Document:

Exhibit 4.1

  

 

 

SHAREHOLDER RIGHTS PLAN AGREEMENT

 

DATED AS OF NOVEMBER 9, 1995

 

AND AMENDED AND RESTATED AS OF MAY 1, 1996,
FEBRUARY 24, 1999,

MAY 3, 2002, MAY 5, 2005, MAY 7, 2008, MAY 11, 2011,

MAY 7, 2014, MAY 11, 2017 AND MAY 5, 2020

 

BETWEEN

 

ENBRIDGE INC.

 

AND

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

AS RIGHTS AGENT

  

McCarthy Tétrault LLP

 

     

     

    

  

SHAREHOLDER RIGHTS PLAN AGREEMENT

 

TABLE OF CONTENTS

 

	Article 1 - INTERPRETATION	2
	1.1	Certain Definitions	2
	1.2	Currency	15
	1.3	Headings	16
	1.4	Calculation of Number and Percentage of Beneficial Ownership of Outstanding Voting Shares	16
	1.5	Acting Jointly or in Concert	16
	1.6	Generally Accepted Accounting Principles	16
	Article 2 - THE RIGHTS	17
	2.1	Legend on Common Share Certificates	17
	2.2	Initial Exercise Price; Exercise of Rights; Detachment of Rights	17
	2.3	Adjustments to Exercise Price; Number of Rights	21
	2.4	Date on Which Exercise Is Effective	25
	2.5	Execution, Authentication, Delivery and Dating of Rights Certificates	26
	2.6	Registration, Transfer and Exchange	26
	2.7	Mutilated, Destroyed, Lost and Stolen Rights Certificates	27
	2.8	Persons Deemed Owners of Rights	28
	2.9	Delivery and Cancellation of Certificates	28
	2.10	Agreement of Rights Holders	28
	2.11	Rights Certificate Holder Not Deemed a Shareholder	29
	Article 3 - ADJUSTMENTS TO THE RIGHTS	30
	3.1	Flip-in Event	30
	Article 4 - THE RIGHTS AGENT	31
	4.1	General	31
	4.2	Merger, Amalgamation or Consolidation or Change of Name of Rights Agent	32
	4.3	Duties of Rights Agent	32
	4.4	Change of Rights Agent	34
	4.5	Compliance with Money Laundering Legislation	35
	Article 5 - MISCELLANEOUS	35
	5.1	Redemption and Waiver	35
	5.2	Expiration	37
	5.3	Issuance of New Rights Certificates	37
	5.4	Supplements and Amendments	37
	5.5	Fractional Rights and Fractional Shares	39
	5.6	Rights of Action	40
	5.7	Regulatory Approvals	40
	5.8	Declaration as to Non-Canadian or Non-U.S. Holders	40
	5.9	Notices	40
	5.10	Costs of Enforcement	41
	5.11	Successors	42
	5.12	Benefits of this Agreement	42
	5.13	Governing Law	42
	5.14	Severability	42
	5.15	Effective Date	42
	5.16	Reconfirmation and Approval	43
	5.17	Determinations and Actions by the Board of Directors	43
	5.18	Time of the Essence	43
	5.19	Execution in Counterparts	44

 

     

     

    

 

SHAREHOLDER RIGHTS PLAN AGREEMENT

 

MEMORANDUM OF AGREEMENT dated as of November 9,
1995 and amended and restated as of May 1, 1996, February  24, 1999, May 3, 2002, May 5, 2005, May 7, 2008,
May 11, 2011, May 7, 2014, May 11, 2017 and May 5, 2020 between Enbridge Inc. (formerly, IPL Energy Inc.) (the “Corporation”),
a corporation incorporated under the Canada Business Corporations Act and Computershare Trust Company of Canada, a trust
company incorporated under the laws of Canada (the “Rights Agent”) which replaced AST Trust Company (Canada)
(the successor to CST Trust Company) as of January 4, 2019, as rights agent;

 

WHEREAS the Board of Directors of the Corporation
has determined that it is in the best interests of the Corporation to adopt a shareholder 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 the Corporation;

 

AND WHEREAS in order to implement the adoption
of a shareholder rights plan as established by this Agreement, the Board of Directors of the Corporation has:

 

		(a)	authorized the issuance, effective at 12:01 a.m. (Calgary time) on the Effective Date (as hereinafter defined), of one
Right (as hereinafter defined) in respect of each Common Share (as hereinafter defined) outstanding at 12:01 a.m. (Calgary
time) on the Effective Date (the “Record Time”); and

 

		(b)	authorized the issuance of one Right in respect of each Common Share of the Corporation 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 entitles the holder
thereof, after the Separation Time, to purchase securities of the Corporation pursuant to the terms and subject to the conditions
set forth herein;

 

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

 

AND WHEREAS this agreement was originally
entered into by the Corporation and a predecessor to the Rights Agent as of November 9, 1995 and has been amended from time
to time since then (such agreement as amended being the “Original Agreement”);

 

AND WHEREAS the Original Agreement is hereby
amended and restated as provided herein (the Original Agreement as so amended and restated being herein referred to as the “Agreement”);

 

NOW THEREFORE, in consideration of the premises
and the respective covenants and agreements set forth herein, and subject to such covenants and agreements, the parties hereby
agree as follows:

 

     

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Article
1 - INTERPRETATION

 

		1.1	Certain Definitions

 

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

 

		(a)	“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 or Affiliate of the Corporation;

 

		(ii)	any Person who becomes the Beneficial Owner of 20% or more of the outstanding Voting Shares as a result of one or any combination
of (A) a Voting Share Reduction, (B) Permitted Bid Acquisitions, (C) an Exempt Acquisition or (D) Pro Rata
Acquisitions; provided, however, that if a Person becomes the Beneficial Owner of 20% or more of the outstanding Voting Shares
by reason of one or any combination of the operation of Paragraphs (A), (B), (C) or (D) above and such Person's Beneficial
Ownership of Voting Shares thereafter increases by more than 1% of the number of Voting Shares outstanding (other than pursuant
to one or any combination of a Voting Share Reduction, a Permitted Bid Acquisition, an Exempt Acquisition or a Pro Rata Acquisition),
then as of the date such Person becomes the Beneficial Owner of such additional Voting Shares, such Person shall become an “Acquiring
Person”;

 

		(iii)	for a period of 10 days after the Disqualification Date (as defined below), any Person who becomes the Beneficial Owner of
20% or more of the outstanding Voting Shares as a result of such Person becoming disqualified from relying on Clause 1.1(f)(v)
solely because such Person or the Beneficial Owner of such Voting Shares is making or has announced an intention to make a Take-over
Bid, either alone or by acting jointly or in concert with any other Person. For the purposes of this definition, “Disqualification
Date” means the first date of public announcement that any Person is making or has announced an intention to make
a Take-over Bid;

 

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

 

		(v)	a Person (a “Grandfathered Person”) who is the Beneficial Owner of 20% or more of the outstanding Voting
Shares of the Corporation determined as at the Record Time, provided, however, that this exception shall not be, and shall cease
to be, applicable to a Grandfathered Person in the event that such Grandfathered Person shall, after the Record Time, become the
Beneficial Owner of additional Voting Shares of the Corporation that increases its Beneficial Ownership of Voting Shares by more
than 1% of the number of Voting Shares outstanding as at the Record Time (other than pursuant to one or any combination of a Voting
Share Reduction, a Permitted Bid Acquisition, an Exempt Acquisition or a Pro Rata Acquisition);

 

     

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		(b)	“Affiliate”, when used to indicate a relationship with a Person means a Person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified Person;

 

		(c)	“Agreement” shall mean this shareholder rights plan agreement dated as of November 9, 1995 and
amended and restated as of May 1, 1996, February  24, 1999, May 3, 2002, May 5, 2005, May 7, 2008, May 11,
2011, May 7, 2014, May 11, 2017 and May 5, 2020 between the Corporation and the Rights Agent, as the same may be further amended
or supplemented from time to time; “hereof”, “herein”, “hereto” and similar expressions mean
and refer to this Agreement as a whole and not to any particular part of this Agreement;

 

		(d)	“annual cash dividend” shall mean cash dividends paid 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 the annual 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)	“Associate” means, when used to indicate a relationship with a specified Person, a spouse of that Person,
any Person of the same or opposite sex with whom that Person is living in a conjugal relationship outside marriage, a child of
that Person or a relative of that Person if that relative has the same residence as that Person;

 

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

 

		(i)	any securities as to 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 immediately or within a period of 60 days and whether or not on condition or
the happening of any contingency or the making of any payment) pursuant to any agreement, arrangement, pledge or understanding,
whether or not in writing (other than (x) customary agreements with and between underwriters and/or banking group members and/or
selling group members with respect to a public offering or private placement of securities and (y) pledges of securities in the
ordinary course of business), or upon the exercise of any conversion right, exchange right, share purchase right (other than the
Rights), warrant or option; or

 

     

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		(iii)	any securities which are Beneficially Owned within the meaning of Clauses 1.1(f)(i) and (ii) by any other Person with
whom such Person is acting jointly or in concert;

 

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

 

		(iv)	where such security has been, or has been agreed to be, deposited or tendered pursuant to a Lock-up Agreement or is otherwise
deposited or tendered to any Take-over Bid made by such Person, made by any of such Person's Affiliates or Associates or made by
any other Person acting jointly or in concert with such Person until such deposited or tendered security has been taken up or paid
for, whichever shall first occur;

 

		(v)	where such Person, any of such Person's Affiliates or Associates or any other Person acting jointly or in concert with such
Person holds such security provided that:

 

		A.	the ordinary business of any such Person (the “Investment Manager”) includes the management of investment
funds for others (which others, for greater certainty, may include or be limited to one or more employee benefit plans or pension
plans) and such security is held by the Investment Manager in the ordinary course of such business in the performance of such Investment
Manager's duties for the account of any other Person (a “Client”), including non-discretionary accounts held
on behalf of a Client by a broker or dealer appropriately registered under applicable law;

 

		B.	such Person (the “Trust Company”) is licensed to carry on the business of a trust company under applicable
laws and, as such, acts as trustee or administrator or in a similar capacity in relation to the estates of deceased or incompetent
Persons (each an “Estate Account”) or in relation to other accounts (each an “Other Account”)
and holds such security in the ordinary course of such duties for the estate of any such deceased or incompetent Person or for
such Other Accounts;

 

		C.	such Person is established by statute for purposes that include, and the ordinary business or activity of such Person (the
“Statutory Body”) includes, the management of investment funds for employee benefit plans, pension plans, insurance
plans or various public bodies;

 

     

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		D.	such Person (the “Administrator”) is the administrator or trustee of one or more pension funds or plans
(a “Plan”), or is a Plan, registered under the laws of Canada or any Province thereof or the laws of the United
States of America or any State thereof;

 

		E.	such Person (the “Crown Agent”) is a Crown agent or agency; or

 

		F.	such Person (the “Manager”) is the manager or trustee of a mutual fund (“Mutual Fund”)
that is registered or qualified to issue its securities to investors under the securities laws of any province of Canada or the
laws of the United States of America or is a Mutual Fund.

