Document:

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                                                                   EXHIBIT 10.13

                     FORM OF REGISTRATION RIGHTS AGREEMENT

                                      among

                     EXFO ELECTRO-OPTICAL ENGINEERING INC.,

                   GEXFO INVESTISSEMENTS TECHNOLOGIQUES INC.,

                   G. LAMONDE INVESTISSEMENTS FINANCIERS INC.,

                             FIDUCIE GERMAIN LAMONDE

                                       and

                               MR. GERMAIN LAMONDE

                           Dated as of June _, 2000

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                               TABLE OF CONTENTS

                                                                            Page

1.   Certain Definitions.....................................................  1

     1.1.      "Canadian Securities Laws"....................................  1

     1.2.      "Subordinate Voting Shares"...................................  1

     1.3.      "Multiple Voting Shares"......................................  2

     1.4.      "Multiple Voting Share Permitted Transferee"..................  2

     1.5.      "Commission"..................................................  2

     1.6.      "Exchange Act"................................................  2

     1.7.      "Fair Market Value"...........................................  2

     1.8.      "Holder" or "Holders".........................................  2

     1.9.      "Person"......................................................  2

     1.10.     "Registrable Securities"......................................  3

     1.11.     "Securities Act"..............................................  3

     1.12.     "Voting Shares"...............................................  3

2.   Contravention of Canadian Securities Laws...............................  3

3.   Registration Rights.....................................................  3

     3.1.      Demand Registration...........................................  3

     3.2.      Piggyback Registration........................................  6

     3.3.      Allocation of Securities Included in Registration Statement...  7

     3.4.      Registration Procedures.......................................  8

     3.5.      Registration Expenses......................................... 14

     3.6.      Certain Limitations on Registration Rights.................... 14

     3.7.      Limitations on Sale or Distribution of Other Securities....... 15

     3.8.      No Required Sale.............................................. 15

     3.9.      Indemnification............................................... 16

4.   Underwritten Offering................................................... 19

     4.1.      Requested Underwritten Offering............................... 19

     4.2.      Piggyback Underwritten Offering............................... 20

5.   General................................................................. 20

     5.1.      Adjustments Affecting Registrable Securities.................. 20

     5.2.      Rule 144...................................................... 20

     5.3.      Preparation; Reasonable Investigation......................... 21

     5.4.      Nominees for Beneficial Owners................................ 21

     5.5.      Amendments and Waivers........................................ 21

     5.6.      Notices....................................................... 21

     5.7.      Miscellaneous................................................. 22

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                                                                            Page

     5.8.      No Inconsistent Agreements.................................... 23

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                         REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT, dated as of June [o], 2000 (this
"Agreement"), among EXFO ELECTRO-OPTICAL ENGINEERING INC., a company formed
pursuant to the Canada Business Corporations Act (the "Company"), GEXFO
INVESTISSEMENTS TECHNOLOGIQUES INC. ("GEXFO"), G. LAMONDE INVESTISSEMENTS
FINANCIERS INC. ("GLIF"), FIDUCIE GERMAIN LAMONDE ("FGL") and MR. GERMAIN
LAMONDE ("Mr. Lamonde"). GEXFO, GLIF, FGL and Mr. Lamonde and their permitted
assignees are collectively referred to herein as the "Lamonde Group."

     This Agreement is made in connection with the initial public offering (the
"IPO") by the Company of Subordinate Voting Shares (as defined below). Members
of the Lamonde Group hold or from time to time will hold Multiple Voting Shares
(as defined below), which are convertible at any time at the option of the
holder into Subordinate Voting Shares. In connection with the IPO, the Company
has agreed to grant registration rights in the United States to the members of
the Lamonde Group with respect to the Registrable Securities (as defined below),
on the terms and subject to the conditions set forth in this Agreement.

     Accordingly, the parties hereto agree as follows:

1.   Certain Definitions.

     As used in this Agreement, the following terms shall have the meanings
ascribed to them below:

     1.1.      "Canadian Securities Laws" means Canadian provincial securities
               laws, including, without limitation, the Securities Act (British
               Columbia), the Securities Act (Alberta), The Securities Act, 1988
               (Saskatchewan), the Securities Act (Manitoba), the Securities Act
               (Ontario), the Securities Act (Quebec), the Security Frauds
               Prevention Act (New Brunswick), the Securities Act (Nova Scotia),
               the Securities Act (Prince Edward Island), the Securities Act,
               1990 (Newfoundland), and any and all regulations, policy
               statements, rules, blanket orders, administrative practices and
               general decisions thereunder, as the same may be amended and
               replaced from time to time.

     1.2.      "Subordinate Voting Shares" means the Subordinate Voting Shares
               of the Company and any and all securities of any kind whatsoever
               of the Company which may be issued after the date hereof in
               respect of, or in exchange for, Subordinate Voting Shares
               pursuant to an amalgamation, consolidation, share subdivision,
               share consolidation, share dividend or recapitalization of the
               Company or otherwise, including Subordinate Voting Shares issued
               upon conversion of any Multiple

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               Voting Shares whether at the option of the holder of such
               Multiple Voting Shares or otherwise.

     1.3.      "Multiple Voting Shares" means the Multiple Voting Shares of the
               Company and any and all securities of any kind whatsoever of the
               Company which may be issued after the date hereof in respect of,
               or in exchange for, Multiple Voting Shares pursuant to an
               amalgamation, consolidation, share subdivision, share
               consolidation, share dividend or recapitalization of the Company
               or otherwise.

     1.4.      "Multiple Voting Share Permitted Transferee" includes only those
               persons who are permitted transferees under that certain Trust
               Agreement, dated June [o], 2000, among the Company, the Lamonde
               Group and CIBC Mellon Trust Company, as trustee.

     1.5.      "Commission" means the U.S. Securities and Exchange Commission.

     1.6.      "Exchange Act" means the U.S. Securities Exchange Act of 1934, as
               amended.

     1.7.      "Fair Market Value" means (i) if the Subordinate Voting Shares
               are listed or admitted to trading on any national securities
               exchange in the United States, the average of the closing prices
               of the Subordinate Voting Shares on the principal securities
               exchange in the United States on which the Subordinate Voting
               Shares are traded for the 30 consecutive trading days immediately
               preceding the date on which such determination is to be made,
               (ii) if the Subordinate Voting Shares are not then listed or
               admitted to trading on any such national securities exchange, the
               average of the last reported sale prices (regular session) of the
               Subordinate Voting Shares as reported by the Nasdaq Stock Market
               ("Nasdaq") for the 30 consecutive trading days immediately
               preceding the date on which such determination is made (or, if no
               sales have occurred during such period, the average of the
               reported high bid and low asked prices), and (iii) if the
               Subordinate Voting Shares are not then listed or admitted to
               trading on any such national securities exchange and no such
               reported sale price or bid and asked prices are available from
               Nasdaq, the value as determined in good faith by the Company's
               board of directors.

     1.8.      "Holder" or "Holders" means any party who is a signatory to this
               Agreement and any party who shall hereafter acquire and hold
               Registrable Securities and to whom rights have been assigned
               under this Agreement pursuant to Section 5.7(a) hereof.

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     1.9.      "Person" means any natural person, corporation, partnership,
               firm, association, trust, government, governmental agency or
               other entity, whether acting in an individual, fiduciary or other
               capacity.

     1.10.     "Registrable Securities" means any Subordinate Voting Shares held
               by any Holder and any Subordinate Voting Shares issued or
               issuable in respect of any Multiple Voting Shares or other
               securities held by any Holder. As to any particular Registrable
               Securities, such securities shall cease to be Registrable
               Securities when (i) a registration statement with respect to the
               sale of such securities shall have been declared effective under
               the Securities Act and such securities shall have been disposed
               of in accordance with such registration statement or (ii) such
               securities shall have been sold (other than in a privately
               negotiated sale) pursuant to Rule 144 (or any successor
               provision) under the Securities Act.

     1.11.     "Securities Act" means the U.S. Securities Act of 1933, as
               amended.

     1.12.     "Voting Shares" means the Subordinate Voting Shares and Multiple
               Voting Shares, collectively, and any and all securities of any
               kind whatsoever of the Company which may be issued after the date
               hereof in respect of, or in exchange for, Voting Shares of the
               Company pursuant to an amalgamation, consolidation, share
               subdivision, share consolidation, share dividend or
               recapitalization of the Company or otherwise.

2.   Canadian Securities Law Matters.

     The Company shall use its reasonable best efforts to prepare or obtain any
prospectus, registration or other exemptions in Canada which, in the reasonable
opinion of counsel to the Company, are necessary, or would facilitate the
Company's ability, to honor any registration rights hereunder. The Company shall
not be obligated to respect any registration rights hereunder to the extent that
such registration rights would contravene any Canadian Securities Laws.

3.   Registration Rights.

     3.1.      Demand Registration.

               (a)  (i)       Subject to Section 3.1(b) below, at any time and
                              from time to time after the IPO, the Lamonde
                              Group, acting together through one member of the
                              Lamonde Group (Mr. Lamonde or his designee) shall
                              have the right to require the Company to register
                              under the Securities Act and any applicable state
                              securities or

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                              "blue sky" laws all or part of their Registrable
                              Securities, by delivering a written request
                              therefor to the Company specifying the number of
                              Registrable Securities to be included in such
                              registration and the intended method of
                              distribution thereof. All requests pursuant to
                              this Section 3.1(a)(i) are referred to herein as
                              "Demand Registration Requests," and the
                              registrations requested are referred to herein as
                              "Demand Registrations." As promptly as
                              practicable, but no later than ten days after
                              receipt of a Demand Registration Request, the
                              Company shall give written notice of such Demand
                              Registration Request to all Holders of record of
                              Registrable Securities.

                    (ii)      The Company, subject to Sections 3.3 and 3.6
                              below, shall include in a Demand Registration (A)
                              the Registrable Securities of the Holder(s) which
                              requested such registration and (B) the
                              Registrable Securities of any Holder which shall
                              have made a written request to the Company for
                              registration thereof (which request shall specify
                              the maximum number of Registrable Securities
                              intended to be disposed of by such Holder) within
                              30 days after the receipt of written notice
                              pursuant to clause (i) (or 15 days if, at the
                              request of the Holder(s) which requested such
                              registration, the Company states in such written
                              notice or gives telephonic notice to all Holders,
                              with written confirmation to follow promptly
                              thereafter, that such registration will be on
                              Form S-3, Form F-3 or Form F-10 (or equivalent
                              registration forms then in effect)).

                    (iii)     The Company shall, as expeditiously as possible
                              following a Demand Registration Request, use its
                              reasonable best efforts to (A) effect such
                              registration under the Securities Act (including,
                              without limitation, by means of (i) a shelf
                              registration pursuant to Rule 415 under the
                              Securities Act if so requested and if the Company
                              is then eligible to use such a registration or
                              (ii) a registration under the Multi-jurisdictional
                              Disclosure System ("MJDS") if so requested and if
                              the Company is then eligible to use such
                              registration) of the Registrable Securities which
                              the Company has been so requested to register, for
                              distribution in accordance with such intended
                              method of distribution and (B) if requested by the
                              Holder(s) which requested such registration,
                              obtain acceleration of the effective date of the
                              registration statement relating to such
                              registration.

