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Exhibit 4.1  

SHAREHOLDER RIGHTS PLAN AGREEMENT  

 BETWEEN  

 IAMGOLD CORPORATION  

 AND  

 COMPUTERSHARE TRUST COMPANY OF CANADA  

July 12, 2004  

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	PAGE

	ARTICLE 1 INTERPRETATION	 	2
	 	 1.1	 	Certain Definitions	 	2
	 	 1.2	 	Currency	 	19
	 	 1.3	 	Number and Gender	 	19
	 	 1.4	 	Sections and Headings	 	19
	 	 1.5	 	Statutory References	 	19
	 	 1.6	 	Determination of Percentage Ownership	 	20
	 	 1.7	 	Acting Jointly or in Concert	 	20
	 	 1.8	 	Generally Accepted Accounting Principles	 	20
	ARTICLE 2 THE RIGHTS	 	21
	 	 2.1	 	Legend on Common Share Certificates	 	21
	 	 2.2	 	Initial Exercise Price; Exercise of Rights; Detachment of Rights	 	22
	 	 2.3	 	Adjustments to Exercise Price; Number of Rights	 	25
	 	 2.4	 	Date on Which Exercise is Effective	 	32
	 	 2.5	 	Execution, Authentication, Delivery and Dating of Rights Certificates	 	32
	 	 2.6	 	Registration, Transfer and Exchange	 	32
	 	 2.7	 	Mutilated, Lost, Stolen and Destroyed Rights Certificates	 	33
	 	 2.8	 	Persons Deemed Owners	 	34
	 	 2.9	 	Delivery and Cancellation of Certificates	 	34
	 	 2.10	 	Agreement of Rights Holders	 	35
	ARTICLE 3 ADJUSTMENTS TO THE RIGHTS	 	36
	 	 3.1	 	Flip-in Event	 	36
	 	 3.2	 	Fiduciary Duties of the Board of Directors	 	37
	ARTICLE 4 THE RIGHTS AGENT	 	38
	 	 4.1	 	General	 	38
	 	 4.2	 	Merger, Amalgamation, Consolidation or Change of Name of Rights Agent	 	39
	 	 4.3	 	Duties of Rights Agent	 	39
	 	 4.4	 	Change of Rights Agent	 	41
	ARTICLE 5 MISCELLANEOUS	 	42
	 	 5.1	 	Redemption, Waiver, Extension and Termination	 	42
	 	 5.2	 	Expiration	 	45
	 	 5.3	 	Issuance of New Rights Certificates	 	45
	 	 5.4	 	Supplements and Amendments	 	45
	 	 5.5	 	Fractional Rights and Fractional Shares	 	45
	 	 5.6	 	Rights of Action	 	46
	 	 5.7	 	Holder of Rights Not Deemed a Shareholder	 	46
	 	 5.8	 	Notice of Proposed Actions	 	46
	 	 5.9	 	Notices	 	47
	 	 5.10	 	Costs of Enforcement	 	47
	 	 5.11	 	Regulatory Approvals	 	48
	 	 5.12	 	Declaration as to Non-Canadian and Non-United States Holders	 	48
	 	 5.13	 	Successors	 	48
	 	 5.14	 	Benefits of this Agreement	 	48
	 	 5.15	 	Determinations and Actions by the Board of Directors	 	48
	 	 5.16	 	Governing Law	 	49
	 	 5.17	 	Language	 	49
	 	 5.18	 	Counterparts	 	49
	 	 5.19	 	Severability	 	49
	 	 5.20	 	Effective Date	 	49
	 	 5.21	 	Time of the Essence	 	50

SCHEDULE
A 

Form
of Rights Certificate

Form of Election to Exercise

Form of Assignment 

 
 

SHAREHOLDER RIGHTS PLAN AGREEMENT    
    

THIS
AGREEMENT is made as of the 12th day of July, 2004 

BETWEEN:

IAMGOLD CORPORATION, a corporation existing under the Canada Business Corporations Act

(the
"Corporation") 

AND: 

COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company incorporated under the federal laws of Canada 

(the
"Rights Agent", which term shall include any successor Rights Agent hereunder) 

WHEREAS:

A.    Golden
Star Resources Ltd. ("GSR") has made an unsolicited take-over bid for the common shares of the Corporation
(the "GSR Bid"); 

B.    the
Board of Directors of the Corporation, in the exercise of its fiduciary duties to the Corporation, has determined that it is advisable and in the best interests of the Corporation
to adopt a shareholder rights plan (the "Rights Plan") to (a) provide the Board of Directors with adequate time to identify, develop and
negotiate value enhancing alternatives to the GSR Bid, (b) encourage the fair treatment of shareholders of the Corporation in connection with any
take-over offer for the Corporation or other acquisition of control of the Corporation, and (c) generally to prevent any person from acquiring ownership (or the right to acquire
ownership) of 20% or more of the outstanding common shares of the Corporation while the process referred to in item (a) above is ongoing, or entering into arrangements or relationships that
have a similar effect; 

C.    in
order to implement the Rights Plan, the Board of Directors of the Corporation has: 

	(i)
	authorized
and declared a distribution of one right (a "Right") effective at the Record Time (as hereinafter defined) in
respect of each Common Share (as hereinafter defined) outstanding at the Record Time, 

 

	(ii)
	authorized
the issue of one Right in respect of each Common Share issued after the Record Time and prior to the earlier of the Separation Time (as hereinafter defined)
and the Expiration Time (as hereinafter defined), and

	(iii)
	authorized
the issue of Rights Certificates (as hereinafter defined) to holders of Rights pursuant to the terms and subject to the conditions set forth herein; 

D.    each
Right entitles the holder thereof, after the Separation Time, to purchase securities of the Corporation pursuant to the terms and subject to the conditions set forth herein; and 

E.    the
Corporation desires to appoint the Rights Agent to act on behalf of the Corporation and the holders of Rights, and the Rights Agent is willing to so act, in connection with the
issue, transfer, exchange and replacement of Rights Certificates, the exercise of Rights and other matters referred to herein; 

        NOW
THEREFORE, in consideration of the premises and respective agreements set forth herein, the Corporation and the Rights Agent hereby agree as follows: 

 
 

ARTICLE 1
  
    INTERPRETATION    
    

1.1   Certain Definitions  

        For the purposes of this Agreement, including the recitals hereto, the words and terms set forth below have the meanings indicated. 

	(a)
	"Acquiring Person" means any Person who is the Beneficial Owner of 20% or more of the outstanding Voting Shares, but does not include:

	(i)
	the
Corporation or any Subsidiary of the Corporation;

	(ii)
	any
Person who becomes the Beneficial Owner of 20% or more of the outstanding Voting Shares as a result of one or any combination of:

	(A)
	a
Voting Share Reduction;

	(B)
	a
Pro Rata Acquisition; 

2

 

	(C)
	a
Permitted Bid Acquisition;

	(D)
	an
Exempt Acquisition; and

	(E)
	a
Convertible Security Acquisition, 

provided,
however, that if a Person shall become the Beneficial Owner of 20% or more of the outstanding Voting Shares by reason of one or any combination of a Voting Share Reduction, a Pro Rata
Acquisition, a Permitted Bid Acquisition, an Exempt Acquisition and a Convertible Security Acquisition and thereafter becomes the Beneficial Owner of more than 1.0% of the number of Voting Shares then
outstanding in addition to those Voting Shares such Person already holds (otherwise than pursuant to a Voting Share Reduction, a Pro Rata Acquisition, a Permitted Bid Acquisition, an Exempt
Acquisition or a Convertible Security Acquisition or any combination thereof), then, as of the date that such Person becomes a Beneficial Owner of such additional Voting Shares, such Person shall
become an "Acquiring Person"; 

	(iii)
	for
the period of 10 days after the Disqualification Date (as hereinafter defined), any Person who becomes the Beneficial Owner of 20% or more of the
outstanding Voting Shares as a result of such Person becoming disqualified from relying on Section 1.1(d)(ii)(B) where such disqualification results solely because such Person is making or has
announced a current intention to make a Take-over Bid, either alone or by acting jointly or in concert with any other Person, unless such disqualified Person during such 10-day
period acquires more than 1.0% of the number of Voting Shares then outstanding in addition to those Voting Shares such disqualified Person already holds. For the purposes of this definition,
"Disqualification Date" means the first date of public announcement that such Person is making or participating in, or proposes to make or participate
in, a Take-over Bid, either alone or by acting jointly or in concert with another Person;

	(iv)
	an
underwriter or a member of a banking or selling group acting in such capacity that becomes the Beneficial Owner of 20% or more of the Voting Shares in connection
with a distribution of securities pursuant to an underwriting agreement with the Corporation; or

	(v)
	any
Person (a "Grandfathered Person") who is the Beneficial Owner of 20% or more of the Voting Shares determined as at
the Record Time, provided, however, that this exception shall not, and shall cease to, apply if, after the Record Time, the Grandfathered Person: (1) ceases to own 20% or more of the
outstanding Voting Shares; or (2) becomes the Beneficial Owner of more than 1% of the number of outstanding Voting Shares then outstanding in addition to those Voting Shares such Person already
holds (otherwise than pursuant to a Voting Share Reduction, a Pro Rata Acquisition, a Permitted Bid Acquisition, an Exempt Acquisition or a Convertible Security Acquisition or any combination
thereof); provided that, for greater certainty, GSR shall be deemed conclusively not to be a Grandfathered Person. 

3

 

	(b)
	"Affiliate", when used to indicate a relationship with a specified Person, means a Person that directly or indirectly controls, or is
controlled by, or is under common control with, such specified Person.

	(c)
	"Associate", when used to indicate a relationship with a specified Person, means (i) any corporation of which such Person
beneficially owns, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting securities of such corporation for the time being outstanding,
(ii) any partner of that Person, (iii) any trust or estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar
capacity, (iv) a spouse of such specified Person, (v) any Person of either sex with whom such specified Person is living in a conjugal relationship outside marriage, or (vi) any
relative of such specified Person who has the same home as such specified Person. 

	(d)	 	(i)	A Person shall be deemed the "Beneficial Owner" of, and to have "Beneficial Ownership" of, and to "Beneficially Own":

	(A)
	any
securities of which such Person or any of such Person's Affiliates or Associates is the owner at law or in equity;

	(B)
	any
securities of which such Person or any of such Person's Affiliates or Associates has the right to become the owner at law or in equity within 60 days (where such right is
exercisable immediately or within a period of 60 days, whether or not upon the condition or occurrence of any contingency or the making of one or more payments) upon the exercise of any
conversion right, exchange right, share purchase right (other than the Rights) or pursuant to any agreement, arrangement, pledge or understanding, whether or not in writing, other than:

	(1)
	customary
agreements with and between underwriters and banking group or selling group members with respect to a distribution of securities; and 

4

 

	(2)
	pledges
of securities in the ordinary course of the pledgee's business; and

	(C)
	any
securities that are Beneficially Owned within the meaning of Section 1.1(d)(i)(A) or 1.1(d)(i)(B) by any other Person with which such Person is acting jointly or in
concert.

	(ii)
	Notwithstanding
the provisions of Section 1.1(d)(i), a Person shall not be deemed the "Beneficial Owner" of, or
to have "Beneficial Ownership" of, or to "Beneficially Own", any security because: 

	(A)	 	(1)	the holder of such security has agreed to deposit or tender such security to a Take-over Bid made by such Person or any of such Person's Affiliates or Associates or any other Person referred to in Section 1.1(d)(i)(C)
 pursuant to a Permitted Lock-up Agreement; or
	 	 	(2)	such security has been deposited or tendered pursuant to a Take-over Bid made by such Person or any of such Person's Affiliates or Associates or made by any other Person acting jointly or in concert with such Person until
such deposited or tendered security has been taken up or paid for, whichever shall first occur;

	(B)
	such
Person, any Affiliate or Associate of such Person or any other Person acting jointly or in concert with such Person holds such security; provided that:

	(1)
	the
ordinary business of such Person (the "Portfolio Manager") includes the management or administration of investment funds or mutual
funds for other Persons and such security is held by the Portfolio Manager in the ordinary course of such business in the performance of the Portfolio Manager's duties for the account of any other
Person (a "Client") including non-discretionary accounts held on behalf of a Client by a broker or dealer or broker-dealer registered under
applicable law;

	(2)
	such
Person (the "Trust Company") is licensed to carry on the business of a trust company under applicable law and, as such, acts as
trustee or administrator or in a similar capacity in relation to the estates of deceased or incompetent Persons (each, an "Estate Account") or in
relation to other accounts (each, an "Other Account") and holds such security in the ordinary course of and for the purposes of the activities of such
Estate Accounts or for such Other Accounts; 

5

 

	(3)
	such
Person (the "Crown Agent") is established by statute for purposes that include, and the ordinary business or activity of such
Person includes, the management of investment funds for employee benefit plans, pension plans, insurance plans, or various public bodies and the Crown Agent holds such security in the ordinary course
of and for the purposes of its activities as such; or

	(4)
	such
Person (the "Plan Administrator") is the administrator or the trustee of one or more pension funds or plans registered under the
laws of Canada or the United States of America or any province or state thereof (each, a "Plan") or is a Plan and such security is Beneficially Owned or held by the Person in the ordinary
course of and for the purposes of its activities as such; 

provided,
however, that in any of the foregoing cases, the Portfolio Manager, the Trust Company, the Crown Agent, the Plan Administrator or the Plan, as the case may be, is not then making or has not
then announced an intention to make a Take-over Bid, alone or by acting jointly or in concert with any other Person, other than an Offer to Acquire Voting Shares or other securities
pursuant to a distribution by the Corporation, a Permitted Bid or by means of ordinary market transactions (including pre-arranged trades entered into in the ordinary course of business of
such Person) executed through the facilities of a stock exchange or organized over-the-counter market in respect of securities of the Corporation; 

	(C)
	such
Person is a Client of the same Portfolio Manager as another Person on whose account the Portfolio Manager holds such security, or because such Person is an Estate Account or an
Other Account of the same Trust Company as another Person on whose account the Trust Company holds such security or because such Person is a Plan with the same Plan Administrator as another Plan on
whose account the Plan Administrator holds such security; 

6

 

	(D)
	such
Person is a Client of a Portfolio Manager and such security is owned at law or in equity by the Portfolio Manager or because such Person is an Estate Account or an Other Account
of a Trust Company and such security is owned at law or in equity by the Trust Company or such Person is a Plan and such security is owned at law or in equity by the Plan Administrator of such Plan;
or

	(E)
	such
Person is the registered holder of securities as a result of carrying on the business, or acting as a nominee, of a securities depositary. 

