Document:

Revett Minerals Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

AMENDED AND RESTATED RIGHTS AGREEMENT

MAY
10, 2010

BETWEEN

REVETT MINERALS
INC.

and

COMPUTERSHARE INVESTOR SERVICES
INC.

as Rights Agent

TABLE OF CONTENTS

Page

	ARTICLE 1 INTERPRETATION 	2 
	           
             1.1 	Certain
      Definitions 	2 
	       
                 1.2 	Holder 	14 
	           
             1.3 	Acting Jointly
      or in Concert 	14 
	       
                 1.4 	Application of Statutes, Regulations and Rules 	15 
	           
             1.5 	Currency
    	15 
	       
                 1.6 	Headings and References 	15 
	           
             1.7 	Singular,
      Plural, etc 	15 
	       
                 1.8 	Generally Accepted Accounting Principles 	15 
	ARTICLE 2 THE
      RIGHTS 	16
    
	       
                 2.1 	Legend on Common Share Certificates 	16 
	           
             2.2 	Initial
      Exercise Price: Exercise of Rights: Detachment of Rights 	16 
	       
                 2.3 	Adjustments to Exercise Price, Number of Rights 	19 
	           
             2.4 	Date on Which
      Exercise is Effective 	25 
	     
                   2.5
    	Execution, Authentication, Delivery and Dating of Rights
      Certificates 	25 
	           
             2.6 	Registration,
      Registration of Transfer and Exchange 	26 
	       
                 2.7 	Mutilated, Destroyed, Lost and Stolen Rights Certificates
      	27 
	           
             2.8 	Persons Deemed
      Owners 	27 
	       
                 2.9 	Delivery and Cancellation of Certificates 	27 
	           
             2.10 	Agreement of
      Rights Holders 	28 
	ARTICLE 3 ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF
      CERTAIN TRANSACTIONS 	29 
	           
             3.1 	Flip-in Event
      	29 
	ARTICLE 4 THE RIGHTS AGENT 	30 
	           
             4.1 	General
	30 
	       
                 4.2 	Merger or Amalgamation or Change of Name of Rights Agent
      	31 
	           
             4.3 	Duties of
      Rights Agent 	32 
	       
                 4.4 	Change of Rights Agent 	33 
	ARTICLE 5
      MISCELLANEOUS 	34
    
	       
                 5.1 	Redemption and Waiver 	34 
	           
             5.2 	Expiration
    	36 
	       
                 5.3 	Issuance of New Rights Certificates 	36 
	           
             5.4 	Supplements
      and Amendments 	36 
	       
                 5.5 	Fractional Rights and Fractional Common Shares 	38 
	           
             5.6 	Rights of
      Action 	38 
	       
                 5.7 	Holder of Rights Not Deemed a Shareholder 	39 
	           
             5.8 	Notice of
      Proposed Actions 	39 
	       
                 5.9 	Notices 	39 
	           
             5.10 	Costs of
      Enforcement 	40 
	       
                 5.11 	Successors 	41 
	           
             5.12 	Benefits of
      this Agreement 	41 
	       
                 5.13 	Governing Law 	41 
	           
             5.14 	Counterparts
      	41 
	       
                 5.15 	Severability 	41 
	           
             5.16 	Determinations
      and Actions by the Board of Directors 	41 
	       
                 5.17 	Effective Date 	42 
	           
             5.18 	Approval of
      Holders of Rights 	42 
	       
                 5.19 	Declaration as to Non-Canadian and Non-United States
      Holders 	42 
	           
             5.20 	Regulatory
      Approvals 	43

-i-

AMENDED AND RESTATED RIGHTS AGREEMENT

THIS AMENDED AND RESTATED AGREEMENT is made as of May 10,
2010,

BETWEEN:

REVETT MINERALS INC., a
corporation incorporated under the laws of Canada

(the “Corporation”),

- and -

COMPUTERSHARE INVESTOR SERVICES
INC., a corporation incorporated under the laws of the Province of Ontario,
as rights agent

(the “Rights Agent”)

     WHEREAS the parties
entered into a shareholder rights plan (the “Rights Plan”) on February 15, 2005,
which shareholder rights plan was amended and restated on March 23, 2007, and
the parties now desire to further amend and restate the Rights Plan to extend
the expiry time of the Rights;

     AND WHEREAS in
implementation of the Rights Plan, the board of directors of the Corporation (a)
authorized and declared a distribution of one right (“Right”) in respect of each
Common Share (as hereinafter defined) outstanding as of 5:30 p.m. (Toronto Time)
on February 15, 2005 (the “Record Time”) to each holder of record of Common
Shares at the Record Time, and (b) authorized the issuance of one Right (subject
to adjustment as hereinafter provided) in respect of each Common Share issued
after the Record Time and prior to the earlier of the Separation Time and the
Expiration Time (each as defined in the Rights Plan);

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

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

ARTICLE 1

INTERPRETATION

	1.1 Certain Definitions
	 	 	 	 
	
      In this Agreement, unless the
      context otherwise requires:

	 	 	 	 
	
      “Acquiring Person” means
      any Person who is the Beneficial Owner of 20% or more of the outstanding
      Voting Shares; provided, however, that the term “Acquiring Person”
      shall not include:

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

	 	 	 	 
		(ii) 	
      an underwriter or member of a banking or selling group
      that acquires Voting Shares from the Corporation in connection with a
      distribution to the public of securities, or

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

	 	 	 	 
			(A) 	
      a Voting Share Reduction;

	 	 	 	 
			(B) 	
      a Permitted Bid Acquisition;

	 	 	 	 
			(C) 	
      an Exempt Acquisition;

	 	 	 	 
			(D) 	
      a Pro-Rata Acquisition; or

	 	 	 	 
			(E) 	
      a Convertible Security Acquisition,

	 	 	 	 
			
      in each such case, until such time thereafter as such
      Person shall become the Beneficial Owner (otherwise than pursuant to any
      one or more of a Voting Share Reduction, a Permitted Bid Acquisition, an
      Exempt Acquisition, a Pro-Rata Acquisition, or a Convertible Security
      Acquisition) of additional Voting Shares constituting more than 1% of the
      Voting Shares then outstanding, in which event such Person shall become an
      Acquiring Person as of the date and time of acquisition of such additional
      Voting Shares; or

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

- 2 -

	 	(v) 	
      any Person (a “Grandfathered Person”) who is the
      Beneficial Owner of 20% or more of the Voting Shares determined as at the
      Record Time, provided, however, that this exception shall not, and shall
      cease to, apply if, after the Record Time the Grandfathered Person: (A)
      ceases to own 20% or more of the outstanding Voting Shares; or (B) becomes
      the Beneficial Owner of more than 1% of the number of outstanding Voting
      Shares then outstanding in addition to those Voting Shares such Person
      already holds other than pursuant to a Voting Share Reduction, a Permitted
      Bid Acquisition, an Exempt Acquisition, a Pro Rata Acquisition, or a
      Convertible Security Acquisition or any combination
  thereof.

“Affiliate”, when used to
indicate a relationship with a specified Person, means a Person that directly,
or indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such specified Person and a body corporate
shall be deemed to be an Affiliate of another body corporate if one of them is
the Subsidiary of the other or if both are Subsidiaries of the same body
corporate or if each of them is controlled by the same Person.

“Associate”, when used to
indicate a relationship with a specified Person, means a spouse of that Person,
any Person of the same or opposite sex with whom that Person is living in a
conjugal relationship outside marriage, a child of that Person and a relative of
that person if that relative has the same residence as the specified Person.

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

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

	 	 	 	 
	 	(ii) 	
      any securities which such Person or any of such Person’s
      Affiliates or Associates has the right to become the owner at law or in
      equity within 60 days (where such right is exercisable immediately or
      within a period of 60 days, whether or not upon the condition or
      occurrence of any contingency or the making of one or more payments) upon
      the exercise of any conversion right, exchange right, share purchase right
      (other than the Rights) or pursuant to any agreement, arrangement, pledge
      or understanding, whether or not in writing, other than:

	 	 	 	 
	 		(A) 	
      customary agreements with and between underwriters and
      banking group or selling group members with respect to a distribution of
      securities; and

	 	 	 	 
	 		(B) 	
      pledges of securities in the ordinary course of the
      pledgee’s business; and

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

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

- 3 -

	 	(iv) 	(A) 	the holder of such security has agreed to
      deposit or tender such security to a Take-over Bid made by such Person or
      any of such Person’s Affiliates or Associates or any other Person referred
      to in clause (iii) of this definition pursuant to a Permitted Lock-up
      Agreement; or 
	 	 	 	 
	 		(B) 	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 made by any other Person acting jointly or in
      concert with such Person until such deposited or tendered security has
      been taken up or paid for, whichever shall first occur; 
	 	  	  	  
	 	(v) 	such Person, any Affiliate or
      Associate of such Person or any other Person acting jointly or in concert
      with such Person holds such security; provided that: 
	 	  	  	  
	 		(A) 	the ordinary business of such Person (the
      “Portfolio Manager”) includes the management or administration of
      investment funds or mutual funds for other Persons and such security is
      held by the Portfolio Manager in the ordinary course of such business in
      the performance of the Portfolio Manager’s duties for the account of any
      other Person (a “Client”) including non-discretionary accounts held
      on behalf of a Client by a broker or dealer or broker-dealer registered
      under applicable law; 
	 	 	 	 
