Document:

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                                                                     Exhibit 4.1

                          REGISTRATION RIGHTS AGREEMENT

                                  BY AND AMONG

                                COREL CORPORATION

                                     AND THE

                                  STOCKHOLDERS

                                  NAMED HEREIN

                                   DATED AS OF

                                 _______, 200[6]

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                                TABLE OF CONTENTS

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ARTICLE I     DEFINITIONS................................................     1

ARTICLE II    REGISTRATION RIGHTS........................................     5

ARTICLE III   REPRESENTATIONS, WARRANTIES AND AGREEMENTS.................    15

ARTICLE IV    INDEMNIFICATION AND CONTRIBUTION...........................    17

ARTICLE V     MISCELLANEOUS..............................................    22
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                          REGISTRATION RIGHTS AGREEMENT

          This Registration Rights Agreement (this "Agreement"), dated as of
_____, 200[6], is entered into by and among Corel Corporation, a Canadian
corporation (the "Company"), Vector Capital Partners II International, Ltd. and
Vector CC Holdings SRL (the "Demand Holders") and the persons listed on Annex A
hereto (the "Piggyback Holders," and together with the Demand Holders, the
"Stockholders"))

                                    RECITALS

          WHEREAS, the Company is offering to sell its common shares in an
initial public offering ("IPO") registered under the Securities Act of 1933, as
amended, pursuant to a registration statement on Form F-1, File No. 333-_____
(the "IPO Registration Statement") in the United States and pursuant to a long
form prospectus, including any amendments or supplements thereto, in the English
and French languages, in Canada (the "Canadian IPO Prospectus");

          WHEREAS, in connection with the IPO the Company intends to effect a
_____ for-one reverse stock split (the "Reverse Split") and issue common shares
to one or more of the Demand Holders (or their designated Affiliates) as
consideration for the Company's acquisition (the "Acquisition") of Cayman
Limited Holdco, a holding company that owns WinZip, formed in the Cayman
Islands;

          WHEREAS, the Demand Holders will own _____ common shares of the
Company immediately prior to the initial closing of the IPO, after giving effect
to the Reverse Split and the Acquisition, (the "Demand Shares");

          WHEREAS, the Piggyback Holders will collectively own _____ common
shares of the Company immediately prior to the initial closing of the IPO, after
giving effect to the Reverse Split (the "Piggyback Shares" and, together with
the Demand Shares, the "Shares");

          WHEREAS, the Stockholders have certain registration rights with
respect to the Shares currently owned by them, which are set forth in Section
2.5 and Schedule B of the Amended and Restated Minority Shareholders Agreement
dated as of _____ by and among the Company, the Stockholders and the trustee
("Existing Registration Rights"); and

          WHEREAS, in contemplation of the IPO, the parties have agreed to
terminate and replace the Existing Registration Rights with the respective
rights and obligations set forth in this Agreement.

          NOW, THEREFORE, in consideration of the premises, covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
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                                    ARTICLE I

                                   DEFINITIONS

          Section 1.01 Definitions.

          The following terms, as used in this Agreement, shall have the
following meanings:

          "Affiliate" shall mean, with respect to a specified Person, any other
Person, other than the Company or any of its Subsidiaries, that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is
under common control with the specified Person. For purposes of this definition,
the term "control" (including, with correlative meanings, the terms
"controlling", "controlled by" and "under common control with") shall mean, with
respect to any Person, the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise.

          "Blackout Periods" shall have the meaning set forth in Section
2.01(a).

          "Canadian Prospectus" shall mean a prospectus (including a short form
prospectus) prepared in accordance with applicable Canadian Securities Laws for
the purpose of qualifying securities for distribution on any province or
territory of Canada

          "Canadian IPO Prospectus" shall have the meaning set forth in the
recitals.

          "Canadian Securities Laws" shall mean statutes and regulations
applicable to the trading of securities in any province or territory of Canada,
including applicable rules, policy statements and blanket rulings and orders
promulgated by Canadian securities regulatory authorities.

          "Commission" shall mean the United States Securities and Exchange
Commission.

          "Common Shares" shall have the meaning set forth in the recitals.

          "Company" shall have the meaning set forth in the preamble.

          "Demand Holder" shall have the meaning set forth in the preamble,
provided, the term "Demand Holder" shall also include any Permitted Transferee
of a Demand Holder that holds Registrable Securities with a fair market value of
at least $[500,000].

          "Demand Request" shall have the meaning set forth in Section 2.01(a).

          "Exchange Act" shall mean the United States Securities Exchange Act of
1934, as amended.

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          "Existing Registration Rights" shall have the meaning set forth in the
preamble.

          "IPO" shall have the meaning set forth in the recitals.

          "IPO Date" shall mean the date of the first closing of the initial
sale of Common Shares in an initial public offering.

          "IPO Participants shall have the meaning set forth in Section 2.04(b).

          "IPO Registration Statement" shall have the meaning set forth in the
recitals.

          "Maximum Number" shall have the meaning set forth in Section 2.01(b).

          "Other Securities" shall have the meaning set forth in the definition
of Registrable Securities.

          "Piggyback Holder" shall have the meaning set forth in the preamble,
provided, the term "Piggyback Holder" shall also include any Permitted
Transferee of a Piggyback Holder that holds Registrable Securities.

          "Permitted Transferees" shall mean, with respect to any Holder, such
Holder's Affiliates.

          "Person" shall mean any individual, corporation, partnership, joint
venture, limited liability company, joint-stock company, association,
unincorporated organization, trust or other entity, including any government or
any political subdivision, agency or instrumentality thereof.

          "Preliminary Prospectus" shall mean any preliminary prospectus that
may be included in any Registration Statement.

          "Prospectus" or "prospectus" shall mean the prospectus included in any
registration statement filed under the Securities Act or filed pursuant to
Canadian Securities Laws (including, without limitation, a prospectus that
includes any information previously omitted from a prospectus filed as part of
an effective registration statement in reliance upon Rule 430A promulgated under
the Securities Act or the Canadian Securities Law equivalent thereof), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by such
registration statement, and by all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

          "Public Offering" shall mean the offer of Common Shares on a broadly
distributed basis in the United States and/or Canada, not limited to
sophisticated investors, pursuant to a firm-commitment or best-efforts
underwriting arrangement.

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          "Registrable Securities" shall mean all or any portion of the Common
Shares owned by any Stockholder from time to time during the term of this
Agreement. As to any particular Registrable Securities, such Common Shares shall
cease to be Registrable Securities when: (i) a registration statement with
respect to the sale of such Common Shares shall have become effective under the
Securities Act or when a prospectus has been receipted under applicable Canadian
Securities Laws and such Common Shares shall have been disposed of under such
registration statement or pursuant to such Prospectus, (ii) such Common Shares
shall have been sold pursuant to Rule 144 or equivalent provisions under
Canadian Securities Laws, as applicable, (iii) such securities shall have
otherwise been transferred or disposed of, and subsequent transfer or
disposition of such Common Shares shall not require their registration or
qualification under the Securities Act, Canadian Securities Laws or any state,
territorial or provincial securities laws or similar laws then in force or (iv)
such Common Shares shall have been repurchased by the Company or otherwise shall
cease to be outstanding. If as a result of any reclassification, stock split,
stock dividend, bonus issue, business combination, exchange offer or other
transaction or event, any capital stock, evidences of indebtedness, warrants,
options, rights or other securities (collectively, "Other Securities") are
issued or transferred to any Stockholder in respect of Registrable Securities
held by such holder, references herein to Registrable Securities, Shares and
Common Shares, shall, as the context requires, be deemed to include such Other
Securities.

          "Registration Expenses" shall mean any and all expenses incident to
the performance of or compliance with any registration or marketing of
securities pursuant to Article 2, including: (i) the fees, disbursements and
expenses of the Company's counsel and accountants in connection with this
Agreement and the performance of the Company's obligations hereunder (including
the expenses of any annual audit letters and "cold comfort" letters required or
incidental to the performance of such obligations); (ii) all expenses, including
filing fees, in connection with the preparation, printing and filing of the
registration statement, any preliminary prospectus or final prospectus, any
other offering document and amendments and supplements thereto and the mailing
and delivering of copies thereof to any underwriters and dealers; (iii) the cost
of printing and producing any agreements among underwriters, underwriting
agreements, selling agreements and any other documents in connection with the
offering, sale or delivery of the securities to be disposed of; (iv) all
expenses in connection with the qualification of the securities to be disposed
of for offering and sale under provincial, territorial or state securities laws,
including the fees and disbursements of counsel for the underwriters or the
Stockholders in connection with such qualification and in connection with any
blue sky and legal investment surveys, including the cost of printing and
producing any such blue sky or legal investment surveys; (v) the filing and
legal fees incident to securing any required review by the National Association
of Securities Dealers, Inc. and/or Canadian securities regulatory authorities;
(vi) transfer agents' and registrars' fees and expenses and the fees and
expenses of any other agent or trustee appointed in connection with such
offering; (vii) all security engraving and security printing expenses; (viii)
all fees and expenses payable in connection with the listing of the securities
on any securities exchange or automated inter-dealer quotation system; (ix) any
other fees and disbursements of underwriters customarily paid by the issuers of
securities, but excluding

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underwriting discounts and commissions and transfer taxes, if any; (x) the costs
and expenses of the Company and its officers relating to analyst or investor
presentations or any "road show" undertaken in connection with the registration
and/or marketing of any Registrable Securities; and (xi) other reasonable
out-of-pocket costs, fees and expenses, including the fees and expenses of one
outside legal counsel retained by the Stockholders.

          "register," "registered" and "registration" shall refer to a
registration effected by preparing and filing a registration statement of the
Company under the Securities Act and the effectiveness of such registration
statement. In addition, unless inconsistent with the context: (i) the term
"registration" and any reference to the act of registering include the
qualification under Canadian Securities Laws of a Canadian Prospectus in respect
of a distribution of the Registrable Securities; the term "registered" as
applied to the Registrable Securities, includes a distribution of Registrable
Securities so qualified; the term "registration statement" includes a Canadian
Prospectus; (iv) any reference to a registration statement having become
effective, or similar references, shall include a Canadian Prospectus for which
a final receipt has been obtained from the relevant Canadian securities
regulatory authorities; and (v) the provisions of this Agreement shall be
applied to any proposed distribution of securities hereunder in any province or
territory of Canada or to which the prospectus requirements under any Canadian
Securities Laws shall otherwise apply.

          "Rule 144" shall mean Rule 144 (or any successor provisions) under the
Securities Act.

          "Rule 415 Offering" means an offering on a delayed or continuous basis
pursuant to Rule 415 (or any successor rule to similar effect) under the
Securities Act.

          "Securities Act" shall mean the United States Securities Act of 1933,
as amended, including all rules and regulations thereunder.

          "Selling Stockholder" shall mean a Stockholder included in a relevant
Registration Statement.

          "Stockholder" shall have the meaning set forth in the preamble,
provided, the term "Stockholder" shall also include any Permitted Transferee of
a Stockholder that holds Registrable Securities from time to time.

                                   ARTICLE II

                               REGISTRATION RIGHTS

          Section 2.01

          (a) Demand Rights. At any time, and from time to time, on or after the
IPO Date, a Demand Holder shall have the right to require the Company to effect
the registration under the Securities Act and/or applicable Canadian Securities
Laws for a Public Offering of all or part of such Demand Holder's Registrable
Securities (a "Demand Registration"), by delivering to the Company written
notice naming, if

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applicable, the Demand Holders whose Registrable Securities are to be included
in such registration (collectively, the "Demanding Holders"), specifying the
number of Registrable Securities to be included in such registration and the
intended method of distribution thereof (which requested method of disposition
may be a Rule 415 Offering and/or the Canadian Securities Law equivalent
thereof, including National instrument 44-102) (the "Demand Request"). Upon
receipt of such Demand Request, the Company shall comply with Section 2.05.

