Document:

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                                                                     EXHIBIT 4.3

                                CASE CORPORATION

                                       TO

                              THE BANK OF NEW YORK

                                   AS TRUSTEE

                          FIRST SUPPLEMENTAL INDENTURE

                           DATED AS OF MARCH 28, 2000

                            SUPPLEMENT TO INDENTURE

                           DATED AS OF JULY 31, 1995

                                DEBT SECURITIES

                          GUARANTEE BY CNH GLOBAL N.V.

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<TABLE>
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                                TABLE OF CONTENTS

                                                                                   Page

                                   ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

<S>           <C>                                                                   <C>
SECTION 1.1   Definitions...........................................................  2
SECTION 1.2   Effect of Headings....................................................  2
SECTION 1.3   Successors and Assigns................................................  2
SECTION 1.4   Separability Clause...................................................  3
SECTION 1.5   Benefits of First Supplemental Indenture..............................  3
SECTION 1.6   Governing Law.........................................................  3
SECTION 1.7   Effectiveness.........................................................  3
SECTION 1.8   Counterparts..........................................................  3

                                   ARTICLE TWO

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 2.1   Amendment to Section 1.1 "Definitions."...............................  3
SECTION 2.2   Amendment to Section 1.2 "Compliance Certificate and Opinions.".......  5
SECTION 2.3   Amendment to Section 1.3 "Form of Documents Delivered to Trustee."....  5
SECTION 2.4   Amendment to Section 1.4 "Acts of Holders; Record Dates.".............  5
SECTION 2.5   Amendment to Section 1.5 "Notices, etc., to Trustee and Company.".....  5
SECTION 2.6   Amendment to Section 1.9 "Successors and Assigns."....................  5
SECTION 2.7   Section 1.14 "Appointment of Agent for Service."......................  6

                                  ARTICLE THREE

                                 SECURITY FORMS

SECTION 3.1   Amendment to Section 2.1 "Forms Generally."............................ 7
SECTION 3.2   Addition of Section 2.6 entitled "Form of Guarantee.".................. 7
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<TABLE>
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                                  ARTICLE FOUR

                                 THE SECURITIES

<S>           <C>                                                                   <C>
SECTION 4.1   Amendment to Section 3.1 "Amount Unlimited; Issuable in Series."......  8
SECTION 4.2   Amendment to Section 3.3 "Execution, Authentication, Delivery
                        and Dating."................................................  8
SECTION 4.3   Amendment to Section 3.4 "Temporary Securities."......................  8
SECTION 4.4   Amendment to Section 3.5 "Registrations, Registration of Transfer
                        and Exchange."..............................................  8
SECTION 4.5   Amendment to Section 3.6 "Mutilated, Destroyed, Lost and Stolen
                        Securities."................................................  9
SECTION 4.6   Amendment to Section 3.7 "Payment of Interest; Interest Rights
                        Preserved.".................................................  9
SECTION 4.7   Amendment to Section 3.8 "Persons Deemed Owners.".....................  9
SECTION 4.8   Amendment to Section 3.9 "Cancellation................................  9

                                  ARTICLE FIVE

                           SATISFACTION AND DISCHARGE

SECTION 5.1   Amendment to Section 4.1 "Satisfaction and Discharge of Indenture."...  9
SECTION 5.2   Amendment to Section 4.2 "Application of Trust Money."................ 10

                                   ARTICLE SIX

                                    REMEDIES

SECTION 6.1   Amendment to Section 5.1 "Events of Default."......................... 10
SECTION 6.2   Amendment to Section 5.2 "Acceleration of Maturity; Rescission
                        and Annulment." ............................................ 10
SECTION 6.3   Amendment to Section 5.3 "Collection of Indebtedness and Suits
                        for Enforcement by Trustee."................................ 10
SECTION 6.4   Amendment to Section 5.4 "Trustee May File Proofs of Claim.".......... 10
SECTION 6.5   Amendment to Section 5.9 "Restoration of Rights and Remedies."........ 11
SECTION 6.6   Amendment to Section 5.15 "Waiver of Stay or Extension Laws."......... 11
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<TABLE>
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                                  ARTICLE SEVEN

                                   THE TRUSTEE

<S>           <C>                                                                   <C>
SECTION 7.1   Amendment to Section 6.3 "Certain Rights of Trustee."................. 11
SECTION 7.2   Amendment to Section 6.4 "Not Responsible for Recitals
                         or Issuance of Securities."................................ 11
SECTION 7.3   Amendment to Section 6.5 "May Hold Securities."....................... 11
SECTION 7.4   Amendment to Section 6.6 "Money Held in Trust."....................... 11
SECTION 7.5   Amendment to Section 6.7 "Compensation and Reimbursement."............ 12
SECTION 7.6   Amendment to Section 6.10 "Resignation and Removal; Appointment of
                        Successor."................................................. 12
SECTION 7.8   Amendment to Section 6.11 "Acceptance of Appointment by Successor."... 12
SECTION 7.9   Amendment to Section 6.13 "Preferential Collection of Claims
                        Against Company."........................................... 12
SECTION 7.10  Amendment to Section 6.14 "Appointment of Authenticating Agent."...... 12

                                  ARTICLE EIGHT

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 8.1   Amendment to Title of Article VII..................................... 13
SECTION 8.2   Amendment to Section 7.1 "Company to Furnish Trustee Names
                         and Addresses of Holders."................................. 13
SECTION 8.3   Amendment to Section 7.2 "Preservation of Information;
                        Communications to Holders."................................. 13
SECTION 8.4   Amendment to Section 7.3 "Reports by Trustee."........................ 13
SECTION 8.5   Amendment to Section 7.4 "Reports by Company."........................ 13

                                  ARTICLE NINE

                       CONSOLIDATION, MERGER, CONVEYANCE,
                                TRANSFER OR LEASE

SECTION 9.1   Amendment to Section 8.1 "Company May Consolidate, etc.,
                        Only on Certain Terms."..................................... 14
SECTION 9.2   Amendment to Section 8.2 "Successor Substituted."..................... 14
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<TABLE>
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                                   ARTICLE TEN

                             SUPPLEMENTAL INDENTURES

<S>           <C>                                                                   <C>
SECTION 10.1  Amendment to Section 9.1 "Supplemental Indentures Without
                        Consent of Holders."........................................ 15
SECTION 10.2  Amendment to Section 9.2 "Supplemental Indentures with Consent of
                        Holders."................................................... 15
SECTION 10.3  Amendment to Section 9.6 "Reference in Securities to Supplemental
                        Indentures."................................................ 15

                                 ARTICLE ELEVEN

                                    COVENANTS

SECTION 11.1  Amendment to Section 10.2 "Maintenance of Office or Agency.".......... 16
SECTION 11.2  Amendment to Section 10.3 "Money for Securities Payments to Be
                        Held in Trust."............................................. 16
SECTION 11.3  Amendment to Section 10.9 "Waiver of Certain Covenants.".............. 16
SECTION 11.4  Amendment to Section 10.11 "Appointments to Fill Vacancies in
                        Trustee's Office.".......................................... 16

                                 ARTICLE TWELVE

                            REDEMPTION OF SECURITIES

SECTION 12.1  Amendment to Section 11.3 "Selection by Trustee of Securities to
                        be Redeemed................................................. 17
SECTION 12.2  Amendment to Section 11.5 "Deposit of Redemption Price.".............. 17
SECTION 12.3  Amendment to Section 11.6 "Debt Securities Payable on Redemption
                        Date."...................................................... 17
SECTION 12.4  Amendment to Section 11.7 "Securities Redeemed in Part.".............. 17

                                ARTICLE THIRTEEN

                                  SINKING FUNDS

SECTION 13.1  Amendment to Section 12.2 "Satisfaction of Sinking Fund Payments
                        with Securities."........................................... 17
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<TABLE>
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                                ARTICLE FOURTEEN

                                   GUARANTEES

<S>           <C>                                                                   <C>
SECTION 14.1  New Article Fourteen.................................................. 18
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<PAGE>   7

                  FIRST SUPPLEMENTAL INDENTURE, dated as of March 28, 2000,
among CASE CORPORATION, a Delaware corporation (the "Company"), having its
principal place of business at 700 State Street, Racine, Wisconsin 53404, CNH
GLOBAL N.V., a corporation organized under the laws of the Kingdom of the
Netherlands, in its capacity as guarantor of the securities issued by the
Company (the "Guarantor"), and THE BANK OF NEW YORK, a New York banking
corporation, as trustee (the "Trustee"), as Trustee under the indenture of the
Company (the "Indenture") dated as of July 31, 1995.

                                    RECITALS

                  WHEREAS, Section 9.1 of the Indenture provides that the
Company and the Trustee may, without the consent of any Holders, at any time and
from time to time, enter into one or more supplemental indentures, in form
satisfactory to the Trustee, for the purpose of supplementing the provisions of
the Indenture.