	 		(B) 	such Person (the “Trust Company”) is
      licensed to carry on the business of a trust company under applicable law
      and, as such, acts as trustee or administrator or in a similar capacity in
      relation to the estates of deceased or incompetent Persons (each, an
      “Estate Account”) or in relation to other accounts (each, an
      “Other Account”) and holds such security in the ordinary course of
      and for the purposes of the activities of such Estate Accounts or for such
      Other Accounts; 
	 	  	  	  
	 		(C) 	such Person (the “Crown Agent”) is
      established by statute for purposes that include, and the ordinary
      business or activity of such Person includes, the management of investment
      funds for employee benefit plans, pension plans, insurance plans, or
      various public bodies and the Crown Agent holds such security in the
      ordinary course of and for the purposes of its activities as such; or
  
	 	  	  	  
	 		(D) 	such Person (the “Plan Administrator”)
      is the administrator or the trustee of one or more pension funds or plans
      registered under the laws of Canada or the United States of America or any
      province or state thereof (each, a “Plan”) or is a Plan and such security
      is Beneficially Owned or held by the Person in the ordinary course of and
      for the purposes of its activities as such; 

provided, however, that in any of the
foregoing cases, the Portfolio Manager, the Trust Company, the Crown Agent, the
Plan Administrator or the Plan, as the case may be, is not then making or has
not then announced an intention to make a Take-over Bid, alone or by acting
jointly or in concert with any other Person, other than an Offer to Acquire
Voting Shares or other securities pursuant to a distribution by the Corporation,
a Permitted Bid 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 or organized
over-the-counter market in respect of securities of the Corporation;

- 4 -

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

	 	 	 
	 	(vii) 	
      such Person is a Client of a Portfolio Manager and such
      security is owned at law or in equity by the Portfolio Manager or because
      such Person is an Estate Account or an Other Account of a Trust Company
      and such security is owned at law or in equity by the Trust Company or
      such Person is a Plan and such security is owned at law or in equity by
      the Plan Administrator of such Plan; or

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

For purposes of this Agreement, the
percentage of Voting Shares Beneficially Owned by any Person at any time 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 attached 
	 	  	  	  	to the Voting Shares Beneficially Owned by such
      Person at such time; 
	 	  	  	  	and 
	 	  	B 	= 	the number of votes for the election of all
      directors generally attaching 
	 	  	  	  	to all Voting Shares actually outstanding.
  

Where any Person is deemed to
Beneficially Own unissued Voting Shares, such Voting Shares shall be deemed to
be outstanding for the purpose of calculating the percentage of Voting Shares
Beneficially Owned by such Person, but unissued Voting Shares which another
Person may be deemed to Beneficially Own shall not be included in the
denominator of the above formula.

“Board of Directors” means the
board of directors for the time being of the Corporation.

- 5 -

“Business Day” means any day
other than a Saturday, Sunday or, unless otherwise specified, a day on which
Canadian chartered banks in Toronto, Ontario, (or after the Separation Time, the
principal office of the Rights Agent in Toronto, Ontario) are generally
authorized or obligated by law to close.

“Canadian-U.S. Exchange Rate”
means, on any date, the inverse of the U.S.-Canadian Exchange Rate.

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

“Close of Business” on any given
date means 5:00 p.m. (Toronto time, unless otherwise specified), on such date
provided, however, that if such date is not a Business Day, “Close of
Business” on such date shall mean 5:00 p.m., (Toronto time, unless otherwise
specified), on the next succeeding Business Day.

“Common Shares” means the common
shares which the Corporation is authorized to issue, as such shares may be
subdivided, consolidated, reclassified or otherwise changed from time to
time.

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

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

	 	 	 	 
	 	(ii) 	
      satisfies all components of the definition of a Permitted
      Bid other than the requirements set out in subclauses (ii)(A), (B) and (D)
      and (iii)(B)(1), (2) and (4) of that definition; and

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

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

	 	 	 	 
	 		(B) 	
      Common Shares may be deposited pursuant to such Take-over
      Bid, unless the Take-over Bid is withdrawn, at any time prior to the Close
      of Business on the date that the Prior Bid described in subclause (A)
      above expires; and

- 6 -

	 	(C) 	
      in the event that the requirement set forth in subclause
      (iii)(A)(y) of this definition is satisfied, the Offeror will make a
      public announcement of that fact and the Take-over Bid will remain open
      for deposits and tenders of Common Shares for not less than 10 days from
      the date of such public announcement.

“controlled”: a Person shall be
deemed to be “controlled” by another Person or two or more Persons if:

	 	(i) 	
      securities entitled to vote in the election of directors
      (including, for Persons other than corporations, the administrators,
      managers, trustees or other persons performing similar functions in
      respect of any such Person) carrying more than 50% of the votes for the
      election of directors are held, directly or indirectly, by or for the
      benefit of the other Person or Persons; and

	 	 	 
	 	(ii) 	
      the votes carried by such securities are entitled, if
      exercised, to elect, appoint or designate a majority of the board of
      directors of such corporation or other Person;

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

“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 Voting Shares or other securities which
are convertible into or exercisable or exchangeable for Voting Shares.

“Convertible Security
Acquisition” means the acquisition of Voting Shares upon the exercise of
Convertible Securities received by a Person pursuant to a Permitted Bid
Acquisition, an Exempt Acquisition or a Pro-Rata Acquisition.

“Exempt Acquisition” means an
acquisition of Voting Shares (i) in respect of which the Board of Directors has
waived the application of Section 3.1 pursuant to the provisions of subsections
5.1(b), (c) or (d) hereof, (ii) pursuant to a regular dividend reinvestment or
other plan of the Corporation made available by it to all holders of Voting
Shares of a class or series or Voting Shares where such plan permits the holder
to direct that dividends paid in respect of such Voting Shares be applied to the
purchase from the Corporation of further securities of the Corporation, or (iii)
pursuant to a distribution of Voting Shares, or securities convertible into or
exchangeable for Voting Shares, made by the Corporation pursuant to a prospectus
or a securities exchange take-over bid, or by way of a private placement,
provided that such private placement has received the approval of the Board of
Directors and all applicable securities regulatory authorities, or pursuant to
an amalgamation, merger or other statutory procedure requiring shareholder
approval.

“Exercise Price” means, as of
any date, the price at which a holder may purchase the securities issuable upon
exercise of one whole Right. Until adjustment thereof in accordance with the
terms hereof, the Exercise Price shall equal $100.00.

- 7 -

“Expiration Time” means the
earliest of (i) the Termination Time, (ii) June 30, 2013, and (iii) the Close of
Business on the date this Agreement becomes void pursuant to the provisions of
Section 5.17 hereof.

“Fiduciary” means, when acting
in that capacity, a trust company registered under the trust company legislation
of Canada or any province thereof, a trust company organized under the laws of
any state of the United States, 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.

“Flip-in Event” means a
transaction or event that results in a Person becoming an Acquiring Person.

“Independent Shareholders” means
all holders of Common Shares, other than (i) any Acquiring Person, (ii) any
Offeror, (iii) any Affiliate or Associate of any Acquiring Person or Offeror,
(iv) any Person acting jointly or in concert with any Person referred to in
clauses (i), (ii) or (iii) above, and (v) any employee benefit plan, deferred
profit sharing plan, stock participation plan or trust for the benefit of
employees of the Corporation or a wholly-owned Subsidiary of the Corporation,
unless the beneficiaries of such plan or trust direct the manner in which such
Common Shares are to be voted or direct whether the Common Shares are to be
tendered to a Take-over Bid.

“Market Price” per security of
any securities on any date means the average of the daily closing prices per
security of such securities (determined as described below) on each of the 20
consecutive Trading Days through and including the Trading Day immediately
preceding such date; provided, however, that if an event of a type
analogous to any of the events described in Section 2.3 hereof shall have caused
the closing prices used to determine the Market Price on any Trading Days not to
be fully comparable with the closing price on such date (or, if such date is not
a Trading Day, on the immediately preceding Trading Day), each such closing
price so used shall be appropriately adjusted in a manner analogous to the
applicable adjustment provided for in Section 2.3 hereof in order to make it
fully comparable with the closing price on such date (or, if such date 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 on such date or, if such
      price is not available, the average of the closing bid and asked prices
      per security, 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 on which such securities are
      listed or admitted for trading;

	 	 	 
	 	(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, 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

- 8 -

	 	(iii) 	
      if the securities are not listed or admitted to trading
      as contemplated in clauses (i) or (ii) above, the average of the closing
      bid and asked prices as furnished by a professional market maker making a
      market in the securities selected by the Board of
  Directors;

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 security of such securities on such date as
determined by the Board of Directors, after consultation with an internationally
recognized investment banking firm as to the fair value per security 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.

“Offer to Acquire” includes:

	 	(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.

“Offeror” means a Person who is
making or has announced a current intention to make a Take-over Bid (including a
Permitted Bid or Competing Permitted Bid but excluding an ordinary market
transaction (including a prearranged trade in the ordinary course of business)
contemplated in paragraph (v) of the definition of Beneficial Owner) but only so
long as the Take-over Bid so announced or made has not been withdrawn or
terminated or has not expired.

