Document:

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                                                                     EXHIBIT 4.1
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LES ACTIONS REPRESENTEES PAR CE CERTIFICAT SONT CESSIBLES AUX      THE SHARES REPRESENTED BY THIS CERTIFICATE ARE TRANSFERABLE
PRINCIPAUX BUREAUX DE COMPAGNIE TRUST CIBC MELLON A MONTREAL,      AT THE PRINCIPAL OFFICES OF CIBC MELLON TRUST COMPANY IN
TORONTO ET VANCOUVER, CANADA, ET AU BUREAU DE CHASEMELLON          MONTREAL, TORONTO AND VANCOUVER, CANADA, AND AT THE OFFICE OF
SHAREHOLDER SERVICES, L.L.C. A NEW YORK, E.-U.                     CHASEMELLON SHAREHOLDER SERVICES, L.L.C. IN NEW YORK, U.S.A.
__________________________________________________________________________________________________________________________________

0000000
NUMERO - NUMBER           (LOGO  EXFO)          ELECTRO-OPTICAL ENGINEERING INC.       (LOGO EXFO)                  ACTIONS SHARES
                                                INGENIERIE ELECTRO-OPTIQUE INC.

                           CONSTITUEE AUX TERMES DE LA LOI CANADIENNE SUR LES SOCIETES PAR ACTIONS
                                  INCORPORATED UNDER THE CANADA BUSINESS CORPORATIONS ACT

CE CERTIFICAT ATTESTE QUE - THIS CERTIFIES THAT
                                                                                ---------------------------
                                                                                    CUSIP 302043  10  4
                                                                                ---------------------------

est le detenteur immatricule de - is the registered holder of

ACTIONS AVEC DROIT DE VOTE SUBALTERNE SANS VALEUR AU PAIR OU              FULLY PAID AND NON-ASSESSABLE SUBORDINATE VOTING SHARES
NOMINALE ET ENTIEREMENT LIBEREES DE                                       WITHOUT NOMINAL OR PAR VALUE OF

                                 (LOGO  EXFO)   ELECTRO-OPTICAL ENGINEERING INC.
                                                INGENIERIE ELECTRO-OPTIQUE INC.

     L'inscription du transfert des actions representees par ce                Registration of the transfer of the shares
certificat ne peut etre faite que dans un registre de valeurs             represented by this certificate may be made only in a
mobilieres de la Societe sur remise du present certificat                 securities register of the Corporation upon surrender of
dument endosse.                                                           this certificate properly endorsed.
     Ce certificat n'est valide qu'apres avoir ete contresigne par             This certificate is not valid until countersigned by
un agent des transferts et inscrit par un agent charge de la tenue        a Transfer Agent and registered by a Registrar of the
des registres de la Societe.                                              Corporation.
   En foi de quoi, la Societe a fait signer ce certificat par ses              In Witness Whereof, the Corporation has caused this
dirigeants dument autorises.                                              certificate to be signed by its duly authorized officers.

Ce :                                                                                                LE PRESIDENT ET
This :                                                                                              CHEF DE LA DIRECTION,

CONTRESIGNE ET IMMATRICULE
COUNTERSIGNED AND REGISTERED     Montreal                                                           /s/ Germain Lamonde
COMPAGNIE TRUST CIBC MELLON      Toronto                                                            -------------------------------
CIBC MELLON TRUST COMPANY        Vancouver                                                          PRESIDENT AND CHIEF
                                                                                                    EXECUTIVE OFFICER
OU/OR

CHASEMELLON SHAREHOLDER          New York                                                           LE SECRETAIRE,
SERVICES, L.L.C.
AGENTS DES TRANSFERTS ET AGENTS
CHARGES DE LA TENUE DES REGISTRES                                                                   /s/ Kimberley Okell
TRANSFER AGENTS AND REGISTRARS                                                                      -------------------------------
                                                                                                    SECRETARY
PAR
BY

--------------------------------------------
REPRESENTANT AUTORISE - AUTHORIZED OFFICER
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INSTRUCTIONS: LA SIGNATURE DE L'ACTIONNAIRE AUX FINS DE CETTE CESSION DOIT CORRESPONDRE EXACTEMENT AU NOM INSCRIT AU RECTO DU
CERTIFICAT SANS AUCUN CHANGEMENT. LA SIGNATURE DEVRA ETRE GARANTIE PAR UNE BANQUE, UNE COMPAGNIE DE FIDUCIE OU UN MEMBRE D'UNE
BOURSE CANADIENNE DONT LA SIGNATURE EST CONNUE AU BUREAU DES TRANSFERTS.
<S>                                                                  <C>
La categorie ou la serie d'actions que ce certificat represente     The class or series of shares represented by the certificate
est assortie de droits, privileges, conditions et restrictions et   has rights, privileges, conditions and restrictions attached
la Societe fournira gratuitement a tout actionnaire qui en fera la  thereto and the Corporation will furnish to a shareholder
demande le texte integral des droits, privileges, conditions et     requesting same, and without change, a full copy of the text of
restrictions rattaches a chaque categorie dont l'emission est       the rights, privileges, conditions and restrictions attached to
autorisee et, lorsque determines par les administrateurs, a         each class authorized to be issued and to each series insofar
chaque serie et de l'autorisation donnee aux administrateurs        as the same has been fixed by the directors, and the authority
de determiner les droits, privileges, conditions et restrictions    of the directors to fix the rights, privileges, conditions and
des series suivantes.                                               restrictions of subsequent series.