          (b) Limitations and Conditions. The Company's obligations pursuant to
Section 2.01(a) above are subject to the following limitations and conditions:

               (i) the Company shall not be obligated to fulfill the
     requirements or effect or maintain a registration referred to therein (A)
     during any period of time (not to exceed ninety (90) days in the aggregate
     with respect to each request) when the Company has determined to proceed
     with a Public Offering for its own account and, in the good faith judgment
     of the managing underwriter thereof, the fulfillment of such requirements
     or such filing would have an adverse effect on such Public Offering, (B)
     during any period of time (not to exceed sixty (60) days with respect to
     each request) when the Company is in possession of material non-public
     information that the board of directors of the Company has in its good
     faith judgment determined could materially and adversely affect a material
     business situation, financing transaction or negotiation affecting the
     Company, (C) during the 90-day period following the effectiveness of any
     previous registration statement or (D) during the 180-day period following
     the effectiveness of the IPO Registration Statement, except, in the case of
     clause (D) hereof, as permitted under Section 2.4 hereof or with the prior
     written consent of Morgan Stanley & Co. Incorporated ("Morgan Stanley")(the
     periods of time referred to in clauses (A), (B), (C) and (D) hereof being
     hereinafter referred to as "Blackout Periods"); provided that the aggregate
     period of time during which the Company shall be relieved from its
     obligation to effect a registration pursuant to Section 2.01(b)(i), shall
     in no event, except in the case of clause (D), exceed ninety (90)
     consecutive days with respect to each request; provided, further, that, in
     the case of a Blackout Period pursuant to clause (A) hereof, the Blackout
     Period shall earlier terminate upon the completion or abandonment of the
     relevant Public Offering; provided, further, that in the case of a Blackout
     Period pursuant to clause (B) hereof, the Blackout Period shall commence
     upon the delivery of notice to the Stockholders and shall terminate upon
     the earlier of: (i) public disclosure by the Company or public admission by
     the Company of such material nonpublic information or (ii) such time as
     such material nonpublic information shall be publicly disclosed or such
     time that the Company is no longer in possession of material nonpublic
     information; provided, further, that in the event the Stockholders are
     notified of the initiation of a Blackout Period pursuant to clause (B)
     hereof, the Stockholders shall cease and desist from effecting any further
     sales pursuant to an effective registration statement or a receipted
     prospectus during such Blackout Period; provided, further, that in the case
     of a Blackout Period pursuant to clauses (A), (B), (C) or (D) hereof, the
     Company shall furnish to the Demand Holder, upon request, a certified
     resolution of the

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     Company's board of directors to the effect that an event permitting a
     Blackout Period has occurred; provided, further, that the Company shall not
     be entitled to exercise its rights under clause (B) hereof more than one
     (1) time in any twelve (12) month period; and provided, further, if the
     Demand Holder withdraws its Demand Request pursuant to Section 2.01(e),
     such request shall not be considered a Demand Request for purposes of
     Section 2.01(a) and such Demand Request shall be of no further effect;

               (ii) the number of Common Shares to be sold in any such Public
     Offering shall not exceed the maximum number which the managing underwriter
     thereof considers in good faith to be appropriate based on market
     conditions and other relevant factors, including pricing and the proportion
     of Common Shares being sold by the Company and by such holders (the
     "Maximum Number"); and

               (iii) the Registrable Securities to be offered pursuant to such
     request have an aggregate offering price of at least US $[100,000] (based
     on the then current market price on the date of delivery of the Demand
     Request).

          (c) Number of Demands. Any Demand Holder may exercise its rights under
Section 2.01(a): (x) on an unlimited number of occasions with respect to
registration statements on Form F-3 or S-3 and/or any Canadian Securities Law
equivalent thereof (or any successors thereto) from such time that the Company
becomes eligible to use such forms; and (y) on not more than three occasions
after the date hereof with respect to registration statements on Form F-1 or S-1
and/or any Canadian Securities Law equivalent thereof (or any successors
thereto); provided that the Company shall not be obligated to effect more than
one registration of Registrable Securities in any 90-day period.

          (d) Ineffective Demands. A request by a Demand Holder that the Company
effect a registration shall not be considered a Demand Request if: (i) the
registration statement relating thereto does not become effective; (ii) after it
has become effective such registration statement (or the use of the Prospectus
contained in such registration statement) is (A) interfered with by any stop
order, injunction or other order or requirement of the Commission, Canadian
securities regulators or other governmental agency or court for any reason other
than a misrepresentation or an omission by any Demand Holder or (B) delayed,
withdrawn, suspended or terminated and, in each case, as a result thereof, at
least 80% of the Registrable Securities requested to be registered cannot be
completely distributed in accordance with the plan of distribution set forth in
the related registration statement; or (iii) the conditions to closing specified
in any purchase agreement or underwriting agreement entered into in connection
with such registration are not satisfied or waived other than because of some
act or omission by such Demand Holder.

          (e) Withdrawal of Demands. Any such Demanding Holder delivering a
Demand Request shall have the right, at any time prior to the effective date of
the registration statement relating to such Demand Request, to withdraw such
Demand

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Request without liability to such Demanding Holder, by giving written notice to
the Company.

          (f) Selection of Underwriters. In the event that any registration
pursuant to Section 2.01(a) shall involve, in whole or in part, an underwritten
offering, the Demanding Holders shall select the lead managing underwriter or
underwriters and bookrunner or bookrunners for such underwritten offering (after
consultation with the Company), as well as counsel for the Selling Holders, with
respect to such registration; provided, that the Company shall have the right to
appoint other syndicate members with the consent of the Demanding Holders not to
be unreasonably withheld.

          (g) Inclusion of Non-Stockholders. Subject to Section 2.10, the
Company shall have the right to cause the registration of additional equity
securities for sale for the account of any Person that is not a Stockholder
(including the Company and any directors, officers or employees of the Company)
in any registration of Registrable Securities requested by the Stockholders;
provided that the number of Registrable Securities to be included in such
registration (including those sought by the Stockholders) shall not exceed the
Maximum Number; and provided, further, that in all cases, the Demand Holders
shall have priority over any such other Person.

          Section 2.02

          (a) "Piggy-Back" Rights. If the Company proposes to register any of
its Common Shares, any other equity securities or securities convertible into or
exchangeable for its equity securities under the Securities Act and/or
applicable Canadian Securities Laws (including, without limitation, in
connection with a Demand Request), whether or not for sale for its own account,
in a manner that would permit registration of Registrable Securities for sale
for cash to the public under the Securities Act and/or applicable Canadian
Securities Laws, the Company shall give written notice of such proposal at least
thirty (30) days before the anticipated filing date, to each Stockholder. In the
event that the Company elects to file a "universal shelf" registration statement
or the Canadian Securities Law equivalent thereof which registers any of the
classes of securities referred to in the first sentence of this Section 2.02(a),
the Company shall take such steps as would permit the shelf registration
statement to be used to permit secondary sales by the Stockholders and shall
give written notice of any proposal to make an offering off the shelf
registration statement of any class of securities referred to in the first
sentence of this Section 2.02(a) at least ten (10) days before, and, if
practicable, up to thirty (30) days before, the anticipated offering date, to
each Stockholder. Such notices, as applicable, shall specify at a minimum the
intended method of distribution of such Common Shares or other securities, the
number of Common Shares or other securities proposed to be registered or
offered, the proposed filing date of such registration statement or offering
date in the case of a shelf takedown, any proposed means of distribution of such
Common Shares or other securities and the proposed managing underwriter, if any.
Subject to Section 2.03, upon the written request of a Stockholder (the
"Piggyback Request"), given within fifteen (15) days after the transmittal of
any such written notice by email or facsimile confirmed by mail (which request
shall specify the Registrable Securities intended to be disposed of by such
Stockholder), the Company

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will include in the prospectus with respect to such Public Offering, or any
prospectus supplement in the case of a shelf takedown, the number of the
Registrable Securities referred to in such Stockholder's request; provided,
that, any participation in such Public Offering by such Stockholder shall be on
substantially the same terms as the Company's participation therein; and
provided, further, that the number of Registrable Securities to be included in
any such Public Offering shall not exceed the Maximum Number.

          (b) Withdrawal of Request. Any such Stockholder shall have the right
to withdraw a request to include Registrable Securities in any Public Offering
pursuant to Section 2.02(a), without any liability of such Stockholder by giving
written notice to the Company of its election to withdraw such request at any
time prior to the proposed effective date of such registration statement.

          (c) Exception to Piggyback Rights. The Company shall not be required
to effect any registration of Registrable Securities under Section 2.02(a)
incidental to the registration of any equity securities on a Form S-8, Form S-4
or Form F-4 or any similar registration under Canadian Securities Laws (or any
successors thereto).

          Section 2.03 Allocation of Securities Included in a Public Offering.
If the registration referred to in Section 2.01(a) and Section 2.02(a) is to be
a Public Offering and the managing underwriter thereof advises the Company and
the Selling Holders in writing that the number of Common Shares sought to be
included in such Public Offering (including those sought to be offered by the
Company and those sought to be offered by the Selling Holders) exceeds the
Maximum Number, the Common Shares to be included in such Public Offering shall
be allocated pursuant to the procedures of this Section 2.03.

          (a) Demand Allocation. If a registration or Public Offering is
effected pursuant to Section 2.01(a), the number of Registrable Securities
included in such registration shall be allocated: (x) first, pro rata among the
Demand Holders, and (y) second, pro rata among all of the other Selling Holders
on the basis of the relative number of the Registrable Shares then held by each
such Selling Holder (with any number in excess of a Selling Holder's request
reallocated among the remaining Selling Holders in a like manner) or in such
manner as shall be designated by the Selling Holders.

          (b) Piggyback Allocation. If a registration or Public Offering is
effected pursuant to Section 2.02(a): the number of Registrable Securities
included in such registration shall be allocated: (x) first, to securities
sought to be included at the request of the Company ("Company Securities"), (y)
second, among the Demand Holders up to the full number of the Registrable
Securities included in the Piggyback Request, in excess of the number of Company
Securities, to the nearest extent possible on a pro rata basis, and (y) third,
among the other Selling Holders up to the full number of the Registrable
Securities included in the Piggyback Request, in excess of the number of Company
Securities, to the nearest extent possible on a pro rata basis.

          Section 2.04 (a) IPO Participation. The Company shall register for
resale the Registrable Securities held by the Stockholders listed on Annex B
hereto (the

                                       -9-

<PAGE>

"IPO Participants") in the amounts set forth next to their respective names on
Annex B (allocated between the firm commitment underwritten offering and the
over-allotment option, as set forth on Annex B) on the IPO Registration
Statement and the Canadian IPO Prospectus, provided, such number of Registrable
Securities may be reduced and/or re-allocated between the firm commitment
underwritten offering and the over-allotment option [on a pro rata basis] in the
sole discretion of the Company.

          (b) Conditions to IPO Participation. As a condition to inclusion of
any Registrable Securities for resale under the IPO Registration Statement
and/or the Canadian IPO Prospectus, each IPO Participant must: (x) execute and
comply with the terms and provisions of an underwriting agreement in form and
substance reasonably satisfactory to the Company and customary for transactions
of this type;(y) execute and comply with the terms and provisions of a custody
agreement and irrevocable power of attorney in form and substance reasonably
satisfactory to the Company and customary for transactions of this type, and (z)
provide the Company and counsel with such documents, certificates, resolutions
and representations as may be reasonably requested in connection with satisfying
the conditions to closing the IPO (including any closing of the over-allotment
option) pursuant to the IPO underwriting agreement.

          Section 2.05 (a) Requirements with Respect to Registration. Subject to
Section 2.06, if and whenever the Company is required by the provisions hereof
to register any Registrable Securities under the Securities Act and/or Canadian
Securities Laws, including receipt of a Demand Request pursuant to Section
2.01(a), the Company shall comply with the provisions of this Section 2.05. The
Company shall prepare and file with the Commission and/or applicable Canadian
securities regulatory authorities as expeditiously as possible (and, in the case
of a Demand Request, no more than sixty (60) days after receipt of such Demand
Request) a Registration Statement with respect to such Registrable Securities
and use its best efforts to cause such Registration Statement to become and
remain effective; provided, however, that, as far in advance as practicable
before filing any Registration Statement or Prospectus or any amendments or
supplements thereto, the Company shall furnish to and afford each Selling Holder
and the managing underwriter(s), if any, a reasonable opportunity to review and
comment on copies of all such documents (including copies of any documents to be
incorporated by reference therein and all exhibits thereto) proposed to be
filed, and the Company shall make any corrections reasonably requested by a
Selling Holder with respect to such information before filing such registration
statement or Prospectus or any amendments or supplements thereto.