               (b)  The demand registration rights granted to the Holders in
                    Section 3.1(a) are subject to the following limitations: (i)
                    each Demand Registration must include Registrable Securities
                    having an aggregate market value of at least
                    U.S.$10,000,000, which market value shall be determined by
                    multiplying the number of Registrable Securities to be
                    included in such Demand Registration by the Fair Market
                    Value determined as of the date the Demand Registration
                    Request in respect of such Demand Registration is made;
                    provided that the limitations set forth in this clause
                    (i) shall not be in effect at any time the Holders'
                    Registrable Securities may not be sold pursuant to Rule 144
                    under the Securities Act because of the Company's failure to
                    comply with the information requirements thereunder, unless
                    at such time, the

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                                                                               5

                    Company's outside counsel (which shall be reasonably
                    acceptable to Mr. Lamonde if such Holder is a member of the
                    Lamonde Group) delivers a written opinion of counsel to such
                    Holder proposing to register Registrable Securities to the
                    effect that such Holder's Registrable Securities may be
                    publicly offered and sold without registration under the
                    Securities Act); (ii) the Lamonde Group may only make a
                    demand for registration pursuant to Section 3.1(a)(i) once
                    within any twelve consecutive month period; (iii) the
                    Company shall not be required to cause a registration
                    pursuant to Section 3.1(a)(i) to be declared effective
                    within a period of 180 days after the effective date of any
                    other registration statement of the Company effected in
                    connection with an underwritten offering by the Company;
                    (iv) if the Board of Directors of the Company, in its good
                    faith judgment, determines that any registration of
                    Registrable Securities should not be made or continued
                    because it would materially interfere with any material
                    financing, acquisition, corporate reorganization or
                    amalgamation or other transaction involving the Company or
                    any of its subsidiaries (a "Valid Business Reason"), (A) the
                    Company may postpone filing a registration statement
                    relating to a Demand Registration Request until such Valid
                    Business Reason no longer exists, but any such delay cannot
                    exceed three months, and (B) in case a registration
                    statement has been filed relating to a Demand Registration
                    Request, if the Valid Business Reason has not resulted from
                    actions taken by the Company, the Company may cause such
                    registration statement to be withdrawn and its effectiveness
                    terminated or may postpone amending or supplementing such
                    registration statement, and the Company shall give written
                    notice of its determination to postpone or withdraw a
                    registration statement and of the fact that the Valid
                    Business Reason for such postponement or withdrawal no
                    longer exists, in each case, promptly after the occurrence
                    thereof; and (v) from and after such time as members of the
                    Lamonde Group beneficially own, in the aggregate, less than
                    10% of the outstanding Voting Shares, the Company shall only
                    be required to effect one Demand Registration at the request
                    of the Lamonde Group; provided, that any Demand Registration
                    requested by the Lamonde Group at such time shall not count
                    as the one Demand Registration permitted by this subclause
                    (v) if, immediately after giving effect to such
                    registration, and due to the allocation provisions of
                    Section 3.3(a) below, the Lamonde Group beneficially owns,
                    in the aggregate, 5% or more of the outstanding Voting
                    Shares. If the Company shall give any notice of postponement
                    or withdrawal of any registration statement, the Company
                    shall not, during the period of postponement or withdrawal,
                    register any Voting Shares, other than pursuant to a
                    registration statement on such form or similar form(s)
                    solely for registration of securities in connection with an
                    employee benefit plan or dividend reinvestment plan or an
                    amalgamation or consolidation. Each Holder of Registrable
                    Securities agrees that, upon receipt of any notice from the
                    Company that the Company has determined to withdraw any
                    registration statement pursuant to clause (iv) above, such
                    Holder will discontinue its disposition of Registrable
                    Securities pursuant to such registration statement and, if
                    so directed by the Company, will deliver to the Company (at
                    the Company's expense) all copies, other than permanent file
                    copies, then in such Holder's possession of the prospectus
                    covering such Registrable Securities that was in effect at
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                    the time of receipt of such notice. If the Company shall
                    have withdrawn or prematurely terminated a registration
                    statement filed under Section 3.1(a) (whether pursuant to
                    clause (iv) above or as a result of any stop order,
                    injunction or other order or requirement of the Commission
                    or any other governmental agency or court), the Company
                    shall not be considered to have effected an effective
                    registration for the purposes of this Section 3.1(b) until
                    the Company shall have filed a new registration statement
                    covering the Registrable Securities covered by the withdrawn
                    registration statement and such registration statement shall
                    have been declared effective and shall not have been
                    withdrawn. If the Company shall give any notice of
                    withdrawal or postponement of a registration statement, the
                    Company shall, at such time as the Valid Business Reason
                    that caused such withdrawal or postponement no longer exists
                    (but in no event later than three months after the date of
                    the postponement), use its reasonable best efforts to effect
                    the registration under the Securities Act and under
                    applicable state securities or "blue sky" laws of the
                    Registrable Securities covered by the withdrawn or postponed
                    registration statement in accordance with this Section 3.1
                    (unless the Holder(s) delivering the Demand Registration
                    Request shall have withdrawn such request, in which case the
                    Company shall not be considered to have effected an
                    effective registration for the purposes of this Section
                    3.1(b)), and such registration shall not be withdrawn or
                    postponed pursuant to clause (iv) above.

               (c)  The Company, subject to Sections 3.3 and 3.6 below, may
                    elect to include in any registration statement and offering
                    made pursuant to Section 3.1(a), authorized but unissued
                    Voting Shares or Voting Shares held by the Company as
                    treasury shares; provided, that such inclusion shall be
                    permitted only to the extent that it is pursuant to and
                    subject to the terms of the underwriting agreement or
                    arrangements, if any, entered into by the Holders exercising
                    the demand registration rights granted to the Holders under
                    Section 3.1(a).

               (d)  The lead managing underwriter (the "Lead Underwriter") for
                    any Demand Registration shall be selected by the party or
                    parties making the demand for such registration; provided,
                    that such underwriter shall be an investment banking firm of
                    national reputation unaffiliated with such parties and
                    reasonably satisfactory to the Company.

     3.2.      Piggyback Registration.

               (a)  If, at any time, the Company proposes or is required to
                    register any of its equity securities (including pursuant to
                    any registration statement which generally registers equity
                    and debt securities without specifying the type of security
                    or the amount) under the Securities Act (other than pursuant
                    to (i) registrations on such form or similar form(s) solely
                    for registration of securities in connection with an
                    employee benefit plan or dividend reinvestment plan or an
                    amalgamation or consolidation or (ii) a Demand Registration
                    under Section 3.1) on a registration

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                                                                               7

                    statement on Form S-1, Form S-2, Form S-3, Form F-1,
                    Form F-2 or Form F-3 (or an equivalent general registration
                    form then in effect), whether or not for its own account,
                    the Company shall give prompt written notice of its
                    intention to do so to each of the Holders of record of
                    Registrable Securities. Upon the written request of any
                    Holder, made within 15 days following the receipt of any
                    such written notice (which request shall specify the maximum
                    number of Registrable Securities intended to be disposed of
                    by such Holder and the intended method of distribution
                    thereof), the Company shall, subject to Sections 3.2(b), 3.3
                    and 3.6 below, use its reasonable best efforts to cause all
                    such Registrable Securities, the Holders of which have so
                    requested the registration thereof, to be registered under
                    the Securities Act and applicable state securities or "blue
                    sky" laws (with the securities which the Company at the time
                    proposes to register) to permit the sale or other
                    disposition by the Holders (in accordance with the intended
                    method of distribution thereof) of the Registrable
                    Securities to be so registered. No registration effected
                    under this Section 3.2(a) shall relieve the Company of its
                    obligations to effect registrations upon request under
                    Section 3.1.

               (b)  If, at any time after giving written notice of its intention
                    to register any equity securities and prior to the effective
                    date of the registration statement filed in connection with
                    such registration, the Company shall determine for any
                    reason not to register or to delay registration of such
                    equity securities, the Company may, at its election, give
                    written notice of such determination to all Holders of
                    record of Registrable Securities and (i) in the case of a
                    determination not to register, shall be relieved of its
                    obligation to register any Registrable Securities in
                    connection with such abandoned registration, and (ii) in
                    case of a determination to delay such registration of its
                    equity securities, shall be permitted to delay the
                    registration of such Registrable Securities for the same
                    period as the delay in registering such other equity
                    securities, in each case, without prejudice, however, to the
                    rights of Holders under Section 3.1.

               (c)  Any Holder shall have the right to withdraw its request for
                    inclusion of its Registrable Securities in any registration
                    statement pursuant to this Section 3.2 by giving written
                    notice to the Company of its request to withdraw; provided,
                    however, that (i) such request must be made in writing prior
                    to the earlier of the execution of the underwriting
                    agreement or the execution of the custody agreement with
                    respect to such registration and (ii) such withdrawal shall
                    be irrevocable and, after making such withdrawal, a Holder
                    shall no longer have any right to include Registrable
                    Securities in the registration as to which such withdrawal
                    was made.

      3.3.     Allocation of Securities Included in Registration Statement.

               (a)  If any requested registration pursuant to Section 3.1
                    involves an underwritten offering and the Lead Underwriter
                    shall advise the Company that, in its view, the number of
                    securities requested to be included in such registration
                    (including those securities requested by the Company to be
                    included in such

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                                                                               8

                    registration) exceeds the largest number (the "Section 3.1
                    Sale Number") that can be sold in an orderly manner in such
                    offering within a price range acceptable to the Holders of
                    Registrable Securities proposed to be registered, the
                    Company shall include in such registration:

                    (i)       all Registrable Securities requested to be
                              included in such registration by Holders of
                              Registrable Securities; provided, however, that if
                              the number of such Registrable Securities exceeds
                              the Section 3.1 Sale Number, the number of such
                              Registrable Securities (not to exceed the Section
                              3.1 Sale Number) to be included in such
                              registration shall be allocated on a pro rata
                              basis among all Holders requesting that
                              Registrable Securities be included in such
                              registration, based on the number of Registrable
                              Securities then owned by each Holder requesting
                              inclusion in relation to the number of Registrable
                              Securities owned by all Holders requesting
                              inclusion; and

                    (ii)      to the extent that the number of Registrable
                              Securities to be included by all Holders is less
                              than the Section 3.1 Sale Number, securities that
                              the Company proposes to register.

                    If, as a result of the proration provisions of this
               Section 3.3(a), any Holder shall not be entitled to include all
               Registrable Securities in a registration that such Holder has
               requested to be included, such Holder may elect to withdraw his
               request to include Registrable Securities in such registration or
               may reduce the number requested to be included; provided,
               however, that (x) such request must be made in writing prior to
               the earlier of the execution of the underwriting agreement or the
               execution of the custody agreement with respect to such
               registration and (y) such withdrawal shall be irrevocable and,
               after making such withdrawal, a Holder shall no longer have any
               right to include Registrable Securities in the registration as to
               which such withdrawal was made.

               (b)  If any registration pursuant to Section 3.2 involves an
                    underwritten offering and the Lead Underwriter shall advise
                    the Company that, in its view, the number of securities
                    requested to be included in such registration exceeds the
                    number (the "Section 3.2 Sale Number") that can be sold in
                    an orderly manner in such registration within a price range
                    acceptable to the Company, the Company shall include in such
                    registration:

                    (i)       all Voting Shares or securities convertible into,
                              or exchangeable or exercisable for, Voting Shares
                              that the Company proposes to register for its own
                              account (the "Company Securities"); and

                    (ii)      to the extent that the number of Company
                              Securities is less than the Section 3.2 Sale
                              Number, all Registrable Securities requested

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                                                                               9

                              to be included by all Holders; provided, however,
                              that, if the number of such Registrable Securities
                              exceeds the Section 3.2 Sale Number less the
                              number of Company Securities, then the number of
                              such Registrable Securities included in such
                              registration shall be allocated on a pro rata
                              basis based on the number of Registrable
                              Securities owned by each Holder requesting
                              inclusion in relation to the number of Registrable
                              Securities owned by all Holders requesting
                              inclusion.