     Pour valeur recue, le soussigne vend, cede et                        For value received, the undersigned hereby sells,
transporte, par les presentes, a                                    assigns and transfers unto
____________________________________________________________________________________________________________________________________
  (Nom et adresse du cessionnaire en lettres moulees ou a la machine - Please print or typewrite name and address of assignee)

____________________________________________________________________________________________________________________________________

                                                  LE NUMERO D'ASSURANCE SOCIALE, NUMERO D'IDENTITE DU CONTRIBUABLE DOIT ETRE FOURNI.

                                                                                                    [__ __ __]-[__ __ __]-[__ __ __]

                                                              SOCIAL INSURANCE NUMBER, TAXPAYER IDENTIFYING NUMBER MUST BE PROVIDED.

                                                                                                                             actions
____________________________________________________________________________________________________________________________  shares
de la Societe representees par ce certificat et constitue par       of the Corporation represented by the within certificate and
les presentes                                                       does hereby irrevocably constitute and appoint
____________________________________________________________________________________________________________________________________
son mandataire irrevocable, avec faculte de se substituer           the attorney or the undersigned to transfer the said shares on
toute autre personne, pour transferer ces actions dans les          the books of the Corporation with full power or substitution in
livres de la Societe.                                               the premises.

Date _____________________________________________________

Signature __________________________________________________________________________________________________________________________

     Signature garantie par:
     SIgnature guaranteed by: ______________________________________________________________________________________________________

INSTRUCTIONS: THE SIGNATURE OF THE SHAREHOLDER TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, THE SIGNATURE SHOULD BE GUARANTEED
BY A BANK OR BY A TRUST COMPANY, OR BY A MEMBER OF A CANADIAN STOCK EXCHANGE, WHOSE SIGNATURE IS KNOWN TO THE TRANSFER OFFICE.

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                                                                     EXHIBIT 4.2

      Form of Trust Agreement among EXFO Electro-Optical Engineering Inc.,
          Germain Lamonde, GEXFO Investissements Technologiques inc.,
     Fiducie Germain Lamonde and G. Lamonde Investissements Financiers inc.

THIS AGREEMENT made as of the [   ] day of __, 2000.

AMONG:                   GERMAIN LAMONDE, an individual residing in Cap-Rouge,
                         Province of Quebec,

                         (hereinafter called "GERMAIN LAMONDE")

                         - and -

                         GEXFO INVESTISSEMENTS TECHNOLOGIQUES INC., a company
                         incorporated under the laws of the Province of Quebec,

                         (hereinafter called "GEXFO")

                         - and -

                         G. LAMONDE INVESTISSEMENTS FINANCIERS INC., a company
                         incorporated under the laws of the Province of Quebec,

                         (hereinafter called "INVESTISSEMENTS")

                         - and -

                         FIDUCIE GERMAIN LAMONDE, a family trust constituted
                         under the laws of the Province of Quebec,

                         (hereinafter called "TRUST LAMONDE")

                         (GERMAIN LAMONDE, GEXFO, INVESTISSEMENTS and TRUST
                         LAMONDE are collectively referred to as the
                         "SHAREHOLDERS")

                         - and -

                         EXFO ELECTRO-OPTICAL ENGINEERING INC., a corporation
                         incorporated under the laws of Canada,

                         (hereinafter called the "CORPORATION")

                         - and -

                         CIBC MELLON TRUST COMPANY, a trust company incorporated
                         under the laws of Canada,

                         (hereinafter called the "TRUSTEE")

<PAGE>   2
                                     - 2 -

     WHEREAS the Corporation has an authorized share capital consisting of an
unlimited number of subordinate voting shares (the "SUBORDINATE VOTING SHARES"),
an unlimited number of multiple voting shares (the "MULTIPLE VOTING SHARES")
(the Subordinate Voting Shares and the Multiple Voting Shares are collectively
referred to herein as the "EQUITY SHARES") and an unlimited number of Preferred
Shares issuable in series;

     WHEREAS the Corporation proposes to issue and sell 6,000,000 Subordinate
Voting Shares pursuant to a prospectus dated __, 2000 (900,000 additional
Subordinate Voting Shares if the over-allotment (the "Over-Allotment") granted
by the Corporation to Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC
Dominion Securities Inc., Wit SoundView Corporation and CIBC World Markets Inc.
is exercised in full (the "OFFERING");