          (b) Maintaining Compliance and Effectiveness. The Company shall
prepare and file with the Commission and/or applicable Canadian securities
regulatory authorities as expeditiously as possible such amendments and
supplements to such registration statement and the prospectus used in connection
therewith and take such action as may be necessary to keep such registration
statement current and effective for a period of not less than one hundred eighty
(180) days (or such shorter period which shall terminate when all of such
Registrable Securities have been disposed of), and to comply with the provisions
of the Securities Act and/or applicable Canadian Securities Laws with

                                      -10-
<PAGE>

respect to the disposition of such Registrable Securities during such period in
accordance with the intended methods of disposition set forth in such
registration statement.

          (c) Notification of Certain Events. The Company shall promptly notify
each Selling Holder (A) when the registration statement or any amendment or
supplement thereto has been filed, and, with respect to the registration
statement or any post-effective amendment thereto, when the same has become
effective or receipted, as applicable, (B) of any request by the Commission or
by any other regulatory body or other body having jurisdiction relating to such
offering for amendments or supplements to the registration statement or the
Prospectus or for additional information, (C) of any order issued or threatened
by the Commission and/or applicable Canadian securities regulatory authorities
suspending the effectiveness of such registration statement or preventing or
suspending the use of a prospectus or (D) of the issuance of any notification or
order with respect to the suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction
or the initiation of any proceedings for such purpose. The Company shall use its
best efforts to prevent the issuance of any such order referred to in (C) or (D)
and, if any such order is issued, shall use its best efforts to obtain the
withdrawal of any such order at the earliest possible moment. The Company shall
promptly notify each Selling Holder and the managing underwriter(s), if any, in
writing at any time when a Prospectus is required to be delivered under the
Securities Act and/or applicable Canadian Securities Laws of the happening of
any event as a result of which the Prospectus included in such registration
statement, as then in effect, contains an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading, and the Company shall promptly prepare and furnish to each
Selling Holder a reasonable number of copies of any supplement or amendment to
such Prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such Registrable Securities, such Prospectus shall not contain an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances under which they are made, not misleading.

          (d) Other Qualifications. The Company shall use its best efforts to
register or qualify the Registrable Securities covered by such registration
statement under the state, local provincial and territorial securities or blue
sky laws of such jurisdictions in the United States and Canada as the Selling
Holders or the managing underwriter(s) shall reasonably request, and do any and
all other acts and things that may be reasonably necessary or advisable to
enable each Selling Holder and underwriter to consummate the disposition of the
Registrable Securities in such jurisdictions; provided, however, that in no
event shall the Company be required (A) to qualify to do business as a foreign
corporation in any jurisdiction where it would not otherwise be required to
qualify but for this subparagraph, or (B) to execute or file any general consent
to service of process in any such jurisdiction. The Company shall use its best
efforts to cause all Registrable Securities covered by such registration
statement to be registered with or approved by such other governmental agencies
or authorities in the United States and Canada as may be necessary to enable the
Selling Holders to consummate the disposition of such Registrable Securities.

                                      -11-

<PAGE>

          (e) Listing. The Company shall use its best efforts to cause all
Registrable Securities covered by such registration statement to be (A) listed
on the Nasdaq and the Toronto Stock Exchange and (B) listed or qualified for
trading on any other stock exchange or quotation service on which the Company's
outstanding Common Shares are listed or qualified for trading; provided that the
applicable listing requirements are satisfied no later than the effective date
of such registration statement.

          (f) Documents to be Delivered. The Company shall furnish to each
Selling Holder and each underwriter, if any, of the Registrable Securities
covered by such registration statement such number of copies of (A) such
registration statement and each amendment and supplement thereto (in each case
including all exhibits), including conformed copies, (B) the Prospectus included
in such registration statement (including each preliminary prospectus), in
conformity with the requirements of the Securities Act and/or applicable
Canadian Securities Laws, (C) such documents incorporated by reference in such
registration statement or Prospectus, and (D) such other documents as such
Selling Holder or such underwriter, if any, may reasonably request, and a copy
of any and all transmittal letters or other correspondence to or received from
the Commission and/or applicable Canadian securities regulatory authorities or
any other governmental agency or self-regulatory body or other body having
jurisdiction (including any domestic or foreign securities exchange) relating to
such offering.

          (g) Opinions and Comfort Letters. In connection with an underwritten
offering of Registrable Securities, the Company shall (A) cause opinions of
counsel to the Company (which counsel and opinions shall be reasonably
satisfactory to the managing underwriter(s)), to be delivered to the
underwriters and the Selling Holders covering the matters customarily covered in
opinions requested in underwritten offerings by selling security holders and (B)
cause "cold comfort" letters and updates thereof (which letters and updates
shall be reasonably satisfactory to the managing underwriter(s)) from the
independent certified public accountants of the Company (and, if necessary, any
other independent certified public accountants of any subsidiary of the Company
or of any business acquired or owned by the Company for which financial
statements and financial data are, or are required to be, included in the
Registration Statement), to be delivered to each of the underwriters and the
Selling Holders of such Registrable Securities included in such underwritten
offering, such letters to be in customary form and covering matters of the type
customarily covered in "cold comfort" letters in connection with underwritten
offerings by selling security holders.

          (h) Earnings Statement. The Company shall comply with all applicable
rules and regulations of the Commission and/or applicable Canadian securities
regulatory authorities and make generally available to security holders earnings
statements satisfying the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder (or any similar rule promulgated under the Securities Act or
applicable Canadian Securities Laws) not later than 45 days after the end of any
12-month period (or 90 days after the end of any 12-month period if such period
is a fiscal year) (A) commencing at the end of any fiscal quarter in which
Registrable Securities are sold to underwriters in a Public Offering and (B) if
not sold to underwriters in such an offering,

                                      -12-

<PAGE>

commencing on the first day of the fiscal quarter of the Company after the
effective date of a registration statement, which statements shall cover said
12-month periods.

          (i) Cooperation on Regulatory Filings. The Company shall cooperate
with each Selling Holder and the managing underwriter, if any, participating in
the disposition of such Registrable Securities in connection with any filings
required to be made with the National Association of Securities Dealers, Inc.
and/or applicable securities regulatory authorities in Canada.

          (j) Cooperation in Marketing. The Company shall use its best efforts
to cooperate as requested by the Selling Holders in customary marketing efforts
undertaken in connection with the Registrable Securities, including sending
appropriate officers of the Company to attend any "road shows" and investor and
rating agency presentations scheduled in connection with any such registration.

          (k) Share Certificates. The Company shall furnish for delivery in
connection with the closing of any offering of Registrable Securities pursuant
to a registration effected pursuant to Section 2.01(a) or Section 2.02(a)
unlegended certificates representing ownership of the Registrable Securities
being sold in such denominations as shall be requested by each Selling Holder or
the underwriters.

          (l) General Cooperation. The Company shall enter into any other
customary agreements and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of any Registrable Securities or
otherwise.

          (m) Condition to Company's Obligation. It shall be a condition
precedent to the obligation of the Company to take any action with respect to
any Registrable Securities that the holder thereof, shall furnish to the Company
such information regarding such holder, the Registrable Securities and any other
Company securities held by such holder as the Company shall reasonably request
and as shall be required in connection with the action taken by the Company.

          (n) Actions Upon Notice of Certain Events. Each holder of Registrable
Securities agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 2.04(c), such
Stockholder will forthwith discontinue disposition of Registrable Securities
until such Stockholder's receipt of the copies of the supplemented or amended
prospectus contemplated by Section 2.04(c), and, if so directed by the Company
such Stockholder will deliver to the Company (at the Company's expense) all
copies (including, without limitation, any and all drafts), other than permanent
file copies, then in such Stockholder's possession, of the prospectus covering
such Registrable Securities current at the time of receipt of such notice. In
the event that the Company shall give any such notice, the period mentioned in
Section 2.04(b) shall be extended by the greater of (A) three months, or (B) the
number of days during the period from and including the date of the giving of
such notice pursuant to Section 2.04(c) to and including the date when each
holder of Registrable Securities covered by such registration statement shall
have received the copies of the supplemented or amended prospectus contemplated
by Section 2.04(c).

                                      -13-

<PAGE>

          Section 2.06 Transfers; Rights of Transferee of Registrable
Securities.

          Each Stockholder agrees not to make any transfer of all or any portion
of the Registrable Securities unless:

          (a) there is then in effect a registration statement under the
Securities Act and/or applicable Canadian Securities Laws covering such proposed
transfer and such transfer is made in accordance with such registration
statement;

          (b) such transfer is made in accordance with Rule 144 or equivalent
provisions under Canadian Securities Laws; or

          (c) such transfer shall not require any registration or qualification
under the Securities Act or Canadian Securities Laws. Notwithstanding the
foregoing, a Stockholder may transfer all or a portion of the Registrable
Securities to a Permitted Transferee, and such Permitted Transferee shall be
deemed a Stockholder hereunder. The transferring Stockholder shall provide
notice to the Company of any such transfer stating the name and address of such
Permitted Transferee and identifying the number of Registrable Securities
transferred.

          Section 2.07 Registration Expenses.

          Except as otherwise provided herein, the Company shall pay all
Registration Expenses with respect to any particular offering (or proposed
offering).

          Section 2.08 Underwriting; Due Diligence.

          (a) Underwriting Agreements. If requested by the underwriters for any
underwritten offering of Registrable Securities pursuant to a registration
requested under Section 2.01 or Section 2.02, the Company shall enter into an
underwriting agreement with such underwriters for such offering, which agreement
will contain such representations and warranties and covenants by the Company
and such other terms and provisions as are customarily contained in underwriting
agreements, including indemnification and contribution provisions substantially
to the effect and to the extent provided in Article 4, and agreements as to the
provision of opinions of counsel and accountants' letters to the effect and to
the extent provided in Section 2.04(g). The Selling Holders on whose behalf the
Registrable Securities are to be distributed by such underwriters shall be
parties to any such underwriting agreement and the representations and
warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters, shall also be made to and for the benefit of
such Selling Holders. Such underwriting agreement shall also contain such
representations and warranties by such Selling Holders and such other terms and
provisions as are customarily contained in underwriting agreements with respect
to secondary distributions on the part of selling stockholders, including,
without limitation, custody agreements (including irrevocable powers of
attorney) and indemnification and contribution provisions substantially to the
effect and to the extent provided in Article 4.

                                      -14-

<PAGE>

          (b) Access to Information. In connection with the preparation and
filing of each Registration Statement registering Registrable Securities under
the Securities Act or applicable Canadian Securities Laws pursuant to Section
2.01 or Section 2.02 or pursuant to Section 2.08, upon reasonable notice the
Company shall give the Selling Holders and the underwriters, if any, and their
respective counsel and accountants, such reasonable and customary access to its
books, records and properties and such opportunities to discuss the business and
affairs of the Company with its officers and the independent public accountants
who have certified the financial statements of the Company as shall be
necessary, in the opinion of such Selling Holders and such underwriters, or
their respective counsel, to conduct a reasonable investigation within the
meaning of the Securities Act or applicable Canadian Securities Laws; provided
that such Selling Holders and the underwriters, and their respective counsel and
accountants shall use their reasonable best efforts to coordinate any such
investigation of the books, records and properties of the Company and any such
discussions with the Company's officers and accountants so that all such
investigations occur at the same time and all such discussions occur at the same
time.

          Section 2.09 Unregistered Offerings.

          The parties hereto hereby agree that, in the event that the Company or
one or more Demand Holders propose to make an offering or a sale to a strategic
purchaser of Common Shares, any other equity securities or securities
convertible or exchangeable for equity securities of the Company (other than an
acquisition by the Company financed through the issuance of Common Shares) that
is exempt from, or not subject to, the registration requirements of the
Securities Act and/or the prospectus requirements under applicable Canadian
Securities Laws, the Company and management shall reasonably cooperate with such
Demand Holders(s) and their advisers in performing due diligence and marketing
such offering to potential investors.

          Section 2.10 Registration Rights of Other Persons.