                  WHEREAS, on November 12, 1999, the Company became an indirect,
wholly owned subsidiary of the Guarantor.

                  WHEREAS, the parties hereto have agreed to supplement the
Indenture to add the Guarantor as a party thereto and to add the Guarantee set
forth in this Supplemental Indenture pursuant to Article Nine of the Indenture,
and to add such other provisions as might reasonably be necessary to give effect
to the Guarantee. Such Guarantee is for the benefit, and will not adversely
affect the interests, of the Holders of Outstanding Securities.

                  WHEREAS, the Company and the Guarantor have each duly
authorized the execution and delivery of this Supplemental Indenture, and all
things necessary have been done to make this Supplemental Indenture a valid
agreement of the Company and the Guarantor, in accordance with its terms.

                  NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

                  For and in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Company's Securities, as follows:

<PAGE>   8

                                   ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

                  SECTION 1.1  Definitions.

                  For all purposes of the Indenture and this First Supplemental
Indenture, except as otherwise expressly provided or unless the context
otherwise requires:

                  1.       The terms defined in this Supplemental Indenture have
                           the meanings assigned to them in this Supplemental
                           Indenture, and include the plural as well as the
                           singular;

                  2.       All other terms used herein which are defined in the
                           Trust Indenture Act, either directly or by reference
                           therein, have the meanings assigned to them therein;

                  3.       All accounting terms not otherwise defined herein
                           have the meanings assigned to them in accordance with
                           generally accepted accounting principles, and, except
                           as otherwise herein expressly provided, the term
                           "generally accepted accounting principles" with
                           respect to any computation required or permitted
                           hereunder shall mean such accounting principles as
                           are generally accepted at the date of such
                           computation; and

                  4.       The words "herein," "hereof" and "hereunder" and
                           other words of similar import refer to the Indenture
                           and this Supplemental Indenture as a whole and not to
                           any particular Article, Section or other subdivision.

                  SECTION 1.2 Effect of Headings.

                  The Article and Section headings herein and in the Table of
Contents are for convenience only and shall not affect the construction hereof.

                  SECTION 1.3 Successors and Assigns.

                  All covenants and agreements in this Supplemental Indenture by
the Company and the Guarantor shall bind their successors and assigns, whether
expressed or not.

                                        2

<PAGE>   9

                  SECTION 1.4 Separability Clause.

                  In case any provision in this First Supplemental Indenture or
in the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

                  SECTION 1.5  Benefits of First Supplemental Indenture.

                  Nothing in this First Supplemental Indenture, express or
implied, shall give to any Person, other than the parties hereto, their
successors hereunder and the Holders, any benefit or any legal or equitable
right, remedy or claim under this First Supplemental Indenture.

                  SECTION 1.6 Governing Law.

                  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO
THE CONFLICT OF LAWS PROVISIONS THEREOF.

                  SECTION 1.7  Effectiveness.

                  This Supplemental Indenture shall take effect on the date
hereof and shall amend the provisions of the Indenture with respect to each
series of Securities issued under the Indenture, including each series of
Securities issued under the Indenture prior to the date hereof.

                  SECTION 1.8  Counterparts.

                  This Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute one and the same instrument.

                                   ARTICLE TWO

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

                  SECTION 2.1 Amendment to Section 1.1 "Definitions."

                  Section 1.1 of the Indenture is hereby amended as follows:

                  (a) The definition of "Board of Directors" is amended to add
"or the Guarantor, as the case may be," after "Company" in the first line
thereof.

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<PAGE>   10

                  (b) The definition of "Board Resolution" amended to insert "or
the Guarantor, as the case may be," after "Company" in the second line thereof.

                  (c)  A new definition "Guarantee" is added as follows:

                  ""Guarantee" means any guarantee of the Guarantor with regard
to each Security issued by the Company pursuant to this Indenture and shall
include the Guarantee set forth in Article Fourteen of the Supplemental
Indenture and all other obligations and covenants of the Guarantor contained in
this Indenture and any Securities, whether issued previous to or after the date
of this Supplemental Indenture."

                  (d)  A new definition "Guarantor" is added as follows:

                  ""Guarantor" means the Person named as the "Guarantor" in the
first paragraph of this Supplemental Indenture until a successor shall have
become such pursuant to the applicable provisions of this Indenture, and
thereafter "Guarantor" shall mean such successor."

                  (e)  A new definition "Guarantor Request" or "Guarantor Order"
is added as follows:

                  ""Guarantor Request" or "Guarantor Order" mean a written
request or order signed in the name of the Guarantor by its Chairman of the
Board, President, a Vice President, director, managing director or other
authorized officer and by its Treasurer, Assistant Treasurer, its Secretary or
an Assistant Secretary or other authorized officer and delivered to the
Trustee."

                  (f) The definition of "Officers' Certificate" is amended to
insert "or the Guarantor, as the case may be" after "Company in the third line
thereof and is further amended to insert "or the Guarantor" after "Company" in
the last line thereof.

                  (g) The definition of "Opinion of Counsel" is amended to
insert "or the Guarantor, as the case may be," after "Company" in the second
line thereof.

                  (h) The definition of "Outstanding" is amended to insert "or
the Guarantor, as the case may be" after "Company" in the first, second and
third appearance of "Company" in the third line of clause (ii) and is further
amended to insert ", the Guarantor" after "Company" in the eleventh, twelfth,
eighteenth and nineteenth lines of the remainder of the definition.

                  (i) The definition of "Vice President" is amended to insert ",
the Guarantor" after "Company" in the first line thereof.

                                        4

<PAGE>   11

                  SECTION 2.2  Amendment to Section 1.2 "Compliance Certificate
and Opinions."

                  Section 1.2 is amended to insert "or the Guarantor" after
"Company" in the first line of the first paragraph and is further amended to
insert "or the Guarantor, as the case may be," after "Company" in the second
line of the first paragraph.

                  SECTION 2.3  Amendment to Section 1.3 "Form of Documents
Delivered to Trustee."

                  Section 1.3 is amended to insert the phrase "or the Guarantor,
as the case may be," after "Company" in the first, seventh and eighth lines of
the second paragraph.

                  SECTION 2.4  Amendment to Section 1.4 "Acts of Holders; Record
Dates."

                  Section 1.4 is amended to insert "or the Guarantor or both of
them" after "Company" in the sixth line of paragraph (a), and is further amended
to insert "and the Guarantor" after "Company" in the eleventh line of paragraph
(a) and is further amended to insert "or the Guarantor" after "Company" in the
fifth line of paragraph (e).

                  SECTION 2.5  Amendment to Section 1.5 "Notices, etc., to
Trustee and Company."

                  Section 1.5 is amended to insert ", Guarantor" after "Trustee"
in the title of the Section, and is further amended to insert "or the Guarantor"
after "Company" in the first line of clause (1) and the first line of clause
(2), and is further amended to insert "or the Guarantor, as the case may be,"
after "Company" in the third line of clause (2), and is further amended to
insert "or the Guarantor, as the case may be" after "Company" in the fifth line
of clause (2), and is further amended to replace "instrument" in the fourth line
of clause (2) with "First Supplemental Indenture", and is further amended to add
a second paragraph as follows:

         "Any request, demand, authorization, direction, notice, consent, waiver
         or other action required or permitted under this Indenture shall be in
         the English language, and any published notice may also be in an
         official language of the country or province of publication."

                  SECTION 2.6 Amendment to Section 1.9 "Successors and Assigns."

                  Section 1.9 is amended to insert "or the Guarantor" after
"Company", and is further amended to delete "its" and replace it with "their
respective."

                                        5

<PAGE>   12

                  SECTION 2.7 Section 1.14 "Appointment of Agent for Service."

                  A new Section 1.14 is added as follows:

                  "SECTION 1.14.  Appointment of Agent for Service.

                  By the execution and delivery of this First Supplemental
Indenture, the Guarantor designates and appoints CT Corporation as its
authorized agent upon which process may be served in any suit or proceeding
arising out of or relating to the Securities, the Guarantee or this Indenture
which may be instituted in any Federal or New York State Court located in the
Borough of Manhattan, City and State of New York, but for that purpose only, and
agrees that service of process upon said CT Corporation, directed to the
attention of Treasurer, and written notice of said service given by the Person
serving the same to it, addressed to CT Corporation, shall be deemed in every
respect effective service of process upon it in any such suit or proceeding in
any Federal or State court in such Borough, City and State. The Guarantor hereby
submits (for the purposes of any such suit or proceeding) to the jurisdiction of
any such court in which any such suit or proceeding is so instituted, and
irrevocably waives, to the fullest extent it may effectively do so, any
objection it may have now or hereafter to the laying of the venue of any such
suit, action or proceeding in any such court and irrevocably waives, to the
fullest extent it may effectively do so, any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.
Such submission and waiver shall be irrevocable so long as any of the Securities
remain outstanding and such appointment shall be irrevocable until the
appointment of a successor by the Guarantor, with the consent of the Trustee and
such successor's acceptance of such appointment. Upon such acceptance, the
Guarantor shall notify the Trustee, in writing, of the name and address of such
successor. The Guarantor further agrees to take any and all action, including
the execution and filing of any and all such documents and instruments, as may
be necessary to continue such designation and appointment of said CT Corporation
or its successor in full force and effect so long as any of the applicable
Securities shall be outstanding. The Trustee shall not be obligated and shall
have no responsibility with respect to any failure by the Guarantor to take any
such action above.