     3.4.      Registration Procedures. If and whenever the Company is required
               by the provisions of this Agreement to use its reasonable best
               efforts to effect or cause the registration of any Registrable
               Securities under the Securities Act and applicable state
               securities or "blue sky" laws as provided in this Agreement, the
               Company shall, as expeditiously as possible:

               (a)  prepare and file with the Commission a registration
                    statement on an appropriate registration form of the
                    Commission for the disposition of such Registrable
                    Securities in accordance with the intended method of
                    disposition thereof, which form (i) shall be selected by the
                    Company; provided, however, that the Company shall clear a
                    prospectus under any Canadian Securities Laws and elect to
                    use an MJDS form if so requested and if the Company is
                    eligible to use such form and (ii) shall, in the case of a
                    shelf registration, be available for the sale of the
                    Registrable Securities by the selling Holders thereof and
                    such registration statement shall comply as to form in all
                    material respects with the requirements of the applicable
                    form and include all financial statements required by the
                    Commission to be filed therewith, and the Company shall use
                    its reasonable best efforts to cause such registration
                    statement to become and remain effective (provided, however,
                    that before filing a registration statement or prospectus or
                    any amendments or supplements thereto, or comparable
                    statements under state securities or "blue sky" laws, the
                    Company will furnish to the counsel of any Holder
                    participating in the planned offering and the underwriters,
                    if any, copies of all such documents proposed to be filed
                    (including all exhibits thereto), which documents will be
                    subject to the reasonable review and reasonable comment of
                    such counsel, and the Company shall not file any
                    registration statement or amendment thereto or any
                    prospectus or supplement thereto to which the holders of a
                    majority of the Registrable Securities covered by such
                    registration statement or the underwriters, if any, shall
                    reasonably object in writing);

               (b)  prepare and file with the Commission such amendments and
                    supplements to such registration statement and the
                    prospectus used in connection therewith as may be necessary
                    to keep such registration statement effective until the
                    earlier of (i) such time as all of such Registrable
                    Securities and other securities have been disposed of in
                    accordance with the intended methods of disposition by the
                    sellers thereof as set forth in such registration statement
                    and (ii) such period (which shall not be required to exceed
                    150 days in the case of a registration pursuant to Section
                    3.1 or 120 days in the case of a registration pursuant to
                    Section 3.2, unless reasonably

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                                                                              10

                    requested by any underwriter pursuant to an underwritten
                    offering) as any seller of Registrable Securities pursuant
                    to such registration statement shall reasonably request and
                    to comply with the provisions of the Securities Act with
                    respect to the sale or other disposition of all Registrable
                    Securities covered by such registration statement in
                    accordance with the intended methods of disposition by the
                    seller or sellers thereof set forth in such registration
                    statement;

               (c)  as soon as reasonably possible furnish, without charge, to
                    each seller of such Registrable Securities and each
                    underwriter, if any, of the securities covered by such
                    registration statement such number of copies of such
                    registration statement, each amendment and supplement
                    thereto (in each case including all exhibits), and the
                    prospectus included in such registration statement
                    (including each preliminary prospectus) in conformity with
                    the requirements of the Securities Act, and other documents,
                    as such seller and underwriter may reasonably request in
                    order to facilitate the public sale or other disposition of
                    the Registrable Securities owned by such seller (the Company
                    hereby consenting to the use in accordance with all
                    applicable laws of each such registration statement (or
                    amendment or post-effective amendment thereto) and each such
                    prospectus (or preliminary prospectus or supplement thereto)
                    by each such seller of Registrable Securities and the
                    underwriters, if any, in connection with the offering and
                    sale of the Registrable Securities covered by such
                    registration statement or prospectus);

               (d)  use its reasonable best efforts to register or qualify the
                    Registrable Securities covered by such registration
                    statement under such state securities or "blue sky" laws as
                    any sellers of Registrable Securities or the Lead
                    Underwriter, if any, shall reasonably request, and do any
                    and all other acts and things which may be reasonably
                    necessary or advisable to enable such sellers or
                    underwriter, if any, to consummate the disposition of the
                    Registrable Securities in any such jurisdiction, except that
                    in no event shall the Company be required to qualify to do
                    business as a foreign corporation in any jurisdiction where
                    it would not, but for the requirements of this paragraph
                    (d), be required to be so qualified, to subject itself to
                    taxation in any such jurisdiction or to consent to general
                    service of process in any such jurisdiction;

               (e)  notify each Holder selling Registrable Securities covered by
                    such registration statement and the Lead Underwriter, if
                    any: (i) when the registration statement, any pre-effective
                    amendment, the prospectus or any prospectus supplement
                    related thereto or post-effective amendment to the
                    registration statement has been filed and, with respect to
                    the registration statement or any post-effective amendment,
                    when the same has become effective; (ii) of any request by
                    the Commission or any state securities authority for
                    amendments or supplements to the registration statement or
                    the prospectus related thereto or for additional
                    information; (iii) of the issuance by the Commission of any
                    stop order suspending the effectiveness of the registration
                    statement or the initiation of any proceedings for that
                    purpose; (iv) of

<PAGE>   14
                                                                              11

                    the receipt by the Company of any notification with respect
                    to the suspension of the qualification of any Registrable
                    Securities for sale under applicable state securities or
                    "blue sky" laws or the initiation of any proceeding for such
                    purpose; (v) of the existence of any fact of which the
                    Company becomes aware which results in the registration
                    statement, the prospectus related thereto or any document
                    incorporated therein by reference containing an untrue
                    statement of a material fact or omitting to state a material
                    fact required to be stated therein or necessary to make any
                    statement therein not misleading; and (vi) if at any time
                    the representations and warranties contemplated by Section 4
                    below cease to be true and correct in all material respects
                    and, if the notification relates to an event described in
                    clause (v), the Company shall promptly prepare and furnish
                    to each such seller and each underwriter, if any, a
                    reasonable number of copies of a prospectus supplemented or
                    amended so that, as thereafter delivered to the purchasers
                    of such Registrable Securities, such prospectus shall not
                    include an untrue statement of a material fact or omit to
                    state a material fact required to be stated therein or
                    necessary to make the statements therein in the light of the
                    circumstances under which they were made not misleading;

               (f)  comply with all applicable rules and regulations of the
                    Commission, and make generally available to its
                    securityholders, as soon as reasonably practicable after the
                    effective date of the registration statement (and in any
                    event within 16 months thereafter), an earnings statement
                    (which need not be audited) covering the period of at least
                    twelve consecutive months beginning with the first day of
                    the Company's first calendar quarter after the effective
                    date of the registration statement, which earnings statement
                    shall satisfy the provisions of Section 11(a) of the
                    Securities Act and Rule 158 thereunder;

               (g)  (i) cause all such Registrable Securities covered by such
                    registration statement to be listed on the principal stock
                    exchange or automated quotation system on which similar
                    securities issued by the Company are then listed or quoted,
                    if the listing of such Registrable Securities is then
                    permitted under the rules of such exchange or automated
                    quotation system, or (ii) if no similar securities are then
                    so listed or quoted, cause all such Registrable Securities
                    to be listed on a national securities exchange or secure
                    Nasdaq National Market authorization for such shares and,
                    without limiting the generality of the foregoing, take all
                    actions that may be required by the Company as the issuer of
                    such Registrable Securities in order to facilitate the Lead
                    Underwriter's arranging for the registration of at least two
                    market makers as such with respect to such shares with the
                    National Association of Securities Dealers, Inc. (the
                    "NASD");

               (h)  provide and cause to be maintained a transfer agent and
                    registrar for all such Registrable Securities covered by
                    such registration statement not later than the effective
                    date of such registration statement;

<PAGE>   15
                                                                              12

               (i)  enter into such customary agreements (including, if
                    applicable, an underwriting agreement) and take such other
                    actions as the designated member of the Lamonde Group
                    (initially Mr. Lamonde or his designee) shall reasonably
                    request in order to facilitate the disposition of such
                    Registrable Securities; provided, that the underwriting
                    agreement, if any, shall be reasonably satisfactory in form
                    and substance to the Company. The Holders of the Registrable
                    Securities which are to be distributed by such underwriters
                    shall be parties to such underwriting agreement and may, at
                    their option, require that the Company make to and for the
                    benefit of such Holders the representations, warranties and
                    covenants of the Company which are being made to and for the
                    benefit of such underwriters and which are of the type
                    customarily provided to institutional investors in secondary
                    offerings;

               (j)  obtain an opinion from the Company's counsel and a "cold
                    comfort" letter from the Company's regular independent
                    chartered accountants in customary form and covering such
                    matters as are customarily covered by such opinions and
                    "cold comfort" letters delivered to underwriters in
                    underwritten public offerings, which opinion and letter
                    shall be reasonably satisfactory to the underwriters, if
                    any, and the designated member of the Lamonde Group
                    (initially Mr. Lamonde or his designee) and furnish to each
                    Holder participating in the offering and to each
                    underwriter, if any, a copy of such opinion and letter
                    addressed to such Holder or underwriter;

               (k)  deliver promptly to each Holder participating in the
                    offering and each underwriter, if any, copies of all
                    correspondence between the Commission and the Company, its
                    counsel or auditors and all memoranda relating to
                    discussions with the Commission or its staff with respect to
                    the registration statement, other than those portions of any
                    such correspondence and memoranda which contain information
                    subject to attorney-client privilege with respect to the
                    Company, and, upon receipt of such confidentiality
                    agreements as the Company may reasonably request, make
                    reasonably available for inspection by any seller of such
                    Registrable Securities covered by such registration
                    statement, by any underwriter, if any, participating in any
                    disposition to be effected pursuant to such registration
                    statement and by any attorney, accountant or other agent
                    retained by any such seller or any such underwriter, all
                    pertinent financial and other records, pertinent corporate
                    documents and properties of the Company, and cause all of
                    the Company's officers, directors and employees to supply
                    all information reasonably requested by any such seller,
                    underwriter, attorney, accountant or agent in connection
                    with such registration statement;

               (l)  use its reasonable best efforts to obtain the withdrawal of
                    any order suspending the effectiveness of the registration
                    statement;

               (m)  provide a CUSIP number for all Registrable Securities, not
                    later than the effective date of the registration statement;

<PAGE>   16
                                                                              13

               (n)  make reasonably available its employees and personnel and
                    otherwise provide reasonable assistance to the underwriters
                    (taking into account the needs of the Company's businesses
                    and the requirements of the marketing process) in the
                    marketing of Registrable Securities in any underwritten
                    offering;

               (o)  prior to the filing of any document which is to be
                    incorporated by reference into the registration statement or
                    the prospectus (after the initial filing of such
                    registration statement), provide copies of such document to
                    counsel to the selling holders of Registrable Securities and
                    to the underwriters, if any, and make the Company's
                    representatives reasonably available for discussion of such
                    document and make such changes in such document prior to the
                    filing thereof as counsel for such selling holders or
                    underwriters may reasonably request;

               (p)  furnish to each Holder participating in the offering and the
                    underwriters, if any, without charge, at least one signed
                    copy of the registration statement and any post-effective
                    amendments thereto, including financial statements and
                    schedules, all documents incorporated therein by reference
                    and all exhibits (including those incorporated by
                    reference);

               (q)  cooperate with the selling holders of Registrable Securities
                    and the Lead Underwriter, if any, to facilitate the timely
                    preparation and delivery of certificates not bearing any
                    restrictive legends representing the Registrable Securities
                    to be sold, and cause such Registrable Securities to be
                    issued in such denominations and registered in such names in
                    accordance with the underwriting agreement prior to any sale
                    of Registrable Securities to the underwriters or, if not an
                    underwritten offering, in accordance with the instructions
                    of the selling holders of Registrable Securities at least
                    three business days prior to any sale of Registrable
                    Securities; and

               (r)  take all such other commercially reasonable actions as are
                    necessary or advisable in order to expedite or facilitate
                    the disposition of such Registrable Securities.

     The Company may require as a condition precedent to the Company's
obligations under this Section 3.4 that each seller of Registrable Securities as
to which any registration is being effected furnish the Company such information
regarding such seller and the distribution of such securities as the Company may
from time to time reasonably request; provided, that such information shall be
used only in connection with such registration.

     Each Holder of Registrable Securities agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in
clause (v) of paragraph (e) of this Section 3.4, such Holder will discontinue
such Holder's disposition of Registrable Securities pursuant to the registration
statement

<PAGE>   17
                                                                              14

covering such Registrable Securities until such Holder's receipt of the copies
of the supplemented or amended prospectus contemplated by paragraph (e) of this
Section 3.4 and, if so directed by the Company, will deliver to the Company (at
the Company's expense) all copies, other than permanent file copies, then in
such Holder's possession of the prospectus covering such Registrable Securities
that was in effect at the time of receipt of such notice. In the event the
Company shall give any such notice, the applicable period mentioned in paragraph
(b) of this Section 3.4 shall be extended by the number of days during such
period from and including the date of the giving of such notice to and including
the date when each seller of any Registrable Securities covered by such
registration statement shall have received the copies of the supplemented or
amended prospectus contemplated by paragraph (e) of this Section 3.4.

     If any such registration statement or comparable statement under "blue sky"
laws refers to any Holder by name or otherwise as the Holder of any securities
of the Company, then such Holder shall have the right to require (i) the
insertion therein of language, in form and substance satisfactory to such Holder
and the Company, to the effect that the holding by such Holder of such
securities is not to be construed as a recommendation by such Holder of the
investment quality of the Company's securities covered thereby and that such
holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company or (ii) in the event that such reference
to such Holder by name or otherwise is not in the judgment of the Company, as
advised by counsel, required by the Securities Act or any similar federal
statute or any applicable state securities or "blue sky" laws then in force, the
deletion of the reference to such Holder.

