Document:

Form of Deposit Agreement

 Exhibit 4.15 
 FORM OF DEPOSIT AGREEMENT 
 This DEPOSIT AGREEMENT (“Deposit
Agreement”) is made and entered into as of             , 20    , by and among CenterState Banks, Inc., formerly known as CenterState Banks of
Florida, Inc., a Florida corporation, Wilmington Trust, National Association, a national banking association, and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 

WITNESSETH: 
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of      shares of Preferred Stock (as hereinafter defined) with the
Depositary (as hereinafter defined) for the purposes set forth in this Deposit Agreement and for the issuance hereunder of the Receipts evidencing Depositary Shares (as hereinafter defined), on the date hereof representing a fractional interest in
the deposited Preferred Stock; and 
 WHEREAS, the Receipts are to be substantially in the form as set forth in
Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and among the parties hereto as follows: 
 ARTICLE I 
 DEFINITIONS 

The following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit
Agreement and the Receipts: 
 “Articles of Incorporation” shall mean the Articles of Incorporation of the
Company, as amended and supplemented from time to time. 
 “Articles of Amendment” shall mean the Articles of
Amendment filed by the Company with the Secretary of State of the State of Florida designating      shares of preferred stock of the Company as Preferred Stock. 

“Company” shall mean CenterState Banks, Inc., a Florida corporation, and its successors. 

“Corporate Office” shall mean the corporate office of the Depositary at which at any particular time its business in
respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890. 

“Depositary” shall mean Wilmington Trust, National Association, a national banking association, and any successor
as depositary hereunder. 
 “Depositary Share” shall mean a 1/     fractional
interest of a share of Preferred Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this Deposit
Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock
represented by such Depositary Share, including the dividend and distribution, voting, redemption, conversion and liquidation rights contained in the Articles of Amendment. 
 “Exchange Event” shall mean with respect to any Global Registered Receipt: 
 (1) (A) the Global Receipt Depository which is the holder of such Global Registered Receipt or Receipts notifies the Company that it is no longer willing or able to properly discharge its
responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and (B) the Company has not appointed a qualified successor Global Receipt
Depository within ninety (90) calendar days after the Company received such notice, or 

 (2) the Company in its sole discretion notifies the Depositary in writing
that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts. 

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, The Depository Trust Company
(“DTC”) or such other entity designated as Global Receipt Depository by the Company in or pursuant to this Deposit Agreement, which Person must be, to the extent required by any applicable law or regulation, a clearing agency
registered under the Securities Exchange Act of 1934, as amended. 
 “Global Registered Receipts” shall mean a
global registered Receipt registered in the name of a nominee of DTC. 
 “Letter of Representations” shall mean
any applicable agreement among the Company, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended,
supplemented, restated or otherwise modified from time to time and any successor agreement thereto. 
 “Preferred
Stock” shall mean shares of the Company’s [description of preferred stock]. 
 “Receipt”
shall mean a Depositary Receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary form, substantially in the form as set forth in Exhibit A hereto. 

“record date” shall mean the date fixed pursuant to Section 4.04. 

“record holder” or “holder” as applied to a Receipt shall mean the person in whose name a Receipt is
registered on the books maintained by the Depositary for such purpose. 
 “redemption date” shall mean the date
fixed for redemption of Preferred Stock and Depositary Shares contemplated in Section 2.03. 
 “Registrar”
shall mean Wilmington Trust, National Association, or any bank or trust company appointed to register ownership and transfers of Receipts or the deposited Preferred Stock, as the case may be, as herein provided. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Signature Guarantee” shall have the meaning as set forth in Section 2.04. 

“Special Damages” shall have the meaning as set forth in Section 5.07. 

“Transfer Agent” shall mean Wilmington Trust, National Association, or any bank or trust company appointed to transfer
the Receipts or the deposited Preferred Stock, as the case may be, as herein provided. 
 ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, 

TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 
 SECTION 2.01. Form and Transferability of Receipts. Definitive Receipts shall be engraved or printed or lithographed with steel-engraved borders and underlying tint and shall be
substantially in the form as set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary,
upon the written order of the Company, delivered in compliance with Section 2.02, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the
definitive Receipts in 

  
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lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their
execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be
exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Corporate Office or such other offices, if any, as the Depositary may designate, without charge to the holder. Upon surrender for cancellation of any one or more
temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at
the Company’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as
definitive Receipts. 
 Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized
signatory of the Depositary, provided that if a Registrar (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual signature of a duly authorized signatory of such Registrar. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt executed as provided
above and delivered as hereinafter provided. 
 Except as the Depositary may otherwise determine, Receipts shall be in
denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance. 
 Receipts may
be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Company or required to comply with any applicable law or
regulation or with the rules and regulations of any securities exchange or interdealer quotation system upon which the Preferred Stock, the Depositary Shares or the Receipts may be listed or quoted or to conform with any usage with respect thereto,
or to indicate any special limitations or restrictions to which any particular Receipts are subject, in each case, as directed by the Company. 
 Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly endorsed or accompanied by a properly executed instrument of transfer or endorsement shall be transferable by
delivery with the same effect as in the case of a negotiable instrument; provided, however, that until a Receipt shall be transferred on the books of the Registrar, the Depositary may, notwithstanding any notice to the contrary, treat the record
holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to dividends or other distributions, the exercise of any redemption or voting rights or to any notice provided for in this Deposit Agreement
and for all other purposes. 
 The Receipts may be issued in the form of one or more Global Registered Receipts, in which case,
the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts, which (i) shall represent the aggregate number of Depositary Shares to
be represented by such Receipts, (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and
only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global
Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or approved by the Company or to a nominee of such successor Global Receipt Depository.
Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor
any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository
may be treated by the Company, the Depositary and any director, officer, employee or agent of the Company or the Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive

  
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Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its
participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice,
payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Company and the Depositary shall give all such notices, payments and communications specified herein to be given to such
holders to the applicable Global Receipt Depository. 
 If an Exchange Event has occurred with respect to any Global Registered
Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Company for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute and
deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered
Receipt. 
 Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be
registered in such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver
such Receipts to the persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this
Deposit Agreement, should the Company determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations. 

SECTION 2.02. Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. Concurrently with the
execution of this Deposit Agreement, the Company is delivering to the Depositary a certificate or certificates, registered in the name of the Depositary and evidencing      shares of Preferred Stock, properly endorsed or
accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the
provisions of this Deposit Agreement and (ii) a written letter of instruction of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for
the Depositary Shares representing such deposited Preferred Stock. The Depositary acknowledges receipt of the deposited Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by
the Depositary at the Corporate Office or at such other office as the Depositary shall determine. The Company hereby appoints the Depositary as the Registrar and Transfer Agent for the Preferred Stock deposited hereunder and the Depositary hereby
accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other appropriate method. The Depositary also acknowledges that
the Company may deposit additional shares of Preferred Stock from time to time after the date hereof. 
 If required by the
Depositary, Preferred Stock presented for deposit by the Company at any time, whether or not the register of stockholders of the Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the
Depositary, that will provide for the prompt transfer to the Depositary or its nominee of any distribution or right to subscribe for additional Preferred Stock or to receive other property that any person in whose name the Preferred Stock is or has
been registered may thereafter receive upon or in respect of such deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 

Upon receipt by the Depositary of a certificate or certificates for Preferred Stock deposited hereunder, together with the other
documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to, or upon the order of, the person or
persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02 a Receipt or Receipts for the number of whole Depositary Shares representing the Preferred Stock so deposited and registered
in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Corporate Office, except that, at the request, risk and expense of any person requesting such delivery,
such delivery may be made at such other place as may be designated by such person. 

  
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 Other than in the case of splits, combinations or other reclassifications affecting the
Preferred Stock, or in the case of distributions of Preferred Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Articles of Amendment, as such may be amended.

 The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to
enable the Depositary to perform its obligations under this Deposit Agreement. 
 SECTION 2.03. Optional Redemption
of Preferred Stock for Cash. Whenever the Company shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Articles of Amendment, it shall (unless otherwise agreed in writing with the
Depositary) give the Depositary not less than 30 days’ prior written notice of the date of such proposed redemption and of the number of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable redemption
price, as set forth in the Articles of Amendment, including the amount, if any, of accrued and unpaid dividends thereon to and including the date fixed for redemption. The Depositary shall mail, first-class postage prepaid, notice of the redemption
of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 nor more than 60 days prior to the date fixed for redemption of such Preferred Stock and
Depositary Shares (the “redemption date”), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; provided that if the
Depositary Shares are held in the form of Global Registered Receipts through the Global Receipt Depositary, the Company may provide such notice of redemption in any manner permitted by such Global Receipt Depositary. No failure to give such notice
or any defect thereto or in the mailing thereof shall affect the sufficiency of notice or validity of the proceedings for redemption except as to a holder to whom notice was defective or not given. A redemption notice which has been mailed in the
manner provided herein shall be conclusively presumed to have been duly given on the date mailed whether or not the holder received the redemption notice. The Company shall provide the Depositary with such notice, and each such notice shall state:
the redemption date; the redemption price and accrued and unpaid dividends payable on the redemption date; the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; if fewer than all the Depositary Shares held by any
holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; the place or places where Receipts evidencing the Depositary Shares to be redeemed are to be surrendered for payment of the redemption price and
accrued and unpaid dividends payable on the redemption date; and that from and after the redemption date dividends in respect of the Preferred Stock represented by the Depositary Shares to be redeemed will cease to accrue. If fewer than all of the
outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional Depositary Shares) or by any other equitable method determined by
the Company. 
 In the event that notice of redemption has been made as described in the immediately preceding paragraph and the
Company shall then have paid or caused to be paid in full to the Depositary the redemption price (determined pursuant to the Articles of Amendment) of the Preferred Stock deposited with the Depositary to be redeemed (including any accrued and unpaid
dividends to and including the redemption date), the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and from and after the redemption date (unless the Company shall
have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption shall cease
to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price plus all accrued and
unpaid dividends to and including the redemption date) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or
assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed at a redemption price of $         per Depositary Share plus all accrued and unpaid
dividends to and including the redemption date. The foregoing shall be further subject to the terms and conditions of the Articles of Amendment. In the event of any conflict between the provisions of this Deposit Agreement and the provisions of the
Articles of Amendment, the provisions of the Articles of Amendment will govern and the Company will instruct the Depositary accordingly. 

  
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 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption,
the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt
evidencing such holder’s Depositary Shares evidenced by such prior Receipt that are not called for redemption. 
 The
Company acknowledges that the bank accounts maintained by the Depositary in connection with the performance of the services described herein will be in the name of the Depositary and that the Depositary may receive investment earnings in connection
with the investment at the Depositary’s risk and for its benefit of funds held in those accounts from time to time. 

SECTION 2.04. Registration of Transfers of Receipts. The Company hereby appoints the Depositary as the Registrar
and Transfer Agent for the Receipts and the Depositary hereby accepts such appointment and, as such, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly
authorized attorney, agent or representative, properly endorsed or accompanied by a properly executed instrument of transfer or endorsement and including a guarantee of the signature thereon by a participant in a signature guarantee medallion
program approved by the Securities Transfer Association (a “Signature Guarantee”), together with evidence of the payment of any transfer taxes as may be required by applicable law. Upon such surrender, the Depositary shall execute a
new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.05. Combinations and Split-ups of Receipts. Upon surrender of a Receipt or Receipts at the Corporate
Office or such other office as the Depositary may designate for the purpose of effecting a split up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or
Receipts in the authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 
 SECTION 2.06. Surrender of Receipts and Withdrawal of Preferred Stock. Any holder of a Receipt or Receipts may withdraw any or all of the whole shares of deposited Preferred Stock
represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts at the Corporate Office or at such other office as
the Depositary may designate for such withdrawals. Fractional shares of Preferred Stock may not be withdrawn by any holder. After such surrender, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons
designated by such holder as hereinafter provided, the number of whole shares of such Preferred Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for
withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary
in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of deposited Preferred Stock to be withdrawn, the Depositary shall at the same time,
in addition to such number of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.04) upon his order, a new Receipt or Receipts evidencing such excess
number of Depositary Shares. Delivery of such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate, which,
if required by the Depositary, shall be properly endorsed or accompanied by a properly executed instrument of transfer or endorsement. 
 If the deposited Preferred Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for
withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such whole
shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement in blank with a Signature Guarantee. 

  
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 The Depositary shall deliver the whole shares of deposited Preferred Stock and the money and
other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered for withdrawal at the Corporate Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the
account of the holder thereof, such delivery may be made at such other place as may be designated by such holder. 
 SECTION
2.07. Limitations on Execution and Delivery, Transfer, Split-up, Combination. As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary or the
Company may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental
charge with respect thereto (including any such tax or charge with respect to the Preferred Stock being withdrawn); (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any
signature), including a Signature Guarantee; and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement and as may be required by any securities
exchange upon which the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed. 
 The transfer of Receipts may be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any period when the register of
stockholders of the Company is closed or (ii) if any such action is deemed reasonably necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of applicable law or of any government or
governmental body or commission, or under any provision of this Deposit Agreement. 
 SECTION 2.08. Lost Receipts,
etc. In case any Receipt shall be mutilated or destroyed or lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of
and in substitution for such destroyed, lost or stolen Receipt, provided that the holder thereof provides the Depositary with (i) evidence reasonably satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the
authenticity thereof and of his ownership thereof and (ii) reasonable indemnification and the provision of an open penalty surety bond, in each case, satisfactory to the Depositary and the Company and holding the Depositary and the Company
harmless. 
 SECTION 2.09. Cancellation and Destruction of Surrendered Receipts. All Receipts
surrendered to the Depositary shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized to destroy such Receipts so cancelled. 