                  The Guarantor agrees to the fullest extent that it lawfully
may do so, that any judgment in any such suit, action or proceeding bought in
such a court shall be conclusive and binding upon the Guarantor and may be
enforced in the courts of the Netherlands (or any other courts to the
jurisdiction of which the Guarantor is subject) by a suit upon such judgment,
provided that service of process is effected upon the Guarantor in the manner
specified in the foregoing paragraph or as otherwise permitted by law; provided,
however, that the Guarantor does not waive, and the foregoing provisions of this
sentence shall not constitute or be deemed to constitute a waiver of, (1) any
right to appeal any such judgment, to seek any stay or otherwise to seek
reconsideration or review of any such judgment, (2) any stay of execution or
levy pending an appeal from, or a suit, action or proceeding for reconsideration
of, any such judgment, (3) any defense to a claim for punitive damages and the
like, (4) the defense of payment, or (5) any other

                                        6

<PAGE>   13

right or remedy of the Guarantor to the extent not expressly waived in
accordance with this Section 1.14.

                  Nothing in this Section shall affect the right of the Trustee
or any Holder of any Security to serve process in any manner permitted by
applicable law or limit the right of the Trustee or any Holder of any Security
to bring proceedings against the Company and/or the Guarantor, in the courts of
any other jurisdiction or jurisdictions."

                                  ARTICLE THREE

                                 SECURITY FORMS

                  SECTION 3.1 Amendment to Section 2.1 "Forms Generally."

                  Section 2.1 is amended to insert the following paragraphs
after the first paragraph:

                  "For Securities issued after the date of the first
Supplemental Indenture, the Guarantee shall be endorsed on each Security and
such Guarantee for the Securities of a particular series shall be in such form
as is established pursuant to Section 2.6.

                  Outstanding Securities issued prior to the date of the first
supplemental indenture shall be Guaranteed pursuant to the terms of Article
Fourteen hereof and no endorsement, authentication or other evidence of such
Guarantee shall be necessary on any Outstanding Security and no separate
Guarantee need be executed and delivered by the Guarantor to the Holder of an
Outstanding Security."

                  SECTION 3.2 Addition of Section 2.6 entitled "Form of
Guarantee."

                  A new Section 2.6 is added as follows:

                  "Except for Outstanding Securities issued prior to the date
hereof, which shall be Guaranteed as set forth in Section 2.1 hereof, the
Guarantee of the Guarantor shall be endorsed on each Security and for each
particular series of Securities shall be in substantially such form or forms as
shall be established by or pursuant to a Board Resolution (including, without
limitation, in any Officers' Certificate of an officer authorized to act in
connection with such matter or pursuant to such Board Resolution) of the
Guarantor or an indenture supplemental hereto, with such appropriate insertions,
omissions, substitutions and other corrections as are required or permitted by
this Indenture or any indenture supplemental hereto, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon as may, consistently herewith, be determined by the officers executing
such Guarantees. Such execution of such Guarantees shall be conclusive evidence
as regards the Guarantor as to any such determination made by the Guarantor."

                                        7

<PAGE>   14

                                  ARTICLE FOUR

                                 THE SECURITIES

                  SECTION 4.1  Amendment to Section 3.1 "Amount Unlimited;
Issuable in Series."

                  Section 3.1 is amended to insert "and related Guarantees"
after "Securities" in the first line of the second paragraph.

                  SECTION 4.2  Amendment to Section 3.3 "Execution,
Authentication, Delivery and Dating."

                  Section 3.3 is amended to add "and the related Guarantees"
after "Securities" in the fifth line of the third paragraph and is further
amended to add "and the Guarantor" after "Company" in the third line of clause
(c) and in the second line of clause (d), and is further amended to insert "with
the related Guarantees endorsed thereon" after "Securities" in the first line of
clause (c), and is further amended to insert ", the Guarantor Order" after
"Company Order" in the fourth line of the fourth paragraph and is further
amended to insert a new paragraph at the end of the Section as follows:
"Reference is made to Section 14.2 concerning the execution and delivery of the
Guarantees."

                  SECTION 4.3 Amendment to Section 3.4 "Temporary Securities."

                  Section 3.4 is amended to insert "and each having endorsed
thereon the Guarantee executed by the Guarantor, substantially of the tenor of
the definitive Guarantee" after "issued" in the fifth line of the first
paragraph, and is further amended to insert "and such Guarantees" after
"Securities" in the sixth and seventh lines of the first paragraph, and is
further amended to insert "having endorsed thereon Guarantees executed by the
Guarantor" after "denominations" in the ninth line of the second paragraph.

                  SECTION 4.4  Amendment to Section 3.5 "Registrations,
Registration of Transfer and Exchange."

                  Section 3.5 is amended to insert ", the Guarantor shall
guarantee" after "execute" in the third line of the second paragraph, and in the
fourth line of the third paragraph, and is further amended to insert ", having
endorsed thereon the Guarantee executed by the Guarantor" after "amount" in the
last line of the second paragraph and after "receive" in the last line of the
third paragraph, and is further amended to insert "and the Guarantor," after
"Company" in the second line of the fourth paragraph.

                                        8

<PAGE>   15

                  SECTION 4.5  Amendment to Section 3.6 "Mutilated, Destroyed,
Lost and Stolen Securities."

                  Section 3.6 is amended to insert ", the Guarantor" after
"Company" in the first and fourth line of the second paragraph, and is further
amended to insert ", having endorsed thereon the Guarantee executed by the
Guarantor" after "principal amount" in the third line of the first paragraph and
in the seventh line of the second paragraph, and is further amended to delete
"in its discretion" in the second line of the third paragraph and replace it
with "and the Guarantor in their discretion," and is further amended to insert
", and the Guarantee endorsed thereon" after "series" in the first line of the
fifth paragraph, and is further amended to insert "and the Guarantor
respectively" after "Company" in the third line of the fifth paragraph, and is
further amended to insert "and the Guarantees endorsed thereon, if any," after
"series" in the last line of the fifth paragraph.

                  SECTION 4.6  Amendment to Section 3.7 "Payment of Interest;
Interest Rights Preserved."

                  Section 3.7 is amended to insert "or the Guarantor, as the
case may be," after "Company" in the first, fifth, seventh and fifteenth lines
of clause (1) and in the first and fourth lines of clause (2), and is further
amended to insert "or the Guarantor, as the case may be" after "Company" in the
fourth line of the second paragraph and in the sixteenth line of clause (1).

                  SECTION 4.7  Amendment to Section 3.8 "Persons Deemed Owners."

                  Section 3.8 is amended to insert ", the Guarantor" after
"Company" in the first, second and seventh (both places) lines of the first
paragraph.

                  SECTION 4.8 Amendment to Section 3.9 "Cancellation."

                  Section 3.9 is amended to insert "or the Guarantor" after
"Company" in the fourth and fifth lines of the first paragraph.

                                  ARTICLE FIVE

                           SATISFACTION AND DISCHARGE

                  SECTION 5.1  Amendment to Section 4.1 "Satisfaction and
Discharge of Indenture."

                  Section 4.1 is amended to insert "or the Guarantor" after
"Company" in the fourth and fifth lines of clause (1)(A) and in the third line
of clause (1)(B)(iii), in the first and second lines in clause (2), in the first
line of clause (3) and in the second sentence of the last paragraph.

                                        9

<PAGE>   16

                  SECTION 5.2 Amendment to Section 4.2 "Application of Trust
Money."

                  Section 4.2 is amended to insert "or the Guarantor" after
"Company" in the fourth line of the first paragraph.

                                   ARTICLE SIX

                                    REMEDIES

                  SECTION 6.1 Amendment to Section 5.1 "Events of Default."

                  Section 5.1 is amended to insert "or the Guarantor" after
"Company" in the second line of clause (4), in the second, fourth, sixth and
eighth lines of clause (5), and in the first, fourth, eleventh and fourteenth
lines of clause (6), and is further amended to insert "and the Guarantor" after
"Company" in the ninth line, first appearance of clause (4), and is further
amended to insert ", the Guarantor" after "Company" in the ninth line, second
appearance of clause (4), and is further amended to replace "by it" in the
fourth, seventh, ninth lines of clause (6) and in both appearances in the
twelfth line of clause (6) with "by the Company or the Guarantor,".