For
the purposes of this Agreement, in determining the percentage of the outstanding Voting Shares with respect to which a Person is or is deemed to be the Beneficial Owner, any unissued Voting Shares
as to which such Person is deemed the Beneficial Owner pursuant to this Section 1.1(d) shall be deemed outstanding. 

	(e)
	"Board of Directors" means the board of directors of the Corporation or any duly constituted and empowered committee thereof.

	(f)
	"Business Day" means any day, other than a Saturday or Sunday or a day on which banking institutions in Toronto, Ontario are authorized
or obligated by law to close.

	(g)
	"Canadian Dollar Equivalent" of any amount which is expressed in United States dollars means on any day the Canadian dollar
equivalent of such amount determined by reference to the U.S.-Canadian Exchange Rate in effect on such date.

	(h)
	"CBCA" means the Canada Business Corporations Act and the regulations thereunder and
any successor laws or regulations thereto.

	(i)
	"Close of Business" on any given date means the time on such date (or, if such date is not a Business Day, the time on the next
Business Day) at which the principal office of the transfer agent for the Common Shares in the City of Toronto (or after the Separation Time, the principal office of the Rights Agent in the City of
Toronto) is closed to the public. 

7

 

	(j)
	"Closing Price" per security of any securities on any date of determination means:

	(i)
	the
closing board lot sale price or, if such price is not available, the average of the closing bid and asked prices, for each of such securities as reported by the
principal stock exchange or national securities quotation system on which such securities are listed or admitted to trading (provided that, if at the date of determination such securities are listed
or admitted to trading on more than one stock exchange or national securities quotation system, then such price or prices shall be determined based upon the stock exchange or quotation system on which
such securities are then listed or admitted to trading on which the largest number of such securities were traded during the most recently completed calendar year);

	(ii)
	if
for any reason none of such prices is available on such day or the securities are not listed or admitted to trading on a stock exchange or a national securities
quotation system, then the last sale price, or in case no sale takes place on such date, the average of the high bid and low asked prices for each of such securities in the
over-the-counter market, as quoted by any reporting system then in use; or

	(iii)
	if
for any reason none of such prices is available on such day or the securities are not listed or admitted to trading on a stock exchange or a national securities
quotation system or quoted by any such reporting system, then the average of the closing bid and asked prices as furnished by a professional market maker making a market in the securities selected in
good faith by the Board of Directors, 

provided,
however, that: 

	(A)
	if
for any reason none of such prices are available on such date, then the "Closing Price" per security of such securities on such date shall mean the fair value per security of the
securities on such date as determined by a nationally or internationally recognized investment dealer or investment banker with respect to the fair value per security of such securities; and

	(B)
	if
the Closing Price so determined is expressed in United States dollars, then such amount shall be converted to the Canadian Dollar Equivalent.

	(k)
	"Common Shares" means the common shares which the Corporation is authorized to issue, as such shares may be subdivided, consolidated,
reclassified or otherwise changed from time to time, and "common shares" when used with reference to any Person other than the Corporation means the class or classes of shares (or similar equity
interests) with the greatest per share voting power entitled to vote generally in the election of all directors of such other Person or the equity securities or other equity interest having power
(whether or not exercised) to control or direct the management of such other Person or, if such other Person is a Subsidiary of another Person, of the Person or Persons (other than an individual)
which ultimately control such first mentioned other Person. 

8

 

	(l)
	"Competing Permitted Bid" means a Take-over Bid that:

	(i)
	is
made after another Permitted Bid has been made and prior to the expiry of such Permitted Bid;

	(ii)
	satisfies
all components of the definition of a Permitted Bid other than the requirement set forth in Section 1.1(ii)(ii)(A)(1); and

	(iii)
	contains,
and the take-up and payment for securities tendered or deposited thereunder is subject to, irrevocable and unqualified conditions that no Voting
Shares shall be taken up or paid for pursuant to such Take-over Bid prior to the Close of Business on a date that is no earlier than the later of:

	(A)
	35 days
after the date of such Take-over Bid; and

	(B)
	the
earliest date on which Voting Shares may be taken up or paid for under any other Permitted Bid that preceded the Competing Permitted Bid that is then in existence for the Voting
Shares.

	(m)
	"Controlled": a Person is considered to be "controlled" by another Person or two or more Persons if:

	(i)
	in
the case of a Person other than a partnership or a limited partnership, including, without limitation, a corporation or body corporate:

	(A)
	securities
entitled to vote in the election of directors carrying more than 50% of the votes for the election of directors are held, directly or indirectly, by or for the benefit of
the other Person or two or more Persons acting jointly or in concert; and 

9

 

	(B)
	the
votes carried by such securities are entitled, if exercised, to elect a majority of the board of directors of such Person;

	(ii)
	in
the case of a partnership other than a limited partnership, more than 50% of the interests in such partnership are held by the other Person or Persons; and

	(iii)
	in
the case of a limited partnership, the other Person or each of the other Persons is a general partner of the limited partnership, 

and
"controls", "controlling" and "under common control
with" shall be interpreted accordingly. 

	(n)
	"Convertible Security" means a security convertible or exchangeable into a Voting Share and a "Convertible
Security Acquisition" means an acquisition by a Person of Voting Shares upon the exercise, conversion or exchange of Convertible Securities received by a Person pursuant to a
Permitted Bid Acquisition, an Exempt Acquisition or a Pro Rata Acquisition.

	(o)
	"Co-Rights Agents" has the meaning ascribed thereto in Section 4.1.1.

	(p)
	"Disposition Date" has the meaning ascribed thereto in Section 5.1.2.

	(q)
	"Effective Date" means July 12, 2004.

	(r)
	"Election to Exercise" has the meaning ascribed thereto in Section 2.2.4(b).

	(s)
	"Exchange" means the Toronto Stock Exchange, the American Stock Exchange and any other exchange on which the Common Shares may, from
time to time, be listed for trading.

	(t)
	"Exempt Acquisition" means an acquisition of Voting Shares or Convertible Securities in respect of which the Board of Directors has
waived the application of Section 3.1 pursuant to Sections 5.1.2, 5.1.4, 5.1.5 or 5.1.6.

	(u)
	"Exercise Price" means, as of any date, the price at which a holder of a Right may purchase the securities issuable upon exercise of
one whole Right and, until adjustment thereof in accordance with the terms hereof, the Exercise Price shall be $40.00.

	(v)
	"Expansion Factor" has the meaning ascribed thereto in Section 2.3.2(i)(A). 

10

 

	(w)
	"Expiration Time" means the earlier of:

	(i)
	the
Termination Time; and

	(ii)
	11:59 p.m.
(Toronto time) on August 15, 2004.

	(x)
	"Fiduciary" means, when acting in that capacity, a trust company registered under the trust company legislation of Canada or any
province thereof, a trust company organized under the laws of any state of the United States, a portfolio manager registered under the securities legislation of one or more provinces of Canada
or an investment adviser registered under the United States Investment Advisers Act of 1940, as amended, or any other securities legislation of
the United States or any state of the United States.

	(y)
	"Flip-in Event" means a transaction or event in or pursuant to which any Person becomes an Acquiring Person.

	(z)
	"GSR" means Golden Star Resources Ltd., a corporation existing under the provisions of the CBCA;

	(aa)
	"GSR Bid" means the Take-Over Bid commenced by GSR on or about June 10, 2004;

	(bb)
	"Holder" has the meaning ascribed thereto in Section 2.8.

	(cc)
	"Independent Shareholders" means holders of outstanding Voting Shares, other than Voting Shares Beneficially Owned by any:

	(i)
	Acquiring
Person other than a Person who at the relevant time is deemed not to Beneficially Own such Voting Shares by reason of Section 1.1(d)(ii)(B);

	(ii)
	Offeror
other than a Person who at the relevant time is deemed not to Beneficially Own such Voting Shares by reason of Section 1.1(d)(ii)(B);

	(iii)
	Person
acting jointly or in concert with such Acquiring Person or Offeror; or

	(iv)
	employee
benefit plan, stock purchase plan, deferred profit sharing plan and any similar plan or trust for the benefit of employees of the Corporation or a Subsidiary
of the Corporation, unless the beneficiaries of such plan or trust direct the manner in which the Voting Shares are to be voted or withheld from voting or direct whether or not the Voting Shares are
to be tendered to a Take-over Bid. 

11

 

	(dd)
	"Market Price" per security of any securities on any date of determination means the average of the daily Closing Prices per security
of such securities on each of the 20 consecutive Trading Days through and including the Trading Day immediately preceding such date of determination; provided, however, that if an event of a type
analogous to any of the events described in Section 2.3 shall have caused any Closing Price used to determine the Market Price on any Trading Day not to be fully comparable with the Closing
Price on the Trading Day immediately preceding such date of determination, each such Closing Price so used shall be appropriately adjusted in a manner analogous to the applicable adjustment provided
for in Section 2.3 (as determined by the Board of Directors acting in good faith) in order to make it fully comparable with the Closing Price on the Trading Day immediately preceding such date
of determination.

	(ee)
	"Nominee" has the meaning ascribed thereto in Section 2.2.3.

	(ff)
	"Offer to Acquire" shall include:

	(i)
	an
offer to purchase or a solicitation of an offer to sell Voting Shares, or a public announcement of an intention to make such an offer or solicitation; and

	(ii)
	an
acceptance of an offer to sell Voting Shares, whether or not such offer to sell has been solicited, 

or
any combination thereof, and the Person accepting an offer to sell shall be deemed to be making an Offer to Acquire to the Person that made the offer to sell. 

	(gg)
	"Offeror" means a Person who has announced a current intention to make, or who is making, a Take-over Bid.

	(hh)
	"Offeror's Securities" means the aggregate of the Voting Shares Beneficially Owned on the date of a Take-over Bid by an
Offeror.

	(ii)
	"Permitted Bid" means a Take-over Bid made by way of a Take-over Bid circular and which also complies with the
following additional provisions:

	(i)
	the
Take-over Bid is made to all holders of record of Voting Shares of the Corporation, other than the Offeror, and expires no earlier than 11:59 p.m.
(Toronto time) on August 15, 2004; and 

12

  

	(ii)
	the
Take-over Bid contains, and the take-up and payment for securities tendered or deposited thereunder is subject to, irrevocable and
unqualified conditions that:

	(A)
	no
Voting Shares shall be taken up or paid for pursuant to the Take-over Bid:

	(1)
	prior
to 11:59 p.m. (Toronto time) on August 15, 2004; and

	(2)
	unless,
at the Close of Business on such date, more than 50% of the then outstanding Voting Shares held by Independent Shareholders have been deposited or tendered pursuant to the
Take-over Bid and have not been withdrawn;

	(B)
	unless
the Take-over Bid is withdrawn, Voting Shares may be deposited pursuant to such Take-over Bid at any time prior to the Close of Business on the date of
the first take-up of or payment for Voting Shares;

	(C)
	any
Voting Shares deposited pursuant to the Take-over Bid may be withdrawn until taken up and paid for; and

	(D)
	in
the event that the requirement set forth in Section 1.1(ii)(ii)(A)(2) is satisfied, the Offeror will make a public announcement of that fact and the Take-over
Bid will remain open for deposits and tenders of Voting Shares for not less than 10 Business Days from the date of such public announcement, 

provided
that, should a Permitted Bid cease to be a Permitted Bid because it ceases to meet any or all of the requirements mentioned above prior to the time it expires (after giving effect to any
extension) or is withdrawn, then any acquisition of Voting Shares made pursuant to such Permitted Bid, including any acquisition of Voting Shares made prior to such time, shall not be a Permitted Bid
Acquisition. The term Permitted Bid shall include a Competing Permitted Bid. 