ARTICLE III 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY 
 SECTION 3.01. Filing Proofs, Certificates and Other Information. Any holder of a Receipt may be required from time to time to file such proof of residence or other information and
to execute such certificates as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the
withdrawal of the deposited Preferred Stock represented by the Depositary Shares evidenced by any Receipt, the distribution of any distribution or the sale of any rights or of the proceeds thereof, until such proof or other information is filed or
such certificates are executed. 
 SECTION 3.02. Payment of Fees and Expenses. Holders of Receipts shall
be obligated to make payments to the Depositary of certain fees and expenses, as provided in Section 5.08, or provide evidence reasonably satisfactory to the Depositary that such fees and expenses have been paid. Until such payment is made,
transfer of any Receipt or any withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any distribution may be withheld, and any part or all of the
Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior to such
sale). Any distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency. 

  
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 SECTION 3.03. Representations and Warranties as to Preferred
Stock. In the case of the initial deposit of the Preferred Stock hereunder, the Company shall be deemed thereby to represent and warrant that the Preferred Stock and each certificate therefor are valid and that such deposit has been
duly authorized. The Company hereby further represents and warrants that such Preferred Stock, is validly issued, fully paid and non-assessable. Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance of
Receipts. 
 SECTION 3.04. Representation and Warranty as to Receipts and Depositary Shares. The Company
hereby represents and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid fractional interest in a share of deposited Preferred Stock
represented by such Depositary Share. Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares. 

ARTICLE IV 

THE PREFERRED STOCK; NOTICES 
 SECTION 4.01. Dividends and Other Cash Distributions. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited Preferred Stock, including any
cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such
amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary shall be required by
law to withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in
respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Receipts a
fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record
holders of Receipts then outstanding. Each holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in
the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder. 

SECTION 4.02. Distributions Other Than Cash. Whenever the Depositary shall receive any distribution other than
cash on the deposited Preferred Stock, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or other property received by
it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing
such distribution. If in the opinion of the Depositary after consultation with the Company, such distribution cannot be made proportionately among such record holders, or if for any other reason (including any requirement that the Company or the
Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or other property thus received, or any part thereof, at such place or places and upon such terms as the Depositary may deem
proper. The net proceeds of any such sale shall, subject to Section 3.02, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01 in the case of a
distribution received in cash. The Depositary shall not be obligated hereunder to make any distribution of such securities to the holders of Receipts unless the Company shall have provided to the Depositary, upon request of the Depositary, an
opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be registered thereunder in order to be freely transferable. 
 SECTION 4.03. Subscription Rights, Preferences or Privileges. (a) If the Company shall at any time offer or cause to be offered with respect to the deposited Preferred Stock any
rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, the offering of such rights, preferences or privileges shall in each such instance be communicated to the
Depositary and thereafter made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or
privileges); provided, however, that (a) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is not lawful or feasible to make such rights, preferences
or 

  
 8 

 
privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders of Receipts who do not desire to exercise such
rights, preferences or privileges, the Depositary shall then, if so instructed by the Company, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders at
public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Section 3.01 and Section 3.02, be distributed by the Depositary to the record holders of
Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary shall not be obligated hereunder to make any distribution of such rights, preferences or privileges, unless the Company shall
have provided to the Depositary, upon request of the Depositary, an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered thereunder in order to be freely
transferable. 
 (b) If registration under the Securities Act of the securities to which any rights, preferences or
privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly notify the Depositary of such requirement that it
will promptly file a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its commercially reasonable efforts and take all steps available to it to cause such
registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available
to the holders of Receipts any right, preference or privilege unless and until such a registration statement shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration under the
provisions of the Securities Act and the Company shall have provided to the Depositary an opinion of counsel to such effect. 

(c) If any other action under the law of any jurisdiction or any governmental or administrative authorization, consent or permit is
required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary of such requirement and to use its commercially reasonable efforts to take such
action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

(d) The Depositary will not be deemed to have any knowledge of any item for which it is supposed to receive notification under any
Section of this Deposit Agreement unless and until it has received such notification. 
 SECTION 4.04. Notice of
Distributions; Fixing of Record Date for Holders of Receipts. Whenever any dividend or other cash distributions shall become payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time
be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled
to notice or (ii) any election on the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date, if any, fixed by the Company
with respect to the Preferred Stock) for the determination of the holders of Receipts (a) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, (b) who
shall be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or (c) whose Depositary Shares are to be so redeemed. 

SECTION 4.05. Voting Rights. Upon receipt of notice of any meeting at which the holders of deposited Preferred
Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such information as is contained in such
notice of meeting, (ii) a statement that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as
to the exercise of the voting rights pertaining to the amount of Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of
a holder of a Receipt on such record date, the Depositary shall vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. To
the extent any such instructions request the voting of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same voting
instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests. The Company hereby agrees to take all reasonable action that may be reasonably deemed necessary by
the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will abstain from voting to the extent of
the Preferred Stock represented by the Depositary Shares evidenced by such Receipt. The Depositary shall not be required or allowed to exercise discretion in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt.

 
 SECTION 4.06. Changes Affecting
Preferred Stock; Reclassifications, Recapitalizations, etc. Upon any change in par or stated value, split-up, combination or any other reclassification of Preferred Stock, or upon any recapitalization, reorganization, merger, amalgamation or
consolidation affecting the Company or to which the Company is a party, or upon the sale of all or substantially all of the Company’s assets, the Depositary shall, upon the instructions of the Company, (i) make such adjustments in
(a) the fraction of an interest represented by one Depositary Share in one share of Preferred Stock and (b) the ratio of the redemption price per Depositary Share to the redemption price of a share of Preferred Stock, in each case as may
be required by or as is consistent with the provisions of the Articles of Amendment to fully reflect the effects of such change in liquidation preference, split-up, combination or other reclassification of stock, or of such recapitalization,
reorganization, merger, amalgamation, consolidation, or of such sale and (ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or upon conversion of or in
respect of the Preferred Stock as new deposited property under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for
or upon 

  
 9 

 
conversion of or in respect of such Preferred Stock. In any such case the Depositary may, in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call
for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the
effective date of any such change in par or stated value, split-up, combination or other reclassification of the Preferred Stock, or any such recapitalization, reorganization, merger, amalgamation or consolidation, or any such sale of substantially
all the assets of the Company to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares of stock and
other securities and property and cash into which the deposited Preferred Stock evidenced by such Receipts might have been converted or for which such Preferred Stock might have been exchanged or surrendered immediately prior to the effective date
of such transaction, subject to any subsequent change in par or stated value, split-up, combination or other reclassification or any subsequent recapitalization, reorganization, merger, amalgamation or consolidation or sale of substantially all the
assets. The Company shall cause effective provision to be made in the charter of the resulting or surviving corporation (if other than the Company) for protection of such rights as may be applicable upon exchange of the deposited Preferred Stock for
securities or property or cash of the surviving corporation in connection with the transactions set forth above. The Company shall cause any such surviving corporation (if other than the Company) expressly to assume the obligations of the Company
hereunder. 
 SECTION 4.07. Inspection of Reports. The Depositary shall make available for inspection by
holders of Receipts at the Corporate Office and at such other places as the Depositary may from time to time deem advisable during normal business hours any reports and communications received from the Company that are both received by the
Depositary as the holder of the deposited Preferred Stock and made generally available to the holders of the Preferred Stock. In addition, the Depositary shall transmit certain notices and reports to the holders of Receipts as provided in
Section 5.05. 
 SECTION 4.08. Lists of Receipt Holders. Promptly upon reasonable request from time
to time by the Company, the Depositary shall furnish to the Company a list, as of a recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of
the Depositary. 
 SECTION 4.09. Withholding. Notwithstanding any other provision of this Deposit
Agreement to the contrary, in the event that the Depositary determines that any distribution in property is subject to any tax which the Depositary is obligated by applicable law to withhold, the Depositary may dispose of all or a portion of such
property in such amounts and in such manner as the Depositary reasonably deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such
property after deduction of such taxes to the holders of Receipts entitled thereto in proportion to the number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of
property is subject to withholding tax only with respect to some but not all holders of Receipts, the Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate
sufficient proceeds to pay such withholding tax and (ii) to effect any such sale in such a manner so as to avoid affecting the rights of any other holders of Receipts to receive such distribution in property. 

ARTICLE V 

THE DEPOSITARY AND THE COMPANY 
 SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by the Registrar. The Depositary shall maintain at the Corporate Office facilities for the execution and delivery,
transfer, surrender and exchange, split-up, combination and redemption of Receipts and the withdrawal of Preferred Stock. 
 The
Depositary shall keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts as provided by applicable law. The Depositary may
close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. The Depositary may maintain such books in customary electronic form. 

  
 10 

 If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock
represented by such Depositary Shares shall be listed on the Nasdaq Global Select Market or any other stock exchange, or quoted on any interdealer quotation system, the Depositary will, at the request and expense of the Company, arrange such
facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as maybe required by applicable law or applicable stock exchange or quotation system regulations. 

SECTION 5.02. Prevention or Delay in Performance by the Depositary or the Company. Neither the Depositary nor the
Company shall incur any liability to any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the
Depositary or the Registrar, by reason of any provision, present or future, of the Articles of Incorporation or the Articles of Amendment or, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the
Depositary, or the Company shall be prevented or forbidden from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, the Registrar or the Company incur any
liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason of any
exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. 
 SECTION
5.03. Obligations of the Depositary and the Company. The Company assumes no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or
omissions arising out of conduct constituting bad faith, gross negligence or willful misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement. 

The Company shall not be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the
deposited Preferred Stock, Depositary Shares or Receipts that in its reasonable opinion may involve it in expense or liability, unless indemnity reasonably satisfactory to it against all expense and liability be furnished as often as may be
required. 
 The Company shall not be liable for any action or any failure to act by it in reliance upon the written advice of
legal counsel or accountants, or information provided by any holder of a Receipt or any other person believed by it in good faith to be competent to give such advice or information. The Company may rely and shall be protected in acting upon any
written notice, request, direction or other document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 
 In the event the Depositary shall receive conflicting claims, requests or instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall be entitled
to act on such claims, requests or instructions received from the Company, and shall be entitled to the full indemnification set forth in Section 5.06 hereof in connection with any action so taken. 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for
the manner or effect of any such vote made, as long as any such action or non-action is in good faith and does not result from gross negligence or willful misconduct of the Depositary. The Depositary undertakes to perform such duties and only such
duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary. 
 The Depositary, its parent, affiliate, or subsidiaries, may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily
interested in any transaction in which the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary hereunder. If so appointed, the Depositary may also act
as transfer agent or registrar of any of the securities of the Company and its affiliates, or act in any other capacity for the Company or its affiliates. 

  
 11 

 It is intended that the Depositary shall not be deemed to be an “issuer” of the
securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary is acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided,
however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary. 

The Depositary makes no representation and has no responsibility as to the validity of the registration statement pursuant to which the
Depositary Shares are registered under the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any
statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement and for the validity of any action taken or required to be taken by the Depositary in connection with this
Deposit Agreement. 
 The Company represents that it has registered the deposited Preferred Stock and the Depositary Shares for
sale in accordance with applicable securities laws. 
 SECTION 5.04. Resignation and Removal of the Depositary;
Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary
and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Company by
notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery
of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If a successor depositary shall not have been appointed in 60 days, the resigning Depositary may petition a court of competent jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver to
its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder, and shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Stock and any moneys or property held hereunder to such
successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any successor depositary shall promptly mail notice of its appointment to the record holders of Receipts. 

Any corporation or other legal entity into or with which the Depositary may be merged, consolidated or converted, or any corporation or
other entity to which all or a substantial part of the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of any document or any further act. Such successor depositary may execute
the Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 
 SECTION
5.05. Notices, Reports and Documents. The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof transmit to the record holders of Receipts, in each case at the address
recorded in the Depositary’s books, copies of all notices and reports (including financial statements) required by law, by the rules of any national securities exchange or interdealer quotation system upon which the Preferred Stock, the
Depositary Shares or the Receipts are listed or quoted or by the Articles of Incorporation and the Articles of Amendment to be furnished by the Company to holders of the deposited Preferred Stock and, if requested by the holder of any Receipt, a
copy of this Deposit Agreement, the form of Receipt, the Articles of Amendment and the form of Preferred Stock. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such
documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested by the Company. 

  
 12 

 SECTION 5.06. Indemnification by the Company. The Company agrees to
indemnify the Depositary against, and hold it harmless from, any claim, action, suit, penalty, liability, costs and expenses (including reasonable attorneys’ fees) of any kind and nature whatsoever that may arise out of, or in connection with,
its acting as Depositary under this Deposit Agreement and the Receipts, except for any liability arising out of the willful misconduct, gross negligence, or bad faith on the part of the Depositary. The obligations of the Company set forth in this
Section 5.06 shall survive any succession of any Depositary or termination of this Deposit Agreement. 
 SECTION 5.07.
Damages. The Depositary shall not be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits (collectively, “Special
Damages”), occasioned by breach of any provision of this Deposit Agreement by the Depositary even if apprised of the possibility of such damages. The Company shall not be liable to the holders of the Receipts for Special Damages occasioned
by breach of any provision of this Deposit Agreement by the Company even if apprised of the possibility of such damages. 