                  SECTION 6.2  Amendment to Section 5.2 "Acceleration of
Maturity; Rescission and Annulment."

                  Section 5.2 is amended to insert "and the Guarantor" after
"Company" in the seventh line of the first paragraph and the fifth line of the
second paragraph, and is further amended to insert "or the Guarantor" after
"Company" in the first line of clause (1).

                  SECTION 6.3 Amendment to Section 5.3 "Collection of
Indebtedness and Suits for Enforcement by Trustee."

                  Section 5.3 is amended to insert "and the Guarantor each,"
after each reference to "Company" in the first paragraph, and is further amended
to insert "or the Guarantor" after "Company" in the sixth line of the first
paragraph.

                  SECTION 6.4 Amendment to Section 5.4 "Trustee May File Proofs
of Claim."

                  Section 5.4 is amended to insert ", the Guarantor" after
"Company" in the first line of the first paragraph, and is further amended to
insert "or the Guarantor" after "Company" in the ninth line of the first
paragraph.

                                       10

<PAGE>   17

                  SECTION 6.5 Amendment to Section 5.9 "Restoration of Rights
and Remedies."

                  Section 5.9 is amended to insert ", the Guarantor" after
"Company" in the fourth line of the first paragraph.

                  SECTION 6.6 Amendment to Section 5.15 "Waiver of Stay or
Extension Laws."

                  Section 5.15 is amended to insert "and the Guarantor each"
after "Company" in the first and fourth lines of the first paragraph.

                                  ARTICLE SEVEN

                                   THE TRUSTEE

                  SECTION 7.1 Amendment to Section 6.3 "Certain Rights of
Trustee."

                  Section 6.3 is amended to insert "or the Guarantor" after
"Company" in the first sentence of clause (b), and is further amended by
inserting "or a Guarantor Request or Guarantor Order" after "Order" in the
second sentence of clause (b), and is further amended by inserting "of the
Company or the Guarantor" after "Directors" in the third line of clause (b), and
is further amended to insert "or the Guarantor or both of them" after "Company"
in the seventh line of clause (f).

                  SECTION 7.2 Amendment to Section 6.4 "Not Responsible for
Recitals or Issuance of Securities."

                  Section 6.4 is amended to insert "or the Guarantor," after
"Company" in the second line of the first paragraph, and is further amended to
insert "or of the Guarantees" after "Securities" in the fourth line of the first
paragraph.

                  SECTION 7.3  Amendment to Section 6.5 "May Hold Securities."

                  Section 6.5 is amended to insert "or the Guarantor" after
"Company" in the second line of the first paragraph, and is further amended to
insert "or the Guarantor, as the case may be," after "Company" in the fourth
line of the first paragraph.

                  SECTION 7.4 Amendment to Section 6.6 "Money Held in Trust."

                  Section 6.6 is amended to insert "or the Guarantor, as the
case may be," after "Company" in the last line of the first paragraph.

                                       11

<PAGE>   18

                  SECTION 7.5 Amendment to Section 6.7 "Compensation and
Reimbursement."

                  Section 6.7 is amended to insert "and the Guarantor each,
jointly and severally," after "Company" in the first line of the first
paragraph.

                  SECTION 7.6 Amendment to Section 6.10 "Resignation and
Removal; Appointment of Successor."

                  Section 6.10 is amended to insert "and the Guarantor" after
"Company" in the second line of paragraph (b), and is further amended to insert
", the Guarantor" after "Trustee" in the third line of paragraph (c), and is
further amended to insert "or the Guarantor," after "Company" in the second line
of paragraph (d)(1) and in the second line of paragraph (d)(2), and is further
amended to insert ", the Guarantor," after "Company" in the eleventh line of
paragraph (e).

                  SECTION 7.8  Amendment to Section 6.11 "Acceptance of
Appointment by Successor."

                  Section 6.11 is amended to insert ", the Guarantor" after
"Company" in the third and sixth lines of paragraph (a), and the second and
twenty-second lines of paragraph (b), and is further amended to insert "and the
Guarantor" after the word "Company" in the first line of paragraph (c).

                  SECTION 7.9  Amendment to Section 6.13 "Preferential
Collection of Claims Against Company."

                  Section 6.13 is amended to insert "or the Guarantor" after
"Company" in the first and third lines of the first paragraph.

                  SECTION 7.10  Amendment to Section 6.14 "Appointment of
Authenticating Agent."

                  Section 6.14 is amended to insert "and the Guarantor" after
"Company" in the eleventh line of the first paragraph, in the seventh line of
the third paragraph and in the first line of the fourth paragraph.

                                       12

<PAGE>   19

                                  ARTICLE EIGHT

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

                  SECTION 8.1 Amendment to Title of Article VII.

                  The title of Article VII is amended to insert ", GUARANTOR"
after "TRUSTEE."

                  SECTION 8.2  Amendment to Section 7.1 "Company to Furnish
Trustee Names and Addresses of Holders."

                  Section 7.1 is amended to insert "or the Guarantor, as the
case may be" after "Company" in the first line of the first paragraph, and is
further amended to insert "or the Guarantor" after "Company" in the second line
of paragraph (b).

                  SECTION 8.3 Amendment to Section 7.2 "Preservation of
Information; Communications to Holders."

                  Section 7.2 is amended to insert ", the Guarantor" after
"Company" in both places in the second line of paragraph (c).

                  SECTION 8.4 Amendment to Section 7.3 "Reports by Trustee."

                  Section 7.3 is amended to insert "and the Guarantor" after the
first use of "Company" in the third line of paragraph (b).

                  SECTION 8.5 Amendment to Section 7.4 "Reports by Company."

                  Section 7.4 is amended to insert "and the Guarantor" after
"Company" in the title of the Section and in the first line of clause (a),
clause (b) and clause (c) and is further amended to insert "or the Guarantor"
after "Company" in the second, fifth and sixth lines of clause (a), and is
further amended to insert the following after the word "regulations;" in the
last line of clause (a): "provided that no such supplementary and periodic
information, documents and reports need to be filed by the Company if, pursuant
to the rules and regulations of the Commission, it is exempt from such filing
requirements by virtue of the existence of the Guarantees;" and is further
amended to insert "or the Guarantor, or both," after "Company" in the fourth
line of clause (b), and is further amended to insert "or the Guarantor, as the
case may be," after "Company" in the fourth line of clause (c).

                                       13

<PAGE>   20

                                  ARTICLE NINE

                       CONSOLIDATION, MERGER, CONVEYANCE,
                                TRANSFER OR LEASE

                  SECTION 9.1  Amendment to Section 8.1 "Company May
Consolidate, etc., Only on Certain Terms."

                  Section 8.1 is amended to insert "and Guarantor" after
"Company" in the title of the Section, and is further amended to add a new final
paragraph as follows:

                  "(5) The Guarantor may merge with or into any corporation or
                  sell, transfer, lease or convey all or substantially all of
                  its assets substantially as an entirety to any corporation;
                  provided that (a) the corporation formed by such merger or
                  consolidation or the corporation which acquired such assets
                  expressly assumes all of the obligations of the Guarantor
                  hereunder (including additional amounts, if any, as set forth
                  in Article Fourteen hereof), and (b) immediately after giving
                  effect to such transaction, no Event of Default with respect
                  to such Securities and no event which, after notice or lapse
                  of time or both, would become an Event of Default with respect
                  to such Securities, shall have occurred and be continuing (c)
                  the Guarantor and the successor Person have delivered to the
                  Trustee an Officers' Certificate and an Opinion of Counsel
                  each stating that such consolidation, merger conveyance,
                  transfer or lease and, if a supplemental indenture is required
                  in connection with such transaction, such supplemental
                  indenture comply with this Article and that all conditions
                  precedent herein provided for relating to such transaction
                  have been complied with."

                  SECTION 9.2 Amendment to Section 8.2 "Successor Substituted."

                  Section 8.2 is amended to insert "or the Guarantor, as the
case may be," after "Company" in the first line of the first paragraph, both
appearances and in the third, fourth, sixth, seventh, eighth and ninth lines of
the first paragraph.

                                       14

<PAGE>   21

                                   ARTICLE TEN

                             SUPPLEMENTAL INDENTURES

                  SECTION 10.1  Amendment to Section 9.1 "Supplemental
Indentures Without Consent of Holders."

                  Section 9.1 is amended to insert "and the Guarantor" after
"Company" in the first line of the first paragraph, and is further amended to
insert "or the Guarantor" after "Company" in the first and second lines of
clause (1) and the first and last lines of clause (2), and is further amended to
insert "or the Guarantees" after "Securities" in the last line of clause (1),
and is further amended to insert "or related Guarantee, if any" after
"Securities" in the second and third lines of clause (2), and is further amended
to insert "and related Guarantee, if any" after "Securities" in the second and
fourth lines of clause (4), and is further amended to insert "and related
Guarantee, if any," after "Securities" in the second line of clause (5), the
first line of clause (6), the first line of clause (7), in the second line of
clause (8) and in the fifth line of clause (9), and is further amended to insert
"(and related Guarantee)" after "Security" in the third line of clause (5).

