Document:

Supplemental Indenture

 Exhibit 4.1 

SUPPLEMENTAL INDENTURE 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June 22, 2010, among DynCorp International LLC
(the “Company”), DIV Capital Corporation (the “Co-Issuer,” and collectively with the Company, the “Issuers”), the Guarantors (as defined in the Indenture referred to herein) and The Bank of New York
Mellon, as trustee under the Indenture referred to below (the “Trustee”). Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

W I T N E S S E T H 

WHEREAS, the Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or
otherwise modified, the “Indenture”), dated as of February 11, 2005, providing for the issuance of the Issuers’ 9.50% Senior Subordinated Notes due 2013 (the “Notes”); 

WHEREAS, pursuant to Section 9.02 of the Indenture, the Company and the Trustee are authorized to execute and deliver this
Supplemental Indenture with the written consents (the “Consents”) from Holders of a majority in principal amount of the Notes then outstanding, voting as a single class (including consents obtained in connection with a tender offer
for the Notes) (the “Required Consents”); 
 WHEREAS, the Company has offered to purchase for cash (the
“Offer”) any and all of the outstanding Notes upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated June 7, 2010 (as it may be amended or supplemented from
time to time, the “Offer to Purchase”); 
 WHEREAS, in connection with the Offer, the Company has solicited
consents from Holders to the amendments contained herein (collectively, the “Proposed Amendments”) and the execution of this Supplemental Indenture; and 

WHEREAS, the Company has received Consents to the Proposed Amendments and the execution of this Supplemental Indenture from Holders of
$374,112,000, or 99.44%, of the principal amount of the Notes (including, without limitation, Additional Notes) outstanding, voting as a single class and calculated in accordance with the Indenture, and accordingly the Company has received the
Required Consents. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Issuers, the Guarantors and the Trustee, mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

 

	1)	Effectiveness of Supplemental Indenture. This Supplemental Indenture shall become effective as of the date hereof; provided, that the amendments to the Indenture
shall not become operative until immediately prior to the acceptance for purchase of the Notes pursuant to the Offer (the “Amendment Effective Time”). 

	2)	Amendments to Indenture. The Indenture is hereby amended by: 

  

	 	i)	deleting from Article I of the Indenture, in their entirety, those terms, and the respective meanings assigned thereto, that are referred to solely in the provisions of
those Sections and subsections of the Indenture that will be amended by deleting the text of each such Section or subsection, as the case may be, in its entirety, as a result of the execution of this Supplemental Indenture. 

 

	 	ii)	deleting the following sections of the Indenture and all references thereto in the Indenture in their entirety: 

 

			
	 Section 4.03
	  	(Reports)
		
	 Section 4.04
	  	(Compliance Certificate)
		
	 Section 4.05
	  	(Taxes)
		
	 Section 4.06
	  	(Stay, Extension and Usury Laws)
		
	 Section 4.07
	  	(Restricted Payments)
		
	 Section 4.08
	  	(Dividend and Other Payment Restrictions Affecting Subsidiaries)
		
	 Section 4.09
	  	(Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock)
		
	 Section 4.10
	  	(Asset Sales)
		
	 Section 4.11
	  	(Transaction with Affiliates)
		
	 Section 4.12
	  	(Liens)
		
	 Section 4.13
	  	(Business Activities)
		
	 Section 4.14
	  	(Corporate Existence)
		
	 Section 4.15
	  	(Offer to Repurchase Upon a Change of Control)
		
	 Section 4.16
	  	(No Layering of Debt)
		
	 Section 4.17
	  	(Payments for Consent)
		
	 Section 4.18
	  	(Additional Subsidiary Guarantees)
		
	 Section 4.19
	  	(Designation of Restricted and Unrestricted Subsidiaries)
		
	 Section 4.20
	  	(Limitation on the Conduct of Business of DIV Capital)
	
	 Clause (a)(4) and the last sentence of clause (a) of Section 5.01    (Merger,
Consolidation or Sale of Assets)

	
	Clauses (3), (4), (5) and (6) of Sections 6.01        (Events of Default)

 

	3)	Amendments to Notes. All Notes that have been or will be authenticated pursuant to the Indenture shall be affixed to, stamped, imprinted or otherwise legended by
the Trustee with a notation as follows: 

 “Effective as of the Amendment Effective Time (as defined in
Supplemental Indenture dated June 22, 2010 to this Indenture copies of which are on file with the Trustee), substantially all of the restrictive covenants and certain of the events of default and related provisions have been eliminated from the
Indenture.” 
  

 2 

	4)	NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  

	5)	Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. 

  

	6)	Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 

 

	7)	The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantors and the Issuers. 

  

	8)	Effect. Except as amended hereby, the Indenture and the Notes are in all respects ratified and confirmed and all their terms shall remain in full force and
effect. From and after the effectiveness of this Supplemental Indenture, any reference to the Indenture shall mean the Indenture as so amended by this Supplemental Indenture. 

 

	9)	Successors. All agreements of the Issuers, the Guarantors and the Trustee in this Supplemental Indenture shall bind their respective successors and permitted
assigns. This Supplemental Indenture shall be binding upon each Holder of Notes and their respective successors and assigns. 

  

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

  

	11)	Reaffirmation of Section 7.07. The Company and the Guarantors hereby reaffirm their indemnification obligations to the Trustee pursuant to Section 7.07
of the Indenture in connection with the Trustee’s execution of this Supplemental Indenture. 

 [SIGNATURE PAGE
FOLLOWS] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
  

			
	DYNCORP INTERNATIONAL LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Senior Vice President and Chief Financial Officer
	
	DIV CAPITAL CORPORATION
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Senior Vice President and Chief Financial Officer
	
	WORLDWIDE RECRUITING AND STAFFING SERVICES LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Senior Vice President and Chief Financial Officer
	
	GLOBAL LINGUIST SOLUTIONS LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Manager
	
	DYN MARINE SERVICES OF VIRGINIA LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Senior Vice President & Chief Financial Officer
	
	DYNCORP AEROSPACE OPERATIONS
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	 Title:
	 	Senior Vice President and Chief Financial Officer

  

			
	DYNCORP INTERNATIONAL SERVICES LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Senior Vice President and Chief Financial Officer
	
	SERVICES INTERNATIONAL LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Senior Vice President and Chief Financial Officer
	
	WORLDWIDE HUMANITARIAN SERVICES LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Senior Vice President and Chief Financial Officer
	
	DTS AVIATION SERVICES LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Senior Vice President and Chief Financial Officer
	
	PHOENIX CONSULTING GROUP LLC
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Vice President, Chief Financial Officer & Treasurer
	
	CASALS AND ASSOCIATES INC.
		
	By:	 	/s/ Michael J. Thorne
	Name:	 	Michael J. Thorne
	Title:	 	Vice President, Chief Financial Officer & Treasurer
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	/s/ Beata Hryniewicka
	Name:	 	Beata Hryniewicka
	Title:	 	Assistant Vice PresidentNeptune Technologies & Bioressources Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

SHAREHOLDER RIGHTS PLAN AGREEMENT 

BETWEEN

 

NEPTUNE TECHNOLOGIES AND BIORESSOURCES INC. 

 

- and - 

 

COMPUTERSHARE TRUST COMPANY OF CANADA, 

as Rights Agent 

	

 

	
	

DATED AS OF MAY 26, 2010
	

	

 

	

TABLE OF CONTENTS 

	
ARTICLE 1 INTERPRETATION
		
1
	
	
1.1
		
Certain Definitions
		
1
	
	
1.2
		
Currency
		
7
	
	
1.3
		
Number and Gender
		
7
	
	
1.4
		
Sections and Headings
		
7
	
	
1.5
		
Statutory References
		
7
	
	
1.6
		
Determination of Percentage Ownership
		
7
	
	
1.7
		
Acting Jointly or in Concert
		
7
	
	
 
		
 
		
 
	
	
ARTICLE 2 THE RIGHTS
		
7
	
	
2.1
		
Legend on Share Certificates
		
7
	
	
2.2
		
Initial Exercise Price; Exercise of Rights; Detachment of Rights
		
8
	
	
2.3
		
Adjustments to Exercise Price; Number of Rights
		
9
	
	
2.4
		
Date on which Exercise is Effective
		
12
	
	
2.5
		
Execution, Authentication, Delivery and Dating of Rights Certificates
		
12
	
	
2.6
		
Registration, Transfer and Exchange
		
12
	
	
2.7
		
Mutilated, Lost, Stolen and Destroyed Rights Certificates
		
12
	
	
2.8
		
Persons Deemed Owners
		
13
	
	
2.9
		
Delivery and Cancellation of Certificates
		
13
	
	
2.10
		
Agreement of Rights Holders
		
13
	
	
 
		
 
		
 
	
	
ARTICLE 3 ADJUSTMENTS TO THE RIGHTS
		
13
	
	
3.1
		
Flip-in Event
		
13
	
	
3.2
		
Fiduciary Duties of the Board of Directors of the Corporation
		
14
	
	
 
		
 
		
 
	
	
ARTICLE 4 THE RIGHTS AGENT
		
14
	
	
4.1
		
General
		
14
	
	
4.2
		
Merger, Amalgamation, Consolidation or Change of Name of Rights Agent
		
15
	
	
4.3
		
Duties of Rights Agent
		
15
	
	
4.4
		
Change of Rights Agent
		
16
	
	
 
		
 
		
 
	
	
ARTICLE 5 MISCELLANEOUS
		
16
	
	
5.1
		
Redemption, Waiver and Termination
		
16
	
	
5.2
		
Expiration
		
17
	
	
5.3
		
Issuance of New Rights Certificates
		
17
	
	
5.4
		
Supplements and Amendments
		
17
	
	
5.5
		
Fractional Rights and Fractional Shares
		
18
	
	
5.6
		
Rights of Action
		
18
	
	
5.7
		
Holder of Rights Not Deemed a Shareholder
		
18
	
	
5.8
		
Notice of Proposed Actions
		
18
	
	
5.9
		
Notices
		
18
	
	
5.10
		
Costs of Enforcement
		
19
	
	
5.11
		
Regulatory Approvals
		
19
	
	
5.12
		
Declaration as to Non-Canadian and Non-U.S. Holders
		
19
	
	
5.13
		
Successors
		
19
	
	
5.14
		
Benefits of this Agreement
		
19
	
	
5.15
		
Determination and Actions by the Board of Directors
		
19
	
	
5.16
		
Governing Law
		
19
	
	
5.17
		
Language
		
20
	
	
5.18
		
Counterparts
		
20
	
	
5.19
		
Severability
		
20
	
	
5.20
		
Effective Date
		
20
	
	
5.21
		
Time of the Essence
		
20
	

SHAREHOLDER RIGHTS PLAN AGREEMENT 

THIS SHAREHOLDER RIGHTS PLAN AGREEMENT is made as of the 26th day of May, 2010. 