 

provided, in any of the above cases, that the Investment
Manager, the Trust Company, the Statutory Body, the Administrator, the Plan, the Crown Agent, the Manager or the Mutual Fund, as
the case may be, is not then making a Take-over Bid or has not then announced an intention to make a Take-over Bid alone or acting
jointly or in concert with any other Person, other than an Offer to Acquire Voting Shares or other securities (x) pursuant to a
distribution by the Corporation, (y) by means of a Permitted Bid or (z) 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 organized
over-the-counter market;

 

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

 

		(vii)	where such Person is (A) a Client of an Investment Manager and such security is owned at law or in equity by the Investment
Manager, (B) an Estate Account or an Other Account of a Trust Company and such security is owned at law or in equity by the
Trust Company or (C) a Plan and such security is owned at law or in equity by the Administrator of the Plan; or

 

		(viii)	where such Person is a registered holder of such security as a result of carrying on the business of, or acting as a nominee
of, a securities depository;

 

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

 

     

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		(h)	“Book Entry Form” means, in reference to securities, securities that have been issued and registered in
uncertificated form and includes securities evidenced by an advice or other statement and securities which are maintained electronically
on the records of the Corporation’s transfer agent but for which no certificate has been issued;

 

		(i)	“Book Entry Rights Exercise Procedures” has the meaning ascribed thereto in Subsection 2.2(c);

 

		(j)	“Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in
Calgary are authorized or obligated by law to close;

 

		(k)	“Canada Business Corporations Act” means 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;

 

		(l)	“Canadian Dollar Equivalent” of any amount which is expressed in United States Dollars means, on any date,
the Canadian dollar equivalent of such amount determined by multiplying such amount by the U.S. - Canadian Exchange Rate in effect
on such date;

 

		(m)	“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 principal transfer office in Calgary of the transfer agent for
the Common Shares of the Corporation (or, after the Separation Time, the principal transfer office in Calgary of the Rights Agent)
is closed to the public; provided, however, that for the purposes of the definitions of “Competing Permitted Bid” and
“Permitted Bid”, “close of business” on any date means 11;59 p.m. (local time at the place of deposit)
on such date (or if such date is not a Business Day, 11:59 p.m. (local time at the place of deposit) on the next succeeding Business
Day);

 

		(n)	“Common Shares” shall mean the Common Shares in the capital of the Corporation;

 

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

 

		(i)	is made after a Permitted Bid or another Competing Permitted Bid (each such Permitted Bid or Competing Permitted Bid in this
definition, the “Prior Bid”) has been made and prior to the expiry, termination or withdrawal of the Prior Bid;

 

		(ii)	satisfies all components of the definition of a Permitted Bid other than the requirements set out in Clause 1.1(ll)(ii)(A)
of the definition of a Permitted Bid; and

 

		(iii)	contains, and the take-up and payment for securities tendered or deposited is subject to, an irrevocable and unqualified condition
that no Voting Shares will be taken up or paid for pursuant to the Take-over Bid prior to the close of business on the last day
of the minimum initial deposit period that such Take-over Bid must remain open for deposits of securities thereunder pursuant to
NI 62-104 after the date of the Take-over Bid;

 

     

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		(p)	“controlled”: a Person is “controlled” by another Person or two or more other Persons acting
jointly or in concert if:

 

		(i)	in the case of a body corporate, securities entitled to vote in the election of directors of such body corporate carrying more
than 50% of the votes for the election of directors are held, directly or indirectly, by or for the benefit of the other Person
or Persons and the votes carried by such securities are entitled, if exercised, to elect a majority of the board of directors of
such body corporate; or

 

		(ii)	in the case of a Person which is not a body corporate, more than 50% of the voting or equity interests of such entity are held,
directly or indirectly, by or for the benefit of the other Person or Persons;

 

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

 

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

 

		(r)	“Disposition Date” shall have the meaning ascribed thereto in Subsection 5.1(h);

 

		(s)	“Dividend Reinvestment Acquisition” shall mean an acquisition of Voting Shares pursuant to a Dividend Reinvestment
Plan;

 

		(t)	“Dividend Reinvestment Plan” means a regular dividend reinvestment or other plan of the Corporation made
available by the Corporation to holders of its securities where such plan permits the holder to direct that some or all of:

 

		(i)	dividends paid in respect of shares of any class of the Corporation;

 

		(ii)	proceeds of redemption of shares of the Corporation;

 

		(iii)	interest paid on evidences of indebtedness of the Corporation; or

 

		(iv)	optional cash payments;

 

be applied to the purchase from the Corporation of Voting
Shares;

 

		(u)	“Election to Exercise” shall have the meaning ascribed thereto in Clause 2.2(d)(ii);

 

		(v)	“Effective Date” means November 9, 1995;

 

     

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		(w)	“Exempt Acquisition” means a share acquisition:

 

		(i)	in respect of which the Board of Directors has waived the application of Section 3.1 pursuant to the provisions of Subsection 5.1(a)
or (h); or

 

		(ii)	pursuant to an amalgamation, plan of arrangement or other procedure (statutory or otherwise) having similar effect which has
been approved by the Board of Directors and the holders of Voting Shares by the requisite majority or majorities of the holders
of Voting Shares at a meeting duly called and held for such purpose in accordance with the Corporation’s by-laws, the Canada
Business Corporations Act and any other applicable legal requirements;

 

		(x)	“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 which, until adjustment thereof in accordance with the terms hereof, 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.

 

		(y)	“Expansion Factor” shall have the meaning ascribed thereto in Clause 2.3(a)(x);

 

		(z)	“Expiration Time” shall mean the date of termination of this Agreement pursuant to Section 5.16;

 

		(aa)	“Flip-in Event” shall mean a transaction in or pursuant to which any Person becomes an Acquiring Person;

 

		(bb)	“holder” shall have the meaning ascribed thereto in Section 2.8;

 

		(cc)	“Independent Shareholders” shall mean holders of Voting Shares, other than:

 

		(i)	any Acquiring Person;

 

		(ii)	any Offeror (other than any Person who, by virtue of Clause 1.1(f)(v), is not deemed to Beneficially Own the Voting Shares
held by such Person);

 

		(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)	a Person who is a trustee of any employee benefit plan, deferred profit sharing plan, stock participation plan and any other
similar plan or trust for the benefit of employees of the Corporation unless the beneficiaries of the plan or trust direct the
manner in which the Voting Shares are to be voted or withheld from voting or direct whether the Voting Shares are to be tendered
to a Take-over Bid;

 

     

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		(dd)	“Lock-up Agreement” means an agreement (the terms of which are publicly disclosed and a copy of which is
made available to the public (including the Corporation):

 

		(i)	not later than the date on which the Lock-up Bid (as defined below) is publicly announced; or

 

		(ii)	if the Lock-up Bid has been made prior to the date on which such agreement has been entered into, forthwith and in any event
not later than the Business Day following the date of such agreement);

 

between an Offeror, any of its Affiliates or Associates
or any other Person acting jointly or in concert with the Offeror and a Person (the “Locked-up Person”) who
is not an Affiliate or Associate of the Offeror or a Person acting jointly or in concert with the Offeror whereby the Locked-up
Person agrees to deposit or tender the Voting Shares held by the Locked-up Person to the Offeror’s Take-over Bid or to any
Take-over Bid made by any of the Offeror’s Affiliates or Associates or made by any other Person acting jointly or in concert
with the Offeror (the “Lock-up Bid”), where the agreement:

 

	                     (iii)	(A)	permits the Locked-up Person to withdraw the Voting
Shares from the agreement in order to tender or deposit the Voting Shares to another Take-over Bid, or to support another transaction
that provides for a consideration for each Voting Share that is higher than the consideration contained in or proposed to be contained
in the Lock-up Bid; or

 

		(B)	(a) permits the Locked-up Person to withdraw the Voting Shares from the agreement in order to tender or deposit the Voting
Shares to another Take-over Bid, or to support another transaction that provides for a consideration for each Voting Share that
exceeds by as much as or more than a specified amount the (“Specified Amount”) the consideration for each Voting
Share contained in or proposed to be contained in, and is made for at least the same number of Voting Shares as, the Lock-up Bid;
and (b) does not by its terms provide for a Specified Amount that is greater than 7% over the consideration for each Voting
Share contained in or proposed to be contained in the Lock-up Bid;

 

and, for greater certainty, the Lock-up Agreement
may contain a right of first refusal or require a period of delay to give the Offeror an opportunity to at least match a higher
consideration in another Take-over Bid or transaction or other similar limitation on a Locked-up Person’s rights to withdraw
Voting Shares from the Lock-up Agreement and not to tender such Voting Shares to the Take-over Bid to which the Locked-up Person
has agreed to deposit or tender so long as the limitation does not preclude the exercise by the Locked-up Person of the right to
withdraw Voting Shares in sufficient time to tender to the other Take-over Bid or participate in the other transaction; and

 

     

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		(iv)	the agreement does not provide for any “break-up fees”, “top-up fees”, penalties, expenses reimbursement
or other amounts that exceed in the aggregate the greater of:

 

		(A)	the cash equivalent of 2.5% of the consideration payable under the Take-over Bid to the Locked-up Person; and

 

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

 

to be paid by a Locked-up Person
pursuant to the Lock-up Agreement in the event that the Locked-up Person fails to deposit or tender Voting Shares to the Lock-up
Bid or withdraws Voting Shares in order to tender to another Take-over Bid or participate in another transaction;

 

		(ee)	“Market Price” per share of any securities on any date of determination shall mean the average of the
daily closing prices per share 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 hereof shall have caused the closing prices used to determine the Market Price on any Trading
Days 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 hereof 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 share 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 of such securities as reported by the principal Canadian stock exchange (as determined by volume of trading) on
which such securities are listed or admitted to trading;

 

		(ii)	if for any reason none of such prices is available on such day or the securities are not listed or posted for trading on a
Canadian stock exchange, the last sale price or, in case no such sale takes place on such date, the average of the closing bid
and asked prices for each of such securities as reported by the principal national United States securities exchange (as determined
by volume of trading) on which such securities are listed or admitted to trading;

 

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

 

     

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		(iv)	if for any reason none of such prices is available on such day or the securities are not listed or admitted to trading on a
Canadian stock exchange or a national United States securities exchange or quoted by any such reporting system, the average of
the closing bid and asked prices as furnished by a recognized professional market maker making a market in the securities;

 

provided, however, that if for any reason none of such
prices is available on such day, the closing price per share of such securities on such date means the fair value per share of
such securities on such date as determined by a nationally recognized investment dealer or investment banker; provided further
that if an event of a type analogous to any of the events described in Section 2.3 hereof shall have caused any price used to determine
the Market Price on any Trading Day not to be fully comparable with the price as so determined on the Trading Day immediately preceding
such date of determination, each such price so used shall be appropriately adjusted in a manner analogous to the applicable adjustment
provided for in Section 2.3 hereof in order to make it fully comparable with the price on the Trading Day immediately preceding
such date of determination. The Market Price shall be expressed in Canadian dollars and, if initially determined in respect of
any day forming part of the 20 consecutive Trading Day period in question in United States dollars, such amount shall be translated
into Canadian dollars on such date at the Canadian Dollar Equivalent thereof;

 

		(ff)	“1934 Exchange Act” means the Securities Exchange Act of 1934 of the United States, as amended,
and the rules and regulations thereunder as now in effect or as the same may from time to time be amended, re-enacted or replaced;

 

		(gg)	“NI 62-104” means National Instrument 62-104 – Take-Over Bids and Issuer Bids adopted by the
Canadian securities regulatory authorities, as now in effect or as the same may from time to time be amended, re-enacted or replaced;

 

		(hh)	“Nominee” shall have the meaning ascribed thereto in Subsection 2.2(c);

 

     

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		(ii)	“Offer to Acquire” shall include:

 

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

 

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

 

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

 

		(jj)	“Offeror” shall mean a Person who has announced, and has not withdrawn, an intention to make or who has
made, and has not withdrawn, a Take-over Bid, other than a Person who has completed a Permitted Bid, a Competing Permitted Bid
or an Exempt Acquisition;

 

		(kk)	“Offeror's Securities” means Voting Shares Beneficially Owned by an Offeror on the date of the Offer to
Acquire;

 

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

 

		(i)	the Take-over Bid is made to all holders of Voting Shares as registered on the books of the Corporation, other than the Offeror;

 

		(ii)	the Take-over Bid contains, and the take-up and payment for securities tendered or deposited is subject to, an irrevocable
and unqualified provision that no Voting Shares will be taken up or paid for pursuant to the Take-over Bid (A) prior to the close
of business on the date which is not less than 105 days following the date of the Take-over Bid or such shorter minimum period
that a take-over bid that is not exempt from any of the requirements of Division 5 [Bid Mechanics] of NI 62-104 must remain
open for deposits of securities, in the applicable circumstances at such time, pursuant to NI 62-104 and (B) only if, at the close
of business on the date the Voting Shares are first taken up or paid for under such Take-over Bid, more than 50% of the Voting
Shares held by Independent Shareholders shall have been deposited or tendered pursuant to the Take-over Bid and not withdrawn;

 

		(iii)	unless the Take-over Bid is withdrawn, the Take-over Bid contains an irrevocable and unqualified provision that Voting Shares
may be deposited pursuant to such Take-over Bid at any time during the period of time described in Clause 1.1(ll)(ii) and
that any Voting Shares deposited pursuant to the Take-over Bid may be withdrawn until taken up and paid for; and

 

		(iv)	the Take-over Bid contains an irrevocable and unqualified provision that in the event that the deposit condition set forth
in Clause 1.1(ll)(ii) is satisfied the Offeror will make a public announcement of that fact and the Take-over Bid will remain
open for deposits and tenders of Voting Shares for not less than 10 days from the date of such public announcement;

