Document:

<PAGE>   1

                                                                    Exhibit 10.5

                            FIRST AMENDMENT TO LEASE

     THIS FIRST AMENDMENT TO LEASE is entered into as of the ____ day of
_________, 2000, by and between ProLogis North Carolina Limited Partnership,
(the "Landlord") and Glas-Craft, Inc. (the "Tenant").

                                  WITNESSETH:

     WHEREAS, Landlord and Tenant have entered into a Lease, dated as of the 6th
day of October 1998, pursuant to which Landlord leased to Tenant certain
premises (the "Premises" or "Leased Premises") located at 5845 W. 82nd Street,
Suite 102, Indianapolis, IN 46278 (such lease, as heretofore and hereafter
modified, being herein referred to as the "Lease").

     WHEREAS, Landlord and Tenant desire to amend the Lease and otherwise modify
its terms and conditions as set forth below.

     NOW THEREFORE, in consideration of TEN DOLLARS ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Landlord and Tenant agree as follows:

     1. Effective February 1, 2000 (the "Effective Date"), the Premises defined
        as 38,400 rentable square feet shall be revised to reflect a total of
        51,200 rentable square feet as detailed in Exhibit A-1, due to the
        addition of 12,800 rentable square feet (the "Expansion Space") as
        detailed in Exhibit B-1.

     2. As of the Effective Date, Tenant's Proportionate Share of the Project
        shall be revised to reflect 53.33%.

     3. As of the Effective Date, Tenant's Proportionate Share of the Building
        shall be revised to reflect 53.33%.

     4. As of the Effective Date, the Monthly Base Rent shall be revised to
        reflect $18,197.33.

     5. Landlord shall perform the following improvements to the Expansion
        Space, on a "turn-key" basis.

          a) Create an opening approximately 10' x 12' to provide contiguous
             warehouse access.

          b) Repair damaged drywall on the South demising wall.

          c) Provide the HVAC, electrical, mechanical and dock equipment
             systems in good working order.

          d) An allowance of $3,000.00 shall be provided to offset Tenant's cost
             to install approximately 6,400 SF of fluorescent task lighting. All
             related work to be performed by Tenant.

     6. Except as modified herein, the Lease, and all of the terms and
        conditions, thereof, shall remain in full force and effect and the same
        are hereby ratified and confirmed.

     IN WITNESS WHEREOF, the parties hereto have signed this First Amendment to
Lease as of the day and year first above written.

                                             LANDLORD:

                                     ProLogis North Carolina Limited Partnership

                                     By:
                                        ----------------------------
                                     Name: David S. Morz
                                     Title: Senior Vice President

                                     TENANT:

                                     Glas-Craft, Inc.

                                     By: /s/ Richard A. Mordarsky
                                        ----------------------------
                                     Name:  Richard A. Mordarsky
                                          --------------------------
                                     Title: President
                                           -------------------------
<PAGE>   2

                                                                     Exhibit B-1

                              [LAYOUT OF BUILDING]

                          12,800 S.F. Gross Leaseable
                                0 S.F. Build-Out

                           PARK 100 INDUSTRIAL CENTER
                                  BUILDING 20
                        5845 WEST 82ND STREET, SUITE 106         1/99

                                                                   PROLOGIS LOGO
<PAGE>   3

                                                                     Exhibit A-1

                         [EXPANSION SPACE OF FLOORPLAN]

                          96,000 S.F. Gross Leaseable            1/99

                           PARK 100 INDUSTRIAL CENTER
                                  BUILDING 20
                             5845 WEST 82ND STREET

                                                                   PROLOGIS LOGO<PAGE>   1

                                                                    Exhibit 4(i)

                                 [FACE OF NOTE]

CUSIP NO.

REGISTERED
PRINCIPAL AMOUNT
No. FX -

                                EATON CORPORATION
                                MEDIUM-TERM NOTE
                                  (FIXED RATE)

                  If the registered owner of this Security (as indicated below)
is The Depository Trust Company (the "Depository") or a nominee of the
Depository, this Security is a Global Security and the following two legends
apply:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITORY TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE
DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH
NOMINEE TO A SUCCESSOR OF THE DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR.