     WHEREAS on the closing date of this Offering (the "Closing Date")
38,000,000 Multiple Voting Shares, 6,709,605 Subordinate Voting Shares
(7,609,605 Subordinate Voting Shares if the Over-Allotment option is exercised
in full) and 800,000 Preferred Shares Series 1 will be issued and outstanding;

     WHEREAS the Shareholders and the Corporation have agreed to enter into this
Agreement in order to secure the listing of the Subordinate Voting Shares of the
Corporation on The Toronto Stock Exchange and derive the benefits of such
listings, and for the purpose of ensuring that the holders of the Subordinate
Voting Shares will not be deprived of any rights under applicable take-over bid
legislation to which they would have been entitled in the event of a take-over
bid if the Multiple Voting Shares and the Subordinate Voting Shares were a
single class of shares;

     WHEREAS the Shareholders and the Corporation wish to constitute the Trustee
as a trustee for the holders of the Subordinate Voting Shares all as
contemplated hereby in order that such holders, through the Trustee, will
benefit from the covenants of the Shareholders and the Corporation as contained
in this Agreement;

     WHEREAS, for the purpose of this Agreement, "LAMONDE FAMILY " means
collectively (i) Germain Lamonde, (ii) his spouse, in fact or in law, (iii) any
lineal descendant of Germain Lamonde, born or to be born, (iv) any trust
constituted primarily for the benefit of Germain Lamonde, his spouse, in fact or
in law, or any of his descendants, born or to be born, and (v) any corporation
where 90% of the votes attaching to all outstanding shares and at least 50% of
all outstanding shares are controlled by any one or more of such persons or
trusts.

     NOW THEREFORE, THIS AGREEMENT WITNESSETH that in consideration of the
promises and agreements herein contained and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
agree as follows:

1.   Subject to the other provisions of this Agreement, the Shareholders being
     the holders of all the Multiple Voting Shares (the "MV SHAREHOLDERS" or, as
     the case may be, a "MV SHAREHOLDER") shall not sell nor dispose of,
     directly or indirectly, any Multiple Voting Shares pursuant to a take-over
     bid, as defined by applicable securities legislation, under circumstances
     in which securities legislation would have required the same offer or a
     follow-up offer to be made to all holders of Subordinate Voting Shares if
     the sale had been of Subordinate Voting Shares rather than Multiple Voting
     Shares, but otherwise on the same terms. For this purpose, it shall be
     assumed that the offer that would have resulted in such sale of Subordinate
     Voting Shares would have constituted a take-over bid under applicable
     securities legislation, regardless or whether this actually would have been
     the case. Should it be necessary to determine the value of Multiple Voting
     Shares to ascertain the applicability of any

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                                      -3-

     exemption from take-over bid requirements for the purposes of the
     foregoing, the Multiple Voting Shares shall be deemed to have the same
     value as that which would be assigned by applicable securities legislation
     to the Subordinate Voting Shares under similar circumstances.

2.   Section 1 shall not apply to prevent any sale or other disposition by any
     MV Shareholder of Multiple Voting Shares, if:

     (a)  such sale or other disposition is made pursuant to an offer to
          purchase part only of the Multiple Voting Shares made to all holders
          of Multiple Voting Shares, and an offer all the terms of which are at
          least as favourable as the terms of the offer to purchase the Multiple
          Voting Shares (in terms of price per share, percentage of outstanding
          shares to be taken up exclusive of shares owned immediately prior to
          the offer by the offeror, or associates or affiliates of the offeror,
          and in all other material respects) is made concurrently to all
          holders of Subordinate Voting Shares to purchase Subordinate Voting
          Shares, which offer is unconditional (other than the right not to take
          up and pay for shares tendered if no shares are purchased pursuant to
          the offer for Multiple Voting Shares); or

     (b)  there is a concurrent unconditional offer, all terms of which are as
          favourable as the terms of the offer to purchase the Multiple Voting
          Shares, to purchase all of the Subordinate Voting Shares at a price
          per share at least as high as the highest price per share offered
          pursuant to the said sale or other disposition of the Multiple Voting
          Shares referred to in (a) above; or

     (c)  such sale or disposition is a direct or indirect sale or other
          disposition of shares of the Corporation, provided that (i) the sale
          or other disposition is effected within the Lamonde Family at a price
          which is within the margin prescribed by the Securities Act (Quebec),
          (ii) the transferee is not a party to any agreement under which any
          other person would directly or indirectly participate in the
          beneficial ownership of, control or direction over more than 50% of
          the votes attaching to the Equity Shares held by such transferee,
          (iii) the sale is otherwise made in accordance with applicable law,
          (iv) the prior written consent of the Trustee as contemplated by
          Section 4 of this Agreement has been obtained, and (v) the transferee,
          if not already a party to this Agreement, becomes a party to this
          Agreement.

