the earliest Phase of the Plan ending in the next calendar
         year, if he or she is then an Eligible Employee.

7. PAYROLL DEDUCTIONS.

         (a) Upon enrollment, a Participant shall elect to make contributions to
         the Plan by payroll deductions, in the aggregate amount not in excess
         of 10% of such Participant's Pay (as determined in accordance with
         Paragraph 18 hereof) for the term of the Phase or smaller percentage as
         may be determined by the Committee prior to the commencement of a
         Phase). The minimum authorization shall be 1% of a Participant's Pay
         per pay period.

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         (b) In the event that the Participant's compensation for any pay period
         is terminated or reduced from the compensation rate for such a period
         as of the Commencement Date of the Phase for any reason so that the
         amount actually withheld on behalf of the Participant as of the
         Termination Date of the Phase is less than the amount anticipated to be
         withheld over the Phase as determined on the Commencement Date of the
         Phase, then the extent to which the Participant may exercise his option
         shall be based on the amount actually withheld on his behalf. In the
         event of a change in the pay period of any Participant, such as from
         bi-weekly to monthly, an appropriate adjustment shall be made to the
         deduction in each new pay period so as to ensure the deduction of the
         proper amount authorized by the Participant.

         (c) A Participant may discontinue his participation in the Phase and
         terminate his payroll deduction authorized at such times as determined
         by the Committee and shall have the rights provided in Section 9. No
         change can be made during a Phase of the Plan which would either change
         the time or increase or decrease the rate of his payroll deductions.

         (d) All payroll deductions made for Participants shall be credited to
         their respective accounts under the Plan. A Participant may not make
         any separate cash payments into such account.

8. OPTIONS.

         (a) GRANT OF OPTION.

                  (i) A Participant who is employed by the Company as of the
                  Commencement Date of a Phase shall be granted an option as of
                  such date to purchase a number of full and fractional shares
                  of Company common stock to be determined by dividing the total
                  amount credited to that Participant's account under Paragraph
                  7 hereof by the option price set forth in Paragraph 8(a)(ii)
                  hereof, subject to the limitations of Paragraph 8(a)(iv) and
                  Paragraph 10 hereof.

                  (ii) The option price for such shares of common stock shall be
                  the lower of:

                           A. Eighty-five percent (85%) of the Fair Market Value
                           of such shares of common stock on the Commencement
                           Date of the Phase; or

                           B. Eighty-five percent (85%) of the Fair Market Value
                           of such shares of common stock on the Termination
                           Date of the Phase.

                  (iii) Stock options granted pursuant to the Plan may be
                  evidenced by agreements in such form as the Committee shall
                  approve, provided that all Employees shall have the same
                  rights and privileges and provided further that such options
                  shall comply with and be subject to the terms and conditions
                  set forth herein. The Committee may conclude that agreements
                  are not necessary.

                  (iv) Anything herein to the contrary notwithstanding, no
                  Employee shall be granted an option hereunder:

                           A. Which permits his rights to purchase stock under
                           all employee stock purchase plans of the Company, its
                           Subsidiaries or its parent, if any, to accrue at a
                           rate which exceeds the lesser of Twenty-Five Thousand
                           Dollars ($25,000) of the Fair Market Value of such
                           stock (determined at the time such option is

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                           granted) for each calendar year in which such option
                           is outstanding at any time or 1,500 shares per Phase
                           under the Plan; or

                           B. If immediately after the grant such Employee would
                           own and/or hold outstanding options to purchase stock
                           possessing five percent (5%) or more of the total
                           combined voting power or value of all classes of
                           stock of the Company, its parent, if any, or of any
                           subsidiary of the Company. For purposes of
                           determining stock ownership under this Paragraph, the
                           rules of Section 424(d) of the Internal Revenue Code,
                           as amended, shall apply.

                  (v) The grant of an option pursuant to this Plan shall not
                  affect in any way the right or power of the Company to make
                  adjustments, reclassifications, reorganizations or changes of
                  its capital or business structure or to merge or to
                  consolidate or to dissolve, liquidate or sell, or transfer all
                  or any part of its business or assets.

         (b) EXERCISE OF OPTION.

                  (i) Unless a Participant gives written notice to the Company
                  pursuant to Paragraph 9 prior to the Termination Date of a
                  Phase, his option for the purchase of shares will be exercised
                  automatically for him as of such Termination Date for the
                  purchase of the number of full and fractional shares of
                  Company common stock which the accumulated payroll deductions
                  in his account at that time will purchase at the applicable
                  option price, but in no event shall the number of full and
                  fractional shares be greater than the number of full and
                  fractional shares to which a Participant would have been
                  eligible to purchase under Section 8(a)(i), and subject to the
                  limitations set forth in Paragraph 10 hereof.

                  (ii) The Company shall, in addition, return to the Participant
                  a cash payment equal to the balance, if any, in his account
                  which was not used for the purchase of common stock, without
                  interest, as promptly as practicable after the Termination
                  Date of any Phase.

                  (iii) The Committee may appoint a registered broker dealer to
                  act as agent for the Company in holding and performing
                  ministerial duties in connection with the Plan, excluding, but
                  not limited to, maintaining records of stock ownership by
                  Participants and holding stock in its own name for the benefit
                  of the Participants. No trust or escrow arrangement shall be
                  express or implied by the exercise of such duties by the
                  agent. A Participant may, at any time, request of the agent
                  that any shares allocated to the Participant be registered in
                  the name of the Participant or in joint tenancy with the
                  Participant, in which event the agent shall issue a
                  certificate for the whole number of shares in the name of the
                  Participant (and his joint tenant, if any) and shall deliver
                  to the Participant any cash for fractional shares, based on
                  the then Fair Market Value of the shares on the date of
                  issuance.