SECTION 5.08. Fees, Charges and Expenses. No charges and expenses of the Depositary hereunder shall be payable by
any person, except as provided in this Section 5.08. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit Agreement. The Company shall also pay all fees and expenses of
the Depositary in connection with the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of the Company and all withdrawals of the
Preferred Stock by holders of Receipts. If a holder of Receipts requests the Depositary to perform duties not required under this Deposit Agreement, the Depositary shall notify the holder of time cost of the performance of such duties prior to the
performance thereof. Upon approval of such cost by such holder, such holder will thereafter be liable for the charges and expenses related to such performance. All other fees and expenses of the Depositary hereunder (including, in each case, fees
and expenses of counsel) incident to the performance of its obligations hereunder will be promptly paid by the Company. The Depositary shall present its statement for fees and expenses to the Company every month or at such other intervals as the
Company and the Depositary may agree. 
 SECTION 5.09. Additional Depositary Rights and Duties. The Depositary
shall: 
  

					
		 	 (a)
	  	have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations). Depositary shall not be liable for any improper payment made
in accordance with the information provided by the Company;
			
		 	 (b)
	  	not be obligated to take any legal action hereunder that might, in its judgment, involve any expense or liability, unless it has been furnished with reasonable indemnity by the
Company;
			
		 	 (c)
	  	be able to rely on and shall be protected in acting on the written or oral instructions with respect to any matter relating to its actions as Depositary specifically covered by
this Deposit Agreement, of any officer of the Company authorized to give instructions;
			
		 	 (d)
	  	be able to rely on and shall be protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or any other document or security delivered to it and
believed by it reasonably and in good faith to be genuine and to have been signed by the proper party or parties;
			
		 	 (e)
	  	not be responsible for or liable in any respect on account of the identity, authority or rights of any person executing or delivering or purporting to execute or deliver any
document or property under this Deposit Agreement, and shall have no responsibility with respect to the use or application of any property delivered by it pursuant to the provisions hereof;
			
		 	 (f)
	  	be able to consult with counsel satisfactory to it (including counsel for the Company) and the advice or opinion of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with advice or opinion of such counsel;

  
 13 

					
		 	 (g)
	  	not be liable for anything which it may do or refrain from doing in connection with this Deposit Agreement except for its own gross negligence, willful misconduct or bad
faith;
			
		 	 (h)
	  	not be bound by any notice or demand, or any waiver or modification of this Deposit Agreement or any of the terms hereof, unless evidenced by a writing delivered to the
Depositary signed by the proper authority or authorities;
			
		 	 (i)
	  	have no duty to enforce any obligation of any person to make delivery, or to direct or cause any delivery to be made, or to enforce any obligation of any person to perform any
other act; and
			
		 	 (j)
	  	have the right to assume, in the absence of written notice to the contrary from the proper person or persons, that a fact or an event by reason of which an action would or might
be taken by the Depositary does not exist or has not occurred without incurring liability for any action taken or omitted, or any action suffered by the Depositary to be taken or omitted, in good faith or in the exercise of the Depositary’s
best judgment, in reliance upon such assumption.
			
		 	 (k)
	  	shall have no obligation to make payment hereunder unless the Company shall have provided immediately available funds or securities or property, as the case may be, to pay in
full amounts due and payable with respect thereto;
			
		 	 (l)
	  	shall not be called upon at any time to advise any person with respect to the Depositary Shares or Receipts; and
			
		 	 (m)
	  	shall not be liable or responsible for any recital or statement contained in any documents relating hereto or the Depositary Shares or Receipts.

 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 SECTION
6.01. Amendment. The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect that they may deem
necessary or desirable; provided, however, that no such amendment (other than any change in the fees of the Depositary that are payable by the Company) which (i) shall materially and adversely alter any substantial existing right of the holders
of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Articles of Amendment shall be effective unless such amendment shall have been approved by the
holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject to the provisions of Section 2.06 and Section 2.07 and Article III, of any
holder of any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with instructions to the Depositary to deliver to the holder the whole shares of the deposited Preferred Stock and all money and other property if any,
represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and
agree to such amendment and to be bound by this Deposit Agreement as amended thereby. 
 SECTION
6.02. Termination. This Deposit Agreement may be terminated by the Company upon not less than 30 days’ prior written notice to the Depositary, whereupon the Depositary shall deliver or make available to each holder
of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property held by
the Depositary in respect of such Receipt. This Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares shall have been (A) redeemed pursuant to Section 2.03 and/or (B) surrendered in connection
with withdrawal of Preferred Stock pursuant to Section 2.06, or (ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company
and such distribution shall have been distributed to the holders of Receipts entitled thereto. 
 Upon the termination of this
Deposit Agreement, (i) the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under Section 5.06 and Section 5.08 and (ii) the Depositary shall be discharged
from all obligations under this Deposit Agreement. 
 ARTICLE VII 

MISCELLANEOUS 
 SECTION 7.01. Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by
facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

  
 14 

 SECTION 7.02. Exclusive Benefits of Parties. This Deposit Agreement
is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

SECTION 7.03. Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit
Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed
thereby. 
 SECTION 7.04. Notices. Unless otherwise expressly provided herein, all notices, requests,
demands and other communications hereunder or under the Receipts shall be in writing, shall be delivered by hand or by First Class Mail, postage prepaid, shall be deemed given when received and shall be addressed to the Depositary and the Company at
the respective addresses listed below or to such other addresses as they shall designate from time to time in writing, forwarded in like manner. 
 If to the Depositary, to: 
 Wilmington Trust, National Association 

Rodney Square North 
 1100 North Market Street 
 Wilmington, DE 19890-1615 

Attention: Corporate Capital Markets 
 If to the Company, to: 
 CenterState Banks, Inc. 

42745 U.S. Highway 27 
 Davenport, Florida 33837 
 Attention: [    ] 

Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by First Class mail, postage prepaid, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary or, if such holder shall have filed with the
Depositary in a timely manner a written request that notices intended for such holder he mailed to some other address, at the address designated in such request. 
 SECTION 7.05. Holders of Receipts Are Parties. The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement amid shall be bound by all of the
terms and conditions hereof and of the Receipts by acceptance of delivery thereof. 
 SECTION 7.06. Governing
Law. This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the internal laws of the State of [New York]
[Delaware], without regard to its conflicts of law provisions. 
 SECTION 7.07. Inspection of Deposit
Agreement and Articles of Amendment. Copies of this Deposit Agreement and the Articles of Amendment shall be filed with the Depositary and shall be open to inspection during business hours at the Corporate Office by any holder of any
Receipt. 
 SECTION 7.08. Headings. The headings of articles and sections in this Deposit Agreement and
in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision
contained herein or in the Receipts. 
 SECTION 7.09 Submission to Jurisdiction; Waiver of Jury Trial. Each of the
parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or
proceeding relating to this Deposit Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State
of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that
such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that
nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (d) to the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Deposit Agreement,
or any matter arising hereunder. 

  
 15 

 IN WITNESS WHEREOF, the Company and the Depositary have caused this Deposit Agreement
to be duly executed on their behalf as of the day and year first above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

			
	 CENTERSTATE BANKS, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 16 

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 DEPOSITARY SHARES 
 DR
                     

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH 
 REPRESENTING 1/     OF ONE SHARE OF 
 [DESCRIPTION OF
PREFERRED STOCK], 
 OF 
 CENTERSTATE BANKS, INC. 
 INCORPORATED UNDER THE LAWS OF THE STATE OF FLORIDA

 CUSIP              

SEE REVERSE FOR CERTAIN DEFINITIONS 
 Wilmington Trust, National Association, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of      Depositary Shares
(“Depositary Shares”), each Depositary Share representing 1/     of one share of [Description of Preferred Stock], (the “Stock”), of CenterState Banks, Inc., a Florida corporation
(the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of             ,
20     (the “Deposit Agreement”), among the Corporation, the Depositary, and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to
and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by
the Depositary by the manual signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof.

 This Depositary Receipt is transferable in New York, New York. 

 

			
	Dated:             , 20    
	
	Wilmington Trust, National Association, Depositary
		
	By:	 	  

		 	Authorized Officer

  
 A-1

 [FORM OF REVERSE OF RECEIPT] 

CENTERSTATE BANKS, INC. 
 CENTERSTATE BANKS, INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT ESTABLISHING THE
[DESCRIPTION OF PREFERRED STOCK] OF CENTERSTATE BANKS, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 
 The Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock
or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation. 
 EXPLANATION OF ABBREVIATIONS 
 The following abbreviations when used in the form
of ownership on the face of this certificate shall be construed as though they were written out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 

 

													
	 Abbreviation
	  	 	  	 Equivalent Phrase
	  	 	  	 Abbreviation
	  	 	  	 Equivalent Phrase

	JT TEN	  		  	As joint tenants, with right of survivorship and not as tenants in common	  		  	TEN BY ENT	  		  	As tenants by the entireties
							
	TEN IN COM	  		  	As tenants in common	  		  	UNIF GIFT MIN ACT	  		  	Uniform Gifts to Minors Act

  

																					
	 Abbreviation
	 	  	  	 Equivalent Word
	 	 	  	 Abbreviation
	 	 	  	 Equivalent Word
	 	 	  	 Abbreviation
	 	 	  	 Equivalent Word

	ADM	 		  	 Administrator(s),

Administratrix
	 		  	EX	 		  	Executor(s), Executrix	 		  	PAR	 		  	Paragraph
											
	AGMT	 		  	Agreement	 		  	FBO	 		  	For the benefit of	 		  	PL	 		  	Public Law
											
	ART	 		  	Article	 		  	FDN	 		  	Foundation	 		  	TR	 		  	(As) trustee(s), for, of
											
	CH	 		  	Chapter	 		  	GDN	 		  	Guardian(s)	 		  	U	 		  	Under
											
	CUST	 		  	Custodian for	 		  	GDNSHP	 		  	Guardianship	 		  	UA	 		  	Under agreement
											
	DEC	 		  	Declaration	 		  	MIN	 		  	Minor(s)	 		  	UW	 		  	Under will of, Of will of, Under last will & testament
											
	EST	 		  	Estate, of Estate of	 		  		 		  		 		  		 		  	

  
 A-2

 For value received,
                     hereby sell(s), assign(s) and transfer(s) unto
                                 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF 

ASSIGNEE 
 Depositary Shares
represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint                      Attorney to transfer the said Depositary
Shares on the books of the within named Depositary with full power of substitution in the premises. 
  

			
	Dated:                     	  	
		
		  	NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any
change whatsoever.

 SIGNATURE GUARANTEED 
 NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-3EX-4.1

 Exhibit 4.1 
 SHAREHOLDER RIGHTS PLAN AGREEMENT 
 BETWEEN 

AURIZON MINES LTD. 
 and 
 COMPUTERSHARE TRUST COMPANY OF CANADA 

as Rights Agent 

Dated as of January 22, 2013 

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	Page	 
	 ARTICLE 1
	 	DEFINITIONS	  	 	2	  
	 1.1
	 	Definitions	  	 	2	  
	 1.2
	 	Currency	  	 	11	  
	 1.3
	 	Acting Jointly or in Concert	  	 	11	  
	 1.4
	 	Control	  	 	11	  
	 1.5
	 	Holder of Rights	  	 	12	  
	 1.6
	 	References to this Agreement	  	 	12	  
			
	 ARTICLE 2
	 	THE RIGHTS	  	 	12	  
	 2.1
	 	Legend on Common Share Certificates	  	 	12	  
	 2.2
	 	Initial Exercise Price; Exercise of Rights; Detachment of Rights	  	 	13	  
	 2.3
	 	Adjustments to Exercise Price; Number of Rights	  	 	15	  
	 2.4
	 	Date on Which Exercise is Effective	  	 	19	  
	 2.5
	 	Execution, Authentication, Delivery and Dating of Rights Certificates	  	 	19	  
	 2.6
	 	Registration, Registration of Transfer and Exchange	  	 	19	  
	 2.7
	 	Mutilated, Destroyed, Lost and Stolen Rights Certificates	  	 	20	  
	 2.8
	 	Persons Deemed Owners	  	 	20	  
	 2.9
	 	Delivery and Cancellation of Certificates	  	 	20	  
	 2.10
	 	Agreement of Rights Holders	  	 	21	  
			
	 ARTICLE 3
	 	ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS	  	 	21	  
	 3.1
	 	Flip-in Event	  	 	21	  
			
	 ARTICLE 4
	 	THE RIGHTS AGENT	  	 	23	  
	 4.1
	 	General	  	 	23	  
	 4.2
	 	Merger, Amalgamation or Consolidation or Change of Name of Rights Agent	  	 	23	  
	 4.3
	 	Duties of Rights Agent	  	 	24	  
	 4.4
	 	Change of Rights Agent	  	 	25	  
	 4.5
	 	Compliance with Money Laundering Legislation	  	 	26	  
	 4.6
	 	Privacy Provision	  	 	26	  
			
	 ARTICLE 5
	 	MISCELLANEOUS	  	 	26	  
	 5.1
	 	Redemption and Termination	  	 	26	  
	 5.2
	 	Expiration	  	 	28	  
	 5.3
	 	Issuance of New Rights Certificates	  	 	28	  
	 5.4
	 	Supplements and Amendments	  	 	28	  
	 5.5
	 	Fractional Rights and Fractional Shares	  	 	29	  
	 5.6
	 	Rights of Action	  	 	30	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
		  		  	 	Page	  
	 5.7
	  	 Holder of Rights Not Deemed a Shareholder
	  	 	30	  
	 5.8
	  	 Notice of Proposed Actions
	  	 	30	  
	 5.9
	  	 Notices
	  	 	31	  
	 5.10
	  	 Costs of Enforcement
	  	 	31	  
	 5.11
	  	 Successors
	  	 	31	  
	 5.12
	  	 Benefits of this Agreement
	  	 	32	  
	 5.13
	  	 Descriptive Headings
	  	 	32	  
	 5.14
	  	 Governing Law
	  	 	32	  
	 5.15
	  	 Language
	  	 	32	  
	 5.16
	  	 Counterparts
	  	 	32	  
	 5.17
	  	 Severability
	  	 	32	  
	 5.18
	  	 Effective Date, Confirmation and Shareholder Review
	  	 	32	  
	 5.19
	  	 Regulatory Approvals
	  	 	33	  
	 5.20
	  	 Declaration as to Non-Canadian and Non-U.S. Holders
	  	 	33	  
	 5.21
	  	 Determinations and Actions by the Board of Directors
	  	 	33	  
	 5.22
	  	 Force Majeure
	  	 	33	  

  
 -ii-

 SHAREHOLDER RIGHTS PLAN AGREEMENT 

THIS SHAREHOLDER RIGHTS PLAN AGREEMENT made as of the 22nd day of January, 2013. 