     For the purposes of paragraphs (a) and (b) of this Section 2, the varying
     of any term of an offer shall be deemed to constitute the making of a new
     offer.

3.   Without restricting the generality of the foregoing and in addition to any
     other provisions herein of similar effect, the MV Shareholders agree that
     the Multiple Voting Shares shall be automatically converted into
     Subordinate Voting Shares upon the occurrence of any of the following
     circumstances, namely: (A) members of the Lamonde Family (as defined in the
     preamble hereof) do not beneficially own, directly or indirectly, in any
     manner, a number of Equity Shares representing either (i) more than 50% of
     the votes attaching to all issued and outstanding Equity Shares or (ii) 60%
     of the total number of Multiple Voting Shares held by them on the closing
     date of this Offering (or 22,800,000 Multiple Voting Shares) or (B) Germain
     Lamonde no longer occupies the position of either Chairman of the Board or
     Chief

<PAGE>   4
                                      -4-

     Executive Officer of the Corporation, for any reason, including voluntary
     or forced retirement, death or incapacity (the "Occurrence"), unless such
     situation is remedied within 60 days from the Occurrence or, if the
     situation which gave rise to such Occurrence is the incapacity of Germain
     Lamonde, within 1 year from the Occurrence. The Trustee is hereby
     irrevocably instructed to convert the Multiple Voting Shares into
     Subordinate Voting Shares 60 days after the Occurrence, provided the
     situation which gave rise to such Occurrence has not been remedied within
     such 60-day period or, as the case may be, if the situation that gave rise
     to such Occurrence is the incapacity of Germain Lamonde, 1 year after the
     occurrence of such incapacity, provided the incapacity of Germain Lamonde
     has not ceased within such 1-year period.

     In addition, if at any time, the Lamonde Family or any of its members sells
     or otherwise transfer Multiple Voting Shares to a party who is not a member
     of the Lamonde Family, such transferred shares shall be automatically
     converted on the date of such sale or transfer into Subordinate Voting
     Shares and the Trustee shall automatically convert those shares into
     Subordinate Voting Shares unless a certificate signed by the transferor and
     transferee confirming that the transferee is a member of the Lamonde Family
     is provided to the Trustee.

4.   Notwithstanding any other provision contained herein, the prior written
     consent of the Trustee shall be required in connection with any sale or
     other disposition of Multiple Voting Shares, whether direct or indirect, by
     any MV Shareholder. Such consent shall be given no later than the next
     Business Day of receipt by the Trustee of evidence satisfactory to it,
     acting reasonably, to the effect that the sale or disposition is not in
     contravention of this Agreement. For the purposes of the foregoing, the
     Trustee shall be entitled to consider a legal opinion to be satisfactory
     evidence although no such opinion is necessarily required. The Trustee also
     has the right to require from time to time evidence satisfactory to it,
     acting reasonably, as to the number of Equity Shares beneficially owned
     directly or indirectly by the Lamonde Family or any MV Shareholder. For the
     purposes of this Agreement, "Business Days" means a day, other than a
     Saturday, Sunday or any other day on which the principal banks located in
     Quebec City are not open for business during normal banking hours. No
     consent shall be given in respect of any sale or disposition unless the
     Trustee receives the consent of the person or company requiring the shares
     to be bound hereby as an MV Shareholder.

5.   Each MV Shareholder shall use its best efforts to prevent any person or
     company it controls from carrying out any direct or indirect sale or other
     disposition in contravention of the foregoing in respect of any Multiple
     Voting Shares owned from time to time by such MV Shareholder, or any person
     or company controlled, directly or indirectly by such MV Shareholder,
     regardless of whether such person or company is a party to this Agreement.

6.   For greater certainty, any direct or indirect sale or other disposition
     which would result in the direct or indirect acquisition of beneficial
     ownership of Multiple Voting Shares or Subordinate Voting Shares, or in the
     direct or indirect acquisition of control or direction over such shares,
     shall be construed to be a sale or disposition of such Multiple Voting
     Shares or Subordinate Voting Shares, as the case may be, for the purposes
     of the foregoing.

7.   No MV Shareholder or any corporation which it controls shall directly or
     indirectly sell or dispose of any Multiple Voting Shares unless the sale or
     disposition is conditional upon the

<PAGE>   5
                                      -5-

     person, trust or company acquiring such Multiple Voting Shares becoming a
     party to this Agreement as a MV Shareholder.

8.   Notwithstanding any other provision contained herein, the restrictions of
     the preceding provisions of this Agreement, subject to Section 11, shall
     not apply to the exercise by the holder of Multiple Voting Shares of any
     right of conversion into Subordinate Voting Shares attaching to the
     Multiple Voting Shares and the subsequent sale or disposition of the
     Subordinate Voting Shares issued upon such conversion.