“Permitted Bid” means a
Take-over Bid which is made 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;

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

- 9 -

	 	(A) 	
      no Common Shares shall be taken up or paid for pursuant
      to the Take-over Bid (x) prior to the Close of Business (Toronto time) on
      a date which is not earlier than 60 days following the date the take-over
      bid circular is sent to shareholders of the Corporation and (y) then only
      if, at the Close of Business on the date Common Shares are first taken up
      or paid for under the Take-over Bid, more than 50% of the then outstanding
      Common Shares held by Independent Shareholders have been deposited or
      tendered pursuant to the Take-over Bid and not withdrawn;

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

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

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

provided that a Permitted Bid will
cease to be a Permitted Bid at any time when such bid ceases to meet any of the
provisions of this definition and any acquisitions of Common Shares made
pursuant to such Permitted Bid, including any acquisition of Common Shares
theretofore made, will cease to be a Permitted Bid Acquisition.

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

“Permitted Lock-Up Agreement”
means an agreement between a Person and one or more holders of Voting Shares
(each, a “Locked-up Person”) (the terms of which are publicly disclosed
and a copy of which is made available to the public, including the Corporation,
not later than the date of the Lock-up Bid (as defined below) or, if the Lockup
Bid has been made prior to the date on which such agreement is entered into, not
later than the date of such agreement and if such date is not a Business Day,
the next Business Day) pursuant to which each such Locked-up Person agrees to
deposit or tender Voting Shares to a Take-over Bid (the “Lock-up Bid”)
made or to be made by the Person, any of such Person’s Affiliates or Associates
or any other Person acting jointly or in concert with such Person, provided
that: 

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

- 10 -

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

	 	 	 	 
	 	(B) 	
      if:

	 	 	 	 
	 		(1) 	
      the price or value per Common Share offered under the
      other Take-over Bid or transaction exceeds by as much as or more than a
      specified amount (the “Specified Amount”) the price or value per Common
      Share offered under the Lock-up Bid, provided that such Specified Amount
      is not greater than 7% of the price or value per Common Share offered
      under the Lock-up Bid; or

	 	 	 	 
	 		(2) 	
      the number of Voting Shares to be purchased under the
      other Take- over Bid or transaction exceeds by as much as or more than a
      specified number (the “Specified Number”) the number of Voting
      Shares that the Offeror has offered to purchase under the Lock-up Bid at a
      price or value per Common Share that is not less than the price or value
      per Common Share offered under the Lock-up Bid, provided that the
      Specified Number is not greater than 7% of the number of Voting Shares
      offered to be purchased under the Lock- up Bid,

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

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

	 	 	 	 
	 		(A) 	
      the cash equivalent of 2.5% of the price or value 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 payable under another Take-over Bid or transaction to a
      Locked-up Person exceeds the price or value of the consideration that such
      Locked-up Person would have received under the Lock-up
  Bid,

shall be payable by a Locked-up Person
pursuant to the agreement in the event a Locked-up Person fails to deposit or
tender Voting Shares to the Lock-up Bid or withdraws Voting Shares in order to
accept the other Take-over Bid or support another transaction.

- 11 -

“Person” includes any
individual, firm, partnership, association, trust, body corporate, joint
venture, syndicate or other form of unincorporated organization, government and
its agencies and instrumentalities or other entity or group (whether or not
having legal personality) and any successor (by merger, statutory amalgamation
or arrangement, or otherwise) thereof.

“Pro-Rata Acquisition” means the
acquisition of Voting Shares or securities convertible into or exchangeable for
Voting Shares (i) as a result of a stock dividend, stock split or other event
pursuant to which a Person receives or acquires Voting Shares or securities
convertible into or exchangeable for Voting Shares on the same pro-rata basis as
all other holders of Voting Shares of the same class or series, or (ii) pursuant
to the receipt and/or exercise of rights issued by the Corporation on a pro-rata
basis to all holders of a class or series of Voting Shares to subscribe for or
purchase Voting Shares or securities convertible into or exchangeable for Voting
Shares provided that such rights are acquired directly from the Corporation and
not from any other Person.

“Record Time” has the meaning
ascribed to that term in the second recital hereto.

“Redemption Price” has the
meaning ascribed to that term in subsection 5.1(a) hereof.

“Regular Periodic Cash
Dividends” means cash dividends paid at regular intervals in any fiscal year
of the Corporation to the extent that such cash dividends do not exceed, in the
aggregate, the greatest of:

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

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

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

“Rights Agent” means
Computershare Investor Services Inc., a corporation incorporated under the laws
of the Province of Ontario, and any successor Rights Agent appointed pursuant to
the provisions hereof.

“Rights Certificate” has the
meaning ascribed to that term in subsection 2.2(c) hereof.

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

“Securities Act
(Ontario)” means the Securities Act, R.S.O. 1990, c. S. 5, as
amended, and the regulations and rules thereunder, and any comparable or
successor laws, regulation and rules.

- 12 -

“Separation Time” means the
Close of Business (Toronto time) on the tenth Business Day after the earliest
of:

	 	(i) 	
      the Stock Acquisition Date;

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

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

	 	 	 
	 		
      or such later date as may be determined by the Board of
      Directors in good faith, provided that (i) if the foregoing results in a
      Separation Time being prior to the Record Time, the Separation Time shall
      (subject to any determination of the Board of Directors as aforesaid) be
      the Record Time, (ii) if any such Take-over Bid expires, is cancelled, is
      terminated or is otherwise withdrawn prior to the Separation Time without
      securities deposited thereunder being taken up and paid for, then such
      Take-over Bid shall be deemed, for purposes of this definition never to
      have been made, and (iii) if the Board of Directors determines, pursuant
      to Section 5.1, to waive the application of Section 3.1 to a Flip-In
      Event, then the Separation Time in respect of such Flip-In Event shall be
      deemed never to have occurred.

“Shares” means the shares in the
capital of the Corporation.

“Stock Acquisition Date” means
the first date of public announcement (which, for purposes of this definition,
shall include, without limitation, a report filed pursuant to Section 101 of the
Securities Act (Ontario), as amended from time to time and any provision
substituted therefor) by the Corporation or an Acquiring Person of facts
indicating that a Person has become an Acquiring Person.

“Subsidiary”:

A body corporate is a Subsidiary of
another body corporate if:

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

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

“Take-over Bid” 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,
if any, into which the securities subject to the Offer to Acquire are
convertible and the Voting Shares Beneficially Owned by the Offeror at the date
of the Offer to Acquire constitute, in the aggregate, 20% or more of the then
outstanding Voting Shares.

- 13 -

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

“Trading Day”, when used with
respect to any securities, means a day on which the principal securities
exchange in Canada on which such securities are listed or admitted to trading is
open for the transaction of business, or if the securities are not listed or
admitted to trading on any securities exchange in Canada, a Business Day.

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

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

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

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

“Voting Share Reduction” means
an acquisition, redemption or cancellation by the Corporation of Voting Shares
which by reducing the number of Voting Shares outstanding, increases the
percentage of Voting Shares Beneficially Owned by any Person to 20% or more of
the Voting Shares then outstanding.

“Voting Shares” means,
collectively, the Common Shares and any other Shares entitled to vote generally
for the election of directors of the Corporation.

	1.2 Holder

     As used
in this Agreement, unless the context otherwise requires, the term “holder” when
used with reference to Rights, means the registered holder of such Rights or,
prior to the Separation Time, the associated Common Shares.

	1.3 Acting Jointly or in
Concert

     For
purposes of this Agreement, it is a question of fact whether a Person is acting
jointly or in concert with another Person but a Person shall be deemed to be
acting jointly or in concert with every other Person who (i) is an Associate or
Affiliate of such first mentioned Person; or (ii) who is a party to any
agreement, commitment or understanding, whether formal or informal, with the
first mentioned Person or any Associate or Affiliate thereof, for the purpose of
acquiring or offering to acquire Common Shares.

- 14 -

1.4 Application of Statutes, Regulations and
Rules

     Unless the context otherwise
requires, any reference to a specific section, subsection, clause or rule of any
act or regulation shall be deemed to refer to the same as it may be amended,
re-enacted or replaced or, if repealed and there shall be no replacement
therefore, to the same as it is in effect on the date of this Agreement.

1.5 Currency

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

1.6 Headings and References

     The headings of the Articles and
Sections of this Agreement and the Table of Contents are inserted for
convenience of reference only and shall not affect the construction or
interpretation of this Agreement. All references to Articles, Sections and
Exhibits are to articles and sections of and exhibits to, and forming part of,
this Agreement. The words “hereto”, “herein”, “hereof”, “hereunder”, “this
Agreement”, “the Rights Agreement” and similar expressions refer to this
Agreement including the Exhibits, as the same may be amended, modified or
supplemented at any time or from time to time.

1.7 Singular, Plural, etc.

     In this Agreement, where the
context so admits, words importing the singular number include the plural and
vice versa and words importing gender include the masculine, feminine and neuter
genders.

1.8 Generally Accepted Accounting Principles

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

- 15 -

ARTICLE 2

THE RIGHTS

2.1 Legend on Common Share Certificates

     Certificates for Common Shares
issued after the Record Time hereof but prior to the Separation Time shall
evidence one Right for each Common Share represented thereby and shall, from and
after the date hereof, have impressed, printed, or written thereon or otherwise
affixed thereto a legend in substantially the following form:

	 	“Until the Separation Time (as such term is 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 Rights Agreement,
      amended and restated as of May 10, 2010 (the “Rights Agreement”), between Revett
      Minerals Inc. (the “Corporation”) and Computershare Investor Services Inc., as
      Rights Agent, the terms of which are hereby incorporated herein by reference and
      a copy of which is on file and may be inspected during normal business hours at
      the principal executive offices of the Corporation. Under certain circumstances,
      as set forth in the Rights Agreement, such Rights may be amended or redeemed,
      may expire, may become void (if, in certain circumstances, they are
  “Beneficially Owned” by a “Person” who is or becomes an “Acquiring Person” or
      any Person acting jointly or in concert with an Acquiring Person or with an
  “Affiliate” or “Associate” of 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 within five days
    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 a legend in substantially the
foregoing form until the earlier of the Separation Time and the Expiration
Time.

