Document:

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                                                                     EXHIBIT 4.5

                              AMENDED AND RESTATED

                     SHAREHOLDER PROTECTION RIGHTS AGREEMENT

                           DATED AS OF AUGUST 1, 2003

                                     BETWEEN

                        GEAC COMPUTER CORPORATION LIMITED

                                     - AND -

                      COMPUTERSHARE TRUST COMPANY OF CANADA

                                 AS RIGHTS AGENT

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                                TABLE OF CONTENTS

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                                                                                            PAGE
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ARTICLE 1 - INTERPRETATION..............................................................      2

1.1         Certain Definitions.........................................................      2

1.2         Currency....................................................................     15

1.3         Number and Gender...........................................................     15

1.4         Descriptive Headings and References.........................................     15

1.5         Acting Jointly or in Concert................................................     15

1.6         Holder......................................................................     16

ARTICLE 2 - THE RIGHTS..................................................................     16

2.1         Legend on Voting Share Certificates.........................................     16

2.2         Initial Exercise Price; Exercise of Rights; Detachment of Rights............     16

2.3         Adjustments to Exercise Price; Number of Rights.............................     19

2.4         Date on Which Exercise is Effective.........................................     25

2.5         Execution, Authentication, Delivery and Dating of Rights Certificates.......     26

2.6         Registration, Registration of Transfer and Exchange.........................     26

2.7         Mutilated, Destroyed, Lost and Stolen Rights Certificates...................     27

2.8         Persons Deemed Owners.......................................................     28

2.9         Delivery and Cancellation of Certificates...................................     28

2.10        Agreement of Rights Holders.................................................     28

2.11        Rights Certificate Holder Not a Deemed Shareholder..........................     29

ARTICLE 3 - ADJUSTMENTS TO THE RIGHTS IN  THE EVENT OF A FLIP-IN EVENT..................     29

3.1         Flip-in Event...............................................................     29

ARTICLE 4 - THE RIGHTS AGENT............................................................     31

4.1         General.....................................................................     31

4.2         Merger or Consolidation or Change of Name of Rights Agent...................     32

4.3         Duties of Rights Agent......................................................     32

4.4         Change of Rights Agent......................................................     34

ARTICLE 5 - MISCELLANEOUS...............................................................     35

5.1         Redemption of Rights........................................................     35

5.2         Waiver of Flip-In Events....................................................     36
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                                TABLE OF CONTENTS
                                   (CONTINUED)

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                                                                                            PAGE
<S>                                                                                         <C>
5.3         Issuance of New Rights Certificates.........................................     36

5.4         Supplements and Amendments..................................................     37

5.5         Fractional Rights and Fractional Shares.....................................     38

5.6         Rights of Action............................................................     39

5.7         Notice of Proposed Actions..................................................     39

5.8         Notices.....................................................................     39

5.9         Costs of Enforcement........................................................     40

5.10        Successors..................................................................     40

5.11        Benefits of this Agreement..................................................     41

5.12        Governing Law...............................................................     41

5.13        Counterparts................................................................     41

5.14        Severability................................................................     41

5.15        Determinations and Actions by the Board of Directors........................     41

5.16        Effective Date and Renewal..................................................     41

5.17        Regulatory Approvals........................................................     42

5.18        Declaration as to Foreign Holders...........................................     42

5.19        Time of the Essence.........................................................     42
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                              AMENDED AND RESTATED

                     SHAREHOLDER PROTECTION RIGHTS AGREEMENT

THIS AMENDED AND RESTATED SHAREHOLDER PROTECTION RIGHTS AGREEMENT dated as of
August 1, 2003 between GEAC COMPUTER CORPORATION LIMITED, a corporation
amalgamated under the Canada Business Corporations Act (the "CORPORATION"), and
COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company incorporated under the
laws of Canada, as rights agent (the "RIGHTS AGENT", which term shall include
any successor Rights Agent hereunder) amends and restates an agreement made as
of the 15th day of March, 2000 (the "PRIOR PLAN") between the Corporation and a
predecessor of the Rights Agent.

WHEREAS the Board of Directors of the Corporation in 2000 determined that it was
advisable and in the best interests of the Corporation to adopt a shareholder
protection rights plan (the "RIGHTS PLAN") to ensure, to the extent possible,
that all shareholders of the Corporation are treated fairly in connection with
any take-over bid for Voting Shares (as hereinafter defined);

AND WHEREAS the Prior Plan was approved by the shareholders of the Corporation
on September 12, 2000 and is effective at the latest until the termination of
the annual meeting of the shareholders of the Corporation in 2003;

AND WHEREAS the Board of Directors of the Corporation has determined that it is
advisable and in the best interests of the Corporation to continue the Rights
Plan by adopting an amended and restated shareholder protection rights plan to
take effect immediately upon receipt of approval of the Independent Shareholders
to conform to current corporate practices to effect the continued distribution
of Rights under the Prior Plan as further amended and restated herein (the
"RIGHTS PLAN");

AND WHEREAS in order to continue implementation of the Rights Plan, the Board of
Directors has:

(a)      confirmed distribution of one right (a "RIGHT") in respect of each
         Common Share (as hereinafter defined) outstanding at the Record Time
         (as hereinafter defined); and

(b)      confirmed the issuance of one Right in respect of each Voting Share
         issued after the Record Time and prior to the earlier of the Separation
         Time (as hereinafter defined) and the Expiration Time (as hereinafter
         defined);

AND WHEREAS each Right shall entitle the holder thereof, after the Separation
Time, to purchase securities of the Corporation pursuant to the terms and
subject to the conditions set forth herein;

AND WHEREAS the Rights Agent has agreed to act on behalf of the Corporation in
connection with the issuance, transfer, exchange and replacement of Rights
Certificates (as hereinafter defined), the exercise of Rights and other matters
referred to herein;

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                                     - 2 -

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

                           ARTICLE 1 - INTERPRETATION

1.1      CERTAIN DEFINITIONS

         For purposes of this Agreement, the following terms have the meanings
         indicated:

         "ACQUIRING PERSON" shall mean any Person who is the Beneficial Owner of
         20% or more of the outstanding Voting Shares; provided, however, that
         the term "ACQUIRING PERSON" shall not include:

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

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

                           (A)      a Voting Share Reduction which, by reducing
                                    the number of Voting Shares outstanding,
                                    increases the percentage of Voting Shares
                                    Beneficially Owned by such Person to 20% or
                                    more of the Voting Shares then outstanding,

                           (B)      a Pro Rata Acquisition,

                           (C)      a Permitted Bid Acquisition,

                           (D)      an Exempt Acquisition, or

                           (E)      a Convertible Security Acquisition,

                  provided, however, that if a Person becomes the Beneficial
                  Owner of 20% or more of the Voting Shares then outstanding by
                  reason of one or any combination of a Voting Share Reduction,
                  a Pro Rata Acquisition, a Permitted Bid Acquisition, an Exempt
                  Acquisition or a Convertible Security Acquisition and
                  thereafter becomes the Beneficial Owner of more than an
                  additional 1% of the outstanding Voting Shares (other than
                  pursuant to a Voting Share Reduction, a Pro Rata Acquisition,
                  a Permitted Bid Acquisition, an Exempt Acquisition or a
                  Convertible Security Acquisition), then as of the date that
                  such Person becomes the Beneficial Owner of such additional
                  Voting Shares, such Person shall become an Acquiring Person;

                  (iii)    an underwriter or member of a banking or selling
                           group that becomes the Beneficial Owner of 20% or
                           more of the outstanding Voting Shares then
                           outstanding from the Corporation in connection with a
                           distribution of securities pursuant to a prospectus
                           or by way of private placement; and

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                                     - 3 -

                  (iv)     a Grandfathered Person, provided, however, that if
                           such Person shall thereafter become the Beneficial
                           Owner (other than pursuant to a Voting Share
                           Reduction, a Pro Rata Acquisition, a Permitted Bid
                           Acquisition, an Exempt Acquisition or a Convertible
                           Security Acquisition) of additional Voting Shares
                           constituting more than 1% of the number of Voting
                           Shares then outstanding, such Person shall become an
                           Acquiring Person as of the date and time of
                           acquisition of such additional Voting Shares.

         "AFFILIATE", when used to indicate a relationship with a specified
         corporation, shall mean a Person that directly, or indirectly through
         one or more intermediaries, controls, or is controlled by, or is under
         common control with, such specified corporation.

         "AGREEMENT" shall mean this amended and restated shareholder protection
         rights agreement between the Corporation and the Rights Agent, as may
         be amended, modified and/or supplemented or restated from time to time.

         "ASSOCIATE", when used to indicate a relationship with a specified
         Person, shall mean (i) a spouse of such specified Person, (ii) any
         Person of either sex with whom such specified Person is living in a
         conjugal relationship outside marriage, or (iii) any relative of such
         specified Person or of a Person mentioned in Clause (i) or (ii) of this
         definition if that relative has the same residence as the specified
         Person.

         "BENEFICIAL OWNER": a Person shall be deemed the "BENEFICIAL OWNER" and
         to have "BENEFICIAL OWNERSHIP" of and to "BENEFICIALLY OWN":

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

                  (ii)     any securities as to which such Person or any of such
                           Person's Affiliates or Associates has the right to
                           become the owner at law or in equity, where such
                           right is exercisable within 60 days of the date of
                           the determination of Beneficial Ownership and whether
                           or not on condition or the occurrence of any
                           contingency or the making of any payment, upon the
                           exercise of any conversion right, exchange right or
                           purchase right attaching to Convertible Securities,
                           or pursuant to any agreement, arrangement, pledge or
                           understanding, written or oral (other than customary
                           agreements with and between underwriters and banking
                           group or selling group members with respect to a
                           distribution of securities pursuant to a prospectus
                           or by way of private placement and other than
                           pursuant to pledges of securities in the ordinary
                           course of business); and

                  (iii)    any securities which are Beneficially Owned within
                           the meaning of Clause (i) or (ii) of this definition
                           by any other Person with which, and in respect of
                           which securities, such Person is acting jointly or in
                           concert;

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

                  (iv)     by reason of:

                  (A)               such security having been deposited or
                           tendered pursuant to a Take-over Bid made by such
                           Person or any of such Person's Affiliates or
                           Associates or any other Person referred to in Clause
                           (iii) of this definition, until the earlier of such
                           deposited or tendered security being accepted
                           unconditionally for payment or exchange or being
                           taken up and paid for; or

                           (B)      the holder of such security having agreed
                                    pursuant to a Permitted Lock-up Agreement to
                                    deposit or tender such security pursuant to
                                    a Take-over Bid made by any such Person or
                                    any of such Person's Affiliates or
                                    Associates or any other Person referred to
                                    in Clause (iii) of this definition;

                  (v)      by reason of such Person, any of such Person's
                           Affiliates or Associates or any other Person referred
                           to in Clause (iii) of this definition holding such
                           security, provided, however, that:

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

                           (B)      the Person (in this definition, a "TRUST
                                    COMPANY") is licensed to carry on the
                                    business of a trust company under applicable
                                    law and, as such, acts as a trustee or
                                    administrator or in a similar capacity in
                                    relation to the estates of deceased or
                                    incompetent Persons (each, in this
                                    definition, an "ESTATE ACCOUNT") or in
                                    relation to other accounts (each, in this
                                    definition, an "OTHER ACCOUNT") and holds
                                    such security and is acting in the ordinary
                                    course of such duties for the Estate Account
                                    or for such Other Accounts;

                           (C)      such Person is a Crown agent or agency (in
                                    this definition, a "CROWN AGENT");

                           (D)      the Person is established by statute for
                                    purposes that include, and the ordinary
                                    business or activity of such Person (in this
                                    definition, a "STATUTORY BODY") includes,
                                    the management of investment

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                                    funds for employee benefit plans, pension
                                    plans and insurance plans of various public
                                    bodies and the Statutory Body holds such
                                    security for the purposes of its activities
                                    as such; or

                           (E)      the Person (in this definition, an
                                    "ADMINISTRATOR") is the administrator or
                                    trustee of one or more pension funds or
                                    plans (each, in this definition, a "PLAN")
                                    registered under the laws of Canada or any
                                    province thereof or the corresponding laws
                                    of the jurisdiction by which such Plan is
                                    governed or is such a Plan and the
                                    Administrator or Plan holds such security
                                    for the purposes of its activities as such;

                  but only if the Manager, the Trust Company, the Crown Agent,
                  the Statutory Body, the Administrator or the Plan, as the case
                  may be, is not then making and has not announced a current
                  intention to make a Take-over Bid, other than an Offer to
                  Acquire Voting Shares or other securities pursuant to a
                  distribution by the Corporation or by means of ordinary market
                  transactions (including prearranged trades entered into in the
                  ordinary course of business of such Person) executed through
                  the facilities of a stock exchange or an organized
                  over-the-counter market, alone or by acting jointly or in
                  concert with any other Person;

                  (vi)     because such Person:

                           (A)      is a Client of the same Manager as another
                                    Person on whose account the Manager holds
                                    such security;

                           (B)      has an Estate Account or an Other Account
                                    with the same Trust Company as another
                                    Person on whose account the Trust Company
                                    holds such security; or

                           (C)      is a Plan with the same Administrator as
                                    another Plan on whose account the
                                    Administrator holds such security;

                  (vii)    because such Person:

                           (A)      is a Client of a Manager and such security
                                    is owned at law or in equity by the Manager;

                           (B)      has an Estate Account or an Other Account
                                    with a Trust Company and such security is
                                    owned at law or in equity by the Trust
                                    Company; or

                           (C)      is a Plan and such security is owned at law
                                    or in equity by the Administrator of the
                                    Plan; or

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

         "BOARD OF DIRECTORS" shall mean the board of directors of the
         Corporation.