 

     

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		(mm)	“Permitted Bid Acquisition” shall mean an acquisition of Voting Shares made pursuant to a Permitted Bid
or a Competing Permitted Bid;

 

		(nn)	“Person” shall include any individual, firm, partnership, association, trust, trustee, executor, administrator,
legal personal representative, body corporate, corporation, unincorporated organization, syndicate, a government and its agencies
or instrumentalities and any entity or group whether or not having legal personality;

 

		(oo)	“Pro Rata Acquisition” means an acquisition by a Person of Voting Shares pursuant to:

 

		(i)	a Dividend Reinvestment Acquisition;

 

		(ii)	a stock dividend, stock split or other event in respect of securities of the Corporation of one or more particular classes
or series pursuant to which such Person becomes the Beneficial Owner of Voting Shares on the same pro rata basis as all other holders
of securities of the particular class, classes or series (other than holders resident in a jurisdiction where a distribution is
restricted or impracticable as a result of applicable law);

 

		(iii)	the acquisition or the exercise by the Person of only those rights to purchase Voting Shares distributed to that Person in
the course of a distribution to all holders of securities of the Corporation of one or more particular classes or series pursuant
to a rights offering or pursuant to a prospectus, provided that the Person does not thereby acquire a greater percentage of such
Voting Shares or securities convertible into or exchangeable for Voting Shares so offered than the Person’s percentage of
Voting Shares Beneficially Owned immediately prior to such acquisition; or

 

		(iv)	a distribution of Voting Shares, or securities convertible into or exchangeable for Voting Shares (and the conversion or exchange
of such convertible or exchangeable securities), made pursuant to a prospectus or by way of a private placement or securities exchange
take-over bid, provided that the Person does not thereby acquire a greater percentage of such Voting Shares, or securities convertible
into or exchangeable for Voting Shares, so offered than the Person's percentage of Voting Shares Beneficially Owned immediately
prior to such acquisition;

 

		(pp)	“Record Time” has the meaning set forth in the second whereas clause;

 

		(qq)	“Right” means a right to purchase a Common Share of the Corporation upon the terms and subject to the conditions
set forth in this Agreement;

 

     

    -14-

    

 

		(rr)	“Rights Certificate” means the certificates representing the Rights after the Separation Time, which shall
be substantially in the form attached hereto as Attachment 1;

 

		(ss)	“Rights Holders’ Special Meeting” means a meeting of the holders of Rights called by the Board of
Directors for the purpose of approving a supplement or amendment to this Agreement pursuant to Subsection 5.4(c);

 

		(tt)	“Rights Register” shall have the meaning ascribed thereto in Subsection 2.6(a);

 

		(uu)	“Securities Act (Alberta)” shall mean the Securities Act, R.S.A. 2000, c. S-4, as amended,
and the regulations thereunder, and any comparable or successor laws or regulations thereto;

 

		(vv)	“Separation Time” shall mean the close of business on the eighth Trading Day after the earlier of:

 

		(i)	the Stock Acquisition Date;

 

		(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 a Competing Permitted Bid), or such later
time as may be determined by the Board of Directors, provided that, if any Take-over Bid referred to in this Clause (ii) expires,
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; and

 

		(iii)	the date on which a Permitted Bid or Competing Permitted Bid ceases to be such;

 

		(ww)	“Special Meeting” means a special meeting of the holders of Voting Shares, called by the Board of Directors
for the purpose of approving a supplement or amendment to this Agreement pursuant to Subsection 5.4(b);

 

		(xx)	“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 Part 5 of NI 62-104 or Section 13(d) of the 1934 Exchange
Act) by the Corporation or an Acquiring Person that an Acquiring Person has become such;

 

		(yy)	“Subsidiary”: a corporation is a Subsidiary of another corporation if:

 

		(i)	it is controlled by:

 

		A.	that other; or

 

     

    -15-

    

 

		B.	that other and one or more corporations each of which is controlled by that other; or

 

		C.	two or more corporations each of which is controlled by that other; or

 

		(ii)	it is a Subsidiary of a corporation that is that other's Subsidiary;

 

		(zz)	“Take-over Bid” shall mean an Offer to Acquire Voting Shares, or securities convertible into Voting Shares
if, assuming that the Voting Shares or convertible securities subject to the Offer to Acquire are acquired and are Beneficially
Owned at the date of such Offer to Acquire by the Person making such Offer to Acquire, such Voting Shares (including Voting Shares
that may be acquired upon conversion of securities convertible into Voting Shares) together with the Offeror's Securities, constitute
in the aggregate 20% or more of the outstanding Voting Shares at the date of the Offer to Acquire;

 

		(aaa)	“Trading Day”, when used with respect to any securities, shall mean a day on which the principal Canadian
stock 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 stock exchange, a Business Day;

 

		(bbb)	“U.S.-Canadian Exchange Rate” means, on any date:

 

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

 

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

 

		(ccc)	“Voting Share Reduction” means an acquisition or redemption by the Corporation of Voting Shares which, by
reducing the number of Voting Shares outstanding, increases the proportionate number of Voting Shares Beneficially Owned by any
person to 20% or more of the Voting Shares then outstanding; and

 

		(ddd)	“Voting Shares” shall mean the Common Shares of the Corporation and any other shares in the capital of the
Corporation entitled to vote generally in the election of all directors.

 

		1.2	Currency

 

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

 

     

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		1.3	Headings

 

The division of this Agreement into Articles,
Sections, Subsections, Clauses, Paragraphs, Subparagraphs or other portions hereof and the insertion of headings, subheadings and
a table of contents are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

 

		1.4	Calculation of Number and Percentage of Beneficial Ownership of Outstanding Voting Shares

 

For purposes of this Agreement, the percentage
of Voting Shares Beneficially Owned by any Person, shall be and be deemed to be the product (expressed as a percentage) 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 purpose of calculating the percentage of Voting Shares Beneficially
Owned by such Person.

 

		1.5	Acting Jointly or in Concert

 

For the purposes hereof, a Person is acting
jointly or in concert with every Person who, as a result of any agreement, commitment or understanding, whether formal or informal,
and whether or not in writing, with the first Person or any Affiliate thereof, acquires or offers to acquire Voting Shares (other
than customary agreements with and between underwriters and/or banking group members and/or selling group members with respect
to a public offering or private placement of securities or pledges of securities in the ordinary course of business).

 

		1.6	Generally Accepted Accounting Principles

 

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

 

     

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Article
2 - THE RIGHTS

 

		2.1	Legend on Common Share Certificates

 

Certificates representing Common Shares which
are issued and Common Shares that are issued and registered in Book Entry Form, each after the Record Time but prior to the earlier
of the Separation Time and the Expiration Time, shall also evidence, in addition to Common Shares, one Right for each Common Share
represented thereby and shall have include a legend in a form substantially to the following effect (adapted accordingly as the
Rights Agent may reasonably require):

 

Until the Separation Time (defined in the Shareholder
Rights Agreement referred to below), this [certificate/entry] also evidences rights of the holder described in a Shareholder Rights
Plan Agreement originally dated as of November 9, 1995 as subsequently amended and restated (the “Shareholder Rights
Agreement”) between Enbridge Inc. (the “Corporation”) and Computershare Trust Company of Canada, the terms of
which are incorporated herein by reference and a copy of which is on file at the principal executive offices of the Corporation.
Under certain circumstances set out in the Shareholder Rights Agreement, the rights may expire, may become null and void or may
be evidenced by separate [certificates/entries] and no longer evidenced by this [certificate/entry]. The Corporation will mail
or arrange for the mailing of a copy of the Shareholder Rights Agreement to the holder of this [certificate/entry] without charge
as soon as practicable after the receipt of a written request therefor.

 

Common Shares that are issued and outstanding
at the Record Time shall also evidence one Right for each Common Share represented thereby, notwithstanding the absence of the
foregoing legend, until the close of business on 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 (and the 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.

 

		(b)	Until the Separation Time,

 

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

 

     

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		(ii)	each Right will be evidenced by the certificate for the associated Common Share of the Corporation registered in the name of
the holder thereof (which certificate shall also be deemed to represent a Rights Certificate) or by Book Entry Form registration
for the associated Common Share and will be transferable only together with, and will be transferred by a transfer of, such associated
Common Share of the Corporation.

 

		(c)	From and after the Separation Time and prior to the Expiration Time:

 

		(i)	the Rights shall be exercisable; and

 

		(ii)	the registration and transfer of Rights shall be separate from and independent of Common Shares of the Corporation.

 

Promptly following the Separation Time, the Corporation
will determine whether it wishes to issue Rights Certificates or whether it will maintain the Rights in Book Entry Form. In the
event that the Corporation determines to maintain Rights in Book Entry Form, it will put in place such alternative procedures (as
are determined necessary in consultation with the Rights Agent) for the Rights to be maintained in Book Entry Form (the “Book
Entry Rights Exercise Procedures”), it being hereby acknowledged that such procedures shall, to the greatest extent possible,
replicate in all substantive respects the procedures set out in this Agreement with respect to the exercise of the Rights Certificates
and that the procedures set out in this Agreement shall be modified only to the extent necessary, as reasonably determined by the
Rights Agent, to permit the Corporation to maintain the Rights in Book Entry Form. In such event, the Book Entry Rights Exercise
Procedures shall be deemed to replace the procedures set out in the Agreement with respect to the exercise of Rights and all provision
of this Agreement referring to the Rights Certificates shall be applicable to Rights registered in Book Entry Form in like manner
as the Rights in certificated form.

 

In the event the Corporation determines to issue Rights
Certificates, it will prepare and the Rights Agent will mail to each holder of record of Common 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)
hereof and, in respect of any Rights Beneficially Owned by such Acquiring Person which are not held of record by such Acquiring
Person, the holder of record of such Rights (a “Nominee”)) at such holder's address as shown by the records
of the Corporation (the Corporation hereby agreeing to furnish copies of such records to the Rights Agent for this purpose):

 

		(x)	a Rights Certificate appropriately completed, representing the number of Rights held by such holder at the Separation Time
and having such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Corporation
may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any
law, rule or regulation or 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

 

     

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		(y)	a disclosure statement describing the Rights,

 

provided that a Nominee shall be sent the materials
provided for in (x) and (y) in respect of all Common Shares of the Corporation held of record by it which are not Beneficially
Owned by an Acquiring Person.

 

		(d)	In the event that the Corporation determines to issue Rights Certificates, 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:

 

		(i)	the Rights Certificate evidencing such Rights;

 

		(ii)	an election to exercise such Rights (an “Election to Exercise”) substantially in the form attached to the
Rights Certificate appropriately completed and executed by the holder or his executors or administrators or other personal representatives
or his or their legal attorney duly appointed by an instrument in writing in form and executed in a manner satisfactory to the
Rights Agent; and

 

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

 

		(e)	In the event that the Corporation determines to issue Rights Certificates, then upon receipt of a Rights Certificate, together
with a completed Election to Exercise executed in accordance with Clause 2.2(d)(ii), which does not indicate that such Right
is null and void as provided by Subsection 3.1(b), and payment as set forth in Clause 2.2(d)(iii), the Rights Agent (unless
otherwise instructed by the Corporation in the event that the Corporation is of the opinion that the Rights cannot be exercised
in accordance with this Agreement) will thereupon promptly:

 

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

 

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

 

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

 

     

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

 

		(v)	remit 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 (subject to the provisions of Subsection 5.5(a)) 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:

 

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

 

		(ii)	take all such action as may be necessary and within its power to comply with the requirements of the Canada Business Corporations
Act, the Securities Act (Alberta) and the securities laws or comparable legislation of each of the provinces of Canada
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 on the stock exchanges on which
such Common Shares were traded immediately prior to the Stock Acquisition Date;

 

		(iv)	cause to be reserved and kept available out of the 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;

 

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

 

     

    -21-

    

 

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

 

		2.3	Adjustments to Exercise Price; Number of Rights

 

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.