     3.5.      Registration Expenses. The Company shall, whether or not any
               registration pursuant to this Agreement becomes effective, pay
               all expenses incident to the Company's performance of or
               compliance with this Article 3, including (i) Commission, stock
               exchange or NASD registration and filing fees and all listing
               fees, (ii) fees and expenses of compliance with applicable state
               securities or "blue sky" laws and in connection with the
               preparation of a "blue sky" survey, including without limitation,
               reasonable fees and expenses of "blue sky" counsel, (iii)
               printing and engraving expenses, (iv) messenger and delivery
               expenses, (v) internal expenses (including, without limitation,
               all salaries and expenses of the Company's officers and employees
               performing legal and accounting duties), (vi) fees and
               disbursements of counsel for the Company, (vii) with respect to
               each registration, the fees and disbursements of one Canadian
               counsel and one U.S. counsel for the selling Holders (selected by
               the Holders making the Demand Registration Request, in the case
               of a registration pursuant to Section 3.1, and selected by the
               Holders of a majority of the Registrable Securities included in
               such registration, in the case of a registration pursuant to
               Section 3.2, (viii) fees and disbursements of all independent
               chartered accountants (including the expenses of any audit and/or
               "cold comfort" letter) and fees and expenses of other persons,
               including special experts, retained by the Company and

<PAGE>   18
                                                                              15

               (ix) any other fees and disbursements of underwriters, if any,
               customarily paid by issuers or sellers of securities.
               Notwithstanding the foregoing, (i) the provisions of this Section
               3.5 shall be deemed amended to the extent necessary to cause
               these expense provisions to comply with applicable laws and
               regulations and stock exchange rules and (ii) in connection with
               any registration hereunder, each Holder of Registrable Securities
               being registered shall pay all underwriting discounts and
               commissions and any capital gains, income or transfer taxes, if
               any, attributable to such Holder's Registrable Securities.

     3.6.      Certain Limitations on Registration Rights. In the case of any
               registration under Section 3.1 pursuant to an underwritten
               offering, or in the case of a registration under Section 3.2 if
               the Company has determined to enter into an underwriting
               agreement in connection therewith, all Registrable Securities to
               be included in such registration shall be subject to an
               underwriting agreement and no person may participate in such
               registration unless such person agrees to sell such person's
               securities on the basis provided therein and completes and/or
               executes all questionnaires, indemnities, lock-ups, underwriting
               agreements and other documents (other than powers of attorney),
               in each case in customary form and substance, which must be
               executed in connection therewith.

     3.7.      Limitations on Sale or Distribution of Other Securities.

               (a)  If requested in writing by the Company or the Lead
                    Underwriter, if any, of any registration effected pursuant
                    to Section 3.1 or 3.2, each Holder of Registrable Securities
                    agrees not to effect any public sale or distribution,
                    including any sale pursuant to Rule 144 under the Securities
                    Act, of any Registrable Securities, or of any other equity
                    security of the Company or of any security convertible into
                    or exchangeable or exercisable for any equity security of
                    the Company (other than as part of such underwritten public
                    offering) during the time period reasonably requested by the
                    Lead Underwriter, not to exceed 180 days, and the Company
                    hereby also so agrees (except that the Company may effect
                    any sale or distribution of any such securities pursuant to
                    a registration on such form or similar form(s) solely for
                    registration in connection with an employee benefit plan or
                    dividend reinvestment plan or a merger, amalgamation or
                    consolidation) and agrees to use its reasonable efforts to
                    cause each holder of any equity security or of any security
                    convertible into or exchangeable or exercisable for any
                    equity security of the Company purchased from the Company at
                    any time other than in a public offering so to agree.

               (b)  The Company hereby agrees that if it shall previously have
                    received a request for registration pursuant to Section 3.1
                    or 3.2, and if such previous registration shall not have
                    been withdrawn or abandoned, the Company shall not, without
                    the prior written consent of the Lead Underwriter of such
                    previous registration, effect any registration of any of its
                    securities under the Securities Act

<PAGE>   19
                                                                              16

                    (other than a registration on such form or similar form(s)
                    solely for registration in connection with an employee
                    benefit plan or dividend reinvestment plan or a merger,
                    amalgamation or consolidation) or under any applicable state
                    securities or "blue sky" laws, whether or not for sale for
                    its own account, until a period 180 days shall have elapsed
                    from the effective date of such previous registration and
                    the Company shall so provide in any registration rights
                    agreements hereafter entered into with respect to any of its
                    securities.

     3.8.      No Required Sale. Nothing in this Agreement shall be deemed to
               create an independent obligation on the part of any Holder to
               sell any Registrable Securities pursuant to any effective
               registration statement.

     3.9.      Indemnification.

               (a)  In the event of any registration of any securities of the
                    Company under the Securities Act pursuant to this Article 3,
                    the Company will, and hereby does, indemnify and hold
                    harmless, to the fullest extent permitted by law, the seller
                    of any Registrable Securities covered by such registration
                    statement, its directors, officers, fiduciaries, employees,
                    trustees and shareholders or general and limited partners
                    (and the directors, officers, employees and shareholders
                    thereof), each other Person who participates as an
                    underwriter in the offering or sale of such securities, each
                    officer, director, employee, shareholder or partner of such
                    underwriter and each other Person, if any, who controls such
                    seller or any such underwriter within the meaning of the
                    Securities Act, against any and all losses, claims, damages
                    or liabilities, joint or several, actions or proceedings
                    (whether commenced or threatened) in respect thereof
                    ("Claims") and expenses (including reasonable fees of
                    counsel and any amounts paid in any settlement effected with
                    the Company's consent, which consent shall not be
                    unreasonably withheld or delayed) to which each such
                    indemnified party may become subject under the Securities
                    Act or otherwise, insofar as such Claims or expenses arise
                    out of or are based upon (i) any untrue statement or alleged
                    untrue statement of a material fact contained in any
                    registration statement under which such securities were
                    registered under the Securities Act or the omission or
                    alleged omission to state therein a material fact required
                    to be stated therein or necessary to make the statements
                    therein not misleading, (ii) any untrue statement or alleged
                    untrue statement of a material fact contained in any
                    preliminary, final or summary prospectus or any amendment or
                    supplement thereto, together with the documents incorporated
                    by reference therein, or the omission or alleged omission to
                    state therein a material fact required to be stated therein
                    or necessary in order to make the statements therein, in the
                    light of the circumstances under which they were made, not
                    misleading, or (iii) any violation by the Company of any
                    U.S. federal, state or common law rule or regulation
                    applicable to the Company and relating to action required of
                    or inaction by the Company in connection with any such
                    registration, and the Company will reimburse any such
                    indemnified party for any legal or other expenses reasonably
                    incurred by such indemnified party in
<PAGE>   20
                                                                              17

                    connection with investigating or defending any such Claim as
                    such expenses are incurred; provided, that the Company shall
                    not be liable to any such indemnified party in any such case
                    to the extent such Claim or expense arises out of or is
                    based upon any untrue statement or alleged untrue statement
                    of a material fact or omission or alleged omission of a
                    material fact made in such registration statement or
                    amendment thereof or supplement thereto or in any such
                    prospectus or any preliminary, final or summary prospectus
                    in reliance upon and in conformity with written information
                    furnished to the Company by or on behalf of such indemnified
                    party specifically for use therein. Such indemnity and
                    reimbursement of expenses shall remain in full force and
                    effect regardless of any investigation made by or on behalf
                    of such indemnified party and shall survive the transfer of
                    such securities by such seller.

               (b)  Each Holder of Registrable Securities that are included in
                    the securities as to which any registration under Section
                    3.1 or 3.2 is being effected (and, if the Company requires
                    as a condition to including any Registrable Securities in
                    any registration statement filed in accordance with Section
                    3.1 or 3.2, any underwriter) shall, severally and not
                    jointly, indemnify and hold harmless (in the same manner and
                    to the same extent as set forth in paragraph (a) of this
                    Section 3.9) to the extent permitted by law the Company, its
                    officers and directors, each Person controlling the Company
                    within the meaning of the Securities Act and all other
                    prospective sellers and their directors, officers, general
                    and limited partners and respective controlling Persons with
                    respect to any untrue statement or alleged untrue statement
                    of any material fact in, or omission or alleged omission of
                    any material fact from, such registration statement, any
                    preliminary, final or summary prospectus contained therein,
                    or any amendment or supplement thereto, if such statement or
                    alleged statement or omission or alleged omission was made
                    in reliance upon and in conformity with written information
                    furnished to the Company or its representatives by or on
                    behalf of such Holder or underwriter specifically stating
                    that it is for use in such registration statement,
                    preliminary, final or summary prospectus or amendment or
                    supplement thereto or document incorporated by reference
                    into any of the foregoing; provided, however, that the
                    aggregate amount which any such Holder shall be required to
                    pay pursuant to this Section 3.9(b) and Sections 3.9(c) and
                    (e) shall be limited to the amount of the net proceeds
                    received by such person upon the sale of the Registrable
                    Securities pursuant to the registration statement giving
                    rise to such claim. Such indemnity shall remain in full
                    force and effect regardless of any investigation made by or
                    on behalf of such indemnified party and shall survive the
                    transfer of such securities by such Holder.

               (c)  Indemnification similar to that specified in the preceding
                    paragraphs (a) and (b) of this Section 3.9 (with appropriate
                    modifications) shall be given by the Company and each seller
                    of Registrable Securities with respect to any required
                    registration or other qualification of securities under any
                    applicable state securities and "blue sky" laws or any
                    filings made under any applicable Canadian Securities Laws.
<PAGE>   21
                                                                              18

               (d)  Any person entitled to indemnification under this Agreement
                    shall notify promptly the indemnifying party in writing of
                    the commencement of any action or proceeding with respect to
                    which a claim for indemnification may be made pursuant to
                    this Section 3.9, but the failure of any indemnified party
                    to provide such notice shall not relieve the indemnifying
                    party of its obligations under the preceding paragraphs of
                    this Section 3.9, except to the extent the indemnifying
                    party is materially prejudiced thereby and shall not relieve
                    the indemnifying party from any liability which it may have
                    to any indemnified party otherwise than under this Article
                    3. In case any action or proceeding is brought against an
                    indemnified party and it shall notify the indemnifying party
                    of the commencement thereof, the indemnifying party shall be
                    entitled to participate therein and, unless in the
                    reasonable opinion of outside counsel to the indemnified
                    party a conflict of interest between such indemnified and
                    indemnifying parties may exist in respect of such claim, to
                    assume the defense thereof jointly with any other
                    indemnifying party similarly notified, to the extent that it
                    chooses, with counsel reasonably satisfactory to such
                    indemnified party (who shall not, except with the consent of
                    the indemnified party, be counsel to the indemnifying
                    party), and after notice from the indemnifying party to such
                    indemnified party that it so chooses, the indemnifying party
                    shall not be liable to such indemnified party for any legal
                    or other expenses subsequently incurred by such indemnified
                    party in connection with the defense thereof other than
                    reasonable costs of investigation; provided, however, that
                    (i) if the indemnifying party fails to take reasonable steps
                    necessary to defend diligently the action or proceeding
                    within 20 days after receiving notice from such indemnified
                    party that the indemnified party believes it has failed to
                    do so, (ii) if such indemnified party who is a defendant in
                    any action or proceeding which is also brought against the
                    indemnifying party reasonably shall have concluded that
                    there may be one or more legal defenses available to such
                    indemnified party which are not available to the
                    indemnifying party, or (iii) if representation of both
                    parties by the same counsel is otherwise inappropriate under
                    applicable standards of professional conduct, then, in any
                    such case, the indemnified party shall have the right to
                    assume or continue its own defense as set forth above (but
                    with no more than one firm of counsel for all indemnified
                    parties in each jurisdiction, except to the extent any
                    indemnified party or parties reasonably shall have concluded
                    that there may be legal defenses available to such party or
                    parties which are not available to the other indemnified
                    parties or to the extent representation of all indemnified
                    parties by the same counsel is otherwise inappropriate under
                    applicable standards of professional conduct) and the
                    indemnifying party shall be liable for any expenses
                    therefor. No indemnifying party shall, without the written
                    consent of the indemnified party, effect the settlement or
                    compromise of, or consent to the entry of any judgment with
                    respect to, any pending or threatened action or claim in
                    respect of which indemnification or contribution may be
                    sought hereunder (whether or not the indemnified party is an
                    actual or potential party to such action or claim) unless
                    such settlement, compromise or judgment (A) includes an
                    unconditional release of the indemnified party from all
                    liability arising out

<PAGE>   22
                                                                              19

                    of such action or claim and (B) does not include a statement
                    as to or an admission of fault, culpability or a failure to
                    act, by or on behalf of any indemnified party.