BETWEEN: 
 AURIZON
MINES LTD., a corporation incorporated under the laws of the Province of British Columbia (hereinafter referred to as the “Corporation”) 
 OF THE FIRST PART 
 - and - 

COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company existing under the laws of Canada (hereinafter referred to as the
“Rights Agent”) 
 OF THE SECOND PART 
 WHEREAS the board of directors of the Corporation (the “Board of Directors”), in the exercise of their fiduciary duties to the Corporation, has determined that it is advisable and
in the best interests of the Corporation to adopt and maintain a shareholder rights plan (the “Rights Plan”) to: 
  

	 	(a)	provide the Board of Directors with adequate time to identify, develop and negotiate value-enhancing alternatives, if considered appropriate, to any such unsolicited
Offer to Acquire Common Shares; and 

  

	 	(b)	encourage the equal treatment of shareholders of the Corporation in connection with any Offer to Acquire Common Shares; 

AND WHEREAS, in order to implement the Rights Plan, the Board of Directors has authorized the issuance of one right (a
“Right”) in respect of each Common Share (as hereinafter defined): 
  

	 	(a)	outstanding at the Record Time (as hereinafter defined); and 

  

	 	(b)	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 confirm the appointment of the Rights Agent to act on behalf of the Corporation, and the Rights Agent is willing to so act, in connection with the issuance, transfer, exchange and replacement of Rights Certificates (as hereinafter
defined), the exercise of Rights and other matters referred to herein; 
 NOW THEREFORE in consideration of the premises
and the respective agreements set forth herein, the parties hereby agree as follows: 

 ARTICLE 1 
 DEFINITIONS 
  

	1.1	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 Common Shares of the Corporation; provided,
however, that the term “Acquiring Person” shall not include: 

  

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

  

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

  

	 	(A)	an acquisition or redemption by the Corporation of Common Shares of the Corporation which, by reducing the number of Common Shares outstanding, increases the
proportionate number of Common Shares Beneficially Owned by such Person to 20% or more of the Common Shares of the Corporation then outstanding; 

  

	 	(B)	share acquisitions made pursuant to a Permitted Bid (“Permitted Bid Acquisitions”); 

 

	 	(C)	share acquisitions (1) in respect of which the Board of Directors has waived the application of Section 3.1 pursuant to Subsections 5.1(b), 5.1(c) or 5.1(d);
or (2) which were made on or prior to the Effective Date; or (3) which were made pursuant to a dividend reinvestment plan of the Corporation; or (4) pursuant to the receipt or exercise of rights issued by the Corporation to all the
holders of the Common Shares (other than holders resident in a jurisdiction where such distribution is restricted or impracticable as a result of applicable law) to subscribe for or purchase Common Shares or Convertible Securities, provided that
such rights are acquired directly from the Corporation and not from any other Person and provided that the Person does not thereby acquire a greater percentage of Common Shares or Convertible Securities so offered than the Person’s percentage
of Common Shares or Convertible Securities beneficially owned immediately prior to such acquisition; or (5) pursuant to a distribution by the Corporation of Common Shares or Convertible Securities made pursuant to a prospectus, provided that
the Person does not thereby acquire a greater percentage of Common Shares or Convertible Securities so offered than the Person’s percentage of Common Shares or Convertible Securities beneficially owned immediately prior to such acquisition; or
(6) pursuant to a distribution by the Corporation of Common Shares or Convertible Securities by way of a private placement or a securities exchange take-over bid circular or upon the exercise by an individual employee of stock options granted
under a stock option plan of the Corporation or rights to purchase securities granted under a share purchase plan of the Corporation, provided that (i) all necessary stock exchange approvals for such private placement, stock option plan or
share purchase plan have been obtained and such private placement, stock option plan or share purchase plan complies with the terms and conditions of such approvals and (ii) such Person does not become the Beneficial Owner of more than 25% of
the Common Shares outstanding immediately prior to the distribution, and in making this determination, the Common Shares to be issued to such Person in the distribution shall be deemed to be held by such Person but shall not be included in the
aggregate number of outstanding Common Shares immediately prior to the distribution; or (7) pursuant to an amalgamation, merger or other statutory procedure requiring shareholder approval (“Exempt Acquisitions”);

  
 -2-

	 	(D)	the acquisition of Common Shares upon the exercise of Convertible Securities received by such Person pursuant to a Permitted Bid Acquisition, Exempt Acquisition or a
Pro Rata Acquisition (as defined below) (“Convertible Security Acquisitions”); or 

  

	 	(E)	acquisitions as a result of a stock dividend, a stock split or other event pursuant to which such Person receives or acquires Common Shares or Convertible Securities on
the same pro rata basis as all other holders of Common Shares of the same class (“Pro Rata Acquisitions”); 

  

	 	    	provided, however, that if a Person shall become the Beneficial Owner of 20% or more of the Common Shares of the Corporation then outstanding by reason of any one or a
combination of (i) share acquisitions or redemptions by the Corporation or (ii) Permitted Bid Acquisitions or (iii) Exempt Acquisitions or (iv) Convertible Security Acquisitions or (v) Pro Rata Acquisitions and, after such
share acquisitions or redemptions by the Corporation, Permitted Bid Acquisitions, Exempt Acquisitions, Convertible Security Acquisitions or Pro Rata Acquisitions, such Person subsequently becomes the Beneficial Owner of more than an additional 1.00%
of the number of Common Shares of the Corporation outstanding other than pursuant to any one or a combination of share acquisitions or redemptions of shares by the Corporation, Permitted Bid Acquisitions, Exempt Acquisitions, Convertible Security
Acquisitions or Pro Rata Acquisitions, then as of the date of any such acquisition such Person shall become an “Acquiring Person”; 

  

	 	(iii)	for a period of 10 days after the Disqualification Date, any Person who becomes the Beneficial Owner of 20% or more of the outstanding Common Shares as a result of such
Person becoming disqualified from relying on Subsection 1.1(d)(B) solely because such Person makes or announces an intention to make a Take-over Bid, either alone, through such Person’s Affiliates or Associates 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 intends to make a Take-over Bid, either alone, through such
Person’s Affiliates or Associates or by acting jointly or in concert with any other Person; or 

  

	 	(iv)	an underwriter or member of a banking or selling group that becomes the Beneficial Owner of 20% or more of the Common Shares in connection with a distribution of
securities by way of prospectus or private placement. 

  

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

  

	 	(c)	“Associate” of a specified individual shall mean any individual to whom such specified individual is married or with whom such specified individual is
living in a conjugal relationship, outside marriage, or any relative of such specified individual or said spouse who has the same home as such specified individual. 

 

	 	(d)	A Person shall be deemed the “Beneficial Owner”, 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; 

  
 -3-

	 	(ii)	any securities as to which such Person or any of such Person’s Affiliates or Associates has the right to acquire (A) upon the exercise of any Convertible
Securities, or (B) pursuant to any agreement, arrangement or understanding, in either case where such right is exercisable within a period of 60 days and whether or not on condition or the happening of any contingency (other than
(1) customary agreements with and between underwriters and banking group or selling group members with respect to a distribution to the public or pursuant to a private placement of securities, or (2) pursuant to a pledge of securities in
the ordinary course of business); and 

  

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

  

	 	    	provided, however, that a Person shall not be deemed the “Beneficial Owner”, or to have “Beneficial Ownership” of, or to “Beneficially
Own”, any security solely as a result of the existence of any one or more of the following circumstances: 

  

	 	(A)	where (1) the holder of such security has agreed to deposit or tender such security pursuant to a Permitted Lock-up Agreement to a Take-over Bid made by such
Person or any of such Person’s Affiliates or Associates or any other Person referred to in Subsection 1.1(d)(iii), or (2) such security has been deposited or tendered pursuant to a Take-over Bid made by such Person or any of such
Person’s Affiliates or Associates or any other Person referred to in Subsection 1.1(d)(iii), in each case until the earliest time at which any such tendered security is accepted unconditionally for payment or exchange or is taken up and paid
for; 

  

	 	(B)	 where such Person, any of such Person’s Affiliates or Associates or any other Person referred to in Subsection 1.1(d)(iii), holds such security
provided that (1) the ordinary business of any such Person (the “Investment Manager”) includes the management of investment funds for others 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, including the acquisition or holding of securities for non-discretionary accounts held on behalf of a client by a broker or dealer registered
under applicable securities laws to the extent required, or (2) 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 estate of any such deceased or incompetent Persons or in relation to other accounts and holds such security in the ordinary course of such duties for the estates of deceased or incompetent Persons or for such
other accounts, or (3) such Person (the “Plan Trustee”) is the administrator or trustee of one or more pension funds or plans (each a “Plan”) registered under applicable laws and holds such security for the
purposes of its activity as such, or (4) such Person is a Plan or is a Person established by statute (the “Statutory Body”) for purposes that include, and the ordinary business or activity of such Person includes the management
of investment funds for employee benefit plans, pension plans, insurance plans (other than plans administered by insurance companies) or various public bodies or (5) such Person is a Crown agent or agency or (6) 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 Plan Trustee, the Plan, the Statutory Body, the Crown agent or agency, the Manager or the Mutual Fund, as the case
may be, is not then making a Take-over Bid or has not announced a current intention to make a Take-over Bid, other than an Offer to 

  
 -4-

	 	
Acquire Common Shares or other securities pursuant to a distribution by the Corporation or by means of ordinary market transactions (including pre-arranged trades entered into in the ordinary
course of business of such Person) executed through the facilities of a stock exchange, securities quotation system or organized over-the-counter market, alone, through its Affiliates or Associates or by acting jointly or in concert with any other
Person; or 

  

	 	(C)	because such Person is a client of or has an account with the same Investment Manager as another Person on whose account the Investment Manager holds such security, or
where such Person is a client of or has an account with the same Trust Company as another Person on whose account the Trust Company holds such security, or where such Person is a Plan and has a Plan Trustee who is also a Plan Trustee for another
Plan on whose account the Plan Trustee holds such security; or 

  

	 	(D)	where such Person is (i) a client of an Investment Manager and such security is owned at law or in equity by the Investment Manager, or (ii) an account of a
Trust Company and such security is owned at law or in equity by the Trust Company, or (iii) a Plan and such security is owned at law or in equity by the Plan Trustee; or 

 

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

  

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

  

	 	    	100 x A/B 

  

	 	    	Where: 

  

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

 

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

 

	 	    	For the purposes of the foregoing formula, where any Person is deemed to Beneficially Own unissued Common Shares which may be acquired pursuant to Convertible
Securities, such Common Shares shall be deemed to be outstanding for the purpose of calculating the percentage of Common Shares Beneficially Owned by such Person in both the numerator and the denominator, but no other unissued Common Shares which
may be acquired pursuant to any other outstanding Convertible Securities shall, for the purposes of that calculation, be deemed to be outstanding. 

  

	 	(e)	“Business Day” shall mean any day other than a Saturday, Sunday or a day that is treated as a holiday at the Corporation’s principal executive
offices in Vancouver, Canada. 

  

	 	(f)	“Business Corporations Act” shall mean the Business Corporations Act, S.B.C. 2002, c. 57, as amended, and the regulations thereunder, and
any comparable or successor laws or regulations thereto. 

  

	 	(g)	“Canadian-U.S. Exchange Rate” shall mean on any date the inverse of the U.S.-Canadian Exchange Rate. 

  
 -5-

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

  

	 	(i)	“close of business” on any given date shall mean the time on such date (or, if such date is not a Business Day, the time on the next succeeding
Business Day) at which the office of the transfer agent for the Common Shares in the City of Vancouver (or, after the Separation Time, the offices of the Rights Agent in the City of Vancouver) becomes closed to the public. 

 

	 	(j)	“Common Shares of the Corporation” and “Common Shares” shall mean the common shares in the capital stock of the Corporation as
constituted as at the Effective Date and any other shares of the Corporation into which such common shares may be subdivided, consolidated, reclassified or changed from time to time. 

 

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

  

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

  

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

 

	 	(iii)	contains, and the take-up and payment for securities tendered or deposited is subject to, an irrevocable and unqualified provision that no Common Shares will be taken
up or paid for pursuant to the Take-over Bid prior to the close of business on the date that is no earlier than the later of (1) the earliest date on which Common Shares may be taken up or paid for under any Permitted Bid or Competing Permitted
Bid that is then in existence and (2) 35 days (or such other minimum period of days as may be prescribed by applicable law in British Columbia) after the date of the Take-over Bid constituting the Competing Permitted Bid.

  

	 	(l)	“Convertible Securities” means, at any time, any securities issued by the Corporation from time to time (other than the Rights) carrying any exercise,
conversion or exchange right pursuant to which the holder thereof may acquire Common Shares or other securities which are convertible into or exercisable or exchangeable for Common Shares. 

 

	 	(m)	“Convertible Security Acquisitions” has the meaning set forth in the definition of “Acquiring Person” herein. 

 

	 	(n)	“Co-Rights Agents” shall have the meaning set forth in Subsection 4.1(a). 

 

	 	(o)	“Effective Date” shall mean January 22, 2013. 

  

	 	(p)	“Exempt Acquisition” has the meaning set forth in the definition of “Acquiring Person” herein. 

 

	 	(q)	“Exercise Price” shall mean, as of any date after the Effective Date, the price at which a holder may purchase the securities issuable upon exercise of
one whole Right in accordance with the terms hereof and, subject to adjustment thereof in accordance with the terms hereof, the Exercise Price shall be: 

  

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

 

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

  
 -6-

	 	(r)	“Expansion Factor” shall have the meaning set forth in Subsection 2.3(a). 

 

	 	(s)	“Expiration Time” shall mean the earlier of: 

  

	 	(i)	the Termination Time; and 

  

	 	(ii)	the termination date of this agreement under section 5.18. 

  

	 	(t)	“Fiduciary” shall mean a trust company registered under the trust company legislation of Canada or any province thereof, a trust company organized
under the laws of any state of the United States, a portfolio manager registered under the securities legislation of one or more provinces of Canada or an investment adviser registered under the United States Investment Advisers Act of 1940, as
amended, or any other securities legislation of the United States or any state of the United States. 

  

	 	(u)	“Flip-in Event” shall mean a transaction occurring subsequent to the date of this Agreement as a result of which any Person shall become an Acquiring Person
provided, however, that a Flip-in Event shall be deemed to occur at the close of business on the tenth day (or such later day as the Board of Directors of the Corporation may determine) after the Stock Acquisition Date. 