2.2 Initial Exercise Price: Exercise of Rights: Detachment
of Rights

	     (a)           Subject
      to adjustment as herein set forth, each Right will entitle the holder
      thereof, after the Separation Time and prior to the Expiration Time, to
      purchase, for the Exercise Price (or its U.S. Dollar Equivalent on the
      Business Day immediately preceding the date 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) 	the Rights shall not be exercisable and no
      Right may be exercised; and 
	  	  	  
		(ii) 	for administrative purposes, each Right shall
      be evidenced by the certificate for the associated Common Share registered
      in the name of the holder thereof (which certificate shall be deemed to
      represent a Rights Certificate) and shall be transferable only together
      with, and shall be transferred by a transfer of, such associated Common
      Share.

- 16 -

     (c)           After
the Separation Time and prior to the Expiration Time, the Rights (i) may be
exercised and (ii) shall be registered and transferable independent of Common
Shares. Promptly following the Separation Time, the Corporation shall prepare
and the Rights Agent shall mail to each holder of record of Common Shares as of
the Separation Time (other than an Acquiring Person, any other Person whose
Rights are or become void pursuant to the provisions of subsection 3.1(b) hereof
and, in respect of any Rights Beneficially Owned by such Acquiring Person which
are not held of record by such Acquiring Person, the holder of record of such
Rights), at such holder’s address as shown in the records of the Corporation
(the Corporation hereby agreeing to furnish copies of such records to the Rights
Agent for this purpose):

	 	(i) 	
      a certificate (a “Rights Certificate”) in substantially
      the form of Exhibit “A” hereto appropriately completed and registered in
      such holder’s name, 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
      applicable law or with any rule or regulation made pursuant thereto or
      with any rule or regulation of any stock exchange or quotation system on
      which the Rights may from time to time be listed or traded, or to conform
      to usage; and

	 	 	 
	 	(ii) 	
      a disclosure statement describing the
  Rights.

     (d)           Rights
may be exercised in whole at any time or in part from time to time on any
Business Day (or other day that is not a bank holiday at the place of exercise)
after the Separation Time and prior to the Expiration Time by submitting to the
Rights Agent at its office in the City of Toronto, Ontario or at any other
office of the Rights Agent in the cities specified in the Rights Certificate or
designated from time to time for that purpose by the Corporation after
consultation with the Rights Agent:

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

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

- 17 -

     (e)          
Upon receipt of a Rights Certificate accompanied by a duly completed and
executed Election to Exercise which does not indicate that Rights evidenced by
such Rights Certificate have become void pursuant to subsection 3.1(b) hereof
and payment as set forth in subsection 2.2(d) above, the Rights Agent (unless
otherwise instructed by the Corporation) shall thereupon promptly:

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

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

	 	 	 
	 	(iii) 	
      after receipt of such 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
      together with, where applicable, any cash payment in lieu of a fractional
      interest; 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 (subject to the provisions of subsection 5.5(a) hereof) 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 to:

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

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

	 	 	 
	 	(iii) 	
      use its reasonable efforts to cause all Shares of the
      Corporation issued upon exercise of Rights to be listed upon the Toronto
      Stock Exchange or such other stock exchange on which the Common Shares are
      listed at that time; 

- 18 -

	 	(iv) 	
      pay when due and payable any and all Canadian federal,
      provincial transfer taxes (not including any taxes referable to the income
      or profit of the holder or exercising Person 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 of any
      Shares of the Corporation issued upon the exercise of Rights, provided
      that the Corporation shall not be required to pay any transfer tax or
      charge which may be payable in respect of any transfer involved in the
      transfer or delivery of Rights Certificates or the issuance or delivery of
      certificates for securities in a name other than that of the holder of the
      Rights being transferred or exercised;

	 	 	 
	 	(v) 	
      if necessary, 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; and

	 	 	 
	 	(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

     Subject to Section 5.19, 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)           If
      the Corporation shall at any time after the Record Time and prior to the
      Expiration Time:
	 	 	 
		(i) 	
      declare or pay a dividend on Common Shares payable in
      Common Shares (or other Shares of capital or securities exchangeable for
      or convertible into or giving a right to acquire Common Shares or other
      Shares of capital) otherwise than pursuant to any optional share dividend
      program;

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

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

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

- 19 -

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 an event occurs which would
require an adjustment under both this Section 2.3 and subsection 3.1(a), the
adjustment provided for in this Section 2.3 shall be in addition to, and shall
be made prior to, any adjustment required under subsection 3.1(a) . If the
Exercise Price and number of Rights 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 Shares of
      capital) (the “Expansion Factor”) that a holder of one Common Share
      immediately prior to such dividend, subdivision, change, consolidation or
      issuance would hold immediately thereafter as a result thereof (assuming
      the exercise of all such exchange or conversion rights, if any);
  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 shall be deemed to be distributed among the Common Shares
      with respect to which the original Rights were associated (if they remain
      outstanding) and the Shares issued in respect of such dividend,
      subdivision, change, consolidation or issuance, so that each such Common
      Share (or other whole share or security exchangeable for or convertible
      into a whole Share of capital) shall 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 shall be the securities that a holder of the
securities purchasable upon exercise of one Right immediately prior to such
dividend, subdivision, change, consolidation or issuance would hold immediately
thereafter as a result thereof. To the extent that any such rights of exchange,
conversion or acquisition are not exercised prior to the expiration thereof, the
Exercise Price shall be readjusted to the Exercise Price which would then be in
effect based upon the number of Common Shares (or securities convertible into or
exchangeable for Common Shares) actually issued upon the exercise of such
rights. If after the Record Time and prior to the Expiration Time the
Corporation shall issue any shares of its authorized capital other than Common
Shares in a transaction of a type described in the first sentence of this
subsection 2.3(a), such shares 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.

- 20 -

If the Corporation shall at any
time after the Record Time and prior to the Separation Time issue any Common
Shares otherwise than in a transaction referred to in 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 Share.

	 	(b) 	
      If the Corporation shall at any time after the Record
      Time and prior to the Separation Time fix a record date for the making of
      a distribution to all holders of Common Shares of rights or warrants
      entitling them (for a period expiring within 45 days after such record
      date) to subscribe for or purchase Common Shares (or securities
      convertible into or exchangeable for or carrying a right to purchase or
      subscribe for Common Shares) at a price per Common Share (or, in the case
      of 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) that is less
      than 90% of the Market Price per Common Share on such record date, the
      Exercise Price shall be adjusted. The Exercise Price in effect after such
      record date 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 shares of Common Shares outstanding on such record date plus
      the number of additional Common Shares to be offered for subscription or
      purchase (or into which the convertible or exchangeable securities or
      rights so to be offered are initially convertible, exchangeable or
      exercisable). In case such subscription price may be paid in a form other
      than cash, the value of such non-cash consideration shall be as determined
      by the Board of Directors. To the extent that any such rights or warrants
      are not so issued or, if issued, are not exercised prior to the expiration
      thereof, the Exercise Price shall be readjusted to the Exercise Price
      which would then be in effect if such record date had not been fixed or to
      the Exercise Price which would then be in effect based upon the number of
      Common Shares (or securities convertible into or exchangeable for Common
      Shares) actually issued upon the exercise of such rights or warrants, as
      the ease may be. For purposes of this Agreement, the granting of the right
      to purchase Common Shares (whether previously unissued, treasury shares or
      otherwise) pursuant to any optional dividend reinvestment plan and/or any
      Common Share purchase plan providing for the reinvestment of dividends
      payable on securities of the Corporation and/or employee stock option,
      stock purchase or other employee benefit plan (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
      reinvestment plan, the right to purchase Common Shares is at a price per
      share of not less than 90% of the then current market price per share
      (determined as provided in such plan) of the Common
  Shares.

- 21 -

	 	(c) 	
      If the Corporation shall at any time after the Record
      Time and prior to the Separation Time fix a record date for the making of
      a distribution to all holders of Common Shares of evidences of
      indebtedness or assets (other than a Regular Periodic Cash Dividend or a
      dividend paid in Common Shares) or rights or warrants (excluding those
      referred to in subsection 2.3(a) or 2.3(b)), the Exercise Price shall be
      adjusted. The Exercise Price in effect after such record date shall,
      subject to adjustment as provided in the penultimate sentence of
      subsection 2.3(b), 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 portion of the assets, evidences of indebtedness, rights
      or warrants so to be distributed applicable to the securities purchasable
      upon exercise of one Right.

	 	 	 	 
	 	(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, consolidation or issuance in the case of an
      adjustment made pursuant to subsection 2.3(a) above; 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 (c) above.

	 	 	 	 
	 	(e) 	
      Subject to the prior consent of the holders of Common
      Shares or Rights obtained in accordance with the provisions of subsection
      5.4(b) or (c), as applicable, if the Corporation shall at any time after
      the Record Time and prior to the Expiration Time issue any Shares of
      capital (other than Common Shares), or rights or warrants to subscribe for
      or purchase any such Shares, or securities convertible into or
      exchangeable for any such Shares, in a transaction referred to in clause
      (a)(i) or (a)(iv) above and if the Board of Directors determines that the
      adjustments contemplated by subsections 2.3(a), (b) and (d) above in
      connection with such transaction will not appropriately protect the
      interests of the holders of Rights, the Board of Directors may determine
      what other adjustments to the Exercise Price, number of Rights and/or
      securities purchasable upon exercise of Rights would be appropriate and,
      notwithstanding such clauses, such adjustments (rather than the
      adjustments contemplated by subsections 2.3(a), (b) and (d) above) shall
      be made and the Corporation and the Rights Agent shall amend this
      Agreement as appropriate to provide for such
adjustments.