               (e)  If for any reason the foregoing indemnity is unavailable or
                    is insufficient to hold harmless an indemnified party under
                    Sections 3.9(a), (b) or (c), then each indemnifying party
                    shall contribute to the amount paid or payable by such
                    indemnified party as a result of any Claim in such
                    proportion as is appropriate to reflect the relative
                    benefits received by the indemnifying party on the one hand
                    and the indemnified party on the other from such offering of
                    securities. If, however, the allocation provided in the
                    immediately preceding sentence is not permitted by
                    applicable law, or if the indemnified party failed to give
                    the notice required by subsection (d) above and the
                    indemnifying party is materially prejudiced thereby, then
                    each indemnifying party shall contribute to the amount paid
                    or payable by such indemnified party in such proportion as
                    is appropriate to reflect not only such relative benefits
                    but also the relative fault of the indemnifying party, on
                    the one hand, and the indemnified party, on the other hand,
                    as well as any other relevant equitable considerations. The
                    relative fault shall be determined by reference to, among
                    other things, whether the untrue or alleged untrue statement
                    of a material fact or the omission or alleged omission to
                    state a material fact relates to information supplied by the
                    indemnifying party or the indemnified party and the parties'
                    relative intent, knowledge, access to information and
                    opportunity to correct or prevent such untrue statement or
                    omission. The parties hereto agree that it would not be just
                    and equitable if contributions pursuant to this Section
                    3.9(e) were to be determined by pro rata allocation or by
                    any other method of allocation which does not take account
                    of the equitable considerations referred to in the preceding
                    sentences of this Section 3.9(e). The amount paid or payable
                    in respect of any Claim shall be deemed to include any legal
                    or other expenses reasonably incurred by such indemnified
                    party in connection with investigating or defending any such
                    Claim. No person guilty of fraudulent misrepresentation
                    (within the meaning of Section 11(f) of the Securities Act)
                    shall be entitled to contribution from any person who was
                    not guilty of such fraudulent misrepresentation.
                    Notwithstanding anything in this Section 3.9(e) to the
                    contrary, no indemnifying party (other than the Company)
                    shall be required pursuant to this Section 3.9(e) to
                    contribute any amount in excess of the net proceeds received
                    by such indemnifying party from the sale of Registrable
                    Securities in the offering to which the losses, claims,
                    damages or liabilities of the indemnified parties relate,
                    less the amount of any indemnification payment made pursuant
                    to Sections 3.9(b) and (c).

               (f)  The indemnity agreements contained herein shall be in
                    addition to any other rights to indemnification or
                    contribution which any indemnified party may have pursuant
                    to law or contract and shall remain operative and in full
                    force and effect regardless of any investigation made or
                    omitted by or on behalf of any indemnified party and shall
                    survive the transfer of the Registrable Securities by any
                    such party.

<PAGE>   23
                                                                              20

               (g)  The indemnification and contribution required by this
                    Section 3.9 shall be made by periodic payments of the amount
                    thereof during the course of the investigation or defense,
                    as and when bills are received or expense, loss, damage or
                    liability is incurred.

4.   Underwritten Offering.

     4.1.      Requested Underwritten Offering. If requested by the underwriters
               for any underwritten offering by the Holders pursuant to a
               registration requested under Section 3.1, the Company shall enter
               into a customary underwriting agreement with the underwriters.
               Such underwriting agreement shall be satisfactory in form and
               substance to the Holders which requested such registration and
               shall contain such representations and warranties by, and such
               other agreements on the part of, the Company and such other terms
               as are generally prevailing in agreements of that type,
               including, without limitation, indemnities and contribution
               agreements. Any Holder participating in the offering shall be a
               party to such underwriting agreement and may, at its option,
               require that any or all of the representations and warranties by,
               and the other agreements on the part of, the Company to and for
               the benefit of such underwriters shall also be made to and for
               the benefit of such Holder and that any or all of the conditions
               precedent to the obligations of such underwriters under such
               underwriting agreement be conditions precedent to the obligations
               of such Holder. Such underwriting agreement shall also contain
               such representations, warranties and indemnities by the
               participating Holders as are customary in agreements of that
               type.

     4.2.      Piggyback Underwritten Offering. In the case of a registration
               pursuant to Section 3.2 hereof, if the Company shall have
               determined to enter into any underwriting agreements in
               connection therewith, all of the Holders' Registrable Securities
               to be included in such registration shall be subject to such
               underwriting agreements. Any Holder participating in such
               registration may, at its option, require that any or all of the
               representations and warranties by, and the other agreements on
               the part of, the Company to and for the benefit of such
               underwriters shall also be made to and for the benefit of such
               Holder and that any or all of the conditions precedent to the
               obligations of such underwriters under such underwriting
               agreement be conditions precedent to the obligations of such
               Holder. Such underwriting agreement shall also contain such
               representations, warranties and indemnities by the participating
               Holders as are customary in agreements of that type.

5.   General.

     5.1.      Adjustments Affecting Registrable Securities. The Company agrees
               that it shall not effect or permit to occur any combination or
               subdivision of

<PAGE>   24
                                                                              21

               shares which would adversely affect the ability of the Holder of
               any Registrable Securities to include such Registrable Securities
               in any registration contemplated by this Agreement or the
               marketability of such Registrable Securities in any such
               registration. The Company agrees that it will take all reasonable
               steps necessary to effect a subdivision of shares if in the
               reasonable judgment of (a) the Holder of Registrable Securities
               that makes a Demand Registration Request and (b) the Lead
               Underwriter, such subdivision would enhance the marketability of
               the Registrable Securities.

     5.2.      Rule 144. The Company covenants that it will timely file the
               reports required to be filed by it under the Securities Act or
               the Exchange Act (including, but not limited to, the reports
               under Sections 13 and 15(d) of the Exchange Act referred to in
               subparagraph (c)(1) of Rule 144 under the Securities Act), and
               will take such further action as any Holder of Registrable
               Securities may reasonably request, all to the extent required
               from time to time to enable such Holder to sell Registrable
               Securities without registration under the Securities Act within
               the limitation of the exemptions provided by (i) Rule 144 under
               the Securities Act, as such Rule may be amended from time to
               time, or (ii) any similar rule or regulation hereafter adopted by
               the Commission. Upon the request of any Holder of Registrable
               Securities, the Company will deliver to such Holder a written
               statement as to whether it has complied with such requirements.

     5.3.      Preparation; Reasonable Investigation. In connection with the
               preparation and filing of each registration statement under the
               Securities Act pursuant to this Agreement, the Company will give
               the Holders participating in the offering, their underwriters, if
               any, and their respective counsel, accountants and other
               representatives and agents the opportunity to participate in the
               preparation of such registration statement, each prospectus
               included therein or filed with the Commission, and, to the extent
               practicable, each amendment thereof or supplement thereto, and
               give each of them reasonable access to its books and records and
               properties and such opportunities to discuss the business of the
               Company and such other matters with the Company's directors,
               officers and employees and the independent chartered accountants
               who have certified its financial statements, and the Company will
               supply, or cause its directors, officers, employees and
               independent chartered accountants to supply, all other
               information reasonably requested by each of them, as shall be
               reasonably necessary or appropriate, in the opinion of the
               Holders' and such underwriters' respective counsel, to conduct a
               reasonable investigation within the meaning of the Securities
               Act.

     5.4.      Nominees for Beneficial Owners. If Registrable Securities are
               held by a nominee for the beneficial owner thereof, the
               beneficial owner thereof may, at its option, be treated as the
               Holder of such Registrable Securities for purposes of any request
               or other action by any Holder or Holders of Registrable
               Securities pursuant to this Agreement (or any determination of
               any number or percentage of shares constituting Registrable
               Securities held by any Holder or Holders of Registrable

<PAGE>   25
                                                                              22

     Securities contemplated by this Agreement); provided, that the Company
     shall have received assurances reasonably satisfactory to it of such
     beneficial ownership.

     5.6.      Amendments and Waivers. This Agreement may be amended, modified,
               supplemented or waived only upon the written agreement of the
               party against whom enforcement of such amendment, modification,
               supplement or waiver is sought; provided, that the written
               agreement of the holders of a majority of the Registrable
               Securities held by the Lamonde Group shall be considered to be
               signed by all members of the Lamonde Group.

     5.6.      Notices. Except as otherwise provided in this Agreement, notices
               and other communications under this Agreement shall be in writing
               and delivered personally, by telecopy (with confirmation sent
               within three business days by overnight courier) or by overnight
               courier, addressed to the Company at 465 Godin Avenue, Vanier,
               Quebec G1M 3G7, Canada (telecopier: (418) 683-2170) (Attention:
               Chief Financial Officer), and to Mr. Lamonde on behalf of the
               members of the Lamonde Group at c/o EXFO Electro-Optical
               Engineering Inc., 465 Godin Avenue, Vanier, Quebec G1M 3G7,
               Canada (telecopier: (418) 683-2170), in each case with a copy to
               Fasken Martineau DuMoulin LLP, at 800 Victoria Square, Suite
               3400, P.O. Box 242, Montreal, Quebec H4Z 1E9, Canada (telecopier:
               (514) 397-7600) (Attention: Robert Pare, Esq.) and to Paul,
               Weiss, Rifkind, Wharton & Garrison at 1285 Avenue of the
               Americas, New York, NY 10019, U.S.A. (telecopier: (212) 757-3990)
               (Attention: Edwin S. Maynard, Esq.). Each Holder, by written
               notice given to the Company in accordance with this Section 5.6,
               may change the address to which such notice or other
               communications are to be sent to such Holder. All such notices
               and communications shall be deemed to have been received on the
               date of delivery thereof, if delivered by hand, the next day
               after the sending thereof, if by overnight courier and when
               receipt is acknowledged, if telecopied.

     5.7.      Miscellaneous.

               (a)  This Agreement shall be binding upon and inure to the
                    benefit of and be enforceable by the parties hereto and the
                    respective successors and assigns of the parties hereto,
                    whether so expressed or not. No Person other than a Holder
                    shall be entitled to any benefits under this Agreement,
                    except as otherwise expressly provided herein. This
                    Agreement and the rights of the parties hereunder may be
                    assigned by any of the parties hereto to any transferee of
                    Registrable Securities who is a Multiple Voting Share
                    Permitted Transferee.

               (b)  This Agreement (with the documents referred to herein or
                    delivered pursuant hereto) embodies the entire agreement and
                    understanding between the parties hereto and supersedes all
                    prior agreements and understandings relating to the subject
                    matter hereof.

<PAGE>   26
                                                                              23

               (c)  This Agreement shall be construed and enforced in accordance
                    with and governed by the laws of the State of New York
                    without giving effect to the conflicts of law principles
                    thereof.

               (d)  The headings in this Agreement are for convenience of
                    reference only and shall not limit or otherwise affect the
                    meaning hereof. All section references are to this Agreement
                    unless otherwise expressly provided.

               (e)  This Agreement may be executed in any number of
                    counterparts, each of which shall be an original, but all of
                    which together shall constitute one instrument.

               (f)  Any term or provision of this Agreement which is invalid or
                    unenforceable in any jurisdiction shall, as to such
                    jurisdiction, be ineffective to the extent of such
                    invalidity or unenforceability without rendering invalid or
                    unenforceable the remaining terms and provisions of this
                    Agreement or affecting the validity or enforceability of any
                    of the terms or provisions of this Agreement in any other
                    jurisdiction.

               (g)  It is hereby agreed and acknowledged that it will be
                    impossible to measure in money the damages that would be
                    suffered if the parties fail to comply with any of the
                    obligations herein imposed on them and that in the event of
                    any such failure, an aggrieved person will be irreparably
                    damaged and will not have an adequate remedy at law. Any
                    such person shall, therefore, be entitled to injunctive
                    relief, including specific performance, to enforce such
                    obligations, without the posting of any bond and if any
                    action should be brought in equity to enforce any of the
                    provisions of this Agreement, none of the parties hereto
                    shall raise the defense that there is an adequate remedy at
                    law.

               (h)  Each party hereto shall do and perform or cause to be done
                    and performed all such further acts and things and shall
                    execute and deliver all such other agreements, certificates,
                    instruments, and documents as any other party hereto
                    reasonably may request in order to carry out the intent and
                    accomplish the purposes of this Agreement and the
                    consummation of the transactions contemplated hereby.