IF APPLICABLE, THE "TOTAL AMOUNT OF OID", "YIELD TO MATURITY" AND "INITIAL
ACCRUAL PERIOD OID" (COMPUTED UNDER THE APPROXIMATE METHOD) BELOW WILL BE
COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE FEDERAL INCOME TAX ORIGINAL
ISSUE DISCOUNT ("OID") RULES.

<PAGE>   2

                                        2

ISSUE PRICE:                              OPTION TO ELECT REPAYMENT:
                                          [ ] YES  [ ] NO

ORIGINAL ISSUE DATE:                      OPTIONAL REPAYMENT DATE[S]:

STATED MATURITY DATE:                     MINIMUM DENOMINATION:
                                          [ ] $1,000
                                          [ ] Other:

SPECIFIED CURRENCY:                       ADDITIONAL AMOUNTS:
United States Dollars:
  [ ] YES   [ ] NO                        DEFEASANCE:  [ ] YES  [ ] NO

Foreign Currency:                         COVENANT DEFEASANCE:  [ ] YES  [ ] NO

EXCHANGE RATE AGENT:
                                          TOTAL AMOUNT OF OID:

OPTION TO RECEIVE PAYMENTS IN             YIELD TO MATURITY:
SPECIFIED CURRENCY OTHER THAN
U.S. DOLLARS:    [ ] YES   [ ] NO
                                          INITIAL ACCRUAL PERIOD OID:
INTEREST RATE:

                                          SINKING FUND:
PRINCIPAL FINANCIAL CENTER:

INTEREST PAYMENT DATES IF OTHER THAN
APRIL 15 AND OCTOBER 15:

REGULAR RECORD DATES IF OTHER
THAN APRIL 1 AND OCTOBER 1:

OPTIONAL REDEMPTION:  [ ] YES   [ ] NO

INITIAL REDEMPTION DATE:

INITIAL REDEMPTION PERCENTAGE:

ANNUAL REDEMPTION PERCENTAGE REDUCTION:

OTHER/DIFFERENT PROVISIONS:

<PAGE>   3

                                        3

                  EATON CORPORATION, an Ohio corporation (herein referred to as
the "Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to

___________________________________, or registered assigns, the principal sum of
___________________________ on the Stated Maturity Date shown above (except to
the extent redeemed or repaid prior to the Stated Maturity Date) and to pay
interest, if any, thereon at the Interest Rate shown above from the Original
Issue Date shown above or from the most recent Interest Payment Date to which
interest, if any, has been paid or duly provided for, semiannually on April 15
and October 15 of each year (unless other Interest Payment Dates are shown on
the face hereof) (each, an "Interest Payment Date") until the principal hereof
is paid or made available for payment and on the Stated Maturity Date, any
Redemption Date or Repayment Date (such terms are together hereinafter referred
to as the "Maturity Date" with respect to the principal repayable on such date);
provided, however, that any payment of principal (or premium, if any) or
interest, if any, to be made on any Interest Payment Date or on the Maturity
Date that is not a Business Day (as defined below) shall be made on the next
succeeding Business Day with the same force and effect as if made on such
Interest Payment Date or the Maturity Date, as the case may be, and no
additional interest, if any, shall accrue on the amount so payable as a result
of such delayed payment. For purposes of this Security, unless otherwise
specified on the face hereof, "Business Day" means any day that is not a
Saturday or Sunday and that is neither a legal holiday nor a day on which
commercial banks are authorized or required by law, regulation or executive
order to close in The City of New York; provided, however, that, if the
Specified Currency shown above is a foreign currency, such day is also not a day
on which commercial banks are authorized or required by law, regulation or
executive order to close in the Principal Financial Center (as defined below) of
the country issuing the Specified Currency (or, if the Specified Currency is the
euro, such day is also a day on which the Trans-European Automated Real-Time
Gross Settlement Express Transfer (TARGET) System is open). "Principal Financial
Center" means the capital city of the country issuing the Specified Currency
except that with respect to United States dollars, Australian dollars, Canadian
dollars, Deutsche marks, Dutch guilders, South African rand and Swiss francs,
the "Principal Financial Center" shall be The City of New York, Sydney and
(solely in the case of the Specified Currency) Melbourne, Toronto, Frankfurt,
Amsterdam, Johannesburg and Zurich, respectively.