         (c) DIVIDEND REINVESTMENT. Unless the Committee designates otherwise,
         and except as provided in this section, dividends on a Participant's
         shares will automatically be reinvested in additional shares of stock
         of the Company. If a Participant desires to receive dividends in the
         form of cash, he must request that a certificate for such shares be
         issued in the name of the Participant by filing an appropriate form
         with the Company. Any shares purchased through the reinvestment of
         dividends may be issued from the shares authorized under this Plan or
         purchased on the open market, as directed by the Committee. If the
         shares are purchased

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         directly from the Company, the purchase price shall be the Fair Market
         Value of a share or the date such dividends are paid. Otherwise, the
         purchase price may be an average of shares purchased on the open market
         with the aggregate amount of dividends.

9. DISPOSITION OF OPTION SHARES. For a period of up to 12 months beginning on
the date of exercise of options granted pursuant to the Plan, each share of
stock issued may not, without the consent of the Committee, which consent shall
be provided in a uniform and nondiscriminatory manner for similarly situated
Participants, be sold, transferred, pledged or encumbered (including payment of
the price upon subsequent exercise of options, or pay income tax on such
exercise). The Committee may waive such restrictions with respect to stock
acquired upon the exercise of options granted or to be granted during any Phase
of the Plan, either prior to or at any time subsequent to the Commencement Date
of the Phase and may establish uniform rules for the transfer of such stock
during such period. During the period such shares are subject to the
restrictions of this subsection (d), such shares shall be held by the transfer
agent or the Company, or an appropriate legend describing the restriction and
referencing the Plan shall be placed on the certificate evidencing such stock.

10. WITHDRAWAL OR TERMINATION OF PARTICIPATION.

         (a) A Participant may, at any time prior to the Termination Date of a
         Phase, withdraw all payroll deductions then credited to his account by
         giving written notice to the Company. Promptly upon receipt of such
         notice of withdrawal, all payroll deductions credited to the
         Participant's account will be paid to him without interest accrued
         thereon and no further payroll deductions will be made during the
         Phase. In such event, the option granted the Participant under that
         Phase of the Plan shall lapse immediately. Partial withdrawals of
         payroll deductions hereunder may not be made.

         (b) Notwithstanding the provisions of Section 8(a) above, if a
         Participant files reports pursuant to Section 16 of the Securities
         Exchange Act of 1934 (at the Commencement Date of a Phase or becomes
         obligated to file such reports during a Phase) then such a Participant
         shall not have the right to withdraw all or a portion of the
         accumulated payroll deductions except in accordance with Sections 8(c)
         and (d) below.

         (c) In the event of the death of a Participant, the person or persons
         specified in Paragraph 14 may give notice to the Company within sixty
         (60) days of the death of the Participant electing to purchase the
         number of full shares which the accumulated payroll deductions in the
         account of such deceased Participant will purchase at the option price
         specified in Paragraph 8(a)(ii) and have the balance in the account
         distributed in cash without interest accrued thereon to the person or
         persons specified in Paragraph 14. If no such notice is received by the
         Company within said sixty (60) days, the accumulated payroll deductions
         will be distributed in full in cash without interest accrued thereon to
         the person or persons specified in Paragraph 14.

         (d) Upon termination of Participant's employment for any reason other
         than death of the Participant, the payroll deductions credited to his
         account, without interest, shall be returned to him.

         (e) The Committee shall be entitled to make such rules, regulations and
         determination as it deems appropriate under the Plan in respect of any
         leave of absence taken by or disability of any Participant. Without
         limiting the generality of the foregoing, the Committee shall be
         entitled to determine:

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                  (i) whether or not any such leave of absence shall constitute
                  a termination of employment for purposes of the Plan; and

                  (ii) the impact, of any, of any such leave of absence on
                  options under the Plan theretofore granted to any Participant
                  who takes such leave of absence.

         (f) A Participant who discontinues his participation during a Phase
         shall not be permitted to recommence participation until the next
         Enrollment Date. A Participant's withdrawal will not have any effect
         upon his eligibility to participate in any succeeding Phase of the Plan
         that commences after the next Enrollment Date or in any similar plan
         which may hereafter be adopted by the Company.

11. STOCK RESERVED FOR OPTIONS.

         (a) The maximum number of shares of the Company's common stock to be
         issued upon the exercise of options to be granted under the Plan shall
         be Two Hundred Fifty Thousand (250,000). Such shares may, at the
         election of the Board of Directors, be either treasury shares, shares
         authorized but not issued or shares acquired in the open market by the
         Company. Shares subject to the unexercised portion of any lapsed or
         expired option may again be subject to option under the Plan.

         (b) If the total number of shares of the Company common stock for which
         options are to be granted for a given Phase as specified in Paragraph 8
         exceeds the number of shares then remaining available under the Plan
         (after deduction of all shares for which options have been exercised or
         are then outstanding) and if the Committee does not elect to cancel
         such Phase pursuant to Paragraph 4, the Committee shall make a pro rata
         allocation of the shares remaining available in as uniform and
         equitable a manner as it shall consider practicable. In such event, the
         options to be granted and the payroll deductions to be made pursuant to
         the Plan which would otherwise be effected may, in the discretion of
         the Committee, be reduced accordingly. The Committee shall give written
         notice of such reduction to each Participant affected.

         (c) The Participant (or a joint tenant named pursuant to Paragraph
         10(d) hereof) shall have no rights as a shareholder with respect to any
         shares subject to the Participant's option until the date of the
         issuance of a stock certificate evidencing such shares. No adjustment
         shall be made for dividends (ordinary or extraordinary, whether in
         cash, securities or other property), distributions or other rights for
         which the record date is prior to the date such stock certificate is
         actually issued, except as otherwise provided in Paragraph 12 hereof.

         (d) The shares of the Company common stock to be delivered to a
         Participant pursuant to the exercise of an option under the Plan will
         be registered in the name of the Participant or, if the Participant so
         directs by written notice to the Committee prior to the Termination
         Date of that Phase of the Plan, in the names of the Participant and one
         other person the Participant may designate as his joint tenant with
         rights of survivorship, to the extent permitted by law.