 

		(a)	In the event the Corporation shall at any time after the date of this Agreement:      

 

		(i)	declare or pay a dividend on Common Shares payable in Common Shares (or other securities exchangeable for or convertible into
or giving a right to acquire Common Shares or other securities of the Corporation) other than pursuant to any optional stock dividend
program or Dividend Reinvestment Plan;

 

		(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 securities exchangeable for or convertible into or giving a right to acquire Common Shares
or other securities of the Corporation) in respect of, in lieu of or in exchange for existing Common Shares except as otherwise
provided in this Section 2.3,

 

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 as of the payment or effective date 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 (or other capital stock) (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; and

 

     

    -22-

    

 

		(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 shares issued in respect of such dividend, subdivision, change, consolidation or issuance, so that each such Common Share (or
other capital stock) 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 of such dividend, subdivision, change, consolidation or issuance.

 

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(a)(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 agree to amend this Agreement in
order to effect such treatment.

 

In the event the Corporation shall at any time after
the Record Time and prior to the Separation Time issue any Common Shares otherwise than in a transaction referred to in this Subsection
2.3(a), 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.

 

		(b)	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 of rights, options or warrants to all holders of Common Shares entitling them (for a period expiring within 45 calendar
days after such record date) to subscribe for or purchase Common Shares (or securities convertible into or exchangeable for or
carrying a right to purchase Common Shares) at a price per Common Share (or, if a security convertible into or exchangeable for
or carrying a right to purchase or subscribe for 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 to be in effect after such record date shall be determined by multiplying
the Exercise Price in effect immediately prior to such record date by a fraction:

 

		(i)	the numerator of which 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 or 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

 

     

    -23-

    

 

		(ii)	the denominator of which 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 may be in a form other than cash, the value of such consideration shall be as determined
in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent and
shall be binding on the Rights Agent and the holders of Rights. Such adjustment shall be made successively whenever such a record
date is fixed, and in the event that such rights, options or warrants are not so issued, or if issued, are not exercised prior
to the expiration thereof, the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such record
date had not been fixed, or to the Exercise Price which would be in effect based upon the number of Common Shares (or securities
convertible into, or exchangeable or exercisable for Common Shares) actually issued upon the exercise of such rights, options or
warrants, as the case may be.

 

For purposes of this Agreement, the granting of the
right to purchase Common Shares (whether from treasury or otherwise) pursuant to any stock dividend plan or Dividend Reinvestment
Plan or any employee benefit, stock option or similar plans shall be deemed not to constitute an issue of rights, options or warrants
by the Corporation; provided, however, that, in all such cases, the right to purchase Common Shares is at a price per share of
not less than 95% of the current market price per share (determined as provided in such plans) of the Common Shares.

 

		(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 making of a distribution to all holders of Common Shares (including any such distribution made in connection with a merger,
arrangement or amalgamation) of evidences of indebtedness, cash (other than the annual cash dividend or a dividend referred to
in Clause 2.3(a)(i), but including any dividend payable in other securities of the Corporation), assets or rights, options or warrants
(excluding those referred to in Subsection 2.3(b)), the Exercise Price to be in effect after such record date shall be determined
by multiplying the Exercise Price in effect immediately prior to such record date by a fraction:

 

		(i)	the numerator of which shall be the Market Price per Common Share on such record date, less the fair market value (as determined
in good faith by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent and
shall be binding on the Rights Agent and the holders of Rights), on a per share basis, of the portion of the cash, assets, evidences
of indebtedness, rights, options or warrants so to be distributed; and

 

     

    -24-

    

 

		(ii)	the denominator of which shall be such Market Price per Common Share.

 

Such adjustments shall be made successively whenever
such a record date is fixed, and in the event that such a distribution is not so made, the Exercise Price shall be adjusted to
be the Exercise Price which would have been in effect if such record date had not been fixed.

 

		(d)	Notwithstanding anything herein to the contrary, no adjustment in the Exercise Price shall be required unless such adjustment
would require an increase or decrease of at least 1% in the Exercise Price; provided, however, that any adjustments which by reason
of this Subsection 2.3(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.
All calculations under Section 2.3 shall be made to the nearest cent or to the nearest ten-thousandth of a share. Notwithstanding
the first sentence of this Subsection 2.3(d), any adjustment required by Section 2.3 shall be made no later than the earlier of:

 

		(i)	three years from the date of the transaction which gives rise to such adjustment; or

 

		(ii)	the Expiration Time.

 

		(e)	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(a)(i) or (iv), if the Board
of Directors acting in good faith determines that the adjustments contemplated by Subsections 2.3(a), (b) and (c) 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(a), (b) and (c) above, such adjustments, rather than the adjustments contemplated by Subsections
2.3(a), (b) and (c) above, shall be made. Subject to the prior consent of the holders of the Voting Shares or the Rights obtained
as set forth in Subsection 5.4(b) or (c), the Corporation and the Rights Agent shall have authority to amend this Agreement
as appropriate to provide for such adjustments.

 

		(f)	Each Right originally issued by the Corporation subsequent to any adjustment made to the Exercise Price hereunder shall evidence
the right to purchase, at the adjusted Exercise Price, the number of Common Shares purchasable from time to time hereunder upon
exercise of a Right immediately prior to such issue, all subject to further adjustment as provided herein.

 

     

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		(g)	Irrespective of any adjustment or change in the Exercise Price or the number of Common Shares issuable upon the exercise of
the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Exercise Price per Common Share
and the number of Common Shares which were expressed in the initial Rights Certificates issued hereunder.

 

		(h)	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 the number of Common Shares and other securities of the Corporation, if any, issuable
upon such exercise over and above the number of Common Shares and other securities of the Corporation, if any, issuable upon such
exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that the Corporation shall deliver
to such holder an appropriate instrument evidencing such holder's right to receive such additional shares (fractional or otherwise)
or other securities upon the occurrence of the event requiring such adjustment.

 

		(i)	Notwithstanding anything contained 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 their
good faith judgment the Board of Directors shall determine to be advisable, in order that any:

 

		(i)	consolidation or subdivision of Common Shares;

 

		(ii)	issuance (wholly or in part for cash) of Common Shares or securities that by their terms are convertible into or exchangeable
for Common Shares;

 

		(iii)	stock dividends; or

 

		(iv)	issuance of rights, options or warrants referred to in this Section 2.3,

 

hereafter made by the Corporation to holders of its
Common Shares, shall not be taxable to such shareholders.

 

		2.4	Date on Which Exercise Is Effective

 

Each Person in whose name any certificate
or confirmation in Book Entry Form 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
thereon, and such certificate or entry shall be dated the date upon which the Rights Certificate evidencing such Rights was duly
surrendered in accordance with Subsection 2.2(d) (together with a duly completed Election to Exercise) and payment of the Exercise
Price for such Rights (and any applicable transfer taxes and other governmental charges payable by the exercising 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
or entry shall be dated, the next succeeding Business Day on which the Common Share transfer books of the Corporation are open.

 

     

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		2.5	Execution, Authentication, Delivery and Dating of Rights Certificates

 

Rights
will be evidenced, in the case of Rights in Book Entry Form, by a statement issued under the Rights Agent’s direct registration
system or, alternatively, if the Corporation determines to issue Rights Certificates, by the following procedures:

 

		(a)	The Rights Certificates shall be executed on behalf of the Corporation by its Chairman of the Board, President or any Vice-President
and by its Corporate Secretary or any Assistant Secretary under the corporate seal of the Corporation reproduced thereon. The signature
of any of these officers on the Rights Certificates may be manual, facsimile or email scanned copy. Rights Certificates bearing
the manual, facsimile or email scanned signatures of individuals who were at any time the proper officers of the Corporation shall
bind the Corporation, notwithstanding that such individuals or any of them have ceased to hold such offices either before or after
the countersignature and delivery of such Rights Certificates.

 

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

 

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

 

		2.6	Registration, Transfer and Exchange

 

		(a)	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 registrar for the Rights (the “Rights Registrar”) for the purpose of maintaining the Rights
Register for the Corporation and registering Rights and transfers of Rights as herein provided and the Rights Agent hereby accepts
such appointment. In the event that the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have the right
to examine the Rights Register at all reasonable times.

 

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 manually countersign and deliver, in the name of the holder or the designated
transferee or transferees, as required pursuant to the holder's instructions, one or more new Rights Certificates evidencing the
same aggregate number of Rights as did the Rights Certificates so surrendered. Alternatively, in the case of the exercise of Rights
in Book Entry Form, the Rights Agent shall provide the holder or the designated transferee or transferees with one or more statements
issued under the Rights Agent’s direct registration system evidencing the same aggregate number of Rights as did the direct
registration system’s records for the Rights transferred or exchanged.

 

     

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		(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 reasonable fees and expenses of the Rights
Agent) connected therewith.

 

		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 reasonable satisfaction of the destruction, loss or theft of any Rights Certificate; and

 

		(ii)	such security or indemnity as may be reasonably required by them in their sole discretion to save each of them and any of their
agents harmless;

 

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

 

     

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		(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 reasonable 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 the contractual obligation of the Corporation, whether or not the destroyed, lost or stolen Rights Certificate shall
be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with
any and all other Rights duly issued hereunder.

 

		2.8	Persons Deemed Owners of Rights

 

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

 

		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, subject to applicable laws, and its
ordinary business practices, destroy all cancelled Rights Certificates and deliver a certificate of destruction to the Corporation
upon request.

 

		2.10	Agreement of Rights Holders

 

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

 

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

 

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

 

     

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

 

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

 

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

 

		(f)	that, subject to the provisions of Section 5.4, without the approval of any holder of Rights or Voting Shares and upon the
sole authority of the Board of Directors, acting in good faith, this Agreement may be supplemented or amended from time to time
to cure any ambiguity or to correct or supplement any provision contained herein which may be inconsistent with the intent of this
Agreement or is otherwise defective, as provided herein; and

 

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

 

		2.11	Rights Certificate Holder Not Deemed a Shareholder

 

No holder, as such, of any Rights or Rights
Certificate shall be entitled to vote, receive dividends or be deemed for any purpose whatsoever the holder of any Common Share
or any other share or security of the Corporation which may at any time be issuable on the exercise of the Rights represented thereby,
nor shall anything contained herein or in any Rights Certificate be construed or deemed or confer upon the holder of any Right
or Rights Certificate, as such, any right, title, benefit or privilege of a holder of Common 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 holders of Common Shares or any other shares of the Corporation at any 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 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 Rights Certificates shall have been
duly exercised in accordance with the terms and provisions hereof.

 

     

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Article
3 - ADJUSTMENTS TO THE RIGHTS

 

		3.1	Flip-in Event

 

		(a)	Subject to Subsection 3.1(b) and Section 5.1, in the event that prior to the Expiration Time a Flip-in Event shall occur, each
Right shall constitute, effective at the close of business on the eighth Trading Day after the Stock Acquisition Date, the right
to purchase from the Corporation, upon exercise thereof in accordance 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 consummation or occurrence, an event of a type analogous to
any of the events described in Section 2.3 shall have occurred).

 

		(b)	Notwithstanding anything in this Agreement to the contrary, upon the occurrence of any Flip-in Event, any Rights that are or
were Beneficially Owned on or after the earlier of the Separation Time 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 any Affiliate or Associate of an Acquiring Person); or

 

		(ii)	a transferee of Rights, directly or indirectly, from 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 any Affiliate or Associate of an Acquiring Person), where
such transferee becomes a transferee concurrently with or subsequent to the Acquiring Person becoming such in a transfer that the
Board of Directors has determined is part of a plan, arrangement or scheme of 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 any Affiliate or Associate of an
Acquiring Person), that has the purpose or effect of avoiding Clause 3.1(b)(i),

 

shall become null and void without any further action,
and any holder of such Rights (including transferees) shall thereafter have no right to exercise such Rights under any provision
of this Agreement and further shall thereafter not have any other rights whatsoever with respect to such Rights, whether under
any provision of this Agreement or otherwise.

 

     

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		(c)	From and after the Separation Time, the Corporation shall do all such acts and things as shall be necessary and within its
power to ensure compliance with the provisions of this Section 3.1, including without limitation, all such acts and things as may
be required to satisfy the requirements of the Canada Business Corporations Act, the Securities Act (Alberta) and
the securities laws or comparable legislation of each of the provinces of Canada and of the United States and each of the states
thereof in respect of the issue of Common Shares upon the exercise of Rights in accordance with this Agreement.