                  Any interest hereon will accrue from, and including, the
immediately preceding Interest Payment Date in respect of which interest, if
any, has been paid or duly provided for (or from, and including, the Original
Issue Date if no interest has been paid or duly provided for) to, but excluding,
the succeeding Interest Payment Date or the Maturity Date, as the case may be.
The interest, if any, so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture and subject to
certain exceptions described herein (referred to on the reverse hereof), be paid
to the person (the "Holder") in whose name this

<PAGE>   4

                                        4

Security (or one or more Predecessor Securities) is registered at the close of
business on the April 1 or October 1 (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date (unless other Regular
Record Dates are specified on the face hereof) (each, a "Regular Record Date");
provided, however, that, if this Security was issued between a Regular Record
Date and the initial Interest Payment Date relating to such Regular Record Date,
interest, if any, for the period beginning on the Original Issue Date and ending
on such initial Interest Payment Date shall be paid on the Interest Payment Date
following the next succeeding Regular Record Date to the Holder hereof on such
next succeeding Regular Record Date; and provided further that interest, if any,
payable on the Maturity Date will be payable to the person to whom the principal
hereof shall be payable. Any such interest not so punctually paid or duly
provided for on any Interest Payment Date other than the Maturity Date
("Defaulted Interest") will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a special record date (the "Special Record Date") for the payment of
such Defaulted Interest to be fixed by the Trustee (referred to on the reverse
hereof), notice whereof shall be given to the Holder of this Security not less
than ten days prior to such Special Record Date, or may be paid at any time in
any other lawful manner, all as more fully provided in the Indenture.

                  Unless otherwise specified above, all payments in respect of
this Security will be made in U.S. dollars regardless of the Specified Currency
shown above unless the Holder hereof makes the election described below. If the
Specified Currency shown above is other than U.S. dollars, the Exchange Rate
Agent (referred to on the reverse hereof) will arrange to convert any such
amounts so payable in respect hereof into U.S. dollars in the manner described
on the reverse hereof; provided, however, that the Holder hereof may, if so
indicated above, elect to receive all or any specified portion of any payment of
principal, premium, if any, and/or interest, if any, in respect of this Security
in such Specified Currency by delivery of a written request to the corporate
trust office of the Trustee in The City of New York, on or prior to the
applicable Regular Record Date or at least fifteen days prior to the Maturity
Date, as the case may be. Such request may be in writing (mailed or hand
delivered) or by cable, telex or other form of facsimile transmission. The
Holder hereof may elect to receive payment in such Specified Currency for all
principal, premium, if any, and interest payments, if any, and need not file a
separate election for each payment. Such election will remain in effect until
revoked by written notice to the Trustee, but written notice of any such
revocation must be received by the Trustee on or prior to the applicable Regular
Record Date or at least fifteen days prior to the Maturity Date, as the case may
be.

                  Notwithstanding the foregoing, if the Company determines that
the Specified Currency is not available for making payments in respect hereof
due to the imposition of exchange controls or other circumstances beyond the
Company's control, or is no longer used by the government of the country issuing
such currency or for the settlement of transactions by public institutions of or
within the international banking community, then the Holder hereof may

<PAGE>   5

                                        5

not so elect to receive payments in the Specified Currency and any such
outstanding election shall be automatically suspended, until the Company
determines that the Specified Currency is again available for making such
payments. Any payment made under such circumstances in U.S. dollars where the
required payment is in a Specified Currency will not constitute a default under
the Indenture.

                  In the event of an official redenomination of the Specified
Currency, the obligations of the Company with respect to payments on this
Security, in all cases, shall be deemed immediately following such
redenomination to provide for payment of that amount of redenominated currency
representing the amount of such obligations immediately before such
redenomination. In no event shall any adjustment be made to any amount payable
hereunder as a result of any change in the value of the Specified Currency shown
above relative to any other currency due solely to fluctuations in exchange
rates.

                  Until this Security is paid in full or payment therefor in
full is duly provided for, the Company will at all times maintain a Paying Agent
(which Paying Agent may be the Trustee) in The City of New York (which, unless
otherwise specified above, shall be the "Place of Payment"). The Company has
initially appointed The Chase Manhattan Bank, at its office in The City of New
York as Paying Agent.