	
BETWEEN:
		
NEPTUNE TECHNOLOGIES & BIORESSOURCES INC., a company duly incorporated under
	
	
 
		
Part 1A of the Companies Act (Quebec), having its registered address at 225, Promenade du
	
	
 
		
Centropolis, Laval (Quebec) H7T 0B3
	
	
 
		
 
	
	
 
		
(the “Corporation”)
	
	
 
		
 
	
	
AND:
		
COMPUTERSHARE TRUST COMPANY OF CANADA, a company duly incorporated and
	
	
 
		
having an office at 1500 University, Suite 700, Montreal, (Quebec) H3A 3S8
	
	
 
		
 
	
	
 
		
(the “Rights Agent”)
	

WHEREAS: 

	
A. 		
The Board of Directors has determined that it is advisable to adopt a shareholder rights plan (the “Rights Plan”) to ensure, to the extent possible, that all shareholders of the Corporation are treated fairly in
connection with any take-over offer or other acquisition of control of the Corporation.

	
	 	 	 
	
B. 		
In order to implement the Rights Plan, the Board of Directors has:

	
	 	 	 
		
(a) 		
authorized and declared a distribution of one right (a “Right”) in respect of each Share outstanding at the Record Time;

	
	 	 	 
		
(b) 		
authorized the issuance of one Right in respect of each Share issued after the Record Time and prior to the Expiration Time; and

	
	 	 	 
		
(c) 		
authorized the issuance of Rights Certificates to holders of Rights pursuant to the terms and subject to the conditions set forth herein.

	
	 	 	 
	
C. 		
Each Right entitles the holder thereof, after the 10th Trading Day following the Separation Time, to purchase securities of the Corporation pursuant to the terms and subject to the conditions set forth herein.

	
	 	 	 
	
D. 		
The Corporation desires to appoint Computershare Trust Company of Canada as the Rights Agent to act on behalf of the Corporation, and the Rights Agent is willing to so act, in connection with the issuance, 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 parties hereby agree as follows: 

ARTICLE 1

INTERPRETATION 

	
1.1 		
Certain Definitions

	

For the purposes of this agreement (the “Agreement”), including the recitals hereto, the following terms have the meanings indicated: 

	
a) 		
“Acquiring Person” shall mean any Person who is at any time after the Effective Date the Beneficial Owner of 20% or more of the outstanding Voting Shares of the Corporation; provided, however, that the term
“Acquiring Person” shall not include:

	

	
 	
(i) 		
the Corporation or any corporation controlled by 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 Permitted Bid Acquisition;

	
	
 	
 	
(C) 		
an Exempt Acquisition; or

	
	
 	
 	
(D) 		
a Pro Rata 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 Permitted Bid Acquisition, an Exempt
Acquisition or a Pro Rata Acquisition, and thereafter becomes the Beneficial Owner of an additional one percent of the Voting Shares then outstanding (otherwise than pursuant to a Voting Share Reduction, a Permitted Bid Acquisition, an Exempt
Acquisition or a Pro Rata 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”; or

	
	 	 	 
	
 	
(iii) 		
an underwriter or 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; or

	
	 	 	 
	
 	
(iv) 		
a Person (a “Grandfathered Person”) who is the Beneficial Owner of 20% or more of the outstanding Voting Shares determined as of the Record Time, provided, however, that this exemption shall not be, and shall
cease to be, applicable to a Grandfathered Person in the event that such Grandfathered Person shall, after the Record Time, (A) cease to own 20 percent or more of the outstanding Voting Shares, or (B) become the Beneficial Owner of additional Voting Shares that increases its Beneficial Ownership
of Voting Shares by more than one percent of the number of Voting Shares outstanding as at the Record Time, other than through one or any combination of a Voting Share Reduction, a Permitted Bid Acquisition, an Exempt Acquisition or a Pro Rata
Acquisition; or

	

- 2 - 

 	
 	
(v) 		
for a period of 10 calendar days after the Disqualification Date (as defined below), 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 1.1e)(vi) 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. For the purposes of this definition,
“Disqualification Date” means the first date of a public announcement of facts indicating that any Person is making, or has announced a current intention to make a Take-over Bid.

	

	
b) 		
“Affiliate” shall mean, when used to indicate a relationship with a specified body corporate, a Person that directly or indirectly through one or more intermediaries controls, or is a body corporate controlled by,
or under common control with, such specified body corporate.

	
	 	 
	
c) 		
“Amendment Date” means any date upon which this Agreement may be amended, restated or superseded in accordance with the terms hereof.

	
	 	 
	
d) 		
“Associate” shall mean, when used to indicate a relationship with a specified Person, (i) a spouse of that Person, (ii) any Person of the same or opposite sex with whom that Person is living in a conjugal
relationship outside marriage, (iii) any relative of that Person if that relative has the same residence as that Person, (iv) any relative of such spouse or other Person referred to in the immediately preceding clauses (i), (ii) or (iii) above, if
that relative has the same residence as the specified Person, or (v) any trust or estate in which a specified Person has a substantial beneficial interest or in respect of which such specified Person serves as a trustee or liquidator or the
succession or in a similar capacity.

	
	 	 
	
e) 		
A Person shall be deemed the “Beneficial Owner” of, and to have “Beneficial Ownership” of, and to “Beneficially Own”:

	

	
 	
(i) 		
any securities of which such Person or any of such Person’s Affiliates or Associates is owner at law or in equity;

	
	 	 	 
	
 	
(ii) 		
any securities which the Person or any of such Person’s Affiliates or Associates has the right to acquire within 60 days (where such right is exercisable within a period of 60 days whether or not upon the occurrence of a
contingency or the making of a payment) pursuant to any Convertible Security, agreement, arrangement, pledge or understanding, whether or not in writing (other than (A) customary agreements with and between underwriters and/or banking group and/or
selling group members with respect to a distribution of securities or (B) pledges of securities in the ordinary course of the pledgee’s business); and

	
	 	 	 
	
 	
(iii) 		
any securities that are Beneficially Owned within the meaning of clause (i) or (ii) of this Subsection 1.1e) by any other Person with which such Person is acting jointly or in concert;

	

provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to have “Beneficial Ownership” of, or to “Beneficially Own”, any security; 

	
 	
(iv) 		
because 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 any other Person acting jointly or in concert with such Person until
such deposited or tendered security is taken up or paid for, whichever shall first occur;

	
	 	 	 
	
 	
(v) 		
because such security has been agreed to be deposited or tendered pursuant to a Lock-up Agreement until such deposited or tendered security is taken up or paid for, whichever shall first occur;

	
	 	 	 
	
 	
(vi) 		
because such Person or any of the Affiliates or Associates of such Person or any other Person referred to in clause 1.1e)(iii) above holds such security provided that: (A) the ordinary business of any such Person (the
“Fund Manager”) includes the management of pension, mutual, pooled or investment funds for others and such security is held by the Fund Manager in the ordinary course of such business in the performance of such Fund 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 registered under applicable laws; (B) such Person (the “Trust Company”)
is licensed to carry on the business of a trust company under applicable laws 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 such duties for such Estate Accounts or for such Other Accounts; (C) such Person (the “Plan
Administrator”) is the administrator or the trustee of one or more pension funds or plans (a “Plan”) registered under the laws of Canada or any province thereof or the laws of the United States of America or any state
thereof and such security is held by the Plan Administrator or the Plan in the ordinary course of such Plan Administrator’s or Plan’s activities; (D) such Person (the “Statutory Body”) 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 or insurance plans of various public bodies and such security is held by the Statutory
Body in the ordinary course of the management of such investment funds; (E) such Person (the “Crown Agent”) is acting as an agent of the Crown for purposes that include, and the ordinary business or activity of such Person includes,
the management of public assets and such security is held by the Crown Agent in the ordinary course of the management of such public assets; or (F) such Person is a Plan and such security is held by the Plan in the ordinary course of such
Plan’s activities; provided, however, that in any of the foregoing cases the Fund Manager, the Trust Company, the Plan Administrator, the Statutory Body, the Crown Agent or the Plan, as the case may be, is not then making or has not then
announced a current 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 (x) pursuant to a distribution by the Corporation or (y) by means
of a Permitted Bid or (z) by means of market transactions made in the ordinary course of business of such Person (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;

	
	 	 	 
	
 	
(vii) 		
because such Person is a Client of the same Fund Manager as another Person on whose account the Fund 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;

	

- 3-

 	
 	
(viii) 		
because such Person is a Client of a Fund Manager and such security is owned at law or in equity by the Fund 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 because such Person is a Plan and such security is owned at law or in equity by the Plan Administrator; or

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

	

For 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 Subsection 1.1(e) shall be deemed outstanding. 

	
f) 		
“Board of Directors” shall mean the board of directors of the Corporation or any duly constituted and empowered committee thereof.

	
	 	 
	
g) 		
“Business Day” shall mean any day, other than a Saturday or Sunday or a day on which banking institutions in Montreal, Quebec are authorized or obligated by law to close.

	
	 	 
	
h) 		
“Canadian Dollar Equivalent” of any amount which is expressed in United States dollars shall mean on any date the Canadian dollar equivalent of such amount determined by reference to the U.S. - Canadian Exchange
Rate in effect on such date.

	
	 	 
	
i) 		
“Close of Business” on any given date shall mean 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 Shares
in Montreal, Quebec (or after the Separation Time, the principal office of the Rights Agent in Montreal, Quebec) is closed to the public.

	
	 	 
	
j) 		
“Companies Act” shall mean the Companies Act (Quebec), R.S.Q, c. C-38, as amended or replaced and the regulations thereunder, as from time to time in effect.

	
	 	 
	
k) 		
“Competing Permitted Bid” means a Take-over Bid that:

	

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

	
	 	 	 
	
 	
(ii) 		
satisfies all components of the definition of a Permitted Bid other than the requirement in subclause (ii)(A)(x) thereof; 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 the Take-over Bid prior to
the Close of Business on a date that is earlier than the later of (A) 35 days (or such longer minimum period of days that a Take-over Bid must remain open for acceptance under the Securities Act) after the date of the Take-over Bid; and (B) the 60th
day after the earliest date on which any other Permitted Bid that is then in existence was made.

	

	
l) 		
“controlled”: a body corporate is “controlled” by another Person or two or more Persons acting jointly or in concert if and only if:

	
	 	 	 
		
(i) 		
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

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

	

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

	
m) 		
“Convertible Security” means, with respect to any security, a security convertible into or exercisable or exchangeable for the first-mentioned security including, without limitation, convertible preferred shares,
convertible or exchangeable debt securities, share purchase rights, exchange rights, options and warrants.

	
	 	 
	
n) 		
“Convertible Security Notice Time” the Close of Business on the second Trading Day following 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 corporation controlled by 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);

	

	
o) 		
“Co-Rights Agents” shall have the meaning ascribed thereto in Subsection 4.1(a).