     5.8.      No Inconsistent Agreements. Without the prior written consent of
               the Lamonde Group, initially through Mr. Lamonde or his designee,
               neither the Company nor any Holder will, on or after the date of
               this Agreement, enter into any agreement with respect to its
               securities which is inconsistent with the rights granted in this
               Agreement or otherwise conflicts with the provisions hereof,
               other than any lock-up agreement with the underwriters in
               connection with any registered offering effected hereunder,
               pursuant to which the Company shall agree not to register for
               sale, and the

<PAGE>   27
                                                                              24

               Company shall agree not to sell or otherwise dispose of,
               Voting Shares or any securities convertible into or
               exercisable or exchangeable for Voting Shares, for a specified
               period following the registered offering. The Company shall
               not grant any other Person registration rights without the
               written consent of the Holders holding at least a majority of the
               Registrable Securities held by all of the Holders. If the
               Company shall at any time hereafter provide to any holder of
               any securities of the Company rights with respect to the
               registration of such securities and such rights are provided on
               terms or conditions more favorable to such holder than the
               terms or conditions applicable to the Holders herein, the
               Company shall provide (by way of amendment to this Agreement or
               otherwise) such more favorable terms or conditions to the Holders
               under this Agreement.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date set forth above.

                                   EXFO ELECTRO-OPTICAL ENGINEERING, INC.

                                   By: ________________________________________
                                        Name:
                                        Title:

                                   GEXFO INVESTISSEMENTS TECHNOLOGIQUES INC.

                                   By: ________________________________________
                                        Name:
                                        Title:

                                   G. LAMONDE INVESTISSEMENTS
                                   FINANCIERS INC.

                                   By: _________________________________________
                                        Name:
                                        Title:

                                   FIDUCIE GERMAIN LAMONDE

                                   By: _________________________________________

                                        Name:
                                        Title:

<PAGE>   28
                                                                              25

                                   ____________________________________________
                                   GERMAIN LAMONDE<PAGE>   1

                                                                   EXHIBIT 10.14

                               SUMMARY IN ENGLISH

Sale Agreement entered into as of September 1, 1999 between 9080-9823 Quebec
inc. and GEXFO Investissements Technologiques inc.

TRANSACTION:             GEXFO Investissements Technologiques inc. ("GEXFO")
                         sells, assigns and transfers to 9080-9823 Quebec Inc.
                         ("9080-9823") the following assets:

                         -    pre-paid expenses: CDN$26,000;

                         -    investments: CDN$3,001,900, including a
                              CDN$2,000,000 advance to EXFO Electro-Optical
                              Engineering Inc.;

                         -    buildings: CDN$1,868,000.

                         In addition, 9080-9823 assumes debts of GEXFO totalling
                         CDN$52,900.

PRICE:                   CDN$4,844,100 paid by the issuance to GEXFO of
                         4,844,100 Class "B" Shares of 9080-9823.

GOVERNING LAW:           Laws of the Province of Quebec, Canada.

<PAGE>   2

________________________________________________________________________________

            CONTRAT DE VENTE INTERVENU EN DATE DU 1er SEPTEMBRE 1999

________________________________________________________________________________

<TABLE>
<S>                      <C>
INTERVENU ENTRE:         9080-9823 QUEBEC INC., compagnie legalement constituee,
                         ayant son siege social au 465, rue Godin, Vanier,
                         Quebec, province de Quebec, G1M 3G7, agissant et
                         representee aux presentes par son president, monsieur
                         Germain Lamonde, dument autorise tel qu'il le declare;

                         (Ci-apres designee l'"Acheteur")

ET:                      GEXFO INVESTISSEMENTS TECHNOLOGIQUES INC., compagnie
                         legalement constituee, ayant son siege social au 465,
                         rue Godin, Vanier, Quebec, province de Quebec, G1M 3G7,
                         agissant et representee aux presentes par son
                         president, monsieur Germain Lamonde, dument autorise
                         tel qu'il le declare;

                         (Ci-apres designee le "Vendeur")
</TABLE>

1.   LES PARTIES CONVIENNENT DE CE QUI SUIT :

     1.1  Le Vendeur vend, cede et transfert a l'Acheteur, ce acceptant, les
          actifs suivants, meubles et immeubles, avec garantie legale, sous
          reserve des dispositions du paragraphe 5.1.3, et assume les dettes
          suivantes du Vendeur a l'entiere exoneration du Vendeur, aux prix,
          conditions et modalites ci-apres convenus :

<TABLE>
          <S>                                           <C>            <C>
          Actif a court terme
               Frais payes d'avance                                       26 000
          Placements
               Avance a EXFO Ingenierie                  2 000 000
               Comptes de placements en fonds mutuels     951 000
               Depots a long terme                         50 000      3 001 900
                                                        ---------

          Immeubles
               Immeuble rue Godin                         818 000
               Immeuble rue Nolin                       1 050 000      1 868 000
                                                        ---------
</TABLE>

<PAGE>   3
<TABLE>

          <S>                                <C>                 <C>
          Dette assumee
               Taxes a remettre              12 000
               Taxes sur le capital          23 500
               Autres dettes                 16 400              51 900
                                             ------              ------
</TABLE>

          Ces biens etant ci-apres designes "les Actifs et les dettes". Tel et
          dans l'etat ou le tout se trouve a la date des presentes, sans aucune
          restriction ou reserve de la part du Vendeur et sans plus ample
          inventaire.

     1.2  Il existe un lien de dependance entre le Vendeur et l'Acheteur au sens
          qui est donne a cette expression dans la Loi de l'impot sur le revenu
          (Canada) et dans la Loi sur les impots (Quebec).

     1.3  Le Vendeur et l'Acheteur ont l'intention de transferer les Actifs pour
          une contrepartie egale a la juste valeur marchande des Actifs au et a
          cette fin, le prix de vente dont il est fait mention ci-dessous
          reflete ce que le Vendeur et l'Acheteur considerent etre la juste
          valeur marchande des Actifs a la date des presentes.

     1.4  Le Vendeur et l'Acheteur conviennent de plus que le prix de vente dont
          il est fait mention ci-dessous pourra etre rajuste selon la valeur
          etablie par les autorites fiscales federale ou provinciale ou par les
          tribunaux competents, le cas echeant.

     1.5  Le Vendeur et l'Acheteur desirent egalement que cette vente soit
          soumise aux termes et conditions ci-apres mentionnes et notamment aux
          dispositions de roulement contenues dans la Loi de l'impot sur le
          revenu (Canada) et dans la Loi sur les impots (Quebec).

2.   PRIX DE VENTE :

     2.1  La presente vente est faite pour la consideration totale de quatre
          millions huit cent quarante-quatre mille cent dollars (4 844 100 $)
          ventilee et payable par l'emission et la repartition au Vendeur de
          quatre millions huit cent quarante-quatre mille cent (4 844 100)
          actions categorie B emises par l'Acheteur a meme son capital-actions
          pour un capital verse total de quatre millions huit cent
          quarante-quatre mille cent dollars (4 844 100 $), ayant les
          caracteristiques suivantes :

          a)   votantes;
          b)   non-participantes;
          c)   rachetables au gre des detenteurs ou de la compagnie;
          d)   donnant droit a un dividende non cumulatif de 1/6 de 1% par mois.

<PAGE>   4
     2.2  Le Vendeur declare avoir recu le certificat numero B-1 representant
          les 4 844 100 actions categorie "B" du capital-actions de l'Acheteur
          et dont quittance pour autant.

     2.3  Les parties conviennent que la repartition du prix de vente entre les
          divers elements d'actif et de passif sera confirmee sur la base des
          etats financiers du Vendeur au 31 aout 1999. Dans les 180 jours
          suivant la date de la signature des presentes, le Vendeur et
          l'Acheteur devront confirmer le prix de vente des elements d'actif et
          de passif, la portion du prix de vente mentionnee a l'article 2.1, la
          valeur de rachat des actions de categorie "B" et la repartition du
          prix de vente.

3.   ROULEMENT

     3.1  Le Vendeur et l'Acheteur declarent expressement se prevaloir des
          dispositions de roulement  contenues au paragraphe 85(1) de la Loi de
          l'impot sur le revenu (Canada) et l'article 518 de la Loi sur les
          impots (Quebec) et s'engagent de plus a signer tout document et a
          faire toute chose necessaire aux fins de se conformer aux exigences de
          ces lois a cet egard.

     3.2  Le Vendeur et l'Acheteur conviennent de plus que le montant ou la
          somme convenue en vertu des dispositions de roulement sera egal au
          cout indique du bien, au sens qui est donne a cette expression dans la
          Loi de l'impot sur le revenu (Canada) ou la Loi sur les impots
          (Quebec).

     3.3  En raison du lien de dependance qui existe entre le Vendeur et
          l'Acheteur, il est entendu et convenu que si la juste valeur
          marchande des Actifs vendus par les presentes, telle qu'etablie par
          les  autorites fiscales competentes, soit le ministere du  Revenu
          national (Canada) et le ministere du Revenu (Quebec), ou par les
          tribunaux competents dans le cas ou le litige serait porte par les
          parties devant ces tribunaux, differait de la valeur de la
          contrepartie qui est stipulee a l'article 2 des presentes, ou si la
          valeur de realisation des biens transferes etait differente de celle
          prevue a l'article 2 des presentes, alors l'Acheteur apportera les
          corrections appropriees en modifiant la valeur de rachat en raison du
          choix effectue conformement aux dispositions du paragraphe 123.49 de
          la Loi sur les compagnies du Quebec (26(3) de la Loi canadienne
          sur les societes par actions), soit :

          a)   en l'(les) augmentant de facon a tenir compte de la difference
               qui pourra exister dans le cas ou la juste valeur marchande
               etablie par

<PAGE>   5
               les autorites fiscales ou les tribunaux competents, selon le cas,
               serait plus elevee que le prix indique a l'article 2; ou

          b)   en le(les) diminuant de facon a tenir compte de la difference qui
               pourra exister dans le cas ou la juste valeur marchande etablie
               par les autorites fiscales ou les tribunaux competents, selon le
               cas, serait moindre que le prix indique a l'article 2.

     3.4  En raison du lien de dependance qui existe entre le Vendeur et
          l'Acheteur, il est egalement entendu et convenu que si la valeur
          marchande des Actifs vendus par les presentes, telle qu'etablie par
          les autorites fiscales competentes, soit le ministere du Revenu
          national (Canada) et le ministere du Revenu (Quebec), ou par les
          tribunaux competents dans le cas ou le litige serait porte par les
          parties devant ces tribunaux, differait de la valeur indiquee sur les
          formules de roulement appropriees, l'Acheteur et le Vendeur s'engagent
          a modifier et amender ces formules de facon a se conformer a la
          decision des autorites fiscales ou des tribunaux competents selon le
          cas.

     3.5  Le Vendeur et l'Acheteur declarent expressement se prevaloir du choix
          offert en vertu de l'article 85(1) de la Loi de l'impot sur le revenu
          (Canada) ainsi que de l'article 518 de la Loi sur les impots (Quebec)
          et s'engagent de plus a signer tout document et a faire toute chose
          necessaire aux fins de se conformer aux exigences de cette loi a cet
          egard.

4.   TAXES

     4.1  Toute taxe de vente qui pourrait etre exigible en raison des presentes
          sera acquittee par l'Acheteur. En raison du lien de dependance qui
          existe entre le Vendeur et l'Acheteur, le Vendeur convient de faire
          tout ce qui sera requis, de concert avec l'Acheteur, pour que
          l'Acheteur soit exempte du paiement de la T.P.S. et de la T.V.Q. a
          l'egard de la presente vente.

5.   REPRESENTATIONS ET GARANTIES DE L'ACHETEUR:

     5.1  L'Acheteur represente et garantit ce qui suit:

          5.1.1. L'Acheteur est une compagnie subsistante et valide, legalement
                 constituee par certificat de constitution sous l'autorite des
                 lois de la province de Quebec et possedant le pouvoir d'acheter
                 les biens vendus.

<PAGE>   6

          5.1.2  Le conseil d'administration a regulierement et validement
                 autorise l'execution de la presente transaction.

          5.1.3  Il a vu et examine a son entiere satisfaction les Actifs et les
                 Dettes, s'en declare satisfait et n'exige aucune garantie quant
                 a la qualite et l'etat desdits Actifs et Dettes. De plus,
                 l'Acheteur accepte que l'hypotheque publiee au Bureau de la
                 publicite des droits de la circonscription fonciere de Quebec
                 sous le numero 1605884 continue de grever l'immeuble vendu
                 jusqu'a l'echeance des obligations qu'elle garantit,
                 obligations qui toutefois continuent a etre acquittees par le
                 Vendeur.