	(jj)
	"Permitted Bid Acquisition" means an acquisition of Voting Shares made pursuant to a Permitted Bid or a Competing
Permitted Bid. 

13

 

	(kk)
	"Permitted Lock-up Agreement" means an agreement between a Person and one or more holders of Voting Shares (each, a
"Locked-up Person") (the terms of which are publicly disclosed and a copy of which is made available to the public, including the
Corporation, not later than the date of the Lock-up Bid (as defined below) or, if the Lock-up Bid has been made prior to the date on which such agreement is entered into, not
later than the date of such agreement and if such date is not a Business Day, the next Business Day) pursuant to which each such Locked-up Person agrees to deposit or tender Voting Shares
to a Take-over Bid (the "Lock-up Bid") made or to be made by the Person, any of such Person's Affiliates or Associates or any other Person acting jointly or in concert with
such Person, provided that:

	(i)
	the
agreement permits any Locked-up Person to terminate its obligation to deposit or tender to or not to withdraw Voting Shares from the Lock-up
Bid in order to tender or deposit the Voting Shares to another Take-over Bid or support another transaction:

	(A)
	where
the price or value per Common Share offered under such other Take-over Bid or transaction is higher than the price or value per Common Share offered under the
Lock-up Bid; or

	(B)
	if:

	(1)
	the
price or value per Common Share offered under the other Take-over Bid or transaction exceeds by as much as or more than a specified amount (the "Specified Amount") the
price or value per Common Share offered under the Lock-up Bid, provided that such Specified Amount is not greater than 7% of the price or value per Common Share offered under the
Lock-up Bid; or

	(2)
	the
number of Voting Shares to be purchased under the other Take-over Bid or transaction exceeds by as much as or more than a specified number (the
"Specified Number") the number of Voting Shares that the Offeror has offered to purchase under the Lock-up Bid at a price or value per
Common Share that is not less than the price or value per Common Share offered under the Lock-up Bid, provided that the Specified Number is not greater than 7% of the number of Voting
Shares offered to be purchased under the Lock-up Bid, 

and,
for greater clarity, the agreement may contain a right of first refusal or require a period of delay to give such Person an opportunity to match a higher price in another Take-over
Bid or transaction or other similar limitation on a Locked-up Person's right to withdraw Voting Shares from the agreement, so long as the limitation does not preclude the exercise by the
Locked-up Person of the right to withdraw Voting Shares during the period of the other Take-over Bid or transaction; and 

14

 

	(ii)
	no
"break-up" fees, "top-up" fees, penalties, expenses or other amounts that exceed in the aggregate the greater of:

	(A)
	the
cash equivalent of 2.5% of the price or value of the consideration payable under the Lock-up Bid to a Locked-up Person; and

	(B)
	50%
of the amount by which the price or value of the consideration payable under another Take-over Bid or transaction to a Locked-up Person exceeds the price
or value of the consideration that such Locked-up Person would have received under the Lock-up Bid, 

shall
be payable by a Locked-up Person pursuant to the agreement in the event a Locked-up Person fails to deposit or tender Voting Shares to the Lock-up Bid or
withdraws Voting Shares in order to accept the other Take-over Bid or support another transaction. 

	(ll)
	"Person" includes any individual, firm, partnership, association, trust, trustee, executor, administrator, legal personal
representative, government, governmental body or authority, corporation or other incorporated or unincorporated organization, syndicate or other entity.

	(mm)
	"Pro Rata Acquisition" means an acquisition by a Person of Voting Shares pursuant to:

	(i)
	any
dividend reinvestment plan or share purchase plan of the Corporation made available to all holders of Voting Shares (other than holders resident in any jurisdiction
where participation in any such plan is restricted or impractical as a result of applicable law);

	(ii)
	a
stock dividend, a stock split or other event pursuant to which such Person becomes the Beneficial Owner of Voting Shares on the same pro rata basis as all
other holders of Voting Shares of the same class or series;

	(iii)
	the
acquisition or exercise of rights to purchase Voting Shares distributed to all holders of Voting Shares (other than holders resident in any jurisdiction where such
distribution is restricted or impractical as a result of applicable law) by the Corporation pursuant to a rights offering (but only if such rights are acquired directly from the
Corporation); or 

15

 

	(iv)
	a
distribution of Voting Shares or Convertible Securities made pursuant to a prospectus or by way of a private placement or a conversion or exchange of any Convertible
Security, 

provided,
however, that such Person does not thereby acquire a greater percentage of Voting Shares or of Convertible Securities so offered than such Person's percentage of Voting Shares Beneficially
Owned immediately prior to such acquisition. 

	(nn)
	"Record Time" means the Close of Business on the Effective Date.

	(oo)
	"Redemption Price" has the meaning attributed thereto in Section 5.1.1.

	(pp)
	"Regular Periodic Cash Dividend" means cash dividends paid on the Common Shares at regular intervals in any fiscal year of the
Corporation to the extent that such cash dividends do not exceed in the aggregate in any fiscal year, on a per share basis, the greatest of:

	(i)
	200%
of the aggregate amount of cash dividends declared payable by the Corporation on its Common Shares in its immediately preceding fiscal year divided by the number of
Common Shares outstanding as at the end of such fiscal year;

	(ii)
	300%
of the arithmetic mean of the aggregate amounts of cash dividends declared payable by the Corporation on its Common Shares in its three immediately preceding
fiscal years divided by the arithmetic mean of the number of Common Shares outstanding as at the end of each of such fiscal years; and

	(iii)
	100%
of the aggregate consolidated net income of the Corporation, before extraordinary items, for its immediately preceding fiscal year divided by the number of Common
Shares outstanding as at the end of such fiscal year.

	(qq)
	"Rights" means the herein described rights to purchase securities pursuant to the terms and subject to the conditions set forth
herein.

	(rr)
	"Rights Certificate" means a certificate representing the Rights after the Separation Time which shall be substantially in the form
attached hereto as schedule A. 

16

 

	(ss)
	"Rights Register" and "Rights Registrar" have the respective meanings ascribed thereto
in Section 2.6.1.

	(tt)
	"Securities Act (Ontario)" means the Securities Act (Ontario), as amended, and the
rules and regulations made thereunder, as now in effect or as the same may from time to time be amended, re-enacted or replaced.

	(uu)
	"Separation Time" means the Close of Business on the eighth Business Day after the earlier of:

	(i)
	the
Stock Acquisition Date; and

	(ii)
	the
date of the commencement of, or first public announcement or disclosure of the intent of any Person (other than the Corporation or any Subsidiary of the
Corporation) to commence, a Take-over Bid (other than a Permitted Bid, so long as such Take-over Bid continues to satisfy the requirements of a Permitted Bid), 

or
such later date as may be determined by the Board of Directors in good faith, provided that (i) if the foregoing results in a Separation Time being prior to the Record Time, the Separation
Time shall (subject to any determination of the Board of Directors as aforesaid) be the Record Time, (ii) if any such Take-over Bid expires, is cancelled, is terminated or is
otherwise withdrawn prior to the Separation Time without securities deposited thereunder being taken up and paid for, then such Take-over Bid shall be deemed, for purposes of this
Section 1.1(uu) never to have been made, (iii) if the Board of Directors determines, pursuant to Section 5.1, to waive the application of Section 3.1 to a
Flip-In Event, then the Separation Time in respect of such Flip-In Event shall be deemed never to have occurred, and (iv) the Separation Time with respect to the GSR Bid
shall be the Close of Business on such Business Day after the Effective Date as may be determined by the Board of Directors. 

	(vv)
	"Stock Acquisition Date" means the first date of public announcement or disclosure by the Corporation or an Acquiring Person of facts
indicating that a Person has become an Acquiring Person, which, for the purposes of this definition, shall include, without limitation, a report filed pursuant to Section 101 of the Securities
Act (Ontario) or Section 13(d) of the U.S. Exchange Act announcing or disclosing such information. 

17

 

	(ww)
	"Subsidiary": a body corporate is a Subsidiary of another body corporate if:

	(i)
	it
is controlled by (A) that other, or (B) that other and one or more bodies corporate, each of which is controlled by that other, or (C) two or
more bodies corporate, each of which is controlled by that other, or

	(ii)
	it
is a Subsidiary of a body corporate that is that other's Subsidiary.

	(xx)
	"Take-over Bid" means an Offer to Acquire Voting Shares, or Convertible Securities with respect thereto, where the Voting
Shares subject to the Offer to Acquire, together with the Voting Shares into or for which the securities subject to the Offer to Acquire are convertible or exchangeable and the Offeror's Securities
constitute in the aggregate 20% or more of the outstanding Voting Shares at the date of the Offer to Acquire. For greater certainty, the GSR Bid shall be deemed conclusively to be a
Take-over Bid notwithstanding that the GSR Bid was commenced prior to the Effective Date.

	(yy)
	"Termination Time" means the time at which the right to exercise Rights shall terminate pursuant to Section 5.1.

	(zz)
	"Trading Day", when used with respect to any securities, means the day on which the principal Canadian or United States
securities exchange (as determined by the Board of Directors) on which such securities are listed or admitted to trading is open for the transaction of business or, if the securities are not listed or
admitted to trading on any Canadian or United States securities exchange, a Business Day.

	(aaa)
	"U.S. — Canadian Exchange Rate" on any date means:

	(i)
	if
on such date the Bank of Canada sets an average noon spot rate of exchange for the conversion of one United States dollar into Canadian dollars, such
rate; and

	(ii)
	in
any other case, the rate for such date for the conversion of one United States dollar into Canadian dollars which is calculated in the manner which shall be
determined by the Board of Directors from time to time acting in good faith.

	(bbb)
	"U.S. Exchange Act" means the United States Securities Exchange Act of
1934, as amended, and the rules and regulations thereunder as from time to time in effect, and any comparable or successor laws, rules or regulations thereto.

	(ccc)
	"Voting Share Reduction" means an acquisition, redemption or cancellation by the Corporation of Voting Shares which, by reducing the
number of Voting Shares outstanding, increases the percentage of Voting Shares Beneficially Owned by any Person to 20% or more of the Voting Shares then outstanding. 

18

 

	(ddd)
	"Voting Shares" means the Common Shares and any other securities the holders of which are entitled to vote generally on the election
of directors of the Corporation and "voting shares", when used with reference to any Person other than the Corporation, means common shares of such other Person and any other securities the holders of
which are entitled to vote generally in the election of the directors or to otherwise affect control of such other Person.

	(eee)
	"1933 Act" means the United States Securities Act of 1933, as amended, and the
rules and regulations thereunder, and any comparable or successor laws, rules or regulations thereto. 

1.2   Currency  

        All sums of money which are referred to in this Agreement are expressed in lawful money of Canada, unless otherwise specified. 

1.3   Number and Gender  

        Wherever the context will require, terms (including defined terms) used herein importing the singular number only shall include the plural and  vice
versa and words importing any one gender shall include all others. 

1.4   Sections and Headings  

        The division of this Agreement into Articles, Sections and Schedules and the insertion of headings are for convenience of reference only and shall not affect the
construction or interpretation of this Agreement. The terms this "Agreement", "hereunder", "hereof", and similar expressions refer to this Agreement as amended or supplemented from time to time and
not to any particular Article, Section or Schedule or other portion hereof and include any agreement or instrument supplemental or ancillary hereto. Unless something in the subject matter or context
is inconsistent therewith, references herein to Articles, Sections and Schedules are to Articles, Sections and Schedules of or to this Agreement. 

1.5   Statutory References  

        Unless the context otherwise requires, any reference to a specific section, subsection, clause or rule of any act or regulation shall be deemed to refer to the
same as it may be amended, reenacted or replaced or, if repealed and there shall be no replacement therefor, to the same as it is in effect on the date of this Agreement. 

19

 

1.6   Determination of Percentage Ownership  

        The percentage of Voting Shares Beneficially Owned by any Person, shall, for the purposes of this Agreement, be and be deemed to be the product determined by the
formula: 

	

100	

×	
 	

A

B

where:

	A	 	=	 	the aggregate number of votes for the election of all directors generally attaching to the Voting Shares Beneficially Owned by such Person; and
	
 B	
 	

=	
 	

the aggregate number of votes for the election of all directors generally attaching to all outstanding Voting Shares,

provided
that where any Person is deemed to Beneficially Own unissued Voting Shares pursuant to Section 1.1(d), such Voting Shares shall be deemed to be outstanding for the purpose of both A
and B in the formula above. 

1.7   Acting Jointly or in Concert  

        For the purposes of this Agreement, a Person is acting jointly or in concert with every Person who is a party to an agreement, commitment or understanding,
whether formal or informal or written or unwritten, with the first Person, or with any other Person acting jointly or in concert with the first Person, to acquire or to Offer to Acquire Voting Shares
or Convertible Securities (other than customary agreements with and between underwriters and banking or selling group members with respect to a distribution of securities and pledges of securities in
the ordinary course of business to secure indebtedness). 