	
	 	 
	
p) 		
“Disposition Date” shall have the meaning ascribed thereto in Subsection 5.1(b).

	
	 	 
	
q) 		
“Effective Date” shall mean 5:01 p.m. on May 26 , 2010.

	
	 	 
	
r) 		
“Election to Exercise” shall have the meaning ascribed thereto in Subsection 2.2(d).

	
	 	 
	
s) 		
“Exempt Acquisition” means a share acquisition (i) in respect of which the Board of Directors has waived the application of Section 3.1 pursuant to Subsection 5.1(b), 5.1(d) or 5.1(e) or (ii) pursuant to an
amalgamation, merger or other statutory procedure requiring shareholder approval.

	

- 4 - 

	
t) 		
“Exercise Price” shall mean, as of any date from and after the Separation Time, the price at which a holder of a Right may purchase the securities issuable upon exercise of one whole Right which, subject to
adjustment in accordance with the terms hereof, shall be an aggregate dollar amount equal to the Market Price per Share (determined as at the Separation Time) multiplied by five (5).

	
	 	 
	
u) 		
“Expiration Time” shall mean the earlier of: (i) the Termination Time; and (ii) the Close of Business on the date on which the first annual meeting of shareholders of the Corporation following May 26, 2013 (being
the third anniversary of the Effective Date) is held; provided, however, that if the resolution referred to in Section 5.20 is approved by the Independent Shareholders in accordance with Section 5.20 at or prior to the 2013 annual meeting of the
Corporation, “Expiration Time” shall mean the earlier of (A) the Termination Time; and (B) the Close of Business on the date on which the first annual meeting of shareholders of the Corporation following May 26, 2013 (being the
sixth anniversary of the Effective Date) is held.

	
	 	 
	
v) 		
“Fiduciary” shall mean, 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 of America, 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 or any other securities
legislation of the United States of America or any state of the United States of America.

	
	 	 
	
w) 		
“Flip-in Event” shall mean a transaction or event in or pursuant to which any Person becomes an Acquiring Person.

	
	 	 
	
x) 		
“holder” shall have the meaning ascribed thereto in Section 2.8.

	
	 	 
	
y) 		
“Independent Shareholders” shall mean holders of outstanding Voting Shares, other than (i) any Acquiring Person or Offeror other than a Person who is deemed not to Beneficially Own such Voting Shares by reason of
clause 1.1e)(vi) hereof; (ii) any Person acting jointly or in concert with any Acquiring Person or Offeror; (iii) any Associate or Affiliate of any Acquiring Person or Offeror; and (iv) any 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 corporation controlled by the Corporation, unless the beneficiaries of the plan or trust direct the manner in which the Voting Shares are to be voted or
withheld from voting or direct whether the Voting Shares are to be deposited or tendered to a Take-over Bid.

	
	 	 
	
z) 		
“Lock-up Agreement” means an agreement between an Offeror or any Affiliate or Associate of an Offeror and one or more holders of Voting Shares (each such holder herein referred to as a “Locked-up
Person”) who are not Affiliates or Associates of the Offeror and who are not, other than by virtue of entering into such agreement, acting jointly or in concert with the Offeror, 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 hereinafter defined) or, if the Lock-up Bid has been made prior to the date of the Lock-up Agreement, not later than the Business Day
following the date the Lock-up Agreement was entered into, pursuant to which each Locked-up Person agrees to deposit or tender the Voting Shares held by such holder to a Take-over Bid (the “Lock-up Bid”) made by the Offeror or any
Affiliates or Associates of the Offeror or any other Person acting jointly or in concert with the Offeror provided that:

	

	
 	
(i) 		
the Lock-up Agreement permits the Locked-up Person to withdraw its Voting Shares from the Lock-up Agreement and the Lock-up Bid in order to deposit or tender the Voting Shares to another Take-over Bid or to support another
transaction prior to the Voting Shares being taken up and paid for under the Lock-up Bid:

	

	
 	
 	
(A) 		
at a price or value per Voting Share that exceeds the price or value per Voting Share offered under the Lock-up Bid; or

	
	 	 	 	 
	
 	
 	
(B) 		
for a number of Voting Shares that exceeds by as much as or more than a number specified in the Lock-up Agreement (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 Voting Share that is not less than the price or value per Voting 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; or

	
	 	 	 	 
	
 	
 	
(C) 		
at such price or value that exceeds by as much as or more than an amount specified in the Lock-up Agreement (the “Specified Amount”) the offering price for each Voting Share contained in or proposed to be
contained in the Lock-up Bid, provided that the Specified Amount is not greater than 7% of the offering price contained in or proposed to be contained in the Lock-up Bid;

	

for greater certainty, the Lock-up Agreement may contain a right of first refusal or require a period of delay to give the Person who made the Lock-up Bid 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 

	
 	
(ii)	

no “break-up” fees, “topping” fees, penalties, expenses or other amounts that
exceed in aggregate the greater of: 

	
	
 	
 	
 

	
 	
 	
(A) 		
21⁄2% of the price or value of the aggregate 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 received by a Locked-up Person under another Take-over Bid or transaction exceeds the price or value of the consideration that the Locked-up Person would have
received under the Lock-up Bid;

	

shall be payable by such Locked-up Person if the Locked-up Person fails to deposit or tender Voting Shares to the Lock-up Bid, or withdraws Voting Shares previously tendered thereto, in order to deposit or tender such Voting Shares to another
Take-over Bid or support another transaction. 

	
aa) 		
“Market Price” per security of any securities on any date of determination shall mean the VWAP of such securities for the five consecutive Trading Days through and including the Trading Day immediately preceding
such date of determination, provided, however, that (A) if on any such date the securities are not traded on any exchange or in the over-the-counter market, the Market Price per share of such securities on such date shall mean the fair market value
per security of the securities on such date as determined by a nationally or internationally recognized investment dealer or investment banker selected by the Board of Directors, and (B) if the Market Price so determined is expressed in United
States dollars, such amount shall be converted to the Canadian Dollar Equivalent.

	

- 5 - 

	
bb) 		
“Nominee” shall have the meaning ascribed thereto in Subsection 2.2(c).

	
	 	 
	
cc) 		
“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. 

	
dd) 		
“Offeror” shall mean a Person who has announced a current intention to make, or who is making, a Take-over Bid.

	
	 	 
	
ee) 		
“Offeror’s Securities” shall mean the Voting Shares Beneficially Owned on the date of a Take-over Bid by an Offeror.

	
	 	 
	
ff) 		
“Permitted Bid” means a Take-over Bid made by way of a take-over bid circular which also complies with the following additional provisions:

	

	
 	
(i) 		
the Take-over Bid is made to all holders of record of Voting Shares, other than the Offeror;

	
	 	 	 
	
 	
(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 (x) prior to the Close of Business on a date which is not less than 60 days following the date of the Take-over Bid and (y) unless, at the Close of
Business on that date, the Voting Shares deposited or tendered pursuant to the Take-over Bid and not withdrawn constitute more than 50% of the Voting Shares outstanding which are held by Independent Shareholders;

	
	 	 	 	 
	
 	
 	
(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 subclause (A)(y) of this clause 1.1ff)(ii) 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 on the same terms for not less than 10 Business Days from the date of such public announcement.

	

For purposes of this Agreement, the term “Permitted Bid” shall include a Competing Permitted Bid. 

	
gg) 		
“Permitted Bid Acquisition” means an acquisition of Voting Shares made pursuant to a Permitted Bid.

	
	 	 
	
hh) 		
“Person” includes any individual, firm, partnership, association, foundation, trust, trustee, executor, administrator, legal personal representative, government, governmental body or authority, body corporate, or
other incorporated or unincorporated organization, syndicate or other entity.

	
	 	 
	
ii) 		
“Pro Rata Acquisition” means an acquisition by a Person of Voting Shares pursuant to (i) any dividend reinvestment plan, such purchase plan or other plan of the Corporation made available to all holders of Voting
Shares (other than holders resident in any jurisdiction where participation in 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 or exercise 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 (iv) a distribution of Voting Shares or Convertible Securities in respect thereof offered pursuant to a prospectus or by way of a private placement by the Corporation or a conversion or exchange of any such Convertible Security,
provided that, in the cases of (iii) and (iv) above, such Person does not thereby acquire a greater percentage of Voting Shares or Convertible Securities so offered than the Person’s percentage of Voting Shares Beneficially Owned immediately
prior to such acquisition.

	
	 	 
	
jj) 		
“Record Time” means 5:01 p.m. on May 26, 2010, being the Effective Date.

	
	 	 
	
kk) 		
“Redemption Price” shall have the meaning attributed thereto in Subsection 5.1(a).

	
	 	 
	
ll) 		
“Regular Cash Dividend” means cash dividends paid on the Shares in any fiscal year of the Corporation to the extent that such cash dividends do not exceed in the aggregate in any fiscal year the greatest of:

	

	
 	
(i) 		
200% of the aggregate amount of cash dividends declared payable by the Corporation on its Shares in its immediately preceding fiscal year;

	
	 	 	 
	
 	
(ii) 		
300% of the arithmetic mean of the aggregate amounts of cash dividends declared payable by the Corporation on its Shares in its three immediately preceding fiscal years; and

	
	 	 	 
	
 	
(iii) 		
100% of the aggregate consolidated net income of the Corporation, before extraordinary items, for its immediately preceding fiscal year.

	

- 6 - 

	
mm) 		
“Right” shall mean the rights described herein to purchase securities pursuant to the terms and subject to the conditions set forth herein.

	
	 	 
	
nn) 		
“Rights Certificate” shall mean the certificates representing the Rights after the Separation Time which shall be substantially in the form attached hereto as Exhibit A.

	
	 	 
	
oo) 		
“Rights Register” and “Rights Registrar” shall have the respective meanings ascribed thereto in Subsection 2.6(a).

	
	 	 
	
pp) 		
“Securities Act” shall mean the Securities Act, R.S.Q., c. V-1.1, as amended and the regulations, rules and policy statements made thereunder, as from time to time in effect.

	
	 	 
	
qq) 		
“Separation Time” means the Close of Business on the tenth Trading 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 corporation controlled by 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 Business Day as may be determined at any time or from time to time by the Board of Directors provided, however, that 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, such Take-over Bid shall be deemed, for purposes of this Subsection 1.1(qq), never to have been made, and, provided further, that if the Board of Directors determines, pursuant to
Section 5.1, to waive the application of Section 3.1 to a Flip-in Event, the Separation Time in respect of such Flip-in Event shall be deemed never to have occurred. 

	
rr) 		
“Shares” means the common shares in the share capital of the Corporation, as such shares may be subdivided, consolidated, reclassified or otherwise changed from time to time.