         "BUSINESS DAY" shall mean any day other than a Saturday, a Sunday or a
         day on which banking institutions in Toronto, Ontario are authorized or
         obliged by law to close.

         "CANADA BUSINESS CORPORATIONS ACT" shall mean the Canada Business
         Corporations Act, R.S.C. 1985, c.C-44, as amended, and the regulations
         made thereunder and any comparable or successor laws or regulations
         thereto.

         "CLOSE OF BUSINESS" on any given date shall mean the time on such date
         (or, if such date is not a Business Day, the time on the next
         succeeding Business Day) at which the office of the transfer agent for
         the Common Shares in Toronto, Ontario (or, after the Separation Time,
         the office of the Rights Agent in Toronto, Ontario) is closed to the
         public.

         "COMMON SHARES" shall mean the common shares in the capital of the
         Corporation.

         "COMPETING PERMITTED BID" shall mean a Take-over Bid that:

                  (i)      is made after a Permitted Bid or another Competing
                           Permitted Bid has been made and prior to the expiry
                           of that Permitted Bid or Competing Permitted Bid (in
                           this definition, the "PRIOR BID");

                  (ii)     satisfies all the provisions of the definition of a
                           Permitted Bid other than the requirements set out in
                           Clauses (ii)(A) and (D) of the definition of
                           Permitted Bid; and

                  (iii)    contains, and the take-up and payment for securities
                           tendered or deposited thereunder are subject to,
                           irrevocable and unqualified conditions that:

                           (A)      no Voting Shares shall be taken up or paid
                                    for pursuant to the Take-over Bid (x) prior
                                    to the Close of Business on a date that is
                                    not less than the later of 35 days after the
                                    Offer Date of such Take-over Bid and 60 days
                                    after the Offer Date of the earliest Prior
                                    Bid then in existence, and (y) then only if,
                                    at the Close of Business on the date Voting
                                    Shares are first taken up or paid for under
                                    such Take-over Bid, more than 50% of the
                                    then outstanding Voting Shares held by
                                    Independent Shareholders have been deposited
                                    or tendered pursuant to such Take-over Bid
                                    and not withdrawn; and

                           (B)      in the event that the requirement set forth
                                    in Subclause (iii)(A)(y) of this definition
                                    is satisfied, the Offeror will make a public
                                    announcement of that fact and the Take-over
                                    Bid will remain open

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                                    for deposits and tenders of Voting Shares
                                    for not less than 10 Business Days from the
                                    date of such public announcement.

         "CONTROLLED": a body corporate is "CONTROLLED" by another Person or two
         or more Persons acting jointly or in concert if:

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

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

         and "CONTROLS", "CONTROLLING" and "UNDER COMMON CONTROL WITH" shall be
         interpreted accordingly.

         "CONVERTIBLE SECURITIES" shall mean at any time any securities issued
         by the Corporation (including rights, warrants and options but
         excluding the Rights) carrying any purchase, exercise, conversion or
         exchange right, pursuant to which the holder thereof may acquire Voting
         Shares or other securities convertible into or exercisable or
         exchangeable for Voting Shares (in each case, whether such right is
         exercisable immediately or after a specified period and whether or not
         on condition or the happening of any contingency).

         "CONVERTIBLE SECURITY ACQUISITION" shall mean the acquisition of Voting
         Shares upon the exercise, conversion or exchange of Convertible
         Securities acquired by a Person pursuant to a Permitted Bid
         Acquisition, an Exempt Acquisition or a Pro Rata Acquisition.

         "CO-RIGHTS AGENT" shall have the meaning attributed thereto in
         Subsection 4.1(a).

         "ELECTION TO EXERCISE" shall have the meaning attributed thereto in
         Subsection 2.2(d).

         "EXEMPT ACQUISITION" shall mean an acquisition of Voting Shares and/or
         Convertible Securities (i) in respect of which the Board of Directors
         has waived the application of Section 3.1 pursuant to the provisions of
         Section 5.2, (ii) pursuant to a distribution of Voting Shares and/or
         Convertible Securities made by the Corporation (a) to the public
         pursuant to a prospectus (provided the purchaser does not thereby
         become the Beneficial Owner of a greater percentage of Voting Shares
         and/or Convertible Securities Beneficially Owned by such purchaser
         immediately prior to such distribution) or (b) pursuant to a securities
         exchange take-over bid circular or (c) a distribution by way of a
         private placement provided that (x) all necessary stock exchange
         approvals for any distribution made pursuant to a private placement
         have been obtained and such private placement complies with the terms
         and conditions of such approvals, and (y) the purchaser does not, in
         the case of either a securities exchange take-over bid or private
         placement, thereby become the Beneficial Owner of Voting Shares equal
         in number to

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         more than 25% of the Voting Shares outstanding immediately prior to the
         private placement, and in making this determination, the securities to
         be issued to such purchaser on the private placement shall be deemed to
         be held by such purchaser but shall not be included in the aggregate
         number of outstanding Voting Shares immediately prior to the private
         placement, or (iii) pursuant to an amalgamation, merger or other
         statutory procedure requiring shareholder approval.

         "EXERCISE PRICE" shall mean, as of any date, the price at which a
         holder may purchase the securities issuable upon exercise of one whole
         Right in accordance with the terms hereof and, subject to adjustment
         thereof in accordance with the terms hereof, the Exercise Price shall
         be:

                  (i)      until the Separation Time, an amount equal to three
                           times the Market Price, from time to time, per Common
                           Share; and

                  (ii)     from and after the Separation Time, an amount equal
                           to three times the Market Price, as at the Separation
                           Time, per Common Share.

         "EXPANSION FACTOR" shall have the meaning attributed thereto in
         Subsection 2.3(b)(x).

         "EXPIRATION TIME" shall mean the earlier of:

                  (i)      the Termination Time; and

                  (ii)     the termination of the annual meeting of the
                           shareholders of the Corporation in 2006;

         or if the continued existence of this Agreement is ratified at such
         annual meeting by resolution passed by a majority of the votes cast by
         Independent Shareholders who vote in respect thereof in accordance with
         Section 5.16(b), shall mean the earlier of the Termination Time and the
         termination of the annual meeting of shareholders of the Corporation in
         2009.

         "FLIP-IN EVENT" shall mean a transaction in which any Person becomes an
         Acquiring Person.

         "GRANDFATHERED PERSON" shall mean any Person who is the Beneficial
         Owner of 20% or more of the outstanding Voting Shares at the date
         hereof.

         "HOLDER" shall have the meaning attributed thereto in Section 1.6.

         "INDEPENDENT SHAREHOLDERS" shall mean holders of Voting Shares, other
         than (i) any Acquiring Person, (ii) any Offeror, (iii) any Affiliate or
         Associate of any Acquiring Person or Offeror, (iv) any Person acting
         jointly or in concert with any Acquiring Person or Offeror, and (v) any
         employee benefit plan, deferred profit sharing plan, stock
         participation plan or trust for the benefit of employees of the
         Corporation or a wholly-

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                                     - 9 -

         owned Subsidiary of the Corporation, unless the beneficiaries of such
         plan or trust direct the manner in which such Voting Shares are to be
         voted or direct whether the Voting Shares are to be tendered to a
         Take-over Bid.

         "MARKET PRICE" per security of any securities on any date shall mean
         the average of the daily closing prices per security of such securities
         (determined as described below) on each of the 20 consecutive Trading
         Days through and including the Trading Day immediately preceding such
         date; provided, however, that if an event of a type analogous to any of
         the events described in Section 2.3 shall have caused the closing
         prices used to determine the Market Price on any Trading Day not to be
         fully comparable with the closing price on such date of determination
         (or, if the date of determination is not a Trading Day, on the
         immediately preceding Trading Day), each such closing price so used
         shall be appropriately adjusted in a manner analogous to the applicable
         adjustment provided for in Section 2.3 in order to make it fully
         comparable with the closing price on such date of determination (or, if
         the date of determination is not a Trading Day, on the immediately
         preceding Trading Day). The closing price per security of any
         securities on any date shall be:

                  (i)      the closing board lot sale price or, in case no such
                           sale takes place on such date, the average of the
                           closing bid and asked prices for each such security
                           as reported by the principal Canadian stock exchange
                           on which such securities are listed or admitted to
                           trading;

                  (ii)     if for any reason none of the prices described in
                           Clause (i) above are available for such date or the
                           securities are not listed or admitted to trading on a
                           Canadian stock exchange, the last sale price or, if
                           such price is not available, the average of the
                           closing bid and asked prices, for each such security
                           on such date as reported by such other securities
                           exchange on which such securities are listed or
                           admitted to trading;

                  (iii)    if for any reason none of the prices described in
                           Clauses (i) and (ii) above are available for such
                           (late or the securities are not listed or admitted to
                           trading on a Canadian stock exchange or any other
                           securities exchange, the last sale price, or if no
                           sale takes place, the average of the high bid and low
                           asked prices for each such security on such date in
                           the over-the-counter market, as quoted by any
                           reporting system then in use (as determined by the
                           Board of Directors); or

                  (iv)     if for such date none of the prices described in
                           Clauses (i), (ii) and (iii) above are available or
                           the securities are not listed or admitted to trading
                           on a Canadian stock exchange or any other securities
                           exchange and are not quoted by any such reporting
                           system, the average of the closing bid and asked
                           prices for such date as furnished by a professional
                           market maker making a market in the securities
                           selected in good faith by the Board of Directors;

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                                     - 10 -

         provided, however, that if on any such date none of such prices is
         available, the closing price per security of such securities on such
         date shall mean the fair value per security of such securities on such
         date as determined in good faith by a recognized investment banking
         firm selected by the Board of Directors.

                  "OFFER DATE" shall mean the date of a Take-over Bid.

                  "OFFER TO ACQUIRE" shall include:

                  (i)      an offer to purchase, or a solicitation of an offer
                           to sell, Voting Shares and/or Convertible Securities;
                           and

                  (ii)     an acceptance of an offer to sell Voting Shares
                           and/or Convertible Securities, whether or not such
                           offer to sell has been solicited;

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

         "OFFEROR" shall mean a Person who has announced an intention to make or
         who is making a Take-over Bid (including a Permitted Bid or Competing
         Permitted Bid but excluding an Offer to Acquire Voting Shares or other
         securities of the Corporation made by a Manager, Trust Company, Crown
         Agent, Statutory Body, Administrator or Plan referred to in Clause
         11.1(v) of the definition of Beneficial Owner pursuant to a
         distribution by the Corporation or by means of ordinary market
         transactions (including pre-arranged trades entered into in the
         ordinary course of business of such Person) in the circumstances
         contemplated in said Clause 1.1(v)) but only for so long as the
         Take-over Bid so announced or made has not been withdrawn or terminated
         and has not expired.

         "OFFEROR'S SECURITIES" shall mean the aggregate of the Voting Shares
         Beneficially Owned on the date of an Offer to Acquire by an Offeror.

         "PERMITTED BID" shall mean a Take-over Bid that is made by means of a
         take-over bid circular and that also complies with the following
         additional provisions:

                  (i)      the Take-over Bid is made to all holders of Voting
                           Shares; and

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

                           (A)      no Voting Shares shall be taken up or paid
                                    for pursuant to the Take-over Bid (x) prior
                                    to the Close of Business on a date that is
                                    not less than 60 days following the Offer
                                    Date, and (y) then only if, at the Close of
                                    Business on the date Voting Shares are first
                                    taken up or paid for under the Take-over
                                    Bid, more than 50% of the then outstanding
                                    Voting Shares held by Independent
                                    Shareholders have

<PAGE>

                                     - 11 -

                                    been deposited or tendered pursuant to the
                                    Take-over Bid and not withdrawn;

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

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

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

         "PERMITTED BID ACQUISITION" shall mean an acquisition of Voting Shares
         and/or Convertible Securities made pursuant to a Permitted Bid or a
         Competing Permitted Bid.

         "PERMITTED LOCK-UP AGREEMENT" shall mean an agreement between a Person
         and one or more holders of Voting Shares and/or Convertible Securities
         (each a "LOCKED-UP PERSON") (the terms of which are publicly disclosed
         and a copy of which is made available to the public (including the
         Corporation) not later than the date the Lock-up Bid (as defined below)
         is publicly announced or, if the Lock-up Bid has been made prior to the
         date on which such agreement is entered into forthwith, and in any
         event, not later than the Business Day following the date of such
         agreement), pursuant to which each such Locked-up Person agrees to
         deposit or tender Voting Shares and/or Convertible Securities to a
         Take-over Bid (the "LOCK-UP BID") made or to be made by the Person or
         any of such Person's Affiliates or Associates or any other Person
         referred to in Clause (iii) of the definition of Beneficial Owner,
         provided, however, that:

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

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

                           (B)      if,

                                    (a)      the price or value per Voting Share
                                             or Convertible Security offered
                                             under the other Take-over Bid or
                                             transaction

<PAGE>

                                     - 12 -

                                             exceeds by as much as or more than
                                             a specified amount (the "SPECIFIED
                                             AMOUNT") the price or value per
                                             Voting Share or Convertible
                                             Security offered under the Lock-up
                                             Bid, provided that such Specified
                                             Amount is not greater than 7% of
                                             the price or value per Voting Share
                                             or Convertible Security offered
                                             under the Lock-up Bid; or

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

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

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

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

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

                  shall be payable by a Locked-up Person pursuant to the
                  agreement in the event a Locked-up Person fails to deposit or
                  tender Voting Shares and/or Convertible Securities to the
                  Lock-up Bid, withdraws Voting Shares and/or Convertible
                  Securities previously tendered thereto in order to tender to
                  another Take-over Bid or support another transaction.