 

	 	(v)	“Independent Shareholders” shall mean holders of outstanding Common Shares of the Corporation excluding (i) any Acquiring Person; or (ii) any
Person (other than a Person referred to in Subsection 1.1(d)(B)) that is making or has announced a current intention to make a Take-over Bid for Common Shares of the Corporation (including a Permitted Bid or a Competing Permitted Bid) but excluding
any such Person if the Take-over Bid so announced or made by such Person has been withdrawn, terminated or, expired; or (iii) any Affiliate or Associate of such Acquiring Person or a Person referred to in clause (ii); or (iv) any Person
acting jointly or in concert with such Acquiring Person or a Person referred to in clause (ii); or (v) a Person who is a trustee of any employee benefit plan, share purchase plan, deferred profit sharing plan or any similar plan or trust for
the benefit of employees of the Corporation or a Subsidiary of the Corporation, unless the beneficiaries of the plan or trust direct the manner in which the Common Shares are to be voted or direct whether the Common Shares are to be tendered to a
Take-over Bid. 

  

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

  

	 	(i)	the closing board lot sale price or, if such price is not available, the average of the closing bid and asked prices, for such securities as reported by the principal
Canadian stock exchange on which such securities are listed or admitted to trading, or if for any reason neither of such prices is available on such day or the securities are not listed or admitted to trading on a Canadian stock exchange, the
closing board lot sale price or, if such price is not available, the average of the closing bid and asked prices, for such securities as reported by such other securities exchange or national securities quotation system on which such securities are
listed or admitted for trading on which the largest number of such securities were traded during the most recently completed calendar year; 

  
 -7-

	 	(ii)	if, for any reason, none of such prices is available on such date or the securities are not listed or admitted to trading on a Canadian stock exchange or other
securities exchange or on a national securities quotation system, 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 such securities in the over-the-counter market, as quoted by any
reporting system then in use (as selected by the Board of Directors); or 

  

	 	(iii)	if the securities are not listed or admitted to trading as contemplated in Subsections 1.1(w)(i) or 1.1(w)(ii), the average of the closing bid and asked prices as
furnished by a professional market maker making a market in the securities provided, however, that if on any such date the Closing Price Per Security cannot be determined in accordance with the foregoing, the Closing Price Per Security of such
securities on such date shall mean the fair value per share of such securities on such date as determined in good faith by an internationally recognized investment dealer or investment banker with respect to the fair value per share of such
securities. 

  

	 	    	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 at the Canadian Dollar Equivalent thereof. 

  

	 	(x)	“1933 Act” shall mean the United States Securities Act of 1933, as amended, and the rules and regulations thereunder, and any successor laws or
regulations thereto. 

  

	 	(y)	“1934 Act” shall mean the United States Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, and any successor
laws or regulations thereto. 

  

	 	(z)	“Offer to Acquire” shall include: 

  

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

 

	 	(ii)	an acceptance of an offer to sell Common 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.

  

	 	(aa)	“Offeror’s Securities” means Common Shares Beneficially Owned on the date of an Offer to Acquire by any Person who is making a Take-over Bid and
“Offeror” means a Person who has announced a current intention to make or is making a Take-over Bid. 

  

	 	(bb)	“Permitted Bid” means a Take-over Bid made by a Person by means of a Take-over Bid circular and which also complies with the following additional
provisions: 

  

	 	(i)	the Take-over Bid is made to all holders of record of Common Shares, other than the Offeror, and for all of the issued and outstanding Common Shares, other than the
Common Shares held by the Offeror; 

  

	 	(ii)	the Take-over Bid shall contain, and the provisions for the take-up and payment for Common Shares tendered or deposited thereunder shall be subject to, an irrevocable
and unqualified condition that no Common Shares shall be taken up or paid for pursuant to the Take-over Bid prior to the close of business on a date which is not less than 60 days following the date of the Take-over Bid; 

  
 -8-

	 	(iii)	the Take-over Bid shall contain irrevocable and unqualified provisions that, unless the Take-over Bid is withdrawn, Common Shares may be deposited pursuant to the
Take-over Bid at any time prior to the close of business on the date of first take-up or payment for Common Shares and that all Common Shares deposited pursuant to the Take-over Bid may be withdrawn at any time prior to the close of business on such
date; 

  

	 	(iv)	the Take-over Bid shall contain an irrevocable and unqualified condition that more than 50% of the outstanding Common Shares held by Independent Shareholders,
determined as at the close of business on the date of first take-up or payment for Common Shares under the Take-over Bid, must be deposited to the Take-over Bid and not withdrawn at the close of business on the date of first take-up or payment for
Common Shares; and 

  

	 	(v)	the Take-over Bid shall contain an irrevocable and unqualified provision that in the event that more than 50% of the then outstanding Common Shares held by Independent
Shareholders shall have been deposited to the Take-over Bid and not withdrawn as at the close of business on the date of first take-up or payment for Common Shares under the Take-over Bid, the Offeror will make a public announcement of that fact and
the Take-over Bid will remain open for deposits and tenders of Common Shares for not less than 10 Business Days from the date of such public announcement; 

 

	 	    	provided that, should a Permitted Bid cease to be a Permitted Bid because it ceases to meet any or all requirements mentioned above prior to the time it expires (after
giving effect to any extension) or is withdrawn, then any acquisition of Common Shares made pursuant to such Permitted Bid shall not be a Permitted Bid Acquisition and provided further that if a Take-over Bid constitutes a “Competing Permitted
Bid”, the term Permitted Bid shall include a Competing Bid 

  

	 	(cc)	“Permitted Bid Acquisitions” has the meaning set forth in the definition of “Acquiring Person” herein. 

 

	 	(dd)	“Permitted Lock-up Agreement” means an agreement (the “Lock-up Agreement”) between a Person and one or more holders of Common Shares
(each such holder herein referred to as a “Locked-up Person”) (the terms of which are publicly disclosed and a copy of which is made available to the public (including the Corporation) not later than the date of the Lock-up Bid (as
defined below), or if the Lock-up Bid has been made prior to the date of the Lock-up Agreement not later than the first Business Day following the date of the Lock-up Agreement) pursuant to which each Locked-up Person agrees to deposit or tender the
Common Shares held by such holder to a Take-over Bid (the “Lock-up Bid”) made by the Person or any of such Person’s Affiliates or Associates or any other Person referred to in Subsection 1.1(d)(iii), provided that:

  

	 	(i)	the Lock-up Agreement permits the Locked-up Person to withdraw its Common Shares from the Lock-up Agreement in order to deposit or tender the Common Shares to another
Take-over Bid or to support another transaction prior to the Common Shares being taken up and paid for under the Lock-up Bid at a price or value per Common Share that exceeds the price or value per Common Share offered under the Lock-up Bid; or

  

	 	(ii)	the Lock-up Agreement permits the Locked-up Person to withdraw its Common Shares from the Lock-up Agreement in order to deposit or tender the Common Shares to another
Take-over Bid or to support another transaction prior to the Common Shares being taken up and paid for under the Lock-up Bid at an offer price for each Common Share that exceeds by as much as or more than a specified amount (the “Specified
Amount”) the offer price for each Common Share contained in or proposed to be contained in the Lock-up Bid and that does not by its terms provide for a Specified Amount that is greater than 7% of the offer price contained in or proposed to
be contained in the Lock-up Bid; 

  
 -9-

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

  

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

 

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

 

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

  

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

  

	 	(ee)	“Person” shall mean any individual, firm, partnership, association, trust, trustee, personal representative, body corporate, corporation,
unincorporated organization, syndicate or other entity. 

  

	 	(ff)	“Pro Rata Acquisition” has the meaning set forth in the definition of “Acquiring Person” herein. 

 

	 	(gg)	“Record Time” shall mean 4:00 p.m. (Vancouver time) on the date that is the tenth day after the Effective Date. 

 

	 	(hh)	“Redemption Price” has the meaning set forth in Subsection 5.1(a). 

 

	 	(ii)	“Rights Certificate” shall mean, after the Separation Time, the certificate representing the Rights substantially in the form of Exhibit A hereto;

  

	 	(jj)	“Securities Act” shall mean the Securities Act, R.S.B.C. 1996, c. 418, and the rules and regulations thereunder, each as may be amended
from time to time and any comparable or successor laws, rules or regulations thereto. 

  

	 	(kk)	“Separation Time” shall mean the close of business on the tenth Business 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 Take-over Bid which is a Permitted Bid so long as such Take-over Bid continues to satisfy the requirements of a Permitted Bid), provided that, if any Take-over Bid referred to in this Subsection 1.1(kk)(ii) expires, is
cancelled, terminated or otherwise withdrawn prior to the Separation Time, such Take-over Bid shall be deemed, for purposes of this Subsection 1.1(kk), never to have been made; and 

 

	 	(iii)	the date upon which a Permitted Bid ceases to be a Permitted Bid; 

  

	 	    	or such later date as may be determined by the Board of Directors provided that, if the foregoing results in the Separation Time being prior to the Record Time, the
Separation Time shall be the Record Time, and provided that, if the Board of Directors determines pursuant to Section 5.1 to waive the application of Section 3.1 to a Flip-in Event, the Separation Time in respect of such Flip-in Event
shall be deemed never to have occurred. 

  
 -10-

	 	(ll)	“Stock Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition, shall include, without limitation, a
report filed pursuant to section 5.2 of Multilateral Instrument 62-104 or section 13(d) under the 1934 Act) by the Corporation or an Acquiring Person that a Person has become an Acquiring Person. 

 

	 	(mm)	“Subsidiary” of any specified Person shall mean any corporation or other entity controlled by such specified Person. 

 

	 	(nn)	“Take-over Bid” means an Offer to Acquire Common Shares or securities convertible into Common Shares, where the Common Shares subject to the Offer to
Acquire, together with the Common Shares into which the securities subject to the Offer to Acquire are convertible, and the Offeror’s Securities, constitute in the aggregate 20% or more of the outstanding Common Shares at the date of the Offer
to Acquire. 

  

	 	(oo)	“Termination Time” shall mean the time at which the right to exercise Rights shall terminate pursuant to Sections 5.1 or 5.18.

  

	 	(pp)	“Trading Day”, when used with respect to any securities, shall mean a day on which the securities exchange or national securities quotation system on
which such securities are listed or admitted to trading on which the largest number of such securities were traded during the most recently completed calendar year is open for the transaction of business or, if the securities are not listed or
admitted to trading on any securities exchange, a Business Day. 

  

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

  

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

  

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

  

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

  

	1.2	Currency 

 All sums of
money which are referred to in this Agreement are expressed in lawful money of Canada. 
  

	1.3	Acting Jointly or in Concert 

 For purposes of this Agreement, a Person is acting jointly or in concert with another Person if such Person has any agreement, arrangement or understanding (whether formal or informal and whether or not
in writing) with such other Person to acquire, or Offer to Acquire, any Common Shares of the Corporation (other than (A) customary agreements with and between underwriters and banking group or selling group members with respect to a
distribution of securities by way of prospectus or private placement, or (B) pursuant to a pledge of securities in the ordinary course of business). 
  

	1.4	Control 

 A Person is
“controlled” by another Person or two or more other Persons acting jointly or in concert if: 

  
 -11-

	 	(a)	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 acting jointly or in concert 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 

  

	 	(b)	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. 
  

	1.5	Holder of Rights 

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

 

	1.6	References to this Agreement 

 In this Agreement, unless otherwise provided herein and unless the context otherwise requires, references to “this Agreement”, “herein”, “hereby” and
“hereunder” mean this Agreement as amended and supplemented from time to time. 
 ARTICLE 2 

THE RIGHTS 
  

	2.1	Legend on Common Share Certificates 

 Certificates for the Common Shares, including without limitation Common Shares issued upon the conversion of Convertible Securities, issued after the Record Time but prior to the earlier of the Separation
Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them the
following legend: 
 “Until the Separation Time (as defined in the Rights Agreement referred to below), this certificate
also evidences and entitles the holder hereof to certain Rights as set forth in a Shareholder Rights Plan Agreement dated as of January 22, 2013, as such Shareholder Rights Plan Agreement may from time to time be amended, restated, varied or
replaced (the “Rights Agreement”), between Aurizon Mines Ltd. (the “Corporation”) and Computershare Trust Company of Canada, as Rights Agent, the terms of which are incorporated herein by reference and a copy of which is on file
at the registered office of the Corporation. In certain circumstances, as set forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are “Beneficially Owned” by an
“Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this certificate. The Corporation will mail or arrange for the
mailing of a copy of the Rights Agreement to the holder of this certificate without charge as soon as practicable after the receipt of a written request therefor.” 
 Certificates representing Common Shares that are issued and outstanding at the Record Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing
legend, until the earlier of the Separation Time and the Expiration Time. 

  
 -12-

	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, after the Separation Time, to purchase, for the Exercise Price, or its
U.S. Dollar Equivalent as at the Business Day immediately preceding the day of exercise of the Right, one Common Share. 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)	no Right may be exercised; and 

  

	 	(ii)	each Right will be evidenced by the certificate for the associated Common Share and will be transferable only together with, and will be transferred by a transfer of,
such associated share. 

  

	 	(c)	After the Separation Time and prior to the Expiration Time, the Rights may be exercised and will be transferable independent of Common Shares. Promptly following the
Separation Time the Rights Agent will mail to each holder of record of Common Shares as of the Separation Time and, in respect of each Convertible Security converted into Common Shares after the Separation Time and prior to the Expiration Time
promptly after such conversion to the holder so converting (other than an Acquiring Person and, in respect of any Rights Beneficially Owned by such Acquiring Person which are not held of record by such Acquiring Person, the holder of record of such
Rights (a “Nominee”)) at such holder’s address as shown on the records of the Corporation (the Corporation hereby agreeing to furnish copies of such records to the Rights Agent for this purpose): 

 

	 	(i)	a Rights Certificate with registration particulars appropriately completed, representing the number of Rights held by such holder at the Separation Time and having such
marks of identification or designation and such legends, summaries or endorsements printed thereon as the Corporation may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or securities quotation system on which the Rights may from time to time be listed or traded, or to conform to usage, and

  

	 	(ii)	a disclosure statement describing the Rights; 

  

	 	    	provided that a Nominee shall be sent the materials provided for in Subsections 2.2(c)(i)and 2.2(c)(ii) only in respect of all Common Shares held of record by it which
are not Beneficially Owned by such Acquiring Person, and the Corporation may require any Nominee or suspected Nominee to provide such information and documentation as the Corporation may reasonably require for such purpose. 