	
	 	 
	
ss) 		
“Stock Acquisition Date” shall mean 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, an early warning report filed pursuant to National Instrument 62-103 – The Early Warning System and Related Take-over Bid and Insider Reporting Issues (adopted in Québec as
Regulation 62- 103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) or Section 13(d) of the U.S. Exchange Act disclosing such information).

	
	 	 
	
tt) 		
“Take-over Bid” means an Offer to Acquire Voting Shares of any class, 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.

	
	 	 
	
uu) 		
“Termination Time” means the time at which the right to exercise Rights shall terminate pursuant to Section 5.1 hereof.

	
	 	 
	
vv) 		
“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 acting in good faith) 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.

	
	 	 
	
ww) 		
“TSX” means the TSX Venture Exchange.

	
	 	 
	
xx) 		
“U.S. - Canadian Exchange Rate” on any date shall mean:

	

	
 	
(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;

	

	
yy) 		
“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.

	
	 	 
	
zz) 		
“Voting Share Reduction” means an acquisition or redemption by the Corporation or any corporation controlled 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.

	
	 	 
	
aaa) 		
“Voting Shares” means the 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 on the election of the directors of such other Person.

	
	 	 
	
bbb) 		
"VWAP" means the volume weighted average trading price of the securities, calculated by dividing the aggregate sale price by the total volume of securities traded on the TSX for the relevant period, as adjusted, as the case
may be, by the TSX, (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, such volume shall be determined based on 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 or, if a calendar year has not been completed
prior to the date of determination, during such shorter period
as the Board of Directors acting in good faith determines to be appropriate, and provided in each case that the TSX shall have approved and accepted the use of the prices of the securities in question on such other stock exchange or national
securities quotation system for purposes of such determination) or, if for any reason any of the sale prices used in determining the VWAP is not available on such date or the securities are not listed or admitted to trading on a stock exchange or a
national securities quotation system on such date, 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, provided, however, that
if an event of a type analogous to any of the events described in Section 2.3 hereof shall have caused any of the sale prices used to determine the VWAP for any Trading Day not to be fully comparable with the sale prices on the Trading Day
immediately preceding such date of determination, each such sale price so used shall be appropriately adjusted in a manner analogous to the applicable adjustment provided for in Section 2.3 hereof (as determined by the Board of Directors acting in
good faith) in order to make it fully comparable with the sale price on the Trading Day immediately preceding such date of determination. 

	

- 7 - 

	
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, Subsections, clauses and subclauses 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 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, Subsections, clauses and subclauses are to Articles,
Sections, Subsections, clauses and subclauses of this Agreement. 

	
1.5 		
Statutory References

	

Unless the context otherwise requires, any reference to a specific Section, Subsection, clause or Rule of any statute 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. 

	
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 x
		
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.
	

Where any Person is deemed to Beneficially Own unissued Voting Shares pursuant to Subsection 1.1e), 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 and whether or not in writing, with the first Person, to acquire
or to Offer to Acquire Voting Shares or Convertible Securities in respect thereof (other than customary agreements with and between underwriters and banking group or selling group members with respect to a distribution of securities or pursuant to a
pledge of securities in the ordinary course of the pledgee’s business). 

ARTICLE 2

THE RIGHTS 

	
2.1 		
Legend on Share Certificates

	

	
a) 		
Certificates representing the Shares, including without limitation 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 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 May 26, 2010 (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 at the registered 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, whether currently held by or on
behalf of such Person or any subsequent holder) 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. 

	

- 8 - 

Jusqu’à l’heure de séparation (définie dans la convention
visant les Droits mentionnée ci-dessous), le présent certificat atteste
également que son porteur jouit de certains Droits stipulés dans une convention
visant un régime de droits de souscription des actionnaires intervenue en date
du 26 mai 2010 (« convention visant les Droits ») entre la Société et Société de
fiducie Computershare du Canada, à titre d’agent des Droits, en sa version
pouvant être modifiée ou complétée de temps à autre conformément aux modalités
des présentes, convention dont les conditions sont intégrées dans les présentes
par renvoi et dont une copie se trouve dans les dossiers tenus au siège social
de la Société. Dans certaines circonstances stipulées dans la convention visant
les Droits, ces Droits peuvent être modifiés ou rachetés ou peuvent expirer ou
devenir nuls (si, dans certains cas, ils sont « détenus à titre de véritable
propriétaire » par une « personne faisant une acquisition », selon la définition
de ces termes dans la convention visant les Droits, qu’ils soient détenus
actuellement par cette personne ou un porteur ultérieur ou pour le compte de
ceux-ci). Les Droits peuvent aussi être attestés par des certificats distincts
et peuvent ne plus être attestés par le présent certificat. La Société postera
ou fera poster sans frais une copie de la convention visant les Droits au
porteur du présent certificat dès que possible après la réception d’une demande
écrite à cet effet.” 

	b) 	Certificates representing Shares that have been
      issued prior to, and remain outstanding at, the Record Time, shall
      evidence one Right for each Share 
	  	evidenced thereby until the earlier of the
      Separation Time and the Expiration Time notwithstanding the absence of the
      legend required by Subsection 2.1a). 
	  	  
	2.2 	Initial Exercise Price; Exercise of Rights;
      Detachment of Rights 
	  	  
	a) 	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 Share for the Exercise Price (which Exercise Price
      and number of 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. 
	  	  
	b) 	Until the Separation Time, (i) the Rights shall
      not be exercisable and no Right may be exercised; and (ii) for
      administrative purposes, each Right will be 
	  	evidenced by the certificate for the associated
      Shares 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
      Shares. 
	  	  
	c) 	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 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
      Shares as of the Separation Time and, in respect of each Convertible
      Security converted into 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 in each case an Acquiring Person or any other Person whose Rights are
      or become void pursuant to the 
	  	provisions of Section 3.1(b) hereof and, in
      respect of any Rights Beneficially Owned by such Acquiring Person or other
      Person whose Rights are or become 
	  	void pursuant to the provisions of Section
      3.1(b) hereof, which are not held of record by such Acquiring Person or
      other 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 record 
	  	to the Rights Agent for this purpose):
  

	 	(i) 	
      a Rights Certificate in substantially the form of Exhibit
      A hereto 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

	 	 	 
	 	(ii) 	
      a disclosure statement prepared by the Corporation
      describing the Rights;

provided that a Nominee shall be sent the materials
provided for in (i) and (ii) only in respect of all 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. 

	d) 	
      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 Montreal,
      Quebec, or any other office of the Rights Agent designated for that
      purpose from time to time by the Corporation:

	 	(i) 	
      the Rights Certificate evidencing such Rights;

	 	 	 
	 	(ii) 	
      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

	 	 	 
	 	(iii) 	
      payment by certified cheque, banker’s draft or money
      order payable to the order of the Rights Agent, or by wire transfer to an
      account designated by the Rights Agent, 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 Shares in a
      name other than that of the holder of the Rights being
  exercised.

	e) 	
      Upon receipt of a Rights Certificate, which is
      accompanied by an appropriately completed and duly executed Election to
      Exercise (which does not or is not deemed to indicate that such Right is
      null and void as provided by Subsection 3.1(b)) and payment as set forth
      in Subsection 2.2(d), the Rights Agent (unless otherwise instructed by the
      Corporation) will thereupon promptly:

- 9 - 

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

	 	 	 
	 	(ii) 	
      after receipt of such 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;

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

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

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

	f) 	
      If the holder of any Rights shall exercise less than all
      of 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.

	 	 
	g) 	
      The Corporation shall:

	 	(i) 	
      on or before the Convertible Security Notice Time,
      prepare or cause to be prepared and the Rights Agent will mail to each
      holder of record of Convertible Securities as of the second Trading Day
      prior to the Convertible Security Notice Time a notice (i) setting out the
      occurrence of an event triggering a Separation Time, (ii) notifying the
      holder of Convertible Securities that any exercisable Convertible Security
      may be exercised in accordance with its terms to entitle the holder so
      exercising to receive (a) Shares in accordance with the terms of such
      Convertible Security and (b) Rights in accordance with this
    Agreement;

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

	 	 	 
	 	(iii) 	
      take all such action as may reasonably be considered to
      be necessary and within its power to comply with any applicable
      requirements of the Companies Act, the Securities Act, the U.S. Exchange
      Act, the United States Securities Act of 1933, as amended, and applicable
      comparable legislation of each of the 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 Shares upon exercise of the Rights;

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

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

	 	 	 
	 	(vi) 	
      pay when due and payable, if applicable, any and all
      federal, provincial, state 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 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 Shares issued upon
      the exercise of Rights, in a name other than that of the holder of the
      Rights being transferred or exercised; and

	 	 	 
	 	(vii) 	
      after the Separation Time, except as permitted by Section
      5.1 or Section 5.4, not take (or permit any corporation it controls 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

	a) 	
      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. Fractional interests in securities
      resulting from such adjustments are subject to Section 5.5.

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

	 	(i) 	
      declare or pay a dividend on the Shares payable in Voting
      Shares or Convertible Securities in respect thereof other than in the
      ordinary course of business or pursuant to any dividend reinvestment plan
      or program;

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

	 	 	 
	 	(iii) 	
      consolidate, combine or change the then outstanding
      Shares into a smaller number of Shares; or

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

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

- 10 - 

	 	 	(A)	
If the Exercise Price and number of Rights outstanding are to be
adjusted: 

    

	 	 	(x) 	
      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 Shares (or other securities of the
      Corporation) that a holder of one Share immediately prior to such
      dividend, subdivision, change, consolidation or issuance would hold
      thereafter as a result thereof; and

	 	 	 	 
	 	 	(y) 	
      each Right held prior to such adjustment will become that
      number of Rights equal to that number that is equal to the number of
      Shares (or other securities of the Corporation) that a holder of one Share
      immediately prior to such dividend, subdivision, change, consolidation or
      issuance would hold immediately thereafter as a result thereof, and the
      adjusted number of Rights will be deemed to be allocated among the 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 Share (or other security of the Corporation) will have exactly
      one Right associated with it.