12. ACCOUNTING AND USE OF FUNDS. Payroll deductions for each Participant shall
be credited to an account established for him under the Plan. Such account shall
be solely for bookkeeping purposes and no separate fund or trust shall be
established hereunder and the Company shall not be obligated to segregate such
funds. All funds from payroll deductions received or held by the Company under
the Plan may be used, without limitation, for any corporate purpose by the
Company.

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13. ADJUSTMENT PROVISION.

         (a) Subject to any required action by the shareholders of the Company,
         the number of shares covered by each outstanding option, and the price
         per share thereof in each such option, shall be proportionately
         adjusted for any increase or decrease in the number of issued shares of
         the Company common stock resulting from a subdivision or consolidation
         of shares or the payment of a share dividend (but only on the shares)
         or any other increase or decrease in the number of such shares effected
         without receipt of consideration by the Company.

         (b) In the event of a change in the shares of the Company as presently
         constituted, which is limited to a change of all its authorized shares
         with par value into the same number of shares with a different par
         value or without par value, the shares resulting from any such change
         shall be deemed to be the shares within the meaning of this Plan.

         (c) To the extent that the foregoing adjustments relate to shares or
         securities of the Company, such adjustments shall be made by the
         Committee, and its determination in that respect shall be final,
         binding and conclusive, provided that each option granted pursuant to
         this Plan shall not be adjusted in a manner that causes the option to
         fail to continue to qualify as an option issued pursuant to an
         "employee stock purchase plan" within the meaning of Section 423 of the
         Code.

         (d) Except as hereinbefore expressly provided in this Paragraph 12, the
         optionee shall have no right by reason of any subdivision or
         consolidation of shares of any class or the payment of any stock
         dividend or any other increase or decrease in the number of shares of
         any class or by reason of any dissolution, liquidation, merger, or
         consolidation or spin-off of assets or stock of another corporation,
         and any issue by the Company of shares of any class, or securities
         convertible into shares of any class, shall not affect, and no
         adjustment by reason thereof shall be made with respect to, the number
         or price of shares subject to the option.

14. NON-TRANSFERABILITY OF OPTIONS.

         (a) Options granted under any Phase of the Plan shall not be
         transferable except under the laws of descent and distribution and
         shall be exercisable only by the Participant during his lifetime and
         after his death only by his beneficiary of the representative of his
         estate as provided in Paragraph 9(b) hereof.

         (b) Neither payroll deductions credited to a Participant's account, nor
         any rights with regard to the exercise of an option or to receive
         common stock under any Phase of the Plan may be assigned, transferred,
         pledged or otherwise disposed of in any way by the Participant. Any
         such attempted assignment, transfer, pledge or other disposition shall
         be null and void and without effect, except that the Company may, at
         its option, treat such act as an election to withdraw funds in
         accordance with Paragraph 9.

15. DESIGNATION OF BENEFICIARY.

         (a) A Participant may file a written designation of a beneficiary who
         is to receive any cash to the Participant's credit without interest
         thereon under any Phase of the Plan in the event of such Participant's
         death prior to exercise of his option pursuant to Paragraph 8(b)
         hereof, or to exercise his option and become entitled to any stock
         and/or cash upon such exercise in the event of the Participant's death
         prior to exercise of the option pursuant to Paragraph 8(b) hereof. The
         beneficiary designation may be changed by the Participant at any time
         upon receipt of a written notice by the Company.

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         (b) Upon the death of a Participant and upon receipt by the Company of
         proof deemed adequate by it of the identity and existence at the
         Participant's death of a beneficiary validly designated under the Plan,
         the Company shall in the event of the Participant's death, allow such
         beneficiary to exercise the Participant's option pursuant to Paragraph
         9(c) if such beneficiary is living on the Termination Date of the Phase
         and deliver to such beneficiary the appropriate stock and/or cash after
         exercise of the option. In the event there is not validly designated
         beneficiary under the Plan who is living at the time of the
         Participant's death or in the event the option lapses, the Company
         shall deliver the cash credited to the account of the Participant
         without interest to the executor or administrator of the estate of the
         Participant, or if no such executor or administrator has been appointed
         to the knowledge of the Company, it may, in its discretion, deliver
         such cash to the spouse (or, if no surviving spouse, to any one or more
         children of the Participant), or if no spouse or child is known to the
         Company, then to such relatives of the Participant known to the Company
         as would be entitled to such amounts, under the laws of intestacy in
         the deceased Participant's domicile as though named as the designated
         beneficiary hereunder. The Company will not be responsible for or be
         required to give effect to the disposition of any cash or stock or the
         exercise of any option in accordance with any will or other
         testamentary disposition made by such Participant or in accordance with
         the provision of any law concerning intestacy, or otherwise. No
         designated beneficiary shall, prior to the death of a Participant by
         whom he has been designated, acquire any interest in any stock or in
         any option or in the cash credited to the Participant under any Phase
         of the Plan.

16. AMENDMENT AND TERMINATION. The Plan may be terminated at any time by the
Board of Directors provided that, except as permitted in Paragraph 4(c) with
respect to an acceleration of the Termination Date of any Phase, no such
termination will take effect with respect to any options then outstanding. Also,
the Board may, from time to time, amend the Plan as it may deem proper and in
the best interests of the Company or as may be necessary to comply with Section
423 of the Internal Revenue Code of 1986, as amended, or other applicable laws
or regulations; provided, however, that no such amendment shall, without prior
approval of the shareholders of the Company (1) increase the total number of
shares for which options may be granted under the Plan (except as provided in
Paragraph 12 herein), (2) permit aggregate payroll deductions in excess of ten
percent (10%) of a Participant's compensation as of the Commencement Date of a
Phase, or (3) impair any outstanding option.

17. NOTICES. All notices or other communications in connection with the Plan or
any Phase thereof shall be in the form specified by the Committee and shall be
deemed to have been duly given when received by the Participant or his
designated personal representative or beneficiary or by the Company or its
designated representative, as the case may be.