- 22 -

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

	 	 	 	 
	 	(g) 	
      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.

	 	 	 	 
	 	(h) 	
      Unless the Corporation shall have exercised its election
      as provided in subsection 2.3(i), upon each adjustment of an Exercise
      Price as a result of the calculations made in subsections 2.3(b) and (c),
      each Right outstanding immediately prior to the making of such adjustment
      shall thereafter evidence the right to purchase, at the adjusted Exercise
      Price, that number of Common Shares (calculated to the nearest one
      ten-thousandth) obtained by:

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

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

	 	 	 	 
	 	(i) 	
      The Corporation may elect on or after the date of any
      adjustment of an Exercise Price to adjust the number of Rights, in lieu of
      any adjustment in the number of Common Shares purchasable upon the
      exercise of a Right. Each of the Rights outstanding after the adjustment
      in the number of Rights shall be exercisable for the number of Common
      Shares for which a Right was exercisable immediately prior to such
      adjustment. Each Right held of record immediately prior to such adjustment
      of the number of Rights shall become the number of Rights (calculated to
      the nearest one ten-thousandth) obtained by dividing the Exercise Price in
      effect immediately prior to the adjustment of the Exercise Price by the
      Exercise Price in effect immediately after adjustment of the Exercise
      Price. The Corporation shall make a public announcement of its election to
      adjust the number of Rights, indicating the record date for the adjustment
      and, if known at the time, the amount of the adjustment to be made. This
      record date may be the date on which the Exercise Price is adjusted or any
      date thereafter, but, if the Rights Certificates have been issued, shall
      be at least 10 calendar days after the date of the public announcement.

        If Rights Certificates have been
issued, upon each adjustment of the number of Rights pursuant to this subsection
2.3(j), the Corporation shall, as promptly as practicable, cause to be
distributed to holders of record of Rights Certificates on such record date,
Rights Certificates evidencing the additional Rights to which such holder shall
be entitled as a result of such adjustment, or, at the option of the
Corporation, shall cause to be distributed to such holders of record in
substitution or replacement for the Rights Certificates held by such holders
prior to the date of adjustment, and upon surrender thereof, if required by the
Corporation, new Rights Certificates evidencing all the Rights to which such
holders shall be entitled after such adjustment. Rights Certificates so to be
distributed shall be issued, executed and countersigned in the manner provided
for herein and may bear, at the option of the Corporation, the adjusted Exercise
Price and shall be registered in the names of the holders of record of Rights
Certificates on the record date specified in the public announcement.

- 23 -

	 	(j) 	
      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.

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

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

- 24 -

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

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

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

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

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

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

2.4 Date on Which Exercise is Effective

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

2.5 Execution, Authentication, Delivery and Dating of Rights
Certificates

     (a)          
The Rights Certificates shall be executed on behalf of the Corporation by its
Chairman, President and Chief Executive Officer, its Chief Financial Officer, a
Vice-President or its Secretary. The signature of any of these officers on the
Rights Certificates may be manual or facsimile.

- 25 -

     (b)          
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.

     (c)          
Promptly after the Corporation learns of the Separation Time, the Corporation
shall notify the Rights Agent of such Separation Time and shall 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 deliver
such Rights Certificates to the holders of the Rights pursuant to subsection
2.2(c) hereof. No Rights Certificate shall be valid for any purpose until
countersigned by the Rights Agent in the manner described above.

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

2.6 Registration, Registration of Transfer and
Exchange

     (a)          
The Corporation shall cause to be kept a register (the “Rights Register”) in
which, subject to such reasonable regulations as it may prescribe, the
Corporation shall 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. If the Rights Agent shall cease to be
the Rights Registrar, the Rights Agent shall have the right to examine the
Rights Register at all reasonable times.

     After the Separation Time and
prior to the Expiration Time, upon surrender for registration of transfer or
exchange of any Rights Certificate, and subject to the provisions of subsection
2.6(c) below, 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 Certificate so surrendered.

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

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

- 26 -

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

2.7 Mutilated, Destroyed, Lost and Stolen Rights
Certificates

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

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

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

     (d)           Every
new Rights Certificate issued pursuant to this Section 2.7 in lieu of any
destroyed, lost or stolen Rights Certificate shall evidence 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

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

2.9 Delivery and Cancellation of Certificates

     All Rights Certificates
surrendered upon exercise or for redemption, 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 Certificates shall be countersigned in lieu of or in exchange
for any Rights Certificates cancelled as provided in this Section 2.9, except as
expressly permitted by this Agreement. The Rights Agent shall destroy all
cancelled Rights Certificates and deliver a certificate of destruction to the
Corporation.

- 27 -

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 that:

	 	(a) 	
      prior to the Separation Time, each Right shall be
      transferable only together with, and shall be transferred by a transfer
      of, the associated Share;

	 	 	 
	 	(b) 	
      after the Separation Time, the Rights Certificates shall
      be transferable only on the Rights Register as provided herein;

	 	 	 
	 	(c) 	
      prior to due presentment of a Rights Certificate (or,
      prior to the Separation Time, the associated 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 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 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;

	 	 	 
	 	(d) 	
      such holder has waived all rights to receive any
      fractional Right or fractional Share upon exercise of a Right;

	 	 	 
	 	(e) 	
      such holder is otherwise 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;

	 	 	 
	 	(f) 	
      this Agreement may be supplemented or amended from time
      to time pursuant to subsection 5.4(a) or the last sentence of the
      penultimate paragraph of subsection 2.3(a) hereof upon the sole authority
      of the Board of Directors without the approval of any holder of Rights;
      and

	 	 	 
	 	(g) 	
      notwithstanding anything in this Agreement to the
      contrary, neither the Corporation nor the Rights Agent shall have any
      liability to any holder of a Right or 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 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.

- 28 -

ARTICLE 3

ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN
TRANSACTIONS

3.1 Flip-in Event

     (a)           Subject
to the provisions of Section 2.2 and subsections 5.1(b), (c) and (d) hereof and
except as provided below, if prior to the Expiration Time a Flip-in Event shall
occur, each Right shall thereafter constitute, effective at the Close of
Business on the tenth Business Day after the relevant Stock Acquisition Date,
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 hereof 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 hereof shall have occurred with
respect to such Common Shares).

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

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

	 	 	 
	 	(ii) 	
      a direct or indirect transferee of, or other successor in
      title to, such Rights (a “Transferee”), who becomes a Transferee
      concurrently with or subsequent to the Acquiring Person becoming an
      Acquiring Person, in a transfer, whether or not for consideration, that
      the Board of Directors has determined is part of a plan, understanding or
      scheme of an Acquiring Person (or an Affiliate or Associate of an
      Acquiring Person or any Person acting jointly or in concert with an
      Acquiring Person or an Affiliate or Associate of an Acquiring Person) that
      has the purpose or effect of avoiding the provisions of this subsection
      3.1(b) applicable in the circumstances contemplated in clause (i)
      hereof;

shall thereupon become and be void and any holder of such
Rights (including any Transferee) shall thereafter have no rights whatsoever
with respect to such Rights, whether under any provision of this Agreement or
otherwise. The holder of any Rights represented by a Rights Certificate which is
submitted to the Rights Agent, or any Co-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 be null
and void.

- 29 -

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

	 	“The Rights represented by this Rights Certificate were issued
      to a Person who was an Acquiring Person or an Affiliate or an Associate of an
      Acquiring Person (as such terms are defined in the 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, however, that the Rights Agent shall not be
under any responsibility to ascertain the existence of facts that would require
the imposition of such legend but shall be required to impose such legend only
if instructed to do so 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 or an Affiliate or Associate thereof or acting
jointly or in concert with any of them.

ARTICLE 4

THE RIGHTS AGENT

4.1 General

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

- 30 -

     (b)          
The Rights Agent shall be protected from, and shall incur no liability for or in
respect of, any action taken, suffered or omitted by it in connection with its
performance of this Agreement in reliance upon any certificate for Shares,
Rights Certificate, certificate for other securities of the Corporation,
instrument of assignment or transfer, power of attorney, endorsement, affidavit,
letter, notice, direction, consent, certificate, opinion, 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)           In
the event any disagreement arises regarding the terms of this Agreement, the
Rights Agent shall be entitled, at its option, to refuse to comply with any and
all demands whatsoever relating to the subject matter of the dispute until the
dispute is settled either by written agreement between the parties hereto or by
a court of competent jurisdiction.

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

4.2 Merger or Amalgamation or Change of Name of Rights
Agent

     (a)           Any
body corporate into which the Rights Agent or any successor Rights Agent may be
merged or amalgamated with or into, or any body corporate succeeding to the
securityholder services business of the Rights Agent or any successor Rights
Agent shall 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 body corporate would be eligible for
appointment as a successor Rights Agent under the provisions of Section 4.4
hereof.