          Prior to the date on which the Stockholder holds Registrable
Securities representing less than 50% of the outstanding Common Shares of the
Company, the Company may not, without the prior written consent of the Demand
Holders, grant to any other Person the right to request a registration of
securities of the Company under the Securities Act or Canadian Securities Laws;
provided that, if any such written consent is given, the terms of any such right
granted or issued shall not be more favorable to such Person than the terms of
this Agreement or, any more favorable terms shall also be granted to the Demand
Holders. On and after such date the Company may grant to any other Person the
right to request a registration of securities of the Company under the
Securities Act and/or Canadian Securities Laws, or the right to be included as a
Selling Holder in connection with any registration of Registrable Securities;
provided that, any such rights may not be exercised by any Person prior to the
second anniversary of the IPO Date and provided, further, that the proviso in
the preceding sentence is complied with.

                                      -15-

<PAGE>

          Section 2.11 Termination of Existing Registration Rights; Inconsistent
Agreements.

          The Company and each Stockholder acknowledge and agree that this
Agreement shall effectively terminate and replace the Existing Registration
Rights and any and all prior agreements to which the Company and such
Stockholder are a party with respect to the subject matter hereof. The Company
and each Stockholder acknowledge and agree that any rights, privileges and/or
obligations of the parties under the Existing Registration Rights or any other
prior agreement with respect to the matters set forth herein shall be terminated
and shall be of no further force and effect as of the date of this Agreement.

          The Company shall not hereafter enter into any agreement with respect
to its securities which is inconsistent with, violates or diminishes the rights
granted to the Stockholders in this Agreement.

                                   ARTICLE III

                   REPRESENTATIONS, WARRANTIES AND AGREEMENTS

          Section 3.01 Company Representations, Warranties and Agreements.

          The Company represents and warrants to, and agrees with, each
Stockholder that:

          (a) The Company has all requisite corporate power and authority to
execute, deliver, and perform this Agreement. This Agreement has been duly
authorized, executed, and delivered by the Company. No consent, authorization,
approval, order, license, certificate, or permit of or from, or declaration or
filing with, any United States federal, state, local, or other governmental
authority or any court or other tribunal is required by the Company for the
execution, delivery or performance of this Agreement by the Company (except
filings under the Securities Act and/or Canadian Securities Laws which will be
made and any consents under state, local, provincial or territorial securities
or blue sky laws which will be obtained).

          (b) The Company shall not enter into any transaction involving the
issuance or transfer by any other Person of Other Securities to a Stockholder,
or any merger or consolidation in which it is not the surviving Person or any
sale, lease or other transfer of all or substantially all the assets of the
Company, unless effective provision is made for the assumption by such other
Person, jointly and severally with the Company if the Company shall remain in
existence, of all of the obligations of the Company hereunder, and in the case
of any such issuance or transfer, the registration of such Other Securities on
the same basis as the registration of the other Registrable Securities
hereunder.

          (c) The execution and delivery of this Agreement by the Company does
not, and the consummation of the transactions contemplated hereby will not,
violate, conflict with, or result in a breach of any provision of, or constitute
a default (with or

                                      -16-

<PAGE>

without notice or lapse of time or both) under, or result in the termination of,
or accelerate the performance required by, or result in a right of termination,
cancellation, or acceleration of any obligation or the loss of a material
benefit under, or result in the creation of any lien, security interest, charge
or encumbrance upon any of the properties or assets of the Company or any of its
subsidiaries pursuant to any provisions of (A) the articles of incorporation,
by-laws or similar governing documents of the Company or any of its
subsidiaries, (B) any statute, law, ordinance, rule, regulation, judgment,
decree, order, injunction, writ, permit or license of any governmental authority
applicable to the Company or any of its subsidiaries or any of their respective
properties or assets or (C) any note, bond, mortgage, indenture, deed of trust,
license, franchise, permit, concession, contract, lease or other instrument,
obligation or agreement of any kind to which the Company or any of its
subsidiaries is a party or by which it or any of its properties or assets may be
bound or affected as soon as the conditions can be so satisfied.

          (d) The Company covenants that it will file any reports required to be
filed by it under the Securities Act, the Exchange Act and Canadian Securities
Laws, will make available "adequate current public information concerning the
Company within the meaning of paragraph (c) of Rule 144 and that it will take
such further action as any Stockholder may reasonably request, all to the extent
required from time to time to enable such Stockholder to sell Registrable
Securities without registration pursuant to the available exemptions under the
Securities Act and/or Canadian Securities Laws. Upon the request of any
Stockholder, the Company will deliver to it a written statement as to whether it
has complied with such requirements.

          Section 3.02 Stockholder Representations, Warranties and Agreements.

          Each Stockholder represents and warrants to, and agrees with, the
Company, that:

          (a) If such Stockholder is an entity, it is duly organized, validly
existing, and in good standing under the laws of its jurisdiction of
organization and has all requisite power and authority to execute, deliver, and
perform this Agreement. This Agreement has been duly authorized by such
Stockholder and has been duly executed and delivered by it.

          (b) Neither Stockholder nor any of its Affiliates will take, directly
or indirectly, during the term of this Agreement, any action designed to
stabilize (except as may be permitted by applicable law) or manipulate the price
of any security of the Company.

          (c) Stockholder shall promptly furnish to the Company upon the
Company's request any and all information as may be required by, or as may be
necessary or advisable to comply with the provisions of, the Securities Act, the
Exchange Act, and/or applicable Canadian Securities Laws in connection with the
preparation and filing of any Registration Statement pursuant hereto, or any
amendment or supplement thereto, or any Preliminary Prospectus or Prospectus
included therein and/or filed with Canadian securities regulators.

                                      -17-
<PAGE>

          Section 3.03 Survival of Representations and Agreements.

          All representations, warranties, covenants and agreements contained in
this Agreement shall be deemed to be representations, warranties, covenants and
agreements at the effective date of each Registration Statement contemplated by
this Agreement, and such representations, warranties, covenants and agreements
shall remain operative and in full force and effect regardless of any
investigation made by or on behalf of the Company, any Stockholder, or any other
Person and shall survive termination of this Agreement.

                                   ARTICLE IV

                        INDEMNIFICATION AND CONTRIBUTION

          Section 4.01 Indemnification and Contribution.

          (a) Indemnification by the Company. In the event of any registration
of any Registrable Securities under the Securities Act and applicable Canadian
Securities Laws pursuant to this Agreement, the Company will, and it hereby
does, indemnify and hold harmless, to the full extent permitted by law, each
Selling Holder, their directors and officers, employees, stockholders, general
partners, limited partners, members, advisory directors and managing directors
(and directors, officers, stockholders, general partners, limited partners,
members, advisory directors, managing directors and controlling persons
thereof), each other person who participates as an underwriter in the offering
or sale of such securities and each other person, if any, who controls, is
controlled by or is under common control with any such Selling Holder or any
such underwriter within the meaning of the Securities Act and Canadian
Securities Laws, against any and all losses, claims, damages or liabilities,
joint or several, and expenses (including any amounts paid in any settlement
effected with the Company's consent) to which such Selling Holder, any such
director, or officer, employee, stockholder, general or limited partner, member,
or advisory or managing director or any such underwriter or controlling person
may become subject under the Securities Act and Canadian Securities Laws, state
securities or blue sky laws, common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions or proceedings in respect thereof) or
expenses arise out of or are based upon (i) any untrue statement or alleged
untrue statement of any material fact contained, on the effective date thereof,
in any registration statement under which such Registrable Securities were
registered under the Securities Act and applicable Canadian Securities Laws, any
prospectus (including each preliminary prospectus) contained therein, or any
amendment or supplement thereto or (ii) any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading (in the case of a prospectus (including
each preliminary prospectus), in light of the circumstances under which they are
made), and the Company will reimburse each such Selling Holder and each such
director, officer, employee, general partner, limited partner, advisory
director, managing director or underwriter and controlling person for any legal
or any other expenses reasonably incurred by them as such expenses are incurred
in connection with investigating or defending such loss, claim, liability,
action or proceeding; provided that the Company shall not be liable in

                                      -18-

<PAGE>

any such case to the extent that any such loss, claim, damage, liability (or
action or proceeding in respect thereof) or expense arises out of or is based
upon any untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement or amendment or supplement thereto
or in any such prospectus (including each preliminary prospectus) in reliance
upon and in conformity with written information furnished to the Company through
an instrument duly executed by such Selling Holder or such director, officer,
employee, general or limited partner, managing director or underwriter
specifically stating that it is for use in the preparation thereof; provided,
further, that the Company shall not be required to indemnify any such person if
such untrue statement or omission or alleged untrue statement or omission was
contained or made in any preliminary prospectus and corrected in the final
prospectus or any amendment or supplement thereto and the final prospectus does
not contain any other untrue statement or omission or alleged untrue statement
or omission of a material fact that was the subject matter of the related
proceeding and any such loss, liability, claim, damage or expense suffered or
incurred by such indemnified person resulted from any action, claim or suit by
any person who purchased Registrable Securities which are the subject thereof
from such indemnified person and it is established in the related proceeding
that such indemnified person failed to deliver or provide a copy of the final
prospectus (as amended or supplemented) to such person with or prior to the
confirmation of the sale of such Registrable Securities sold to such person if
required by applicable law, unless such failure to deliver or provide a copy of
the final prospectus (as amended or supplemented) was a result of noncompliance
by the Company with this Agreement or as a result of the failure of the Company
to provide such final prospectus. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of each Selling
Holder or any such director, officer, employee, general partner, limited
partner, managing director, underwriter or controlling person and shall survive
the transfer of such securities by any Selling Holder.

          (b) Indemnification by Selling Holders and Underwriters. The Company
may require, as a condition to including Registrable Securities in any
registration statement filed pursuant to this Agreement, that the Company will
have received an undertaking reasonably satisfactory to it from any Selling
Holder or any underwriter to indemnify and hold harmless the Company and its
directors, officers, employees, controlling persons and all other prospective
sellers and their respective directors, officers, general and limited partners,
managing directors, and their respective controlling persons, against any and
all losses, claims, damages or liabilities, joint or several, and expenses
(including any amounts paid in any settlement effected with the consent of the
applicable Selling Holder and underwriter) to which the Company and its
directors, officers, employees, controlling persons or any other prospective
sellers and their respective directors, officers, general and limited partners,
managing directors, and their respective controlling persons may become subject
under the Securities Act and Canadian Securities Laws, state securities or blue
sky laws, common law or otherwise, insofar as such losses, claims, damages or
liabilities (or actions or proceedings in respect thereof) or expenses arise out
of or are based upon (i) any untrue statement or alleged untrue statement of any
material fact contained, on the effective date thereof, in any registration
statement under which such Registrable Securities were registered under the

                                      -19-

<PAGE>

Securities Act or applicable Canadian Securities Laws, any prospectus (including
each preliminary prospectus) contained therein, or any amendment or supplement
thereto or (ii) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading (in the case of a prospectus (including each preliminary
prospectus), in light of the circumstances under which they are made), and the
applicable Selling Holder and underwriter will reimburse the Company and its
directors, officers, employees, controlling persons and all other prospective
sellers and their respective directors, officers, general and limited partners,
managing directors, and their respective controlling persons for any legal or
any other expenses reasonably incurred by them as such expenses are incurred in
connection with investigating or defending such loss, claim, liability, action
or proceeding; provided that any Selling Holder and any underwriter shall only
be liable in any such case if any such loss, claim, damage, liability (or action
or proceeding in respect thereof) or expense arises out of or is based upon any
untrue statement or alleged untrue statement or omission or alleged omission
made in such registration statement or amendment or supplement thereto or in any
such prospectus (including each preliminary prospectus) in reliance upon and in
conformity with written information furnished to the Company through an
instrument duly executed by such Selling Holder or any such underwriter
specifically stating that it is for use in the preparation thereof; provided,
further, that such Selling Holder or underwriter shall not be required to
indemnify the Company if such untrue statement or omission or alleged untrue
statement or omission was contained or made in any preliminary prospectus and
corrected in the final prospectus or any amendment or supplement thereto and the
final prospectus does not contain any other untrue statement or omission or
alleged untrue statement or omission of a material fact that was the subject
matter of the related proceeding and is covered by such Selling Holder's or
underwriter's obligation under this Section 6.2 and any such loss, liability,
claim, damage or expense suffered or incurred by the Company resulted from any
action, claim or suit by any person who purchased Registrable Securities or
other securities of the Company which are the subject thereof from the Selling
Holder or the Company or another holder and it is established in the related
proceeding that a copy of the final prospectus (as amended or supplemented) was
delivered or provided to such person with or prior to the confirmation of the
sale of such Registrable Securities sold to such Person if required by
applicable law. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Company or any such director,
officer, employee or controlling person or other indemnified person. No Selling
Holder shall be liable under any indemnity provided pursuant to this Agreement
for any amounts exceeding the product of the purchase price per Registrable
Security and the number of Registrable Securities being sold pursuant to such
registration statement or prospectus by such Selling Holder.