<PAGE>

                                     - 13 -

         "PERSON" shall include any individual, firm, partnership, syndicate,
         association, trust, trustee, executor, administrator, legal personal
         representative, government, governmental body or authority, corporation
         or other incorporated or unincorporated organization.

         "PRO RATA ACQUISITION" shall mean an acquisition by a Person of Voting
         Shares and/or Convertible Securities (i) as a result of a stock
         dividend, a stock split or other event pursuant to which such Person
         receives or acquires Voting Shares and/or Convertible Securities on the
         same pro rata basis as all other holders of Voting Shares and/or
         Convertible Securities of the same class or series of the Corporation;
         (ii) pursuant to a regular dividend reinvestment or other plan of the
         Corporation made available by the Corporation to the holders of Voting
         Shares where such plan permits the holder to direct that the dividends
         paid in respect of such Voting Shares be applied to the purchase from
         the Corporation of further securities of the Corporation; or (iii)
         pursuant to the receipt and/or exercise of rights (other than the
         Rights) issued by the Corporation to all of the holders of a series or
         class of Voting Shares on a pro rata basis to subscribe for or purchase
         Voting Shares and/or Convertible Securities, provided that such rights
         are acquired directly from the Corporation and not from any other
         Person and provided further that the Person does not thereby acquire a
         greater percentage of such Voting Shares, or securities convertible or
         exchangeable for Voting Shares of that class, than the Person's
         percentage of Voting Shares Beneficially Owned immediately prior to
         such acquisition.

         "RECORD TIME" shall mean 5:00 p.m. (Toronto time) on March 15, 2000.

         "REDEMPTION PRICE" shall have the meaning attributed thereto in
         Subsection 5.1(a).

         "REGULAR PERIODIC CASH DIVIDEND" shall have the meaning attributed
         thereto in Subsection 2.3(d).

         "RIGHTS" shall mean the herein described rights to purchase securities
         pursuant to the terms and subject to the conditions set forth herein.

         "RIGHTS CERTIFICATE" shall mean the certificates representing the
         Rights after the Separation Time which shall be substantially in the
         form attached hereto as Exhibit A or such other form as the Corporation
         and the Rights Agent may agree.

         "RIGHTS REGISTER" and "RIGHTS REGISTRAR" shall each have the meaning
         attributed thereto in Subsection 2.6(a).

         "SECURITIES ACT (ONTARIO)" shall mean the Securities Act, R.S.O. 1990,
         c.S-5, as amended, and the regulations made thereunder and any
         comparable or successor laws or regulations thereto.

         "SEPARATION TIME" shall mean the Close of Business on the tenth Trading
         Day after the earliest of:

<PAGE>

                                     - 14 -

                  (i)      the Stock Acquisition Date; and

                  (ii)     the date of the commencement of, or first public
                           announcement of the intent of any Person (other than
                           the Corporation or any Subsidiary of the Corporation)
                           to commence, a Take-over Bid (other than a Permitted
                           Bid or Competing Permitted Bid);

                  or such later date as may be determined by the Board of
                  Directors in good faith, provided, however, that if any
                  Take-over Bid referred to in Clause (ii) above expires or is
                  cancelled, terminated or otherwise withdrawn prior to the
                  Separation Time, such Take-Over Bid shall be deemed, for the
                  purposes of this definition, never to have been made.

         "STOCK ACQUISITION DATE" shall mean the first date of public
         announcement (which, for purposes of this definition, shall include,
         without limitation, a report filed pursuant to Section 101 of the
         Securities Act (Ontario)) by the Corporation or an Acquiring Person of
         facts indicating that an Acquiring Person has become such.

         "SUBSIDIARY": a body corporate is a Subsidiary of another body
         corporate if:

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

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

         "TAKE-OVER BID" shall mean an Offer to Acquire Voting Shares and/or
         Convertible Securities, where the Voting Shares subject to the Offer to
         Acquire together with the Voting Shares which the securities subject to
         the Offer to Acquire are convertible into, exchangeable for or
         otherwise entitled to acquire and the Offeror's Securities, constitute
         in the aggregate 20% or more of the outstanding Voting Shares at the
         date of the Offer to Acquire.

         "TERMINATION TIME" shall mean the time at which the right to exercise
         Rights shall terminate pursuant to Section 5.1 or Section 5.16.

         "TRADING DAY", when used with respect to any securities, shall mean a
         day on which the principal Canadian securities exchange on which such
         securities are listed or admitted to trading is open for the
         transaction of business or, if the securities are not listed or
         admitted to trading on any Canadian securities exchange, a Business
         Day.

         "VOTING SHARE REDUCTION" shall mean an acquisition or a redemption by
         the Corporation of Voting Shares.

         "VOTING SHARES" shall mean collectively the Common Shares and any other
         shares in the capital stock or voting interests of the Corporation
         entitled to vote generally in the election of directors. For the
         purposes of this Agreement, the percentage of Voting Shares

<PAGE>

                                     - 15 -

         Beneficially Owned by any Person shall be and be deemed to be the
         product determined by the formula:

                                     100 x A
                                           --
                                           B

         where

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

         B    =    the number of votes for the election of all directors
                   generally attaching to all outstanding Voting Shares.

         Where any Person is deemed to Beneficially Own unissued Voting Shares,
         such Voting Shares shall be deemed to be outstanding for the purposes
         of both A and B above, but no other unissued Voting Shares shall, for
         the purposes of such calculation, be deemed to be outstanding.

1.2      CURRENCY

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

1.3      NUMBER AND GENDER

         Wherever the context so requires, terms used herein importing the
singular number only shall include the plural and vice versa and words importing
any one gender shall include all others.

1.4      DESCRIPTIVE HEADINGS AND REFERENCES

         Descriptive headings and the Table of Contents appear herein for
convenience of reference only and shall not affect the meaning or construction
of any of the provisions hereof. All references to Articles, Sections,
Subsections, Clauses and Exhibits are to the articles, sections, subsections,
clauses and exhibits forming part of this Agreement unless otherwise indicated.
The words "hereto", "herein", "hereof", "hereunder", "this Agreement" and
similar expressions refer to this Agreement including the Exhibits, as the same
may be amended, modified or supplemented from time to time.

1.5      ACTING JOINTLY OR IN CONCERT

         For purposes of this Agreement, a Person is acting jointly or in
concert with every other Person who is a party to any agreement, commitment or
understanding, whether formal or informal and whether or not in writing, with
the first mentioned Person to acquire or Offer to Acquire Voting Shares (other
than customary agreements with and between underwriters and/or banking group
and/or selling group members with respect to a distribution of securities
pursuant

<PAGE>

                                     - 16 -

to a prospectus or by way of private placement and other than pursuant to
pledges of securities in the ordinary course of business).

1.6      HOLDER

         As used in this Agreement, unless the context otherwise requires, the
term "HOLDER" of any Rights shall mean the registered holder of such Rights (or,
prior to the Separation Time, of the associated Common Shares).

                             ARTICLE 2 - THE RIGHTS

2.1      LEGEND ON VOTING SHARE CERTIFICATES

         Voting Share certificates issued after the Record Time and prior to the
Close of Business on the earlier of the Separation Time and the Expiration Time
shall evidence one Right for each Voting Share represented thereby and shall
have impressed on, printed on, written on or otherwise affixed to them a legend,
substantially in the following form:

         "Until the Separation Time (as such term is defined in the Shareholder
         Protection Rights Agreement referred to below), this certificate also
         evidences and entitles the holder hereof to certain Rights as set forth
         in the Amended and Restated Shareholder Protection Rights Agreement
         dated as of August 1, 2003 as amended from time to time (the "Rights
         Agreement") between GEAC COMPUTER CORPORATION LIMITED (the
         "Corporation") and COMPUTERSHARE TRUST COMPANY OF CANADA, as Rights
         Agent, the terms of which are hereby incorporated herein by reference
         and a copy of which is on file and may be inspected during normal
         business hours at the head office of the Corporation. In certain
         circumstances, as set forth in the Rights Agreement, such Rights may be
         amended, may be redeemed, may expire, may become void or may be
         evidenced by separate certificates and may no longer be evidenced by
         this certificate. The Corporation will mail or arrange for the mailing
         of a copy of the Rights Agreement to the holder of this certificate
         without charge promptly after the receipt of a written request
         therefor."

Certificates representing Voting Shares that are issued and outstanding at the
Record Time shall also evidence one Right for each Voting Share evidenced
thereby, notwithstanding the absence of the foregoing legend, until the earlier
of the Separation Time and the Expiration Time.

2.2      INITIAL EXERCISE PRICE; EXERCISE OF RIGHTS; DETACHMENT OF RIGHTS

         (a)      Subject to adjustment as herein set forth, each Right will
         entitle the holder thereof, from and after the Separation Time and
         prior to the Expiration Time, to purchase one Common Share for the
         Exercise Price (which Exercise Price and number of Common Shares are
         subject to adjustment as set forth below). Notwithstanding any other
         provision of this Agreement, any Rights held by the Corporation or any
         of its Subsidiaries shall be void.

<PAGE>

                                     - 17 -

         (b)      Until the Separation Time, (i) the Rights shall not be
         exercisable and no Right may be exercised, and (ii) for administrative
         purposes, each Right will be evidenced by the certificate for the
         associated Voting Share registered in the name of the holder thereof
         (which certificate shall be deemed to represent a Rights Certificate)
         and will be transferable only together with, and will be transferred by
         a transfer of, such associated Voting Share.

         (c)      From and after the Separation Time and prior to the Expiration
         Time, the Rights may be exercised and the registration and transfer of
         the Rights shall be separate from and independent of Voting Shares.
         Promptly following the Separation Time, the Corporation will prepare
         and the Rights Agent will mail to each holder of record of Voting
         Shares as of the Separation Time (other than an Acquiring Person, any
         other Person whose Rights are or become void pursuant to the provisions
         of Subsection 3.1(b) and, in respect of any Rights Beneficially Owned
         by such Acquiring Person which are not held of record by such Acquiring
         Person, the holder of record of such Rights), at such holder's address
         as shown by the records of the Corporation (the Corporation hereby
         agreeing to furnish copies of such records to the Rights Agent for this
         purpose):

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

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

         provided, however, that a nominee shall be sent the materials provided
         for in Clauses (i) and (ii) above in respect of all Voting Shares held
         of record by it which are not Beneficially Owned by an Acquiring
         Person. In order for the Corporation to determine whether any Person is
         holding Voting Shares which are Beneficially-Owned by another Person,
         the Corporation may require such first-mentioned Person to furnish such
         information and documentation as the Corporation deems necessary or
         appropriate to make such determination.

         (d)      Rights may be exercised in whole or in part on any Business
         Day after the Separation Time and prior to the Expiration Time by
         submitting to the Rights Agent at its office in Toronto, Ontario or,
         with the approval of the Rights Agent, at any other office of the
         Rights Agent in the cities designated from time to time for that
         purpose by the Corporation:

<PAGE>

                                     - 18 -

                  (i)      the Rights Certificate evidencing such Rights with an
                           election to exercise (an "ELECTION TO EXERCISE")
                           substantially in the form attached to the Rights
                           Certificate appropriately completed and duly executed
                           by the holder or his executors or administrators or
                           other personal representatives or his legal attorney
                           duly appointed by an instrument in writing in form
                           and executed in a manner satisfactory to the Rights
                           Agent; and

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

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

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

                  (ii)     after receipt of such certificates referred to in
                           Clause 2.2(e)(i), deliver such certificates to or
                           upon the order of the registered holder of such
                           Rights Certificate, registered in such name or names
                           as may be designated by such holder,

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

                  (iv)     after receipt, deliver such cash referred to in
                           Clause 2.2(e)(iii) to or to the order of the
                           registered holder of the Rights Certificate; and

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

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

         (g)      The Corporation covenants and agrees that it will:

<PAGE>

                                     - 19 -

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

                  (ii)     take all such action as may be necessary and within
                           its power to comply with any applicable requirements
                           of the Canada Business Corporations Act, the
                           Securities Act (Ontario) and the securities statute
                           or comparable legislation of each of the other
                           provinces and territories of Canada, and other
                           applicable securities laws and the rules and
                           regulations thereunder, and any other applicable law,
                           rule or regulation, in connection with the issuance
                           and delivery of the Rights Certificates and the
                           issuance of any Common Shares upon exercise of
                           Rights;

                  (iii)    use reasonable efforts to cause all Common Shares
                           issued upon exercise of Rights to be listed upon
                           issuance on The Toronto Stock Exchange and each other
                           stock exchange on which the Common Shares are then
                           listed or admitted to trading at that time;

                  (iv)     pay when due and payable any and all Canadian and
                           United States federal, provincial and state transfer
                           taxes (not in the nature of income or withholding
                           taxes) and charges which may be payable in respect of
                           the original issuance or delivery of the Rights
                           Certificates or certificates for Common Shares,
                           provided that the Corporation shall not be required
                           to pay any transfer tax or charge which may be
                           payable in respect of the transfer or delivery of
                           Rights Certificates or the issuance or delivery of
                           certificates for Common Shares in a name other than
                           that of the holder of the Rights being transferred or
                           exercised; and

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

2.3      ADJUSTMENTS TO EXERCISE PRICE; NUMBER OF RIGHTS

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

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

                  (i)      declare or pay a dividend on the Common Shares of the
                           Corporation payable in Common Shares or other capital
                           stock of the Corporation (or

<PAGE>

                                     - 20 -

                           securities exchangeable for or convertible into or
                           giving a right to acquire Common Shares) other than
                           pursuant to any optional stock dividend program;

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

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

                  (iv)     issue any Common Shares or other capital stock of the
                           Corporation (or securities exchangeable for or
                           convertible into or giving a right to acquire Common
                           Shares) in respect of, in lieu of, or in exchange for
                           existing Common Shares;

         the Exercise Price and the number of Rights outstanding or, if the
         payment or effective date therefor shall occur after the Separation
         Time, the securities purchasable upon exercise of Rights shall be
         adjusted in the manner set forth below.