     In case at the time such
successor Rights Agent succeeds to the agency created by this Agreement any of
the Rights Certificates have been countersigned but not delivered, any such
successor Rights Agent may adopt the countersignature of the predecessor Rights
Agent and deliver such Rights Certificates so countersigned; and in case at that
time any or the Rights Certificates have not been countersigned, any successor
Rights Agent may countersign such Rights Certificates either in the name of the
predecessor Rights Agent or in the name of the successor Rights Agent; and in
all such cases such Rights Certificates shall have the full force provided in
the Rights Certificates and in this Agreement.

     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 way countersign such Rights
Certificates either in its prior name or in ifs changed name; and in all such
cases such Rights Certificates shall have the full force provided in the Rights
Certificates and in this Agreement.

- 31 -

4.3 Duties of Rights Agent

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

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

	 	 	 
	 	(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 or refraining from taking any action hereunder, such
      fact or matter (unless other evidence in respect thereof be herein
      specifically prescribed) may be deemed to be conclusively proved and
      established by a certificate signed by an individual believed by the
      Rights Agent to be the Chairman, the President and Chief Executive
      Officer, the Chief Financial Officer or any Vice-President and by the
      Secretary or any Assistant Secretary of the Corporation and delivered to
      the Rights Agent; and such certificate shall be full authorization to the
      Rights Agent for any action taken, omitted or suffered in good faith by it
      under the provisions of this Agreement in reliance upon such
      certificate.

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

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

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

- 32 -

	 	(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 to rely upon and
      directed to accept written instructions with respect to the performance of
      its duties hereunder from any individual believed by the Rights Agent to
      be the Chairman, the President and Chief Executive Officer, the Chief
      Financial Officer, any Vice-President or the Secretary or any Assistant
      Secretary of the Corporation, and to apply to such individuals for advice
      or instructions in connection with its duties, and it shall not be liable
      for any action taken, omitted or suffered by it in good faith in
      accordance with instructions of any such individual.

	 	 	 
	 	(h) 	
      The Rights Agent and any shareholder, director, officer
      or employee of the Rights Agent may buy, sell or deal in 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 front 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
      shall not be answerable or accountable for any act, default, neglect or
      misconduct of any such attorneys or agents or for any loss to the
      Corporation resulting from any such act, 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 delivered or
mailed to the Corporation and to each transfer agent of Shares by first class
mail, and mailed or delivered to the holders of the Rights in accordance with
Section 5.9 hereof. The Corporation may remove the Rights Agent upon 30 days’
notice in writing, mailed or delivered to the Rights Agent and to each transfer
agent of the Shares by first class mail, and mailed to the holders of the Rights
in accordance with Section 5.9 hereof. If the Rights Agent should resign or be
removed or otherwise become incapable of acting, the Corporation shall appoint a
successor to the Rights Agent. If the Corporation fails to make such appointment
within a period of 30 days after such removal or after it has been notified in
writing of such resignation or incapacity by the resigning or incapacitated
Rights Agent or by the holder of any Rights (which holder shall, with such
notice, submit such holder’s Rights Certificate for inspection by the
Corporation), then the holder of any Rights may apply, at the Corporation’s
expense, to any court of competent jurisdiction for the appointment of a new
Rights Agent. 

- 33 -

Any successor Rights Agent, whether appointed by the
Corporation or by such a court, shall be a body corporate incorporated under the
laws of Canada or a province thereof authorized to carry on the business of a
trust company in the Province of Ontario. After appointment, the successor
Rights Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent upon receipt of all fees
and expenses outstanding to the predecessor Rights Agent by the Corporation
shall deliver and transfer to the successor Rights Agent any property at the
time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Not later than the effective
date of any such appointment, the Corporation shall file notice thereof in
writing with the predecessor Rights Agent and each transfer agent of the Shares,
and mail a notice thereof in writing to the holders of the Rights. Failure to
give any notice provided for in this Section 4.4, however, or any defect
therein, shall not affect the legality or validity of the resignation or removal
of the Rights Agent or the appointment of the successor Rights Agent, as the
case may be.

ARTICLE 5

MISCELLANEOUS

5.1 Redemption and Waiver

     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 acting in good faith under this Section
5.1:

	 	(a) 	
      With the prior consent of the holders of Common Shares or
      Rights obtained in accordance with subsection 5.4(b) or (c), as
      applicable, the Board of Directors, at any time prior to the occurrence of
      a Flip-in Event as to which the application of Section 3.1 has not been
      waived pursuant to this Section 5.1, may elect to redeem all but not less
      than all of the then outstanding Rights at a redemption price of $0.00001
      per Right appropriately adjusted in a manner analogous to the applicable
      adjustment to the Exercise Price provided for in Section 2.3 hereof if an
      event analogous to any of the events described in Section 2.3 shall have
      occurred (such redemption price being herein referred to as the
      “Redemption Price”).

	 	 	 
	 	(b) 	
      With the prior consent of the holders of Common Shares
      obtained in accordance with subsection 5.4(b), the Board of Directors may,
      at any time prior to the occurrence of a Flip-in Event 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), waive
      the application of Section 3.1 to such Flip-in Event. In such event, the
      Board of Directors shall extend the Separation Time to a date at least 10
      Business Days subsequent to the meeting of shareholders called to approve
      such waiver.

- 34 -

	 	(c) 	
      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
      paragraph, upon written notice to the Rights Agent, the Board of Directors
      may waive the application of Section 3.1 to such Flip-in Event but only if
      such Flip-in Event occurs as a result of a Take-over Bid made by means of
      a take-over bid circular sent to all holders of record of Common Shares,
      provided, however, that if the Board of Directors waives the
      application of Section 3.1 to a particular Flip-in Event, the Board of
      Directors shall be deemed to have waived the application of Section 3.1 to
      any other Flip-in Event occurring by reason of any Take-over Bid which is
      made by means of a take-over bid circular to all holders of record of
      Common Shares (i) prior to the granting of such a waiver, or (ii)
      thereafter and 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 waive the application of
      Section 3.1 to a Flip-in Event provided that the following conditions are
      satisfied:

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

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

	 	 	 	 
	 	(e) 	
      If a Person acquires, pursuant to a Permitted Bid or a
      Competing Permitted Bid or pursuant to an Exempt Acquisition occurring
      under subsection 5.1(c) hereof, more than 50% of the outstanding Common
      Shares other than Common Shares Beneficially Owned at the date of such
      Permitted Bid, Competing Permitted Bid or Exempt Acquisition by such
      Person, the Board of Directors of the Corporation shall, notwithstanding
      the provisions of subsection 5.1(a) hereof, immediately upon such
      acquisition and without further formality be deemed to have elected to
      redeem the Rights at the Redemption Price.

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

- 35 -

	 	(g) 	
      Within 10 Business Days of the Board of Directors
      electing or having been deemed to have elected to redeem the Rights or, if
      subsection 5.1(a), is applicable, within 10 Business Days after the
      requisite consent being given by the holders of Common Shares or Rights,
      as applicable, the Corporation shall give notice of redemption to the
      holders of the then outstanding Rights by mailing such notice to each such
      holder at his last address as it appears upon the Rights Register of the
      Rights Agent, or, prior to the Separation Time, on the share register
      maintained by the Corporation’s transfer agent. Each such notice of
      redemption shall state the method by which the payment of the Redemption
      Price shall be made.

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

	 	 	 
	 	(i) 	
      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 any Right after the Expiration Time, except as
provided in Section 4.1 hereof.

5.3 Issuance of New Rights Certificates

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

5.4 Supplements and Amendments

     (a)           The
Corporation may make, without the approval of the holders of Rights or Common
Shares, any amendments to this Agreement (i) specifically contemplated in
subsection 2.10(f) or any other provision hereof, (ii) to correct any clerical
or typographical error, or (iii) which are required to maintain the validity and
effectiveness of the Agreement as a result of any change in any applicable laws,
rules or regulatory requirements. The Corporation may, prior to the date of any
shareholders meeting referred to in Section 5.17, supplement, amend, vary or
delete any of the provisions of this Agreement without the approval of any
holder of Rights or Common Shares where the Board of Directors deems such action
necessary or desirable, if such action would not materially adversely affect the
interests of the holders of the Rights generally.

     (b)          
Subject to subsection 5.4(a), the Corporation, with the prior consent of the
holders of Common Shares obtained as set forth below, at any time before the
Separation Time, may redeem Rights pursuant to subsection 5.1(a), waive a
Flip-in Event pursuant to subsection 5.1(b) or otherwise amend, vary or rescind
any of the provisions of this Agreement and the Rights (whether or not such
action would materially adversely affect the interests of the holders of Rights
generally). Such consent shall be deemed to have been given if provided by the
holders of Common Shares at a special meeting called and held in compliance with
applicable laws, rules and regulatory requirements and the requirements in the
articles and by-laws of the Corporation. Subject to compliance with any
requirements imposed by the foregoing, consent shall be given if the proposed
amendment, variation or rescission is approved by the affirmative vote of a
majority of the votes cast by all Independent Shareholders represented in person
or by proxy at the special meeting.

- 36 -

     (c)          
The Corporation, with the prior consent of the holders of Rights obtained as set
forth below, at any time after the Separation Time and before the Expiration
Time, may redeem Rights pursuant to subsection 5.1(a) or otherwise amend, vary
or rescind any of the provisions of this Agreement and the Rights (whether or
not such action would materially adversely affect the interests of the holders
of Rights generally). Such consent shall be deemed to have been given if
provided by the holders of Rights at a special meeting of holders of Rights
called and held in compliance with applicable laws, rules and regulatory
requirements and, to the extent possible, with the requirements in the articles
and by-laws of the Corporation applicable to meetings of holders of Common
Shares, applied mutatis mutandis. Subject to compliance with any
requirements imposed by the foregoing, consent shall be given if the proposed
amendment, variation or rescission is approved by the affirmative vote of a
majority of the votes cast by holders of Rights (other than holders of Rights
whose Rights have become null and void pursuant to subsection 3.1(b)),
represented in person or by proxy at the special meeting.