          (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
party hereunder of written notice of the commencement of any action or
proceeding with respect to which a claim for indemnification may be made
pursuant to this Agreement, such indemnified party shall, if a claim in respect
thereof is to be made against an indemnifying party, promptly give written
notice to the latter of the commencement of such action; provided that the
failure of any indemnified party to give notice as provided herein shall not
relieve the indemnifying party of its obligations under this Agreement,

                                      -20-

<PAGE>

except to the extent that the indemnifying party is actually materially
prejudiced by such failure to give notice. In case any such action is brought
against an indemnified party, unless in such indemnified party's reasonable
judgment a conflict of interest between such indemnified and indemnifying
parties may exist in respect of such claim, the indemnifying party will be
entitled to participate in and, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, to the extent that it may
wish, with counsel reasonably satisfactory to such indemnified party, and after
notice from the indemnifying party to such indemnified party of its election so
to assume the defense thereof, the indemnifying party will not be liable to such
indemnified party for any legal or other expenses subsequently incurred by the
latter in connection with the defense thereof, unless in such indemnified
party's reasonable judgment a conflict of interest between such indemnified and
indemnifying parties arises in respect of such claim after the assumption of the
defense thereof or a court of competent jurisdiction determines that the
indemnifying party is not vigorously defending such action or proceeding. An
indemnifying party will not be subject to any liability for any settlement made
without its consent (which consent shall not be unreasonably withheld). No
indemnifying party will consent to entry of any judgment or enter into any
settlement of any pending or threatened proceeding which (i) does not include as
an unconditional term thereof the giving by the claimant or plaintiff to all
indemnified parties of a release from all liability in respect to such claim or
litigation, (ii) involves the imposition of equitable remedies or the imposition
of any non-financial obligations on such indemnified party or (iii) otherwise
adversely affects such indemnified party, other than as a result of the
imposition of financial obligations for which such indemnified party will be
indemnified hereunder. Notwithstanding anything to the contrary contained
herein, an indemnifying party will not be obligated to pay the fees and expenses
of more than one counsel (together with local counsel) for all parties
indemnified by such indemnifying party with respect to such claim, unless in the
reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with
respect to such claim, in which event the indemnifying party shall be obligated
to pay the fees and expenses of such additional counsel or counsels (together
with the fees of local counsel).

          (d) Contribution. If the indemnification provided for in this Article
4 shall for any reason be unavailable or insufficient to an indemnified party in
respect of any loss, liability, cost, claim or damage referred to therein, then
each indemnifying party shall, in lieu of indemnifying such indemnified party,
contribute to the amount paid or payable by such indemnified party as a result
of such loss, liability, cost, claim or damage (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
or parties on the one hand and the indemnified party or parties on the other
hand from the offering or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the
relative fault of the indemnifying party or parties on the one hand and of the
indemnified party or parties on the other hand in connection with the statements
or omissions that resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative benefits
received by the indemnified party or parties on the one hand and the
indemnifying party or parties on the other hand in connection with the offering
shall be

                                      -21-

<PAGE>

deemed to be in the same respective proportions as the net proceeds from the
offering (before deducting expenses) and the total underwriting discounts and
commissions received by the underwriters, in each case as set forth in the table
on the cover of a prospectus, bear to the aggregate public offering price of the
securities. The relative fault of the indemnified and indemnifying parties shall
be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the indemnified or
indemnifying parties and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by an indemnified party as a result of the loss,
cost, claim, damage or liability, or action in respect thereof, referred to
above in this paragraph (d) shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such
action or claim. The Company and the Selling Holders agree that it would not be
just and equitable if contribution pursuant to this Article 4 were determined by
pro rata allocation (even if the underwriters were treated as one entity for
such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in this paragraph. Notwithstanding
any other provision of this Article 4, no Selling Holder shall be required to
contribute any amount in excess of the amount by which the net proceeds of the
offering received by such Selling Holder exceed the amount of any damages which
such Selling Holder has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. Each Selling
Holder's obligations to contribute pursuant to this Section 4.01(d) are several
in the proportion that the net proceeds of the offering received by such Selling
Holder bears to the total net proceeds of the offering received by all the
Selling Holders and not joint. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act or applicable
Canadian Securities Laws) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation.

          (e) Indemnification and contribution similar to that specified in the
preceding paragraphs of this Article 4 (with appropriate modifications) shall be
given by the Company, the Selling Holders with Registrable Securities included
in such registration and the underwriters with respect to any required
registration or other qualification of securities under any state law or
regulation or governmental authority.

          (f) The obligations of the parties under this Article 4 shall be in
addition to any liability which any party may otherwise have to any other party.

                                    ARTICLE V

                                  MISCELLANEOUS

          Section 5.01 Remedies.

          In the event of breach by any party of any of its obligations under
this Agreement, the other parties, in addition to being entitled to exercise all
rights provided

                                      -22-

<PAGE>

herein or granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement. The Company and each
Stockholder agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by the Company or such Stockholder, as
the case may be, of any of the provisions of this Agreement and hereby further
agrees that, in the event of any action for specific performance in respect of
such breach, the Company or such Stockholder, as the case may be, shall waive
the defense that a remedy at law would be adequate. No failure or delay on the
part of the Company or any Stockholder in exercising any right, power or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or remedy preclude any other or further
exercise thereof or the exercise of any other right, power or remedy.

          Section 5.02 Amendments; Waivers and Termination.

          The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, without the written
consent of the Company and a majority of the Demand Holders.

          Section 5.03 Notices.

          All notices and other communications hereunder shall be in writing and
shall be deemed given if delivered personally, by electronic mail or facsimile
(in each case, receipt of which is confirmed) or mailed by registered or
certified mail (return receipt requested) to the parties at the following
addresses (or at such other address for a party as shall be specified by like
notice):

          if to the Company, to:

               Corel Corporation
               1600 Carling Avenue
               Ottawa, Ontario
               Canada K1Z8R7
               Attention: General Counsel,

          with a copy to:

               ___________________________

          if to a Stockholder, to the address for such Stockholder set forth in
          the share register maintained by the Company, as amended from time to
          time.

          Section 5.04 Interpretation.

          When a reference is made in this Agreement to a Section, such
reference shall be to a Section of this Agreement unless otherwise indicated.
The headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement.

                                      -23-

<PAGE>

          Section 5.05 Counterparts.

          This Agreement may be executed in two or more counterparts, all of
which shall be considered one and the same agreement and shall become effective
when two or more counterparts have been signed by each of the parties and
delivered to the other parties, it being understood that all parties need not
sign the same counterpart.

          Section 5.06 Entire Agreement; No Third Party Beneficiaries.

          This Agreement (including the documents and the instruments referred
to herein) (a) constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with
respect to the subject matter hereof, and (b) is not intended to confer upon any
Person other than the parties hereto and their respective successors and
permitted assigns, any rights or remedies hereunder.

          Section 5.07 Governing Law.

          This Agreement shall be governed by and construed in accordance with
the laws of the [State of New York] applicable to contracts to be performed
entirely within such State.

          Section 5.08 Severability.

          Wherever possible, each provision hereof shall be interpreted in such
a manner as to be valid, legal and enforceable under applicable law, but in case
any one or more of the provisions contained herein shall, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such provision
shall be ineffective to the extent, but only to the extent, of such invalidity,
illegality or unenforceability without invalidating or rendering unenforceable
the remainder of this Agreement, unless such a construction would be
unreasonable or materially impair the rights of any party hereto.

          Section 5.09 Successors and Assigns.

          All covenants and agreements contained in this Agreement by or on
behalf of any of the parties hereto shall bind and inure to the benefit of the
respective successors and permitted assigns of the parties hereto whether so
expressed or not. This Agreement shall not be assignable by the Company or the
Stockholder except to a Permitted Transferee.

          Section 5.10 Canadian Offering.

          Although this Agreement has been drafted in contemplation of an IPO
involving a Public Offering in both the United States and Canada, the Company
may, in its sole discretion, decide not to proceed with the Canadian Public
Offering. In the event that no Public Offering in Canada is consummated at the
time of the IPO or at any relevant time under this Agreement, the Company's
Common Shares are no longer actively traded on the TSX, all provisions in this
Agreement that relate to the registration

                                      -24-

<PAGE>

of Registrable Securities in Canada, including without limitation, references to
Canadian Securities Laws, the Canadian Prospectus, Canadian securities
regulatory authorities and the Toronto Stock Exchange, shall be of no force and
effect and this Agreement shall be interpreted for all purposes as if such
provisions did not exist..

          Section 5.11 Use of Terms.

          This Agreement contemplates the filing of Registration Statements
under the Securities Act and prospectuses under Canadian Securities Laws on
numerous occasions involving various offers of securities. In connection with
such Registration Statements and prospectuses, there may be identified therein
one or more underwriters through which securities are to be offered on behalf of
the Company or the Stockholder, or both, pursuant to either a "firm-commitment"
or "best-efforts" arrangement, and, in the case where there is more than one
underwriter, one or more of the underwriters may be designated as the "manager"
or "representative" or the "co-managers" or "representatives" of the several
underwriters. Accordingly, all references herein to an "underwriter" or
"underwriters" are intended to refer to a "principal underwriter" (as defined in
Rule 405 under the Securities Act) and to provide for those transactions in
which securities may be offered by or through one or more underwriters, and not
to imply that any of the transactions contemplated hereby is conditioned in any
manner whatsoever on the participation therein by one or more underwriters on
behalf of any party.

                                      -25-

<PAGE>

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

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                      -26-

<PAGE>

                                                                         ANNEX A

                                PIGGYBACK HOLDERS

                                      -27-

<PAGE>

                                                                         ANNEX B

                      IPO PARTICIPANTS

<TABLE>
<CAPTION>
        REGISTRABLE SECURITIES   REGISTRABLE SECURITIES
        TO BE INCLUDED IN IPO     TO BE INCLUDED IN IPO
NAME   FIRM COMMITMENT PORTION    OVER-ALLOTMENT OPTION
----   -----------------------   ----------------------
<S>    <C>                       <C>

</TABLE>

                                      -28-<PAGE>
                                                                    Exhibit 10.2

                         EXECUTIVE EMPLOYMENT AGREEMENT

                             Effective June 17, 2005

                               (this "AGREEMENT")

BETWEEN:

                  COREL CORPORATION, a corporation existing under the laws of
                  the Province of Ontario

                  (the "CORPORATION")

                  - and -

                  DAVID C. DOBSON, an individual currently residing in the State
                  of Connecticut

                  (the "EXECUTIVE")

      WHEREAS the Corporation wishes to employ the Executive and the Executive
wishes to become an employee of the Corporation;

      AND WHEREAS the Corporation and the Executive agree that it is desirable
to enter into this Agreement to specify the terms and conditions of the
Executive's employment with the Corporation;

      NOW THEREFORE in consideration of the mutual covenants and agreements
contained in this Agreement, and other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the Corporation and the Executive
agree as follows.

1.    INTERPRETATION

1.1   DEFINITIONS. In this Agreement, the following capitalized terms have the
      following meanings:

      (a)   "AFFILIATE" means an affiliated entity and as defined in Ontario
            Securities Commission Rule 45-501 and "controlled" has the meaning
            given in that Rule, as amended or replaced from time to time, and
            "affiliated" has a corresponding meaning.

      (b)   "BASE GRANT" has the meaning set out in Section 3.4.

      (c)   "BOARD" means the board of directors of the Corporation.