18. PARTICIPATION OF SUBSIDIARIES.

         (a) The Employees of any Subsidiary of the Company, shall be entitled
         to participate in the Plan on the same basis as Employees of the
         Company, unless the Board of Directors determines otherwise. Effective
         as of the date of coverage of any Subsidiary, any references herein to
         the "Company" shall be interpreted as referring to such Subsidiary as
         well as to INNOVEX, INC.

         (b) In the event that any Subsidiary which is covered under the Plan
         ceases to be a Subsidiary of INNOVEX, INC. the employees of such
         Subsidiary shall be considered to have terminated their employment for
         purposes of Paragraph 9 hereof as of the date such Subsidiary ceases to
         be such a Subsidiary.

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19. DEFINITIONS.

         (a) "Subsidiary" shall include any domestic corporation defined as a
         subsidiary of the Company in Section 424(f) of the Internal Revenue
         Code of 1986, as amended.

         (b) "Employee" shall mean any employee, including an officer, of the
         Company who as of the day immediately preceding the Commencement Date
         of a Phase is customarily employed by the Company for more than twenty
         (20) hours per week and more than five (5) months in a calendar year.

         (c) "Fair Market Value" shall mean, if the common stock of the Company
         is registered, the Fair Market Value of the shares shall be the closing
         price of the stock on the applicable date or the nearest prior business
         day on which trading occurred on the NASDAQ National Market. If the
         common stock is not registered, the Fair Market Value of shares of
         common stock of the Company shall be determined by the Committee for
         each valuation date in a manner acceptable under Section 423 of the
         Internal Revenue Code of 1986.

         (d) "Pay" is the regular pay for employment for each employee as
         annualized for a twelve (12) month period, including salary reduction
         contributions by the Participant under any plan of the Employer
         pursuant to Code ss.ss. 401(k) or 125, but exclusive of overtime,
         commissions, bonuses, disability payments, shift differentials,
         incentives and other similar payments, determined as of the
         Commencement Date of each Phase.

20. MISCELLANEOUS.

         (a) No Employment Rights. The Plan shall not, directly or indirectly,
         create any right for the benefit of any Employee or class of Employees
         to purchase any shares under the Plan, or create in any Employee or
         class of Employees any right with respect to continuation of employment
         by the Company, and it shall not be deemed to interfere in any way with
         the Company's right to terminate, or otherwise modify, an Employee's
         employment at any time.

         (b) Effect of Plan. The provisions of the Plan shall, in accordance
         with its terms, be binding upon, and inure to the benefit of, all
         successors of each Employee participating in the Plan, including,
         without limitation, such Employee's estate and the executors,
         administrators or trustees thereof, heirs and legatees, and any
         receiver, trustee in bankruptcy, or representative of creditors of such
         Employee.

         (c) Governing Law. The law of the State of Minnesota will govern all
         matters relating to this Plan except to the extent it is superseded by
         the laws of the United States.

         (d) Registration and Qualification of Shares. The offering of the
         shares hereunder shall be subject to the effecting by the Company of
         any registration or qualification of the shares under any federal or
         state law or the obtaining of the consent or approval of any
         governmental regulatory body which the Company shall determine, in its
         sole discretion, is necessary or desirable as a condition to or in
         connection with, the offering or the issue or purchase of the shares
         covered thereby. The Company shall make every reasonable effort to
         effect such registration or qualification or to obtain such consent or
         approval.

         (e) Plan Preconditions. The Plan is expressly made subject to (i) the
         approval by shareholders of the Company, and (ii) at its election, the
         receipt by the Company from the Internal Revenue Service of a
         determination letter or ruling, in scope and content satisfactory to
         counsel,

                                       15
<PAGE>

         respecting the qualification of the Plan within the meaning of Section
         423 of the Code. If the Plan is not so approved by the shareholders and
         if, at the election of the Company, the aforesaid determination letter
         or ruling from the Internal Revenue Service is not received on or
         before one year after this Plan's adoption by the Board of Directors,
         this Plan shall not come into effect. In such case, the accumulated
         payroll deductions credited to the account of each Participant shall
         forthwith be repaid to him without interest.

Approved by Board of Directors: October 21, 1999

Approved by Stockholders: January 19, 2000

Amended by Board of Directors: March 1, 2000

                                       16EXHIBIT 10.19

                           WAIVER AND AMENDMENT NO. 2

                                       TO

                           THIRD AMENDED AND RESTATED

                      LONG TERM REVOLVING CREDIT AGREEMENT

                                       AND

                      SHORT TERM REVOLVING CREDIT AGREEMENT

            This WAIVER AND AMENDMENT NO. 2, dated as of May 15, 2000 (the
"Amendment"), to each of (i) the SHORT TERM REVOLVING CREDIT AGREEMENT, dated as
of June 4, 1999 (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the "Short Term Credit Agreement"), by and among
Ag-Chem Equipment Co., Inc. (the "Borrower"), the institutions from time to time
party thereto as lenders (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Short Term Lenders"), and Bank One,
NA, as Agent (the "Agent") and (ii) the THIRD AMENDED AND RESTATED LONG TERM
REVOLVING CREDIT AGREEMENT, dated as of June 4, 1999 (the "Long Term Credit
Agreement", and together with the Short Term Credit Agreement, the "Credit
Agreements"), by and among the Borrower, certain subsidiaries of the Borrower
(the "Multicurrency Subsidiary Borrowers"), the Short Term Lenders and Bank One
Canada, formerly known as First Chicago NBD Bank, Canada, as the lenders
thereunder (the "Long Term Lenders"), and the Agent, is entered into by each of
the parties to the Credit Agreements. Capitalized terms used herein and not
otherwise defined herein shall have the meaning given to them in the Credit
Agreements.