9.   Nothing in this Agreement shall prevent an MV Shareholder from granting,
     from time to time, directly or indirectly, a security interest, by way of
     pledge, hypothecation or otherwise, whether directly or indirectly, in
     Multiple Voting Shares to any financial institution with which it deals at
     arm's length (within the meaning of the Income Tax Act (Canada)) in
     connection with a bona fide borrowing provided that concurrent with the
     pledge, hypothecation or other granting of the security interest, the
     financial institution agrees in writing to become a party to and abide by
     the terms of this Agreement as if such financial institution were a MV
     Shareholder until such time as the pledge, hypothecation or other security
     interest has been released or the Multiple Voting Shares which were subject
     thereto have been sold or disposed of in accordance with the terms of this
     Agreement.

10.  The Shareholders hereby agree to place on deposit with the Trustee,
     contemporaneously with the issuance of Subordinate Voting Shares to the
     public pursuant to the final prospectus of the Corporation dated     __   ,
     2000, 38,000,000 Multiple Voting Shares which are represented by the
     certificates referred to in Schedule "A" hereto and hereby undertake and
     agree to deliver the share certificates representing such shares (including
     any replacement securities or certificates if and when such are issued or
     allotted) to the Trustee for safekeeping and to assure compliance with the
     terms and conditions hereof. It is understood, however, that the Trustee
     shall release from deposit such number of Multiple Voting Shares as are
     covered by any consent granted in accordance with the provisions of Section
     4 save and except for transfers among members of the Lamonde Family.

11.  If any person or company carries out an indirect sale or other disposition
     contemplated in this Agreement in contravention of the terms hereof, the
     person, trust, or company acquiring such shares shall not thereafter do any
     of the following with respect to any of the Multiple Voting Shares so sold
     or disposed or to those Subordinate Voting Shares resulting from the
     conversion thereof: (a) directly or indirectly sell or dispose of them
     without the prior written consent of the Trustee; or (b) exercise any
     voting rights attaching to them except in accordance with the written
     instructions of the Trustee. The Trustee may attach conditions to any
     consent the Trustee gives in exercising its rights hereunder. The Trustee
     shall exercise such rights in a manner that the Trustee considers to be:
     (i) in the best interests of the holders of the Subordinate Voting Shares,
     other than the Shareholders or any MV Shareholder who, in the opinion of
     the Trustee, participated directly or indirectly in the transaction that
     triggered the operation of this Section 11, (ii) in accordance with
     applicable securities legislation, and (iii) consistent with the intentions
     of the Shareholders and the Corporation in entering into this Agreement as
     such intentions are set out in the preamble to this Agreement.
     Notwithstanding a sale or disposition of shares which constitutes an
     indirect sale or disposition of Multiple Voting Shares in contravention to
     this Agreement, the Shareholders shall not, although remaining bound by the
     restrictions and prohibitions of this Agreement,

<PAGE>   6
                                      -6-

     have any liability for damages hereunder in respect of such sale or
     disposition, provided that the Shareholders are otherwise in compliance
     with all other provisions of this Agreement.

12.  The Lamonde Family or any of its members shall send to the Trustee within
     30 days of the end of each financial year a certificate signed by each
     member of the Lamonde Family confirming that (A) members of the Lamonde
     Family do beneficially own, directly or indirectly, in any manner, a number
     of Equity Shares representing either (i) more than 50% of the votes
     attaching to all issued and outstanding Equity Shares or (ii) 60 % of the
     total number of Multiple Voting Shares held by them on the closing date of
     the Offering (or 22,800,000 Multiple Voting Shares) and (B) Germain Lamonde
     still occupies the position of either Chairman of the Board or Chief
     Executive Officer of the Corporation. In addition, if and whenever the
     Trustee has reasonable cause to believe that any MV Shareholders or the
     Corporation may have breached, or may intend to breach, any provision of
     this Agreement, the Trustee shall make reasonable enquiry to determine
     whether such a breach has occurred or is intended, and if the Trustee
     thereupon determines that such is the case the Trustee shall forthwith
     deliver to the Corporation a notice stating that the Trustee has made such
     determination. The Trustee shall thereupon be entitled to take and, subject
     to Section 14, shall take such action as the Trustee considers necessary to
     enforce its rights under this Agreement on behalf of the holders of the
     Subordinate Voting Shares. Any action which the Trustee is entitled to take
     in such circumstances includes, without limitation, a refusal to consent to
     any sale or disposition of Multiple Voting Shares.