	 	 	(B) 	
      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.

	c) 	
      Adjustments pursuant to Subsection 2.3(b) shall be made
      successively, whenever an event referred to in Subsection 2.3(b)
      occurs.

	 	 
	d) 	
      If an event occurs which would require an adjustment
      under both this Section 2.3 and Section 3.1 hereof, 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
    hereof.

	 	 
	e) 	
      If, after the Record Time and prior to the Expiration
      Time, the Corporation shall issue any shares of its capital other than
      Shares in a transaction of a type described in Section 2.3(b)(i) or (iv),
      such shares shall be treated herein as nearly equivalent to Shares as may
      be practicable and appropriate under the circumstances, and the
      Corporation and the Rights Agent hereby agree to amend this Agreement in
      accordance with Section 5.4 in order to effect such treatment. In the
      event the Corporation shall at any time after the Record Time and prior to
      the Expiration Time issue any Shares otherwise than in a transaction
      referred to in Subsection 2.3(b), each such Share so issued shall
      automatically have one new Right associated with it, which Right shall be
      evidenced by the certificate representing such Shares.

	 	 
	f) 	
      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 Shares of Convertible
      Securities entitling them (for a period expiring within 45 calendar days
      after such record date) to subscribe for or purchase Shares (or other
      Convertible Securities in respect of Shares) at a price per Share (or, in
      the case of such other Convertible Security, having a conversion, exchange
      or exercise price per share (including the price required to be paid to
      purchase such other Convertible Security)) less than 90% of the Market
      Price per 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;

	 	(i) 	
      of which the numerator shall be the number of Shares
      outstanding on such record date plus the number of Shares which the
      aggregate offering price of the total number of 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 Share; and

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

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
Convertible Securities are not so issued, or if issued, are not exercised prior
to the expiration thereof, the Exercise Price shall be readjusted in the manner
contemplated above based on the number of Shares (or securities convertible into
or exchangeable for Shares) actually issued on the exercise of such Convertible
Securities. 

For purposes of this Agreement, the granting of the right to
purchase Shares (whether from treasury or otherwise) pursuant to any dividend or
interest reinvestment plan or program or any share purchase plan or program
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 Convertible Securities by the Corporation) shall
not be deemed to constitute an issue of Convertible Securities by the
Corporation; provided, however, that in the case of any dividend or interest
reinvestment or share purchase plan or program, the right to purchase 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 Shares. 

	g) 	
      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 Shares of (i) evidences of
      indebtedness or assets (other than a Regular Cash Dividend or a dividend
      paid in Shares, but including any dividend payable in securities other
      than Shares), (ii) Convertible Securities 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
      Share on such record date (excluding Convertible Securities referred to in
      Subsection 2.3(f)) or (iii) other securities of the Corporation, 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, Convertible
      Securities 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.

	 	 
	h) 	
      Each adjustment made pursuant to Section 2.3 shall be
      made as of

	 	(i) 	
      the payment or effective date for the applicable
      dividend, subdivision, change, consolidation or issuance, in the case of
      an adjustment made pursuant to Subsection 2.3(b) above;
  and

- 11 - 

	 	(ii) 	
      the record date for the applicable dividend or
      distribution, in the case of an adjustment made pursuant to Subsections
      2.3(f) or 2.3(g) above, subject to readjustment to reverse the same if
      such distribution shall not be made.

	i) 	
      In the event the Corporation shall, at any time after the
      Record Time and prior to the Expiration Time, issue any shares (other than
      Shares), or Convertible Securities 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 clauses 2.3(b)(i) to (iv), Subsection
      2.3(f) or Subsection 2.3(g) above, if the Board of Directors acting in
      good faith determines that the adjustments contemplated by Subsections
      2.3(b), 2.3(f) and 2.3(g) above in connection with such transaction would
      not appropriately protect the interests of the holders of Rights, the
      Board of Directors may from time to time acting in good faith determine
      what other adjustments, if any, to the Exercise Price, number of Rights or
      securities purchasable upon exercise of Rights would be appropriate in the
      circumstances, if any, and such other adjustments (if any) shall be made
      upon the Board of Directors providing written certification thereof to the
      Rights Agent pursuant to Subsection 2.3(q) and no adjustments contemplated
      by Subsections 2.3(b), 2.3(f) or 2.3(g) shall be made notwithstanding the
      terms thereof. The Corporation and the Rights Agent shall amend this
      Agreement to provide for any such other adjustments contemplated by this
      Subsection 2.3(i), subject to the prior approval of the TSX, and of the
      shareholders of the Corporation or the holders of Rights obtained in
      accordance with Section 5.4.

	 	 
	j) 	
      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
      Subsection 2.3(j) 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.

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

	 	 
	l) 	
      Unless the Corporation shall have exercised its election
      as provided in Subsection 2.3(m) to adjust the number of Rights in lieu of
      any adjustment in the number of Shares purchasable upon the exercise of a
      Right, upon each adjustment of the Exercise Price as a result of the
      calculations made in Subsections 2.3(f) and 2.3(g), 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 Shares obtained by:

	 	(i) 	
      multiplying (A) the number of Shares covered by a Right
      immediately prior to such adjustment, by (B) the Exercise Price in effect
      immediately prior to such adjustment; and

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

	m) 	
      The Corporation may elect on or after the date of any
      adjustment of the Exercise Price to adjust the number of Rights, in lieu
      of any adjustment in the number of 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 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 pursuant to this Subsection
      2.3(m), 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 Subsection 2.3(m), 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.

	 	 
	n) 	
      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 Shares and other securities of the
      Corporation, if any, issuable upon such exercise over and above the number
      of 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 Shares (fractional or otherwise) or other
      securities upon the occurrence of the event requiring such
    adjustment.

	 	 
	o) 	
      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 (i)
      subdivision or consolidation of the Shares, (ii) issuance wholly for cash
      of any Shares at less than the applicable Market Price, (iii) issuance
      wholly for cash of any Shares or securities that by their terms are
      exchangeable for or convertible into or give a right to acquire Shares,
      (iv) stock dividends, or (v) issuance of Convertible Securities referred
      to in this Section 2.3, hereafter made by the Corporation to holders of
      its Shares, shall not be taxable to such shareholders, subject to the
      prior approval of the TSX.

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

	 	 
	q) 	
      If, as a result of an adjustment made pursuant to Section
      3.1, the holder of any Right thereafter exercised shall become entitled to
      receive any securities other than Shares, thereafter the number of such
      other securities so receivable upon exercise of any Right and the
      applicable Exercise Price thereof shall be subject to adjustment from time
      to time in a manner and on terms as nearly equivalent as may be
      practicable to the provisions with respect to the Shares contained in the
      foregoing Sections of this Section 2.3 and the provisions of this
      Agreement with respect to the Shares shall apply on like terms to any such
      other securities.

- 12 - 

	r) 	
      Whenever an adjustment to the Exercise Price or a change
      in the securities purchasable upon the exercise of Rights is made pursuant
      to this Section 2.3, the Corporation shall

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

	 	 	 
	 	(ii) 	
      promptly file with the Rights Agent and with each
      transfer agent for the 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. 

	2.4 	
      Date on which Exercise is
  Effective

Each Person in whose name any certificate for Shares or other
securities, if applicable, is issued upon the exercise of Rights shall for all
purposes be deemed to have become the holder of record of the Shares or other
securities, if applicable 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 transfer books of the Corporation’s Shares 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 Shares
transfer books of the Corporation are open. 

	2.5 	
      Execution, Authentication, Delivery and Dating of
      Rights Certificates

	a) 	
      The Rights Certificates shall be executed on behalf of
      the Corporation by any two officers of the Corporation. 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.

	 	 
	b) 	
      Promptly after the Corporation learns of 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 a statement describing the Rights,
      and the Rights Agent shall countersign manually (or by facsimile signature
      in a manner satisfactory to the Corporation) and deliver such Rights
      Certificates and statement to the holders of the Rights pursuant to
      Section 2.2 hereof. No Rights Certificate shall be valid for any purpose
      until countersigned by the Rights Agent as aforesaid.

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

	2.6 	
      Registration, Transfer and
  Exchange

	a) 	
      After the Separation Time, the Corporation shall 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.

	 	 
	b) 	
      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 Subsections 2.6(d)
      and 3.1(b) below, 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.

	 	 
	c) 	
      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.

	 	 
	d) 	
      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.

	 	 
	e) 	
      The Corporation shall not be required to register the
      transfer or exchange of any Rights after the Rights have been terminated
      pursuant to the provisions of this Agreement.

	2.7 	
      Mutilated, Lost, Stolen and Destroyed Rights
      Certificates

	a) 	
      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.

	 	 
	b) 	
      If there shall be delivered to the Corporation and the
      Rights Agent prior to the Expiration Time: (i) evidence to their
      reasonable satisfaction of the destruction, loss or theft of any Rights
      Certificate; and (ii) such security or indemnity as may be reasonably
      required by them to save each of them and any of their agents harmless,
      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.

- 13 - 

	c) 	
      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.

	 	 
	d) 	
      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 share certificate representing the Shares) 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 Shares). 

	2.9 	
      Delivery and Cancellation of
  Certificates

All Rights Certificates surrendered upon exercise or for
redemption, for registration of transfer or for 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. 

	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 Shares;

	 	 
	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 share certificate
      representing the Shares) 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 Shares 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 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 Shares or other securities
      upon exercise of a Right (except as provided herein);

	 	 
	f) 	
      that, subject to the provisions of Section 5.4, 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.

ARTICLE 3
ADJUSTMENTS TO THE RIGHTS 

	3.1 	
      Flip-in Event

	a) 	
      Subject to Sections 3.1(b) and 5.1, in the event that
      prior to the Expiration Time a Flip-in Event occurs, each Right shall
      thereafter constitute, effective at the close of business on the tenth
      Trading Day after the Stock Acquisition Date, the right to purchase from
      the Corporation, upon exercise thereof in accordance with the terms
      hereof, an amount of Shares worth twice the Market Price on the date of
      consummation or occurrence of such Flip-in Event at a price per Share
      equal to half the Market Price on the date of consummation or occurrence
      of such Flip-in Event (such Right to be appropriately adjusted in a manner
      analogous to the applicable adjustment provided for in Section 2.3 in the
      event that, 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 Shares).

	 	 
	b) 	
      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:

- 14 - 

	 	(i) 	an Acquiring Person (or any Affiliate or Associate of an
      Acquiring Person or any other Person acting jointly or in concert with an
      Acquiring Person or any Associate or Affiliate of such other Person);
  or
	 	 	 
	 	(ii) 	
      a transferee of Rights, direct or indirect, from an
      Acquiring Person (or from any Affiliate or Associate of an Acquiring
      Person or any Person acting jointly or in concert with an Acquiring Person
      or any Associate or Affiliate thereof) where such a transferee becomes a
      transferee concurrently with or subsequent to the Acquiring Person
      becoming such in a transfer that the Board of Directors, acting in good
      faith, has determined is part of a plan, arrangement or scheme of an
      Acquiring Person (or of any Person acting jointly or in concert with an
      Acquiring Person or any Associate or Affiliate of an Acquiring Person),
      that has the purpose or effect of avoiding clause
  3.1(b)(i);

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
Subsection 3.1(b) shall be deemed to be an Acquiring Person for the purposes of
this Subsection 3.1(b) and such Rights shall become null and void. 

	c) 	
      Any Rights Certificate that represents Rights
      Beneficially Owned by a Person described in either of clauses 3.1b)(i) or
      3.1b)(ii) 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 Subsection 3.1(b) of the Rights Agreement. 