                                   WITNESSETH

            WHEREAS, the Borrower, the Short Term Lenders and the Agent are
parties to the Short Term Credit Agreement and, together with the Multicurrency
Subsidiary Borrowers and Bank One Canada, are parties to the Long Term Credit
Agreement;

            WHEREAS, the Borrower and the Multicurrency Subsidiary Borrowers
have requested that the Short Term Lenders and the Long Term Lenders (together,
the "Lenders") and the Agent provide a limited waiver under each of the Credit
Agreements with respect to the financial covenant set forth in Section 5.2(c) of
each of the Credit Agreements;

            WHEREAS, each of the Borrower and each of the Multicurrency
Subsidiary Borrowers also wishes to amend the Credit Agreements to which it is a
party in certain respects;

<PAGE>

            WHEREAS, the Lenders and the Agent are willing to provide such
limited waivers and amend the Credit Agreements on the terms and conditions set
forth herein;

            NOW, THEREFORE, in consideration of the premises set forth above,
the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrower, the Multicurrency Subsidiary Borrowers, the Agent and the Lenders
hereby agree as follows:

      1. Limited Waiver. Effective as of the date hereof, as expressly limited
hereby and subject to the satisfaction of the conditions precedent set forth in
Section 3 below, the Lenders and the Agent hereby agree to waive the
requirements, as existed immediately prior to the effectiveness of this
Amendment, of Section 5.2(c) of each of the Credit Agreements with respect to
the fiscal quarter ended March 31, 2000.

      2. Amendment. Effective as of the date first above written and subject to
the satisfaction of the conditions precedent set forth in Section 3 below, the
Credit Agreements shall be and hereby are amended as follows:

            (a) The definition of "Interest Coverage Ratio" set forth in Section
1.01 of each Credit Agreement is hereby amended to delete therefrom clause (a)
thereof and to substitute the following therefor: "(a) EBITDA of the Company and
its consolidated Subsidiaries."

            (b) The definition of "Termination Date" set forth in Section 1.01
of the Short Term Credit Agreement is hereby amended to delete therefrom the
date "June 2, 2000" and to substitute therefor the date "June 1, 2001".

            (c) A new defined term, "Working Capital Coverage Ratio", shall be
added to Section 1.01 of each Credit Agreement in alphabetical order immediately
following the definition of "Type of Advance":

            "Working Capital Coverage Ratio" means the ratio of (a)
            the sum of the face amount of the accounts receivable of
            the Company and its consolidated Subsidiaries MINUS the
            amount of accounts receivable classified as doubtful
            determined in accordance with GAAP PLUS the value of the
            inventory of the Company and its consolidated Subsidiaries
            valued at the lower of cost or market on a last-in
            first-out basis determined in accordance with GAAP to (b)
            the sum of the principal amount of the Obligations of the
            Company to the Lenders under the Loan Documents PLUS the
            outstanding principal indebtedness of the Company under
            that certain Note Agreement dated as of April 6, 1994 with
            respect to the Company's 6.83% Series A Senior Notes due
            April 6, 2001 PLUS the outstanding principal indebtedness
            of the Company pursuant to that certain Note Agreement
            dated as of October 10, 1995 with respect to the Company's
            7.25% Series A Senior Notes due April 6, 2005.

                                  2
<PAGE>

            (d) Article II of the Short Term Credit Agreement is hereby amended
to insert therein at the end thereof the following Section 2.12:

      "2.12 Termination Date Extension. The Company may request an extension of
the Termination Date in effect at any time by submitting a written request for
an extension to the Agent (an "Extension Request") not more than 59 and not less
than 30 days prior to the then effective Termination Date. The request must
specify the new Termination Date and the date (which must be at least 30 days
after the Extension Request is delivered to the Agent but not later than the
then-existing Termination Date) as of which the new Termination Date shall be
effective (the "Extension Date"). The new Termination Date shall be 360 days
after the Extension Date, including the Extension Date as one of the days in the
calculation of the days elapsed. Promptly upon receipt of an Extension Request,
the Agent shall notify each Lender of the contents thereof and shall request
each Bank to approve the Extension Request. Each Lender approving the Extension
Request shall deliver its written consent no later than the Extension Date. Any
consent delivered by a Lender to the Agent may be revoked up to and including
the fourth day prior to the Extension Date, but shall be irrevocable thereafter.
If the consent of each of the Required Lenders is received by the Agent and
remains in effect on the Extension Date, the new Termination Date shall become
effective on the Extension Date, but only with respect to each Lender which has
consented to the Extension Request and the Agent shall promptly notify the
Borrower and each Lender of the new Termination Date. Failure of a Lender to
respond to an Extension Request after such Lender's receipt of the Extension
Request from the Agent shall be deemed a denial of such request. If any Lender
does not consent to an Extension Request which is approved by the Required
Lenders, then on the Termination Date in effect on the date of the Extension
Request but without giving effect to approval of the Extension Request, (a) the
Company shall pay to such Lender all amounts then payable to such Bank under
this Agreement and (b) such Lender's Commitment shall terminate."

            (e) Section 5.2(b) of each Credit Agreement is hereby amended in its
entirety to read as follows:

            "Total Liabilities to Tangible Net Worth." Permit or
            suffer the ratio of Total Liabilities to Tangible Net
            Worth to exceed: (1) 2.75 to 1.0 at the end of the fiscal
            quarter ending March 31, 2000 or (ii) 2.50 to 1.0 at the
            end of each fiscal quarter ending on or after June 30,
            2000 and on or prior to March 31, 2001 or (iii) 2.0 to 1.0
            at the end of each fiscal quarter ending on or after June
            30, 2001.