1.8   Generally Accepted Accounting Principles  

        Wherever in this Agreement reference is made to generally accepted accounting principles, such reference shall be deemed to be the recommendations at the relevant
time of the Canadian Institute of Chartered Accountants, or any successor institute, applicable on a consolidated basis (unless otherwise specifically provided herein to be applicable on an
unconsolidated basis) as at the date on which a calculation is made or required to be made in accordance with generally accepted accounting principles. Where the character or amount of any asset or
liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Agreement or any document,
such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance with generally
accepted accounting principles applied on a consistent basis. 

20

 
 
 

ARTICLE 2
  
    THE RIGHTS    
    

2.1   Legend on Common Share Certificates  

	2.1.1
	Certificates
representing the Common Shares, including without limitation Common Shares issued upon the conversion of Convertible Securities, issued after the Record Time but prior
to the Close of Business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on,
written on or otherwise affixed to them the following legend: 

"Until
the Separation Time (as defined in the Rights Agreement referred to below), this certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Shareholder Rights
Plan Agreement dated as of July 12, 2004 (the "Rights Agreement") between the Corporation and Computershare Trust Company of Canada, as Rights Agent, as the same may be amended or supplemented
from time to time in accordance with the terms thereof, the terms of which are hereby incorporated herein by reference and a copy of which is on file and may be inspected during normal business hours
at the principal executive office of the Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be amended or redeemed, may expire, may become void (if, in
certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may
no longer be evidenced by this certificate. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge as soon as
practicable after the receipt of a written request therefor." 

	2.1.2
	Certificates
representing Common Shares that are issued and outstanding at the Record Time shall evidence one Right for each Common Share evidenced thereby, notwithstanding the
absence of the foregoing legend, until the earlier of:

	(c)
	the
Separation Time; and

	(d)
	the
Expiration Time. 

21

 

2.2   Initial Exercise Price; Exercise of Rights; Detachment of Rights  

	2.2.1
	Subject
to adjustment as herein set forth, including without limitation as set forth in Article 3, each Right will entitle the holder thereof, from and after the Separation
Time and prior to the Expiration Time, to purchase one Common Share for the Exercise Price as at the Business Day immediately preceding the Separation Time (which Exercise Price and number of Common
Shares are subject to adjustment as set forth below). Notwithstanding any other provision of this Agreement, any Rights held by the Corporation or any of its Subsidiaries shall be void.

	2.2.2
	Until
the Separation Time:

	(a)
	the
Rights shall not be exercisable and no Right may be exercised; and

	(b)
	for
administrative purposes, each Right will be evidenced by the certificate for the associated Common Share registered in the name of the holder thereof (which certificate shall be
deemed to represent a Rights Certificate) and will be transferable only together with, and will be transferred by a transfer of, such associated Common Share.

	2.2.3
	From
and after the Separation Time and prior to the Expiration Time, the Rights may be exercised, and the registration and transfer of the Rights shall be separate from and
independent of Common Shares. Promptly following the Separation Time, the Corporation will prepare or cause to be prepared and the Rights Agent will mail to each holder of record of Common Shares as
of the Separation Time and, in respect of each Convertible Security converted into Common Shares after the Separation Time and prior to the Expiration Time, promptly after such conversion, the
Corporation will prepare or cause to be prepared and the Rights Agent will mail to the holder so converting (other than an Acquiring Person and, in respect of any Rights Beneficially Owned by such
Acquiring Person which are not held of record by such Acquiring Person, the holder of record of such rights (a "Nominee")) at such holder's address as
shown by the records of the Corporation (the Corporation hereby agreeing to furnish copies of such records to the Rights Agent for this purpose):

	(a)
	a
Rights Certificate in substantially the form of schedule A appropriately completed, representing the number of Rights held by such holder at the Separation Time and having
such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Corporation may deem appropriate and as are not inconsistent with the provisions of this
Agreement, or as may be required to comply with any law, rule or regulation or judicial or administrative order, or with any article, requirement or regulation of any stock exchange or quotation
system on which the Rights may from time to time be listed or traded, or to conform to usage; and 

22

 

	(b)
	a
disclosure statement prepared by the Corporation describing the Rights, 

provided
that a Nominee shall be sent the materials provided for in Sections 2.2.3(a) and 2.2.3(b) only in respect of all Common Shares held of record by it which are not Beneficially
Owned by an Acquiring Person and the Corporation may require any Nominee or suspected Nominee to provide such information and documentation as the Corporation may reasonably require for such purpose. 

	2.2.4
	Rights
may be exercised in whole or in part on any Business Day after the Separation Time and prior to the Expiration Time by submitting to the Rights Agent, at its principal office
in Toronto, Ontario:

	(a)
	the
Rights Certificate evidencing such Rights;

	(b)
	an
election to exercise (an "Election to Exercise") substantially in the form attached to the Rights Certificate duly completed, and
executed in a manner acceptable to the Rights Agent; and

	(c)
	payment
in cash, or by certified cheque, banker's draft or money order payable to the order of the Corporation, of a sum equal to the Exercise Price multiplied by the number of Rights
being exercised and a sum sufficient to cover any transfer tax or charge which may be payable in respect of any transfer involved in the transfer or delivery of Rights Certificates or the issuance or
delivery of certificates for Common Shares in a name other than that of the holder of the Rights being exercised.

	2.2.5
	Upon
receipt of a Rights Certificate, which is accompanied by an appropriately completed and duly executed Election to Exercise (which does not indicate that such Right is null and
void as provided by Section 3.1.2 and payment as set forth in Section 2.2.4, the Rights Agent (unless otherwise instructed by the Corporation) will thereupon promptly:

	(a)
	requisition
from the transfer agent of the Common Shares certificates representing the number of Common Shares to be purchased (the Corporation hereby irrevocably authorizing its
transfer agent to comply with all such requisitions);

	(b)
	after
receipt of such Common Share certificates, deliver such certificates to, or to the order of, the registered holder of such Rights Certificate, registered in such name or names
as may be designated by such holder; 

23

 

	(c)
	when
appropriate, requisition from the Corporation the amount of cash, if any, to be paid in lieu of issuing fractional Common Shares;

	(d)
	when
appropriate, after receipt of such cash, deliver such cash to, or to the order of, the registered holder of the Rights Certificate; and

	(e)
	tender
to the Corporation all payments received on exercise of the Rights.

	2.2.6
	If
the holder of any Rights shall exercise less than all the Rights evidenced by such holder's Rights Certificate, a new Rights Certificate evidencing the Rights remaining
unexercised will be issued by the Rights Agent to such holder or to such holder's duly authorized assigns. 

2.2.7 The Corporation covenants and agrees that it will:  

	(a)
	take
all such action as may be necessary and within its power to ensure that all Common Shares delivered upon the exercise of Rights shall, at the time of delivery of the certificates
for such Common Shares (subject to payment of the Exercise Price), be duly and validly authorized, executed, issued and delivered as fully paid and non-assessable;

	(b)
	take
all such action as may reasonably be considered to be necessary and within its power to comply with any applicable requirements of the CBCA, the Securities Act (Ontario), the
U.S. Exchange Act, the 1933 Act and comparable legislation of each of the other provinces and territories of Canada and states of the United States of America, or the rules and
regulations thereunder or any other applicable law, rule or regulation, in connection with the issuance and delivery of the Rights, the Rights Certificates and the issuance of any Common Shares upon
exercise of the Rights;

	(c)
	use
reasonable efforts to cause all Common Shares issued upon exercise of the Rights to be listed on the stock exchanges on which the Common Shares are listed at that time;

	(d)
	cause
to be reserved and kept available out of its authorized and unissued Common Shares, the number of Common Shares that, as provided in this Agreement, will from time to time be
sufficient to permit the exercise in full of all outstanding Rights;

	(e)
	pay
when due and payable, if applicable, any and all federal, provincial and municipal taxes (not in the nature of income, capital gains or withholding taxes) and charges which may be
payable in respect of the original issuance or delivery of the Rights Certificates or certificates for Common Shares issued upon the exercise of Rights, provided that the Corporation shall not be
required to pay any transfer tax or charge which may be payable in respect of any transfer of Rights or the issuance or delivery of certificates for Common Shares issued upon the exercise of Rights,
in a name other than that of the holder of the Rights being transferred or exercised; and 

24

 

	(f)
	after
the Separation Time, except as permitted by Section 5.1 or Section 5.4, not take (or permit any Subsidiary to take) any action if at the time such action is taken
it is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights. 

2.3   Adjustments to Exercise Price; Number of Rights  

	2.3.1
	The
Exercise Price, the number and kind of securities subject to purchase upon exercise of each Right and the number of Rights outstanding are subject to adjustment from time to
time as provided in this Section 2.3 and in Article 3.

	2.3.2
	In
the event that the Corporation shall at any time after the Record Time and prior to the Expiration Time:

	(a)
	declare
or pay a dividend on the Common Shares payable in Voting Shares or Convertible Securities other than pursuant to any dividend reinvestment plan;

	(b)
	subdivide
or change the then outstanding Common Shares into a greater number of Common Shares;

	(c)
	consolidate
or change the then outstanding Common Shares into a smaller number of Common Shares; or

	(d)
	issue
any Voting Shares or Convertible Securities in respect of, in lieu of or in exchange for existing Common Shares, whether in a reclassification, amalgamation, statutory
arrangement, consolidation or otherwise, 

then
the Exercise Price and the number of Rights outstanding (or, if the payment or effective date therefor shall occur after the Separation Time, the securities purchasable upon the exercise of
Rights) shall be adjusted as follows: 

	(i)
	if
the Exercise Price and number of Rights outstanding are to be adjusted:

	(A)
	the
Exercise Price in effect after such adjustment will be equal to the Exercise Price in effect immediately prior to such adjustment divided by the number of Common Shares (or other
securities of the Corporation) (the "Expansion Factor") that a holder of one Common Share immediately prior to such dividend, subdivision, change,
combination or issuance would hold thereafter as a result thereof; and 

25

 

	(B)
	each
Right held prior to such adjustment will become that number of Rights equal to the Expansion Factor, and the adjusted number of Rights will be deemed to be allocated among the
Common Shares with respect to which the original Rights were associated (if they remain outstanding) and the securities of the Corporation issued in respect of such dividend, subdivision, change,
consolidation or issuance, so that each such Common Share (or other security of the Corporation) will have exactly one Right associated with it; and

	(ii)
	if
the securities purchasable upon exercise of Rights are to be adjusted, the securities purchasable upon exercise of each Right after such adjustment will be the
securities that a holder of the securities purchasable upon exercise of one Right immediately prior to such dividend, subdivision, change, consolidation or issuance would hold thereafter as a result
thereof. 

Adjustments
made pursuant to this Section 2.3.2 shall be made successively, whenever an event referred to in this Section 2.3.2 occurs. 

	2.3.3
	If,
after the Record Time and prior to the Expiration Time, the Corporation shall issue any of its securities other than Common Shares in a transaction of a type described in
Sections 2.3.2(a) or 2.3.2(d), such securities shall be treated herein as nearly equivalent to Common Shares as may be practicable and appropriate under the circumstances and the
Corporation and the Rights Agent agree to amend this Agreement in order to effect such treatment.

	2.3.4
	If
an event occurs which would require an adjustment under both this Section 2.3 and Section 3.1, the adjustment provided for in this Section 2.3 shall be in
addition to, and shall be made prior to, any adjustment required pursuant to Section 3.1.

	2.3.5
	In
the event the Corporation shall at any time after the Record Time and prior to the Separation Time issue any Common Shares otherwise than in a transaction referred to in
Section 2.3.2, each such Common Share so issued shall automatically have one new Right associated with it, which Right shall be evidenced by the certificate representing such Common Share.

	2.3.6
	(a)
In the event the Corporation shall, at any time after the Record Time and prior to the Expiration Time, fix a record date for the making of a distribution to all holders of
Common Shares of rights or warrants entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Common Shares (or Convertible Securities in
respect of Common Shares) at a price per Common Share (or, in the case of such a Convertible Security, having a conversion, exchange or exercise price per share (including the price required to be
paid to purchase such Convertible Security)) less than 90% of the Market Price per Common Share on such record date, the Exercise Price in effect after such record date will equal the Exercise Price
in effect immediately prior to such record date multiplied by a fraction: 

26

 

	(i)
	of
which the numerator shall be the number of Common Shares outstanding on such record date plus the number of Common Shares which the aggregate offering price of the
total number of Common Shares so to be offered (and/or the aggregate initial conversion, exchange or exercise price of the Convertible Securities so to be offered (including the price required to be
paid to purchase such Convertible Securities)) would purchase at such Market Price per Common Share; and

	(ii)
	of
which the denominator shall be the number of Common Shares outstanding on such record date plus the number of additional Common Shares to be offered for subscription
or purchase (or into which the Convertible Securities so to be offered are initially convertible, exchangeable or exercisable).

	(b)
	In
case such subscription price is satisfied, in whole or in part, by consideration other than cash, the value of such consideration shall be as determined in good faith by the Board
of Directors. Such adjustment shall be made successively whenever such a record date is fixed. To the extent that such rights or warrants are not exercised prior to the expiration thereof, the
Exercise Price shall be readjusted in the manner contemplated above based on the number of Common Shares (or securities convertible into or exchangeable for Common Shares) actually issued upon the
exercise of such rights or warrants.