                  SECTION 10.2  Amendment to Section 9.2 "Supplemental
Indentures with Consent of Holders."

                  Section 9.2 is amended to insert ", the Guarantor" after
"Company" in the first appearance in the third line of the first paragraph, and
is further amended to insert "and the Guarantor" after "Company" in the second
appearance in the third line of the first paragraph, and is further amended to
add "or" at the end of clause (3) and is further amended to add a new clause (4)
as follows:

         "(4) change in any manner adverse to the interests of the Holders of
any Outstanding Securities the terms and conditions of the obligations of the
Guarantor in respect of the due and punctual payment of principal thereof (and
premium, if any) and interest, if any, thereon or any additional amounts or any
sinking fund payments provided in respect thereof."

                  SECTION 10.3 Amendment to Section 9.6 "Reference in Securities
to Supplemental Indentures."

                  Section 9.6 is amended to insert "and the Guarantor" after
"Company" in the fourth line of the first paragraph, and is further amended to
insert ", the Guarantor" after "Trustee" in the fifth line of the first
paragraph, and is further amended to insert "along with the related Guarantees
executed by the Guarantor" after "Company" in the sixth line of the first
paragraph.

                                       15

<PAGE>   22

                                 ARTICLE ELEVEN

                                    COVENANTS

                  SECTION 11.1 Amendment to Section 10.2 "Maintenance of Office
or Agency."

                  Section 10.2 is amended to insert "and the Guarantor" after
"Company" in the first and ninth lines in the first paragraph, and is further
amended to insert "or the Guarantor" after "Company" in the fourth, fifth and
seventh lines of the first paragraph, and the first, fourth and sixth lines of
the second paragraph.

                  SECTION 11.2 Amendment to Section 10.3 "Money for Securities
Payments to Be Held in Trust."

                  Section 10.3 is amended to insert "or the Guarantor" after
"Company" in the first line of the first paragraph and in the second, fifth and
eighth lines of the last paragraph, and is further amended to insert "and the
Guarantor" after "Company" in the first line of the second paragraph and is
further amended to delete "it will" from the second line of the second paragraph
and replace it with "the Company will", and is further amended to delete "shall
be paid to the Company on Company Request" in the fourth line of the last
paragraph and to replace it with "shall be paid to the Company or the Guarantor,
as the case may be, on a Company Request or a Guarantor Request, as the case may
be," and is further amended to insert the letter "s" at the end of "trust" in
the fifth line of the last paragraph, and is further amended to insert "(or to
the Guarantor pursuant to its Guarantee)" after "Company" in the sixth line of
the last paragraph, and is further amended to insert "or the Guarantor, as the
case may be" after "Company" in the last line of the last paragraph.

                  SECTION 11.3 Amendment to Section 10.9 "Waiver of Certain
Covenants."

                  Section 10.9 is amended to insert "or the Guarantor, as the
case may be," after "Company" in the first line of the first paragraph, and is
further amended to insert "and the Guarantor, as the case may be," after
"Company" in the eighth line of the first paragraph.

                  SECTION 11.4 Amendment to Section 10.11 "Appointments to Fill
Vacancies in Trustee's Office."

                  Section 10.11 is amended to insert "and the Guarantor" after
"Company" in the first line of the first paragraph.

                                       16

<PAGE>   23

                                 ARTICLE TWELVE

                            REDEMPTION OF SECURITIES

                  SECTION 12.1  Amendment to Section 11.3 "Selection by Trustee
of Securities to be Redeemed."

                  Section 11.3 is amended to insert "and the Guarantor" after
"Company" in the first line of the second paragraph.

                  SECTION 12.2 Amendment to Section 11.5 "Deposit of Redemption
Price."

                  Section 11.5 is amended to insert "or the Guarantor" after
"Company" in the first and second lines of the first paragraph.

                  SECTION 12.3  Amendment to Section 11.6 "Debt Securities
Payable on Redemption Date."

                  Section 11.6 is amended to insert "and the Guarantor" after
"Company" in the third line of the first paragraph and is further amended to
insert "or the Guarantor" after "Company" in the sixth line of the first
paragraph.

                  SECTION 12.4 Amendment to Section 11.7 "Securities Redeemed in
Part."

                  Section 11.7 is amended to insert ", each having endorsed
thereon the Guarantee executed by the Guarantor" after the first use of the word
"surrendered" in the ninth line of the first paragraph.

                                ARTICLE THIRTEEN

                                  SINKING FUNDS

                  SECTION 13.1  Amendment to Section 12.2 "Satisfaction of
Sinking Fund Payments with Securities."

                  Section 12.2 is amended to insert "or the Guarantor" after
"Company" in the first line of the first paragraph.

                                       17

<PAGE>   24

                                ARTICLE FOURTEEN

                                   GUARANTEES

                  SECTION 14.1  New Article Fourteen.

                  The Indenture is amended to add the following new Article XIV:

                                  "ARTICLE XIV

                                   GUARANTEES

                  The provisions of this Article shall be applicable to all
Securities whether issued previous to or after the date of this First
Supplemental Indenture.

                  SECTION 14.1  Guarantees.

                  The Guarantor hereby irrevocably and unconditionally
guarantees to each Holder of any Security issued under this Indenture by the
Company and to the Trustee on behalf of each such Holder, the due and punctual
payment of the principal of (and premium, if any, on) and interest, if any, on
each such Security (including any additional amounts payable in accordance with
the terms of any such Security and this Indenture) and the due and punctual
payment of any sinking fund payments provided for pursuant to the terms of any
such Security when and as the same shall become due and payable, whether at the
Stated Maturity, if any, by declaration of acceleration, call for redemption,
request for redemption, repayment at the option of the Holder or otherwise, in
accordance with the terms of such Security and of this Indenture. In case of the
failure of the Company punctually to make any such payment of principal (or
premium, if any) or interest, if any, (including any additional amounts as
referred to above) or sinking fund payment, the Guarantor hereby agrees to cause
any such payment to be made punctually when and as the same shall become due and
payable, whether at the Stated Maturity, if any, by declaration of acceleration,
call for redemption, request for redemption, repayment at the option of the
Holder or otherwise, and as if such payment were made by the Company.

                  The Guarantor will pay to the Holder of such Security such
additional amounts as may be necessary in order that every net payment of the
principal of (and premium, if any, on) and interest, if any, on such Security
after deduction or other withholding for or on account of any present or future
tax, assessment, duty or other governmental charge of any nature whatsoever
imposed, levied or collected by or on behalf of the country in which the
Guarantor is organized or any political subdivision or taxing authority thereof
or therein having power to tax, will not be less than the amount provided for in
such Security to be then due and payable; provided, however, that the foregoing
obligation to pay additional amounts will not apply on account of any tax,
assessment, duty or other governmental charge which is payable (a) otherwise
than by deduction or withholding from payments of principal of (or premium, if

                                       18

<PAGE>   25

any, on) or interest, if any, on such Security; or (b) by reason of the Holder
having, or having had, some personal or business connection with the country in
which the Guarantor is organized and not merely by reason of the fact that
payments are, or for the purposes of taxation are deemed to be, from sources in,
or secured in, the country in which the Guarantor is organized; or (c) by reason
of a change in law or official practice of any relevant taxing authority that
becomes effective on or after the date hereof for payment of principal (or
premium, if any), or interest, if any, in respect of such Security; or (d) by
reason of any estate, excise, inheritance, gift, sales, transfer, wealth,
personal property tax or any similar assessment or governmental charge; or (e)
as a result of the failure of the Holder to satisfy any statutory requirements
or make a declaration of nonresidence or other similar claim for exemption to
the relevant tax authority; or (f) owing to any combination of clauses (a)
through (e) above.