6.   DECLARATION DU VENDEUR

     6.1  Le Vendeur, par les presentes, declare et garantit a l'Acheteur :

          6.1.1  que le Vendeur est une compagnie subsistante et valide,
                 legalement constituee par certificat de constitution sous
                 l'autorite des lois de la province de Quebec et possedant le
                 pouvoir de vendre les biens vendus ;

          6.1.2  qu'aucune personne, entreprise ou corporation n'a de convention
                 ou option ou droits susceptibles de devenir une convention ou
                 option pour l'achat de tout ou d'une partie des Actifs ;

          6.1.3  qu'il n'y a aucune reclamation, action, poursuite ou procedure
                 intentee, pendante ou menacee contre le Vendeur qui peut ou qui
                 pourrait affecter les droits du Vendeur, son titre ou interet
                 dans les Actifs ou dans toute partie de ceux-ci ;

          6.1.4  qu'il a obtenu l'autorisation de ses creanciers, lorsque
                 requis, aux fins des presentes.

     6.2  Les representations et garanties enoncees au paragraphe 6.1 des
          presentes auront force au-dela de la date des presentes et demeureront
          en vigueur pour le benefice de l'Acheteur et ses ayants-droits.

7.   POSSESSION ET PROPRIETE DE L'ACHETEUR

     7.1  L'Acheteur est considere avoir la possession physique et legale, ainsi
          que la propriete de tout ce qui fait l'objet de la presente vente a
          compter du 1er septembre 1999.

<PAGE>   7
8.   AJUSTEMENTS

     8.1  Les parties conviennent d'effectuer les ajustements d'usage comme en
          date des presentes. Si d'autres ajustements sont necessaires, ils
          seront effectues comme a la meme date.

     8.2  Aucune representation ou garantie faite par le Vendeur contenue au
          present contrat ou autrement faite par le Vendeur en rapport avec la
          transaction enoncee aux presentes, ne contient une fausse declaration
          de faits ou n'omet d'enoncer un fait necessaire pour eviter que telle
          transaction n'induise en erreur.

9.   CONTRAT DE VENTE D'IMMEUBLE

     9.1  Aux seules fins de la publicite fonciere et sans pour autant alterer
          les dispositions des presentes quant a la vente des Actifs et
          l'assumation des Dettes, les parties conviennent de signer une
          convention de vente d'immeuble distincte simultanement a la signature
          des presentes.

10.  CLAUSES INTERPRETATIVES

     10.1 Selon que le contexte le requerra, tout mot ecrit au singulier
          comprend aussi le pluriel et vice versa, et tout mot ecrit au genre
          masculin comprend aussi le genre feminin.

     10.2 Le present contrat est regi par les Lois de la province de Quebec.

     10.3 Le present contrat lie les Parties aux presentes, leurs representants
          legaux et ayants-droits.

     10.4 Chacun des articles ou paragraphes du present contrat sera interprete
          separement et l'invalidite de l'un d'entre eux n'aura pas pour effet
          d'invalider la totalite de ce contrat.

     10.5 Les titres des articles et paragraphes du present contrat n'y sont
          inseres que pour faciliter la lecture et ne peuvent servir a
          l'interpreter.

<PAGE>   8
EN FOI DE QUOI, les parties aux presentes ont signe le present contrat a Quebec,
province de Quebec, le 1er septembre 1999.

<TABLE>
<S>                               <C>
LE VENDEUR :                      GEXFO INVESTISSEMENTS
                                  TECHNOLOGIQUES INC.
                                  Par :

                                  Germain Lamonde
                                  ----------------------------------------
                                  Germain Lamonde, president

L'ACHETEUR :                      9080-9823 QUEBEC INC.
                                  Par :

                                  Germain Lamonde
                                  ----------------------------------------
                                  Germain Lamonde, president
</TABLE>

<PAGE>   9

                      CONVENTION DE VENTE SOUS SEING PRIVE

<TABLE>
<S>                      <C>
ENTRE :                  GEXFO INVESTISSEMENTS TECHNOLOGIQUES INC., personne
                         morale de droit prive, legalement constituee en vertu
                         de la Partie 1A de la Loi sur les compagnies, ayant son
                         siege social au 465, rue Godin, Vanier, province de
                         Quebec, G1M 3G7, agissant aux presentes et ici
                         representee par monsieur Germain Lamonde, president,
                         dument autorise aux fins des presentes en vertu d'une
                         resolution des administrateurs datee du 1er septembre
                         1999 ;

                         (Ci-apres nommee le "Vendeur")

ET :                     9080-9823 QUEBEC INC., personne morale de droit prive,
                         legalement constituee en vertu de la Partie 1A de la
                         Loi sur les compagnies, ayant son siege social au 465,
                         rue Godin, Vanier, province de Quebec, G1M 3G7,
                         agissant aux presentes et ici representee par monsieur
                         Germain Lamonde, president, dument autorise aux fins
                         des presentes en vertu d'une resolution des
                         administrateurs datee du 1er septembre 1999 ;

                         (Ci-apres nommee l'"Acheteur")
</TABLE>

ATTENDU que les parties ont signe ce jour une convention de vente d'actifs et
d'assumation de dettes ;

ATTENDU qu'aux seules fins de publicite fonciere et sans pour autant alterer les
dispositions de la susdite convention de vente d'actifs et d'assumation de
dettes, les parties ont convenu de signer et d'executer la presente convention
de vente ;

EN CONSEQUENCE, LES PARTIES CONVIENNENT DE CE QUI SUIT :

1.   OBJET

     1.1  Le Vendeur vend a l'Acheteur, ce acceptant, l'immeuble ci-apres
          designe :
<PAGE>   10
                                     - 2 -

                                   Designation

          1.1.1  Un immeuble connu et designe comme etant forme des lots
                 suivants :

                 - Le lot originaire numero QUATRE MILLE QUATRE CENT VINGT-TROIS
                 (4423) du cadastre officiel de la paroisse de Saint-Sauveur,
                 circonscription fonciere de Quebec.

                 - Le lot originaire numero CINQ MILLE QUATRE CENT VINGT-ET-UN
                 (5421) du cadastre officiel de la paroisse de Saint-Sauveur,
                 circonscription fonciere de Quebec.

                 Avec batisse dessus construite, portant le numero civique 436,
                 rue Nolin, a Ville de Vanier, province de Quebec, G1M 1E7,
                 circonstances et dependances.

          1.1.2  Un immeuble connu et designe comme etant forme des lots
                 suivants :

                 - La subdivision TROIS du lot originaire numero QUATRE MILLE
                 SEPT CENT VINGT-SIX (4726-3) du cadastre officiel de la
                 paroisse de Saint-Sauveur, circonscription fonciere de Quebec.

                 - Le lot originaire numero QUATRE MILLE QUATRE CENT NEUF (4409)
                 du cadastre officiel de la paroisse de Saint-Sauveur,
                 circonscription fonciere de Quebec.

                 - La subdivision DEUX du lot originaire numero CINQ MILLE TROIS
                 CENT SOIXANTE-TREIZE (5373-2) du cadastre officiel de la
                 paroisse de Saint-Sauveur, circonscription fonciere de Quebec.
<PAGE>   11

                                     - 3 -

                 Avec batisse dessus construite, portant le numero civique 465,
                 avenue Godin, a Ville de Vanier, province de Quebec, G1M 3G7,
                 circonstances et dependances.

2.   PRIX

     2.1  La presente vente est faite pour le prix de un million huit cent
          soixante-huit mille dollars (1 868 000 $), reparti et payable par
          l'emission et la repartition au Vendeur de un million huit cent
          soixante-huit mille (1 868 000) actions categorie B emises par
          l'Acheteur a meme son capital-actions et d'une valeur de 1,00 $
          chacune, ayant les caracteristiques suivantes :

          a)   votantes ;
          b)   non-participantes ;
          c)   rachetables au gre des detenteurs ou de la compagnie ;
          d)   donnant droit a un dividende non cumulatif de 1/6 de 1% par mois.

     2.2  Le prix de vente est reparti comme suit :

          2.2.1  Immeuble rue Nolin (art. 1.1.1)

                 Terrain :           200 000 $
                 Batisses :          850 000 $

          2.2.2  Immeuble rue Godin (art. 1.1.2)

                 Terrain :           200 000 $
                 Batisses :          684 000 $

     2.3  Le Vendeur declare avoir recu le certificat numero B-1 representant
          les actions categorie "B" du capital-actions de l'Acheteur et dont
          quittance pour autant.

3.   SERVITUDE ET BAUX

     3.1  Le lot numero 4423 ci-avant designe est greve d'une servitude et de
          deux baux publies au Bureau de la publicite des droits de la
          circonscription fonciere de Quebec respectivement sous les numeros
          1212738, 1465274 et 1461580, ladite servitude et lesdits baux etant
          mentionnes a l'acte d'hypotheque ci-apres decrit.

<PAGE>   12
                                     - 4 -

4.   HYPOTHEQUE

     4.1  Le lot numero 4423 ci-avant designe est greve d'une hypotheque en
          faveur de la Banque Nationale du Canada pour un montant de 1 100
          000,00 $, laquelle a ete publiee le 10 avril 1996 au Bureau de la
          publicite des droits de la circonscription fonciere de Quebec sous le
          numero 1605884, recue devant Me Vallier Villeneuve, notaire, le 9
          avril 1996.

     4.2  L'Acheteur accepte que l'hypotheque susdite continue de grever
          l'immeuble jusqu'a l'echeance des obligations qu'elle garantit,
          obligations qui toutefois continuent a etre acquittees par le Vendeur.

5.   GARANTIE

     5.1  La presente vente est faite avec garantie legale mais sans aucune
          garantie quant a la qualite et l'etat des immeubles vendus et sous
          reserve de l'hypotheque mentionnee a l'article 4.1 ci-devant.

6.   POSSESSION

     6.1  L'Acheteur devient proprietaire de l'immeuble a compter du 1er
          septembre 1999 et avec possession et delivrance a compter de la meme
          date.

7.   L'ORIGINE DU DROIT DE PROPRIETE

     7.1  Le Vendeur est proprietaire de l'immeuble vendu comme suit :

          7.1.1. Il est proprietaire du lot 5421 du susdit cadastre pour l'avoir
                 acquis de Ville de Vanier, suivant acte recu devant Mme Sylvie
                 Villeneuve, notaire, le 3 decembre 1998, sous le numero 857 de
                 ses minutes et publie au Bureau de la publicite des droits de
                 la circonscription fonciere de Quebec sous le numero 1 690 315;

          7.1.2  Il est proprietaire des lots 5373-2 et 4726-3 du susdit
                 cadastre pour les avoir acquis de Ville de Vanier,

<PAGE>   13

                                     - 5 -

          7.1.3  Il est proprietaire du lot 4409 du susdit cadastre pour l'avoir
                 acquis de la Banque Royale du Canada, suivant acte recu devant
                 Me Gaston Lacoursiere, notaire, le 6 decembre 1991, sous le
                 numero 18223 de ses minutes et publie au Bureau de la publicite
                 des droits de la circonscription fonciere de Quebec le 9
                 decembre 1991, sous le numero 1443968.

8.   ROULEMENT

     8.1  Le Vendeur et l'Acheteur declarent expressement se prevaloir des
          dispositions de roulement contenues au paragraphe 85(1) de la Loi de
          l'impot sur le revenu (Canada) et a l'article 518 de la Loi sur les
          impots (Quebec) et s'engagent de plus a signer tout document et a
          faire toute chose necessaire aux fins de se conformer aux exigences de
          ces lois a cet egard.

     8.2  Le Vendeur et l'Acheteur conviennent de plus que le montant ou la
          somme convenue en vertu des dispositions de roulement sera egal au
          cout indique du bien, au sens qui est donne a cette expression dans la
          Loi de l'impot sur le revenu (Canada) ou la Loi sur les impots
          (Quebec).