 

		(d)	Any Rights Certificate that represents Rights Beneficially Owned by a Person described in either Clause 3.1(b)(i) or (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 Acquiring Person (as such terms are defined
in the Shareholder Rights Plan Agreement) or a Person who was acting jointly or in concert with an Acquiring Person or an Affiliate
or Associate of an Acquiring Person. This Rights Certificate and the Rights represented hereby are void or shall become void in
the circumstances specified in Subsection 3.1(b) of the Shareholder Rights Plan 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 impose
such legend only if instructed to do so by the Corporation in writing 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(d) shall have 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 the Rights in accordance
with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Corporation may from time to time
appoint such co-Rights Agents (“Co-Rights Agents”) as it may deem necessary or desirable, subject to the 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 Agent.
The Corporation agrees to pay all reasonable fees and expenses of the Rights Agent in respect of the performance of its duties
under this Agreement.

 

     

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

 

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

 

		(a)	Any corporation into which the Rights Agent may be merged or amalgamated or with which it may be consolidated, or any corporation
resulting from any merger, amalgamation, statutory arrangement or consolidation to which the Rights Agent is a party, or any corporation
succeeding to the shareholder or stockholder services business of the 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 hereof.
In case at the time such successor Rights Agent succeeds to the agency created by this Agreement any of the Rights Certificates
have been countersigned but not delivered, any 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 have not been countersigned,
any successor Rights Agent may countersign such Rights Certificates in the name of the predecessor Rights Agent or in the name
of the successor Rights Agent; and in all such cases such Rights Certificates will have the full force provided in the Rights Certificates
and in this Agreement.

 

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

 

		4.3	Duties of Rights Agent

 

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

 

		(a)	the Rights Agent, at the expense of the Corporation, may consult with and retain legal counsel (who may be legal counsel for
the Corporation) and such other experts as it shall reasonably consider necessary to perform its duties hereunder, and the opinion
of such counsel or other expert will be full and complete authorization and protection to the Rights Agent as to any action taken
or omitted by it in good faith and in accordance with such opinion;

 

     

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

 

		(c)	the Rights Agent will be liable hereunder 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 certificate for a Common Share or Rights Certificate (except its countersignature thereof); nor will it be responsible for
any breach by the Corporation of any covenant or condition contained in this Agreement or in any Rights Certificate; nor will it
be responsible for any change in the exercisability of the Rights (including the Rights becoming void pursuant to Subsection 3.1(b)
hereof) or any adjustment required under the provisions of Section 2.3 hereof or responsible for the manner, method or amount of
any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to
the exercise of Rights after receipt of the certificate contemplated by Section 2.3 describing any such adjustment); 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 agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for
the carrying out or performing by the Rights Agent of the provisions of this Agreement;

 

     

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		(g)	the Rights Agent is hereby authorized and directed to accept instructions in writing with respect to the performance of its
duties hereunder from any individual believed by the Rights Agent to be the Chairman of the Board, President, any Vice-President,
Treasurer, Corporate Secretary or any Assistant Secretary of the Corporation, and to apply to such individuals for advice or instructions
in connection with its duties, and it shall not be liable for any action taken or suffered by it in good faith in accordance with
instructions of any such individual, it being understood that instructions to the Rights Agent will, except where circumstances
make it impracticable or the Rights Agent otherwise agrees, be given in writing and, where not in writing, such instructions will
be confirmed in writing as soon as reasonably possible after such instructions have been given;

 

		(h)	the Rights Agent and any shareholder or stockholder, 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; and

 

		(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 each 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 each transfer agent of the Common Shares by
registered or certified mail. 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 60 days after
such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights
Agent, then by prior written notice to the Corporation the resigning Rights Agent or the holder of any Rights (which holder shall,
with such notice, submit such holder's Rights Certificate, if any, for inspection by the Corporation), may apply to any court of
competent jurisdiction for the appointment of a new Rights Agent, at the Corporation’s expense. Any successor Rights Agent,
whether appointed by the Corporation or by such a court, 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 Alberta. 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 all outstanding fees and expenses owing to it, shall
deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further
assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Corporation
will file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares and mail a notice
thereof in writing to the holders of the Rights in accordance with Section 5.9. Failure to give any notice provided for in this
Section 4.4, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights
Agent or the appointment of any successor Rights Agent, as the case may be.

 

     

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		4.5	Compliance with Money Laundering Legislation

 

The Rights Agent shall retain the right to
not take any action and shall not be liable for refusing to take any action if, the Rights Agent reasonably determines that such
an action might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation
or guideline. Further, should the Rights Agent reasonably determine at any time that its acting under this Agreement has resulted
in it being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation, or guideline,
then it shall have the right to resign on 30 days’ prior written notice to the Corporation, provided: (a) that the Rights
Agent’s written notice shall describe the circumstances of such non-compliance; and (b) that if such circumstances are rectified
to the Rights Agent’s satisfaction within such 30-day period, then such resignation shall not be effective.

 

Article
5 - MISCELLANEOUS

 

		5.1	Redemption and Waiver

 

		(a)	The Board of Directors acting in good faith may, until the occurrence of a Flip-in Event, upon prior written notice delivered
to the Rights Agent, determine to waive the application of Section 3.1 to a particular Flip-in Event that would result from a Take-over
Bid made by way of take-over bid circular to all holders of record of Voting Shares (which for greater certainty shall not include
the circumstances described in Subsection 5.1(h)); provided that if the Board of Directors waives the application of Section 3.1
to a particular Flip-in Event pursuant to this Subsection 5.1(a), 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 to all holders of record of Voting Shares prior to the expiry, termination or withdrawal of any Take-over Bid (as the
same may be extended from time to time) in respect of which a waiver is, or is deemed to have been, granted under this Subsection 5.1(a).

 

     

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		(b)	Subject to the prior consent of the holders of the Voting Shares or the Rights obtained as set forth in Subsection 5.4(b)
or (c), the Board of Directors acting in good faith may, at its option, at any time prior to the provisions of Section 3.1
becoming applicable as a result of the occurrence of a Flip-in Event, elect to redeem all but not less than all of the outstanding
Rights at a redemption price of $0.001 per Right appropriately adjusted in a manner analogous to the applicable adjustment provided
for in Section 2.3 if an event of the type analogous to any of the events described in Section 2.3 shall have occurred
(such redemption price being herein referred to as the “Redemption Price”).

 

		(c)	Where a Person acquires pursuant to a Permitted Bid, a Competing Permitted Bid or an Exempt Acquisition under Subsection 5.1(a)
outstanding Voting Shares, other than Voting Shares Beneficially Owned at the date of the Permitted Bid, the Competing Permitted
Bid or the Exempt Acquisition under Subsection 5.1(a) by such Person, then the Board of Directors shall immediately upon the
consummation of such acquisition without further formality and without any approval under Subsection 5.4(b) or (c) be deemed
to have elected to redeem the Rights at the Redemption Price.

 

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

 

		(e)	If the Board of Directors is deemed under Subsection 5.1(c) to have elected, or elects under either of Subsection 5.1(b)
or (d), to redeem the Rights, the right to exercise the Rights will thereupon, without further action and without notice, terminate
and the only right thereafter of the holders of Rights shall be to receive the Redemption Price.

 

		(f)	Within 10 days after the Board of Directors is deemed under Subsection 5.1(c) to have elected, or elects under Subsection 5.1(b)
or (d), to redeem the Rights, the Corporation shall give notice of redemption to the holders of the then outstanding Rights by
mailing such notice to each such holder at his last address as it appears upon the registry books of the Rights Agent or, prior
to the Separation Time, on the registry books of the transfer agent for the Voting Shares. Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state
the method by which the payment of the Redemption Price will be made.

 

		(g)	Upon the Rights being redeemed pursuant to Subsection 5.1(d), 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 Common 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.

 

     

    -37-

    

 

		(h)	The Board of Directors may waive the application of Section 3.1 in respect of the occurrence of any Flip-in Event if the Board
of Directors has determined within eight Trading Days following a Stock Acquisition Date that a Person became an Acquiring Person
by inadvertence and without any intention to become, or knowledge that it would become, an Acquiring Person under this Agreement
and, in the event that such a waiver is granted by the Board of Directors, such Stock Acquisition Date shall be deemed not to have
occurred. Any such waiver pursuant to this Subsection 5.1(h) must be on the condition that such Person, within 14 days after the
foregoing determination by the Board of Directors or such earlier or later date as the Board of Directors may determine (the “Disposition
Date”), has reduced its Beneficial Ownership of Voting Shares such that the Person is no longer an Acquiring Person.
If the Person remains an Acquiring Person at the close of business on the Disposition Date, the Disposition Date shall be deemed
to be the date of occurrence of a further Stock Acquisition Date and Section 3.1 shall apply thereto.

 

		5.2	Expiration

 

No Person shall have any rights whatsoever
pursuant to this Agreement or in respect of any Right after the Expiration Time, except the Rights Agent as specified in Subsection
4.1(a) of this Agreement.

 

		5.3	Issuance of New Rights Certificates

 

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

 

		5.4	Supplements and Amendments

 

		(a)	The Corporation may make amendments to this Agreement to correct any clerical or typographical error or, subject to Subsection 5.4(e),
which are required to maintain the validity of this Agreement as a result of any change in any applicable legislation, rules or
regulations thereunder. Notwithstanding anything in this Section 5.4 to the contrary, no such 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 before 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 provided by the holders of Voting Shares at a Special Meeting, which Special Meeting shall be called and
held in compliance with applicable laws and regulatory requirements and the requirements in the articles and by-laws of the Corporation.
Subject to compliance with any requirements imposed by the foregoing, consent shall be given if the proposed amendment, variation
or rescission is approved by the affirmative vote of a majority of the votes cast by Independent Shareholders present or represented
in person or by proxy at and entitled to be voted at the Special Meeting.

 

     

    -38-

    

 

		(c)	The Corporation may, with the prior consent of the holders of Rights obtained as set forth below, at any time after the Separation
Time and before the Expiration 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), provided that no such amendment,
variation or deletion shall be made to the provisions of Article 4 except with the written concurrence of the Rights Agent thereto.
The Corporation shall give notice in writing to the Rights Agent of any supplement, amendment, deletion, variation or rescission
to this Agreement in accordance with this Section 5.4 within five Business Days of the date of any such supplement, amendment,
deletion, variation or rescission, provided that the failure to give such notice, or any defect therein, shall not affect the validity
of any such supplement, amendment, deletion, variation or rescission. Such consent shall be deemed to have been given if provided
by the holders of Rights at a Rights Holders’ Special Meeting, which Rights Holders’ Special Meeting shall be called
and held in compliance with applicable laws and regulatory requirements and, to the extent possible, with the requirements in the
articles and by-laws of the Corporation applicable to meetings of holders of Voting Shares, applied mutatis mutandis. Subject
to compliance with any requirements imposed by the foregoing, consent shall be given if the proposed amendment, variation or rescission
is approved by the affirmative vote of a majority of the votes cast by holders of Rights (other than holders of Rights whose Rights
have become null and void pursuant to Subsection 3.1(b)), represented in person or by proxy at and entitled to be voted at
the Rights Holders’ Special Meeting.

 

		(d)	Any approval of the holders of Rights shall be deemed to have been given if the action requiring such approval is authorized
by the affirmative votes of the holders of Rights present or represented at and entitled to be voted at a meeting of the holders
of Rights and representing a majority of the votes cast in respect thereof. For the purposes hereof, each outstanding Right (other
than Rights which are void pursuant to the provisions hereof) shall be entitled to one vote, and the procedures for the calling,
holding and conduct of the meeting shall be those, as nearly as may be, which are provided in the Corporation's by-laws and the
Canada Business Corporations Act with respect to meetings of shareholders of the Corporation.

 

		(e)	Any amendments made by the Corporation to this Agreement pursuant to Subsection 5.4(a) which are required to maintain the validity
of this Agreement as a result of any change in any applicable legislation, rule or regulation thereunder shall:

 

     

    -39-

    

 

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

 

		(ii)	if made after the Separation Time, be submitted to the holders of Rights at a meeting to be called for on a date not later
than immediately following the next meeting of shareholders of the Corporation and the holders of Rights may, by resolution passed
by the majority referred to in Subsection 5.4(d), confirm or reject such amendment.

 

Any such amendment shall 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 continues in effect in the form so confirmed.
If such amendment is rejected by the shareholders or the holders of Rights or is not submitted to the shareholders or holders of
Rights as required, then such amendment shall cease to be effective from and after the termination of the meeting at which it was
rejected or to which it should have been but was not submitted or from and after the date of the meeting of holders of Rights that
should have been but was not held, and no subsequent resolution of the Board of Directors to amend this Agreement to substantially
the same effect shall be effective until confirmed by the shareholders or holders of Rights as the case may be.