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

                  (x)      the Exercise Price in effect after such adjustment
                           will be equal to the Exercise Price in effect
                           immediately prior to such adjustment divided by the
                           number of Common Shares (the "EXPANSION FACTOR") that
                           a holder of one Common Share immediately prior to
                           such dividend, subdivision, change, consolidation or
                           issuance would hold thereafter as a result thereof
                           (assuming the exercise of all such exchange,
                           conversion or acquisition rights, if any); and

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

         For greater certainty, if the securities purchasable upon exercise of
         Rights are to be adjusted, the securities purchasable upon exercise of
         each Right after such adjustment will be the securities that a holder
         of the securities purchasable upon exercise of one Right immediately
         prior to such dividend, subdivision, change, consolidation or issuance
         would hold thereafter as a result thereof. To the extent that such
         rights of exchange, conversion or acquisition are not exercised prior
         to the expiration thereof, the Exercise Price shall be readjusted to
         the Exercise Price which would then be in effect based on the number of
         Common Shares (or securities convertible into or exchangeable for
         Common Shares) actually issued upon the exercise of such rights.

<PAGE>

                                     - 21 -

         If after the Record Time and prior to the Expiration Time the
         Corporation shall issue any shares of capital stock other than Common
         Shares in a transaction of a type described in Clause 2.3(b)(i) or
         (iv), shares of such capital stock shall be treated herein as nearly
         equivalent to Common Shares as may be practicable and appropriate under
         the circumstances and the Corporation and the Rights Agent shall amend
         this Agreement in order to effect such treatment.

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

         If the Corporation shall at any time after the Record Time and prior to
         the Separation Time issue any Common Shares otherwise than in a
         transaction referred to in this Subsection 2.3(b), each such Common
         Share so issued shall automatically have one new Right associated with
         it, which Right shall be evidenced by the certificate representing such
         associated Common Share.

         (c)      In the event the Corporation shall at any time after the
         Record Time and prior to the Separation Time fix a record date for the
         issuance to all holders of Common Shares of rights, options or warrants
         entitling them (for a period expiring within 45 days after such record
         date) to subscribe for or purchase Common Shares (or securities
         convertible into or exchangeable for or carrying a right to acquire
         Common Shares) at a price per Common Share (or, if at security
         convertible into or exchangeable for or carrying a right to acquire
         Common Shares, having a conversion, exchange or exercise price,
         including the price required to be paid to purchase such convertible or
         exchangeable security or right, per share) less than the Market Price
         per Common Share on such record date, the Exercise Price shall be
         adjusted. The Exercise Price in effect after such record date will
         equal the Exercise Price in effect immediately prior to such record
         date multiplied by a fraction, of which the numerator shall be the
         number of Common Shares outstanding on such record date plus the number
         of Common Shares that the aggregate offering price of the total number
         of Common Shares so to be offered (and/or the aggregate initial
         conversion, exchange oar exercise price of the convertible or
         exchangeable securities or rights so to be offered (including the price
         required to be paid to purchase such convertible or exchangeable
         securities or rights)) would purchase at such Market Price per Common
         Share and of which the denominator shall be the number of Common Shares
         outstanding on such record date plus the number of additional Common
         Shares to be offered for subscription or purchase (or into which the
         convertible or exchangeable securities or rights so to be offered are
         initially convertible, exchangeable or exercisable). In case such
         subscription price may be paid by delivery of consideration part or all
         of which shall be in a form other than cash, the value of such
         consideration shall be as determined in good faith by the Board of
         Directors. To the extent that such rights of exchange, conversion or
         acquisition are not exercised prior to the expiration thereof, the
         Exercise Price shall be readjusted to the Exercise Price which would
         then be in effect based on the number of Common Shares (or securities
         convertible into or exchangeable for Common Shares) actually issued
         upon the exercise of such rights.

<PAGE>

                                     - 22 -

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

         (d)      In the event the Corporation shall at any time after the
         Record Time and prior to the Separation Time fix a record date for the
         making of a distribution to all holders of Common Shares of evidences
         of indebtedness or assets (other than a Regular Periodic Cash Dividend
         (as defined below) or a dividend paid in Common Shares) or rights,
         options or warrants (excluding those referred to in Subsection 2.3(c)),
         the Exercise Price shall be adjusted. The Exercise Price in effect
         after such record date will equal the Exercise Price in effect
         immediately prior to such record date less the fair market value (as
         determined in good faith by the Board of Directors) of the portion of
         the assets, evidences of indebtedness, rights or warrants so to be
         distributed applicable to the securities purchasable upon exercise of
         one Right.

         For the purpose of this Subsection 2.3(d), "REGULAR PERIODIC CASH
         DIVIDEND" shall mean cash dividends paid at regular intervals in any
         fiscal year of the Corporation to the extent that such cash dividends
         do not exceed, in the aggregate, the greatest of:

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

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

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

         (e)      Each adjustment made pursuant to this Section 2.3 shall be
         made as of:

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

                  (ii)     the record date for the applicable dividend or
                           distribution, in the case of an adjustment made
                           pursuant to Subsection 2.3(c) or (d) above.

<PAGE>

                                     - 23 -

         (f)      In the event the Corporation shall at any time after the
         Record Time and prior to the Separation Time issue any shares of
         capital stock (other than Common Shares), or rights, options or
         warrants to subscribe for or purchase any such capital stock, or
         securities convertible into or exchangeable for any such capital stock
         in a transaction referred to in Clause 2.3(b)(i) or (iv), if the Board
         of Directors acting in good faith determines that the adjustments
         contemplated by Subsections 2.3(b), (c) and (d) above in connection
         with such transaction will not appropriately protect the interests of
         the holders of Rights, the Board of Directors may determine what other
         adjustments to the Exercise Price, number of Rights and/or securities
         purchasable upon exercise of Rights would be appropriate and,
         notwithstanding Subsections 2.3(b), (c) and (d) above, but subject to
         the prior consent of the holders of Common Shares or Rights obtained as
         set forth in Subsection 5.4(b) or (c) as applicable, such adjustments,
         rather than the adjustments contemplated by Subsections 2.3(b), (c) and
         (d) above, shall be made. The Corporation and the Rights Agent shall
         amend this Agreement as appropriate to provide for such adjustments.

         (g)      Notwithstanding anything herein to the contrary, no adjustment
         of the Exercise Price shall be required unless such adjustment would
         require an increase or decrease of at least 1% in such Exercise Price;
         provided, however, that any adjustments which by reason of this
         Subsection 2.3(g) are not required to be made shall be carried forward
         and taken into account in any subsequent adjustment. All adjustments
         made pursuant to this Section 2.3 shall be made to the nearest cent or
         to the nearest ten-thousandth of a Common Share, as the case may be.

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

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

         (j)      Unless the Corporation shall have exercised its election, as
         provided in Subsection 2.3(k), upon each adjustment of the Exercise
         Price as a result of the calculations made in Subsections 2.3(c) and
         (d), each Right outstanding immediately prior to the making of such
         adjustment shall thereafter evidence the right to purchase, at the
         adjusted Exercise Price, that number of Common Shares obtained by:

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

<PAGE>

                                     - 24 -

                           effect immediately prior to such adjustment of the
                           relevant Exercise Price; and

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

         (k)      The Corporation may elect on or after the date of any
         adjustment of an Exercise Price to adjust the number of Rights, in lieu
         of any adjustment in the number of Common Shares purchasable upon the
         exercise of a Right. Each of the Rights outstanding after the
         adjustment in the number of Rights shall be exercisable for the number
         of Common Shares for which a Right was exercisable immediately prior to
         such adjustment. Each Right held of record prior to such adjustment of
         the number of Rights shall become the number of Rights (calculated to
         the nearest one ten-thousandth) obtained by dividing the relevant
         Exercise Price in effect immediately prior to adjustment of relevant
         Exercise Price by the relevant Exercise Price in effect immediately
         after adjustment of the relevant Exercise Price. The Corporation shall
         make a public announcement of its election to adjust the number of
         Rights, indicating the record date for the adjustment, and, if known at
         the time, the amount of the adjustment to be made. This record date may
         be the date on which the relevant Exercise Price is adjusted or any day
         thereafter, but, if the Rights Certificates have been issued, shall be
         at least 10 days later than the date of the public announcement. If
         Rights Certificates have been issued, upon each adjustment of the
         number of Rights pursuant to this Subsection 2.3(k), the Corporation
         shall, as promptly as practicable, cause to be distributed to holders
         of record of Rights Certificates on such record date, Rights
         Certificates evidencing, subject to Section 5.5, the additional Rights
         to which such holders shall be entitled as a result of such adjustment,
         or, at the option of the Corporation, shall cause to be distributed to
         such holders of record in substitution and replacement for the Rights
         Certificates held by such holders prior to the date of adjustment, and
         upon surrender thereof if required by the Corporation, new Rights
         Certificates evidencing all the Rights to which such holders shall be
         entitled after such adjustment. Rights Certificates so to be
         distributed shall be issued, executed and countersigned in the manner
         provided for herein and may bear, at the option of the Corporation, the
         relevant adjusted Exercise Price and shall be registered in the names
         of holders of record of Rights Certificates on the record date
         specified in the public announcement.

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

         (m)      In any case in which this Section 2.3 shall require that an
         adjustment in the Exercise Price be made effective as of a record date
         for a specified event, the Corporation may elect to defer until the
         occurrence of such event the issuance to the holder of any Right
         exercised after such record date of the number of Common Shares and
         other securities of the Corporation, if any, issuable upon such
         exercise over and above the number of Common Shares and other
         securities of the Corporation, if any, issuable upon

<PAGE>

                                     - 25 -

         such exercise on the basis of the relevant Exercise Price in effect
         prior to such adjustment; provided, however, that the Corporation shall
         deliver to such holder a due bill or other appropriate instrument
         evidencing such holder's right to receive such additional Common Shares
         (fractional or otherwise) or other securities upon the occurrence of
         the event requiring such adjustment.

         (n)      Notwithstanding anything in this Section 2.3 to the contrary,
         the Corporation shall be entitled to make such reductions in the
         Exercise Price, in addition to those adjustments expressly required by
         this Section 2.3, as and to the extent that in its good faith judgment
         the Board of Directors shall determine to be advisable in order that
         any (i) subdivision or consolidation of the Common Shares, (ii)
         issuance (wholly or in part for cash) of Common Shares at less than the
         applicable Market Price, (iii) issuance (wholly for cash) of any Common
         Shares or securities that by their terms are exchangeable for or
         convertible into or give a right to acquire Common Shares, (iv) stock
         dividends, or (v) issuance of rights, options or warrants referred to
         in this Section 2.3, hereafter made by the Corporation to holders of
         its Common Shares, subject to applicable taxation laws, shall not be
         taxable to such shareholders.

         (o)      After the Separation Time, the Corporation will not, except as
         permitted by the provisions hereof, take (or permit any Subsidiary of
         the Corporation to take) any action if at the time such action is taken
         it is reasonably foreseeable that such action will diminish
         substantially or otherwise eliminate the benefits intended to be
         afforded by the Rights.

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

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

                  (ii)     file with the Rights Agent and with each transfer
                           agent for the Common Shares, a copy of such
                           certificate; and

                  (iii)    cause notice of the particulars of such adjustment or
                           change to be given to the holder of the Rights.

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

2.4      DATE ON WHICH EXERCISE IS EFFECTIVE

         Each Person in whose name any certificate for Common Shares or other
securities, if applicable, is issued upon the exercise of Rights shall for all
purposes be deemed to have become the holder of record of the Common Shares or
other securities, if applicable, represented thereby, and such certificate shall
be dated the date upon which the Rights Certificate evidencing such Rights was
duly surrendered in accordance with Subsection 2.2(e) (together with a duly

<PAGE>

                                     - 26 -

completed Election to Exercise) and payment of the Exercise Price for such
Rights (and any applicable transfer taxes and other governmental charges payable
by the exercising holder hereunder) was made; provided, however, that if the
date of such surrender and payment is a date upon which the Common Share
transfer books of the Corporation are closed, such Person shall be deemed to
have become the record holder of such shares on, and such certificate shall be
dated, the next succeeding Business Day on which the Common Share transfer books
of the Corporation are open.