Les Droits représentés par le présent
certificat de Droits ont été émis à une personne qui était une personne faisant
une acquisition ou un membre du même groupe qu’elle ou une personne avec qui
elle avait des liens (selon la définition de ces termes dans la convention
visant les Droits) ou à une personne agissant conjointement ou de concert avec
l’un de ceux-ci. Le présent certificat de Droits et les Droits représentés par
celui-ci seront nuls dans les circonstances précisées à l’alinéa 3.1(b) de la
convention visant les Droits.” 

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 in writing by the Corporation or if a holder fails to
certify upon transfer or exchange in the space provided to do so that such
holder is not a Person described in such legend. 

	d) 	
      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
      Companies Act, the Securities Act 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 or quotation systems where the Shares are listed or
      quoted at such time in respect of the issue of Shares upon the exercise of
      Rights in accordance with this Agreement.

	 	 
	e) 	
      In the event that there shall not be sufficient Shares
      authorized for issuance to permit the exercise in full of the Rights in
      accordance with this Section 3.1, the Corporation shall take such actions
      as may be reasonably necessary to authorize additional Shares for issuance
      upon the exercise of the Rights.

	3.2 	Fiduciary Duties of the Board of Directors
of the Corporation 

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. 

ARTICLE 4
THE RIGHTS AGENT 

	4.1	General   
	 	 
	a) 	
      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 subject to the prior written approval of the Rights Agent. 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 with the written approval of the Rights Agent.
      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 Subsection 4.3(a). The
      Corporation also agrees to indemnify the Rights Agent, its officers,
      directors, employees and agents for, and to hold it harmless against any
      loss, liability, cost, claim, action, damage, suit 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 its reasonable legal costs and expenses, which right to
      indemnification will survive the termination of this Agreement or the
      removal or resignation of the Rights Agent.

	 	 
	b) 	
      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 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. 

- 15 - 

	c) 	
      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

	a) 	
      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 hereof. 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.

	 	 
	b) 	
      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 retain and consult with legal
      counsel (who may be legal counsel for the Corporation) or such other
      experts that the Rights Agent considers necessary to carry out its duties
      under this Agreement and the opinion of such counsel or other expert 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 (at the expense of the Corporation) 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 act and rely in good faith on the advice of any such
      expert.

	 	 
	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 a senior officer 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 fault, negligence, gross negligence, bad faith or wilful
      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 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 share
      certificate, or Rights Certificate (except its countersignature thereon)
      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 Subsection 3.1(b) hereof or any adjustment required under the
      provisions of Section 2.3) hereof 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 Shares to be issued pursuant to
      this Agreement or any Rights or as to any Shares, when issued, being duly
      and validly authorized, issued and delivered as fully paid and
      non-assessable.

	 	 
	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 person designated in writing by 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.

- 16 - 

	h) 	
      Subject to applicable law, the Rights Agent and any
      shareholder or director, officer or employee of the Rights Agent may buy,
      sell or deal in 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 of such attorneys and agents.

	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) thereof to the Corporation, to each
transfer agent of Shares and to the holders of the Rights, all in accordance
with Section 5.9 and at the expense of the Rights Agent. The Corporation may
remove the Rights Agent by giving 30 days’ prior written notice thereof to the
Rights Agent, to each transfer agent of the 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, subject to prior written notice to the Corporation, the
holder of any Rights or the Rights Agent may apply to any court of competent
jurisdiction for the appointment of a new Rights Agent at the Corporation’s
expense. 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 Quebec. 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, upon receipt of any outstanding fees and expenses then
owing, 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 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. 

ARTICLE 5
MISCELLANEOUS 

	5.1 	
      Redemption, Waiver and
  Termination

	a) 	
      Subject to the prior consent of the holders of the Voting
      Shares or the Rights obtained as set forth herein, 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
      adjustments provided for in Section 2.3 in the event that 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”).

	 	 
	b) 	
      The Board of Directors shall waive the application of
      Section 3.1 in respect of the occurrence of any Flip-in Event if the Board
      of Directors has determined, 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 Subsection 5.1(b) may only be given on the condition that
      such Person, within 10 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, 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.

	 	 
	c) 	
      In the event that a Person acquires Voting Shares
      pursuant to a Permitted Bid or an Exempt Acquisition referred to in
      Subsection 5.l(d), then the Board of Directors of the Corporation 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.

	 	 
	d) 	
      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 in respect of a Take-over Bid pursuant to this
      Subsection 5.1(d), the Board of Directors shall also be deemed to have
      waived the application of Section 3.1 in respect of 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 Subsection 5.1(d).

	 	 
	e) 	
      The Board of Directors acting in good faith may with the
      prior consent of the holders of Voting Shares obtained as set forth
      herein, 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
      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(b). In the event that the Board of Directors proposes such a waiver,
      the Board of Directors shall extend the Separation Time to a time and date
      subsequent to and not more than 10 Business Days following the meeting of
      shareholders held to approve such waiver.

	 	 
	f) 	
      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, the Board of Directors may
      elect to redeem all the outstanding Rights at the Redemption Price without
      the consent of the holders of the Voting Shares or the Rights and reissue
      Rights under this Agreement to holders of record of Voting Shares
      immediately following such redemption. Upon the Rights being redeemed and
      reissued pursuant to this Subsection 5.1(f), all 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 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 Shares. 

- 17 - 

	g) 	
      If the Board of Directors is deemed under Subsection
      5.1(c) to have elected or elects under Subsection 5.1(a) to redeem the
      Rights, 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.

	 	 
	h) 	
      Within 10 days after the Board of Directors is deemed
      under Subsection 5.1(c) to have elected or elects under Subsection 5.1(a)
      or (f) 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
      registry books of the Rights Agent 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.

	 	 
	i) 	
      If a redemption of Rights pursuant to Subsection 5.1(a)
      or a waiver of a Flip-in Event pursuant to Subsection 5.1(e) is proposed
      at any time prior to the Separation Time, such redemption or waiver shall
      be submitted for approval to the holders of Voting Shares. Such approval
      shall be deemed to have been given if the redemption or waiver is approved
      by the affirmative vote of a majority of the votes cast by Independent
      Shareholders represented in person or by proxy at a meeting of such
      holders duly held in accordance with applicable laws and the Corporation’s
      by-laws.

	 	 
	j) 	
      If a redemption of Rights pursuant to Subsection 5.1(a)
      or a waiver of a Flip-in Event pursuant to Subsection 5.1(e) is proposed
      at any time after the Separation Time, such redemption or waiver shall be
      submitted for approval to the holders of Rights. Such approval shall be
      deemed to have been given if the redemption or waiver is approved by
      holders of Rights as set forth in Subsection
5.4(d).

	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 Subsections 4.1(a) and 4.1(b) hereof.

	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

	a) 	
      Subject to Subsections 5.4(b) and (c) and this Subsection
      5.4(a), the Corporation may from time to time amend, vary or delete any of
      the provisions of this Agreement and the Rights provided that no
      amendment, variation or deletion made on or after the date of the 2010
      meeting of shareholders at which the resolution referred to in Section
      5.20 is to be considered shall be made without the prior consent of the
      holders of the Rights, given as provided in Subsection 5.4(b) below,
      except that amendments, variations or deletions made for any of the
      following purposes shall not require such prior approval but shall be
      subject to subsequent ratification in accordance with Subsection
      5.4(b):

	 	(i) 	
      in order to make such changes as are necessary in order
      to maintain the validity of this Agreement and the Rights as a result of
      any change in any applicable legislation, regulations or rules;
  or

	 	 	 
	 	(ii) 	
      in order to make such changes as are necessary in order
      to cure any clerical or typographical error.

	b) 	
      Any amendment, variation or deletion to or from this
      Agreement made by the Board of Directors pursuant to Subsection 5.4(a)
      shall:

	 	(i) 	
      if made prior to the Separation Time, be submitted to the
      shareholders of the Corporation at the next meeting of shareholders and
      the shareholders may, by resolution passed by a majority of the votes cast
      by Independent Shareholders who vote in respect of such amendment,
      variation or deletion, confirm or reject such amendment or supplement;
      or

	 	 	 
	 	(ii) 	
      if made after the Separation Time, be submitted to the
      holders of Rights at a meeting to be held on a date not later than the
      date of the next meeting of shareholders of the Corporation and the
      holders of Rights may, by resolution passed by a majority of the votes
      cast by the holders of Rights which have not or are not deemed to have
      become void pursuant to Subsection 3.1(b) who vote in respect of such
      amendment, variation or deletion, confirm or reject such amendment or
      supplement.

Any amendment, variation or deletion pursuant to Subsection
5.4(a) shall be effective only when so consented to by the holders of Voting
Shares or Rights, as applicable (except in the case of an amendment, variation
or deletion referred to in any of clauses 5.4(a)(i) or (ii), which shall be
effective from the date of the resolution of the Board of Directors adopting
such amendment, variation or deletion and shall continue in effect until it
ceases to be effective (as in this paragraph described) and, where such
amendment, variation or deletion is confirmed, it shall continue in effect in
the form so confirmed). If an amendment, variation or deletion pursuant to
clause 5.4(a)(i) or (ii) is rejected by the shareholders or the holders of
Rights or is not submitted to the shareholders or holders of Rights as required,
then such amendment, variation or deletion shall cease to be effective from and
after the termination of the meeting at which it was rejected or to which it
should have been but was not submitted or from and after the date of the meeting
of holders of Rights that should have been but was not held, and no subsequent
resolution of the Board of Directors to amend, vary or delete any provision of
this Agreement to substantially the same effect shall be effective until
confirmed by the shareholders or holders of Rights, as the case may be. 

	c) 	
      For greater certainty and notwithstanding anything herein
      contained, (i) no amendment, variation or deletion to the provisions of
      Article 4 shall be made except with the concurrence of the Rights Agent
      thereto, and (ii) neither the exercise by the Board of Directors of any
      power or discretion conferred on it hereunder nor the making by the Board
of Directors of any determination or the granting of any waiver it is permitted
to make or give hereunder shall constitute an amendment, variation or deletion
of the provisions of this Agreement or the Rights, for purposes of this Section
5.4 or otherwise. 

- 18 - 

	d) 	
      The approval, confirmation or consent of the holders of
      Rights with respect to any matter arising hereunder shall be deemed to
      have been given if the action requiring such approval, confirmation or
      consent is authorized by the affirmative votes of the holders of Rights
      present or represented at and entitled to be voted at a meeting of the
      holders of Rights and representing a majority of the votes cast in respect
      thereof. For the purposes hereof, each outstanding Right (other than
      Rights which are void pursuant to the provisions hereof or which, prior to
      the Separation Time, are held otherwise than by Independent Shareholders)
      shall be entitled to one vote, and the procedures for the calling, holding
      and conduct of the meeting shall be those, as nearly as may be, which are
      provided in the Corporation’s by-laws and the Companies Act with respect
      to meetings of shareholders of the Corporation.

	 	 
	e) 	
      The Corporation shall be required to provide the Rights
      Agent with notice in writing of any such amendment, variation or deletion
      to this Agreement as referred to in this Section 5.4 within 5 days of
      effecting such amendment, variation or deletion.

	 	 
	f) 	
      Any supplement or amendment to this Agreement pursuant to
      Subsections 5.4 (b) through (e) shall be subject to the receipt of any
      requisite approval or consent from any governmental or regulatory
      authority having jurisdiction over the Corporation, including without
      limitation any requisite approval of stock exchanges on which the Shares
      are listed.