	(c)
	For
purposes of this Agreement, the granting of the right to purchase Common Shares (whether from treasury or otherwise) pursuant to any dividend or interest reinvestment plan or any
share purchase plan providing for the reinvestment of dividends or interest payable on securities of the Corporation or the investment of periodic optional payments or employee benefit or similar
plans (so long as such right to purchase is in no case evidenced by the delivery of rights or warrants by the Corporation) shall not be deemed to constitute an issue of rights or warrants by the
Corporation; provided, however, that in the case of any dividend or interest reinvestment or share purchase plan, the right to purchase Common Shares is at a price per share of not less than 90% of
the current market price per share (determined as provided in such plans) of the Common Shares. 

27

  

	2.3.7
	In
the event the Corporation shall at any time after the Record Time and prior to the Expiration Time fix a record date for the making of a distribution to all holders of Common
Shares of:

	(a)
	evidences
of indebtedness or assets (other than a Regular Periodic Cash Dividend or a dividend paid in Common Shares, but including any dividend payable in securities other than
Common Shares); or

	(b)
	rights
or warrants entitling them to subscribe for or purchase Voting Shares (or Convertible Securities in respect of Voting Shares), 

at
a price per Voting Share (or, in the case of a Convertible Security in respect of Voting Shares, having a conversion, exchange or exercise price per share (including the price required to be paid
to purchase such Convertible Security)) less than 90% of the Market Price per Common Share on such record date (excluding rights or warrants referred to in Section 2.3.6), the Exercise Price in
effect after such record date shall be equal to the Exercise Price in effect immediately prior to such record date less the fair market value (as determined in good faith by the Board of Directors) of
the portion of the assets, evidences of indebtedness, rights, warrants or other securities so to be distributed applicable to each of the securities purchasable upon exercise of one Right. Such
adjustment shall be made successively whenever such a record date is fixed. 

	2.3.8
	Each
adjustment made pursuant to this Section 2.3 shall be made as of:

	(a)
	the
payment or effective date for the applicable dividend, subdivision, change, combination or issuance, in the case of an adjustment made pursuant to Section 2.3.2; and

	(b)
	the
record date for the applicable dividend or distribution, in the case of an adjustment made pursuant to Section 2.3.6 or 2.3.7, subject to readjustment to reverse the
same if such distribution shall not be made. 

28

 

	2.3.9
	In
the event the Corporation shall at any time after the Record Time and prior to the Expiration Time issue any shares (other than Common Shares), or rights or warrants to subscribe
for or purchase any such shares, or Convertible Securities in respect of any such shares, in a transaction referred to in any of Sections 2.3.2(a) to 2.3.2(d), inclusive, if the Board of
Directors acting in good faith determines that the adjustments contemplated by Sections 2.3.2, 2.3.6 and 2.3.7 in connection with such transaction will not appropriately protect the interests
of the holders of Rights, then the Board of Directors may from time to time determine what other adjustments to the Exercise Price, number of Rights or securities purchasable upon exercise of Rights
would be appropriate and, notwithstanding Sections 2.3.2, 2.3.6 and 2.3.7, such adjustments, rather than the adjustments contemplated by Sections 2.3.2, 2.3.6 and 2.3.7, shall be made
upon the Board of Directors providing written certification thereof to the Rights Agent as set forth in Section 2.3.17. The Corporation and the Rights Agent shall amend this Agreement as
appropriate to provide for such adjustments.

	2.3.10
	Notwithstanding
anything herein to the contrary, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1%
in such Exercise Price; provided, however, that any adjustments which by reason of this Section 2.3.10 are not required to be made shall be carried forward and taken into account in any
subsequent adjustment. All adjustments to the Exercise Price made pursuant to this Section 2.3 shall be calculated to the nearest cent.

	2.3.11
	All
Rights originally issued by the Corporation subsequent to any adjustment made to an Exercise Price hereunder shall evidence the right to purchase, at the adjusted Exercise
Price, the number of Common Shares purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.

	2.3.12
	Unless
the Corporation shall have exercised its election, as provided in Section 2.3.13, upon each adjustment of an Exercise Price as a result of the calculations made in
Sections 2.3.6 and 2.3.7, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that
number of Common Shares obtained by:

	(a)
	multiplying:

	(i)
	the
number of Common Shares covered by a Right immediately prior to such adjustment; 

by

	(ii)
	the
Exercise Price in effect immediately prior to such adjustment; and

	(b)
	dividing
the product so obtained by the Exercise Price in effect immediately after such adjustment. 

29

 

	2.3.13
	The
Corporation may elect on or after the date of any adjustment of an Exercise Price to adjust the number of Rights, in lieu of any adjustment in the number of Common Shares
purchasable upon the exercise of a Right. Each of the Rights outstanding after the adjustment in the number of Rights shall be exercisable for the number of Common Shares for which a Right was
exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become the number of Rights obtained by dividing the relevant
Exercise Price in effect immediately prior to adjustment of the relevant Exercise Price by the relevant Exercise Price in effect immediately after adjustment of the relevant Exercise Price. The
Corporation shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to
be made. This record date may be the date on which the relevant Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least 10 calendar days
later than the date of the public announcement. If Rights Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 2.3.13, the Corporation shall, as
promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such record date, Rights Certificates evidencing, subject to Section 5.5, the additional Rights
to which such holders shall be entitled as a result of such adjustment, or, at the option of the Corporation, shall cause to be distributed to such holders of record in substitution and replacement
for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Corporation, new Rights Certificates evidencing all the Rights to which
such holders shall be entitled after such adjustment. Rights Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for herein and may bear, at the option
of the Corporation, the relevant adjusted Exercise Price and shall be registered in the names of holders of record of Rights Certificates on the record date specified in the public announcement.

	2.3.14
	In
any case in which this Section 2.3 shall require that an adjustment in an Exercise Price be made effective as of a record date for a specified event, the Corporation may
elect to defer until the occurrence of such event the issuance to the holder of any Right exercised after such record date of the number of Common Shares and other securities of the Corporation, if
any, issuable upon such exercise over and above the number of Common Shares and other securities of the Corporation, if any, issuable upon such exercise on the basis of the relevant Exercise Price in
effect prior to such adjustment; provided, however, that the Corporation shall deliver to such holder an appropriate instrument evidencing such holder's right to receive such additional Common Shares
(fractional or otherwise) or other securities upon the occurrence of the event requiring such adjustment. 

30

 
	2.3.15
	Notwithstanding
anything in this Section 2.3 to the contrary, the Corporation shall be entitled to make such adjustments in the Exercise Price, in addition to those
adjustments expressly required by this Section 2.3, as and to the extent that in its good faith judgment the Board of Directors shall determine to be advisable in order that any:

	(a)
	subdivision
or consolidation of the Common Shares;

	(b)
	issuance
wholly for cash of any Common Shares at less than the applicable Market Price;

	(c)
	issuance
wholly for cash of any Common Shares or securities that by their terms are exchangeable for or convertible into or give a right to acquire Common Shares;

	(d)
	stock
dividends; or

	(e)
	issuance
of rights, options or warrants referred to in this Section 2.3, hereafter made by the Corporation to holders of its Common Shares, 

shall
not be taxable to such shareholders. 

	2.3.16
	Irrespective
of any adjustment or change in the securities purchasable upon exercise of the Rights, the Rights Certificates theretofor and thereafter issued may continue to
represent the securities so purchasable which were represented in the initial Rights Certificates issued hereunder.

	2.3.17
	Whenever
an adjustment to the Exercise Price is made pursuant to this Section 2.3, the Corporation shall:

	(a)
	promptly
prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment; and

	(b)
	promptly
file with the Rights Agent and with each transfer agent for the Common Shares a copy of such certificate and mail a brief summary thereof to each holder of Rights who
requests a copy. 

Failure
to file such certificate or to cause such notice to be given as aforesaid, or any defect therein, shall not affect the validity of any such adjustment or change. 

31

 

2.4   Date on Which Exercise is Effective  

        Each Person in whose name any certificate for Common Shares is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of
record of the Common Shares represented thereby on, and such certificate shall
be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered (together with a duly completed Election to Exercise) and payment of the Exercise Price for such Rights
(and any applicable transfer taxes and other governmental charges payable by the exercising Person hereunder) was made; provided, however, that if the date of such surrender and payment is a date upon
which the Common Share transfer books of the Corporation are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next
Business Day on which the Common Share transfer books of the Corporation are open. 

2.5   Execution, Authentication, Delivery and Dating of Rights Certificates  

	2.5.1
	The
Rights Certificates shall be executed on behalf of the Corporation by its Chief Executive Officer, its Chief Financial Officer or its Corporate Secretary. The signature of any
of these officers on the Rights Certificates may be manual or facsimile. Rights Certificates bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the
Corporation shall bind the Corporation, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the countersignature and delivery of such Rights Certificates.

	2.5.2
	Promptly
following the Separation Time, the Corporation will notify the Rights Agent of such Separation Time and will deliver Rights Certificates executed by the Corporation to the
Rights Agent for countersignature, and the Rights Agent shall countersign (manually or by facsimile signature in a manner satisfactory to the Corporation) and deliver such Rights Certificates to the
holders of the Rights pursuant to Section 2.2. No Rights Certificate shall be valid for any purpose until countersigned by the Rights Agent as aforesaid.

	2.5.3
	Each
Rights Certificate shall be dated the date of countersignature thereof. 

2.6   Registration, Transfer and Exchange  

	2.6.1
	After
the Separation Time, the Corporation will cause to be kept a register (the "Rights Register") in which, subject to such
reasonable regulations as it may prescribe, the Corporation will provide for the registration and transfer of Rights. The Rights Agent is hereby appointed "Rights
Registrar" for the purpose of maintaining the Rights Register for the Corporation and registering Rights and transfers of Rights as herein provided and the Rights Agent hereby
accepts such appointment. In the event that the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have the right to examine the Rights Register at all reasonable times. 

32

 
	2.6.2
	After
the Separation Time and prior to the Expiration Time, upon surrender for registration of transfer or exchange of any Rights Certificate, and subject to the provisions of
Sections 2.6.4 and 3.1.2, the Corporation will execute, and the Rights Agent will countersign, deliver and register, in the name of the holder or the designated transferee or
transferees, as required pursuant to the holder's instructions, one or more new Rights Certificates evidencing the same aggregate number of Rights as did the Rights Certificates so surrendered.

	2.6.3
	All
Rights issued upon any registration of transfer or exchange of Rights Certificates shall be valid obligations of the Corporation, and such Rights shall be entitled to the same
benefits under this Agreement as the Rights surrendered upon such registration of transfer or exchange.

	2.6.4
	Every
Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to
the Corporation or the Rights Agent, as the case may be, duly executed by the holder thereof or such holder's attorney duly authorized, in writing. As a condition to the issuance of any new Rights
Certificate under this Section 2.6, the Corporation may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Rights Agent) in connection therewith. 

2.7   Mutilated, Lost, Stolen and Destroyed Rights Certificates  

	2.7.1
	If
any mutilated Rights Certificate is surrendered to the Rights Agent prior to the Expiration Time, the Corporation shall execute and the Rights Agent shall countersign and deliver
in exchange therefor a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so surrendered.

	2.7.2
	If
there shall be delivered to the Corporation and the Rights Agent prior to the Expiration Time:

	(a)
	evidence
to their reasonable satisfaction of the destruction, loss or theft of any Rights Certificate; and

	(b)
	such
security or indemnity as may be reasonably required by them to save each of them and any of their agents harmless, 

33

 

then,
in the absence of notice to the Corporation or the Rights Agent that such Rights Certificate has been acquired by a bona fide purchaser, the
Corporation shall execute and, upon the Corporation's request the Rights Agent shall countersign and deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights Certificate
evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen. 

	2.7.3
	As
a condition to the issuance of any new Rights Certificate under this Section 2.7, the Corporation may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Rights Agent) connected therewith.

	2.7.4
	Every
new Rights Certificate issued pursuant to this Section 2.7 in lieu of any destroyed, lost or stolen Rights Certificate shall evidence a contractual obligation of the
Corporation, whether or not the destroyed, lost or stolen Rights Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and
proportionately with any and all other Rights duly issued hereunder. 

2.8   Persons Deemed Owners  

        The Corporation, the Rights Agent and any agent of the Corporation or the Rights Agent may deem and treat the person in whose name a Rights Certificate (or, prior
to the Separation Time, the associated Common Share certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever. As used in this Agreement,
unless the context otherwise requires, the term "holder" of any Rights shall mean the registered holder of such Rights (or, prior to the Separation Time, the associated Common Shares). 