                  Unless otherwise shown above, payment of interest on this
Security (other than on the Maturity Date) will be made by check mailed to the
registered address of the Holder hereof as of the Regular Record Date; provided,
however, that, if (i) the Specified Currency is U.S. dollars and this is a
Global Security (as defined on the reverse hereof) or (ii) the Specified
Currency is a Foreign Currency, and the Holder has elected to receive payments
in such Specified Currency as provided for above, such interest payments will be
made by transfer of immediately available funds, but only if appropriate wire
transfer instructions have been received in writing by the Trustee on or prior
to the applicable Regular Record Date. Simultaneously with any election by the
Holder hereof to receive payments in respect hereof in the Specified Currency
(if other than U.S. dollars), such Holder may provide appropriate wire transfer
instructions to the Trustee, and all such payments will be made in immediately
available funds to an account maintained by the payee with a bank, but only if
such bank has appropriate facilities therefor. Unless otherwise specified above,
the principal hereof (and premium, if any) and interest, if any, hereon payable
on the Maturity Date will be paid in immediately available funds upon surrender
of this Security at the office of the Trustee maintained for that purpose in the
Borough of Manhattan, The City of New York (or at such other location as may be
specified above). The Company will pay any administrative costs imposed by banks
in making payments in immediately available funds but, except as otherwise
provided under Additional Amounts above, any tax, assessment or governmental
charge imposed upon payments will be borne by the Holders of the Securities in
respect of which such payments are made.

<PAGE>   6

                                        6

                  Interest on this Security, if any, will be computed on the
basis of a 360-day year of twelve 30-day months.

                  REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS
SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

                  Unless the certificate of authentication hereon has been
executed by the Trustee by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed under its facsimile corporate seal.

                                            EATON CORPORATION

                                            By:_________________________________
                                               Name:
                                               Title:

                                            By:_________________________________
                                               Name:
                                               Title:

[CORPORATE SEAL]

Attest:______________________________
       Name:
       Title: Secretary

Dated:
                                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                                    This is one of the Securities of the series
                                    designated therein referred to in the
                                    within-mentioned Indenture

                                            THE CHASE MANHATTAN BANK,
                                                  as Trustee

                                            By:________________________________
                                               Authorized Officer

<PAGE>   7

                                [REVERSE OF NOTE]

                                EATON CORPORATION
                                MEDIUM-TERM NOTE

                  Section 1. General. This Security is one of a duly authorized
issue of securities (herein called the "Securities") of the Company, issued and
to be issued in one or more series under an Indenture, dated as of April 1,
1994, as it may be supplemented from time to time (herein called the
"Indenture"), between the Company and The Chase Manhattan Bank (formerly known
as Chemical Bank), Trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture with respect to a series of which this
Security is a part), to which Indenture and all indentures supplemental thereto,
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to
U.S.$800,000,000 (or the equivalent thereof in one or more foreign currencies)
or such other principal amount as shall be provided pursuant to the Indenture.

                  Section 2. Payments. If the Specified Currency is other than
U.S. dollars and the Holder hereof fails to elect payment in such Specified
Currency in accordance with the procedures set forth on the face hereof, the
amount of U.S. dollar payments to be made in respect hereof will be determined
by the Exchange Rate Agent specified on the face hereof or a successor thereto
(the "Exchange Rate Agent") based on the highest bid quotation in The City of
New York at approximately 11:00 A.M., New York City time, on the second Business
Day preceding the applicable payment date received by the Exchange Rate Agent
from three recognized foreign exchange dealers (one of whom may be the Exchange
Rate Agent) selected by the Exchange Rate Agent and approved by the Company for
the purchase by the quoting dealer of the Specified Currency for U.S. dollars
for settlement on such payment date in the aggregate amount of the Specified
Currency payable to all holders of Securities scheduled to receive U.S. dollar
payments and at which the applicable dealer commits to execute a contract. If
three such bid quotations are not available, payments will be made in the
Specified Currency.