	5.5 	
      Fractional Rights and Fractional
  Shares

	a) 	
      The Corporation will 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. The Rights Agent shall have no obligation to make any payments in
      lieu of fractional Rights unless the Corporation shall have provided the
      Rights Agent with the necessary funds to pay in full all amounts payable
      in accordance with Subsection 2.2(e).

	 	 
	b) 	
      The Corporation shall not be required to issue fractional
      Shares upon exercise of the Rights or to distribute certificates that
      evidence fractional Shares. In lieu of issuing fractional 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 Share at the date of
      such exercise. The Rights Agent shall have no obligation to make any
      payments in lieu of fractional Shares unless the Corporation shall have
      provided the Rights Agent with the necessary funds to pay in full all
      amounts payable in accordance with Subsection
2.2(e).

	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 or Rights Certificate
      shall be entitled to vote, receive dividends or be deemed for any purpose
      the holder of 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 hereof)
      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 hereof, a
      notice of such proposed action, which shall specify the date on which such
      liquidation, dissolution, winding-up or sale 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.

	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 fax 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: 

- 19 - 

	 	(a) 	
      if to the Corporation:

	 	 	
       

	 		
      Neptune Technologies & Bioressources inc. 

      225,
      Promenade du Centropolis 

      Laval (Quebec) 

      H7T 0B3

	 	 	 
	 		
      Attention:                       President

	 	 	 
	 		
      Facsimile No. 450-687-2272

	 	 	 
	 	(b) 	
      if to the Rights Agent:

	 	 	 
	 		
      Computershare Trust Company of Canada 

      1500 University
      

      Suite 700 

      Montreal, QC H3A 3S8

	 	 	 
	 		
      Attention: Manager, Investor Services 

      Facsimile No. (514) 982-7580

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

	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 fulfil 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.
  

	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 any required prior consent of the stock
exchange(s) on which the Corporation is from time to time listed or has been
listed during the six months prior to such amendment. 

	5.12 	
      Declaration as to Non-Canadian and Non-U.S.
      Holders

If in the opinion of the Board of Directors (who may rely upon
the advice of counsel), any action or event contemplated by this Agreement would
require compliance with the securities laws or comparable legislation of a
jurisdiction outside Canada and the United States of America, its territories
and possessions, 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 a 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 	
      Determination and Actions by the Board of
      Directors

All actions, calculations and determinations (including all
omissions with respect to the foregoing) which are done or made by the Board of
Directors pursuant to this Agreement, in good faith, (i) may be relied on by the
Rights Agent, and (ii) shall not subject the Board of Directors or any director
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 Quebec and the laws of
Canada applicable therein 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. 

- 20 -

	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
découlent soient rédigés 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 in such jurisdiction without invalidating or
rendering unenforceable the remaining terms and provisions hereof or the
enforceability thereof in any other jurisdiction 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

If a majority of the votes cast by the Independent Shareholders
who vote in respect of a resolution to ratify and approve this Agreement as
provided herein at the annual meeting of shareholders of the Corporation to be
held in 2010 are voted in favour of such resolution, this Agreement shall, upon
such approval of such resolution, be deemed to be effective from and after the
Effective Date. If such resolution is not then so approved by the aforesaid
Independent Shareholders, this Agreement shall have no force or effect.

This Agreement must be reconfirmed by a resolution passed by a
majority of the votes cast by all holders of Voting Shares who vote in respect
of such reconfirmation (other than any holder who does not qualify as an
Independent Shareholder, with respect to all Voting Shares Beneficially owned by
such Person) at the first annual meeting of shareholders of the Corporation
following May 26, 2013 (being the third anniversary of the Effective Date). If
this Agreement is not so reconfirmed or is not presented for reconfirmation at
such annual meeting, the Board of Directors shall, immediately upon the
confirmation by the Chairman of such shareholders’ meeting of the result of the
vote on such resolution and without further formality, be deemed to have elected
to redeem the Rights at the Redemption Price in accordance with the terms of
this Agreement. 

	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 as of May 26, 2010. 

	NEPTUNE TECHNOLOGIES & 	COMPUTERSHARE TRUST COMPANY OF CANADA
  
	BIORESSOURCES INC. 	  
	 	 
	By:/s/ Henri Harland 	By: /s/ Martine Gauthier 
	 	 
	Name Henri Harland 	Name: Martine Gauthier 
	 	 
	Title: President and Chief Executive Officer 	Title: Relationship Manager, Client Services
  
	 	 
	  	By: /s/ Julien Lavallière 
	 	 
	  	Name: Julien Lavallière 
	  	Title: Relationship Manager, Client Services
  

EXHIBIT A 

Form of Rights Certificate 

	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 SUBSECTION 3.1(b) 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 May 26 , 2010 between, Neptune Technologies & Bioressources Inc. a corporation existing under the laws of Québec (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, as such agreement may from time to time be amended, varied,
restated or replaced (the “Rights Agreement”), to purchase from the
Corporation, at any time after the 10th Trading Day following the
Separation Time and prior to the Expiration Time (as such terms are defined in
the Rights Agreement), one fully paid Share (as defined in the Rights Agreement)
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
Montreal. Until adjustment thereof in certain events as provided in the Rights
Agreement, the Exercise Price per Right shall be the price at which a holder of
a Right may purchase the securities issuable upon exercise of one whole Right
which shall be an aggregate dollar amount equal to the Market Price (as defined
in the Rights Agreement) per Share (determined as at the Separation Time)
multiplied by five (5) payable by certified cheque, banker’s draft or money
order payable to the order of the Rights Agent or by wire transfer to an account
designated by the Rights Agent. The number of Shares which may be purchased for
the Exercise Price is subject to adjustment as set forth in the Rights
Agreement. 

In certain circumstances described in the Rights Agreement,
each Right evidenced hereby may entitle the registered holder thereof to
purchase or receive securities of the Corporation other than Shares, or more or
less than one Share, all as provided 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
Montreal, 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. 

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

No fractional 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
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. 

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: 	 	 
	                                                                                                                        	NEPTUNE TECHNOLOGIES & BIORESSOURCES INC. 	 
	                                                                                                                        	 	 
	                                                                                                                        	Per: _______________________________________________________	 
	 	 	 
	                                                                                                                        	Per: _______________________________________________________	 
	 	 	 
	 	
    Countersigned: 
	 
	 	 	 
	                                                                                                                        	COMPUTERSHARE TRUST COMPANY OF CANADA, in the
      City of Montreal 	 
	 	 	 
	                                                                                                                        	Per: _______________________________________________________	 

FORM OF ELECTION TO EXERCISE 

	The undersigned hereby irrevocably elects to exercise
    ______________________whole Rights represented by this Rights
      Certificate to purchase the Shares or other securities, if applicable, issuable upon
      the exercise of such Rights and requests that certificates for such
      securities be issued in the name of and delivered to: 

	 	 
	Name

 	 
	Address 

 	 
	City and Province
    

 	 
	Social Insurance No. or other taxpayer identification
      number 

    

 	 

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
      number
     
	 

	Date:	 _______________________________________	 	 _______________________________________
	 	 	 	Signature 
	 	 	 	 
	 	 	 	(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 Guaranteed 	 	 

Signature must be signature guaranteed by a Schedule 1 Canadian
chartered bank, a Canadian major trust company or a member firm of a recognized
Medallion Signature Guarantee Program. 

(To be completed by the holder if true) 

The undersigned hereby certifies and represents, for the
benefit of the Corporation and all holders of Rights and 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 or any other Person acting jointly
or in concert with any of the foregoing (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 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. No Rights Certificates shall be issued in
exchange for a Rights Certificate owned or deemed to have been owned by an
Acquiring Person or an Affiliate or Associate thereof, or by a
Person acting jointly or in concert with an Acquiring Person or an
Affiliate or Associate thereof. 

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 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 _________________________________________________	 	                                                                                                                                     
     
	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 signature guaranteed by a Schedule 1 Canadian
chartered bank, a Canadian major trust company or a member firm of a recognized
Medallion Signature Guarantee Program. 

(To be completed by the assignor if true) 

The undersigned hereby certifies and represents, for the
benefit of the Corporation and all holders of Rights and 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 or any other Person acting jointly
or in concert with any of the foregoing (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. No Rights Certificates shall be issued in exchange for a
Rights Certificate owned or deemed to have been owned by an Acquiring Person or
any Affiliate or Associate of an Acquiring Person, or any other Person acting
jointly or in concert with an Acquiring Person, or any Associate or Affiliate of
such other Person. Capitalized terms shall have the meaning ascribed thereto in
the Rights Agreement. 

	Certificat n° 	Droits 

LES DROITS PEUVENT ÊTRE RACHETÉS, AU GRÉ DE LA SOCIÉTÉ, SELON
LES MODALITÉS INDIQUÉES DANS LA CONVENTION VISANT UN RÉGIME DE DROITS DE
SOUSCRIPTION DES ACTIONNAIRES. DANS CERTAINES CIRCONSTANCES (PRÉCISÉES À
L’ALINÉA 3.1(b) DE CETTE CONVENTION), LES DROITS DÉTENUS EN PROPRIÉTÉ EFFECTIVE
PAR UNE PERSONNE FAISANT UNE ACQUISITION, CERTAINES PARTIES APPARENTÉES À UNE
PERSONNE FAISANT UNE ACQUISITION OU LE CESSIONNAIRE D’UNE PERSONNE FAISANT UNE
ACQUISITION OU D’UNE DE CES PARTIES APPARENTÉES DEVIENDRONT NULS SANS AUTRE
FORMALITÉ. 