2.9   Delivery and Cancellation of Certificates  

        All Rights Certificates surrendered upon exercise or for redemption, for registration of transfer or exchange shall, if surrendered to any Person other than the
Rights Agent, be delivered to the Rights Agent and, in any case, shall be promptly cancelled by the Rights Agent. The Corporation may at any time deliver to the Rights Agent for cancellation any
Rights Certificates previously countersigned and delivered hereunder which the Corporation may have acquired in any manner whatsoever, and all Rights Certificates so delivered shall be promptly
cancelled by the Rights Agent. No Rights Certificate shall be countersigned in lieu of or in exchange for any Rights Certificates cancelled as provided in this Section 2.9 except as expressly
permitted by this Agreement. The Rights Agent shall, subject to applicable law, destroy all cancelled Rights Certificates and deliver a certificate of destruction to the Corporation. 

34

 

2.10 Agreement of Rights Holders  

        Every holder of Rights, by accepting such Rights, consents and agrees with the Corporation and the Rights Agent and with every other holder of Rights: 

	(a)
	to
be bound by and subject to the provisions of this Agreement, as amended from time to time in accordance with the terms hereof, in respect of all Rights held;

	(b)
	that,
prior to the Separation Time, each Right will be transferable only together with, and will be transferred by a transfer of, the associated Common Share;

	(c)
	that,
after the Separation Time, the Rights will be transferable only on the Rights Register as provided herein;

	(d)
	that,
prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Common Share certificate) for registration of transfer, the Corporation, the
Rights Agent and any agent of the Corporation or the Rights Agent may deem and treat the Person in whose name the Rights Certificate (or, prior to the Separation Time, the associated Common Share
certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on such Rights Certificate or the associated Common
Share certificate made by anyone other than the Corporation or the Rights Agent) for all purposes whatsoever, and neither the Corporation nor the Rights Agent shall be affected by any notice to the
contrary;

	(e)
	that
such holder of Rights has waived its right to receive any fractional Rights or any fractional Common Shares or other securities upon exercise of a Right (except as provided
herein);

	(f)
	that,
without the approval of any holder of Rights or Voting Shares and upon the sole authority of the Board of Directors acting in good faith, this Agreement may be supplemented or
amended from time to time as provided herein; and

	(g)
	that
notwithstanding anything in this Agreement to the contrary, neither the Corporation nor the Rights Agent shall have any liability to any holder of a Right or any other Person as
a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent
jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority,
prohibiting or otherwise restraining performance of such obligation. 

35

 

 
 

ARTICLE 3
  
    ADJUSTMENTS TO THE RIGHTS    
    

3.1   Flip-in Event  

	3.1.1
	Subject
to Section 3.1.2 and Section 5.1, in the event that prior to the Expiration Time a Flip-in Event occurs, each Right shall thereafter constitute the
right to purchase from the Corporation, upon exercise thereof in accordance with the terms hereof, that number of Common Shares as have an aggregate Market Price on the date of the consummation or
occurrence of such Flip-in Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such right to be appropriately adjusted in a manner analogous to the
applicable adjustment provided for in Section 2.3 if, after such date of consummation or occurrence, an event of a type analogous to any of the events described in Section 2.3 shall have
occurred with respect to such Common Shares).

	3.1.2
	Notwithstanding
anything in this Agreement to the contrary, upon the occurrence of any Flip-in Event, any Rights that are or were Beneficially Owned on or after the
earlier of the Separation Time and the Stock Acquisition Date, or which may thereafter be Beneficially Owned, by:

	(a)
	an
Acquiring Person, any Affiliate or Associate of an Acquiring Person, any other Person acting jointly or in concert with an Acquiring Person or any Associate or Affiliate of such
other Person; or

	(b)
	a
transferee or other successor in title, direct or indirect, of Rights held by an Acquiring Person, any Affiliate or Associate of an Acquiring Person, any other Person acting jointly
or in concert with an Acquiring Person or any Associate or Affiliate of such other Person, whether or not for consideration, in a transfer that the Board of Directors has determined is part of a plan,
understanding or scheme of an Acquiring Person or of any Affiliate or Associate of an Acquiring Person or any Person acting jointly or in concert with an Acquiring Person or any Affiliate or Associate
of an Acquiring Person that has the purpose or effect of avoiding the provisions of this Section 3.1.2, 

36

 

shall
become null and void without any further action and any holder of such Rights (including any transferee of, or other successor entitled to, such Rights, whether directly or indirectly) shall
thereafter have no right to exercise such Rights under any provisions of this Agreement and, further, shall thereafter not have any rights whatsoever with respect to such Rights, whether under any
provision of this Agreement or otherwise. The holder of any Rights represented by a Rights Certificate which is submitted to the Rights Agent upon exercise or for registration of transfer or exchange
which does not contain the necessary certifications set forth in the Rights Certificate establishing that such Rights are not void under this Section 3.1.2 shall be deemed to be an Acquiring
Person for the purposes of this Section 3.1.2 and such Rights shall become null and void. 

	3.1.3
	Any
Rights Certificate that represents Rights Beneficially Owned by a Person described in either of Section 3.1.2(a) or 3.1.2(b) or transferred to any Nominee of any
such Person, and any Rights Certificate issued upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain or will be deemed to
contain the following legend: 

"The
Rights represented by this Rights Certificate were issued to a Person who was an Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as such terms are defined in the Rights
Agreement) or to a Person acting jointly or in concert with any of them. This Rights Certificate and the Rights represented hereby shall be void in the circumstances specified in Section 3.1.2
of the Rights Agreement." 

The
Rights Agent shall not be under any responsibility to ascertain the existence of facts that would require the imposition of such legend but shall be required to impose such legend only if
instructed to do so by the Corporation or if a holder fails to certify upon transfer or exchange in the space provided to do so. 

	3.1.4
	After
the Separation Time, the Corporation shall do all such acts and things necessary and within its power to ensure compliance with the provisions of this Section 3.1
including, without limitation, all such acts and things as may be required to satisfy the requirements of the CBCA, the Securities Act (Ontario) and the securities laws or comparable legislation in
each of the provinces of Canada and in any other jurisdiction where the Corporation is subject to such laws and the rules of the stock exchanges where the Common Shares are listed at such time in
respect of the issue of Common Shares upon the exercise of Rights in accordance with this Agreement. 

3.2   Fiduciary Duties of the Board of Directors  

        For clarification it is understood that nothing contained in this Article 3 shall be considered to affect the obligations of the Board of Directors to
exercise its fiduciary duties. Without limiting the generality of the foregoing, nothing contained herein shall be construed to suggest or imply that the Board of Directors shall not be entitled to
recommend that holders of the Voting Shares reject or accept any Take-over Bid or take any other action including, without limitation, the commencement, prosecution, defence or settlement
of any litigation and the submission of additional or alternative Take-over Bids or other proposals to the shareholders of the Corporation with respect to any Take-over Bid or
otherwise that the Board of Directors believes is necessary or appropriate in the exercise of its fiduciary duties. 

37

 
 
 

ARTICLE 4
  
    THE RIGHTS AGENT    
    

4.1   General  

	4.1.1
	The
Corporation hereby appoints the Rights Agent to act as agent for the Corporation and the holders of the Rights in accordance with the terms and conditions hereof, and the Rights
Agent hereby accepts such appointment. The Corporation may from time to time appoint such co-rights agents ("Co-Rights Agents")
as it may deem necessary or desirable. In the event the Corporation appoints one or more Co-Rights Agents, the respective duties of the Rights Agent and Co-Rights Agents shall
be as the Corporation may determine. The Corporation agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights
Agent, its reasonable expenses and other disbursements reasonably incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder, including the
reasonable fees and disbursements of counsel and other experts consulted by the Rights Agent pursuant to Section 4.3(a). The Corporation also agrees to indemnify the Rights Agent for, and to
hold it harmless against, any loss, liability, or expense, incurred without negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything done or omitted by the Rights
Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim of liability, which right to indemnification will survive
the termination of this Agreement.

	4.1.2
	The
Rights Agent shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its administration of this
Agreement in reliance upon any certificate for Common Shares, Rights Certificate, certificate for other securities of the Corporation, instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper Person or Persons. 

38

 
	4.1.3
	The
Corporation shall inform the Rights Agent in a reasonably timely manner of events which may materially affect the administration of this Agreement by the Rights Agent and, at
any time upon request, shall provide to the Rights Agent an incumbency certificate certifying the then current officers of the Corporation. 

4.2   Merger, Amalgamation, Consolidation or Change of Name of Rights Agent  

	4.2.1
	Any
corporation into which the Rights Agent or any successor Rights Agent may be merged or amalgamated or with which it may be consolidated, or any corporation resulting from any
merger, amalgamation or consolidation to which the Rights Agent or any successor Rights Agent is a party, or any corporation succeeding to the shareholder services business of the Rights Agent or any
successor Rights Agent, will be the successor to the Rights Agent under this Agreement without the execution or filing of any document or any further act on the part of any of the parties hereto,
provided that such corporation would be eligible for appointment as a successor Rights Agent under the provisions of Section 4.4. In case at the time such successor Rights Agent succeeds to the
agency created by this Agreement any of the Rights Certificates have been countersigned but not delivered any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent
and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates have not been countersigned, any successor Rights Agent may countersign such Rights
Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates will have the full force provided in the
Rights Certificates and in this Agreement.

	4.2.2
	In
case at any time the name of the Rights Agent is changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the Rights Agent may
adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights
Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights
Certificates and in this Agreement. 

4.3   Duties of Rights Agent  

        The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Corporation and the
holders of Rights Certificates, by their acceptance thereof, shall be bound: 

	(a)
	The
Rights Agent may consult with legal counsel (who may be legal counsel for the Corporation) and the opinion of such counsel will be full and complete authorization and protection
to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion; the Rights Agent may also, with the approval of the Corporation (such approval not to be
unreasonably withheld), consult with such other experts as the Rights Agent shall consider necessary or appropriate to properly carry out the duties and obligations imposed under this Agreement and
the Rights Agent shall be entitled to rely in good faith on the advice of any such expert. 

39

 

	(b)
	Whenever
in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter be proved or established by the Corporation
prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by a person believed by the Rights Agent to be the Chief Executive Officer, Chief Financial Officer, Secretary or Assistant Secretary of the Corporation and
delivered to the Rights Agent; and such certificate will be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in
reliance upon such certificate.

	(c)
	The
Rights Agent will be liable hereunder only for its own negligence, bad faith or willful misconduct.

	(d)
	The
Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the certificates for Common Shares, or the Rights
Certificates (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and will be deemed to have been made by the Corporation only.

	(e)
	The
Rights Agent will not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due authorization, execution and
delivery hereof by the Rights Agent) or in respect of the validity or execution of any Common Share certificate, or Rights Certificate (except its countersignature thereof); nor will it be responsible
for any breach by the Corporation of any covenant or condition contained in this Agreement or in any Rights Certificate; nor will it be responsible for any change in the exercisability of the Rights
(including the Rights becoming void pursuant to Section 3.1.2 or any adjustment required under the provisions of Section 2.3 or responsible for the manner, method or amount
of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment except with respect to the exercise of Rights after receipt of the certificate contemplated
by Section 2.3 describing any such adjustment or any written notice from the Corporation or any holder that a Person has become an Acquiring Person); nor will it by any act hereunder be deemed
to make any representation or warranty as to the authorization of any Common Shares to be issued pursuant to this Agreement or any Rights or as to any Common Shares, when issued, being duly and
validly authorized, issued and delivered as fully paid and non-assessable. 

40

  

	(f)
	The
Corporation agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts,
instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement.

	(g)
	The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any individual believed by the Rights Agent to
be the Chief Executive Officer, Chief Financial Officer, Secretary or Assistant Secretary of the Corporation, and to apply to such individuals for advice or instructions in connection with its duties,
and it shall not be liable for any action taken or suffered by it in good faith in accordance with instructions of any such individual. It is understood that instructions to the Rights Agent shall,
except where circumstances make it impractical or the Rights Agent otherwise agrees, be given in writing and, where not in writing, such instructions shall be confirmed in writing as soon as
reasonably practicable after the giving of such instructions.

	(h)
	The
Rights Agent and any shareholder or director, officer or employee of the Rights Agent may buy, sell or deal in Common Shares, Rights or other securities of the Corporation or
become pecuniarily interested in any transaction in which the Corporation may be interested, or contract with or lend money to the Corporation or otherwise act as fully and freely as though it were
not the Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Corporation or for any other legal entity.