2.5      EXECUTION, AUTHENTICATION, DELIVERY AND DATING OF RIGHTS CERTIFICATES

         (a)      The Rights Certificates shall be executed on behalf of the
         Corporation by its President and its Chief Financial Officer, under its
         corporate seal reproduced thereon attested by its Secretary. The
         signature of any of these officers on the Rights Certificates may be
         manual or facsimile. Rights Certificates bearing the manual or
         facsimile signatures of individuals holding the above offices of the
         Corporation shall bind the Corporation, notwithstanding that such
         individuals or any of them have ceased to hold such offices prior to
         the countersignature and delivery of such Rights Certificates.

         (b)      Promptly after the Corporation learns of the Separation Time,
         the Corporation will notify the Rights Agent in writing of such
         Separation Time and will deliver Rights Certificates executed by the
         Corporation to the Rights Agent for countersignature and a disclosure
         statement describing the Rights, and the Rights Agent shall countersign
         (manually or by facsimile signature) and mail such Rights Certificates
         and disclosure statement to the holders of the Rights pursuant to
         Subsection 2.2(c). No Rights Certificate shall be valid for any purpose
         until countersigned by the Rights Agent as aforesaid.

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

2.6      REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE

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

         After the Separation Time and prior to the Expiration Time, upon
         surrender for registration of transfer or exchange of any Rights
         Certificate, and subject to the provisions of Subsection 2.6(c), the
         Corporation will execute, and the Rights Agent will countersign and
         deliver, in the name of the holder thereof or the designated transferee
         or transferees, as required pursuant to the holder's instructions, one
         or more new Rights Certificates evidencing the same aggregate number of
         Rights as did the Rights Certificates so surrendered.

<PAGE>

                                     - 27 -

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

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

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

2.7      MUTILATED, DESTROYED, LOST AND STOLEN RIGHTS CERTIFICATES

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

         (b)      If there shall be delivered to the Corporation and the Rights
         Agent prior to the Expiration Time (i) evidence to their satisfaction
         of the destruction, loss or theft of any Rights Certificate, and (ii)
         such security or indemnity as may be required by them to save each of
         them and any of their agents harmless, then, in the absence of notice
         to the Corporation or the Rights Agent that such Rights Certificate has
         been acquired by a bona fide purchaser, the Corporation shall execute
         and upon its request the Rights Agent shall countersign and deliver, in
         lieu of any such destroyed, lost or stolen Rights Certificate, a new
         Rights Certificate evidencing the same number of Rights as did the
         Rights Certificate so destroyed, lost or stolen.

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

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

<PAGE>

                                     - 28 -

2.8      PERSONS DEEMED OWNERS

         Prior to due presentment of a Rights Certificate (or, prior to the
Separation Time, the associated Voting Share certificate) for registration of
transfer, the Corporation, the Rights Agent and any agent of the Corporation or
the Rights Agent may deem and treat the Person in whose name such Rights
Certificate (or, prior to the Separation Time, such Voting Share certificate) is
registered as the absolute owner thereof and of the Rights evidenced thereby for
all purposes whatsoever.

2.9      DELIVERY AND CANCELLATION OF CERTIFICATES

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

2.10     AGREEMENT OF RIGHTS HOLDERS

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

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

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

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

         (d)      prior to due presentment of a Rights Certificate (or, prior to
         the Separation Time, the associated Voting Share certificate) for
         registration of transfer, the Corporation, the Rights Agent and any
         agent of the Corporation or the Rights Agent may deem and treat the
         Person in whose name the Rights Certificate (or, prior to the
         Separation Time, the associated Voting Share certificate) is registered
         as the absolute owner thereof and of the Rights evidenced thereby
         (notwithstanding any notations of ownership or writing on such Rights
         Certificate or the associated Voting Share certificate made by anyone
         other than

<PAGE>

                                     - 29 -

         the Corporation or the Rights Agent) for all purposes whatsoever, and
         neither the Corporation nor the Rights Agent shall be affected by any
         notice to the contrary;

         (e)      such holder of Rights is not entitled to receive any
         fractional Rights or fractional Common Shares or other securities upon
         the exercise of Rights;

         (f)      without the approval of any holder of Rights or Voting Shares
         and upon the sole authority of the Board of Directors acting in good
         faith, this Agreement may be supplemented or amended from time to time
         in accordance with the provisions of Section 5.4 and the third last
         paragraph of Subsection 2.3(b); and

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

2.11     RIGHTS CERTIFICATE HOLDER NOT A DEEMED SHAREHOLDER

         No holder, as such, of any Rights or Rights Certificate shall be
entitled to vote, receive dividends or be deemed for any purpose whatsoever the
holder of any voting share or any other share or security of the Corporation
which may at any time be issued on the exercise of the Rights represented
thereby, nor shall anything contained herein or in any Rights Certificate be
construed or deemed to confer upon the holder of any Right or Right Certificate,
as such, any of the rights, title, benefits or privileges of a holder of Voting
Shares or any other shares or securities of the Corporation or any right to vote
at any meeting of shareholders of the Corporation whether for the election of
directors or otherwise or upon any matter submitted to the holders of shares of
the Corporation at a meeting thereof, or to give or withhold consent to any
action of the Corporation, or to receive notice of any meeting or other action
affecting any holder of common shares or any other shares or securities of the
Corporation except as expressly provided herein, or to receive dividends,
distributions or subscription rights, or otherwise, until the Right or Rights
evidenced by the Rights Certificates shall have been duly exercised in
accordance with the terms and provisions hereof.

                    ARTICLE 3 - ADJUSTMENTS TO THE RIGHTS IN
                          THE EVENT OF A FLIP-IN EVENT

3.1      FLIP-IN EVENT

         (a)      Subject to Subsection 3.1(b) and Sections 5.1 and 5.2, in the
         event that prior to the Expiration Time a Flip-in Event shall occur,
         each Right shall constitute, effective from and after the Close of
         Business on the tenth Trading Day following the Stock Acquisition Date,
         the right to purchase from the Corporation, upon exercise thereof in
         accordance

<PAGE>

                                     - 30 -

         with the terms hereof, that number of Common Shares having an aggregate
         Market Price on the date of consummation or occurrence of such Flip-in
         Event equal to twice the Exercise Price for an amount in cash equal to
         the Exercise Price (such right to be appropriately adjusted in a manner
         analogous to the applicable adjustment provided for in Section 2.3 in
         the event that after such date of consummation or occurrence an event
         of a type analogous to any of the events described in Section 2.3 shall
         have occurred with respect to such Common Shares).

         (b)      Notwithstanding anything in this Agreement to the contrary,
         upon the occurrence of a Flip-in Event, any Rights that are or were
         Beneficially Owned on or after the earlier of the Separation Time or
         the Stock Acquisition Date by:

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

                  (ii)     a transferee or other successor-in-title, directly or
                           indirectly, from an Acquiring Person (or from any
                           Affiliate or Associate of an Acquiring Person, or any
                           Person acting jointly or in concert with an Acquiring
                           Person or with any Associate or Affiliate of an
                           Acquiring Person) in a transfer of Rights, whether or
                           not for consideration, that the Board of Directors
                           has determined is part of a plan, understanding or
                           scheme of an Acquiring Person (or of any Affiliate or
                           Associate of an Acquiring Person or any Person acting
                           jointly or in concert with an Acquiring Person or any
                           Affiliate or Associate of an Acquiring Person) that
                           has the purpose or effect of avoiding the provisions
                           of Clause 3.1(b)(i);

         shall become null and void without any further action and any holder of
         such Rights (including transferees or other successors-in-title) shall
         thereafter have no right to exercise or transfer such Rights under any
         provision of this Agreement and shall have no other rights whatsoever
         with respect to such Rights, whether under any provision of this
         Agreement or otherwise. The holder of any Rights represented by a
         Rights Certificate which is submitted to the Rights Agent upon exercise
         or for registration of transfer or exchange which does not contain the
         necessary certifications set forth in the Rights Certificate
         establishing that such Rights are not void under this Subsection 3.1(b)
         shall be deemed to be an Acquiring Person for the purposes of this
         Section 3.1 and such Rights shall become null and void.

         (c)      Any Rights Certificate that represents Rights Beneficially
         Owned by a Person described in either Clause 3.1(b)(i) or 3.1(b)(ii) or
         transferred to any nominee of any such Person, and any Rights
         Certificate issued upon transfer, exchange, replacement or adjustment
         of any other Rights Certificate referred to in this sentence, shall
         contain the following legend:

                  "The Rights represented by this Rights Certificate
                  were issued to a Person who was an Acquiring Person,
                  or an Affiliate or an Associate of an

<PAGE>

                                - 31 -

                  Acquiring Person, or a Person acting jointly or in
                  concert with any of them (as such terms are defined
                  in the Shareholder Protection Rights Agreement).
                  This Rights Certificate and the Rights represented
                  hereby shall become void in the circumstances
                  specified in Subsection 3.1(b) of the Shareholder
                  Protection Rights Agreement."

         provided, however, that the Rights Agent shall not be under any
         responsibility to ascertain the existence of facts that would require
         the imposition of such legend but shall be required to impose such
         legend only if instructed to do so in writing by the Corporation or if
         a holder fails to certify upon transfer or exchange in the space
         provided on the Rights Certificate that such holder is not a Person
         described in such legend. The issuance of a Rights Certificate without
         the legend referred to in this Subsection 3.1(c) shall be of no effect
         on the provisions of Subsection 3.1(b).

                          ARTICLE 4 - THE RIGHTS AGENT

4.1      GENERAL

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

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

<PAGE>

                                     - 32 -

         executed and, where necessary, verified or acknowledged, by the proper
         Person or Persons.

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

4.2      MERGER OR CONSOLIDATION OR CHANGE OF NAME OF RIGHTS AGENT

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

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

4.3      DUTIES OF RIGHTS AGENT

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

         (a)      The Rights Agent may retain and consult with legal counsel
         (who may be legal counsel for the Corporation), and the opinion of such
         counsel will be full and complete authorization and protection to the
         Rights Agent as to any action taken or omitted by it in good faith and
         in accordance with such opinion and the Rights Agent may also retain
         and

<PAGE>

                                     - 33 -

         consult with such other experts or advisors as the Rights Agent shall
         consider necessary or appropriate to properly carry out the duties and
         obligations imposed under this Agreement (at the Corporation's expense)
         and the Rights Agent shall be entitled to act and rely in good faith on
         the advice of such experts or advisors.

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

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

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

         (e)      The Rights Agent will not be under any responsibility in
         respect of the validity of this Agreement or the execution and delivery
         hereof (except the due authorization, execution and delivery hereof by
         the Rights Agent) or in respect of the validity or execution of any
         Common Share certificate or Rights Certificate (except its
         countersignature thereof); nor will it be responsible for any breach by
         the Corporation of any covenant or condition contained in this
         Agreement or in any Rights Certificate; nor will it be responsible fir
         any change in the exercisability of the Rights (including the Rights
         becoming void pursuant to Subsection 3.1(b)) or any adjustment required
         under the provisions of Section 2.3 or responsible for the manner,
         method or amount of any such adjustment or the ascertaining of the
         existence of facts that would require any such adjustment (except with
         respect to the exercise of Rights after receipt of the certificate
         contemplated by Subsection 2.3(p) describing any such adjustment); nor
         will it by any act hereunder be deemed to make any representation or
         warranty as to the authorization of any Common Shares to be issued
         pursuant to this Agreement or any Rights or as to whether any Common
         Shares will, when issued, be duly and validly authorized, executed,
         issued and delivered and fully paid and non-assessable.

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

<PAGE>

                                     - 34 -

         (g)      The Rights Agent is hereby authorized and directed to accept
         written instructions with respect to the performance of its duties
         hereunder from any individual believed by the Rights Agent to be the
         President, the Chief Financial Officer or the Secretary of the
         Corporation, and to apply to such individuals for advice or
         instructions in connection with its duties, and it shall not be liable
         for any action taken, omitted or suffered by it in good faith in
         accordance with instructions of any such individual.