            (f) Section 5.2(c) of each Credit Agreement is hereby amended in its
entirety to read as follows:

            "Interest Coverage Ratio." Permit or suffer the Interest
            Coverage Ratio to be less than (i) 2.0 to 1.0 for the
            fiscal period ending March 31, 2000 or (ii) 1.50 to 1.0
            for the fiscal periods ending June 30, 2000, September 30,
            2000 and December 31, 2000 or (iii) 2.0 to 1.0 for the
            fiscal period ending March 31, 2001 or (iv) 2.25 to 1.0
            for the fiscal period ending June 30, 2001 or (v) 2.5 to
            1.0 for the fiscal periods ending September 30, 2001,
            December 31, 2001,

                                       3
<PAGE>

            March 31, 2002 and June 30, 2002 or (vi) 3.25 to 1.0 for
            the fiscal periods ending September 30, 2002, December 31,
            2002, March 31, 2003 and June 30, 2003 or (vii) 3.5 to 1.0
            for each fiscal period ending as of the end of each fiscal
            quarter ending on or after September 30, 2003.

            (g) Section 5.2(d) of each Credit Agreement is hereby amended:

            (I) to delete from clause (ii) therein the phrase "on an unsecured
basis and then at prevailing market terms" and to substitute therefor the phrase
"and which, if secured, is secured on terms substantially similar to those
evidenced by the Collateral Sharing Agreement dated as of May 15, 2000 to which
the Company is a party, and documents related thereto, and which memorializes
then prevailing market terms" and

            (II) is hereby amended to delete clause (iii) therefrom and to
substitute the following therefor:

            "(iii) Indebtedness secured by Permitted Liens; provided, however,
      that the proceeds of Indebtedness incurred in connection with the grant of
      the Permitted Liens described in Section 5.2(e)(viii) shall be applied
      toward the satisfaction of amounts owing under the Short Term Revolving
      Credit Agreement, dated as of June 4, 1999, as amended from time to time,
      among Ag-Chem Equipment Co., Inc., certain financial institutions and Bank
      One, NA, as Agent, and the Third Amended and Restated Long Term Revolving
      Credit Agreement, dated as of June 4, 1999, as amended from time to time,
      among Ag-Chem Equipment Co., Inc., certain of its affiliates, certain
      financial institutions and Bank One, NA, as Agent."

            (h) Section 5.2(e) of each Credit Agreement is hereby amended to
insert therein the following clauses (viii) and (ix):

            "(viii) Liens on Ag-Chem Equipment Co., Inc.'s real property located
      in Minnetonka, Minnesota, including, without limitation, fixtures located
      on such property, provided that no such Lien shall be granted subsequent
      to the occurrence and continuance of an Event of Default without the
      consent of the Agent, and

            (ix) any Lien granted by a Loan Party in favor of the Agent securing
      the "Obligations" as defined in the Collateral Sharing Agreement, dated as
      of the date hereof, among the Agent, the Lenders, the holders of notes
      issued pursuant to the Note Agreement, dated as of April 6, 1994, to which
      Ag-Chem Equipment Co., Inc. is a party and the holders of notes issued
      pursuant to the Note Agreement, dated as of October 10, 1995, to which
      Ag-Chem Equipment Co., Inc. is a party (as acknowledged by Ag-Chem
      Equipment Co., Inc. and certain of its affiliates, and as the same may be
      amended, restated, supplemented, or otherwise modified from time to time,
      the "Collateral Sharing Agreement")."

            (i) Section 5.2(g) of each Credit Agreement is hereby amended to
insert after clause (vi) therein the following clause (vii):

                                       4
<PAGE>

            "(vii) accounts receivable and/or instruments owed to or in favor of
      a Loan Party that are sold, transferred, and/or assigned in an arms-length
      transaction for a fair market price by such Loan Party; provided, that no
      such sale, transfer or assignment shall occur without the Agent's consent
      after the occurrence of an Event of Default; provided, further, that 100%
      of the proceeds resulting from such sale, transfer or assignment shall be
      applied toward the satisfaction of the Obligations under the Loan
      Documents."

            (j) Section 5.2(l) of each Credit Agreement is hereby amended in its
entirety as follows:

            "(l) Dividends. Declare or pay dividends or make other stockholder
      distributions or redemptions, or commit to make any distribution of cash
      or property to its shareholders at any time after the Effective Date,
      other than (x) dividends or distributions made by a Loan Party to the
      Company or made by a Loan Party to another Loan Party, so long as the Loan
      Party receiving such dividend or distribution has guaranteed the
      Obligations and has secured its obligations under its guaranty and (y) so
      long as no Default or Event of Default has occurred and is continuing and
      no Default or Event of Default would occur upon payment of such amounts,
      (i) the Company may pay cash dividends or dividends paid solely in shares
      of the Company and (ii) the Company may repurchase or redeem shares of its
      capital stock for an amount not to exceed $3,000,000 per fiscal year."

            (k) Section 5.2 of each Credit Agreement is hereby amended by adding
a new Section 5.2(n) to read as follows:

            "Working Capital Coverage Ratio." Permit or suffer the
            Working Capital Coverage Ratio to be less than 1.30 to 1.0
            as of the end of any fiscal quarter.

            (l) The signature pages to the Short Term Credit Agreement are
hereby deleted therefrom and the signature pages attached hereto as Schedule I
are hereby substituted therefor.

            (m) The signature pages to the Long Term Credit Agreement are hereby
deleted therefrom and the signature pages attached hereto as Schedule II are
hereby substituted therefor.

      3. Conditions of Effectiveness. This Amendment shall become effective and
be deemed effective as of the date hereof, if, and only if the Agent shall have
received:

      (i) six (6) duly executed originals of this Amendment from the Borrower,
the Multicurrency Subsidiary Borrowers and the Required Lenders,

      (ii) guaranty reaffirmations, in form and substance acceptable to the
Agent, for each guaranty of the Obligations entered into by Ag-Chem Sales Co.,
Inc., Lor*Al Products, Inc., Ag-Chem Manufacturing Co., Inc., and Ag-Chem
Equipment Canada, Ltd.,

                                       5
<PAGE>

      (iii) Security Agreements, in form and substance acceptable to the Agent,
entered into by Ag-Chem Sales Co., Inc., Lor*Al Products, Inc., Ag-Chem
Manufacturing Co., Inc., and Ag-Chem Equipment Canada, Ltd., pursuant to which
such entities secured their obligations under their respective guarantees,

      (iv) UCC-1 financing statements delivered in connection with the Security
Agreements referenced in clause (iii);

      (v) a fully executed copy of the Collateral Sharing Agreement, dated as of
the date hereof, entered into by, among others, the Borrower, the Agent and the
Lenders,

      (vi) a fully executed copy, in form and substance acceptable to the Agent,
of the letter agreement, dated as of the date hereof, delivered in connection
with the Note Agreement to which the Borrower is a party that is dated as of
April 6, 1994, and

      (vii) a fully executed copy, in form and substance acceptable to the
Agent, of the letter agreement, dated as of the date hereof, delivered in
connection with the Note Agreement to which the Borrower is a party that is
dated as of October 10, 1995.