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

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

	 	 	 
	 	(ii) 	
      if made after the Separation Time, be submitted to the
      holders of Rights at a meeting to be called in accordance with the
      provisions of Section 5.4(c) hereof.

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

     (f)           Notwithstanding
anything in this Section 5.4 to the contrary, no supplement, amendment,
variation, deletion or rescission shall be made in respect of the provisions of
Article 4 except with the written concurrence of the Rights Agent thereto.

     Any such amendment shall, unless
the Board of Directors otherwise stipulates, be effective from the date of the
resolution of the Board of Directors adopting such amendment, until it is
confirmed or rejected or until it ceases to be effective (as described in the
next sentence) and, where such amendment is confirmed, it continues in effect in
the form so confirmed. 

If such amendment is rejected by the shareholders of the
Corporation or the holders of Rights or is not submitted to the shareholders of
the Corporation or holders of Rights as required, then such amendment shall
cease to be effective from and after the termination of the meeting at which it
was rejected or to which it should have been but was not submitted or if such a
meeting of the holders of Rights is not called within a period of 90 days of the
making of any such agreement, at the end of such period, and no subsequent
resolution of Board of Directors to amend this Agreement to substantially the
same effect shall be effective until confirmed by the shareholders of the
Corporation or holders of Rights as the case may be.

- 37 -

5.5 Fractional Rights and Fractional Common Shares

     (a)           The
Corporation shall not be required to issue fractions of Rights or to distribute
Right Certificates which evidence fractional Rights. In lieu of issuing
fractional Rights, the Corporation shall pay to the registered holders of the
Right Certificates, at the time such fractional Rights would otherwise be
issuable, an amount in cash equal to the same fraction of the Market Price of
one whole Right that the fraction of a Right that would otherwise be issuable is
of one whole Right. 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 Section 2.2(e) . 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 Section 2.2(e) .

     (b)          
The Corporation shall not be required to issue fractions of 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 holders of Right 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 that the fraction of a Common
Share that would otherwise be issuable upon the exercise of such Right is of a
whole Common Share. 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 Section 2.2(e) .

5.6 Rights of Action

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

- 38 -

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 such Rights, nor shall anything contained herein or
in any Rights Certificate be construed to confer upon the holder of any Rights,
as such, any of the rights of a shareholder of the Corporation or any right to
vote for the election of directors or upon any matter submitted to shareholders
at any meeting thereof, or to give or withhold consent to any corporate action,
or to receive notice of meetings or other actions affecting shareholders (except
as provided in Section 5.8 hereof), or to receive dividends or subscription
rights, or otherwise, until such Rights shall have been exercised in accordance
with the provisions hereof.

5.8 Notice of Proposed Actions

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

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

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

then, in each such case, the Corporation shall give to each
holder of a Right, in accordance with Section 5.9, a notice of such event or
proposed action, which shall specify the date on which such change to the
Rights, liquidation, dissolution or winding up occurred or is to take place, and
such notice shall be so given within 10 Business Days after the occurrence of a
change to the Rights and not less than 20 Business Days prior to the date of
taking such proposed action by the Corporation.

5.9 Notices

     Any notice, demand or other
communication required or permitted to be given or made by the Rights Agent or
by the holder of any Rights to or on the Corporation or by the Corporation or by
the holder of any Rights to or on the Rights Agent shall be in writing and shall
be well and sufficiently given or made if:

	 	(i) 	
      delivered in person during normal business hours on a
      Business Day and left with the receptionist or other responsible employee
      at the relevant address set forth below; or

	 	 	 
	 	(ii) 	
      except during any general interruption of postal services
      due to strike, lockout or other cause, sent by first-class mail;
  or

	 	 	 
	 	(iii) 	
      sent by telegraph, facsimile or other form of recorded
      electronic communication, charges prepaid and confirmed in writing as
      aforesaid;

- 39 -

if to the Corporation, addressed to
it at:

Revett Minerals Inc. 
11115 E.
Montgomery Drive 
Suite G
Spokane Valley, Washington 
U.S.A. 99206

Attention: President and Chief
Executive Officer 
Fax No.: (509) 891-8901

and if to the Rights Agent, addressed
to it at:

Computershare Investor Services Inc.

100 University Avenue 
11th Floor, South Tower 
Toronto,
Ontario 
M5J 2Y1

Attention: General Manager, Client
Services 
Fax No.: (416) 981-9800

Notices, demands or other communications required or permitted
to be given or made by the Corporation or the Rights Agent to or on the holder
of any Rights shall be in writing and shall be well and sufficiently given or
made if delivered personally to such holder or delivered or mailed by first
class mail to the address of such holder as it appears on the Rights Register
maintained by the Rights Registrar, or, prior to the Separation Time, in the
register of Shareholders maintained by the transfer agent for the Common
Shares.

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

5.10 Costs of Enforcement

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

- 40 -

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 inure to the benefit of their respective successors and permitted
assigns hereunder.

5.12 Benefits of this Agreement

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

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

5.14 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.

5.15 Severability

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

5.16 Determinations and Actions by the Board of
Directors

     The Board of Directors shall have
the exclusive power and authority to administer this Agreement and to exercise
all rights and powers specifically granted to the Board of Directors, or as may
be necessary or advisable in the administration of this Agreement, including,
without limitation, the right and power to (i) interpret the provisions of this
Agreement and (ii) make all determinations deemed necessary or advisable for the
administration of this Agreement (including a determination to terminate or
redeem or not to terminate or redeem the Rights or to amend the Agreement). All
such actions, calculations and determinations (including all omissions with
respect to the foregoing) which are done or made by the Board of Directors, in
good faith, shall not subject the Board of Directors to any liability to the
holders of the Rights.

- 41 -

5.17 Effective Date

     This Agreement is effective in
accordance with its terms from the date it is confirmed by ordinary resolution
passed by a majority of the votes cast by holders of Voting Shares and, if
applicable, by a majority of the votes cast by (a) the Independent Shareholders,
and (b) the holders of Voting Shares, without giving effect to any votes cast by
(i) any holder of Voting Shares that, directly or indirectly, on its own or in
concert with others holds or exercises control over more than 20% of the
outstanding Voting Shares, and (ii) the associates, affiliates and insiders of
any holders of Voting Shares referred to in (i) above, present or represented by
proxy at a meeting of shareholders of the Corporation to be held not later than
June 30, 2010.

5.18 Approval of Holders of Rights

     If, after the Separation Time,
the approval of holders of Rights is required in respect of a supplement or
amendment to this Agreement made pursuant to Section 5.4 hereof, the Board of
Directors shall, within 31 days after the implementation of any such supplement
or amendment, call a special meeting of the holders of Rights to consider, and
if thought fit, to pass a resolution approving the supplement or amendment, and
such supplement or amendment shall be deemed to have been approved if such
resolution receives the affirmative vote of a majority of the votes cast by
holders of Rights represented at the meeting in person or by proxy excluding any
Rights which are then void pursuant to the provisions of subsection 3.1(b)
hereof. In respect of any such meeting required to be held:

	 	(i) 	
      the Board of Directors shall fix a date for the meeting,
      which date shall be as soon as practicable after the implementation of any
      supplement or amendment requiring approval, but not more than 110 days
      thereafter;

	 	 	 
	 	(ii) 	
      the Board of Directors of the Corporation shall fix a
      record date for determining the holders of Rights entitled to receive
      notice of such meeting in a manner analogous to the procedures set out in
      National Instrument 54-101 of the Canadian Securities Administrators (as
      such policy may be amended or replaced from time to time, and as required
      in order to conform to the requirements of any applicable securities
      legislation or policy) and the rules of any stock exchange on which the
      Common Shares are then listed, and the articles and by-laws of the
      Corporation; and

	 	 	 
	 	(iii) 	
      each Right shall be entitled to one vote at such meeting
      and, in all other respects, the rules applicable to meetings of
      shareholders set forth in the articles and by- laws of the Corporation
      shall apply in respect of such meeting of holders of Rights, mutatis
      mutandis.

5.19 Declaration as to Non-Canadian and Non-United States
Holders

     If, upon the advice of outside
counsel, any action or event contemplated by this Agreement would require
compliance with the securities laws or comparable legislation of a jurisdiction
outside of Canada and the United States of America, the Board of Directors
acting in good faith may take such actions as it may deem appropriate to ensure
that such compliance is not required, including without limitation establishing
procedures for the issuance to a Canadian resident Fiduciary of Rights or
securities issuable on exercise of Rights, the holding thereof in trust for the
Persons entitled thereto (but reserving to the Fiduciary or to the Fiduciary and
the Corporation, as the Corporation may determine, absolute discretion with
respect thereto) and the sale thereof and remittance of the proceeds of such
sale, if any, to the Persons entitled thereto. 

- 42 -

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 any 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.

5.20 Regulatory Approvals

     Any obligation of the Corporation
or action or event contemplated by this Agreement, or any amendment or
supplement to this Agreement, shall be subject to receipt of any requisite
approval or consent from any governmental or regulatory authority having
jurisdiction including the Toronto Stock Exchange while any securities of the
Corporation are listed and posted for trading thereon and for a period of 6
months thereafter.