      (d)   "CHANGE OF CONTROL" means:

            (1)   any transaction or series of transactions, whether by way of
                  consolidation, amalgamation, merger, reorganization or plan of
                  amalgamation involving the Corporation, with or into any other
                  person (other than Vector);

<PAGE>

Corel Corporation Executive Employment Agreement                    Page 2 of 15

            (2)   any transfer, conveyance, sale, lease, exchange or otherwise
                  of all or substantially all of the assets of the Corporation,
                  to any other person (other than Vector); and

            (3)   the lawful acquisition, directly or indirectly and by any
                  means whatsoever, by any person, or by a group of persons
                  acting jointly or in concert, of that number of voting shares
                  of the Corporation, which is 35% or more of the total voting
                  shares issued and outstanding immediately after such
                  acquisition, unless Vector continues to hold a number of
                  voting shares which represents a greater percentage than the
                  first-mentioned person or group of persons.

            Provided that an initial public offering of the Corporation, whether
            or not a Qualified IPO, shall not be a Change of Control.

      (e)   "COMPETING ENTITIES" has the meaning set out in Section 7.1.

      (f)   "EBITDA" has the meaning set out in Section 3.2.

      (g)   "GOOD REASON" means the occurrence of any of the following events
            without the written consent of the Executive:

            (1)   a reduction by the Corporation in the Executive's salary;

            (2)   the taking of any action by the Corporation which would, in
                  the aggregate, materially adversely affect the Executive's
                  participation in or materially reduce the Executive's
                  incentive compensation, pension, life insurance, health,
                  accident, disability benefits or other benefits in plans in
                  which the Executive is participating;

            (3)   any breach by the Corporation of any of its material
                  obligations contained in this Agreement which remains uncured
                  for more than 10 days after the Executive provides written
                  notice of the breach to the Corporation; and;

            (4)   a material adverse reduction of the Executive's
                  responsibilities or reporting relationships.

      (h)   "IPO GRANT" has the meaning set out in Section 3.5.

      (i)   "IPO LOAN" has the meaning set out in Section 4.3.

      (j)   "LOAN" has the meaning set out in Section 4.3.

      (k)   "NON-IPO LOAN" has the meaning set out in Section 4.3.

      (l)   "PLAN" means the Corel Corporation Share Option and Phantom Share
            Unit Plan dated December 1, 2003 as amended from time to time.

      (m)   "QUALIFIED IPO" has the meaning set out in Section 3.5.

      (n)   "REASONABLE NOTICE PERIOD" means:

<PAGE>

Corel Corporation Executive Employment Agreement                    Page 3 of 15

            (1)   if the Executive's employment is terminated prior to the first
                  anniversary of the Start Date, eighteen months; and

            (2)   if the Executive's employment is terminated on or after the
                  first anniversary of the Start Date, the greater of 12 months
                  or the period from the Termination Date to the date that is 18
                  months from the first anniversary of the Start Date.

      (O)   "SALARY" has the meaning set out in Section 3.1.

      (p)   "SHARES" means Class A common shares of the Corporation.

      (q)   "TERMINATION DATE" means the Executive's last day of active
            employment and does not include any period of statutory or
            reasonable notice or any period of deemed employment and "terminate"
            and "terminated" have corresponding meanings.

      (r)   "VECTOR" means any entity or fund Affiliated with, or managed
            directly or indirectly by, Vector Capital Corporation or its
            Affiliates, or any other entity controlled, directly or indirectly,
            by any such entities or funds.

1.2   HEADINGS, SECTIONS AND PLURAL. The inclusion of headings in this Agreement
      is for convenience of reference only and shall not affect its construction
      or interpretation. Throughout this Agreement, whenever required by
      context, words importing the singular include the plural and vice versa.
      In this Agreement, references to "Sections" or to "Schedules" are
      references to sections in or schedules to this Agreement, unless expressly
      stated otherwise.

1.3   DEDUCTIONS AND WITHHOLDINGS. The payments to the Executive set out in this
      Agreement are subject to applicable deductions and withholdings.

1.4   BENEFIT CONTRIBUTIONS AND PARTICIPATION. The Corporation's contributions
      to, the Executive's participation in, and any conversion of, the group
      benefit plans as set out in this Agreement are subject to the terms and
      conditions of the benefit plans, and changes to or cancellations of such
      plans over time, as may be made with such notice to the Executive as is
      practical in the circumstances, and in the sole discretion of the
      Corporation.

1.5   CURRENCY. Unless otherwise indicated, all dollar amounts referred to in
      this Agreement are in Canadian currency.

1.6   PREVAILING AGREEMENT. In the event of any inconsistencies between this
      Agreement and the Plan, the provisions in this Agreement supersede the
      Plan to the extent of such inconsistencies.

2.    TERM AND DUTIES

2.1   START DATE. The Corporation agrees to employ the Executive and the
      Executive agrees to become employed with the Corporation on the terms and
      conditions set out in this Agreement commencing on a date which is no
      later than June 27, 2005 (the "START DATE"), The terms and conditions of
      employment set out in this Agreement are conditional upon the Executive
      starting work with the Corporation on the Start Date.

<PAGE>

Corel Corporation Executive Employment Agreement                    Page 4 of 15

2.2   POSITION. The Executive will serve in an executive capacity as the Chief
      Executive Officer of the Corporation and in such other capacities as may
      be agreed upon by the Corporation and the Executive from time to time. The
      Executive will report to the Board.

2.3   DUTIES. The Executive will perform the duties customarily performed in his
      position including, without limitation, regularly reporting his activities
      and the results thereof to the Board. The Executive agrees to serve as a
      director and/or officer of the Corporation and its Affiliates as requested
      by the Corporation in good faith and without compensation other than as
      set out in Section 3, The Executive will work primarily from the
      Corporation's head office in Ottawa, Ontario, but understands and agrees
      that he will be required to travel frequently throughout the world as the
      business needs of the Corporation require.

2.4   GOOD FAITH. The Executive shall devote his full business time and
      attention to the affairs of the Corporation and will use his best efforts,
      skills and abilities to honestly, faithfully, diligently and in good faith
      promote the Corporation's best interests, and he shall not have any
      interests that conflict with those of the Corporation. The Executive shall
      observe and abide by the policies of the Corporation in effect from time
      to time.

2.5   THIRD PARTY OBLIGATIONS. The Executive represents and warrants that he
      honestly and reasonably believes after proper enquiry, that his
      obligations under this Agreement will not breach any obligations the
      Executive owes to third parties, including any of the Executive's former
      employers and that at the date hereof, he is not aware of any claims or
      threatened claims that he has breached any such obligations in connection
      with his obligations under this Agreement.

2.6   WORK STATUS. The Executive will be required to work in Canada and may be
      requested by the Board to work in the United States and internationally,
      as needed and determined by the Board. The Executive represents and
      warrants that he is legally entitled to work in Canada.

3.    COMPENSATION

3.1   BASE SALARY. The Corporation agrees to pay the Executive an annual base
      salary of $415,000, payable in accordance with the Corporation's payroll
      practices in effect from time to time, subject to annual review and to
      increase as determined by the Board ("SALARY").

3.2   DISCRETIONARY BONUS. The Executive will be eligible to participate in the
      Corporation's annual bonus plan with a target bonus of 100% of Salary for
      the achievement of all targets. Any bonus payment is subject to
      achievement by the Executive of the performance targets established by the
      Board in consultation with the Executive before the start of each fiscal
      year. Currently, the performance targets are based on a combination of
      revenue targets and target earnings before interest, tax, depreciation and
      amortization ("EBITDA"). The Executive's individual weighting of revenue
      and EBITDA targets for 2005 are set out on Schedule "A". To be eligible
      for the bonus payment, the Executive must have been actively employed
      throughout the fiscal year in respect of which his performance was
      assessed, unless provided otherwise in this Agreement. Notwithstanding the
      above, the Executive will be eligible for a pro-rated bonus in his first
      fiscal year of employment proportionate to his length of active employment
      in that year, with a minimum guaranteed bonus for the Executive's first
      part fiscal year of employment of $250,000.

3.3   SHARE BASED COMPENSATION PLAN PARTICIPATION. The Executive will be
      eligible to participate in the Plan and such other share based incentive
      plans or similar plans as may be

<PAGE>

Corel Corporation Executive Employment Agreement                    Page 5 of 15

      established for senior executives by the Corporation. All options granted
      to the Executive, including the Base Grant of options and the IPO Grant of
      options are governed by the terms and conditions of the Plan, including
      any restrictions on exercise of options and any requirements to agree to
      conditions, restrictions or agreements set out in the Plan, except with
      respect to the vesting terms, which are governed by this Agreement. Except
      as expressly provided in Section 5.3 of this Agreement or pursuant to the
      Plan, no share based compensation may vest on or after the Termination
      Date.

3.4   BASE GRANT OF OPTIONS. On the Start Date, the Corporation will grant to
      the Executive options to acquire 3,718,258 Shares of the Corporation (the
      "BASE GRANT"), subject to the terms and conditions set out in this
      Agreement and the Plan. The Base Grant of options will have an exercise
      price of 10 Cent in USD per Share. The Base Grant of options will be
      exercisable as to 25% on and after the Start Date (the "VESTED BASE
      GRANT") and as to additional 6.25% on and after the end of each quarter
      commencing after the first anniversary of the Start Date and for 10 years
      from the date of grant.

3.5   IPO GRANT OF OPTIONS. On the Start Date, the Corporation will grant to the
      Executive options to acquire 929,565 Shares of the Corporation (the "IPO
      GRANT"), subject to the terms and conditions set out in this Agreement and
      the Plan. The IPO Grant of options will have an exercise price of 10 Cent
      in USD per Share. The IPO Grant of options will be exercisable on the
      Start Date and for 8 years after an initial public offering of the
      Corporation that yields proceeds to the Corporation of not less than $75
      million (a "QUALIFIED IPO").

3.6   VESTED BASE GRANT AND IPO GRANT. The Vested Base Grant of options and the
      IPO Grant of options are subject to the following terms and conditions. If
      the Executive's Termination Date, as defined in the Plan, occurs prior to
      the first anniversary of the Start Date, the Corporation may, but is not
      required to, repurchase any or all Shares issued to the Executive on the
      exercise of the Vested Base Grant of options for an amount equal to 10
      Cent in USD per Share and the unexercised portion of the Vested Base Grant
      of options will immediately expire. If the Executive's Termination Date
      occurs prior to a Qualified IPO or if a Qualified IPO is not completed on
      or before the second anniversary of the Start Date, the Corporation may,
      but is not required to, repurchase any or all Shares issued to the
      Executive on the exercise of the IPO Grant of options for an amount equal
      to 10 Cent in USD per Share and the unexercised portion of the IPO Grant
      of options will immediately expire.

3.7   PAYMENTS FOR DISTRIBUTIONS ON BASE GRANT OF OPTIONS AND IPO GRANT OF
      OPTIONS. If dividends or other distributions are paid on Shares of the
      Corporation at a time when the Executive holds unexercised options under
      the BASE Grant of options or the IPO Grant of options, the Corporation
      will provide the Executive with a payment equivalent to distributions the
      Executive would have been eligible to receive had the Base Grant of
      options and the IPO Grant of options held by the Executive been fully
      exercised, provided, however, that at any time after the IPO Grant of
      options is forfeited, the Executive shall not be entitled to a payment in
      respect of any dividends or other distributions in respect of the IPO
      Grant of options.

4.    EXPENSES, BENEFITS AND VACATION

4.1   GENERAL EXPENSES. THE Corporation will reimburse the Executive for his
      reasonable and approved business expenses, including travel expenses,
      incurred by him in connection with the performance of his duties under
      this Agreement, upon providing appropriate receipts

<PAGE>

Corel Corporation Executive Employment Agreement                    Page 6 of 15

      satisfactory to the Corporation and in accordance with the Corporation's
      policies in effect from time to time.

4.2   RELOCATION EXPENSES. The Executive agrees to relocate to Canada and
      thereafter to maintain his full-time residence in Canada for the duration
      of his employment. The Corporation will reimburse the Executive for the
      reasonable relocation expenses incurred by him to relocate himself and his
      family to Canada, upon providing appropriate receipts satisfactory to the
      Corporation and in accordance with the Corporation's policies, to a
      maximum total of $40,000.