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

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

4.4      CHANGE OF RIGHTS AGENT

         The Rights Agent may resign and be discharged from its duties under
this Agreement upon 60 days' notice (or such lesser notice as is acceptable to
the Corporation) in writing mailed to the Corporation and to the transfer agent
of Common Shares by registered or certified mail. The Corporation may remove the
Rights Agent upon 60 days' notice in writing, mailed to the Rights Agent and to
the transfer agent of the Common Shares by registered or certified mail, and to
the holders of the Rights in accordance with Section 5.8. If the Rights Agent
should resign or be removed or otherwise become incapable of acting, the
Corporation will appoint a successor to the Rights Agent. If the Corporation
fails to make such appointment within a period of 30 days after such removal or
after it has been notified in writing of such resignation or incapacity by the
resigning or incapacitated Rights Agent (at the Corporation's expense) or by the
holder of any Rights (which holder shall, with such notice if given after the
Separation Time, submit such holder's Rights Certificate for inspection by the
Corporation), then the holder of any Rights may apply to any court of competent
jurisdiction for the appointment of a new Rights Agent. Any successor Rights
Agent, whether appointed by the Corporation or by such a court, shall be a
corporation incorporated under the laws of Canada or a province thereof
authorized to carry on the business of a trust company in the Province of
Ontario. After appointment, the successor Rights Agent will be vested with the
same powers, rights, duties and responsibilities as if it had been originally
named as Rights Agent without further act or deed; but the predecessor Rights
Agent, upon receipt of any and all outstanding amounts owing to it pursuant to
this Agreement, shall deliver and transfer to the successor Rights Agent any
property at the time held by it hereunder, and execute and deliver any further
assurance, conveyance, act or deed necessary for the purpose. Not later than the
effective date of any such appointment, the Corporation will file

<PAGE>

                                     - 35 -

notice thereof in writing with the predecessor Rights Agent and the transfer
agent of the Common Shares, and mail a notice thereof in writing to the holders
of the Rights. Failure to give any notice provided for in this Section 4.4,
however, or any defect therein, shall not affect the legality or validity of the
resignation or removal of the Rights Agent or the appointment of the successor
Rights Agent, as the case may be.

                            ARTICLE 5 - MISCELLANEOUS

5.1      REDEMPTION OF RIGHTS

         (a)      With the prior consent of the holders of Voting Shares or
         Rights obtained in accordance with Subsection 5.4(b) or (c), as
         applicable, the Board of Directors, at any time prior to the occurrence
         of a Flip-in Event as to which the application of Section 3.1 has not
         been waived pursuant to Section 5.2, may elect to redeem all but not
         less than all of the then outstanding Rights at a redemption price of
         $0.001 per Right, appropriately adjusted in a manner analogous to the
         applicable adjustment to the Exercise Price provided for in Section 2.3
         if an event analogous to any of the events described in Section 2.3
         shall have occurred (such redemption price being herein referred to as
         the "REDEMPTION PRICE").

         (b)      If a Person acquires, pursuant to a Permitted Bid, a Competing
         Permitted Bid or pursuant to an Exempt Acquisition occurring under
         Subsection 5.2(a) or (b), outstanding Voting Shares, other than Voting
         Shares Beneficially Owned at the date of such Permitted Bid, Competing
         Permitted Bid or Exempt Acquisition by such Person, the Board of
         Directors shall, notwithstanding the provisions of Subsection 5.1(a),
         immediately upon such acquisition and without further formality, be
         deemed to have elected to redeem the Rights at the Redemption Price.

         (c)      Where a Take-over Bid that is not a Permitted Bid or Competing
         Permitted Bid expires, is withdrawn or is otherwise terminated after
         the Separation Time has occurred and prior to the occurrence of a
         Flip-in Event, the Board of Directors may elect to redeem all of the
         outstanding Rights at the Redemption Price.

         (d)      If the Board of Directors elects to or is deemed to have
         elected to redeem the Rights and, in circumstances where Subsection
         5.1(a) is applicable, the requisite consent is given by the holders of
         Voting Shares or Rights, as applicable, (i) the right to exercise the
         Rights will thereupon, without further action and without notice,
         terminate and the only right thereafter of the holders of Rights shall
         be to receive the Redemption Price, and (ii) subject to Subsection
         5.1(1), no further Rights shall thereafter be issued.

         (e)      Within 10 Business Days of the Board of Directors electing or
         having been deemed to have elected to redeem the Rights or, if
         Subsection 5.1(a) is applicable, within 10 Business Days after the
         requisite consent is given by the holders of Voting Shares or Rights,
         as applicable, the Corporation shall give notice of redemption to the
         holders of the then outstanding Rights by mailing such notice to each
         such holder at his last address as it appears upon the Rights Register
         or, prior to the Separation Time, on the register of

<PAGE>

                                     - 36 -

         Voting Shares maintained by the Corporation's transfer agent or
         transfer agents. Each such notice of redemption shall state the method
         by which the payment of the Redemption Price shall be made.

         (f)      Upon the Rights being redeemed pursuant to Subsection 5.1(c),
         all the provisions of this Agreement shall continue to apply as if the
         Separation Time had not occurred and Rights Certificates representing
         the number of Rights held by each holder of record of Voting Shares as
         of the Separation Time had not been mailed to each such holder and, for
         all purposes of this Agreement, the Separation Time shall be deemed not
         to have occurred.

5.2      WAIVER OF FLIP-IN EVENTS

         (a)      With the prior consent of the holders of Voting Shares
         obtained in accordance with Subsection 5.4(b), the Board of Directors
         may, at any time prior to the occurrence of a Flip-in Event that would
         occur by reason of an acquisition of Voting Shares otherwise than in
         the circumstances described in Subsection 5.2(b) or (c), waive the
         application of Section 3.1 to such Flip-in Event by written notice
         delivered to the Rights Agent.

         (b)      The Board of Directors may, at any time prior to the
         occurrence of a Flip-in Event that would occur by reason of a Take-over
         Bid made by means of a take-over bid circular sent to all holders of
         Voting Shares (which, for greater certainty, shall not include the
         circumstances described in Subsection 5.2(c)), waive the application of
         Section 3.1 to such Flip-in Event by written notice delivered to the
         Rights Agent, provided, however, that if the Board of Directors waives
         the application of Section 3.1 to such a Flip-in Event, the Board of
         Directors shall be deemed to have waived the application of Section 3.1
         to any other Flip-in Event occurring by reason of any Take-over Bid
         which is made by means of a take-over bid circular sent to all holders
         of Voting Shares prior to the expiry of any Take-over Bid in respect of
         which a waiver is, or is deemed to have been, granted under this
         Subsection 5.2(b).

         (c)      The Board of Directors may waive the application of Section
         3.1 to a Flip-in Event provided that the following conditions are
         satisfied:

                  (i)      the Board of Directors has determined that the
                           Acquiring Person became an Acquiring Person by
                           inadvertence and without any intention to become, or
                           knowledge that it would become, an Acquiring Person;
                           and

                  (ii)     such Acquiring Person has reduced its Beneficial
                           Ownership of Voting Shares such that, at the time of
                           the waiver pursuant to this Subsection 5.2(c), it is
                           no longer an Acquiring Person.

5.3      ISSUANCE OF NEW RIGHTS CERTIFICATES

         Notwithstanding any of the provisions of this Agreement or of the
Rights to the contrary, the Corporation may, at its option, issue new Rights
Certificates evidencing Rights in such form

<PAGE>

                                     - 37 -

as may be approved by the Board of Directors to reflect any adjustment or change
in the number or kind or class of shares purchasable upon exercise of Rights
made in accordance with the provisions of this Agreement.

5.4      SUPPLEMENTS AND AMENDMENTS

         (a)      The Corporation may from time to time prior to or after the
         Separation Time supplement or amend this Agreement without the approval
         of any holders of Rights or Voting Shares in order to correct any
         clerical or typographical error or, subject to Subsection 5.4(d), to
         maintain the validity and effectiveness of this Agreement as a result
         of any change in applicable laws, rules or regulatory requirements. The
         Corporation may, prior to the date of the shareholders' meeting
         referred to in Section 5.16(a), supplement or amend this Agreement
         without the approval of any holders of Rights or Voting Shares in order
         to make any changes which the Board of Directors acting in good faith
         may deem necessary or desirable. Notwithstanding anything in this
         Section 5.4 to the contrary, no such supplement or amendment shall be
         made to the provisions of Article 4 except with the written concurrence
         of the Rights Agent to such supplement or amendment.

         (b)      Subject to Subsection 5.4(a), the Corporation may, with the
         prior consent of the holders of Voting Shares obtained as set forth
         below, at any time prior to the Separation Time, amend, vary or rescind
         any of the provisions of this Agreement and the Rights (whether or not
         such action would materially adversely affect the interests of the
         holders of Rights generally). Such consent shall be deemed to have been
         given if the action requiring such approval is authorized by the
         affirmative vote of a majority of the votes cast by Independent
         Shareholders present or represented at and entitled to vote at a
         meeting of the holders, of Voting Shares duly called and held in
         compliance with applicable laws and the articles and by-laws of the
         Corporation.

         (c)      Subject to Subsection 5.4(a), the Corporation may, with the
         prior consent of the holders of Rights obtained as set forth below, at
         any time after the Separation Time, amend, vary or rescind any of the
         provisions of this Agreement and the Rights (whether or not such action
         would materially adversely affect the interests of the holders of
         Rights generally). Such consent shall be deemed to have been given if
         the action requiring such approval is authorized by the affirmative
         vote of a majority of the votes cast by the holders of Rights (other
         than any holder of Rights whose Rights have become null and void
         pursuant to the provisions hereof) present or represented at and
         entitled to vote at a meeting of the holders of Rights. For the
         purposes hereof, the procedures for the calling, holding and conduct of
         a meeting of the holders of Rights shall be those, as nearly as may be,
         which are provided in the Corporation's by-laws with respect to
         meetings of its shareholders and each Right shall be entitled to one
         vote at any such meeting.

         (d)      Any amendments made by the Corporation to this Agreement
         pursuant to Subsection 5.4(a) which are required to maintain the
         validity and effectiveness of this Agreement as a result of any change
         in any applicable laws, rules or regulatory requirements shall:

<PAGE>

                                     - 38 -

                  (i)      if made before the Separation Time, be submitted to
                           the holders of Voting Shares at the next meeting of
                           holders of Voting Shares and the holders of Voting
                           Shares may, by the majority referred to in Subsection
                           5.4(b), confirm or reject such amendment; and

                  (ii)     if made after the Separation Time, be submitted to
                           the holders of Rights at a meeting to be called and
                           held in accordance with the provisions of Subsection
                           5.4(c) and the holders of Rights may, by a majority
                           referred to in Subsection 5.4(c), confirm or reject
                           such amendment.

         Any such amendment shall, unless the Board of Directors otherwise
         stipulates, be effective from the date of the resolution of the Board
         of Directors adopting such amendment, until it is confirmed or rejected
         or until it ceases to be effective (as described in the next sentence)
         and, where such amendment is confirmed, it shall continue in effect in
         the form so confirmed. If such amendment is rejected by the holders of
         Voting Shares or the holders of Rights or is not submitted to the
         holders of Voting Shares or holders of Rights as required, then such
         amendment shall cease to be effective from and after the termination of
         the meeting at which it was rejected or to which it should have been
         but was not submitted or if such a meeting of the holders of Rights is
         not called within 90 days after the date of the resolution of the Board
         of Directors adopting such amendment, at the end of such period, and no
         subsequent resolution of the Board of Directors to amend this Agreement
         to substantially the same effect shall be effective until confirmed by
         the holders of Voting Shares or holders of Rights as the case may be.

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

5.5      FRACTIONAL RIGHTS AND FRACTIONAL SHARES

         (a)      The Corporation shall not be required to issue fractions of
         Rights or to distribute Rights Certificates which evidence fractional
         Rights. Subject to Section 5.16, after the Separation Time there shall
         be paid to the registered holders of the Rights Certificates with
         regard to which fractional Rights would otherwise be issuable, an
         amount in cash equal to the same fraction of the Market Price at the
         Separation Time of a whole Right in lieu of such fractional Rights. The
         Rights Agent shall have no obligation to make any payments in lieu of
         fractional Rights unless the Corporation shall have provided the Rights
         Agent with the necessary funds to pay in full all amounts payable in
         accordance with Subsection 2.2(e).

         (b)      The Corporation shall not be required to issue fractional
         Common Shares upon exercise of the Rights or to distribute certificates
         which evidence fractional Common Shares. In lieu of issuing fractional
         Common Shares, the Corporation shall pay to the registered holder of
         Rights Certificates at the time such Rights are exercised as herein
         provided, an amount in cash equal to the same fraction of the Market
         Price at the date of such exercise of one Common Share. The Rights
         Agent shall have no obligation to make

<PAGE>

                                     - 39 -

         any payments in lieu of fractional Voting Shares unless the Corporation
         shall have provided the Rights Agent with the necessary funds to pay in
         full all amounts payable in accordance with Subsection 2.2(e).

5.6      RIGHTS OF ACTION

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

5.7      NOTICE OF PROPOSED ACTIONS

         If after the Separation Time and prior to the Expiration Time:

                  (i)      there shall occur an adjustment in the rights
                           attaching to the Rights pursuant to Section 3.1 as a
                           result of the occurrence of a Flip-in Event; or

                  (ii)     the Corporation proposes to effect the liquidation,
                           dissolution or winding up of the Corporation or the
                           sale of all or substantially all of the Corporation's
                           assets;

         then, in each such case, the Corporation shall give to each holder of a
         Right, in accordance with Section 5.8, a notice of such event or
         proposed action, which shall specify the date on which such adjustment
         to the Rights occurred or liquidation, dissolution or winding up is to
         take place, and such notice shall be so given within 10 Business Days
         after the occurrence of an adjustment to the Rights and not less than
         20 Business Days prior to the date of taking such proposed action by
         the Corporation.