                  If the Specified Currency is other than U.S. dollars and the
Holder hereof has elected payment in such Specified Currency in accordance with
the procedures set forth on the face hereof and the Specified Currency is not
available due to the imposition of exchange controls or to other circumstances
beyond the Company's control, the Company will be entitled to satisfy its
obligations to the Holder of this Security by making such payment in U.S.
dollars on the basis of the noon buying rate in The City of New York for cable
transfers of such Specified Currency as certified for customs purposes (or, if
not so certified, as otherwise determined) by the Federal Reserve Bank of New
York (the "Market Exchange Rate") as computed by the

<PAGE>   8

                                        2

Exchange Rate Agent on the second Business Day prior to the applicable payment
date or, if the Market Exchange Rate is then not available, on the basis of the
most recently available Market Exchange Rate or as otherwise indicated above.
Any payment made under such circumstances in U.S. dollars where the required
payment is in a Specified Currency will not constitute a default under the
Indenture.

                  All determinations referred to above made by the Exchange Rate
Agent shall be at its sole discretion (except to the extent expressly provided
that any determination is subject to approval by the Company) and, in the
absence of manifest error, shall be conclusive for all purposes and binding on
the Holder of this Security, and the Exchange Rate Agent shall have no liability
therefor.

                  All currency exchange costs will be borne by the Company.

                  References herein to "U.S. dollars" or "U.S. $" or "$" are to
the currency of the United States of America.

                  Section 3. Redemption. If so specified on the face hereof, the
Company may at its option redeem this Security in whole or from time to time in
part in increments of $1,000 (provided that any remaining principal amount of
this Security shall not be less than the Minimum Denomination specified on the
face hereof) on or after the date designated as the Initial Redemption Date on
the face hereof at 100% of the unpaid principal amount hereof or the portion
thereof redeemed (or, if this Security is a Discount Security, such lesser
amount as is provided for below) multiplied by the Initial Redemption Percentage
specified on the face hereof, together with accrued interest, if any, to the
Redemption Date. Such Initial Redemption Percentage shall decline at each
anniversary of the Initial Redemption Date by an amount equal to the Annual
Redemption Percentage Reduction, if any, specified on the face hereof until the
Redemption Price is 100% of the unpaid principal amount hereof. The Company may
exercise such option by causing the Trustee to mail a notice of such redemption
at least 30 but not more than 60 days prior to the Redemption Date. In the event
of redemption of this Security in part only, a new Security or Securities for
the unredeemed portion hereof shall be issued in the name of the Holder hereof
upon the cancellation hereof. If less than all of the Securities with like tenor
and terms to this Security are to be redeemed, the Securities to be redeemed
shall be selected by the Trustee by such method as the Trustee shall deem fair
and appropriate. However, if less than all the Securities of the series with
differing tenor and terms to this Security are to be redeemed, then the Company
in its sole discretion shall select the particular Securities to be redeemed and
shall notify the Trustee in writing thereof at least 45 days prior to the
relevant Redemption Date.

                  Section 4. Repayment. If so specified on the face hereof, this
Security shall be repayable prior to the Stated Maturity Date at the option of
the Holder on each applicable Optional Repayment Date shown on the face hereof
at a repayment price equal to 100% of the principal amount to be repaid,
together with accrued interest, if any, to the Repayment Date. In

<PAGE>   9

                                        3

order for this Security to be repaid, the Trustee must receive at least 30 but
not more than 45 days prior to an Optional Repayment Date, this Security with
the form attached hereto entitled "Option to Elect Repayment" duly completed.
Any tender of this Security for repayment shall be irrevocable. The repayment
option may be exercised by the Holder of this Security in whole or in part in
increments of $1,000 (provided that any remaining principal amount of this
Security shall not be less than the Minimum Denomination specified on the face
hereof). Upon any partial repayment, this Security shall be canceled and a new
Security or Securities for the remaining principal amount hereof shall be issued
in the name of the Holder of this Security.