 

	 	(d)	 Rights may be exercised in whole or in part on any Business Day (or on any other day which, in the city at which an Election to Exercise (as
hereinafter defined) is duly submitted to the Rights Agent in accordance with this Agreement, is not a Saturday, Sunday or a day that is treated as a holiday in such city) after the Separation Time and prior to the Expiration Time by submitting to
the Rights Agent (at its office in the City of Vancouver, Canada or at any other office of the Rights Agent in the cities designated from time to time for that purpose by the Corporation), the Rights Certificate evidencing such Rights together with
an Election to Exercise (an “Election to Exercise”) substantially in the form attached to the Rights Certificate duly completed, accompanied by payment by certified cheque, bank draft or money order payable to the order of the
Rights Agent, of a sum equal to the Exercise Price multiplied by the number of Rights being exercised and a sum sufficient to cover any transfer tax or charge which may be payable in respect

  
 -13-

	 	
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)	Upon receipt of a Rights Certificate together with a duly completed Election to Exercise (which does not indicate that the holder so exercising is an Acquiring Person)
accompanied by payment as set forth in Subsection 2.2(d), the Rights Agent will thereupon promptly: 

  

	 	(i)	requisition from the transfer agent or any co-transfer agent of the Common Shares certificates for the number of 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 and, after receipt, deliver such cash to or
to the order of the registered holder of the Rights Certificate; 

  

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

  

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

 

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

  

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

  

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

 

	 	(ii)	take all such action as may be necessary and within its power to comply with any applicable requirements of the Business Corporations Act, the Securities
Act, the securities acts or comparable legislation of each of the other provinces of Canada, the 1933 Act and the 1934 Act, and the rules and regulations thereunder or any other applicable law, rule or regulation, in connection
with the issuance and delivery of the Rights Certificates and the issuance of any shares upon exercise of Rights; 

  

	 	(iii)	use reasonable efforts to cause all shares issued upon exercise of Rights to be listed on the principal exchanges or traded in the over-the-counter markets on which the
shares were traded immediately prior to the Stock Acquisition Date; 

  

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

  

	 	(v)	pay when due and payable any and all Canadian and United States federal, provincial, and state transfer taxes (for greater certainty not including any income taxes or
capital gains of the holder or exercising holder or any liability of the Corporation to withhold tax) and charges which may be payable in respect of the original issuance or delivery of the Rights Certificates or certificates for shares, 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 shares in a name
other than that of the holder of the Rights being transferred or exercised; and 

  
 -14-

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

 

	2.3	Adjustments to Exercise Price; Number of Rights 

 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 Effective Date and prior to the Expiration Time: 

 

	 	(i)	declare or pay a dividend on the Common Shares payable in Common Shares (or other capital stock or securities exchangeable for or convertible into or giving a right to
acquire Common Shares or other capital stock) other than pursuant to any optional stock dividend program, dividend reinvestment plan or a dividend payable on Common Shares in lieu of a regular periodic cash dividend; 

 

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

 

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

 

	 	(iv)	issue any Common Shares (or other capital stock or securities exchangeable for or convertible into or giving a right to acquire Common Shares or other capital stock) in
respect of, in lieu of or in exchange for existing Common Shares in a reclassification, amalgamation, merger, statutory arrangement or consolidation, 

  

	 	    	 the Exercise Price and the number of Rights outstanding, or, if the payment or effective date therefor shall occur after the Separation Time, the
securities purchasable upon exercise of Rights shall be adjusted in the manner set forth below. If the Exercise Price and number of Rights outstanding are to be adjusted (x) the Exercise Price in effect after such adjustment shall 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, combination or issuance would hold thereafter as a result thereof and (y) each Right held prior to such adjustment shall become that number of Rights equal to the Expansion Factor, and the adjusted number of Rights will be
deemed to be allocated among the Common Shares with respect to which the original Rights were associated (if they remain outstanding) and the shares issued in respect of such dividend, subdivision, change, combination or issuance, so that each such
Common Share (or other capital stock) will have exactly one Right associated with it. 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
number of securities that a holder of the securities purchasable upon exercise of one Right immediately prior to such dividend, subdivision, change, combination or issuance would hold thereafter as a result thereof. If after the Effective Date 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 Subsections 2.3(a)(i) or 2.3(a)(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. If an event occurs which would require an

  
 -15-

 
adjustment under both this Section 2.3 and Section 3.1, the adjustment provided for in this Section 2.3 shall be in addition to and shall be made prior to any adjustment required
pursuant to Section 3.1. Adjustments pursuant to Subsection 2.3(a) shall be made successively, whenever an event referred to in Subsection 2.3(a) occurs. 
  

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

 

	 	(b)	In the event the Corporation shall at any time after the Effective Date and prior to the Expiration Time fix a record date for the making of a distribution to all
holders of Common Shares of rights or warrants entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Common Shares (or securities convertible into or exchangeable for or carrying a right
to purchase or subscribe for 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 90% of the Market Price per Common Share on such record date, the Exercise Price shall be adjusted in the manner set forth
below. The Exercise Price in effect after such record date shall equal the Exercise Price in effect immediately prior to such record date multiplied by a fraction, of which the numerator shall be the number of Common Shares outstanding on such
record date plus the number of Common Shares which the aggregate offering price of the total number of Common Shares so to be offered (and/or the aggregate initial conversion, exchange or exercise price of the convertible 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 and of which the denominator shall be the number of Common Shares outstanding
on such record date plus the number of additional Common Shares to be offered for subscription or purchase (or into which the convertible or exchangeable securities or rights so to be offered are initially convertible, exchangeable or exercisable).
In case such subscription price is satisfied in whole or in part by consideration in a form other than cash the value of such consideration shall be as determined 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. To the extent that such rights or warrants are not exercised prior to the expiration
thereof, the Exercise Price shall be readjusted in the manner contemplated above based on the number of Common Shares (or securities convertible into Common Shares) actually issued upon the exercise of such rights or warrants. For purposes of this
Subsection 2.3(b), the granting of the right to purchase Common Shares pursuant to any dividend or interest reinvestment plan and/or any Common Share purchase plan providing for the reinvestment of dividends or interest payable on securities of the
Corporation and/or the investment of periodic optional payments and/or employee benefit or similar plans (so long as such right to purchase is in no case evidenced by the delivery of rights or warrants) shall not be deemed to constitute an issue of
rights or warrants by the Corporation; provided, however, that in the case of any dividend or interest reinvestment plan, the right to purchase Common Shares is at a price per share of not less than 90% 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 Effective Date and prior to the Expiration Time fix a record date for the making of a
distribution to all holders of Common Shares of evidences of indebtedness or assets (other than a regular periodic cash dividend or a dividend paid in Common Shares) or rights or warrants entitling them to subscribe for or purchase Common Shares (or
Convertible Securities in respect of Common Shares) at a price per Common Share (or, in the case of a Convertible Security in respect of Common Shares having a conversion or exercise price per share (including the price required to be paid to
purchase such Convertible Security) less than 90% of the Market Price per Common Share on such record date (excluding those referred to 

  
 -16-

	 	
in Subsection 2.3(b)), the Exercise Price shall be adjusted in the manner set forth below. The Exercise Price in effect after such record date shall equal the Exercise Price in effect immediately
prior to such record date less the fair market value (as determined by the Board of Directors of the Corporation) of the portion of the assets, evidences of indebtedness, rights or warrants so to be distributed applicable to each of the securities
purchasable upon exercise of one Right (such determination to be described in a statement filed with the Rights Agent shall be binding on the Rights Agent and the holders of the Rights). Such adjustment shall be made successively whenever such a
record date is fixed. 

  

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

 

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

  

	 	(ii)	the record date for the applicable dividend or distribution, in the case of an adjustment made pursuant to Subsections 2.3(b) or 2.3(c), 

 

	 	    	subject to readjustment to reverse the same if such dividend or distribution shall not be made. 

 

	 	(e)	In the event the Corporation shall at any time after the Effective Date and prior to the Expiration Time issue any shares of capital stock (other than Common Shares),
or rights 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 Subsections 2.3(a)(i) or 2.3(a)(iv), or if the Corporation shall
take any other action (other than the issue of Common Shares) which might have a negative effect on the holders of Rights, if the Board of Directors determines that the adjustments contemplated by Subsections 2.3(a), 2.3(b) and 2.3(c) are not
applicable or will not appropriately protect the interests of the holders of Rights, the Corporation may determine what other adjustments to the Exercise Price, number of Rights and/or securities purchasable upon exercise of Rights would be
appropriate and, if the adjustments contemplated by Subsections 2.3(a), 2.3(b) and 2.3(c) are applicable, notwithstanding such Subsections, the adjustments so determined by the Corporation, rather than adjustments contemplated by Subsections 2.3(a),
2.3(b) and 2.3(c), shall be made. The Corporation and the Rights Agent shall amend this Agreement in accordance with Section 5.4 to provide for such adjustments. 

 

	 	(f)	Each adjustment to the Exercise Price made pursuant to this Section 2.3 shall be calculated to the nearest cent or to the nearest ten-thousandth of a share.
Notwithstanding anything herein to the contrary, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in such Exercise Price. Whenever an adjustment to the Exercise Price
is made pursuant to this Section 2.3, the Corporation shall: 

  

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

 

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

  

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

  

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

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

 

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

  

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

 

	 	(i)	subdivision or consolidation of the Common Shares; 

  

	 	(ii)	issuance (wholly or in part for cash) of any Common Shares at less than the applicable Market Price; 

 

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

  

	 	(iv)	stock dividends; or 

  

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

  

	 	    	shall not be taxable to such shareholders. 

  

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

  

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

 

	 	(ii)	promptly file with the Rights Agent and with each transfer agent for the Common Shares a copy of such certificate and mail or cause to be mailed a brief summary thereof
to each holder of Rights who requests a copy; and 

  

	 	(iii)	(iii) cause notice of the particulars of such adjustment to be given to the holders of the Rights by way of press release or by such other means as the Corporation may
determine. 

  

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

  
 -18-

	2.4	Date on Which Exercise is Effective 

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

	2.5	Execution, Authentication, Delivery and Dating of Rights Certificates 

 

	 	(a)	The Rights Certificates shall be executed on behalf of the Corporation by any one of its Chairman of the Board, the President, the Chief Executive Officer, the Chief
Operating Officer, the Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Corporation. The signature of any of these officers on the Rights Certificates may be manual
or facsimile. Rights Certificates bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Corporation shall bind the Corporation, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the countersignature and delivery of such Rights Certificates. 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 facsimile signature in a manner satisfactory to the Corporation) and mail such Rights Certificates to the
holders of the Rights pursuant to Subsection 2.2(c). No Rights Certificate shall be valid for any purpose until countersigned by the Rights Agent as aforesaid. 

 

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

 

	2.6	Registration, Registration of Transfer and Exchange 

  

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

  

	 	(b)	Following 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(d), the Corporation shall execute, and the Rights Agent shall 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. 

  

	 	(c)	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. 

  

	 	(d)	 Every Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Corporation or the Rights Agent, as the case may be, duly executed by the holder thereof or such 

  
 -19-

	 	
holder’s attorney duly authorized in writing. As a condition to the issuance of any new Rights Certificate under this Section 2.6, the Corporation may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Rights Agent) in connection therewith. 

 

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

  

	2.7	Mutilated, Destroyed, Lost and Stolen Rights Certificates 

  

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

  

	 	(b)	If there shall be delivered to the Corporation and the Rights Agent prior to the Expiration Time (i) evidence of ownership of any Rights Certificate,
(ii) evidence to their satisfaction of the destruction, loss or theft of any Rights Certificate and (iii) such security and indemnity as may be required by each of 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 its request the Rights Agent shall countersign and
deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen. 

 

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

 

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

  

	2.8	Persons Deemed Owners 

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

 

	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 law, destroy all cancelled Rights Certificates and deliver a certificate of destruction to the Corporation. 

  
 -20-

	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;

  

	 	(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 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 Common Shares and upon the sole authority of the Board of Directors
this Agreement may be supplemented or amended from time to time as provided herein; and 

  

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

 ARTICLE 3 
 ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS 
  

	3.1	Flip-in Event 

  

	 	(a)	Subject to Subsections 3.1(b), 5.1(b), 5.1(c) and 5.1(d), in the event that prior to the Expiration Time a Flip-in Event shall occur, the Corporation shall take such
action as shall be necessary to ensure and provide, within 10 Business Days thereafter or such longer period as may be required to satisfy the requirements of the applicable securities acts or comparable legislation or the rules of any stock
exchange on which the Common Shares and Rights may be listed so that, except as provided below, each Right shall thereafter constitute the right to purchase from the Corporation, upon exercise thereof in accordance with the terms hereof, that number
of Common Shares of the Corporation having an aggregate Market Price on the date of consummation or occurrence of such Flip-in Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price, (such right to be appropriately
adjusted in a manner analogous to the applicable adjustment provided for in Section 2.3 in the event that after such date of consummation or occurrence an event of a type analogous to any of the events described in Section 2.3 shall have
occurred with respect to such Common Shares). 

  
 -21-

	 	(b)	Notwithstanding the foregoing or any other provisions of this Agreement, 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, direct or indirect, 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) in a transfer made after the date hereof, whether or not for consideration, 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 Person acting jointly or in concert with an Acquiring Person) that has the purpose or effect of avoiding clause
(i) of this Subsection 3.1(b), 

 shall become void and any holder of such Rights (including
transferees) shall thereafter have no right, to exercise such Rights under any provision of this Agreement and shall not have any other rights whatsoever in respect of such Rights, whether under any provision of this Agreement or otherwise. The
holder of any Rights represented by a Rights Certificate which is submitted to the Rights Agent upon exercise or for registration of transfer or exchange which does not contain the necessary certifications set forth in the Rights Certificate
establishing that such Rights are not void under this Subsection 3.1(b) shall be deemed to be an Acquiring Person for the purposes of this Subsection 3.1(b) and such Rights shall become null and void. 