                  The Guarantor hereby agrees that its obligations hereunder
shall be as if it were principal debtor and not merely surety, and shall be
absolute and unconditional, irrespective of the validity, regularity or
enforceability of any such Security, this Indenture or this guarantee, the
absence of any action to enforce the same, any waiver or consent by the Holder
of any such Security or by the Trustee or the Paying Agent with respect to any
provisions thereof or of this Indenture or this guarantee, the existence of any
judgment against the Company, as the Company, or any action to enforce the same
or any other circumstances which might otherwise constitute a legal or equitable
discharge or defense of a guarantor. The Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first
against the Company, protest or notice with respect to such Security or the
indebtedness evidenced thereby or with respect to any sinking fund payment
required pursuant to the terms of any such Security and all demands whatsoever,
and covenants that this Guarantee will not be discharged except by complete
performance of all of the obligations of the Guarantor contained in this
Indenture and any such Securities and in the Guarantees. If the Trustee or the
Holder of any such Security is required by any court or otherwise to return (and
does so return) to the Company or the Guarantor, or any custodian, receiver,
liquidator, trustee, sequestrator or other similar official acting in relation
to the Company or the Guarantor, any amount paid to the Trustee or such Holder
in respect of any such Security, this Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect. The Guarantor further
agrees, to the fullest extent that it lawfully may do so, that, as between the
Guarantor, on the one hand, and the Holders and the Trustee, on the other hand,
the Maturity of the obligations guaranteed hereby may be accelerated as provided
in Section 5.2 hereof for the purposes of this Guarantee, notwithstanding any
stay, injunction or other prohibition extant under any applicable bankruptcy,
insolvency, reorganization or other similar law of the United States or the
Netherlands or any other applicable country or jurisdiction preventing such
acceleration in respect of the obligations guaranteed hereby.

                  The Guarantor shall be subrogated to all rights of the Holders
of such Securities of a particular series against the Company in respect of any
amounts paid to such Holders by the Guarantor pursuant to the provisions of the
Guarantees under this Indenture; provided, however,

                                       19

<PAGE>   26

that the Guarantor shall not be entitled to receive any payments arising out of
the subrogation from the Company (i) while any Event of Default shall have
occurred and be continuing with respect to any Securities issued by the Company
under Sections 5.1(1), 5.1(2), 5.1(3), 5.1(5), 5.1(6), or 5.1(4) (but only to
the extent such Event of Default under Section 5.1(4) arises out of a default by
the Company under the covenants set forth in Section 10.1), or (ii) any default
(which with the passage of time would become an Event of Default) with respect
to any Securities issued by the Company, under Section 5.1(1) or 5.1(2) shall
have occurred and be continuing.

                  SECTION 14.2 Execution and Delivery of Guarantees.

                  Outstanding Securities issued prior to the date hereof shall
be guaranteed pursuant to the terms of Section 14.1 hereof and no endorsement,
authentication or other evidence of such Guarantee shall be necessary on any
such Outstanding Security and no separate Guarantee need be executed and
delivered by the Guarantor to the Holder of a Security Outstanding on the date
hereof.

                  To evidence its Guarantee provided in Section 14.1 for
Securities issued after the date hereof, the Guarantor hereby agrees to execute
the Guarantee, in a form established pursuant to Section 2.6, to be endorsed on
each Security issued hereunder by the Company. Each such Guarantee shall be
executed on behalf of the Guarantor by any two of its authorized
representatives. The signature of any authorized representative on each
Guarantee may be manual or facsimile.

                  Any Guarantee bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Guarantor shall bind
the Guarantor, notwithstanding that such individuals or any of them have ceased
to hold such offices prior to the authentication and delivery of the Securities
upon which any such Guarantee is endorsed or did not hold such offices at the
date of such Securities.

                  The delivery of any such Security by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of the
Guarantee. The Guarantor hereby agrees that its Guarantee set forth in Section
14.1 shall remain in full force and effect notwithstanding any failure to
endorse on each such Security a notation of such Guarantee."

                                       20

<PAGE>   27

                  IN WITNESS WHEREOF, the parties hereby have caused this First
Supplemental Indenture to be duly executed as of the day and year first above
written.

                                      CASE CORPORATION

                                      By: /s/ Theodore R. French
                                         --------------------------------
                                      Name:   Theodore R. French
                                      Title:  President, Financial Services, and
                                                Chief Financial Officer

                                      CNH GLOBAL N.V.,
                                      as Guarantor

                                      By: /s/ Theodore R. French
                                         --------------------------------
                                      Name:   Theodore R. French
                                      Title:  President, Financial Services, and
                                                Chief Financial

                                      THE BANK OF NEW YORK,
                                      as Trustee

                                      By:     /s/ Mary La Gumina
                                      Name:   Mary La Gumina
                                      Title:  Assistant Vice President

                                       21<PAGE>   1
                                                                    EXHIBIT 10.1

CNH GLOBAL N.V.
OUTSIDE DIRECTORS' COMPENSATION PLAN

         This Outside Directors' Compensation Plan (the "Plan") has been
established by action of the CNH Global N.V. of Amsterdam, the Netherlands (the
"Company") Board of Directors (the "Board") effective as of the date the Plan is
approved by the Board.

         1. INTRODUCTION. The purpose of the Plan is to provide for (i) the
payment of the annual retainer fee and committee chair fee (collectively, the
"Annual Fees") to independent outside members of the Board ("Outside Directors")
in the form of common shares of the Company ("Common Shares"); (ii) an annual
grant of options to purchase Common Shares; (iii) an opportunity to defer all or
a portion of their Annual Fees otherwise payable in Common Shares; and (iv) an
opportunity to convert all or a portion of their Annual Fees into stock options.

         2. ELIGIBILITY. Subject to the terms and conditions of the Plan, each
Outside Director shall be a participant in the Plan. Each Outside Director shall
be entitled to receive Annual Fees and meeting fees as determined by the
Chairman of the Board in accordance with Article 12 of the Company's Articles of
Association, which Annual Fees and meeting fees, as in effect from time to time,
shall be reflected on Appendix A, attached hereto.

         3. STOCK GRANTS. Subject to the terms and conditions of the Plan,
including Sections 4 and 5 hereof, the Annual Fees payable to an Outside
Director shall be paid in accordance with this Section 3. As of (i) February 29,
2000, (ii) the day immediately preceding the date of the 2000 Annual General
Meeting of the Company's shareholders, and (iii) the last day of each Plan Year
Quarter (as described below) thereafter, each Outside Director shall be granted
automatically a number of Common Shares equal in value to 25% of the annual
retainer fee, and if he or she is a committee chair 25% of the annual committee
chair fee, each as listed in Appendix A, attached hereto, as amended from time
to time in accordance with the amendment procedures of the Plan.

         (a)      FAIR MARKET VALUE. The value of each Common Share (the "Fair
                  Market Value") shall be determined as of the last business day
                  of the Plan Year Quarter for which it is granted and shall be
                  equal to the average of the highest and lowest sales price a
                  Common Share on the Composite Tape for such date as reported
                  by the National Quotations Bureau Incorporated; provided that,
                  if no sales of Common Shares are included on the Composite
                  Tape for such date, the Fair Market Value of a share of Common
                  Shares on such date shall be deemed to be the average of the
                  highest and lowest

<PAGE>   2

                  prices of a Common Share as reported on said Composite Tape
                  for the next preceding day on which sales of Common Shares are
                  included.

         (b)      PRORATION FOR PARTIAL SERVICES. If the Outside Director is not
                  a member of the Board or a committee chair during an entire
                  Plan Year Quarter, the retainer and committee chair fees to
                  which he or she is entitled as well as his or her award of
                  Shares for that Quarter shall be reduced, pro rata, to reflect
                  the portion of the Quarter in which he or she was not an
                  Outside Director or committee chair, as the case may be.

         (c)      FRACTIONAL SHARES. An Outside Director shall be entitled to a
                  whole Share for any fractional Share to which he or she would
                  otherwise be entitled for any Plan Year Quarter under the
                  foregoing provisions of this Section 3.

         (d)      PLAN YEAR. For purposes of the Plan, the term "Plan Year"
                  means the period beginning on the date of the Company's Annual
                  General Meeting of shareholders and ending on the day
                  immediately prior to the first day of the following Plan Year.
                  For any Plan Year, the first Plan Year Quarter shall begin on
                  the first day of the Plan Year, and shall end on the 90th day
                  of the Plan Year; the second Plan Year Quarter shall begin on
                  the 91st day of the Plan Year, and shall end on the 180th day
                  of the Plan Year; the third Plan Year Quarter shall begin on
                  the 181st day of the Plan Year, and shall end on the 270th day
                  of the Plan Year; and the fourth Plan Year Quarter shall begin
                  on the 271st day of the Plan Year, and shall end on the last
                  day of the Plan Year.

         4. CASH ELECTION. Subject to the terms and conditions of the Plan, an
Outside Director may irrevocably elect, by filing a form with the Secretary of
the Company (the "Secretary") in such form as the Secretary may from time to
time require, to receive a portion of his or her Annual Fees for any Plan Year
in cash, provided that an Outside Director may not elect to receive more than
50% of the Annual Fees in cash. For the Plan Year ending in 2000, any such
election must be filed prior to February 29, 2000. For any Plan Year thereafter,
such election must be filed prior to the first day of such Plan Year.
Notwithstanding the foregoing provisions of this Section 4, an individual who
becomes an Outside Director after the first day of a Plan Year may irrevocably
elect, by filing a form with the Secretary in such form as the Secretary may
from time to time require prior to the date on which he or she first becomes an
Outside Director, to receive a portion of his or her Annual Fees for the
remainder of the Plan Year in which he or she first becomes an Outside Director
in cash, up to a maximum of 50% of such Annual Fees for the remainder of the
Plan Year.