5.8      NOTICES

         Notices or demands authorized or required by this Agreement to be given
or made by the Rights Agent or by the holder of any Rights to or on the
Corporation shall be sufficiently given or made if delivered or sent by first
class mail, postage prepaid or sent by fax, addressed (until another address is
filed in writing with the Rights Agent) as follows:

<PAGE>

                                     - 40 -

         GEAC Computer Corporation Limited
         11 Allstate Parkway
         Suite 300
         Markham, ON  L3R 9T8

         Attention: President

         Fax No.: 905-940-3722

Any notice or demand authorized or required by this Agreement to be given or
made by the Corporation or by the holder of any Rights to or on the Rights Agent
shall be sufficiently given or made if delivered or sent by first-class mail,
postage prepaid or sent by fax, addressed (until another address is filed in
writing with the Corporation) as follows:

         Computershare Trust Company of Canada
         100 University Avenue
         8th Floor
         Toronto, Ontario
         M5J 2N1

         Attention: Manager - Client Services

         Fax No.: (416) 981-9800

Notices or demands authorized or required by this Agreement to be given or made
by the Corporation or the Rights Agent to or on the holder of any Rights shall
be sufficiently given or made if delivered or sent by first-class mail, postage
prepaid, addressed to such holder at the address of such holder as it appears
upon the Rights Register or, prior to the Separation Time, on the registry books
of the Corporation for the Common Shares. Any notice which is mailed to a holder
of Rights in the manner herein provided shall be deemed given, whether or not
such holder receives the notice.

5.9      COSTS OF ENFORCEMENT

         The Corporation agrees that, if the Corporation fails to fulfil any of
its obligations pursuant to this Agreement, then the Corporation will reimburse
the holder of any Rights for the costs and expenses (including legal fees)
reasonably incurred by such holder in actions to enforce his rights pursuant to
any Rights or this Agreement.

5.10     SUCCESSORS

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

<PAGE>

                                     - 41 -

5.11     BENEFITS OF THIS AGREEMENT

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

5.12     GOVERNING LAW

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

5.13     COUNTERPARTS

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

5.14     SEVERABILITY

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

5.15     DETERMINATIONS AND ACTIONS BY THE BOARD OF DIRECTORS

         All actions, calculations and determinations (including all omissions
with respect to the foregoing) which are done or made by the Board of Directors
in good faith pursuant to this Agreement, shall not subject the Board of
Directors to any liability to the holders of the Rights.

         Without limiting the generality of the foregoing, nothing contained
herein shall be construed to suggest or imply that the Board of Directors shall
not be entitled to recommend that the holders of Voting Shares reject or accept
in the Take-over Bid or take any other action (including without limitation, the
commencement, prosecution, defense or settlement of any litigation and the
submission of additional or alternative Take-over Bids or other proposals to the
Shareholders of the Corporation) with respect to any Take-over Bid or otherwise
that the Board of Directors believes is necessary or appropriate in the exercise
of its fiduciary duties.

5.16     EFFECTIVE DATE AND RENEWAL

         (a)      Notwithstanding its amendment and restatement as of the date
         hereof, this Agreement (subject to receipt of the approval of the
         Independent Shareholders as set

<PAGE>

                                     - 42 -

         forth below) is effective from the Record Time and replaces and
         supercedes the Prior Plan. If this Agreement is not approved by a
         resolution passed by a majority of the votes cast be Independent
         Shareholders who vote in respect of reconfirmation of the Prior Plan as
         amended and restated herein at a meeting of shareholders to be held not
         later than the date on which the 2003 annual meeting of shareholders of
         the Corporation terminates, then the Prior Plan and this Agreement and
         all outstanding rights shall terminate and be void and of no further
         force and effect on and from that date which is the earlier of (i) the
         date of termination of the meeting called to consider the confirmation
         of the Prior Plan as amended and restated herein under this Section
         5.16, and (ii) the date of termination of the 2003 annual meeting of
         shareholders of the Corporation.

         (b)      At or prior to the annual meeting of shareholders of the
         Corporation in the year 2006, provided that a Flip-In Event has not
         occurred prior to such time, the Board of Directors shall submit a
         resolution ratifying the continued existence of this Agreement to the
         Independent Shareholders for their consideration and, if thought
         advisable, approval period unless a majority of the votes cast by the
         Independent Shareholders who vote in respect of such resolution are
         voted in favour of the continued existence of this Agreement, the Board
         of Directors shall, immediately upon the confirmation of the results of
         the votes on such resolution and without further formality, be deemed
         to elect to redeem the rights at the Redemption Price.

5.17     REGULATORY APPROVALS

         Any obligation of the Corporation or action or event contemplated by
this Agreement, or any amendment or supplement to this Agreement, shall be
subject to receipt of any requisite approval or consent from any governmental or
regulatory authority having jurisdiction including, while any securities of the
Corporation are listed and admitted to trading thereon, The Toronto Stock
Exchange.

5.18     DECLARATION AS TO FOREIGN HOLDERS

         If in the opinion of the Board of Directors (who may rely upon the
advice of counsel) any action or event contemplated by this Agreement would
require compliance by the Corporation with the securities laws or comparable
legislation of a jurisdiction outside Canada or the United States, the Board of
Directors acting in good faith shall take such actions as it may deem
appropriate to ensure compliance. In no event shall the Corporation or the
Rights Agent be required to issue or deliver Rights or securities issuable on
the exercise of Rights to persons who are citizens, residents or nationals of
any jurisdiction other than Canada or the United States, in which such issue or
delivery would be unlawful without registration of the relevant Persons or
securities for such purposes.

5.19     TIME OF THE ESSENCE

         Time shall be of the essence in this Agreement.

<PAGE>

                                     - 43 -

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

                           GEAC COMPUTER CORPORATION LIMITED

                           Per: "Craig C. Thorburn"
                                ------------------------------------------------
                                Senior Vice President, Mergers & Acquisitions,
                                and Corporate Secretary

                           COMPUTERSHARE TRUST COMPANY OF CANADA

                           Per: "Shirley Yuen"
                                ------------------------------------------------
                                Professional, Client Services

                           Per: "Christine Lawton"
                                ------------------------------------------------
                                Manager, Client Services

<PAGE>

                                    EXHIBIT A

                          (Form of Rights Certificate)

Certificate No.                                                           Rights

THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE CORPORATION, ON THE
TERMS SET FORTH IN THE AMENDED AND RESTATED SHAREHOLDER PROTECTION RIGHTS
AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN SUBSECTION 3.1(b) OF THE
AMENDED AND RESTATED SHAREHOLDER PROTECTION RIGHTS AGREEMENT), RIGHTS
BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ITS AFFILIATES OR ASSOCIATES OR ANY
PERSON ACTING JOINTLY OR IN CONCERT WITH ANY OF THEM (AS SUCH TERMS ARE DEFINED
IN THE AMENDED AND RESTATED SHAREHOLDER PROTECTION RIGHTS AGREEMENT) OR
TRANSFEREES OF ANY OF THE FOREGOING WILL BECOME VOID WITHOUT FURTHER ACTION.

                               RIGHTS CERTIFICATE

         This certifies that ______________________, or registered assigns, is
         the registered holder of the number of Rights set forth above, each of
         which entitles the registered holder thereof, subject to the terms,
         provisions and conditions of the Amended and Restated Shareholder
         Protection Rights Agreement dated as of August 1, 2003 as amended from
         time to time (the "RIGHTS AGREEMENT") between GEAC COMPUTER CORPORATION
         LIMITED, a corporation incorporated under the laws of Canada (the
         "CORPORATION") and COMPUTERSHARE TRUST COMPANY OF CANADA, a trust
         company incorporated under the laws of Canada, as Rights Agent (the
         "RIGHTS AGENT", which term shall include any successor Rights Agent
         under the Rights Agreement), to purchase from the Corporation at any
         time after the Separation Time and prior to the Expiration Time (as
         such terms are defined in the Rights Agreement), one fully paid common
         share of the Corporation (a "Common Share") at the Exercise Price
         referred to below, upon presentation and surrender of this Rights
         Certificate with the Form of Election to Exercise duly executed and
         submitted to the Rights Agent at its principal office in Toronto,
         Ontario or, with the approval of the Rights Agent, at any other office
         of the Rights Agent in the cities designated from time to time by the
         Corporation. Until adjustment thereof in certain events as provided in
         the Rights Agreement, the Exercise Price shall be:

                  (i)      until the Separation Time, an amount equal to three
                           times the Market Price (as such term is defined in
                           the Rights Agreement), from time to time, per Common
                           Share; and

                  (ii)     from and after the Separation Time, an amount equal
                           to three times the Market Price, as at the Separation
                           Time, per Common Share.

In certain circumstances described in the Rights Agreement, each Right evidenced
hereby may entitle the registered, holder thereof to purchase more or less than
one Common Share, all as provided in the Rights Agreement.

<PAGE>

                                     - 2 -

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

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

Subject to the provisions of the Rights Agreement, the Rights evidenced by this
Certificate may be, and under certain circumstances are required to be, redeemed
by the Corporation at a redemption price of $0.001 (Canadian) per Right, subject
to adjustment in certain events.

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

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

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

<PAGE>

                                     - 3 -

         IN WITNESS WHEREOF, the parties hereto have caused this Certificate to
be duly executed as of _________________________, ______________.

GEAC COMPUTER CORPORATION LIMITED

Per: ______________________________________

Per: ______________________________________

COMPUTERSHARE TRUST COMPANY OF CANADA

Per: ______________________________________

Per: ______________________________________

<PAGE>

                   (To be attached to each Rights Certificate)
                          FORM OF ELECTION TO EXERCISE

TO:

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

                  ____________________________________________
                   Name

                  ____________________________________________
                   Address

                  ____________________________________________

                  ____________________________________________

Social Insurance, Social Security or
Other Taxpayer Identification Number    ________________________________________

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

________________________________________
Signature Guaranteed

Signature must be guaranteed by a Canadian chartered bank, a Canadian trust
company or by a medallion guarantee by a member firm of the Securities Transfer
Agents Medallion Programme, (STAMP).

________________________________________________________________________________
                            (To be completed if true)

<PAGE>

                                     - 2 -

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

                                         _______________________________________
                                         Signature

________________________________________________________________________________
                                     NOTICE

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

<PAGE>

   (To be executed by the registered holder if such holder desires to transfer
                the Rights evidenced by this Rights Certificate.)
                               FORM OF ASSIGNMENT

FOR VALUE RECEIVED ______________________________________ Hereby

sells, assigns and transfers unto ______________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
(please print name and address of transferee)

the Rights evidenced by this Fights Certificate, together with all right, title
and interest therein, and does hereby irrevocably constitute and appoint
attorney, to transfer the within Rights on the books of the within-named
Corporation, with full power of substitution.

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

______________________________________
Signature Guaranteed

Signature must be guaranteed by a Canadian chartered bank, a Canadian trust
company or by a medallion guarantee by a member firm of the Securities Transfer
Agents Medallion Programme, (STAMP).

________________________________________________________________________________
                            (To be completed if true)

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

                                        ________________________________________
                                         Signature

<PAGE>
                                     - 2 -

                                     NOTICE

In the event the certification set forth above is not completed, the Corporation
will deem the Beneficial Owner of the Rights evidenced by this Rights
Certificate to be an Acquiring Person (as defined in the Rights Agreement) and,
accordingly, such Rights shall be null and void and not transferable or
exercisable.<PAGE>

                                                                     Exhibit 4.1

THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE COMMON STOCK ISSUABLE UPON
EXERCISE OF THE WARRANTS HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES OR BLUE SKY LAWS OF ANY
STATE AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO
RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES OR BLUE SKY LAWS OR IF AN
EXEMPTION FROM SUCH REGISTRATION OR QUALIFICATION IS APPLICABLE.

                    FLORIDINO'S INTERNATIONAL HOLDINGS, INC.

               Incorporated Under the Laws of the State of Florida

Warrant # 01-                                            __________ Common Stock

                                                         Purchase Warrants

                          CERTIFICATE FOR COMMON STOCK
                                PURCHASE WARRANTS

         1. Warrant. This Warrant Certificate certifies that
________________________ or his registered assigns (the "Registered Holder"), is
the registered owner of the above indicated number of Warrants expiring on the
Expiration Date, as hereinafter defined. One (1) Warrant entitles the Registered
Holder to purchase one (1) share of the Common Stock, $.001 par value (a
"Share"), of Floridino's International Holdings, Inc., a Florida corporation
(the "Company"), from the Company at a purchase price of One Dollar and
Fifty/100 ($1.50) per Share (the "Exercise Price") at any time during the
Exercise Period, as hereinafter defined, upon surrender of this Warrant
Certificate with the exercise form hereon duly completed and executed and
accompanied by payment of the Exercise Price at the principal office of the
Company.

         Upon due presentment for transfer or exchange of this Warrant
Certificate at the principal office of the Company, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrants shall be issued in exchange for this Warrant Certificate, subject to
the limitations provided herein, upon payment of any tax or governmental charge
imposed in connection with such transfer. Subject to the terms hereof, the
Company shall deliver Warrant Certificates in required whole number
denominations to Registered Holders in connection with any transfer or exchange
permitted hereunder.

         2. Restrictive Legend. Each Warrant Certificate and each certificate
representing Shares issued upon exercise of a Warrant, unless such Shares are
then registered under the Securities Act of 1933, as amended (the "Act"), shall
bear a legend in substantially the following form:

<PAGE>

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
         OR THE SECURITIES OR BLUE SKY LAWS OF ANY STATE AND MAY BE OFFERED AND
         SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO RELEVANT PROVISIONS
         OF FEDERAL AND STATE SECURITIES OR BLUE SKY LAWS OR IF AN EXEMPTION
         FROM SUCH REGISTRATION OR QUALIFICATION IS APPLICABLE."