                  Section 5. Discount Securities. If this Security (such a
Security being referred to as a "Discount Security") (a) has been issued at an
Issue Price lower, by more than a de minimis amount (as determined under United
States federal income tax rules applicable to original issue discount
instruments), than the stated redemption price at maturity (as defined below)
hereof and (b) would be considered an original issue discount security for
United States federal income tax purposes, then the amount payable on this
Security in the event of redemption by the Company, repayment at the option of
the Holder or acceleration of the maturity hereof, in lieu of the principal
amount due at the Stated Maturity Date hereof, shall be the Amortized Face
Amount (as defined below) of this Security as of the date of such redemption,
repayment or acceleration. The "Amortized Face Amount" of this Security shall be
the amount equal to the sum of (a) the Issue Price (as set forth on the face
hereof) plus (b) the aggregate of the portions of the original issue discount
(the excess of the amounts considered as part of the "stated redemption price at
maturity" of this Security within the meaning of Section 1273(a)(2) of the
Internal Revenue Code of 1986, as amended (the "Code"), whether denominated as
principal or interest, over the Issue Price of this Security) which shall
theretofore have accrued pursuant to Section 1272 of the Code (without regard to
Section 1272(a)(7) of the Code) from the date of issue of this Security to the
date of determination, minus (c) any amount considered as part of the "stated
redemption price at maturity" of this Security which has been paid on this
Security from the date of issue to the date of determination.

                  Section 6. Modification and Waivers; Obligation of the Company
Absolute. The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series. Such
amendment may be effected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal
amount of Outstanding Securities of each series affected thereby. The Indenture
also contains provisions permitting the Holders of not less than a majority in
principal amount of the Outstanding Securities of any series, on behalf of the
Holders of all Outstanding Securities of such series, to waive compliance by the
Company with certain provisions of the Indenture. Provisions in the Indenture
also permit the Holders of not less than a majority in principal amount of all
Outstanding Securities of any series to waive on behalf of all of the Holders of
Securities of such series certain past defaults under the Indenture and their
consequences. Any such consent or waiver shall be conclusive and binding upon
the Holder of this Security and

<PAGE>   10

                                        4

upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

                  The Securities are unsecured and rank pari passu with all
other unsecured and unsubordinated indebtedness of the Company.

                  No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest, if any, on this Security at the times, place and
rate, and in the Specified Currency herein prescribed, except as set forth in
Section 2 on the reverse hereof.

                  Section 7. Defeasance and Covenant Defeasance. The Indenture
contains provisions for defeasance at any time of (a) the entire indebtedness of
the Company on this Security and (b) certain restrictive covenants and the
related defaults and Events of Default, upon compliance by the Company with
certain conditions set forth therein, which provisions apply to this Security,
unless otherwise specified on the face hereof.

                  Section 8. Minimum Denomination. Authorized Denominations.
Unless otherwise provided on the face hereof, this Security is issuable only in
registered form without coupons in denominations of $1,000 or any amount in
excess thereof which is an integral multiple of $1,000. If this Security is
denominated in a Specified Currency other than U.S. dollars or is a Discount
Security, this Security shall be issuable in the denominations set forth on the
face hereof.

                  Section 9. Registration of Transfer. As provided in the
Indenture and subject to certain limitations herein and therein set forth, the
transfer of this Security is registrable in the Security Register upon surrender
of this Security for registration of transfer at a Place of Payment for the
series of Securities of which this Security forms a part, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series, of like authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

                  If the registered owner of this Security is the Depository
(such a Security being referred to as a "Global Security"), and (i) the
Depository is at any time unwilling or unable to continue as depository and a
successor depository is not appointed by the Company within 90 days following
notice to the Company or (ii) an Event of Default occurs, the Company will issue
Securities in certificated form in exchange for this Global Security. In
addition, the Company may at any time, and in its sole discretion, determine not
to have Securities represented by a Global Security and, in such event, will
issue Securities in certificated form in exchange in

<PAGE>   11

                                        5

whole for this Global Security. In any exchange pursuant to this paragraph, the
Company will execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of individual Securities of this series in exchange
for this Global Security, will authenticate and deliver individual Securities of
this series in certificated form in an aggregate principal amount equal to the
principal amount of this Global Security in exchange herefor. Securities issued
in exchange for this Global Security pursuant to this paragraph shall be
registered in such names and in such authorized denominations as the Depository,
pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee. None of the Company, the Trustee, any Paying Agent
or the Security Registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial
ownership interests in this Global Security or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests. For
purposes of the Indenture, this Global Security constitutes a Security issued in
permanent global form. Securities so issued in certificated form will be issued
in denominations of $1,000 (or such other denomination as shall be specified on
the face hereof) or any amount in excess thereof which is an integral multiple
of $1,000 and will be issued in registered form only, without coupons.