                                       2
<PAGE>   3

         5. OPTIONS. Subject to the terms and conditions of the Plan, each
Outside Director will be awarded stock options under the Plan in accordance with
the following:

         (a)      AUTOMATIC OPTION GRANTS. Each individual who is an Outside
                  Director on the date the Plan is approved by the Board shall
                  be granted automatically as of that date an option to acquire
                  3,750 Common Shares. Thereafter, each individual who is an
                  Outside Director on the date of the Annual General Meeting of
                  the Company's shareholders shall be granted automatically as
                  of that date an option to purchase that number of Common
                  Shares listed in Appendix A (the "Automatic Option Grant"),
                  attached hereto as amended from time to time in accordance
                  with the amendment procedures of the Plan. Each individual who
                  becomes an Outside Director other than on the date of an
                  Annual General Meeting of the Company's shareholders shall
                  receive an Automatic Option Grant reduced pro rata to reflect
                  the portion of the Plan Year elapsed prior to the date on
                  which the individual first became an Outside Director,
                  provided that any fractional share resulting from such
                  reduction shall be rounded up to a whole share.

         (b)      ELECTIVE OPTION GRANTS. For the period beginning on the date
                  the Plan is approved by the Board and ending on the last day
                  of the Plan Year ending in the year 2000 and for any Plan Year
                  beginning thereafter, each Outside Director, by filing a
                  written "Option Election" with the Secretary in such form as
                  the Secretary may from time to time require, may elect to
                  forego payment of all or any portion of the Annual Fees
                  otherwise payable to him or her during such period or for any
                  such Plan Year, as applicable, and to instead receive, as of
                  each date on which such Annual Fees would otherwise have been
                  paid to him or her (each an "Elective Grant Date"), an option
                  to purchase that number of Common Shares equal to the quotient
                  (rounded to the nearest whole number of shares) of (1) divided
                  by (2) where:

                  (1)      is the product of the amount of the Annual Fees that
                           would otherwise have been paid to the Outside
                           Director on the applicable Elective Grant Date which
                           are subject to his or her Option Election, multiplied
                           by four; and

                  (2)      is the Fair Market Value of a Common Share on the
                           applicable Elective Grant Date.

         Each option granted pursuant to this paragraph (b) shall be referred to
         herein as an "Elective Option Grant" and, where appropriate, will be

                                       3
<PAGE>   4

         referred to collectively with an Automatic Option Grant as an "Option
         Grant". An Outside Director's Option Election shall be effective with
         respect to Annual Fees otherwise payable to him or her for services
         rendered after the last day of the Plan Year in which such election is
         filed with the Secretary; provided, however, that:

                  (A)      each Outside Director may make an Option Election
                           prior to February 29, 2000 with respect to Annual
                           Fees payable during the period beginning on the date
                           the Plan is approved by the Board and ending on the
                           last day of the Plan Year ending in the year 2000;

                  (B)      if an individual becomes an Outside Director on or
                           after the first day of a Plan Year and files an
                           Option Election with the Secretary prior to the date
                           on which he or she first becomes an Outside Director,
                           his or her Option Election shall be effective with
                           respect to Annual Fees otherwise payable to him or
                           her for services rendered on and after the day on
                           which he or she first becomes an Outside Director;
                           and

                  (C)      by notice filed with the Secretary, an Outside
                           Director may terminate or modify any Option Election
                           as to Annual Fees payable for services rendered after
                           the last day of the Plan Year in which such notice is
                           filed with the Secretary.

         (c)      RELOAD STOCK OPTIONS. "Reload Stock Options" shall be awarded
                  to an Outside Director when and if he or she pays the Option
                  Price under an Option Grant, described above, by delivery of
                  Common Shares on the settlement date for such exercise. A
                  Reload Stock Option entitles its holder to purchase the number
                  of Common Shares so delivered for an Option Price equal to the
                  Fair Market Value of a share of Common Stock on such
                  settlement date. No more than one Reload Stock Option shall be
                  granted to an Outside Director in any twelve-month period, the
                  maximum number of Reload Stock Options that may be granted to
                  an Outside Director with respect to any Option Grant is five,
                  and no Reload Stock Options will be issued within six months
                  prior to the scheduled expiration date of the Option Grant to
                  which it relates. Notwithstanding the above, no Reload Stock
                  Option shall be granted unless the recipient is an Outside
                  Director of the Company at the time of delivery of Common
                  Shares. Notwithstanding any other provision hereof, a Reload
                  Stock Option shall not become exercisable until six months
                  after its award date and its maximum term will terminate at
                  the time specified hereunder for the Option Grant to which it
                  relates.

                                       4
<PAGE>   5

For purposes of the Plan, Automatic Option Grants, Elective Option Grants and
Reload Stock Options are sometimes referred to herein collectively as "Stock
Options".

         6. TERMS OF OPTION GRANTS.

         (a)      OPTION AGREEMENT. Each Stock Option shall be evidenced by a
                  written stock option agreement which shall be executed by the
                  Outside Director and the Company and which shall contain such
                  terms and conditions as are consistent with this Plan.

         (b)      EXERCISE PRICE. The exercise price for a Common Share under an
                  Option Grant shall be 100% of the Fair Market Value of Common
                  Share on the date the Option Grant is made.

         (c)      COMMENCEMENT OF EXERCISABILITY. Each Automatic Option Grant
                  made under the Plan shall become exercisable on the third
                  anniversary of the grant date or, if earlier, with respect to
                  Automatic Option Grants that have been outstanding at least
                  six months, the date the individual ceases to be an Outside
                  Director for any reason other than removal for cause by the
                  Company's shareholders. Each Elective Option Grant shall be
                  immediately exercisable upon grant but Common Shares purchased
                  upon exercise of an Elective Option Grant may not be sold
                  until the date which is at least six months after the date
                  such Elective Option Grant is made.

         (d)      TERM. Each Option Grant shall terminate upon the earlier of
                  (i) ten years after the date of grant or (ii) six months after
                  the date an individual ceases to be an Outside Director.

         (e)      DEATH OF OUTSIDE DIRECTOR. Notwithstanding paragraph 6(c)
                  above, the Automatic Option Grants and Reload Stock Options
                  that have been awarded to an Outside Director whose Board
                  membership is terminated due to death shall be immediately
                  exercisable. Notwithstanding paragraph (d) above, the Outside
                  Director's designated beneficiary or estate if no beneficiary
                  has been designated may exercise any Stock Options within the
                  six-month period following the death of the Outside Director.

         (f)      TOTAL DISABILITY OF OUTSIDE DIRECTOR. Notwithstanding
                  paragraphs 6(c) or 6(d) above, the Automatic Option Grants and
                  Reload Stock Options that have been awarded to an Outside
                  Director whose Board membership is terminated due to Total
                  Disability shall be immediately exercisable and all Stock
                  Options shall remain exercisable within the six-month period
                  following the

                                       5
<PAGE>   6

                  Outside Director's termination for Total Disability. For
                  purposes of this provision, "Total Disability" means the
                  permanent inability (as determined by the Outside Director's
                  medical doctor) of the Outside Director which is a result of
                  accident or sickness, to perform the duties of a director of
                  the Company.

         (g)      CHANGE OF CONTROL. Notwithstanding paragraphs 6(c) or 6(d)
                  above, the Automatic Option Grants and Reload Stock Options
                  that have been awarded to an Outside Director shall be
                  immediately exercisable and all Stock Options shall remain
                  exercisable for a six-month period if a change of control (as
                  determined by the Board of Directors) of the Company or of the
                  majority shareholder of the Company occurs. Notwithstanding
                  the above, Stock Options that are awarded within six months of
                  the date the change of control occurs shall not be subject to
                  this provision.

         7. MANNER OF PAYMENT OF OPTION PRICE. The Option Price shall be paid in
full at the time of the exercise of any Stock Option and may be paid in any of
the following methods or combinations thereof:

         (a)      in United States dollars, in cash, check, bank draft or money
                  order payable to the order of the Company;

         (b)      by the tendering, either by actual delivery or by attestation,
                  Common Shares acceptable to the Board (but excluding any
                  shares acquired from the Company unless such shares were
                  acquired and vested more than six months prior to the date
                  tendered under this clause (b)) having an aggregate Fair
                  Market Value on the date of such exercise equal to the Option
                  Price; or

         (c)      in any other manner that the Board shall approve, including
                  without limitation any arrangement that the Board may
                  establish to enable Outside Directors to simultaneously
                  exercise Stock Options and sell the Common Shares acquired
                  thereby and apply the proceeds to the payment of the Option
                  Price therefor.