	(i)
	The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the
Rights Agent will not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Corporation resulting from any such act, default,
neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 

4.4   Change of Rights Agent  

        The Rights Agent may resign and be discharged from its duties under this Agreement by giving 60 days prior written notice (or such lesser notice as is
acceptable to the Corporation) to the Corporation, to each transfer agent of Common Shares and to the holders of the Rights, all in accordance with Section 5.9 and at the expense of the
Corporation. The Corporation
may remove the Rights Agent by giving 30 days prior written notice to the Rights Agent, to each transfer agent of the Common Shares and to the holders of the Rights in accordance with
Section 5.9. If the Rights Agent should resign or be removed or otherwise become incapable of acting, the Corporation will appoint a successor to the Rights Agent. If the Corporation fails to
make such appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or
by the holder of any Rights (which holder shall, with such notice, submit such holder's Rights Certificate for inspection of the Corporation), then the holder of any Rights may apply to any court of
competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Corporation or by such a court, must be a corporation incorporated under the laws
of Canada or a province thereof and authorized to carry on the business of a trust company in the Province of Ontario. After appointment, the successor Rights Agent will be vested with the same
powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor
Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any
such appointment, the Corporation will file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares and mail a notice thereof in writing to the holders
of the Rights in accordance with Section 5.9. Failure to give any notice provided for in this Section 4.4, however, or any defect therein, shall not affect the legality or
validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 

41

 
 
 

ARTICLE 5
  
    MISCELLANEOUS    
    

5.1   Redemption, Waiver, Extension and Termination  

        5.1.1 The
Board of Directors acting in good faith may, at any time prior to a Flip-in Event as to which the application of Section 3.1 has not been waived
pursuant to this Section 5.1, elect to redeem all but not less than all of the then outstanding Rights at a redemption price of $0.00001 per Right, appropriately adjusted in a manner analogous
to the applicable adjustment provided for in Section 2.3 if an event of the type analogous to any of the events described in Section 2.3 shall have occurred (such redemption price being
herein referred to as the "Redemption Price"). 

42

 

        5.1.2 The
Board of Directors may waive the application of Section 3.1 in respect of the occurrence of any Flip-in Event if the Board of Directors has
determined in good faith, following the Stock Acquisition Date and prior to the Separation Time, that a Person became an Acquiring Person by inadvertence and without any intention to become, or
knowledge that it would become, an Acquiring Person under this Agreement and, in the event that such a waiver is granted by the Board of Directors, such Stock Acquisition Date shall be deemed not to
have occurred. Any such waiver pursuant to this Section 5.1.2 may only be given on the condition that such Person, within 14 days after the foregoing determination by the Board of
Directors or such later date as the Board of Directors may determine (the "Disposition Date"), has reduced its Beneficial Ownership of Voting Shares
such that the Person is no longer an Acquiring Person. If the Person remains an Acquiring Person at the Close of Business on the Disposition Date, then the Disposition Date shall be deemed to be the
date of occurrence of a further Stock Acquisition Date and Section 3.1 shall apply thereto. 

        5.1.3 In
the event that a Person acquires Voting Shares pursuant to a Permitted Bid or an Exempt Acquisition referred to in Section 5.1.4 or Section 5.1.5,
then the Board of Directors shall, immediately upon the consummation of such acquisition and without further formality, be deemed to have elected to redeem the Rights at the Redemption Price. 

        5.1.4 The
Board of Directors acting in good faith may, prior to the occurrence of the relevant Flip-in Event, upon prior written notice delivered to the Rights
Agent, determine to waive the application of Section 3.1 to a Flip-in Event that may occur by reason of a Take-over Bid made by means of a take-over
bid circular to all holders of record of Voting Shares; provided that, if the Board of Directors waives the application of Section 3.1 to a particular Take-over Bid pursuant
to this Section 5.1.4, then the Board of Directors shall be deemed to have waived the application of Section 3.1 to any other Take-over Bid made by means of a
take-over bid circular to all holders of record of Voting Shares prior to the expiry of any Take-over Bid (as the same may be extended from time to time) in respect of which a
waiver is, or is deemed to have been, granted under this Section 5.1.4. 

        5.1.5 The
Board of Directors acting in good faith may determine, at any time prior to the occurrence of the relevant Flip-in Event, to waive the application of
Section 3.1 to a Flip-in Event that may occur by reason of an acquisition of Voting Shares other than pursuant to a Take-over Bid made by means of a
take-over bid circular to all holders of record of Voting Shares and other than in the circumstances set out in Subsection 5.1.2. 

        5.1.6 The
Board of Directors may, prior to the Close of Business on the eighth Business Day following a Stock Acquisition Date or such later Business Day as it may from time
to time determine, upon prior written notice delivered to the Rights Agent, waive the application of Section 3.1 to the related Flip-in Event; provided that the Acquiring
Person has reduced its Beneficial Ownership of Voting Shares (or has entered into a contractual arrangement with the Corporation, acceptable to the Board of Directors, to do so within 10 days
of the date on which such contractual arrangement is entered into or such later date as the Board of Directors may determine) such that, at the time the waiver becomes effective pursuant to this
Section 5.1.6, such Person is no longer an Acquiring Person. In the event of such a waiver becoming effective prior to the Separation Time, for the purposes of this Agreement, such
Flip-in Event shall be deemed not to have occurred. 

43

 

        5.1.7 Where
a Take-over Bid that is not a Permitted Bid is withdrawn or otherwise terminated after the Separation Time has occurred and prior to the occurrence
of a Flip-in Event, or if the Board of Directors grants a waiver under Section 5.1.6 after the Separation Time, then the Board of Directors may elect to redeem all the outstanding
Rights at the Redemption Price. Upon the Rights being redeemed pursuant to this Section 5.1.7, all of the provisions of this Agreement shall continue to apply as if the Separation Time had not
occurred and Rights Certificates representing the number of Rights held by each holder of record of Common Shares at the Separation Time had not been mailed to each such holder and for all purposes of
this Agreement the Separation Time shall be deemed not to have occurred and the Corporation shall be deemed to have issued replacement Rights to the holders of its then outstanding Common Shares. 

        5.1.8 If
the Board of Directors is deemed under Section 5.1.3 to have elected or elects under Section 5.1.1 or 5.1.7 to redeem the Rights, then
the right to exercise the Rights will thereupon, without further action and without notice, terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. 

        5.1.9 Within
10 days after the Board of Directors is deemed under Section 5.1.3 to have elected or elects under Section 5.1.1 or
Section 5.1.7 to redeem the Rights, the Corporation shall give notice of redemption to the holders of the then outstanding Rights by mailing such notice to each such holder at his last
address as it appears upon the Rights Register or, prior to the Separation Time, on the registry books of the transfer agent for the Voting Shares. Any notice which is mailed in the manner herein
provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made, and will
state that no payment will be made to holders entitled to less than $10, in accordance with Section 5.1.10. 

44

 

        5.1.10 The
Corporation shall not be obligated to make a payment of the Redemption Price to any holder of Rights unless such holder is entitled to receive at least $10 in
respect of all of the Rights held by such holder. 

5.2   Expiration  

        No Person will have any rights pursuant to this Agreement or in respect of any Right after the Expiration Time, except in respect of any right to receive cash,
securities or other property which has accrued at the Expiration Time and except as specified in Sections 4.1.1 and 4.1.2. 

5.3   Issuance of New Rights Certificates  

        Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Corporation may, at its option, issue new Rights Certificates
evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the number or kind or class of shares purchasable upon exercise of Rights made in
accordance with the provisions of this Agreement. 

5.4   Supplements and Amendments  

        Notwithstanding any other provision of this Agreement or of the Rights to the contrary, the Corporation may, at any time, amend, vary or rescind any of the
provisions of this Agreement and the Rights (whether or not such action would materially adversely affect the interests of the holders of Rights generally). Notwithstanding anything in this
Section 5.4 to the contrary, no such supplement or amendment shall be made to the provisions of Article 4 except with the written consent of the Rights Agent. 

5.5   Fractional Rights and Fractional Shares  

        5.5.1 The
Corporation shall not be required to issue fractions of Rights or to distribute Rights Certificates which evidence fractional Rights. After the Separation Time
there shall be paid, in lieu of such fractional Rights, to the registered holders of the Rights Certificates with regard to which fractional Rights would otherwise be issuable, an amount in cash equal
to the same fraction of the Market Price of a whole Right. 

        5.5.2 The
Corporation shall not be required to issue fractional Common Shares upon exercise of the Rights or to distribute certificates that evidence fractional Common
Shares. In lieu of issuing fractional Common Shares, the Corporation shall pay to the registered holder of Rights Certificates at the time such Rights are exercised as herein provided, an amount in
cash equal to the same fraction of the Market Price of one Common Share at the date of such exercise. 

45

 

5.6   Rights of Action  

        Subject to the terms of this Agreement, rights of action in respect of this Agreement, other than rights of action vested solely in the Rights Agent, are vested
in the respective holders of the Rights; and any holder of any Rights, without the consent of the Rights Agent or of the holder of any other Rights may, on such holder's own behalf and for such
holder's own benefit and the benefit of other holders of Rights, enforce, and may institute and maintain any suit, action or proceeding against the Corporation to enforce, or otherwise act in respect
of, such holder's right to exercise such holder's Rights in the manner provided in this Agreement and in such holder's Rights Certificate. Without limiting the foregoing or any remedies available to
the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance
of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any Person subject to this Agreement. 

5.7   Holder of Rights Not Deemed a Shareholder  

        No holder, as such, of any Rights shall be entitled to vote, receive dividends or be deemed for any purpose the holder of Common Shares or any other securities
which may at any time be issuable on the exercise of Rights, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights, as such, any of the
rights of a shareholder of the Corporation or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in Section 5.8) or to receive dividends or subscription rights or
otherwise, until such Rights, shall have been exercised in accordance with the provisions hereof. 

5.8   Notice of Proposed Actions  

        In case the Corporation proposes after the Separation Time and prior to the Expiration Time to effect the liquidation, dissolution or winding up of the
Corporation or the sale of all or substantially all of the Corporation's assets, then, in each such case, the Corporation shall give to each holder of a Right, in accordance with Section 5.9, a
notice of such proposed action, which shall specify the date on which such liquidation, dissolution, or winding up is to take place, and such notice shall be so given at least 20 Business Days prior
to the date of the taking of such proposed action by the Corporation. 

46

 

5.9   Notices  

        Notices or demands authorized or required by this Agreement to be given or made to or by the Rights Agent, the holder of any Rights or the Corporation will be
sufficiently given or made and shall be deemed to be received if delivered or sent by first-class mail, postage prepaid, or by facsimile machine or other means of printed telecommunication, charges
prepaid and confirmed in writing by mail or delivery, addressed (until another address is filed in writing with the Rights Agent or the Corporation, as applicable), as follows: 

	 	 	(a)	 	if to the Corporation:
	 	 	 	 	IAMGold Corporation

5th Floor, 220 Bay Street

Toronto, Ontario

M5J 2W4
	 	 	 	 	Attention:	 	President
	 	 	 	 	Facsimile:	 	(416) 360-4750
	
 	
 	

(b)	
 	

if to the Rights Agent:
	 	 	 	 	Computershare Trust Company of Canada

9th Floor, 100 University Avenue

Toronto, Ontario

M5J 2Y1
	 	 	 	 	Attention:	 	Manager, Client Services
	 	 	 	 	Facsimile:	 	(416) 263-9524
	
 	
 	

(c)	
 	

if to the holder of any Rights, to the address of such holder as it appears on the Rights Register or, prior to the Separation Time, on the registry books of the Corporation for the Common Shares.

Any
notice which is mailed or sent or delivered in the manner herein provided for shall be deemed given and received whether or not the holder receives the notice. 

5.10 Costs of Enforcement  

        The Corporation agrees that if the Corporation or any other Person (the securities of which are purchasable upon exercise of Rights) fails to fulfill any of its
obligations pursuant to this Agreement, then the Corporation or such Person will reimburse the holder of any Rights for the costs and expenses (including legal fees) incurred by such holder in actions
to enforce his rights pursuant to any Rights or this Agreement. 

47

 

5.11 Regulatory Approvals  

        Any obligation of the Corporation or action or event contemplated by this Agreement shall be subject to applicable law and to the receipt of any requisite
approval or consent from any governmental or regulatory authority. Without limiting the generality of the foregoing, any issuance or delivery of debt or equity securities (other than
non-convertible debt securities) of the Corporation upon the exercise of Rights and any amendment to this Agreement shall be subject to the applicable prior consent of the stock exchanges
on which the Corporation is from time to time listed. 

5.12 Declaration as to Non-Canadian and Non-United States Holders  

        If, upon the advice of outside counsel, any action or event contemplated by this Agreement would require compliance with the securities laws or comparable
legislation of a jurisdiction outside of Canada and the United States of America, the Board of Directors acting in good faith may take such actions as it may deem appropriate to ensure that
such compliance is not required, including without limitation establishing procedures for the issuance to a Canadian resident Fiduciary of Rights or securities issuable on exercise of Rights, the
holding thereof in trust for the Persons entitled thereto (but reserving to the Fiduciary or to the Fiduciary and the Corporation, as the Corporation may determine, absolute discretion with respect
thereto) and the sale thereof and remittance of the proceeds of such sale, if any, to the Persons entitled thereto. In no event shall the Corporation or the Rights Agent be required to issue or
deliver Rights or securities issuable on exercise of Rights to Persons who are citizens, residents or nationals of any jurisdiction other than Canada and any province or territory thereof and the
United States of America and any state thereof in which such issue or delivery would be unlawful without registration of the relevant Persons or securities for such purposes. 

5.13 Successors  

        All the covenants and provisions of this Agreement by or for the benefit of the Corporation or the Rights Agent shall bind and enure to the benefit of their
respective successors and assigns hereunder. 