      4. Representations and Warranties of the Borrower and the Multicurrency
Subsidiary Borrowers. Each of the Borrower and each Multicurrency Subsidiary
Borrower hereby represents and warrants as follows:

            (a) Each of the Credit Agreements to which each of the Borrower and
each Multicurrency Subsidiary Borrower is a party as previously executed
constitutes the legal, valid and binding obligation of the Borrower and each
Multicurrency Subsidiary Borrower and is enforceable against the Borrower and
each Multicurrency Subsidiary Borrower in accordance with its terms.

            (b) Upon the effectiveness of this Amendment, each of the Borrower
and each Multicurrency Subsidiary Borrower hereby (i) represents that no Default
or Event of Default exists under the terms of the Credit Agreements to which it
is a party, (ii) reaffirms all covenants, representations and warranties made in
the Credit Agreements to which it is a party, and (iii) agrees that all such
covenants, representations and warranties shall be deemed to have been remade as
of the effective date of this Amendment.

      5. Effect on the Credit Agreement.

            (a) Upon the effectiveness of this Amendment, on and after the date
hereof, each reference in each Credit Agreement to "this Agreement,"
"hereunder," "hereof," "herein" or words of like import shall mean and be a
reference to such Credit Agreement, as amended hereby.

            (b) Except as specifically amended above, the Credit Agreements and
all other documents, instrument/s and agreements executed and/or delivered in
connection therewith shall remain in full force and effect, and are hereby
ratified and confirmed.

                                       6
<PAGE>

            (c) The execution, delivery and effectiveness of this Amendment
shall neither, except as expressly provided herein, operate as a waiver of any
right, power or remedy of the Lenders or the Agent, nor constitute a waiver of
any provision of either Credit Agreement or any other documents, instruments and
agreements executed and/or delivered in connection therewith.

      6. Costs and Expenses. The Borrower agrees to pay all reasonable costs,
fees and out-of-pocket expenses (including attorneys' fees and expenses charged
to the Agent) incurred by the Agent and the Lenders in connection with the
preparation, arrangement, execution and enforcement of this Amendment.

      7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING, WITHOUT LIMITATION, SECTION 735
ILCS 105/5-1 ET SEQ. BUT OTHERWISE WITHOUT REGARD TO THE CONFLICTS OF LAWS
PROVISIONS) OF THE STATE OF ILLINOIS.

      8. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

      9. Counterparts. This Amendment may be executed by one or more of the
parties to the Amendment on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

      10. No Strict Construction. The parties hereto have participated jointly
in the negotiation and drafting of this Amendment. In the event an ambiguity or
question of intent or interpretation arises, this Amendment shall be construed
as if drafted jointly by the parties hereto and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Amendment.

               The remainder of this page is intentionally blank.

                                       7
<PAGE>

      IN WITNESS WHEREOF, this Waiver and Amendment No. 2 has been duly executed
as of the day and year first above written.

AG-CHEM EQUIPMENT CO., INC., as the     AG-CHEM EUROPE, B.V., as a Multicurrency
Borrower                                Subsidiary Borrower

By:  /s/ John Retherford                By:  /s/  John Retherford
   ---------------------                   ----------------------
Name:  John Retherford                  Name:  John Retherford
Title: CFO                              Title: CFO

AG-CHEM EQUIPMENT CANADA, LTD., as      BANK ONE, NA, as a Lender and as Agent
a Multicurrency Subsidiary Borrower     under the Credit Agreements

By:  /s/ John Retherford                By:  /s/ Kevin Gillen
   ----------------------                  ----------------------
Name:  John Retherford                  Name:  Kevin Gillen
Title: CFO                              Title: Vice President

COOPERATIEVE CENTRALE RAIFFEISEN-       HARRIS TRUST AND SAVINGS BANK, as a
BOERENLEENBANK B.A., "RABOBANK          Lender under the Credit Agreements
INTERNATIONAL", NEW YORK BRANCH,
as a Lender under the Credit
Agreements

By:                                     By:  /s/ Catherine Ciolek
   ----------------------                  ----------------------
Name:                                   Name:  Catherine Ciolek
Title:                                  Title: Vice President

By:
   ----------------------
Name:
Title:

BANK ONE CANADA, formerly known as
First Chicago NBD Bank, Canada, as a
Lender under the Long Term Credit
Agreement

By:  /s/ Randall Taylor
   ----------------------
Name:  Randall Taylor
Title: Sr. Vice President

By:
   ----------------------
Name:
Title:

<PAGE>

                                   SCHEDULE I
                                       TO
                           WAIVER AND AMENDMENT NO. 2

                 Signature Pages to Short Term Credit Agreement

                                    Attached.

<PAGE>

                                       AG-CHEM EQUIPMENT CO., INC.