13.  Subject to Section 14, if and whenever holders of not less than 10%
     (excluding any members of the Lamonde Family or any holders of Multiple
     Voting Shares) of the then outstanding Subordinate Voting Shares determine
     that any one of the MV Shareholders or the Corporation has breached, or
     intends to breach, any provision of this Agreement, such holders may
     require the Trustee to take action in connection with such failure by
     delivering to the Trustee a requisition in writing signed in one or more
     counterparts by such holders and setting forth the nature of the breach and
     requesting the Trustee to take action as provided for in this Agreement,
     and upon receipt by the Trustee of such a requisition the Trustee shall
     forthwith take such action or any other action that the Trustee considers
     necessary to enforce its rights under this Agreement on behalf of the
     holders of the Subordinate Voting Shares.

14.  The obligation of the Trustee to take any action on behalf of the holders
     of the Subordinate Voting Shares shall be conditional upon the Trustee
     receiving from the Corporation or from one or more holders of Subordinate
     Voting Shares such indemnification as the Trustee may reasonably require in
     respect of any costs or expenses which it may incur in connection with any
     such action. The Corporation shall provide such indemnification to the
     Trustee if the Trustee has delivered to the Corporation the notice referred
     to in Section 12.

15.  No holder of Subordinate Voting Shares (excluding any members of the
     Lamonde Family or any holders of Multiple Voting Shares) shall have the
     right, other than through the Trustee, to institute any action or
     proceeding or to exercise any other remedy for the purpose of enforcing any
     rights arising from this Agreement unless holders of Subordinate Voting
     Shares shall have requested in the manner specified in Section 13 that the
     Trustee act and shall have provided reasonable indemnity to the Trustee and
     the Trustee shall have failed to so act within 30 days after the provision
     of such indemnity. In such case, any holder of Subordinate Voting Shares
     shall be entitled to take proceedings in any court of competent

<PAGE>   7
                                     - 7 -

     jurisdiction such as the Trustee might have taken. In such circumstances,
     the Corporation shall reimburse the reasonable costs of any action that may
     be taken in good faith by the holders of Subordinate Voting Shares in
     accordance with the provisions hereof.

16.  The Corporation shall do all things necessary to facilitate the due
     performance of this Agreement including the fulfillment by the Shareholders
     of their obligations hereunder.

17.  The Trustee may resign and be discharged from all further duties and
     liabilities hereunder, subject to Section 19, after giving 30 days' written
     notice to the Corporation and the Shareholders or such shorter notice as
     the Corporation and the Shareholders may accept as sufficient.

18.  The Corporation may terminate the Trustee's mandate pursuant to this
     Agreement, after giving 30 days' written notice to the Trustee, should:

     (a)  any company into or with which the Trustee may be merged or
          consolidated or amalgamated, or any company succeeding to the trust
          business of the Trustee be unacceptable to the Corporation, acting
          reasonably; or

     (b)  the financial situation of the Trustee is such that, in the opinion of
          the Corporation, acting reasonably, it jeopardizes the Trustee's
          capability to perform its obligations under this Agreement; or

     (c)  the fees and expenses of the Trustee are, in the opinion of the
          Corporation, acting reasonably, not within the general practice of the
          industry.

     In the event that the office of trustee becomes vacant, the Corporation
     shall forthwith appoint a new trustee which shall be a company licensed or
     authorized to carry on the business of a trust company in the Province of
     Quebec; failing such appointment, the Shareholders, the Trustee or any
     holder of Subordinate Voting Shares may apply to a judge of the Quebec
     Superior Court for the appointment of a new trustee. Upon any new
     appointment, the new trustee shall be vested with the same powers, rights,
     duties and responsibilities as it had been originally named herein as the
     trustee, but there shall be immediately executed, at the expense of the
     Corporation, all such instruments as may be, in the opinion of counsel to
     the Corporation, necessary or desirable to assure such vesting. Any
     resignation or termination of the Trustee shall not become effective until
     the successor party shall have executed an appropriate instrument accepting
     the appointment as the new trustee. Notwithstanding such resignation or
     termination, the Trustee shall continue to be indemnified in accordance
     with Section 19.

19.

     (a)  Each of the MV Shareholders and the Corporation, jointly but not
          jointly and severally, agree to indemnify and save harmless the
          Trustee from and against all claims, liabilities, losses, penalties,
          actions, suits, costs, expenses and disbursements (including legal and
          advisory fees and expenses) made against it by anyone, in the absence
          of negligence or fraud by the Trustee, its officers, directors and
          employees, by reason of the Trustee's compliance in good faith with
          the terms hereof. It is

<PAGE>   8

                                     - 8 -

          understood that, as between the MV Shareholders and the Corporation,
          the party in default or alleged to be in default hereunder shall be
          responsible for such indemnification if it arises from its own default
          or alleged default. It is understood and agreed that this
          indemnification shall survive the termination or discharge of this
          agreement or resignation of the Trustee.

     (b)  The Trustee may employ or retain counsel, auditors, accountants, or
          other experts or advisors, whose qualifications give authority to any
          opinion or report made by them as it may reasonably require for the
          purpose of discharging its duties hereunder and shall not be
          responsible for any misconduct on the part of any of them. The Trustee
          may, if it is acting in good faith, rely on the accuracy of any such
          opinion or report.