         8.       DEFERRED COMPENSATION.

         (a)      DEFERRAL OF COMPENSATION. Subject to the terms and conditions
                  of the Plan, each Outside Director, by filing a written
                  "Deferral Election" with the Secretary in such form as the
                  Secretary may from time to time require, may elect to defer
                  until the Distribution Date (as defined below) the receipt of
                  all or any portion of the Annual Fees that are otherwise
                  payable to him or her in the form of Common Shares ("Eligible
                  Deferral Amounts"). For purposes of

                                       6
<PAGE>   7

                  the Plan, an Outside Director's "Distribution Date" shall be
                  the date on which the Outside Director ceases to be a director
                  of the Company for any reason. For the Plan Year ending in the
                  year 2000, an Outside Director's Deferral Election shall be
                  effective with respect to Eligible Deferral Amounts otherwise
                  payable to him or her for services rendered during such Plan
                  Year, provided that it is filed prior to February 29, 2000.
                  Thereafter, an Outside Director's Deferral Election shall be
                  effective with respect to Eligible Deferral Amounts otherwise
                  payable to him or her for services rendered after the last day
                  of the Plan Year in which such election is filed with the
                  Secretary; provided, however, that:

                  (1)      if an individual becomes an Outside Director on or
                           after the first day of a Plan Year and files a
                           Deferral Election with the Secretary prior to the
                           date on which he or she first becomes an Outside
                           Director, his or her Deferral Election shall be
                           effective with respect to Eligible Deferral Amounts
                           otherwise payable to him or her for services rendered
                           on and after the day on which he or she first becomes
                           an Outside Director; and

                  (2)      by notice filed with the Secretary, an Outside
                           Director may terminate or modify any Deferral
                           Election as to Eligible Deferral Amounts payable for
                           services rendered after the last day of the Plan Year
                           in which such notice is filed with the Secretary.

         (b)      CREDITING AND ADJUSTMENT OF DEFERRED AMOUNTS. The amount of
                  any Eligible Deferral Amounts deferred pursuant to an Outside
                  Director's Deferral Election in accordance with paragraph 8(a)
                  ("Deferred Compensation") shall be credited to a bookkeeping
                  account maintained by the Company in the name of the Outside
                  Director (the "Deferred Compensation Account"). An Outside
                  Director's Deferred Compensation Account shall be adjusted as
                  follows:

                  (1)      as of any date on which Eligible Deferral Amounts
                           would have been payable to the Outside Director in
                           Common Shares but for his or her Deferral Election,
                           the Outside Director's Deferred Compensation Account
                           shall be credited with that number of stock units
                           ("Stock Units") equal to the number of Common Shares
                           to which he or she would have been entitled as of the
                           applicable date;

                                       7
<PAGE>   8

                  (2)      as of the date on which Common Shares are distributed
                           in accordance with paragraph 8(c) or 8(d) below, the
                           Outside Director's Deferred Compensation Account
                           shall be charged with an equal number of Stock Units;

                  (3)      as of the record date for any dividend paid on Common
                           Shares, the Outside Director's Deferred Compensation
                           Account shall be credited with that number of
                           additional Stock Units which is equal to the number
                           obtained by (i) multiplying the number of Stock Units
                           then credited to the Outside Director's Deferred
                           Compensation Account by (ii) the amount of the cash
                           dividend or the fair market value (as determined by
                           the Committee) of any dividend in kind payable on a
                           Common Share, and (iii) dividing that product by the
                           then Fair Market Value of a Common Share.

         (c)      PAYMENT OF DEFERRED COMPENSATION ACCOUNT. Except as otherwise
                  provided in paragraph 8(d), as soon as practicable after an
                  Outside Director's Distribution Date, the balance then
                  credited to his or her Deferred Compensation Account shall be
                  distributed to the Outside Director in a single sum in whole
                  Common Shares, with the number of Common Shares to be
                  distributed equal to the number of Stock Units credited to the
                  Outside Director's Deferred Compensation Account as of the
                  Distribution Date.

         (d)      PAYMENTS IN THE EVENT OF DEATH. If an Outside Director's
                  Distribution Date occurs on account of his or her death, the
                  balance then credited to his or her Deferred Compensation
                  Account shall be distributed to the Outside Director's
                  Beneficiary (as described below), as soon as practicable after
                  his or her death, in a single sum in whole Common Shares, with
                  the number of Common Shares to be distributed equal to the
                  number of Stock Units credited to the Outside Director's
                  Deferred Compensation Account as of the date of his or her
                  death. For purposes of this Section 8, an Outside Director's
                  "Beneficiary" is the person or persons the Outside Director
                  designates, which designation shall be in writing, signed by
                  the Outside Director and filed with the Secretary prior to the
                  Outside Director's death. A Beneficiary designation shall be
                  effective when filed with the Secretary in accordance with the
                  preceding sentence. If more than one Beneficiary has been
                  designated, the balance in the Outside Director's Deferred
                  Compensation Account shall be distributed to each such
                  Beneficiary per capita unless the Outside Director specifies
                  otherwise. In the absence of a Beneficiary designation or if
                  no Beneficiary survives the Outside Director, the Beneficiary
                  shall be the Outside Director's estate.

                                       8
<PAGE>   9

         9. PLAN ADMINISTRATION. The Plan shall be administered by the
Nominating and Compensation Committee of the Board (the "Committee").

         10. SHARES SUBJECT TO PLAN. Subject to the provisions of Section 11,
the number of Common Shares which may be subject to awards under the Plan shall
not exceed 1,000,000 shares. Common Shares issued under the Plan may be
authorized but unissued shares or treasury shares. If any Shares are subject to
an award under the Plan that expires, is cancelled or is forfeited, such Common
Shares shall again become available for issuance under the Plan.

         11. ADJUSTMENTS AND REORGANIZATIONS. In the event of any merger,
reorganization, consolidation, recapitalization, separation. liquidation, stock
dividend, extraordinary dividend, spin-off, split-up, share combination, or
other change in the corporate structure of the Company affecting the Common
Shares, the number and kind of shares that may be delivered under the Plan shall
be subject to such equitable adjustment as the Committee, in its sole
discretion, may deem appropriate in order to preserve the benefits or potential
benefits to be made available under the Plan, and the number and kind and price
of shares subject to outstanding Stock Options, the option price and any other
terms of outstanding Stock Options or Stock Grants and the number of Stock Units
held under any Deferred Compensation Account shall be subject to such equitable
adjustment as the Committee, in its sole discretion, may deem appropriate in
order to prevent dilution or enlargement of outstanding Stock Options or Stock
Grants or the balance of any Deferred Compensation Account.

         12. TRANSFERABILITY OF AWARDS. No awards under the Plan shall be
assignable, alienable, saleable or otherwise transferable other than by will or
the laws of descent.

         13. NO RIGHT OF CONTINUED SERVICE. Participation in the Plan does not
give any director the right to be retained as a director of the Company or any
right or claim to any benefit under the Plan unless such right or claim has
specifically accrued under the terms of the Plan.

         14. GOVERNING LAW. The validity, construction and effect of the Plan,
and any actions taken or relating to the Plan, shall be determined in accordance
with the laws of the State of Delaware, U.S.A.

         15. SUCCESSORS AND ASSIGNS. The Plan shall be binding on all successors
and assigns of an Outside Director, including, without limitation, the estate of
such director and the executor, administrator or trustee of such estate, or any
receiver or trustee in bankruptcy or representative of the director's creditors.

                                       9
<PAGE>   10

         16. RIGHTS AS A SHAREHOLDER. A director shall have no rights as a
shareholder of the Company with respect to shares awarded under the Plan or
subject to options awarded under the Plan until he or she becomes the holder of
record of Common Shares.

         17. AMENDMENT. The Plan and any attachments thereto may be amended by
action of the Board.

         18. GENERAL RESTRICTIONS. Notwithstanding any other provision of the
Plan, the Company shall have no liability to deliver any Common Shares under the
Plan unless such delivery or distribution would comply with all applicable laws
(including, without limitation, the requirements of the United States Securities
Act of 1933), and are authorized for listing on any securities exchange on which
the Common Shares of the Company are listed. To the extent that the Plan
provides for the issuance of Common Shares, the issuance may be effected on a
non-certificated basis, to the extent not prohibited by applicable law or the
applicable rules of any stock exchange on which the Common Shares of the Company
are listed.

                                       10
<PAGE>   11

APPENDIX A

(Effective as of the date the Plan is approved by the Board)

Annual Retainer fee:                                  $35,000
Annual Committee Chair fee:                           $ 5,000
Board or Committee meeting fee:                       $ 1,250*
Automatic Option Grant:                          7,500 Shares

         For the Plan Year ending in the year 2000, eligible directors will be
entitled to 50% of the Annual Retainer Fee and Annual Committee Chair Fee. The
fees are payable in two equal installments, one as of February 29, 2000 and the
other as of the day immediately preceding the date of the 2000 Annual General
Meeting of the Company's shareholders.

* Payable only in cash for each meeting attended.

                                       11

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