4.3   LOAN. The Corporation will make a loan to the Executive in the amount of
      $562,500 with interest compounded annually at the prime rate of interest
      provided by the Royal Bank of Canada to its customers and secured against
      the Base Grant of options or any Shares issuable upon exercise thereof
      (the "LOAN"). $312,500 of the Loan (the "IPO LOAN") and interest thereon
      will be forgiven on the earlier of (1) the completion of a Qualified IPO
      of the Corporation or (2) the first filing of a registration statement
      with respect to a Qualified IPO of the Corporation. $250,000 of the Loan
      (the "NON-IPO LOAN"), plus interest thereon shall be repaid by the
      Executive on or before the earlier of (1) the completion of a Qualified
      IPO of the Corporation or (2) the first filing of a registration statement
      with respect to a Qualified IPO of the Corporation. Payments pursuant to
      Section 3.7 shall be applied to repayment of the Non-IPO Loan, plus
      interest thereon, until the Non-IPO Loan is repaid in full. In the event
      any amount of the Non-IPO Loan and interest thereon, remains outstanding
      on the date of a Qualified IPO, it shall be repaid in full in cash, at the
      Executive's election, with any balance outstanding repaid by the
      cancellation of vested Base Grant of options and/or IPO Grant of options
      valued by subtracting the exercise price from the fair market value of a
      Share at the relevant date. The whole outstanding amount of the Loan and
      of the interest thereon is immediately due and payable on the Termination
      Date and first by applying any payments to be made to the Executive
      pursuant to Article 5 of this Agreement to repayment and second by the
      cancellation of vested Base Grant of options and/or IPO Grant of options
      valued by subtracting the exercise price from the fair market value of a
      Share at the relevant date and third by cash payment by the Executive save
      and except that in the event that the Executive's employment is terminated
      by the Corporation without cause or by the Executive for Good Reason, any
      amount outstanding of the IPO Loan shall be forgiven.

4.4   BENEFIT PLANS. The Executive will be eligible to participate in the group
      benefit plans available to employees of the Corporation from time to time,
      subject to Section 1.4. To the extent permitted by the insurers, the
      Corporation will request the waiver of the waiting periods and
      pre-existing condition limitations for participating in the benefit plans.

4.5   VACATION. The Executive will be entitled to four weeks of vacation time
      per year to be taken at times that are consistent with the business
      interests of the Corporation, and in accordance with the Corporation's
      vacation policies. The Executive may carry forward up to four weeks of
      vacation time to subsequent vacation years, provided that in each vacation
      year the Executive takes at least the minimum vacation time required under
      the Ontario Employment Standards Act, 2000 as amended.

4.6   FEES. The Corporation will reimburse the Executive for legal advice in
      connection with completing this Agreement to a maximum of $6,250 upon the
      Executive providing appropriate receipts satisfactory to the Corporation.

<PAGE>

Corel Corporation Executive Employment Agreement                    Page 7 of 15

5.    TERMINATION

5.1   TERMINATION BY EXECUTIVE. The Executive may terminate his employment with
      the Corporation (other than for Good Reason) at any time by providing the
      Corporation with two months of notice in writing. Whether or not, upon
      receipt of the Executive's resignation, the Corporation terminates the
      Executive's employment before the date the resignation was to be
      effective, the Corporation will, in full satisfaction of its obligations
      to the Executive: (a) pay the Executive's Salary and vacation pay accrued
      until the date the resignation is or was to be effective; (b) reimburse
      the outstanding expenses properly incurred by the Executive until the date
      his employment ceases; (c) continue its contributions to the group benefit
      plans until the date the resignation is or was to be effective, subject to
      Section 1.4; and continue the vesting of the Base Grant of options to the
      date the resignation is or was to be effective.

5.2   TERMINATION BY CORPORATION FOR CAUSE. The Corporation may terminate the
      Executive's employment at any time with cause and without prior notice or
      any further obligations by the Corporation, and the Executive will be
      ineligible for any bonus or pro-rated bonus payment. On the termination of
      the Executive's employment for cause, the Corporation will, in full
      satisfaction of its obligations to the Executive, pay the Executive's
      Salary and vacation pay accrued until the Termination Date and reimburse
      the outstanding expenses properly incurred by the Executive until the
      Termination Date.

5.3   TERMINATION BY CORPORATION WITHOUT CAUSE OR RESIGNATION BY THE EXECUTIVE
      FOR GOOD REASON. The Corporation may terminate the Executive's employment
      at any time, without cause and the Executive may resign for Good Reason,
      on providing written notification. If the Corporation terminates the
      Executive's employment without cause or the Executive resigns for Good
      Reason and the Executive signs and delivers to the Corporation a full and
      final release of the Corporation and its Affiliates and all directors
      thereof, in the form attached to this Agreement as Schedule "B", the
      Corporation will, in full satisfaction of its obligations to the Executive
      and regardless of any other income that the Executive may earn in
      mitigation:

      (a)   Pay the Executive's Salary and vacation pay accrued until the
            Termination Date and reimburse the Executive's outstanding expenses
            properly incurred until the Termination Date;

      (b)   Pay the Executive a bonus pursuant to Section 3.2 pro-rated for the
            portion of the year prior to the Termination Date calculated at 100%
            of target performance;

      (c)   Pay on-going Salary payments for the Reasonable Notice Period from
            the Termination Date based on the Executive's Salary in effect at
            the Termination Date, in accordance with the Corporation's payroll
            practices;

      (d)   Continue to make contributions in respect of the Executive to the
            Corporation's group benefit plans for the Reasonable Notice Period
            from the Termination Date to the extent permitted by such plans,
            provided that, to the extent such contributions may not be
            continued, the Corporation shall pay to the Executive the cost to
            the Corporation of such contributions as if the Executive remained
            employed by the Corporation;

      (e)   Authorize the Executive to exercise the vested share based
            compensation held by the Executive until 90 days after the
            Termination Date, or for such longer period as is provided in the
            Plan. All share based compensation that is not vested as at the
            Termination Date shall be forfeited, except that if the Executive's
            employment is

<PAGE>

Corel Corporation Executive Employment Agreement                    Page 8 of 15

      terminated in accordance with this Section 5.3 prior to the first
      anniversary of the Start Date, 464,738 of the Base Grant of options shall
      be vested as of the Termination Date.

5.4   DEATH OF THE EXECUTIVE. Upon the death of the Executive, this Agreement
      automatically terminates without notice or any further obligations by the
      Corporation. Upon the death of the Executive, the Corporation will, in
      full satisfaction of its obligations: (a) pay the outstanding accrued
      Salary and vacation pay accrued until the date of the Executive's death;
      (b) reimburse the expenses properly incurred by the Executive up to the
      date of his death; (c) pay the Executive a bonus pursuant to Section 3.2,
      pro-rated for the portion of the year prior to the Executive's date of
      death assigning target performance was achieved; and (d) if the
      Executive's death occurs prior to the second anniversary of the Start
      Date, the Base Grant of Options will continue to vest until the second
      anniversary of the Start Date.

5.5   CONSEQUENCES OF TERMINATION. The termination of the Executive's employment
      for any reason, including resignation and termination with cause and
      without cause, terminates any officer positions the Executive may hold
      with the Corporation or any of its Affiliates and the Executive agrees to
      immediately resign as a director of the Corporation and any of its
      Affiliates and to sign any documentation necessary to give effect to this
      Section 5.5.

5.6   CONVERSION OF BENEFITS ON TERMINATION. On the earlier of the termination
      of Executive's participation in the group benefit plans or the cessation
      of his employment for any reason, the Executive may be eligible to convert
      the group insured benefits to private coverage within 30 days, without
      evidence of insurability. The Executive is responsible for promptly
      arranging for any conversion options he may have or obtaining alternate
      benefits if he chooses to do so.

5.7   COMPLIANCE WITH LAWS. The Executive's entitlements under this Section 5
      are provided in full satisfaction of the Executive's entitlements to
      notice of termination, pay in lieu of notice, and severance pay, if any,
      under the Ontario Employment Standards Act, 2000, under this Agreement, at
      common law or otherwise.

5.8   CHANGE OF CONTROL. In the event that there is a Change of Control and not
      less than 6 months following the Change of Control, the Executive's
      employment is terminated for any reason other than for cause, he resigns
      for Good Reason or he resigns for any reason the share based compensation
      awarded to the Executive shall become fully exercisable on the earlier of
      the Date of Termination and the date that is 6 months after the Change of
      Control and shall otherwise be governed by the terms of the Plan.

6.    CONFIDENTIAL INFORMATION AND RETURN OF PROPERTY

6.1   CONFIDENTIALITY OBLIGATION. The Executive covenants and agrees that he
      shall not, at any time during his employment with the Corporation or any
      time thereafter, without the prior written consent of the Corporation,
      directly or indirectly, communicate, reveal or disclose, in any manner, to
      anyone, or use for any purpose other than in carrying out his duties under
      this Agreement in furtherance of the Corporation's business interests, any
      confidential or proprietary information concerning, or learned as a result
      of his employment with, the Corporation or its predecessors, successors,
      Affiliates or related companies including, without limitation, information
      concerning their assets, businesses, affairs, pricing, costs, technical
      information, financial information, plans or opportunities, manufacturing,
      processes, sales and distribution, marketing, research and development,
      customers, suppliers or employees.

<PAGE>

Corel Corporation Executive Employment Agreement                    Page 9 of 15

6.2   RETURN OF PROPERTY. Upon ceasing to be employed by the Corporation or upon
      request of the Corporation at any time, the Executive shall return to the
      Corporation all property belonging to the Corporation or its predecessors,
      successors, Affiliates or related companies including, without limitation,
      all documents in any format whatsoever including electronic format, that
      is in his possession or control, and the Executive agrees not to retain
      any copies of such property in any format whatsoever including electronic
      format.

7.    NON-COMPETITION

7.1   COMPETING ENTITIES. In this Agreement, "COMPETING ENTITIES" means
      Microsoft, the Star Office Division of Sun Microsystems, Adobe,
      Macromedia, Quark, Intervideo, Pinnacle Systems, Sonic Solutions,
      Autodesk, the Lotus Division of IBM, ULEAD, Sigmaflow or ACD Systems or
      any of their successors, and, on notice to the Executive, other entities
      that the Corporation may add to this definition, from time to time before
      the termination of the Executive's employment, acting in good faith after
      consultation with the Executive, whose business consists of developing or
      marketing word processing, spreadsheet, presentation, process management,
      flowcharting, digital imaging or graphics software, which the Corporation
      determines is in competition with its business.

7.2   COMPETITIVE ACTIVITIES. The Executive covenants and agrees that, while
      employed with the Corporation and for 24 months thereafter, the Executive
      shall not, directly or indirectly, in any manner whatsoever including,
      without limitation, either individually, or in partnership, jointly or in
      conjunction with any other person, or as employee, principal, agent,
      consultant, director, shareholder, lender or otherwise:

      (a)   be engaged in or by any Competing Entities in order to provide
            products or services similar to the products and services provided
            by the Corporation;

      (b)   have any financial or other interest including, without limitation,
            an interest by way of royalty or other compensation arrangements, in
            or in respect of any Competing Entities, excluding the ownership of
            not more than 1 % of the issued shares of a corporation, the shares
            of which are listed on a recognized stock exchange or traded in the
            over-the-counter market in Canada or the United States, which
            carries on a business that competes with the Corporation or its
            Affiliates; or

      (c)   advise, lend money to or guarantee the debts or obligations of any
            Competing Entities.

8.    NON-SOLICITATION

8.1   EMPLOYEE AND CONTRACTOR NON-SOLICITATION. The Executive covenants and
      agrees that, while employed with the Corporation and for 24 months
      thereafter, the Executive shall not induce or solicit or attempt to induce
      or solicit, or assist any person to induce or solicit any employee of the
      Corporation or its Affiliates or any contractor who regularly provides
      services to the Corporation or its Affiliates, or assist or encourage any
      employee of the Corporation or its Affiliates or any contractor who
      regular who regularly provides services to the Corporation or its
      Affiliates to accept employment or engagement elsewhere that competes with
      the business of the Corporation or its Affiliates.