 

		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. After the Separation Time, in lieu of issuing fractional Rights, the Corporation shall pay to the holders of record of
the Rights Certificates (provided the Rights represented by such Rights Certificates are not void pursuant to the provisions of
Subsection 3.1(b), at the time such fractional Rights would otherwise be issuable), an amount in cash equal to the fraction of
the Market Price of one whole Right that the fraction of a Right that would otherwise be issuable is of one whole Right.

 

		(b)	The Corporation shall not be required to issue fractions of Common Shares upon exercise of Rights or to distribute certificates
which evidence fractional Common Shares. In lieu of issuing fractional Common Shares, the Corporation shall pay to the registered
holders of Rights Certificates, at the time such Rights are exercised as herein provided, an amount in cash equal to the fraction
of the Market Price of one Common Share that the fraction of a Common Share that would otherwise be issuable upon the exercise
of such Right is of one whole Common Share at the date of such exercise.

 

     

    -40-

    

 

		5.6	Rights of Action

 

Subject to the terms of this Agreement, all
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. Any holder of 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 such holder's right to exercise such holder's
Rights, or Rights to which such holder is entitled, 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	Regulatory Approvals

 

Any obligation of the Corporation or action
or event contemplated by this Agreement shall be subject to the receipt of any requisite approval or consent from any governmental
or regulatory authority, and without limiting the generality of the foregoing, necessary approvals of The Toronto Stock Exchange
and other exchanges shall be obtained, such as to the issuance of Common Shares upon the exercise of Rights under Subsection 2.2(d).

 

		5.8	Declaration as to Non-Canadian or Non-U.S. Holders

 

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

 

		5.9	Notices

 

		(a)	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, sent by registered or certified mail, postage
prepaid (until another address is filed in writing with the Rights Agent), or sent by facsimile or other form of recorded electronic
communication, charges prepaid and confirmed in writing, as follows:

 

Enbridge Inc.

200, Fifth Avenue Place

425 – 1st Street S.W.

Calgary, AB

T2P 3L8

Attention: Corporate Secretary

Fax No.: (403) 231-3920

 

     

    -41-

    

 

		(b)	Notices or demands 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, sent by registered or certified mail, postage
prepaid (until another address is filed in writing with the Corporation), or sent by facsimile or other form of recorded electronic
communication, charges prepaid and confirmed in writing, as follows:

 

Computershare Trust Company of Canada

600, 530 – 8th Avenue SW

Calgary, AB

T2P 3S8

Attention: General Manager, Client Services

Fax No.: (403) 267-6529

 

		(c)	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 register of the Rights Agent or, prior to the Separation Time,
on the register of the Corporation for its Common Shares. Any notice which is mailed or sent in the manner herein provided shall
be deemed given, whether or not the holder receives the notice.

 

		(d)	Any notice given or made in accordance with this Section 5.9 shall be deemed to have been given and to have been received on
the day of delivery, if so delivered, on the third Business Day (excluding each day during which there exists any general interruption
of postal service due to strike, lockout or other cause) following the mailing thereof, if so mailed, and on the day of telegraphing,
telecopying or sending of the same by other means of recorded electronic communication (provided such sending is during the normal
business hours of the addressee on a Business Day and if not, on the first Business Day thereafter). Each of the Corporation and
the Rights Agent may from time to time change its address for notice by notice to the other given in the manner aforesaid.

 

		5.10	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) incurred by such holder to enforce his rights pursuant to any Rights or this
Agreement.

 

     

    -42-

    

 

		5.11	Successors

 

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

 

		5.12	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; further, this Agreement shall be for the sole and exclusive benefit of the Corporation, the
Rights Agent and the holders of the Rights.

 

		5.13	Governing Law

 

This Agreement and each Right issued hereunder
shall be deemed to be a contract made under the laws of the Province of Alberta 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.

 

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

 

		5.15	Effective Date

 

Upon being confirmed and approved by the holders
of Voting Shares at the Corporation's 2020 annual meeting of holders of Voting Shares, this Agreement shall be effective and in
full force and effect in accordance with its terms from and after the Effective Date and amends, restates and replaces in its entirety
the Original Agreement. Pending such reconfirmation and approval only the provisions of this Section 5.15 and Sections 5.4,
5.16, 5.17 and 5.19 and defined terms referred to in any of such Sections shall be effective and in full force and effect.

 

     

    -43-

    

 

		5.16	Reconfirmation and Approval

 

This Agreement must be reconfirmed and approved
by a resolution passed by a majority of greater than 50% of the votes cast by all holders of Voting Shares who vote in respect
of such reconfirmation and approval at a meeting of holders of Voting Shares to be held not later than the date of the 2020 annual
meeting of holders of Voting Shares and thereafter at such a meeting to be held, mutatis mutandis, every three years
thereafter. If the Agreement is not so reconfirmed and approved or is not presented for reconfirmation at any such meeting, this
Agreement and all outstanding Rights shall terminate and be void and of no further force and effect on and from the close of business
on that date which is the earlier of the date of termination of the meeting called to consider the reconfirmation and approval
of this Agreement and the date of termination of the annual meeting of holders of Voting Shares in the applicable year; provided,
that termination shall not occur if a Flip-in Event has occurred (other than a Flip-in Event which has been waived pursuant to
Subsection 5.1(a) hereof), prior to the date upon which this Agreement would otherwise terminate pursuant to this Section 5.16.

 

		5.17	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, for the
purposes hereof shall not subject the Board of Directors or any director of the Corporation to any liability to the holders of
the Rights.

 

		5.18	Time of the Essence

 

Time shall be of the essence in this Agreement.

 

     

    -44-

    

 

		5.19	Execution in 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 one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of May 5, 2020.

 

	 	ENBRIDGE INC.
	 	 	 
	 	By:	/s/ Karen K.L. Uehara
	 	 	Name: Karen K.L. Uehara
	 	 	Title:   Vice President & Corporate Secretary
	 	 	 
	 	COMPUTERSHARE TRUST COMPANY OF CANADA
	 	 	 
	 	By:	/s/ Tara Israelson
	 	 	Name: Tara Israelson
	 	 	Title:   General Manager
	 	 	 
	 	By:	/s/ Stephen Bandola
	 	 	Name: Stephen Bandola
	 	 	Title:   Relationship Manager

 

     

    -45-

    

 

ATTACHMENT 1

 

ENBRIDGE INC.

 

SHAREHOLDER RIGHTS PLAN AGREEMENT

 

[Form of Rights Certificate]

 

	Certificate No._______	Rights________

 

THE RIGHTS ARE SUBJECT TO TERMINATION ON THE TERMS SET FORTH
IN THE SHAREHOLDER RIGHTS PLAN AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN SUBSECTION 3.1(b) OF THE SHAREHOLDER RIGHTS
PLAN AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR CERTAIN RELATED PARTIES, OR TRANSFEREES OF AN ACQUIRING PERSON
OR CERTAIN RELATED PARTIES, MAY BECOME VOID.

 

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 Shareholder Rights Plan Agreement, dated as of November 9, 1995, as the same may
be amended or supplemented from time to time (the “Shareholder Rights Agreement”), between Enbridge Inc., a
corporation duly incorporated under the Canada Business Corporations Act (the “Corporation”) and Computershare
Trust Company of Canada, a trust company incorporated under the laws of Canada (the “Rights Agent”) (which term
shall include any successor Rights Agent under the Shareholder Rights Agreement), to purchase from the Corporation at any time
after the Separation Time (as such term is defined in the Shareholder Rights Agreement) and prior to the Expiration Time (as such
term is defined in the Shareholder 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 (in the form provided hereinafter) duly executed and submitted to the Rights Agent at its principal office in any of the
cities of Vancouver, Calgary, Toronto and Montreal. The Exercise Price shall initially be $● (Cdn.) per Right and shall be
subject to adjustment in certain events as provided in the Shareholder Rights Agreement.

 

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

 

     

     

    

 

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.

 

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 of any other securities
which may at any time be issuable upon the exercise hereof, nor shall anything contained in the Shareholder 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 meetings or other actions affecting shareholders (except as provided in
the Shareholder 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 Shareholder Rights Agreement.

 

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

 

WITNESS the facsimile signature of the proper
officers of the Corporation and its corporate seal.

 

Date:                                                    

 

	ENBRIDGE INC.	 
	 	 	 
	By:	 	 
	 	Authorized Signatory	 
	 	 	 
	Countersigned:	 
	 	 	 
	COMPUTERSHARE TRUST COMPANY OF CANADA	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

     

     

    

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder if such holder desires
to transfer the Rights Certificate.) FOR VALUE RECEIVED hereby                                                          
sells, assigns and transfers unto

 

 

 

(Please print name and address of transferee.)

 

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

 

Dated:                                                                                                                     

 

	Signature Guaranteed:	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 must be guaranteed by a major Schedule
1 Canadian chartered bank, a member of a recognized stock exchange or a member of a recognized Medallion Guarantee Program.

 

 

CERTIFICATE

 

(To be completed if true.)

 

The undersigned party transferring Rights
hereunder, 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 a Person acting jointly or in concert with an Acquiring Person or an Affiliate or Associate thereof.
Capitalized terms shall have the meaning ascribed thereto in the Shareholder Rights Agreement.

 

	 	 
	 	Signature

 

     

     

    

 

(To be attached to each Rights Certificate.)

FORM OF ELECTION TO EXERCISE

 

(To be exercised by the registered holder if such holder desires
to exercise the Rights Certificate.)

 

TO:                                       

 

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

 

_____________________________________________________

(Name)

 

_____________________________________________________

(Address)

 

_____________________________________________________

(City and Province)

 

_____________________________________________________

Social Insurance Number or other taxpayer identification number.

 

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

 

_____________________________________________________

(Name)

 

_____________________________________________________

(Address)

 

_____________________________________________________

(City and Province)

 

_____________________________________________________

Social Insurance Number or other taxpayer identification number.

 

Dated:________________________________________________

 

	Signature Guaranteed:	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 must be guaranteed
by a major Schedule 1 Canadian chartered bank, a member of a recognized stock exchange or a member of a recognized Medallion Guarantee
Program.

 

     

     

    

 

CERTIFICATE

 

(To be completed if true.)

 

The undersigned party exercising Rights hereunder,
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 a Person acting jointly or in concert with an Acquiring Person or an Affiliate or Associate thereof. Capitalized
terms shall have the meaning ascribed thereto in the Shareholder Rights Agreement.

 

	 	 
	 	Signature
	 	 

 

(To be attached to each Rights Certificate.)

 

     

     

    

 

NOTICE

 

In the event the certification set forth above
in the Forms of Assignment and Election is not completed, the Corporation will deem the Beneficial Owner of the Rights evidenced
by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof. No Rights Certificates shall be issued
in exchange for a Rights Certificate owned or deemed to have been owned by an Acquiring Person or an Affiliate or Associate thereof,
or by a Person acting jointly or in concert with an Acquiring Person or an Affiliate or Associate thereof.EX-10.1

 Exhibit 10.1 

SIXTH AMENDMENT TO CREDIT AGREEMENT 

Dated as of May 6, 2020 

This SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”; capitalized terms used herein without definition having the
meanings provided in Section 1 hereof) is between BRINKER INTERNATIONAL, INC., a Delaware corporation (the “Borrower”), BRINKER RESTAURANT CORPORATION, a Virginia corporation (“Brinker
Restaurant”), BRINKER FLORIDA, INC., a Virginia corporation (“Brinker Florida”), BRINKER TEXAS, INC., a Virginia corporation (“Brinker Texas”), BRINKER INTERNATIONAL PAYROLL COMPANY, L.P., a Delaware
limited partnership (“Brinker Payroll”), as Guarantors, the Existing Banks party hereto and BANK OF AMERICA, N.A., a national banking association, as administrative agent for the Banks (in such capacity, the “Administrative
Agent”). 
 RECITALS: 

WHEREAS, the Borrower, the Guarantors, the Banks party thereto (the “Existing Banks”) and Bank of America, N.A., as
administrative agent, entered into that certain Credit Agreement dated as of March 12, 2015 (including schedules and exhibits thereto, as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit
Agreement”); and 
 WHEREAS, the Borrower has requested that the Administrative Agent and the Banks agree to amend and waive
certain provisions of the Existing Credit Agreement as specifically set forth herein, and the Administrative Agent and the Banks party to this Amendment (the “Consenting Banks”) are, on the terms and conditions contained in this
Amendment, willing to grant such request and to amend and waive certain provisions of the Existing Credit Agreement as hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows: 
 Section 1.    Definitions and other Interpretive
Provisions. 
 (a)    Definitions. The following terms (whether or not underscored) when used in this
Amendment, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof): 

“Administrative Agent” is defined in the preamble. 