     (c)  The Trustee shall have no responsibility, if it is acting in good
          faith, for the genuineness or validity or any securities, documents or
          other things deposited with it. In the exercise of its rights, duties
          and obligations hereunder, the Trustee may, if it is acting in good
          faith, rely as to the truth of the statements and the accuracy of the
          opinions expressed in any certificates or other documents provided to
          it.

20.  The Corporation shall pay the reasonable fees and expenses of the Trustee
     in connection with the performance of the Trustee's obligations hereunder,
     including the reasonable fees and disbursements of counsel or other experts
     employed by the Trustee, but this Section 20 shall not require the
     Corporation to pay any fees or expenses in connection with any action taken
     by the Trustee pursuant to Section 12 if the Trustee has not delivered to
     the Corporation the notice referred to in Section 12 in respect of such
     action.

21.  The Trustee hereby accepts the appointment as depositary and trustee for
     the holders from time to time of the Subordinate Voting Shares upon the
     terms and conditions herein set forth. Subject to the limitations contained
     herein, the Trustee shall act as a depositary and, in its capacity of
     trustee, shall be charged with simple administration in accordance with the
     provisions of the Civil Code of Quebec, it being understood that the
     Trustee shall not have, except as provided herein, any rights as a
     shareholder with respect to the Multiple Voting Shares such as, the right
     to vote and to receive dividend on such shares.

22.  This Agreement shall not be amended, and no provision thereof shall be
     waived, except with (i) the consent of any stock exchange upon which the
     Subordinate Voting Shares are quoted and/or listed and any other applicable
     securities regulatory authorities and (ii) the approval of at least
     two-thirds of the votes cast by holders of Subordinate Voting Shares
     present or represented at a meeting duly called for the purpose of
     considering such amendment or waiver, and of at least one simple majority
     of the votes cast by holders of Subordinate Voting Shares, excluding any of
     the MV Shareholders and their respective affiliates and any persons who
     have an agreement to purchase Multiple Voting Shares on terms which would
     constitute a sale or disposition subject to Section 1, other than as
     permitted herein.

23.  The provisions of this Agreement shall only come into effect
     contemporaneously with the issuance of Subordinate Voting Shares to the
     public pursuant to the final prospectus of the Corporation dated ___,
     2000.

<PAGE>   9
                                      -9-

24.  For purposes only of this Agreement and applicable securities legislation,
     all parties hereto shall be deemed to be residents of the Province of
     Quebec.

25.  No provision of this Agreement shall limit the rights of any holders of
     Subordinate Voting Shares under applicable law.

26.  The Shareholders represent and warrant to the Corporation and the Trustee
     that the information contained in the preamble hereto is true in all
     material respects.

27.  Any notice or other communication made pursuant to or in connection with
     this Agreement shall be sufficiently given if it is in writing and, if
     mailed by prepaid first-class mail at any time other than during a general
     discontinuance of postal service due to strike, lock-out or otherwise,
     shall be deemed to have been received 5 Business Days after the post-marked
     date thereof, or if telexed or delivered by another form of recorded
     communication, shall be deemed to have been received on the next Business
     Day following dispatch, or if delivered by hand shall be deemed to have
     been received at the time it is delivered. Notices shall be addressed as
     follows:

     if to a member of the Lamonde Family:   Mr. Germain Lamonde
                                             4310 du Cure-Drolet
                                             Street Cap-Rouge, Quebec, G1Y 3H2

     if to GEXFO:                            GEXFO Investissements
                                             Technologiques inc.
                                             465 Godin Avenue
                                             Vanier, Quebec, G1M 3G7
                                             Attention: Mr. Germain Lamonde

                                             Telecopier: (418) 683-2170

     if to Investissements:                  G. Lamonde Investissements
                                             Financiers inc.
                                             465 Godin Avenue
                                             Vanier, Quebec, G1M 3G7
                                             Attention: Mr. Germain Lamonde

                                             Telecopier: (418) 683-2170

     if to Trust Lamonde:                    Fiducie Germain Lamonde
                                             465 Godin Avenue
                                             Vanier, Quebec, G1M 3G7
                                             Attention: Mr. Germain Lamonde

                                             Telecopier: (418) 683-2170

<PAGE>   10
                                      -10-

     if to the Corporation:        EXFO Electro-Optical Engineering inc.
                                   465 Godin Avenue
                                   Vanier, Quebec, G1M 3G7
                                   Attention: Mr. Germain Lamonde

                                   Telecopier: (418) 683-2170

     if to the Trustee:            CIBC Mellon Trust Company
                                   2001 University Street
                                   16th Street
                                   Montreal, Quebec, H3A 2A6
                                   Attention: Corporate Trust Department

                                   Telecopier: (514) 285-3640

     or such other address as the party to whom such notice or communication is
     to be given shall have last designated to the party giving the same in the
     manner specified in this Section 27.