<PAGE>

Corel Corporation Executive Employment Agreement                   Page 10 of 15

9.    PROPRIETARY AND MORAL RIGHTS

9.1   PROPRIETARY RIGHTS. The Executive recognizes the Corporation's proprietary
      rights in the tangible and intangible property of the Corporation and
      acknowledges that Executive has not obtained or acquired and shall not
      obtain or acquire any rights, title or interest, in any of the property of
      the Corporation or its predecessors, successors, Affiliates or related
      companies including, without limitation, any writing, communications,
      manuals, documents, instruments, contracts, agreements, files, literature,
      data, technical information, know-how, secrets, formulas, products,
      methods, procedures, processes, devices, apparatuses, trademarks, trade
      names, trade styles, service marks, logos, copyrights, patents,
      inventions, discoveries, whether or not protected by patent or copyright,
      which the Executive may have conceived or made, or may conceive or make,
      either alone or in conjunction with others, and related to the business of
      the Corporation or its predecessors, successors, Affiliates or related
      companies (collectively, the "MATERIALS"). The Executive agrees that
      during his employment with the Corporation and any time afterwards all
      Materials shall be the sole and exclusive property of the Corporation.

9.2   WAIVER OF MORAL RIGHTS. The Executive irrevocably waives to the greatest
      extent permitted by law, for the benefit of and in favour of the
      Corporation, all the Executive's moral rights whatsoever in the Materials
      including, without limitation, any right to the integrity of any
      Materials, any right to be associated with any Materials and any right to
      restrict or prevent the modification or use of any Materials in any way
      whatsoever. The Executive irrevocably transfers to the Corporation all
      rights to restrict any violations of moral rights in any of the Materials
      including, without limitation, any distortion, mutilation or other
      modification.

9.3   ASSIGNMENT OF RIGHTS. If the Executive has acquired or does acquire,
      however, any right, title or interest in any of the Materials or in any
      intellectual property rights relating to the Materials, the Executive
      irrevocably assigns all such right, title and interest throughout the
      world exclusively to the Corporation including, without limitation, any
      renewals, extensions or reversions relating thereto and any right to bring
      an action or to collect compensation for past infringements.

9.4   REGISTRATIONS. The Corporation will have the exclusive right to obtain
      copyright registrations, letters patent, industrial design registrations,
      trade-mark registrations or any other protection in respect of the
      Materials and the intellectual property rights relating to the Materials
      anywhere in the world. At the expense and request of the Corporation, the
      Executive shall, both during and after the Executive's employment with the
      Corporation, execute all documents and do all other acts necessary in
      order to enable the Corporation to protect its rights in any of the
      Materials and the intellectual property rights relating to the Materials.

10.   REMEDIES

10.1  DEFENCES. The Executive agrees that all restrictions in Sections 6, 7, 8
      and 9 are necessary and fundamental to the protection of the business
      carried on by the Corporation and that all such restrictions are
      reasonable and valid, and the Executive waives all defences of the
      Executive to the strict enforcement thereof by the Corporation.

10.2  INJUNCTIVE RELIEF. The Executive acknowledges that a breach by the
      Executive of any of his obligations in Sections 6, 7, 8 and 9 will result
      in the Corporation suffering irreparable harm, which cannot be calculated
      or fully or adequately compensated by recovery of damages alone.
      Accordingly, the Executive agrees that the Corporation shall be entitled
      to interim and

<PAGE>

Corel Corporation Executive Employment Agreement                   Page 11 of 15

      permanent injunctive relief without proof of actual damages, specific
      performance and other equitable remedies, in addition to any other relief
      to which the Corporation may become entitled.

11.   OBLIGATIONS NOT EXHAUSTIVE

11.1  FIDUCIARY. THE Executive acknowledges that the obligations contained in
      Sections 6, 7, 8 and 9 are in addition to any obligations that the
      Executive may now or hereafter owe to the Corporation, at law, in equity
      or otherwise. Nothing contained in this Agreement is a waiver, release or
      reduction of any fiduciary obligations that the Executive owes to the
      Corporation.

12.   GENERAL

12.1  SURVIVAL. Sections 6, 7, 8, 9, 10, 11 and this Section 12.1 survive the
      termination of this Agreement and the Executive's employment for any
      reason whatsoever.

12.2  SEVERABILITY. If any provision of this Agreement is declared void or
      unenforceable, such provision shall be deemed severed from this Agreement
      to the extent of the particular circumstances giving rise to such
      declaration, and such provision as it applies to other persons and
      circumstances and the remaining terms and conditions of this Agreement
      shall remain in full force and effect.

12.3  ENTIRE AGREEMENT. This Agreement, including the attached Schedules and the
      documents referenced therein, constitutes the entire agreement between the
      Corporation and the Executive on the subject-matter herein and it
      supersedes all prior agreements and understandings, whether written or
      oral. There are no representations, warranties or collateral agreements on
      the subject-matter herein that exist outside of this Agreement.

12.4  AMENDMENTS. This Agreement may only be amended by written agreement
      executed by the Corporation and the Executive. However, changes to the
      Executive's position, duties, vacation, benefits and compensation, over
      the course of time, do not affect the validity or enforceability of
      Sections 5, 6, 7, 8 and 9.

12.5  GOVERNING LAW. This Agreement shall be governed by, and construed and
      interpreted in accordance with the laws of the Province of Ontario and the
      laws of Canada applicable therein. The Corporation and the Executive each
      irrevocably attorns to the exclusive jurisdiction of the courts of Ontario
      and the courts of Ontario shall have the sole and exclusive jurisdiction
      to entertain any action arising under this Agreement.

12.6  ASSIGNMENT THE Corporation may assign this Agreement, and it enures to the
      benefit of the Corporation, its successors or assigns.

12.7  INDEPENDENT LEGAL ADVICE. The Executive acknowledges that he has been
      encouraged to obtain independent legal advice regarding the execution of
      this Agreement, and that he has either obtained such advice or voluntarily
      chosen not to do so, and hereby waives any objections or claims he may
      make resulting from any failure on his part to obtain such advice.

12.8  WAIVER. No waiver of any of the provisions of this Agreement shall be
      effective or binding, unless made in writing and signed by the party
      purporting to give the same. No waiver of any of the provisions of this
      Agreement shall be deemed or shall constitute a waiver of any other

<PAGE>

Corel Corporation Executive Employment Agreement                   Page 12 of 15

      provisions, whether or not similar, nor shall such waiver constitute a
      continuing waiver, unless expressly stated otherwise.

12.9  EFFECTIVE DATE. This Agreement is effective the date it is made.

      IN WITNESS WHEREOF this executive employment agreement has been executed
by the Corporation and the Executive effective on the date first written above.

                                          COREL CORPORATION

                                          /s/ Amish Mehta
                                          --------------------------------
                                          PER: AMISH MEHTA

                                          /s/ David C. Dobson
                                          --------------------------------
                                          DAVID C. DOBSON

<PAGE>

Corel Corporation Executive Employment Agreement                   Page 13 of 15

                                  SCHEDULE "A"

                             EBITDA TARGETS FOR 2005

      The Fiscal Year 2005 target would be a combination of Revenue (40%) and
EBITDA (60%). The targets and associated payouts (full year) are as follows:

                       REVENUE - 40% of 2005 Target Bonus

<TABLE>
<CAPTION>
 TARGET USD          ACCOMPLISHMENT
------------         --------------
<S>                  <C>                  <C>
$ 90,000,000               60%            No incentive below
$120,000,000               80%                    50%
$150,000,000              100%                   100%
$165,000,000              110%                   135%
$180,000,000              120%                   170%
</TABLE>

                        EBITDA - 60% OF 2005 TARGET BONUS

<TABLE>
<CAPTION>
 TARGET USD         ACCOMPLISHMENT
-----------         --------------
<S>                 <C>                 <C>
$31,860,000              60%            No incentive below
$42,480,000              80%                   100%
$53,100,000             100%                   150%
$64,080,000             120%                   200%
</TABLE>

<PAGE>

Corel Corporation Executive Employment Agreement                   Page 14 of 15

                                  SCHEDULE "B"

                             FULL AND FINAL RELEASE

            I, DAVID C. DOBSON, on my own behalf and that of my heirs, executors
and assigns, in consideration of the terms and conditions set out in my
Agreement with Corel Corporation ("COREL") dated June __, 2005, payments made to
me pursuant to those terms and conditions and other good and valuable
consideration, the sufficiency of which is hereby acknowledged, do hereby
release and forever discharge Corel, its subsidiaries, parents, predecessors,
successors, related companies, affiliates, divisions and their present and
former directors, officers, representatives, shareholders, owners, employees,
administrators, agents and lawyers (collectively, the "RELEASEES") jointly and
severally, from any and all actions, causes of action, covenants, contracts,
claims, demands, complaints, proceedings, grievances, damages, costs or loss of
any nature or kind, past, present or future arising out of or in any way
relating to or connected with my hiring, my employment with Corel or the
termination of my employment, stock options or other share based incentive plans
and benefit plans.

            I do hereby declare and acknowledge that the consideration set out
above satisfies all obligations of the Releasees, arising from or out of my
hiring, my employment with Corel or the termination of my employment, stock
options or other share based incentive plans and benefit plans including,
without limitation, any obligations under the Ontario Employment Standards Act,
2000, as amended, the Ontario Human Rights Code, as amended and the Ontario
Workplace Safety and Insurance Act, 1997, as amended, or any similar legislation
in any other jurisdiction . I covenant and undertake that I will not file or
advance any claims or complaints under the Ontario Employment Standards Act,
2000, as amended including claims in respect of pay in lieu of notice and
severance pay, the Ontario Human Rights Code, as amended, and the Ontario
Workplace Safety and Insurance Act, 1997, as amended, or any similar legislation
in any other jurisdiction, arising out of my hiring, my employment with Corel or
the termination of my employment, stock options or other share based incentive
plans and benefit plans.

            And for the said consideration, I further agree not to make any
claim or take any other proceedings against any person, entity, corporation,
partnership or Crown in which any claim could or does arise with respect to any
matters which may have arisen between the parties to this release up to the
present time, concerning and relating to any action I may have as against any
other party as a result of my hiring, my employment with Corel or termination of
my employment, stock options or other share based incentive plans and benefit
plans.

            Notwithstanding the foregoing, I do not release my rights and
entitlements set out in Section 5 of the Agreement or any right or entitlement I
may have to indemnity or to enforce any indemnity as a director or officer of
Corel or its affiliates or to benefits under any policy of directors and
officers insurance.

            And for said consideration I further agree to save harmless and
indemnify the Releasees from and against any and all claims, charges, taxes,
penalties or demands made by the Canada Revenue Agency, its predecessors or
successors, or any similar governmental authority in any other jurisdiction,
requiring any of the Releasees to pay any amounts under the Income Tax Act
(Canada) and other duly recognized federal, provincial and local taxing
authorities in respect of income tax payable by me in excess of the income tax
previously withheld, and from and against any and all claims, charges, taxes or
penalties and demands made on behalf of or related to Employment Insurance or
Canada Pension Plan under the applicable statutes and regulations, or any other
similar

<PAGE>

Corel Corporation Executive Employment Agreement                   Page 15 of 15

legislation in any other jurisdiction, with respect to any amounts which may, in
the future, be found to be payable by any of the Releasees with respect to the
payment of the consideration referred to above.

            It is understood and agreed that the giving of the consideration set
out above is deemed to be no admission of liability whatsoever on the part of
the Releasees and, in fact, any liability is expressly denied.

            I will not say, publish or do any act or thing that disparages or
casts the Releasees in any unfavourable light, or which could result in injury
to their reputation. Except to the extent required by applicable law, I will
make no public statements or announcements regarding my past employment with
Corel or any of the matters set forth herein without first consulting with Corel
and obtaining its prior written approval as to the timing and content of the
proposed statements or announcements. Notwithstanding the foregoing, I
understand that I may disclose particulars of my past employment with Corel and
my termination therefrom in a bona fide job search or application for
government employment insurance benefits.

            And I hereby declare that I have read and fully understand this
release. I have had the opportunity to seek independent legal advice. I
understand that this release contains a full and final release of any claims,
which I have or may have relating to my hiring, my employment with Corel and the
termination of my employment, stock options or other share based incentive plans
and benefit plans. I voluntarily accept the said consideration for the purpose
of making full and final compromise, adjustment and settlement of all claims as
set out above.

            IN WITNESS WHEREOF, I, DAVID C. DOBSON set my hand and seal hereto
this _________________________ day of ________________________________, 200_.

SIGNED, SEALED AMD DELIVERED            )
in the presence of                      )
                                        )
__________________________________      )   _________________________________
Witness Signature                       )   DAVID C. DOBSON
                                        )
__________________________________      )
Witness Name                            )

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