“Amendment” is defined in the preamble. 

“Borrower” is defined in the preamble. 

“Consenting Banks” is defined in the recitals. 

 “Credit Agreement” means the Existing Credit Agreement, including schedules
and exhibits thereto, as amended by this Amendment as the same may hereafter be further amended, amended and restated, supplemented or otherwise modified. 

“Existing Banks” is defined in the recitals. 

“Existing Credit Agreement” is defined in the recitals. 

“Sixth Amendment Effective Date” means the date on which the conditions precedent to the effectiveness of this Amendment as
specified in Section 4 herein have been satisfied. 
 (b)    Other Definitions. Unless
otherwise defined herein or the context otherwise requires, terms used in this Amendment, including its preamble and recitals, have the meanings provided in the Credit Agreement. 

(c)    Other Interpretive Provisions. The rules of construction in Sections 1.02 through 1.05 of the Credit
Agreement shall be equally applicable to this Amendment. 
 Section 2.    Amendments. 

(i)    Credit Agreement. Effective as of the Sixth Amendment Effective Date, and subject to the terms and
conditions set forth herein and in reliance upon representations and warranties set forth herein, the Existing Credit Agreement is hereby amended as set forth herein. 

(a)    Section 1.01 of the Existing Credit Agreement. Section 1.01 of the Existing Credit
Agreement is hereby amended by adding the following new definitions in proper alphabetical order: 
 “Aggregate
Commitments” means the Commitments of all the Banks. 
 “Excess Availability” means the amount,
calculated at any date, equal to: (a) the Aggregate Commitments, minus (b) the amount of all then outstanding and unpaid Obligations. 

“Qualified Cash” means as of any date of determination, the aggregate amount of unrestricted cash and Liquid
Investments of the Borrower and its Subsidiaries. 
 “Sixth Amendment Effective Date” means May 6,
2020. 
 (b)    Section 1.01 of the Existing Credit Agreement. The Definition of “Applicable
Rate” in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Applicable Rate” means, for any day, the applicable rate per annum set forth below under the caption
“Eurodollar Rate Spread”, “Base Rate Spread” or “Facility Fee Rate”, as the case may be, based upon the Moody’s Rating and the S&P Rating: 

  
 2 

															
	 Rating Level
	  	 Ratings (Moody’s/ S&P)
	  	Facility
Fee Rate
(bps per
annum)	 	  	Eurodollar
Rate
Spread
(bps per
annum)	 	  	Base Rate
Spread
(bps per
annum)	 
	 Rating Level 1
	  	3 Baa1 or BBB+	  	 	12.5	 	  	 	100.0	 	  	 	0.0	 
	 Rating Level 2
	  	Baa2 or BBB	  	 	15.0	 	  	 	110.0	 	  	 	10.0	 
	 Rating Level 3
	  	Baa3 or BBB-	  	 	20.0	 	  	 	117.5	 	  	 	17.5	 
	 Rating Level 4
	  	Ba1 or BB+	  	 	25.0	 	  	 	137.5	 	  	 	37.5	 
	 Rating Level 5
	  	< Ba1 and BB+ or unrated	  	 	30.0	 	  	 	170.0	 	  	 	70.0	 
	 Level 6
	  	Limitation Period	  	 	40.0	 	  	 	235.0	 	  	 	135.0	 

 For the purposes of this definition, (a) if a Moody’s Rating or, an S&P Rating
shall not be in effect (other than by reason of the circumstances referred to in the last sentence of this definition), then the applicable rating agency shall be deemed to have established a rating in Rating Level 5 (as set forth in the table
above); (b) if the Moody’s Rating and the S&P Rating shall fall within different Rating Levels, the Applicable Rate shall be based on the higher of the two ratings unless the ratings differ by more than one Rating Level, in which case the
Applicable Rate shall be based on the Rating Level one level above that corresponding to the lower rating (in each case, for which purposes, Rating Level 1 is the highest and Rating Level 5 is the lowest); and (c) if the Moody’s
Rating or the S&P Rating shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first publicly announced by Moody’s or S&P.
Each change in the Applicable Rate shall apply during the period commencing on the effective date of such rating change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or
S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Banks shall negotiate in good faith to amend this definition to reflect such changed rating system or
the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 

Notwithstanding anything to the contrary herein, (a) as of the Third Amendment Effective Date, the Applicable Rate shall
be based upon Rating Level 5 and shall continue to be based upon Rating Level 5 for one hundred eighty (180) days following the Third Amendment Effective Date, (b) as of the Sixth Amendment Effective Date, the Applicable Rate
shall be based upon Level 6 and shall continue to be based upon Level 6 until termination of the Limitation Period and (c) thereafter the Applicable Rate shall be based upon the Moody’s Rating and the S&P Rating as set forth
in the table above. 

  
 3 

 (c)    Section 1.01 of the Existing Credit Agreement. The
Definition of “Limitation Period” in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Limitation Period” means the period commencing on the Fifth Amendment Effective Date and ending on the date
the Borrower demonstrates compliance with each of the financial covenants set forth in Section 7.01 for the fiscal quarter ending on or after March 24, 2021 by delivery of the financial statements pursuant to
Section 6.02(b) and the certificate pursuant to Section 6.02(e) to the Administrative Agent no later than the due date specified therein for such fiscal quarter. For the avoidance of doubt, if the
Borrower fails to demonstrate compliance with each financial covenant set forth in Section 7.01 for the fiscal quarter ending March 24, 2021, then the Limitation Period shall continue until the fiscal quarter ending
after March 24, 2021 for which the Borrower demonstrates compliance with the financial covenants set forth in Section 7.01. 

(d)    Section 2.01 of the Existing Credit Agreement. Section 2.01 of the Existing Credit
Agreement is hereby amended by deleting the second sentence appearing therein in its entirety. 
 (e)    Section 3.02
of the Existing Credit Agreement. Section 3.02 of the Existing Credit Agreement is hereby amended by deleting the proviso appearing in clause (iii) therein in its entirety. 

(f)    Section 6.02(f) of the Existing Credit Agreement. Section 6.02(f) of the Existing
Credit Agreement is hereby amended by inserting “During the Limitation Period,” immediately prior to the reference to “The Borrower” appearing in the first sentence of such Section. 

(g)    Section 7.01 of the Credit Agreement. Section 7.01 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows: 
 “7.01    Financial
Covenants. The Borrower shall not: 
 (a)    as of the last day of any fiscal quarter, for the
immediately preceding twelve (12) month period, beginning with the fiscal quarter ending March 24, 2021, permit the ratio of (i) the sum of (A) EBIT of the Borrower, on a Consolidated basis, plus (B) Rent Expense of the
Borrower, on a Consolidated basis, to (ii) the sum of (A) Interest Expense of the Borrower, on a Consolidated basis, plus (B) Rent Expense of the Borrower, on a Consolidated basis, to be less than the ratio set forth opposite the
fiscal quarter end in the table below: 
  

					
	 Fiscal Quarter Ended
	  	Minimum Ratio	 
	 March 24, 2021
	  	 	1.25 to 1.00	 
	 June 30, 2021 and thereafter
	  	 	1.50 to 1.00	 

  
 4 

 ; provided, that notwithstanding the foregoing, (i) the sum of
EBIT plus Rent Expense shall be deemed to be (A) for the twelve (12) month period ending March 24, 2021, the actual EBIT and Rent Expense for the fiscal quarter ended March 24, 2021 multiplied by four (4) and (B) for the
twelve (12) month period ending June 30, 2021, the actual EBIT plus Rent Expense for the two fiscal quarters ended June 30, 2021 multiplied by two (2), and (ii) the sum of Interest Expenses plus Rent Expense shall be deemed to be
(A) for the twelve (12) month period ending March 24, 2021, the actual Interest Expense and Rent Expense for the fiscal quarter ended March 24, 2021 multiplied by four (4) and (B) for the twelve (12) month period ending
June 30, 2021, the actual Interest Expense plus Rent Expense for the two fiscal quarters ended June 30, 2021 multiplied by two (2). 

(b)    as of the last day of any fiscal quarter, beginning with the fiscal quarter ending March 24,
2021, permit the ratio (the “Debt to Cash Flow Ratio”) of (i) the sum of (x) Debt of the Borrower, on a Consolidated basis, plus (y) the product of six multiplied by Rent Expense of the Borrower, on a
Consolidated basis, for the immediately preceding twelve-month period, to (ii) the sum of (a) EBITDA of the Borrower, on a Consolidated basis, for the immediately preceding twelve-month period, plus (b) Rent Expense of the
Borrower, on a Consolidated basis, to be greater than the ratio set forth opposite the fiscal quarter end in the table below: 
  

					
	 Fiscal Quarter Ended
	  	Maximum Ratio	 
	 March 24, 2021
	  	 	5.25 to 1.00	 
	 June 30, 2021 and thereafter
	  	 	4.75 to 1.00	 

 ; provided, that notwithstanding the foregoing, (i) the sum of Debt plus
the product of six multiplied by Rent Expense shall be deemed to be (A) for the twelve (12) month period ending March 24, 2021, the actual Debt as of such date plus the product of six multiplied by the actual Rent Expense for the
fiscal quarter ended March 24, 2021 multiplied by four (4) and (B) for the twelve (12) month period ending June 30, 2021, the actual Debt as of such date plus the product of six multiplied by the actual Rent Expense for the two
fiscal quarters ended June 30, 2021 multiplied by two (2), and (ii) the sum of EBITDA plus Rent Expense shall be deemed to be (A) for the twelve (12) month period ending March 24, 2021, the actual EBITDA and Rent Expense for
the fiscal quarter ended March 24, 2021 multiplied by four (4) and (B) for the twelve (12) month period ending June 30, 2021, the actual EBITDA plus Rent Expense for the two fiscal quarters ended June 30, 2021 multiplied by
two (2). 
 (c)    permit, at any time from the Sixth Amendment Effective Date through the end of the
Limitation Period, the sum of (i) the Excess Availability plus (ii) Qualified Cash to be less than $175,000,000. 

(ii)    Other Credit Documents. From and after the Sixth Amendment Effective Date, each reference to the Existing
Credit Agreement in any Credit Document shall be a reference to the Existing Credit Agreement, as amended by this Amendment, as the same may hereafter be further amended, amended and restated, supplemented or otherwise modified. 

  
 5 

 Section 3.    Limited Waiver. Effective as of the Sixth
Amendment Effective Date, and subject to the terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, each Consenting Bank hereby waives compliance by the Borrower with Sections 7.01(a)
and (b) of the Credit Agreement, solely for the fiscal quarters ended September 23, 2020 and December 23, 2020 (and for this purpose such waiver shall be interpreted as if the Borrower was not required to comply with
Sections 7.01(a) and (b) of the Credit Agreement for the fiscal quarters ended September 23, 2020 and December 23, 2020). The foregoing waiver is a one-time waiver and applies only
to the specified circumstance and does not modify or otherwise affect the Borrower’s obligations to comply with such provision of the Credit Agreement or any other provision of the Credit Documents in any other instance. The foregoing limited
waiver shall not be deemed or otherwise construed to constitute a waiver of any other provision or to prejudice any right, power or remedy which any Bank may now have or may have in the future under or in connection with the Credit Agreement or any
other Credit Document, all of which rights, powers and remedies are hereby expressly reserved by the Banks. The agreements and consents set forth in this Section 3 are limited to the extent specifically set forth above and
no other terms, covenants or provisions of the Credit Documents are intended to be affected hereby. 

Section 4.    Conditions of Effectiveness. This Amendment shall become effective on the date each of the
following conditions shall have been satisfied (such date, the “Sixth Amendment Effective Date”): 

(a)    Documentation. The Administrative Agent shall have received this Amendment duly executed by the Borrower, the
Guarantors, the Administrative Agent and the Majority Banks, in form and substance satisfactory to the Administrative Agent and the Consenting Banks, and in sufficient copies for each Bank. 