 

	 	(c)	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 Business Corporations Act, the Securities Act 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 and any other applicable law, rule or regulation 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 clauses (i) or (ii) of Subsection 3.1(b) or transferred to
any nominee of any such Person, and any Rights Certificate issued upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain the following legend: 

“The Rights represented by this Rights Certificate were Beneficially Owned by a Person who was an Acquiring Person or who was an
Affiliate or an Associate of an Acquiring Person (as such terms are defined in the Rights Agreement) or was acting jointly or in concert with any of them. This Rights Certificate and the Rights represented hereby shall become void in the
circumstances specified in Subsection 3.1(b) of the Rights Agreement.” 
 provided that the Rights Agent shall not be under
any responsibility to ascertain the existence of facts that would require the imposition of such legend but shall be required to impose such legend only if instructed to do so by the Corporation or if a holder fails to certify upon transfer or
exchange in the space provided on the Rights Certificate that such holder is not an Acquiring Person, an Affiliate or Associate thereof or a Person acting jointly or in concert with any of them. 

  
 -22-

 ARTICLE 4 
 THE RIGHTS AGENT 
  

	4.1	General 

  

	 	(a)	The Corporation hereby appoints the Rights Agent to act as agent for the Corporation and the holders of Rights in accordance with the terms and conditions hereof, and
the Rights Agent hereby accepts such appointment. The Corporation may from time to time appoint such co-Rights Agents (the “Co-Rights Agents”) as it may deem necessary or desirable, subject to the consent of the Rights Agent, acting
reasonably. 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 Co-Rights Agent. The
Corporation agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements reasonably
incurred in the execution and administration of this Agreement and the exercise and performance of its duties hereunder (including the reasonable fees and other disbursements of any expert retained by the Rights Agent with the approval of the
Corporation, such approval not to be unreasonably withheld). The Corporation also agrees to indemnify the Rights Agent, its directors, officers, employees and agents for, and to hold them harmless against, any loss, liability, cost, claim, action,
damage or expense, incurred without gross negligence, bad faith or wilful misconduct on the part of the Rights Agent or its directors, officers, employees and agents for anything done, suffered or omitted by the Rights Agent in connection with the
acceptance, execution and administration of this Agreement and the exercise and performance of its duties hereunder, including the costs and expenses of defending against any claim of liability, which right to indemnification will survive the
termination of this Agreement or the resignation or removal of the Rights Agent. 

  

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

 

	 	(c)	The Corporation shall inform the Rights Agent, in a reasonably timely manner, of events which may materially affect the administration of this Agreement by the Rights
Agent. At any time, upon request, the Corporation shall provide to the Rights Agent an incumbency certificate with respect to the current directors and officers of the Corporation. Provided that failure to inform the Rights Agent of such events or
any defect therein shall not affect the validity of any action taken hereunder in relation to such events. 

  

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

 

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

  
 -23-

	 	
Agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates will
have the full force provided in the Rights Certificates and in this Agreement. 

  

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

 

	4.3	Duties of Rights Agent 

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

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

  

	 	(b)	Whenever in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter be proved or established by the
Corporation prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by a
person believed by the Rights Agent to be the Chairman of the Board, the President, the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, the 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 only for its own gross negligence, bad faith or wilful misconduct. 

 

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

 

	 	(e)	 The Rights Agent will not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due
authorization, execution and delivery hereof by the Rights Agent) or in respect of the validity or execution of any Common Share certificate or Rights Certificate (except its countersignature thereof); nor will it be responsible for any breach by
the Corporation of any covenant or condition contained in this Agreement or in any Rights Certificate; nor will it be responsible for any change in the exercisability of the Rights (including the Rights becoming void pursuant to Subsection 3.1(b))
or any adjustment required under the provisions of Section 2.3 or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to
the exercise of Rights after receipt of the certificate contemplated by Section 2.3 

  
 -24-

	 	
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. 

 

	 	(g)	The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any person believed by the Rights
Agent to be the Chairman of the Board, the President, the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, any Vice President, the Secretary or any Assistant Secretary or the Treasurer or any Assistant Treasurer of
the Corporation, and to apply to such persons 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 reliance upon instructions of any such person; it is
understood that instructions to the Rights Agent shall, except where circumstances make it impracticable or the Rights Agent otherwise agrees, be given in writing and, where not in writing, such instructions shall be confirmed in writing as soon as
reasonably possible after the giving of such instructions. 

  

	 	(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. 

  

	 	(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, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Corporation resulting from any such act, omission, 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, and to the holders of the Rights in accordance with Section 5.9. The Corporation may remove
the Rights Agent upon 30 days’ notice in writing given to the Rights Agent and to each transfer agent of the Common Shares (by personal delivery, or 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 30 days after such removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Rights Agent, then the resigning Rights Agent, at the expense of the Corporation, or any holder of any Rights may apply to any court of competent jurisdiction for the appointment of a new Rights Agent.
Any successor Rights Agent, whether appointed by the Corporation or by such a court, shall be a corporation incorporated under the laws of Canada or a province thereof authorized to carry on the business of a trust company in the Province of
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 shall,
upon the receipt of all outstanding fees and expenses, 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. Failure to give any notice provided for in this Section 4.4, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor
Rights Agent, as the case may be. 

  
 -25-

	4.5	Compliance with Money Laundering Legislation 

 The Rights Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Rights Agent reasonably determines
that such an act 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 10 days’ written notice to the Corporation,
provided: (i) that the Rights Agent’s written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Rights Agent’s satisfaction within such 10-day period, then
such resignation shall not be effective. 
  

	4.6	Privacy Provision 

 The
parties acknowledge that federal and/or provincial legislation that addresses the protection of individual’s personal information (collectively, “Privacy Laws”) applies to obligations and activities under this Agreement.
Despite any other provision of this Agreement, neither party will take or direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Corporation will, prior to transferring or causing to be transferred
personal information to the Rights Agent, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or will have determined that such consents either have previously been
given upon which the parties can rely or are not required under the Privacy Laws. The Rights Agent will use commercially reasonable efforts to ensure that its services hereunder comply with Privacy Laws. 

ARTICLE 5 

MISCELLANEOUS 
  

	5.1	Redemption and Termination 

  

	 	(a)	The Board of Directors may, with the prior consent of holders of Common Shares or of the holders of Rights given in accordance with Subsections 5.1(f) or 5.1(g), as the
case may be, at any time prior to the occurrence of a Flip-in Event as to which the application of Section 3.1 has not been waived pursuant to the provisions of this Section 5.1, elect to redeem all but not less than all of the then
outstanding Rights at a redemption price of $0.000001 per Right appropriately adjusted in a manner analogous to the applicable adjustment provided for in Section 2.3 in the event that an event of the type analogous to any of the events
described in Section 2.3 shall have occurred (such redemption price being herein referred to as the “Redemption Price”). 

  

	 	(b)	The Board of Directors may, with the prior consent of the holders of Common Shares given in accordance with Subsection 5.1(f), determine, at any time prior to the
occurrence of a Flip-in Event as to which the application of Section 3.1 has not been waived pursuant to this Section 5.1, if such Flip-in Event would occur by reason of an acquisition of Common Shares otherwise than pursuant to a
Take-over Bid made by means of a Take-over Bid circular to all holders of record of Common Shares and otherwise than in the circumstances set forth in Subsection 5.1(d), to waive the application of Section 3.1 to such Flip-in Event. In the
event that the Board of Directors proposes such a waiver, the Board of Directors shall extend the Separation Time to a date subsequent to and not more than ten Business Days following the meeting of shareholders called to approve such waiver.

  

	 	(c)	 The Board of Directors may, prior to the occurrence of a Flip-in Event as to which the application of Section 3.1 has not been waived under this
clause, determine, upon prior written notice to the Rights Agent, to waive the application of Section 3.1 to that Flip-in Event provided that the Flip-in 

  
 -26-

	 	
Event would occur by reason of a Take-over Bid made by means of a Take-over Bid circular sent to all holders of record of Common Shares; further provided that if the Board waives the application
of Section 3.1 to such a Flip-in Event, the Board of Directors shall be deemed to have waived the application of Section 3.1 to any other Flip-in Event occurring by reason of any Take-over Bid made by means of a Take-over Bid circular to
all holders of record of Common Shares which is made prior to the expiry of any Take-over Bid in respect of which a waiver is, or is deemed to have been, granted under this Subsection 5.1(c). 

 

	 	(d)	The Board of Directors may, in respect of any Flip-in Event waive the application of Section 3.1 to that Flip-in Event, provided that both of the following
conditions are satisfied: 

  

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

  

	 	(ii)	such Acquiring Person has reduced its Beneficial Ownership of Common Shares such that at the time of waiver pursuant to this Subsection 5.1(d) it is no longer an
Acquiring Person. 

  

	 	(e)	Where, pursuant to a Permitted Bid, a Competing Permitted Bid or a Take-over Bid in respect of which the Board of Directors has waived, or is deemed to have waived,
pursuant to Subsection 5.1(c), the application of Section 3.1, a Person acquires outstanding Common Shares, then the Board of Directors shall immediately upon the consummation of such acquisition without further formality be deemed to have
elected to redeem the Rights at the Redemption Price. 

  

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

 

	 	(g)	If a redemption of Rights pursuant to Subsection 5.1(a) is proposed at any time after the Separation Time, such redemption shall be submitted for approval to the
holders of Rights. Such approval shall be deemed to have been given if the redemption is approved by holders of Rights by a majority of the votes cast by the holders of Rights represented in person or by proxy at and entitled to vote at a meeting of
such holders. For the purposes hereof, each outstanding Right (other than Rights which are Beneficially Owned by any Person referred to in clauses (i) to (v) inclusive of the definition of Independent Shareholders) shall be entitled to one
vote, and the procedures for the calling, holding and conduct of the meeting shall be those, as nearly as may be, which are provided in the Corporation’s by-laws and the Business Corporations Act with respect to meetings of shareholders
of the Corporation. 

  

	 	(h)	Where a Take-over Bid that is not a Permitted Bid is withdrawn or otherwise terminated after the Separation Time has occurred and prior to the occurrence of a Flip-in
Event, the Board may elect to redeem all the outstanding Rights at the Redemption Price. Upon such redemption, all of the provisions of this Agreement shall continue to apply as if the Separation Time had not occurred and the Corporation shall be
deemed to have issued replacement Rights to the holders of its then outstanding Common Shares, subject to and in accordance with the provisions of this Agreement. 

 

	 	(i)	If the Board of Directors elects or is deemed to have elected to redeem the Rights, and, in circumstances where Subsection 5.1(a) is applicable, such redemption is
approved by the holders of Common Shares or the holders of Rights in accordance with Subsection 5.1(f) or (g), as the case may be, 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 will be to receive the Redemption Price. 

  
 -27-

	 	(j)	Within 10 Business Days of the Board of Directors electing or having been deemed to have elected to redeem the Rights or, if Subsection 5.1(a) is applicable within 10
Business Days after the holders of Common Shares or the holders of Rights have approved a redemption of Rights in accordance with Subsection 5.1(f) or 5.1(g), as the case may be, the Corporation shall give notice of redemption to the holders of the
then outstanding Rights by mailing such notice to each such holder at its last address as it appears upon the register of the Rights Agent or, prior to the Separation Time, on the register of the transfer agent for the Common Shares. Any notice
which is mailed in the manner herein provided will 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. The Corporation may
not redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 5.1 or in connection with the purchase of Common Shares prior to the Separation Time.

  

	 	(k)	The Corporation shall give prompt written notice to the Rights Agent of any waiver of the application of Section 3.1 made by the Board of Directors under this
Section 5.1. 

  

	5.2	Expiration 

 No Person
shall have any rights 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 of the Rights to the contrary, the Corporation may, at its option, issue new Rights Certificates evidencing Rights in such form as may be
approved by the Board of Directors to reflect any adjustment or change in the number of or kind or class of shares purchasable upon exercise of Rights made in accordance with the provisions of this Agreement. 

 

	5.4	Supplements and Amendments 

  

	 	(a)	The Corporation may from time to time amend, vary or delete any of the provisions of this Agreement and the Rights prior to the date of the initial meeting of
shareholders to confirm the Rights Plan as set forth in Section 5.18 without the approval of the shareholders of the Corporation and on or after the date of such confirmation, no amendment, variation or deletion shall be made without the prior
consent of the shareholders of the Corporation or holders of the Rights, subject to Subsections 5.4(b) and 5.4(c), except that amendments, variations or deletions made for any of the following purposes shall not require such prior approval:

  

	 	(i)	subject to subsequent ratification in accordance with Subsection 5.4(b), in order to make such changes as are necessary in order to maintain the validity of this
Agreement and the Rights as a result of any change in any applicable legislation, regulations or rules; or 

  

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

Notwithstanding anything in this Section 5.4 to the contrary, no amendment, variation or deletion shall be made to the provisions of
Section 4.4 or any other provision specifically relating to the rights or duties of the Rights Agent except with the written concurrence of the Rights Agent thereto. 