                                       By: /s/ John Retherford
                                           -----------------------------
                                       Name:  John Retherford
                                       Title: CFO

                                       Notice Information:
                                       5720 Smetana Drive
                                       Minnetonka, MN 55343
                                       Attention: John Retherford
                                       Telephone No.: (612) 933-9006
                                       Facsimile No.: (612) 933-8799

<PAGE>

                                       BANK ONE, NA

                                       By: /s/ Kevin L. Gillen
                                           -----------------------------
                                       Name:  Kevin L. Gillen
                                       Title: Vice President

                                       Notice Information:
                                       1 Bank One Plaza
                                       Chicago, IL 60670
                                       Attention: Jenny Gilpin
                                       Telephone No.: (312) 732-5867
                                       Facsimile No.: (312) 732-1117

                                       Commitment: $12,142,857.14
                                       Percentage: 40.4762%

<PAGE>

                                       COOPERATIEVE CENTRALE
                                       RAIFFEISEN-BOERENLEENBANK B.A.,
                                       "RABOBANK INTERNATIONAL", NEW YORK BRANCH

                                       By:
                                           -----------------------------
                                       Name:
                                       Title:

                                       Notice Information:
                                       245 Park Avenue
                                       New York, NY 10167
                                       Attention: Corporate Services Department
                                       Telephone No.: (212) 916-7800
                                       Facsimile No.: (212) 818-0233

                                       with a copy to:
                                       Rabobank International
                                       300 South Wacker Drive
                                       Suite 3500
                                       Chicago, IL 60606-6610
                                       Attention: Tom Levasseur
                                       Telephone No.: (312) 408-8249
                                       Facsimile No.: (312) 408-8240

                                       Commitment: $8,928,571.43
                                       Percentage: 29.7619%

<PAGE>

                                       HARRIS TRUST AND SAVINGS BANK

                                       By: /s/ Catherine Ciolek
                                           -----------------------------
                                       Name:  Catherine Ciolek
                                       Title: Vice President

                                       Notice Information:
                                       111 West Monroe Street
                                       10th Floor West
                                       Chicago, IL 60603
                                       Telephone No.: (312) 461-3271
                                       Facsimile No.: (312) 293-5040

                                       Commitment: $8,928,571.43
                                       Percentage: 29.7619%

<PAGE>

                                   SCHEDULE II
                                       TO
                           WAIVER AND AMENDMENT NO. 2

                  Signature Pages to Long Term Credit Agreement

                                    Attached.

<PAGE>

                                       AG-CHEM EQUIPMENT CO., INC.

                                       By: /s/ John Retherford
                                           -----------------------------
                                       Name:  John Retherford
                                       Title: CFO

                                       Notice Information:
                                       5720 Smetana Drive
                                       Minnetonka, MN 55343
                                       Attention: John Retherford
                                       Telephone No.: (612) 933-9006
                                       Facsimile No.: (612) 933-8799

                                       AG-CHEM EUROPE, B.V.

                                       By: /s/ John Retherford
                                           -----------------------------
                                       Name:  John Retherford
                                       Title: CFO

                                       Notice Information:
                                       5720 Smetana Drive
                                       Minnetonka, MN 55343
                                       Attention: John Retherford
                                       Telephone No.: (612) 933-9006
                                       Facsimile No.: (612) 933-8799

                                       AG-CHEM EQUIPMENT CANADA, LTD.

                                       By: /s/ John Retherford
                                           -----------------------------
                                       Name:  John Retherford
                                       Title: CFO

                                       Notice Information:
                                       5720 Smetana Drive
                                       Minnetonka, MN 55343
                                       Attention: John Retherford
                                       Telephone No.: (612) 933-9006
                                       Facsimile No.: (612) 933-8799

<PAGE>

                                       BANK ONE, NA

                                       By: /s/ Kevin L. Gillen
                                           -----------------------------
                                       Name:  Kevin L. Gillen
                                       Title: Vice President

                                       Notice Information:
                                       1 Bank One Plaza
                                       Chicago, IL 60670
                                       Attention: Jenny Gilpin
                                       Telephone No.: (312) 732-5867
                                       Facsimile No.: (312) 732-1117

                                       Tranche A Commitment: $16,190,476.19
                                       Percentage: 40.4762%

<PAGE>

                                       COOPERATIEVE CENTRALE
                                       RAIFFEISEN-BOERENLEENBANK B.A.,
                                       "RABOBANK INTERNATIONAL", NEW YORK BRANCH

                                       By:
                                           -----------------------------
                                       Name:
                                       Title:

                                       Notice Information:
                                       245 Park Avenue
                                       New York, NY 10167
                                       Attention: Corporate Services Department
                                       Telephone No.: (212) 916-7800
                                       Facsimile No.: (212) 818-0233

                                       with a copy to:
                                       Rabobank International
                                       300 South Wacker Drive
                                       Suite 3500
                                       Chicago, IL 60606-6610
                                       Attention: Tom Levasseur
                                       Telephone No.: (312) 408-8249
                                       Facsimile No.: (312) 408-8240

                                       Tranche A Commitment: $11,904,761.90
                                       Percentage: 29.7619%

<PAGE>

                                       HARRIS TRUST AND SAVINGS BANK

                                       By: /s/ Catherine Ciolek
                                           -----------------------------
                                       Name:  Catherine Ciolek
                                       Title: Vice President

                                       Notice Information:
                                       111 West Monroe Street
                                       10th Floor West
                                       Chicago, IL 60603
                                       Telephone No.: (312) 461-3271
                                       Facsimile No.: (312) 293-5040

                                       Commitment: $11,904,761.90
                                       Percentage: 29.7619%

<PAGE>

                                       BANK ONE CANADA

                                       By: /s/ Randall Taylor
                                           -----------------------------
                                       Name:  Randall Taylor
                                       Title: Sr. Vice President

                                       By:
                                           -----------------------------
                                       Name:
                                       Title:

                                       Notice Information:
                                       161 Bay Street
                                       Suite 4240
                                       Toronto, Ontario M5J 2S1
                                       CANADA
                                       Attention: Jerry Hynes
                                       Telephone No.: (416) 365-5260
                                       Facsimile No.: (416) 363-7574

                                       Tranche B Commitment: US$5,000,000
                                       Percentage: 100% of the Canadian Advances

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