(b)    Certification. The Administrative Agent shall have received a certificate, dated as of the Sixth Amendment
Effective Date and signed by a Financial Officer of the Borrower, certifying that: 
 (i)    no event or
events which have or would reasonably be expected to have a Material Adverse Effect shall have occurred since June 26, 2019; provided that solely with respect to clause (a) of the definition of “Material Adverse Effect”,
the impact of the Coronavirus (also known as COVID-19) pandemic on the financial condition or business operations of the Borrower and its Subsidiaries, on a Consolidated basis, that occurred and was disclosed
to the Banks prior to the Sixth Amendment Effective Date will be disregarded for purposes of this certification; 

(ii)    no Default or event which, with the giving of notice, the lapse of time or both, would constitute a
Default shall have occurred and be continuing on and as of the Sixth Amendment Effective Date; 

(iii)    the representations and warranties contained in Section 6 hereof shall
be true and correct on and as of the Sixth Amendment Effective Date; and 

  
 6 

 (iv)    no legal or regulatory action or proceeding
shall have commenced and be continuing against the Borrower or any of its Subsidiaries since June 26, 2019, which has, or would reasonably be expected to have, a Material Adverse Effect. 

(c)    Proceeds from Equity Issuance. The Administrative Agent shall have received evidence, in form and substance
reasonably satisfactory to the Administrative Agent, that the Borrower shall have received net cash proceeds from the issuance of its Equity Interests in the form of common stock of the Borrower in an aggregate amount not less than $100,000,000.

 (d)    Patriot Act and Beneficial Owner Certification. (x) Upon the reasonable request of any Bank made
at least three (3) Business Days prior to the Sixth Amendment Effective Date, the Borrower shall have provided to such Bank, and such Bank shall be reasonably satisfied with, the documentation and other information so requested in connection
with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act, in each case at least three (3) Business Days prior to the Sixth Amendment Effective Date and
(y) at least three (3) Business Days prior to the Sixth Amendment Effective Date, any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered, to each Bank that so
requests, a Beneficial Ownership Certification in relation to such Loan Party. 
 (e)    Consent Fee. The
Administrative Agent shall have received, for the ratable account of each Consenting Bank that has executed and delivered a counterpart hereof to the Administrative Agent on or prior to 12:00 p.m. Eastern Time on May 6, 2020 (the
“Deadline”), a fee equal to 0.050% of such Bank’s undrawn Commitment and amount of outstanding Advances on the Sixth Amendment Effective Date (such fee, the “Consent Fee”). The Consent Fee shall be payable in
U.S. dollars in immediately available funds as directed by the Administrative Agent. Once paid, the Consent Fee shall not be refundable under any circumstances. For the avoidance of doubt, the Consent Fee shall not be payable to any Bank that does
not consent to this Amendment prior to the Deadline. 
 (f)    Fees and Expenses. The Administrative Agent shall
have received all fees and other amounts due and payable on or prior to the Sixth Amendment Effective Date, including all fees, charges and disbursements required to be paid or reimbursed by the Borrower pursuant to
Section 9 hereof (which fees, charges and disbursements of counsel and such other out of pocket fees and expenses shall be limited to those for which invoices have been submitted on or prior to the Sixth Amendment Effective
Date (provided, however, nothing herein shall preclude any post-closing settlement of such fees, charges, disbursements, costs and expenses to the extent not so invoiced)). 

Section 5.    Consent of the Guarantors. Each Guarantor hereby consents, acknowledges and agrees to the
amendments set forth herein and hereby confirms and ratifies in all respects its guaranty in Article IV of the Credit Agreement (including without limitation the continuation of such Guarantor’s payment and performance obligations thereunder
upon and after the effectiveness of this Amendment and the amendments contemplated hereby) and the enforceability of such guaranty against such Guarantor in accordance with its terms. 

  
 7 

 Section 6.    Representations and Warranties of the Borrower and
the Guarantors. In order to induce the Administrative Agent and the Banks to enter into this Amendment, the Borrower and each Guarantor represents and warrants as follows: 

(a)    The execution, delivery and performance by the Borrower and each Guarantor of its obligations in connection with
this Amendment are within its corporate powers, have been duly authorized by all necessary corporate action and do not and will not (i) violate any provision of its articles or certificate of incorporation or bylaws or similar organizing or
governing documents of the Borrower or the Guarantor, (ii) contravene any applicable law which is applicable to the Borrower or such Guarantor, or (iii) conflict with, result in a breach of or constitute (with notice, lapse of time or
both) a default under any material indenture or instrument or other material agreement to which the Borrower or such Guarantor is a party, by which it or any of its properties is bound or to which it is subject, except, in the case of clauses
(ii) and (iii) above, to the extent such contraventions, conflicts, breaches or defaults could not reasonably be expected to have a Material Adverse Effect. 

(b)    The Borrower and each Guarantor has taken all necessary corporate action to execute, deliver and perform this
Amendment and has validly executed and delivered this Amendment. This Amendment constitutes a legal, valid and binding obligation of the Borrower and each Guarantor, enforceable against the Borrower and each Guarantor in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(c)    No material consent, approval, authorization or other action by, notice to, or registration or filing with, any
governmental authority or other Person is or will be required as a condition to or otherwise in connection with the due execution, delivery and performance by the Borrower or each Guarantor of this Amendment, except (i) such as have been
obtained or made and are in full force and effect, and (ii) such filings as may be required in connection with the Borrower’s obligations under the Exchange Act. 

(d)    As of the Sixth Amendment Effective Date, the representations and warranties contained in each of the Credit
Documents are true and correct in all material respects (except for those representations and warranties that have a material qualifier, in which case those representations and warranties shall be true and correct in all respects) as of the date
hereof as though made on and as of such date (other than any such representations or warranties that, by their terms, refer to a specific date, in which case as of such specific date). 

(e)    No Default or event which, with the giving of notice, the lapse of time or both, would constitute a Default shall
exist after giving effect to this Amendment. 
 Section 7.    Reference to and Effect on the Credit
Documents. On the Sixth Amendment Effective Date and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to
the Credit Agreement, and each reference in each of the other Credit Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Existing Credit Agreement, as amended by this Amendment, and this Amendment shall constitute a Credit Document. 

  
 8 

 (a)    The Existing Credit Agreement and each of the other Credit
Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect according to their respective terms and are hereby in all respects ratified and confirmed. The parties hereto acknowledge and agree that the
amendments contained herein do not constitute a novation of the Existing Credit Agreement, the other Credit Documents or the indebtedness or any other obligation of the Borrower and the Guarantors described therein and shall not, in any case,
affect, diminish or abrogate the Borrower’s or any Guarantor’s liability under the Credit Agreement or any other Credit Document. 

(b)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate
as a waiver of any right, power or remedy of any Bank or the Administrative Agent under any of the Credit Documents, nor constitute a waiver of, consent to a departure from, or modification of any other term, covenant, provision or condition set
forth in any of the Credit Documents. 
 Section 8.    Bank Consent. For purposes of determining compliance
with the conditions specified in Section 4, each Bank that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be
consented to or approved by or acceptable or satisfactory to a Bank unless the Administrative Agent shall have received notice from such Bank prior to the proposed Sixth Amendment Effective Date specifying its objection thereto. 

Section 9.    Costs and Expenses. On or prior to the Sixth Amendment Effective Date, the Borrower agrees to
pay all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of
this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of
Section 10.04 of the Credit Agreement. 
 Section 10.    Reaffirmation. Each Loan
Party hereby confirms and reaffirms its respective pledges, grants of security interests and other obligations (including, with respect to the Guarantors, their guaranty obligations) under the Credit Agreement and each other Credit Document to which
such Loan Party is a party, as applicable, under and subject to the terms of the Credit Agreement and the other Credit Documents, and agrees that, notwithstanding the effectiveness of this Amendment, such pledges, grants of security interests and
other obligations, and the terms of the Credit Agreement and the other Credit Documents, are not impaired or affected in any manner whatsoever, except as expressly set forth herein, and shall continue to be in full force and effect and shall also
secure all obligations as amended, reaffirmed, increased or otherwise modified pursuant to this Amendment. 

Section 11.    Execution in Counterparts. This Amendment may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or
in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment. 

  
 9 

 Section 12.    Governing Law. This Amendment shall be
governed by, and construed in accordance with, the law of the State of Texas (except that Chapter 346 of the Texas Finance Code, which regulates certain revolving credit loan accounts, shall not apply to this Amendment or any other Credit Document).

 Section 13.    Section Captions. Section captions used in this Amendment are for convenience of reference
only, and shall not affect the construction of this Amendment. 
 Section 14.    Entire Agreement. This
Amendment and the other Credit Documents (the “Relevant Documents”) constitute the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition,
representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other
with respect to the subject matter hereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement. 

[Signature Pages Follow] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	BORROWER:
	
	BRINKER INTERNATIONAL, INC.

 
			
		
	By:     	 	 /s/ Joe Taylor

 

			
	Name:	 	Joe Taylor
	Title:	 	Senior Vice President and Chief Financial Officer
	
	GUARANTORS:
	
	BRINKER RESTAURANT CORPORATION

 
			
		
	By:     	 	 /s/ Daniel Fuller

			
	Name:	 	Daniel Fuller
	Title:	 	Vice President, Treasurer and Assistant Secretary
	
	BRINKER FLORIDA, INC.

 
			
		
	By:     	 	 /s/ Daniel Fuller

			
	Name:	 	Daniel Fuller
	Title:	 	Vice President, Treasurer and Assistant Secretary
	
	BRINKER TEXAS, INC.

 
			
		
	By:     	 	 /s/ Daniel Fuller

			
	Name:	 	Daniel Fuller
	Title:	 	Vice President, Treasurer and Assistant Secretary

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	 BRINKER INTERNATIONAL PAYROLL COMPANY,
L.P.

 
			
		
	By:     	 	 /s/ Daniel Fuller

			
	Name:	 	Daniel Fuller
	Title:	 	Vice President, Treasurer and Assistant Secretary

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	ADMINISTRATIVE AGENT:
	
	 BANK OF AMERICA,
N.A.

 
			
		
	By:     	 	 /s/ Kelly Weaver

			
	Name:	 	Kelly Weaver
	Title:	 	Vice President

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	BANKS:
	
	 BANK OF AMERICA,
N.A.

 
			
		
	By:     	 	 /s/ Aron Frey

 
			
	Name:	 	Aron Frey
	Title:	 	Director

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	JPMORGAN CHASE BANK, N.A.

 
			
		
	By:     	 	 /s/ Alexander Vardaman

			
	Name:	 	Alexander Vardaman
	Title:	 	Authorized Officer

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	WELLS FARGO BANK, N.A.

 
			
		
	By:     	 	 /s/ Darcy McLaren

			
	Name:	 	Darcy McLaren
	Title:	 	Director

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	MUFG BANK, LTD.

 
			
		
	By:     	 	 /s/ Christine Howatt

			
	Name:	 	Christine Howatt
	Title:	 	Authorized Signatory

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	TRUIST BANK (as successor by merger to SunTrust Bank)

 
			
		
	By:     	 	 /s/ Justin Lien

			
	Name:	 	Justin Lien
	Title:	 	Director

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	U.S. BANK NATIONAL ASSOCIATION

 
			
		
	By:     	 	 /s/ Sean P. Walter

			
	Name:	 	Sean P. Walter
	Title:	 	Vice President

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	BARCLAYS BANK PLC

 
			
		
	By:     	 	 /s/ Christopher M. Aitkin

			
	Name:	 	Christopher M. Aitkin
	Title:	 	Vice President

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	REGIONS BANK

 
			
		
	By:     	 	 /s/ Ryan Fischer

			
	Name:	 	Ryan Fischer
	Title:	 	Managing Director

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	ASSOCIATED BANK NATIONAL ASSOCIATION

 
			
		
	By:     	 	 /s/ Dean H. Rosencrans

			
	Name:	 	Dean H. Rosencrans
	Title:	 	SVP

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page 

 
			
	PNC BANK, NATIONAL ASSOCIATION

 
			
		
	By:     	 	 /s/ R. Ruining Nguyen

			
	Name:	 	R. Ruining Nguyen
	Title:	 	SVP

  
 Brinker
International, Inc. 
 Sixth Amendment to Credit Agreement 

Signature Page

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