         3. Exercise. Subject to the terms hereof, the Warrants, evidenced by
         this Warrant Certificate, may be exercised at the Exercise Price in
         whole or in part at any time during the period (the "Exercise Period")
         commencing on the date hereof and terminating at the close of business
         on ___________, 2002 (the "Expiration Date"). The Exercise Period may
         be extended by the Company's Board of Directors in its sole discretion.

         A Warrant shall be deemed to have been exercised immediately prior to
the close of business on the date (the "Exercise Date") of the surrender to the
Company at its principal offices of this Warrant Certificate with the exercise
form attached hereto executed by the Registered Holder and accompanied by
payment to the Company, in cash or by official bank or certified check, of an
amount equal to the aggregate Exercise Price, in lawful money of the United
States of America.

         The person entitled to receive the Shares issuable upon exercise of a
Warrant or Warrants ("Warrant Shares") shall be treated for all purposes as the
holder of such Warrant Shares as of the close of business on the Exercise Date.
The Company shall not be obligated to issue any fractional share interests in
Warrant Shares issuable or deliverable on the exercise of any Warrant or scrip
or cash with respect thereto, and such right to a fractional share shall be of
no value whatsoever. If more than one Warrant shall be exercised at one time by
the same Registered Holder, the number of full Shares which shall be issuable on
exercise thereof shall be computed on the basis of the aggregate number of full
shares issuable on such exercise.

         Promptly, and in any event within ten (10) business days after the
Exercise Date, the Company shall cause to be issued and delivered to the person
or persons entitled to receive the same, a certificate or certificates for the
number of Warrant Shares deliverable on such exercise.

         The Company may deem and treat the Registered Holder of the Warrants at
any time as the absolute owner thereof for all purposes, and the Company shall
not be affected by any notice to the contrary. The Warrants shall not entitle
the Registered Holder thereof to any of the rights of shareholders or to any
dividend declared on the Shares unless the Registered Holder shall have
exercised the Warrants and thereby purchased the Warrant Shares prior to the
record date for the determination of holders of Shares entitled to such dividend
or other right.

<PAGE>

         4. Redemption of Warrants by Company. The Company shall have the right
and option, upon 20 days prior written notice to each Registered Holder, to
call, redeem and acquire at the redemption price of $.01 per Warrant all of the
Warrants which remain outstanding and unexercised at the date fixed for
redemption (the "Redemption Date"). The Redemption Date shall be no less than 20
days after the notice date and the Registered Holders shall have the right
during the period immediately following the date of such notice and prior to the
Redemption Date to exercise the Warrants in accordance with Section 3 hereof.

         5. Reservation of Shares and Payment of Taxes. The Company covenants
that it will at all times reserve and have available from its authorized Common
Stock such number of Shares as shall then be issuable on the exercise of
outstanding Warrants. The Company covenants that all Warrant Shares which shall
be so issuable shall be duly and validly issued, fully paid and nonassessable,
and free from all taxes, liens and charges with respect to the issue thereof.

         The Registered Holder shall pay all documentary stamp or similar taxes
and other government charges that may be imposed with respect to the issuance,
transfer or delivery of any Warrant Shares on exercise of the Warrants. In the
event the Warrant Shares are to be delivered in a name other than the name of
the Registered Holder of the Warrant Certificate, no such delivery shall be made
unless the person requesting the same has paid the amount of any such taxes or
charges incident thereto.

         6. Registration of Transfer. The Warrant Certificates may be
transferred in whole or in part, provided any such transfer complies with all
applicable federal and state securities laws and, if requested by the Company,
the Registered Holder delivers to the Company an opinion of counsel to that
effect, in form and substance reasonably acceptable to the Company and its
counsel. Warrant Certificates to be transferred shall be surrendered to the
Company at its principal office. The Company shall execute, issue and deliver in
exchange therefor the Warrant Certificate or Certificates which the Registered
Holder making the transfer shall be entitled to receive.

         The Company shall keep transfer books at its principal office which
shall register Warrant Certificates and the transfer thereof. On due presentment
of any Warrant Certificate for registration of transfer at such office, the
Company shall execute, issue and deliver to the transferee or transferees a new
Warrant Certificate or Certificates representing an equal aggregate number of
Warrants. All Warrant Certificates presented for registration of transfer or
exercise shall be duly endorsed or be accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company. The Company may
require payment of a sum sufficient to cover any tax or other government charge
that may be imposed in connection therewith.

         All Warrant Certificates so surrendered, or surrendered for exercise,
or for exchange in case of mutilated Warrant Certificates, shall be promptly
canceled by the Company and thereafter retained by the Company until the
Expiration Date. Prior to due presentment for registration of transfer thereof,
the Company may treat the Registered

<PAGE>

Holder of any Warrant Certificate as the absolute owner thereof (notwithstanding
any notations of ownership or writing thereon made by anyone other than the
Company), and the Company shall not be affected by any notice to the contrary.

         7. Loss or Mutilation. On receipt by the Company of evidence
satisfactory as to the ownership of and the loss, theft, destruction or
mutilation of this Warrant Certificate, the Company shall execute and deliver,
in lieu thereof, a new Warrant Certificate representing an equal aggregate
number of Warrants. In the case of loss, theft or destruction of any Warrant
Certificate, the individual requesting issuance of a new Warrant Certificate
shall be required to indemnify the Company in an amount satisfactory to the
Company. In the event a Warrant Certificate is mutilated, such Warrant
Certificate shall be surrendered and canceled by the Company prior to delivery
of a new Warrant Certificate. Applicants for a new Warrant Certificate shall
also comply with such other regulations and pay such other reasonable charges as
the Company may prescribe.

         8. Adjustment of Shares. The number and kind of securities issuable
upon exercise of a Warrant shall be subject to adjustment from time to time upon
the happening of certain events, as follows:

                  (a) Stock Splits, Stock Combinations and Certain Stock
         Dividends. If the Company shall at any time subdivide or combine its
         outstanding Shares, or declare a dividend in Shares or other securities
         of the Company convertible into or exchangeable for Shares, a Warrant
         shall, after such subdivision or combination or after the record date
         for such dividend, be exercisable for that number of Shares and other
         securities of the Company that the Registered Holder would have owned
         immediately after such event with respect to the shares and other
         securities for which a Warrant may have been exercised immediately
         before such event had the Warrant been exercised immediately before
         such event. Any adjustment under this Section 7 (a) shall become
         effective at the close of business on the date the subdivision,
         combination or dividend becomes effective.

                  (b) Adjustment for Reorganization, Consolidation, Merger. In
         case of any reorganization of the Company (or any other corporation the
         stock or other securities of which are at the time receivable upon
         exercise of a Warrant) or in case the Company (or any such other
         corporation) shall merge into or with or consolidate with another
         corporation or convey all or substantially all of its assets to another
         corporation or enter into a business combination of any form as a
         result of which the Shares or other securities receivable upon exercise
         of a Warrant are converted into other stock or securities of the same
         or another corporation, then and in each such case, the Registered
         Holder of a Warrant, upon exercise of the purchase right at any time
         after the consummation of such reorganization, consolidation, merger,
         conveyance or combination (in each case, a "Sale Transaction"), shall
         be entitled to receive, in lieu of the Shares or other securities to
         which such Registered Holder would have been entitled had he exercised
         the purchase right immediately prior thereto, such stock and securities
         which such Registered Holder would have owned immediately after such
         event with respect

<PAGE>

         to the Shares and other securities for which a Warrant may have been
         exercised immediately before such event had the Warrant been exercised
         immediately prior to such event; provided, however, that in the event
         of a Sale Transaction, the Company shall have the right and option on
         ten (10) days prior notice to the Registered Holder to call, redeem and
         acquire all Warrants which remain outstanding and unexercised as of the
         date fixed for redemption by Company in such notice at a price of $.01
         per Warrant it, only if the value of the Common Stock of the Company
         following the occurrence of the Sale Transaction will equal or exceed
         $10.00 per share.

         In each case of an adjustment in the Shares or other securities
receivable upon the exercise of a Warrant, the Company shall promptly notify the
Registered Holder of such adjustment. Such notice shall set forth the facts upon
which such adjustment is based.

         9. Reduction in Exercise Price at Company's Option. The Company's Board
of Directors may, in its sole discretion, reduce the Exercise Price of the
Warrants in effect at any time either for the life of the Warrants or any
shorter period of time determined by the Company's Board of Directors. The
Company shall promptly notify the Registered Holders of any such reduction in
the Exercise Price.

         10. Notices. All notices, demands, elections, or requests (however
characterized or described) required or authorized hereunder shall be deemed
given sufficiently if in writing and sent by registered or certified mail,
return receipt requested and postage prepaid, by a nationally recognized
overnight courier, delivery charges prepaid, or by facsimile or telegram to the
Company, at 661 Beville Road, Suite 113, South Daytona, Florida 32119, Attn:
William C. Keeler, CEO, and of the Registered Holder, at the address of such
holder as set forth on the books maintained by the Company.

         11. General Provisions. This Warrant Certificate shall be construed and
enforced in accordance with, and governed by, the laws of the State of Florida
and venue for any proceeding arising from or in connection herewith shall be in
the state and federal courts of Florida. Except as otherwise expressly stated
herein, time is of the essence in performing hereunder. The headings of this
Warrant Certificate are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof.

         IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to
be duly executed as of the _____ day of ________, 2001.

                                   FLORIDINO'S INTERNATIONAL HOLDINGS, INC.

                                   By: /s/ Nick Pirgousis,
                                      ------------------------------
                                       Nick Pirgousis, Chairman

<PAGE>

                    FLORIDINO'S INTERNATIONAL HOLDINGS, INC.

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

TEN COM - as tenants in common                       UNIF GIFT MIN ACT
TENANT - as tenants by the entireties                    Custodian

JR TEN - as joint tenants with right                (Cust)     (Minor)
of survivorship and not as tenants                  under Uniform Gifts
in common                                           to Minors Act

                                                          (State)

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

<PAGE>

                               FORM OF ASSIGNMENT

                 (To be Executed by the Registered Holder if he
                   Desires to Assign Warrants Evidenced by the
                           Within Warrant Certificate)

FOR VALUE RECEIVED ___________ hereby sells, assigns and transfers unto _____
________(_____) Warrants, evidenced by the within Warrant Certificate, and does
hereby irrevocably constitute and appoint ____________________Attorney to
transfer the said Warrants evidenced by the within Warrant Certificate on the
books of the Company, with full power of substitution.

Dated:_________________________        _________________________________________
                                                        Signature

Notice:           The above signature must correspond with the name as written
                  upon the face of the Warrant Certificate in every particular,
                  without alteration or enlargement or any change whatsoever.

Signature Guaranteed:_____________________________________

SIGNATURE MUST BE GUARANTEED BY A COMMERCIAL BANK OR MEMBER FIRM OF ONE OF THE
FOLLOWING STOCK EXCHANGES: NEW YORK STOCK EXCHANGE, PACIFIC COAST STOCK
EXCHANGE, AMERICAN STOCK EXCHANGE, OR MIDWEST STOCK EXCHANGE.

<PAGE>

                          FORM OF ELECTION TO PURCHASE

             (To be Executed by the Holder if he Desires to Exercise
                 Warrants Evidenced by the Warrant Certificate)

To Floridino's International Holdings, Inc.

         The undersigned hereby irrevocably elects to exercise ___________(____)
_________________(____) Warrants, evidenced by the within Warrant Certificate
for, and to purchase thereunder, _________________(____) full shares of Common
Stock issuable upon exercise of said Warrants and delivery of $________________
and any applicable taxes.______________

         The undersigned requests that certificates for such shares be issued in
the name of:

________________________________________
(Please print name and address)

________________________________________

________________________________________
(Social Security or Tax Identification Number)

         If said number of Warrants shall not be all the Warrants evidenced by
the within Warrant Certificate, the undersigned requests that a new Warrant
Certificate evidencing the Warrants not so exercised by issued in the name of
and delivered to:

________________________________________
         (Please print name and address)

________________________________________

________________________________________

                    (SIGNATURES CONTINUED ON FOLLOWING PAGE)

<PAGE>

Dated:______________                    Signature:_________________

NOTICE:           The above signature must correspond with the name as written
                  upon the face of the within Warrant Certificate in every
                  particular, without alteration or enlargement or any change
                  whatsoever, or if signed by any other person the Form of
                  Assignment hereon must be duly executed and if the certificate
                  representing the shares or any Warrant Certificate
                  representing Warrants not exercised is to be registered in a
                  name other than that in which the within Warrant Certificate
                  is registered, the signature of the holder hereof must be
                  guaranteed.

Signature Guaranteed:_______________________________________________

SIGNATURE MUST BE GUARANTEED BY A COMMERCIAL BANK OR MEMBER FIRM OF ONE OF THE
FOLLOWING STOCK EXCHANGES: NEW YORK STOCK EXCHANGE, PACIFIC COAST STOCK
EXCHANGE, NASDAQ, AMERICAN STOCK EXCHANGE, OR MIDWEST STOCK EXCHANGE.

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