28.  The Shareholders jointly and solidarily release, indemnify and save
     harmless the Trustee from all costs, charges, claims, demands, damages,
     losses and expenses resulting from the Trustee's performance, in good faith
     and without negligence, of its duties under this Agreement. The Trustee
     shall not be liable for any error of judgment or for any act done or
     omitted by it in good faith, or for any mistake of fact or law, or for
     anything which it may do or omit from doing in connection herewith, except
     its own negligence and willful misconduct.

     The Trustee may seek the advice of legal counsel in the event of any
     questions or dispute as to the construction of any of the provisions hereof
     or its duties hereunder, and it shall incur no liability and shall be fully
     protected in acting in accordance with the opinion and instructions of such
     legal counsel. The Trustee shall be entitled to pay such legal counsel
     reasonable remuneration. The Trustee shall not be answerable for the
     default or misconduct of any agent or legal counsel employed or appointed,
     at its discretion, by it if such agent or legal counsel shall have been
     selected with reasonable care.

     In the event of any disagreement between any of the parties to this
     Agreement, resulting in demands or adverse claims being made in connection
     with or for any Multiple Voting Shares, the Trustee shall be entitled to
     refuse to comply with any demands or claims on it, and in so refusing the
     Trustee may make no delivery or other disposition of any Multiple Voting
     Shares, and in so doing the Trustee shall not be or become liable in any
     way or to any person or party for its failure or refusal to comply with
     such conflicting demands or adverse claims until the rights of person or
     party shall have been finally adjudicated in a court assuming and having
     jurisdiction with respect to the Multiple Voting Shares or all differences
     shall have been adjusted by agreement and the Trustee shall have been
     notified thereof in writing signed by all persons and parties interested.

<PAGE>   11
                                     - 11 -

29.  This Agreement shall be governed by and construed in accordance with the
     laws of the Province of Quebec. The terms "associate" and "affiliate" used
     herein shall include any person considered to be an affiliate for the
     purposes of the Canada Business Corporation Act. Reference herein to any
     applicable securities legislation means securities legislation of the
     Province of Quebec in effect at the relevant time, which shall be assumed
     to apply.

30.  This Agreement shall ensure to the benefit of and be binding upon the
     parties hereto and their respective heirs, legal representatives,
     successors and assigns, as applicable.

31.  This Agreement may be executed in two or more counterparts, all of which
     taken together shall constitute one instrument.

32.  Time shall be of the essence of this Agreement.

33.  Each party hereby irrevocably attorns to the exclusive jurisdiction of the
     courts of the Province of Quebec in connection with any disputes which may
     result from, arise out of, or relate to this Agreement and may be brought
     in such courts. Each party hereby irrevocably waives (and irrevocably
     agrees not to raise) any objection which it may now or thereafter have to
     the laying of the venue of any proceedings in any such courts and any claim
     that any such proceedings have been brought in an inconvenient forum.
     Judgment in any such proceedings in such court shall be conclusive and
     binding upon the parties and may be enforced in courts of any other
     jurisdiction.

34.  The parties hereto have required that this Agreement and all documents and
     notices related thereto and/or resulting therefrom be drawn up in the
     English language. Les parties aux presentes ont exige que la presente
     convention ainsi que tous les documents et avis qui s'y rattachent et/ou
     qui en decouleront soient rediges en langue anglaise.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

_____________________________
GERMAIN LAMONDE

GEXFO INVESTISSEMENTS TECHNOLOGIQUES INC.

Per: ________________________
     Germain Lamonde

G. LAMONDE INVESTISSEMENTS FINANCIERS INC.

Per: ________________________
     Germain Lamonde

<PAGE>   12
                                     - 12 -

FIDUCIE GERMAIN LAMONDE

Per: ________________________
     Germain Lamonde

EXFO ELECTRO-OPTICAL ENGINEERING INC.

Per: ________________________
     Pierre Plamondon

CIBC MELLON TRUST COMPANY

Per: ________________________

Per: ________________________

<PAGE>   13

                                  SCHEDULE "A"

                             MULTIPLE VOTING SHARES
                               OF THE CORPORATION
                           DEPOSITED WITH THE TRUSTEE
<TABLE>
<CAPTION>

                                                                  SHARE       NUMBER OF MULTIPLE VOTING
                                                               CERTIFICATE             SHARES
            REGISTERED SHAREHOLDER                                NUMBER             REPRESENTED
--------------------------------------------------------------------------------------------------------
<S>                                                                 <C>                  <C>

GEXFO Investissements Technologiques inc.                           [ ]              35,340,000

Fiducie Germain Lamonde                                             [ ]               1,900,000

G. Lamonde Investissements Financiers inc.                          [ ]                 760,000
                                                                                     ----------
TOTAL:                                                                               38,000,000

</TABLE>

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