Certificat de Droits 

Les présentes attestent que • est le porteur inscrit du nombre de Droits indiqué ci-dessus, dont chacun permet au porteur
inscrit des Droits, sous réserve des modalités, dispositions et conditions de la
convention visant un régime de droits de souscription des actionnaires qui a été
passée en date du 26 mai 2010 entre Neptune Technologies & Bioressources
Inc., une société existant en vertu des lois du Québec (“Société”) et la
Société de fiducie Computershare du Canada, société de fiducie constituée en
vertu des lois du Canada, en qualité d’agent des Droits (“agent des
Droits”), terme qui comprend tout successeur de l’agent des Droits
conformément à la convention visant les Droits, comme cette convention peut de
temps à autre être modifiée, mise à jour ou remplacée (« convention visant
les Droits »), d’acheter auprès de la Société, en tout temps après l’heure
de séparation et avant l’heure d’expiration (selon la définition de ces termes
dans la convention visant les Droits) une action (selon la définition de ce
terme dans la convention visant les Droits) entièrement libérée au prix
d’exercice indiqué ci-dessous, sur présentation et remise du présent certificat
de Droits, accompagné du formulaire de choix d’exercice adéquatement rempli et
dûment signé, à l’agent des Droits à son bureau principal de Montréal. Tant
qu’il ne sera pas ajusté dans certaines circonstances prévues dans la convention
visant les Droits, le prix d’exercice pour chaque Droit sera un montant total en
dollars égal au cours du marché (selon la définition de ce terme dans la
convention visant les Droits) par action (déterminé à l’heure de séparation)
multiplié par cinq (5) (payable par chèque certifié, traite bancaire ou
mandat-poste établi à l’ordre de l’agent des Droits ou par virement électronique
à un compte désigné par l’agent des Droits). Le nombre d’actions pouvant être
acheté pour le prix d’exercice peut faire l’objet d’ajustements comme le stipule
la convention visant les Droits. 

Dans certaines circonstances décrites dans la convention de
droits de souscription, chaque droit de souscription attesté par les présentes
peut permettre au porteur inscrit de celui-ci d’acheter ou de recevoir des
titres de la Société autres que des actions ordinaires, ou plus ou moins qu’une
action ordinaire, le tout comme il est prévu dans la convention de droits de
souscription. 

Le présent certificat de Droits est assujetti à toutes les
modalités, dispositions et conditions de la convention visant les Droits,
lesquelles sont intégrées dans les présentes par renvoi et en font partie
intégrante, convention à laquelle il est fait renvoi par les présentes pour la
description complète des droits, restrictions des droits, obligations, fonctions
et immunités qu’elle confère à l’agent des Droits, à la Société et aux porteurs
des certificats de Droits. Des copies de la convention visant les Droits sont
conservées au siège social de la Société et peuvent être obtenues sur demande
écrite. 

Le présent certificat de Droits, avec ou sans autres
certificats de Droits, peut, sur remise au bureau principal de l’agent des
Droits à Montréal, être échangé contre un ou plusieurs autres certificats de
Droits de la même teneur attestant un nombre global de Droits égal au nombre
global des Droits attestés par le ou les certificats de Droits remis. Si le
présent certificat de Droits est exercé en partie, le porteur inscrit aura le
droit de recevoir, sur remise de celui-ci, un ou plusieurs autres certificats de
Droits représentant le nombre de Droits entiers qui n’auront pas été exercés.

Sous réserve des dispositions de la convention visant les
Droits, les Droits attestés par le présent certificat de Droits peuvent être
rachetés par la Société au prix de rachat de 0,00001 $ par Droit, sous réserve
d’ajustements dans certaines circonstances. 

Aucune fraction d’action ne sera émise au moment de l’exercice
d’un ou de plusieurs Droits attestés par les présentes mais, en remplacement de
celle-ci, un paiement comptant sera effectué comme le prévoit la convention
visant les Droits. 

Aucun porteur du présent certificat de Droits, en tant que tel,
ne sera habile à voter ou à recevoir des dividendes ni ne sera réputé à quelque
fin que ce soit être le porteur d’actions ou d’autres titres pouvant être
émissibles à un moment quelconque au moment de l’exercice du présent certificat,
et aucune disposition de la convention visant les Droits ou du présent
certificat ne devra être interprétée comme conférant au porteur du présent
certificat, en tant que tel, l’un quelconque des droits d’un actionnaire de la
Société ni le droit de voter en vue de l’élection d’administrateurs ou à l’égard
de toute question soumise aux actionnaires à une assemblée de ceux-ci, ni le
droit d’approuver ou de s’abstenir d’approuver toute mesure prise par la
Société, ni le droit de recevoir l’avis de convocation à quelque assemblée des
actionnaires que ce soit ou un avis des autres mesures visant les actionnaires
de la Société (sauf comme le prévoit la convention visant les Droits), ni le
droit de recevoir des dividendes ou des droits de souscription ni quelque autre
droit, et ce, tant que les Droits attestés par le présent certificat de Droits
n’auront pas été exercés comme le prévoit la convention visant les Droits. 

Le présent certificat de Droits n’est pas valide à quelque fin
que ce soit tant qu’il n’a pas été contresigné par l’agent des Droits. 

EN FOI DE QUOI le fac-similé de la signature des dirigeants
appropriés de la Société a été apposé sur le présent certificat de Droits. 

	Date: 	 	 
	                                                                                                                        	NEPTUNE TECHNOLOGIES & BIORESSOURCES INC. 	 
	                                                                                                                        	 	 
	                                                                                                                        	Par: _______________________________________________________	 
	 	 	 
	                                                                                                                        	Par: _______________________________________________________	 
	 	 	 
	 	
    Contresignature : 
	 
	 	 	 
	                                                                                                                        	SOCIÉTÉ DE FIDUCIE COMPUTERSHARE DU CANADA dans
      la ville de Montréal 	 
	 	 	 
	                                                                                                                        	Par: _______________________________________________________	 

FORMULAIRE DE CHOIX D’EXERCICE 

	Par les présentes, le soussigné choisit
      irrévocablement d’exercer __________________Droits entiers attestés par le
      présent certificat de Droits en vue de l’achat des actions ou autres
      titres, s’il en est, émissibles au moment de l’exercice de ces Droits et
      demande que les certificats attestant ces titres soient émis au nom de la
      personne suivante et lui soient livrés : 

	 	 
	Nom

 	 
	Adresse 

 	 
	Ville et province
    

 	 
	Numéro d’assurance sociale ou autre numéro d’identification
      du contribuable 

    

 	 

Si ce nombre de Droits ne constitue pas la totalité des Droits
attestés par le présent certificat de Droits, un nouveau certificat de Droits
attestant le reste de ces Droits sera immatriculé au nom de la personne suivante
et lui sera livré : 

	 	 
	Nom 

 	 
	Adresse 

 	 
	Ville et province
    

 	 
	Numéro d’assurance sociale ou autre numéro d’identification
      du contribuable
     
	 

 	Date:	 _______________________________________	 	 _______________________________________
	 	 	 	Signature 
	 	 	 	 
	 	 	 	(La signature doit correspondre en tous points
      au nom apparaissant au recto du présent certificat de Droits, sans
      modification, ajout ni changement d’aucune sorte.)
    
	 	 	 	 
	
    _________________________________________________	 	                                                                                                                                     
     
	(Signature avalisée) 	 	 

La signature doit être avalisée par une banque à charte
canadienne de l’annexe 1, une grande société de fiducie canadienne ou une firme
membre d’un programme Medallion Signature Guarantee reconnu. 

(Attestation devant être signée par le porteur si elle est
exacte) 

Le soussigné atteste et déclare par les présentes, au profit de
la Société et de tous les porteurs de Droits et d’actions, que les Droits
attestés par le présent certificat de Droits ne sont pas et, à la connaissance
du soussigné, n’ont jamais été détenus en propriété effective par une personne
faisant une acquisition ou un membre du même groupe qu’elle ou une personne avec
qui elle a des liens ou une autre personne agissant conjointement ou de concert
avec l’un de ceux-ci (selon la définition de ces termes dans la convention
visant les Droits). 

	 	Signature 	 
	 	 	 
	 	 	 
	 	(Veuillez écrire le nom en lettres moulées sous la
      signature) 	 

AVIS 

Si l’attestation figurant ci-dessus dans le formulaire de
choix d’exercice n’est pas signée, la Société considérera le véritable
propriétaire des Droits représentés par le présent certificat de Droits comme
une personne faisant une acquisition (selon la définition donnée dans la
convention visant les Droits) et, par conséquent, ces Droits seront nuls et non
avenus. Aucun certificat de droits de souscription ne sera émis en échange d’un
certificat de droits de souscription appartenant ou réputé avoir appartenu à une
personne faisant une acquisition ou à un membre du même groupe qu’elle ou à une
personne avec qui elle a des liens, ou à une personne qui agit conjointement ou
de concert avec une personne faisant une acquisition ou avec un membre du même
groupe qu’elle ou une personne avec qui elle a des liens. 

FORMULAIRE DE CESSION

CONTRE VALEUR REÇUE, le soussigné vend, cède et transfère par les
présentes à 

(veuillez écrire le nom et l’adresse du cessionnaire en lettres
moulées) les Droits représentés par le présent certificat de Droits, de même que
tous les droits, titres et intérêts s’y attachant.

	Date:	 _______________________________________	 	 _______________________________________
	 	 	 	Signature 
	 	 	 	 
	 	 	 	
    (La signature doit correspondre en tous points
      au nom apparaissant au recto du présent certificat de Droits, sans
      modification, ajout ni changement d’aucune sorte.)
    

	 	 	 	 
	
    _________________________________________________	 	                                                                                                                                     
     
	(Signature avalisée) 	 	 

La signature doit être avalisée par une banque à charte
canadienne de l’annexe 1, une grande société de fiducie canadienne ou une firme
membre d’un programme Medallion Signature Guarantee reconnu. 

(Attestation devant être signée par le cédant si elle est
exacte) 

Le soussigné atteste et déclare par les présentes, au profit de
la Société et de tous les porteurs de Droits et d’actions, que les Droits
attestés par le présent certificat de Droits ne sont pas et, à la connaissance
du soussigné, n’ont jamais été détenus en propriété effective par une personne
faisant une acquisition ou un membre du même groupe qu’elle ou une personne avec
qui elle a des liens ou une autre personne agissant conjointement ou de concert
avec l’un de ceux-ci (selon la définition de ces termes dans la convention
visant les Droits). 

	 	Signature 	 
	 	 	 
	 	 	 
	 	(Veuillez écrire le nom en lettres moulées sous la
      signature) 	 

AVIS 

Si l’attestation figurant ci-dessus dans le formulaire de
cession n’est pas signée, la Société considérera le véritable propriétaire des
Droits représentés par le présent certificat de Droits comme une personne
faisant une acquisition (selon la définition donnée dans la convention visant
les Droits) et, par conséquent, ces Droits seront nuls et non avenus. Aucun
certificat de droits de souscription ne sera émis en échange d’un certificat de
droits de souscription appartenant ou réputé avoir appartenu à une personne
faisant une acquisition ou à un membre du même groupe qu’elle ou à une personne
avec qui elle a des liens, ou à une personne qui agit conjointement ou de
concert avec une personne faisant une acquisition ou avec un membre du même
groupe qu’elle ou une personne avec qui elle a des liens. Les expressions
définies dans la convention de droits de souscription ont le même sens dans les
présentes.

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