     8.3  En raison du lien de dependance qui existe entre le Vendeur et
          l'Acheteur, il est entendu et convenu que si la juste valeur marchande
          de l'immeuble vendu par les presentes, telle qu'etablie par les
          autorites fiscales competentes, soit le ministere du Revenu national
          (Canada) et le ministere du Revenu (Quebec), ou par les tribunaux
          competents dans le cas ou le litige serait porte par les parties
          devant ces tribunaux, differait de la valeur de la contrepartie qui
          est stipulee au paragraphe 2 des presentes, ou si la valeur de
          realisation des biens transferes etait differente de celle prevue au
          paragraphe 2 des presente, alors l'Acheteur apportera les corrections
          appropriees en modifiant le compte de surplus cree en raison du choix
          effectue conformement aux dispositions du paragraphe 123.49 de la Loi
          sur les compagnies du Quebec (26(3) de la Loi canadienne sur les
          societes par actions), soit :

          a)   en l'(les) augmentant de facon a tenir compte de la difference
               qui pourra exister dans le cas ou la juste valeur marchande
               etablie par les autorites fiscales ou les tribunaux competents,
               selon le cas, serait plus elevee que le prix indique a l'article
               2 ; ou
<PAGE>   14

                                     - 6 -

          b)   en le(les) diminuant de facon a tenir compte de la difference qui
               pourra exister dans le cas ou la juste valeur marchande etablie
               par les autorites fiscales ou les tribunaux competents, selon le
               cas, serait moindre que le prix indique a l'article 2.

     8.4  En raison du lien de dependance qui existe entre le Vendeur et
          l'Acheteur, il est egalement entendu et convenu que si la valeur
          marchande de l'immeuble vendu par les presentes, telle qu'etablie par
          les autorites fiscales competentes, soit le ministere du Revenu
          national (Canada) et le ministere du Revenu (Quebec), ou par les
          tribunaux competents dans le cas ou le litige serait porte par les
          parties devant ces tribunaux, differait de la valeur indiquee sur les
          formules de roulement appropriees, l'Acheteur et le Vendeur s'engagent
          a modifier et amender ces formules de facon a se conformer a la
          decision des autorites fiscales ou des tribunaux competents selon le
          cas.

     8.5  Le Vendeur et l'Acheteur declarent expressement se prevaloir du choix
          offert en vertu de l'article 22 de la Loi de l'impot sur le revenu
          (Canada) ainsi que de l'article 184 de la Loi sur les impots (Quebec)
          et s'engagent de plus a signer tout document et a faire toute chose
          necessaire aux fins de se conformer aux exigences de cette loi a cet
          egard.

9.   MECANISMES ET RAJUSTEMENT DE PRIX DE VENTE :

     9.1  Les parties declarent avoir fait l'evaluation de l'immeuble
          presentement vendu de bonne foi et elles desirent transiger a la
          juste valeur marchande.

     9.2  Vu les liens de dependance existant entre le Vendeur et l'Acheteur,
          les parties conviennent que si la juste valeur marchande de l'immeuble
          faisant l'objet de la presente cession, telle que determinee suite a
          une cotisation d'impot, differait de la consideration ci-dessus
          stipulee, sous reserve du droit des parties de contester devant les
          tribunaux l'evaluation des autorites fiscales, elles reajusteront
          cette consideration pour qu'elle soit conforme a la juste valeur
          marchande determinee, en augmentant ou, selon le cas, en diminuant le
          nombre d'actions emises en paiement du prix ou, dans le cas ou une
          prime est prevue lors du rachat, en augmentant ou selon le cas, en
          diminuant la prime prevue pour le rachat par

<PAGE>   15
                                     - 7 -

          action emise en paiement du prix, le tout de facon a ce que le nombre
          de ces actions ajuste, multiplie par le montant paye sur chacune
          d'elles corresponde a la valeur telle qu'elle a ete ajustee, ou
          encore, dans le cas ou une prime est prevue lors du rachat, de facon a
          ce que le nombre de ces actions multiplie par la prime rajustee et par
          le montant paye sur chacune d'elles, corresponde a la valeur, telle
          qu'elle a ete ajustee. Les parties conviennent de plus de faire toute
          autre chose pour rendre executoire cet ajustement et notamment
          d'ajuster tout paiement effectue en fonction du montant repute paye
          sur lesdites actions et de faire le paiement ou le remboursement qui
          s'impose a la suite de cet ajustement.

     9.3  Il est entendu que l'ajustement prevu ci-dessus ne sera execute que
          lorsque les parties auront epuise tous les recours en revision ou en
          appel des decisions desdites autorites fiscales, ou encore lorsque les
          parties auront convenu de ne pas se prevaloir de tels recours.

     9.4  Le Vendeur et l'Acheteur s'engagent de plus a faire les ajustements
          qui s'imposent relativement aux dividendes, soit en payant des
          dividendes sur les actions additionnelles emises ou en remboursant la
          societe des dividendes recus sur les actions annulees par la suite
          de ce rajustement, selon le cas, ou, dans le cas ou une prime est
          prevue lors du rachat, en payant la partie des dividendes qui aurait
          du etre payee lors de l'emission de tel dividende si les actions
          avaient alors ete ajustees de la prime augmentee de la facon prevue
          ci-avant ou en remboursant la societe de la partie de dividendes
          recus en trop du au fait que les actions n'avaient pas alors ete
          ajustees de la prime diminuee de la facon prevue ci-avant.

     9.5  Les parties conviennent de signer tout document pour donner plein et
          entier effet a la clause de rajustement ci-dessus.

    10.   AJUSTEMENTS

    10.1  Les parties declarent avoir fait entre elles les ajustements d'usage
          comme en date du 1er septembre 1999. Si d'autres ajustements sont
          necessaires, ils seront egalement faits comme en date du 1er
          septembre 1999.
<PAGE>   16
                                     - 8 -

11.  OBLIGATIONS

     11.1 L'Acheteur s'oblige et s'engage envers le Vendeur a ce qui suit :

          11.1.1. Prendre l'immeuble dans l'etat dans lequel il se trouve,
                  declarant l'avoir vu et examine a sa satisfaction ;

          11.1.2  Payer tous les impots fonciers echus et a echoir, y compris la
                  proportion de ceux-ci pour l'annee courante a compter du 1er
                  septembre 1999 et aussi payer, a compter de la meme date, tous
                  les versements en capital et interets a echoir sur toutes les
                  taxes speciales imposees avant ce jour dont le paiement est
                  reparti sur plusieurs annees.

12.  TPS et TVQ

     12.1 Les parties declarent que la valeur de la contrepartie taxable aux
          fins de la Loi sur la taxe d'accise est de un million huit cent
          soixante-huit mille dollars (1 868 000 $), et aux fins de la Loi sur
          la taxe de vente du Quebec est de un million neuf cent
          quatre-vingt-dix-huit mille sept cent soixante dollars (1 998 760 $).
          La TPS represente une somme de cent trente mille sept cent soixante
          dollars (130 760 $) et la TVQ represente une somme de cent quarante
          neuf mille neuf cent sept dollars (149 907 $).

     12.2 L'Acheteur declare que ses numeros d'inscription de TPS et de TVQ sont
          les suivants :

          TPS : 143129179
          TVQ : 1022709506TQ0001

          et que ces inscriptions n'ont pas ete annulees, ni ne sont en voie de
          l'etre.

          En consequence, la responsabilite relative a la perception de la TPS
          et de la TVQ relative a la presente vente est supportee par
          l'Acheteur.

          Cependant, en raison du lien de dependance qui existe entre le Vendeur
          et l'Acheteur, les parties conviennent de faire tout ce qui est
          necessaire pour que l'Acheteur soit exempte du
<PAGE>   17
                                     - 9 -

          paiement de la TPS et de la TVQ et de signer tout document utile ou
          necessaire a cet effet.

     12.3 Les parties font ces declarations sollennelles les croyant
          consciencieusement vraies et sachant qu'elles ont la meme force et
          effet que si elles etaient faites sous serment en vertu de la Loi sur
          la preuve au Canada.

13.  DECLARATIONS RELATIVES A LA LOI CONCERNANT LES DROITS SUR LES TRANSFERTS DE
     TERRAINS

     13.1 L'Acheteur declare ne pas etre un cessionnaire au sens de ladite loi.

14.  DECLARATION DES PARTIES RELATIVE AUX MENTIONS EXIGEES EN VERTU DE LA LOI
     CONCERNANT LES DROITS DE MUTATIONS IMMOBILIERES

     14.1 L'Acheteur et le Vendeur declarent que :

          14.1.1  L'Acheteur est 9080-9823 QUEBEC INC., personne morale de droit
                  prive, legalement constituee en vertu de la Partie 1A de la
                  Loi sur les compagnies, ayant son siege au 465, rue Godin,
                  Vanier, province de Quebec, G1M 3G7, agissant aux presentes et
                  ici representee par monsieur Germain Lamonde, president,
                  dument autorise aux fins des presentes en vertu d'une
                  resolution des administrateurs datee du 1er septembre 1999 ;

          14.1.2  Le Vendeur est GEXFO INVESTISSEMENTS TECHNOLOGIQUES INC.,
                  personne morale de droit prive, legalement constituee en vertu
                  de la Partie 1A de la Loi sur les compagnies, ayant son siege
                  au 465, rue Godin, Vanier, province de Quebec, G1M 3G7,
                  agissant aux presentes et ici representee par monsieur Germain
                  Lamonde, president, dument autorise aux fins des presentes en
                  vertu d'une resolution des administrateurs datee du 1er
                  septembre 1999 ;

          14.1.3  Le bien faisant l'objet du present transfert est situe sur le
                  territoire de la Ville de Vanier ;

<PAGE>   18

                                     - 10 -

          14.1.4  Le bien faisant l'objet du transfert n'est qu'un immeuble
                  corporel et ledit transfert ne comprend pas de meubles qui
                  sont a demeure, materiellement attaches ou reunis a l'immeuble
                  sans perdre leur individualite et sans y etre incorpores et
                  qui dans l'immeuble servent a l'exploitation d'une entreprise
                  ou a la poursuite d'activites tel que visees a l'article 1.0.1
                  de la Loi ;

          14.1.5  Le montant de la contrepartie pour le transfert de l'immeuble
                  situe au civique 436, rue Nolin, a Ville de Vanier, province
                  de Quebec, G1M 1E7, designe a l'article 1.1.1, est selon les
                  parties de un million cinquante mille dollars (1 050 000 $) ;

          14.1.6  Le montant constituant la base d'imposition du droit de
                  mutation pour cet immeuble est selon les parties de un million
                  cinquante mille dollars (1 050 000 $) ;

          14.1.7  Le montant du droit de mutation pour cet immeuble est selon
                  les parties de quatorze mille deux cent cinquante dollars (14
                  250 $) ;

          14.1.8  Le montant de la contrepartie pour le transfert de l'immeuble
                  situe au 465, avenue Godin, a Ville de Vanier, province de
                  Quebec, G1M 3G7, designe a l'article 1.1.2, est selon les
                  parties de huit cent dix-huit mille dollars (818 000 $) ;

          14.1.9  Le montant constituant la base d'imposition du droit de
                  mutation pour cet immeuble est selon les parties de huit cent
                  dix-huit mille dollars (818 000 $) ;

          14.1.10 Le montant du droit de mutation pour cet immeuble est selon
                  les parties de dix mille sept cent soixante-dix dollars
                  (10 770 $) ;

          14.1.11 L'Acheteur est une filiale du Vendeur et, par consequent, il
                  beneficie de l'exoneration du paiement du droit de mutation en
                  vertu de l'article 19 d) de la Loi.

<PAGE>   19
                                     - 11-

          EN FOI DE QUOI, LES PARTIES ONT SIGNE A QUEBEC, CE 1ER JOUR DE
          SEPTEMBRE 1999.

          Le Vendeur :
          GEXFO INVESTISSEMENTS TECHNOLOGIQUES INC.
          Par :

          /s/ Germain Lamonde
          _________________________________
          Germain Lamonde, president

          L'Acheteure :
          9080-9823 QUEBEC INC.
          Par :

          /s/ Germain Lamonde
          _________________________________
          Germain Lamonde, president

                            ATTESTATION DE L'AVOCAT

          Je, soussigne, Me Louis Rochette, avocat, domicilie et residant au
          236, rue du Grand-Hunier, Saint-Agustin-de-Desmaures, province de
          Quebec, G3A 2J2, atteste ce qui suit :

          1.   J'ai verifie l'identite, la qualite et la capacite des parties ;

          2.   L'acte est valide quant a sa forme ;

          3.   L'acte traduit la volonte esprimee par les parties ;

          4.   Les titres du Vendeur sont deja valablement publies.

          ATTESTE A QUEBEC, le 1er jour de septembre 1999.

          /s/ Louis Rochette
          _________________________________
          Louis Rochette, avocat
          LAVERY, DEBILLY
          925, CHEMIN ST-LOUIS, BUREAU 500
          Quebec Qc G1S 1C1

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