5.14 Benefits of this Agreement  

        Nothing in this Agreement shall be construed to give to any Person other than the Corporation, the Rights Agent and the holders of the Rights any legal or
equitable right, remedy or claim under this Agreement; this Agreement shall be for the sole and exclusive benefit of the Corporation, the Rights Agent and the holders of the Rights. 

5.15 Determinations and Actions by the Board of Directors  

48

 

All
actions, calculations, interpretations and determinations (including all omissions with respect to the foregoing) which are done or made by the Board of Directors for the purposes hereof, in good
faith: 

	(a)
	may
be relied upon by the Rights Agent; and

	(b)
	shall
not subject the Board of Directors to any liability to the holders of the Rights or to any other parties. 

5.16 Governing Law  

        This Agreement and the Rights issued hereunder shall be deemed to be a contract made under the laws of the Province of Ontario and for all purposes will be
governed by and construed in accordance with the laws of such province applicable to contracts to be made and performed entirely within such province. 

5.17 Language  

        Les parties aux présentes ont exigé que la présente convention ainsi que tous les documents et avis qui s'y
rattachent ou qui en coulent soient redigés en langue anglaise. The parties hereto have required that this Agreement and all documents and notices related thereto or resulting therefrom
be drawn up in English. 

5.18 Counterparts  

        This Agreement may be executed in any number of counterparts and each of such counterparts will for all purposes be deemed to be an original, and all such
counterparts shall together constitute one and the same instrument. 

5.19 Severability  

        If any term or provision hereof or the application thereof to any circumstance is, in any jurisdiction and to any extent, invalid or unenforceable, such term or
provision will be ineffective only to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining terms and provisions hereof or the application of
such term or provision to circumstances other than those as to which it is held invalid or unenforceable. 

5.20 Effective Date  

        This Agreement is effective and in force and effect in accordance with its terms from and after the date hereof. 

49

 

5.21 Time of the Essence  

        Time shall be of the essence hereof. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed effective as of the date first above written. 

IAMGOLD CORPORATION

By:
(Signed) Joseph F. Conway                      President and Chief Executive Officer 

COMPUTERSHARE TRUST COMPANY OF CANADA

By:
(Signed) Christine Lawton                      Authorized Signatory 

By:
(Signed) Shirley Yuen                      Authorized Signatory 

50

 
 

SCHEDULE A    
    

to
a Shareholder Rights Plan Agreement made as of July 12, 2004

between IAMGold Corporation and Computershare Trust Company of Canada 

	Certificate No. [        ]	 	[        ] Rights

THE
RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE CORPORATION, ON THE TERMS SET FORTH IN THE SHAREHOLDER RIGHTS PLAN AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN SECTION 3.1.2 OF SUCH
AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON, CERTAIN RELATED PARTIES OF AN ACQUIRING PERSON OR A TRANSFEREE OF AN ACQUIRING PERSON OR ANY SUCH RELATED PARTIES WILL BECOME VOID WITHOUT
FURTHER ACTION. 

 
 

RIGHTS CERTIFICATE    
    

This
certifies that [        ] is the registered holder of the number of Rights set forth above, each of which entitles
the registered holder thereof, subject to the terms, provisions and conditions of the Shareholder Rights Plan Agreement made as of July 12, 2004 (the "Rights Agreement") between IAMGold
Corporation, a corporation existing under the Canada Business Corporations Act, (the "Corporation") and Computershare Trust Company of Canada, a trust
company incorporated under the laws of Canada, as Rights Agent (the "Rights Agent"), which term shall include any successor Rights Agent under the Rights Agreement), to purchase from the Corporation,
at any time after the Separation Time and prior to the Expiration Time (as such terms are defined in the Rights Agreement), one fully paid common share of the Corporation (a "Common Share") at the
Exercise Price referred to below, upon presentation and surrender of this Rights Certificate, together with the Form of Election to Exercise appropriately completed and duly executed, to the Rights
Agent at its principal office in Toronto, Ontario. Until adjustment thereof in certain events as provided in the Rights Agreement, the Exercise Price shall be $40 per Right (payable in cash, certified
cheque or money order payable to the order of the Corporation). 

The
number of Common Shares which may be purchased for the Exercise Price is subject to adjustment as set forth in the Rights Agreement. 

This
Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated by reference and made a part
hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Rights Agent, the
Corporation and the holders of the Rights Certificates. Copies of the Rights Agreement are on file at the registered office of the Corporation and are available upon written request. 

 

This
Rights Certificate, with or without other Rights Certificates, upon surrender at the principal office of the Rights Agent in Toronto, Ontario may be exchanged for another Rights Certificate or
Rights Certificates of like tenor evidencing an aggregate number of Rights equal to the aggregate number of Rights evidenced by the Rights Certificate or Rights Certificates surrendered. If this
Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates for the number of whole
Rights not exercised. 

In
certain circumstances described in the Rights Agreement, each Right evidenced hereby may be adjusted so as to entitle the registered holder thereof to purchase or receive securities or shares in
the capital of the Corporation other than Common Shares or more or less than one Common Share (or a combination thereof), all as provided in the Rights Agreement. The number of Common Shares which may
be purchased for the Exercise Price is subject to adjustment as set forth in the Rights Agreement. 

Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be redeemed by the Corporation at a redemption price of $0.00001 per Right subject to adjustment in
certain events. 

No
fractional Common Shares will be issued upon the exercise of any Right or Rights evidenced hereby, but in lieu thereof a cash payment will be made, as provided in the Rights Agreement. 

No
holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of Common Shares or any other securities which may at any time be
issuable upon the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the
Corporation or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to
receive notice of any meeting or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights or otherwise, until the Rights
evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement. 

2

 

This
Rights Certificate shall not be valid for any purpose until it shall have been countersigned by the Rights Agent. 

WITNESS
the facsimile signature of the proper officers of the Corporation. 

	 Date: [        ]	 	 
	
IAMGOLD CORPORATION	
 	

 
	
 By:	
 	

	
 	

 
	
 By:	
 	

	
 	

 
	
COMPUTERSHARE TRUST COMPANY OF CANADA	
 	

 
	
 By:	
 	

	
 	

 
	
 By:	
 	

	
 	

 

3

 
 

FORM OF ELECTION TO EXERCISE
  
    IAMGOLD CORPORATION    
    

        The undersigned hereby irrevocably elects to exercise [        ] whole Rights
represented by this Rights Certificate to purchase the Common Shares issuable upon the exercise of such Rights and requests that certificates for such Common Shares be issued in the name of and
delivered to: 

Rights
Certificate No. [        ]

	
 Name	 	 
	 	 	 
	
 Address	 	 
	 	 	 
	
 City and Province	 	 
	 	 	 
	
 Social Insurance No. or other

taxpayer identification numbers	 	 

        If
such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance of such Rights shall be registered in the name of and
delivered to: 

	
 Name	 	 
	 	 	 
	
 Address	 	 
	 	 	 
	
 City and Province	 	 
	 	 	 
	
 Social Insurance No. or other

taxpayer identification numbers	 	 

 

	Date:	
	 	
 Signature
	 	 	 	 
	
 Written Signature Guaranteed	 	(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

        Signature
must be guaranteed by a Canadian chartered bank or trust company, a member of a recognized stock exchange in Canada, a member of a registered national securities exchange in
the United States of America or a member of the Securities Transfer Association Medallion (STAMP) Program. 

(To
be completed by the holder if true) 

        The
undersigned hereby represents, for the benefit of the Corporation and all holders of Rights and Common Shares, that the Rights evidenced by this Rights Certificate are not and, to
the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or by an Affiliate or Associate of an Acquiring Person, any other Person acting jointly or in concert with
an Acquiring Person or any Affiliate or Associate of any such other Person (as such terms are defined in the Rights Agreement). 

	 	 	 	
 Signature

 
 

NOTICE    
    

        In the event that the certification set forth above in the Form of Election to Exercise is not completed, the Corporation shall deem the
Beneficial Owner of the Rights represented by this Rights Certificate to be an Acquiring Person (as defined in the Rights Agreement) and, accordingly, such Rights shall be null and
void.

2

 
 

FORM OF ASSIGNMENT    
    

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

                                        
                                          
    

(Please print name and address of transferee) 

the
Rights represented by this Rights Certificate, together with all right, title and interest therein. 

	 	 	 
	 	 	 
	Date:
                                         
                               	 	                                        
                                          
         
	 	 	Signature
	 	 	 
	 	 	 
	                                        
                                          

Written Signature Guaranteed	 	(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

Signature
must be guaranteed by a Canadian chartered bank or trust company, a member of a recognized stock exchange in Canada a member of a registered national securities exchange in the
United States of America or a member of the Securities Transfer Association Medallion (STAMP) Program. 

(To
be completed by the assignor if true) 

The
undersigned hereby represents, for the benefit of the Corporation and all holders of Rights and Common Shares, that the Rights evidenced by this Rights Certificate are not and, to the knowledge of
the undersigned have never been, Beneficially Owned by an Acquiring Person or by an Affiliate or Associate of an Acquiring Person, any other Person acting jointly or in concert with an Acquiring
Person or any Affiliate or Associate of any such other Person (as such terms are defined in the Rights Agreement). 

	 	 	                                        
                                          
    

Signature
	 	 	 
	 	 	 
	 	 	                                        
                                          
    

(Please print name below signature)

 
 

NOTICE    
    

In the event that the certification set forth above in the Form of Assignment is not completed, the Corporation shall deem the Beneficial Owner of the Rights represented by
this Rights Certificate to be an Acquiring Person (as defined in the Rights Agreement) and, accordingly, such Rights shall be null and void.

QuickLinks

TABLE OF CONTENTS

SHAREHOLDER RIGHTS PLAN AGREEMENT

ARTICLE 1 INTERPRETATION

ARTICLE 2 THE RIGHTS

ARTICLE 3 ADJUSTMENTS TO THE RIGHTS

ARTICLE 4 THE RIGHTS AGENT

ARTICLE 5 MISCELLANEOUS

SCHEDULE A

RIGHTS CERTIFICATE

FORM OF ELECTION TO EXERCISE IAMGOLD CORPORATION

NOTICE

FORM OF ASSIGNMENT

NOTICEQuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 4.1    
    

	NUMBER

DF

COMMON STOCK	 	[LOGO]

DOLLAR FINANCIAL CORP.
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE	 	SHARES
 SEE REVERSE FOR CERTAIN DEFINITIONS AND RESTRICTIONS

CUSIP 256664 10 3
	

 	
 	

 	
 	

 
	THIS CERTIFIES THAT
	

 	
 	

 	
 	

 
	is the owner of	 	 	 	 
	

 	
 	

 	
 	

 
	FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.001 PER SHARE OF THE COMMON STOCK OF
 DOLLAR FINANCIAL CORP.
	

 	
 	

 	
 	

 
	(hereinafter called the "Corporation") transferable on the books of the Corporation by said holder in person or by duly authorized attorney upon surrender of this certificate properly endorsed. This certificate and the
shares represented hereby are issued and shall be held subject to all the provisions of the Certificate of Incorporation and all amendments thereto, copies of which are on file at the office of the Transfer Agent, and the holder hereof, by acceptance
of this certificate, consents to and agrees to be bound by all said provisions. This certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar.
	

 	
 	

 	
 	

 
	In Witness Whereof, the Corporation has caused this certificate to be signed by the facsimile signatures of its duly authorized officers and to be sealed with the facsimile seal of the Corporation.
	

 	
 	

 	
 	

 
	Dated	 	 	 	 
	

 	
 	

 	
 	

 
	[SIGNATURE]

CHAIRMAN AND CHIEF EXECUTIVE OFFICER	 	[SEAL]	 	[SIGNATURE]

PRESIDENT
	

 	
 	

 	
 	

 
	COUNTERSIGNED AND REGISTERED:
 AMERICAN STOCK TRANSFER & TRUST COMPANY
 (NEW YORK, NY)

TRANSFER AGENT AND REGISTRAR

BY

AUTHORIZED SIGNATURE

        The Corporation will furnish without charge to each stockholder who so requests a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof authorized to be issued, so far as the same have been fixed, and the qualifications, limitations or
restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the Transfer Agent and Registrar. 

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

	TEN COM	—	 	as tenants in common	 	 	 	UNIF GIFT MIN ACT	—	 	
	 	Custodian	 	

	TEN ENT	—	 	as tenants by the entireties	 	 	 	 	 	 	(Cust)	 	 	 	(Minor)
	JT TEN	—	 	as joint tenants with right of survivorship and not as tenants in common	 	 	 	 	 	 	under Uniform Gifts to Minors Act

    
 (State)

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

        For value received,
                                         
                                          
                                 hereby sell, assign and transfer unto
 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

    
	 	 	 	 	 
	

    
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	    

	

    

	

    
	

shares
	of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
	    
	 	Attorney
	to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

	

Dated	
 	

    
	
 	

 
	

 	
 	
X	
 	

    

	 	 	NOTICE:	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OFTHE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
	
Signature(s) Guaranteed:	
 	

 

	

    
 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.	
 	

 
	    	 	 

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE
ISSUANCE OF A REPLACEMENT CERTIFICATE.  

QuickLinks

EXHIBIT 4.1

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