                  As provided in the Indenture and subject to certain
limitations therein and herein set forth, this Security is exchangeable for a
like aggregate principal amount of Securities of this series of different
authorized denominations but otherwise having the same terms and conditions, as
requested by the Holder hereof surrendering the same.

                  No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Holder as the owner hereof for all purposes, whether or not this
Security be overdue, and none of the Company, the Trustee nor any such agent
shall be affected by notice to the contrary.

                  Section 10. Events of Default. If an Event of Default with
respect to the Securities of the series of which this Security forms a part
shall have occurred and be continuing, the principal of this Security may be
declared due and payable in the manner and with the effect provided in the
Indenture.

                  Section 11. Defined Terms. All terms used in this Security
which are defined in the Indenture and are not otherwise defined herein shall
have the meanings assigned to them in the Indenture.

<PAGE>   12

                                       6

                  Section 12. Governing Law. Unless otherwise specified on the
face hereof, this Security shall be governed by and construed in accordance with
the law of the State of New York.

<PAGE>   13

                            OPTION TO ELECT REPAYMENT

                  The undersigned hereby irrevocably requests and instructs the
Company to repay this Security (or the portion thereof specified below),
pursuant to its terms, on the "Optional Repayment Date" first occurring after
the date of receipt of this Security as specified below (the "Repayment Date"),
at a Repayment Price equal to 100% of the principal amount thereof, together
with interest thereon accrued to the Repayment Date, to the undersigned at:

___________________________________

___________________________________
(Please Print or Type Name and Address of the Undersigned.)

                  For this Option to Elect Repayment to be effective, this
Security with the Option to Elect Repayment duly completed must be received at
least 30 but not more than 45 days prior to the Optional Repayment Date (or, if
such Repayment Date is not a Business Day, the next succeeding Business Day) by
the Company at its office or agency in The City of New York, which will be
located initially at the office of the Trustee at 450 West 33rd Street, New
York, New York 10001-2697.

                  If less than the entire principal amount of this Security is
to be repaid, specify the portion thereof (which shall be $1,000 or an integral
multiple thereof) which is to be repaid:
$___________.

                  If less than the entire principal amount of the within
Security is to be repaid, specify the denomination(s) of the Security(ies) to be
issued for the unpaid amount ($1,000 or any integral multiple of $1,000;
provided that any remaining principal amount of this Security shall not be less
than the Minimum Denomination): $____.

Dated:_________

                           _______________
                           Note: The signature to this Option to Elect Repayment
                           must correspond with the name as written upon the
                           face of this Security in every particular without
                           alteration or enlargement or any change whatsoever.

<PAGE>   14

                                 _____________

                                 ABBREVIATIONS

                  The following abbreviations, when used in the inscription on
the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations:

                  TEN COM - as tenants in common
                  TEN ENT - as tenants by the entireties
                  JT TEN  - as joint tenants with right of survivorship and not
                            as tenants in common

                  UNIF GIFT MIN ACT - ............Custodian............
                                        (Cust.)              (Minor)
                                      Under Uniform Gifts to Minors Act
                                      .................................
                                                   (State)

Additional abbreviations may also be used though not in the above list.

                                 _____________

                       FOR VALUE RECEIVED, the undersigned
                 hereby sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

_______________________________________
|                                     |
|                                     |
_______________________________________________________________
           Please print or type name and address, including zip code of assignee

_______________________________________________________________
the within Security of EATON CORPORATION and all rights thereunder and does
hereby irrevocably constitute and appoint

                                                                        Attorney
________________________________________________________________________
to transfer the said Security on the books of the within-named Company, with
full power of substitution in the premises.

Dated __________________

SIGNATURE GUARANTEED:              _____________________________________

________________________

                                       _________________________________
                           NOTICE: The signature to this assignment must
                           correspond with the name as it appears upon the face
                           of the Security in every particular, without
                           alteration or enlargement or any change whatsoever.

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