 

	 	(b)	Any amendment, variation or deletion made by the Board pursuant to Subsection 5.4(a) which is made on or after the date of the initial meeting of shareholders to
confirm the Rights Plan as set forth in Section 5.18 and which requires shareholder approval shall, if made: 

  
 -28-

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

 

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

 Any amendment, variation or deletion subject to shareholder approval
shall be effective from the later of the date of (i) the consent of the holders of Common Shares or Rights, as applicable, adopting such amendment, variation or deletion (ii) the date of approval thereof by the Toronto Stock Exchange and
(iii) to the extent required, the date of approval thereof by the NYSE MKT LLC (the “NYSE MKT”) (except in the case of another amendment, variation or deletion referred to in Paragraph 5.4(a)(i), which shall be effective from
the later of the date of (x) the resolution of the Board adopting such amendment, variation or deletion, (y) the date or approval thereof by the Toronto Stock Exchange and (z) to the extent required, the date of approval thereof by
the NYSE MKT and shall continue in effect until it ceases to be effective (as in this Subsection 5.4(b) described) and, where such amendment, variation or deletion is confirmed, it shall continue in effect in the form so confirmed). If an amendment,
variation or deletion pursuant to Paragraphs 5.4(a)(i) or 5.4(b)(ii) is rejected by the shareholders or the holders of Rights or is not submitted to the shareholders or holders of Rights as required, then such amendment, variation or deletion shall
cease to be effective from and after the termination of the meeting at which it was rejected or to which it should have been but was not submitted or from and after the date of the meeting of holders of Rights that should have been but was not held,
and no subsequent resolution of the Board to amend, vary or delete any provision of this Agreement to substantially the same effect shall be effective until confirmed by the shareholders or holders of Rights, as the case may be. 

 

	 	(c)	For greater certainty, neither the exercise by the Board of any power or discretion conferred on it hereunder nor the making by the Board of any determination or the
granting of any waiver it is permitted to make or give hereunder shall constitute an amendment, variation or deletion of the provisions of this Agreement or the Rights, for purposes of this Section 5.4 or otherwise. 

 

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

  

	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
there shall be paid to the registered holders of the Rights Certificates with regard to which fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the Market Price of a whole Right in lieu of such fractional
Rights as of the date such fractional Rights would otherwise be issuable. The Rights Agent shall have no obligation to make any payments in lieu of fractional Rights unless the Corporation shall have provided the Rights Agent with the necessary
funds to pay in full all amounts payable in accordance with Subsection 2.2(e)(iii). 

  
 -29-

	 	(b)	The Corporation shall not be required to issue fractional Common Shares upon exercise of the Rights or to distribute certificates which evidence fractional Common
Shares. In lieu of issuing fractional Common Shares, the Corporation shall pay to the registered holder of Rights Certificates at the time such Rights are exercised as herein provided, an amount in cash equal to the same fraction of the Market Price
of one Common Share at the date of such exercise. The Rights Agent shall have no obligation to make any payments in lieu of fractional Common Shares unless the Corporation shall have provided the Rights Agent with the necessary funds to pay in full
all amounts payable in accordance with Subsection 2.2(e)(iii). 

  

	5.6	Rights of Action 

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

	5.7	Holder of Rights Not Deemed a Shareholder 

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

  

	5.8	Notice of Proposed Actions 

 In case the Corporation shall propose after the Separation Time and prior to the Expiration Time: 
  

	 	(a)	to effect or permit (in cases where the Corporation’s permission is required) any Flip-in Event; or 

 

	 	(b)	to effect the liquidation, dissolution or winding up of the Corporation or the sale of all or substantially all of the Corporation’s assets,

 then, in each such case, the Corporation shall give to each holder of a Right, in accordance with Section 5.9, a notice of
such proposed action, which shall specify the date on which such Flip-in Event, liquidation, dissolution, or winding up is to take place, and such notice shall be so given at least 10 Business Days prior to the date of taking of such proposed action
by the Corporation. 

  
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	5.9	Notices 

 Notices or
demands to be given or made in connection with this Agreement by the Rights Agent or by the holder of any Rights to or on the Corporation shall be sufficiently given or made if delivered or sent by mail, postage prepaid or by fax (with, in the case
of fax, an original copy of the notice or demand sent by first class mail, postage prepaid, to the Corporation following the giving of the notice or demand by fax), addressed (until another address is filed in writing with the Rights Agent) as
follows: 
 Aurizon Mines Ltd. 
 1120, Cathedral Place, 925 West Georgia Street 
 Vancouver, British Columbia

 V6C 3L2 
 Attention:         President and Chief Executive Officer 
 Fax: (604)           687-3932 
 Notices or
demands to be given or made in connection with this Agreement by the Corporation or by the holder of any Rights to or on the Rights Agent shall be sufficiently given or made if delivered or sent by mail, postage prepaid, or by fax (with, in the case
of fax, an original copy of the notice or demand sent by first class mail, postage prepaid, to the Rights Agent following the giving of the notice or demand by fax), addressed (until another address is filed in writing with the Corporation) as
follows: 
 Computershare Trust Company of Canada 
 510 Burrard Street 
 Vancouver British Columbia 

V6C 3A2 

Attention:         General Manager 

Fax: (604)           661-9401 
 Notices or demands to be given or made in connection with this Agreement 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, or by fax (with, in the case of fax, an original copy of the notice or demand sent by first class mail, postage prepaid, to such holder following the giving of the notice or demand by fax), 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 the Common Shares. 
 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 faxing (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. 

If mail service is or is threatened to be interrupted at a time when the Corporation or the Rights Agent wishes to give a notice or demand hereunder to
or on the holders of the Rights, the Corporation or the Rights Agent may, notwithstanding the foregoing provisions of this Section 5.9 give such notice by means, of publication once in each of two successive weeks in the business section of the
Financial Post and, so long as the Corporation has a transfer agent in the United States, in a daily publication in the United States designated by the Corporation, or in such other publication or publications as may be designated by the Corporation
and notice so published shall be deemed to have been given on the date on which the first publication of such notice in any such publication has taken place. 
  

	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 in actions to enforce his rights pursuant to any Rights or this Agreement. 

 

	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. 

  
 -31-

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

	5.13	Descriptive Headings 

Descriptive headings appear herein for convenience only and shall not control or affect the meaning or construction of any of the
provisions hereof. 
  

	5.14	Governing Law 

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

	5.15	Language 

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

	5.16	Counterparts 

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

 

	5.17	Severability 

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

 

	5.18	Effective Date, Confirmation and Shareholder Review 

 This Agreement is effective and in full force and effect in accordance with its terms from and after the Effective Date. At the first annual or special meeting of the holders of Common Shares, to be held
on a date not more than six months following the date hereof, and every third year after the date of such meeting, the Corporation shall request that the holders of Common Shares ratify and confirm this Agreement. If the Corporation does not request
that the holders of Common Shares confirm this Agreement in accordance with this section, or if a majority of the votes cast by the holders of Common Shares who vote in person or by proxy in respect of such resolution are voted against the continued
existence of this Agreement, then the Board shall, immediately upon the confirmation by the chairman of such shareholders’ meeting of the result of the vote on such resolution and without further formality, be deemed to have elected to redeem
the Rights at the Redemption Price and this Agreement and any outstanding Rights shall be of no further force and effect. 

  
 -32-

	5.19	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. Without limiting the generality of the foregoing, any issuance or delivery of debt or equity securities (other than non-convertible debt securities) of the Corporation upon the
exercise of Rights and any amendment or supplement to this Agreement shall be subject to the prior consent of the Toronto Stock Exchange, the NYSE MKT or any other exchange upon which the Common Shares of the Corporation may be listed. 

 

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

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

	5.21	Determinations and Actions by the Board of Directors 

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

	5.22	Force Majeure 

 No party
shall be liable to the other, or held in breach of this Agreement, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental
action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Agreement shall be extended for a period
of time equivalent to the time lost because of any delay that is excusable under this Section. 

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

			
	AURIZON MINES LTD.
		
	PER:	 	/s/ George Paspalas
		 	Name: George Paspalas
		 	Title: President & Chief Executive Officer
	
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	PER:	 	/s/ Karl Burgess
		 	Name: Karl Burgess
		 	Title: Manager
		
	PER:	 	/s/ Joyce Kam
		 	Name: Joyce Kam
		 	Title: Relationship Manager

  
 -34-

 EXHIBIT A 
 FORM OF RIGHTS CERTIFICATE 
  

			
	Certificate No.                     	  	                 Rights

 THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE CORPORATION, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT.
IN CERTAIN CIRCUMSTANCES (SPECIFIED IN SUBSECTION 3.1(b) OF THE RIGHTS AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR TRANSFEREE OF AN ACQUIRING PERSON OR ITS AFFILIATES OR ASSOCIATES (AS SUCH TERMS ARE DEFINED IN THE RIGHTS
AGREEMENT) OR ANY PERSON ACTING JOINTLY OR IN CONCERT WITH ANY OF THEM MAY BECOME VOID . 
 Rights Certificate 

This certifies that
                     is the registered holder of the number of Rights set forth above, each of which entitles the registered holder thereof,
subject to the terms, provisions and conditions of the Shareholder Rights Plan Agreement dated as of January 22, 2013, as such may from time to time be amended, restated, varied or replaced, (the “Rights Agreement”) between
Aurizon Mines Ltd., a corporation amalgamated under the laws of the Province of Alberta (the “Corporation”), and Computershare Trust Company of Canada, a trust company incorporated under the laws of Canada, as Rights Agent (the
“Rights Agent”), which term shall include any successor Rights Agent under the Rights Agreement, to purchase from the Corporation at any time after the Separation Time (as such term is defined in the Rights Agreement) and prior to
the Expiration Time (as such term is defined in the Rights Agreement), one fully paid common share of the Corporation (a “Common Share”) at the Exercise Price referred to below, upon presentation and surrender of this Rights
Certificate together with the Form of Election to Exercise duly executed to the Rights Agent at its principal office in the City of Vancouver or in such other cities as may be designated by the Corporation from time to time. Until adjustment thereof
in certain events as provided in the Rights Agreement, the Exercise Price shall be: (i) until the Separation Time, an amount equal to three times the Market Price (as such term is defined in the Rights Agreement), from time to time, per Common
Share; and (ii) from and after the Separation Time, an amount equal to three times the Market Price, as at the Separation Time, per Common Share. 
 In certain circumstances described in the Rights Agreement, the number of Common Shares which each Right entitles the registered holder thereof to purchase shall be adjusted as provided in the Rights
Agreement. 
 This Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement which
terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Rights Agent, the Corporation and the holders of the Rights Certificates. Copies of the Rights Agreement are on file at the registered office of the Corporation and are available upon written request. 

This Rights Certificate, with or without other Rights Certificates, upon surrender at any of the offices of the Rights Agent designated
for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing an aggregate number of Rights equal to the aggregate number of Rights evidenced by the Rights Certificate or Rights
Certificates surrendered. If this Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates for the number of whole Rights not
exercised. 
 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate may be redeemed
by the Corporation at a redemption price of $0.000001 per Right, subject to adjustment in certain events, under certain circumstances at its option. 
 No fractional Common Shares will be issued upon the exercise of any Rights evidenced hereby, but in lieu thereof a cash payment will be made, as provided in the Rights Agreement. 

 No holder of this Rights Certificate, as such, shall be entitled to vote or receive
dividends or be deemed for any purpose the holder of Common Shares or of any other securities which may at any time be issuable upon the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the
holder hereof, as such, any of the Rights of a shareholder of the Corporation or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Rights evidenced by this Rights Certificate shall
have been exercised as provided in the Rights Agreement. 
 This Rights Certificate shall not be valid or obligatory for any
purpose until it shall have been countersigned by the Rights Agent. 
 WITNESS the facsimile signature of the proper officers of
the Corporation and its corporate seal. 
  

			
		
	Date:	 	 
		 	
	
	AURIZON MINES LTD.
		
	By:	 	 
		 	Authorized Officer
	
	Countersigned:
	
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	By:	 	 
		 	Authorized Signature

  
 -2-

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

 

			
	FOR VALUE RECEIVED	  	 
	hereby sells, assigns and transfers to	  	 
		  	(Please print name and address of transferee)

 the Rights represented by this Rights Certificate, together with all right, title and interest therein, and hereby
irrevocably constitutes and appoints                      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 Canadian Schedule 1 chartered bank, a member of the Securities Transfer Agent Medallion
Program (STAMP), a member of the Stock Exchange Medallion Program (SEMP) or a member of the New York Stock Exchange Inc Medallion Signature Program (MSP). 
  

 
 (To be completed if true)

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

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

  

 NOTICE 
 In the event the certification set forth above in the Form of Election to Exercise is not completed upon exercise of the Right(s) evidenced hereby or in the event that the certification set forth above in
the Form of Assignment is not completed upon the assignment of the Right(s) evidenced hereby, the Corporation will deem the Beneficial Owner of the Right(s) evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate
thereof or a Person acting jointly or in concert with any of them (each as defined in the Rights Agreement) and, in the case of an assignment, will affix a legend to that effect on any Rights Certificates issued in exchange for this Rights
Certificate. 

  
 -2-

 (To be attached to each Rights Certificate) 

FORM OF ELECTION TO EXERCISE 
  

	TO:	AURIZON MINES LTD. 

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

 

	
	  
	(Name)
	
	 
	(Street)
	
	 
	(City and State or Province)
	
	 
	(Country, Postal Code or Zip Code)
	
	 
	 SOCIAL INSURANCE, SOCIAL SECURITY 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)
	
	 
	(Street)
	
	 
	(City and State or Province)
	
	 
	(Country, Postal Code or Zip Code)
	
	 
	 SOCIAL INSURANCE, SOCIAL SECURITY 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 Canadian Schedule 1 chartered bank, a member of the Securities Transfer Agent Medallion
Program (STAMP), a member of the Stock Exchange Medallion Program (SEMP) or a member of the New York Stock Exchange Inc Medallion Signature Program (MSP). 
  

 
 (To be completed if true)

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

									
					
	Dated:	 	 	 		 	Signature:	 	 
		 		 		 		 	
		 		 		 		 	

 NOTICE 
 In the event the certification set forth above in the Form of Election to Exercise is not completed upon exercise of the Right(s) evidenced hereby or in the event that the certification set forth above in
the Form of Assignment is not completed upon the assignment of the Right(s) evidenced hereby, the Corporation will deem the Beneficial Owner of the Right(s) evidenced by this Rights Certificate to be an Acquiring Person, an Affiliate or Associate
thereof or a Person acting jointly or in concert with any of them (each as defined in the Rights Agreement) and, in the case of an assignment, will affix a legend to that effect on any Rights Certificates issued in exchange for this Rights
Certificate.

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