- 43 -

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

	 	REVETT MINERALS INC.  
	 	  	  	  
	 	Per: 	“John Shanahan” 
	 	  	Name: John Shanahan 
	 	  	Title: President and CEO 
	 	  	  	  
	 	Per: 	“Ken Eickerman” 
	 	  	Name: Ken Eickerman 
	 	  	Title: CFO 
	 	  	  	  
	 	  	  	  
	 	COMPUTERSHARE INVESTOR 
	 	SERVICES INC. 
	 	  	  	  
	 	Per: 	“Randy Williston“ 
	 	  	Name: Randy Williston 
	 	  	Title: Professional, Client Services    
	 	  	  	  
	 	Per: 	“Josette Koffyberg“ 
	 	  	Name: Josette Koffyberg 
	 	  	Title: Professional, Client Services    

- 44 - 

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. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN THE RIGHTS
      AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY
      PERSON ACTING JOINTLY OR IN CONCERT WITH AN ACQUIRING PERSON OR
      WITH AN ASSOCIATE OR AFFILIATE OF AN ACQUIRING PERSON (AS SUCH
      TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF
      ANY OF THE FOREGOING WILL BECOME VOID WITHOUT FURTHER
      ACTION. 
	  
	RIGHTS CERTIFICATE 

This certifies that • , or registered assigns, is the registered
holder of the number of Rights set forth above, each of which entities the
registered holder thereof, subject to the terms, provisions and conditions of an
Amended and Restated Rights Agreement dated as of May 10, 2010 (the “Rights
Agreement”) between Revett Minerals Inc., a corporation incorporated under the
laws of Canada (the “Corporation”), and Computershare Investor Services Inc., a
corporation incorporated under the laws of the Province of Ontario, as Rights
Agent, to purchase from the Corporation at any time after the Separation Time
and prior to the Expiration Time (as such terms are defined in the Rights
Agreement), one fully paid common share in the capital of the Corporation (a
“Common Share”) (subject to adjustment as provided in the Rights Agreement) at
the Exercise Price referred to below, upon presentation and surrender of this
Rights Certificate with a duly completed and executed Form of Election to
Exercise at the principal office of the Rights Agent in the City of Toronto,
Canada. The Exercise Price shall initially be $100.00 per Right and shall be
subject to adjustment in certain events as provided in the Rights Agreement.

This Rights Certificate is subject to all the terms, provisions
and conditions of the Rights Agreement which terms, provisions and conditions
are hereby incorporated herein by this 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 office of the Rights Agent or any Co-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 so 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 provision of the Rights Agreement, the
Rights evidenced by this Certificate may be redeemed by the Corporation at a
redemption price of $0.00001 per Right.

No fractional Common Shares will be issued upon the exercise of
any Right or Rights evidenced hereby nor will Rights Certificates be issued for
less than one whole Right. 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 on
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.

	Date: 		 

	 	REVETT MINERALS
      INC. 
	 	  
	 	Per: 	 
	 	             	Name: 
	 	             	Title: 
	 	  
	 	Per: 	 
	 	             	Name: 
	 	             	Title:  

Countersigned:

COMPUTERSHARE INVESTOR 
SERVICES INC.

	By: 		 
	 	Authorized Signature 	 

[Form of Reverse Side of Rights Certificate]

FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires
to transfer the Rights Certificates.)

FOR VALUE RECEIVED
_______________________________________________________

hereby sells, assigns and
transfers

unto

(Please print name and address of transferee)

this Rights Certificate, together with all right, title and
interest therein, and does hereby irrevocably constitute and appoint
_______________________________________Attorney to transfer the within Rights
Certificate 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 chartered bank or
trust company, a member firm of a recognized stock exchange in Canada, a member
of the Investment Dealers Association of Canada or a member of the Securities
Transfer Agents Medallion Program (STAMP)).

	(To be completed if true) 

CERTIFICATION

     The undersigned hereby
represents and certifies, 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 not been, Beneficially Owned by an
Acquiring Person or any Person acting jointly or in concert with any Acquiring
Person or with any Affiliate or Associate thereof (all as defined in the Rights
Agreement).

	                                                                                                                                             	Signature 

	 
	
      NOTICE 

     In the event the certification
set forth above is not completed in connection with a purported assignment, the
Beneficial Owner of the Rights evidenced by this Rights Certificate will be
deemed to be an Acquiring Person or a Person acting jointly or in concert with
such Acquiring Person or an Affiliate or Associate of such Acquiring Person (all
as defined in the Rights Agreement) and accordingly the Rights evidenced by this
Rights Certificate will be null and void.

[To be attached to each Rights Certificate]

FORM
OF ELECTION TO EXERCISE

(To be executed if holder desires
to
exercise the Rights Certificate.)

TO: REVETT MINERALS INC. AND COMPUTERSHARE INVESTOR SERVICES
INC.

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

Address:

	Social Insurance, Social Security or 	 
	Other Taxpayer Identification Number: 	 

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

Address:

	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 chartered bank or
trust company, a member firm of a recognized stock exchange in Canada, a member
of the Investment Dealers Association of Canada or a member of the Securities
Transfer Agents Medallion Program (STAMP)).

	(To be completed if true) 

CERTIFICATION

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

	 	Signature 

	 
	NOTICE 

     In the event the certification
set forth above is not completed in connection with a purported exercise, the
Beneficial Owner of the Rights evidenced by this Rights Certificate will be
deemed to be an Acquiring Person or a Person acting jointly or in concert with
an Acquiring Person or an Affiliate or Associate of an Acquiring Person (all as
defined in the Rights Agreement) and accordingly will deem the Rights evidenced
by this Rights Certificate will be null and void.Revett Minerals Inc.: Exhibit 10.4 - Filed by newsfilecorp.com

REVETT MINERALS INC.
AMENDED AND RESTATED
EQUITY INCENTIVE PLAN

SECTION 1
PURPOSE

	1.1 	
      The purpose of this Equity Incentive Plan is to provide a
      means whereby Revett Minerals Inc., a Canadian corporation (the
      “Corporation”), may attract able persons to remain in or to enter the
      employ of the Corporation or a Subsidiary of the Corporation and to
      provide a means whereby those employees, officers, directors and other
      individuals or entities upon whom the responsibilities of the successful
      administration, management, planning, and/or organization of the
      Corporation may rest, and whose present and potential contributions to the
      welfare of the Corporation or a Subsidiary of the Corporation are of
      importance, can acquire and maintain stock ownership, thereby
      strengthening their concern for the long-term welfare of the Corporation.
      A further purpose of the Plan is to provide such employees and individuals
      or entities with additional incentive and reward opportunities designed to
      enhance the profitable growth of the Corporation over the long term.
      Accordingly, the Plan provides for the grant of Incentive Stock Options,
      options which do not constitute Incentive Stock Options, Stock
      Appreciation Rights or any combination of the foregoing and for the
      issuance of Common Shares in satisfaction of amounts owing for
      services.

SECTION 2
DEFINITIONS

	2.1 	
      The following definitions shall be applicable during the
      term of the Plan unless specifically modified by any paragraph:

	 	 	 
		(a) 	
      “Affiliated Entity” has the meaning ascribed
      thereto by Multilateral Instrument 52-110, as the same may be amended from
      time to time.

	 	 	 
		(b) 	
      “Associate” has the meaning ascribed thereto in
      the Securities Act (Ontario), as the same may be amended from time
      to time.

	 	 	 
		(c) 	
      “Award” means, individually or collectively, any
      Option granted pursuant to the Plan.

	 	 	 
		(d) 	
      “Board” means the board of directors of the
      Corporation.

	 	 	 
		(e) 	
      “CBCA” means the Canada Business Corporations
      Act.

	 	 	 
		(f) 	
      “Code” means the Internal Revenue Code of 1986, as
      amended. Reference in the Plan to any Section of the Code shall be deemed
      to include any amendments or successor provisions to such Section and any
      regulations under such Section.

	 	 	 
		(g) 	
      “Committee” means a committee of the Board which
      is given authority by the Board to recommend Awards or Options under the
      Plan.

	 	(h) 	
      “Common Shares” means the common shares of the
      Corporation.

	 	 	 	 
	 	(i) 	
      “Corporate Change” means one of the following
      events:

	 	 	 	 
	 		(i) 	
      the merger, arrangement, amalgamation, reorganization or
      other similar transaction involving the Corporation in which the
      outstanding Common Shares are converted into or exchanged for a different
      class of securities of the Corporation, a class of securities of any other
      issuer (except a Subsidiary of the Corporation), cash or other property
      other than (A) a merger, arrangement, amalgamation, reorganization or
      other similar transaction involving the Corporation which would result in
      the voting shares of the Corporation outstanding immediately prior thereto
      continuing to represent (either by remaining outstanding or by being
      converted into voting securities of the surviving entity) at least sixty
      percent (60%) of the combined voting power of the voting shares of the
      Corporation or such surviving entity outstanding immediately after such
      merger, arrangement, amalgamation, reorganization or other similar
      transaction involving the Corporation, or (B) merger, arrangement,
      amalgamation, reorganization or other similar transaction involving the
      Corporation effected to implement a recapitalization of the Corporation
      (or similar transaction) in which no person acquires more than forty-nine
      percent (49%) of the combined voting power of the Corporation’s then
      outstanding shares;

	 	 	 	 
	 		(ii) 	
      the sale, lease or exchange of all or substantially all
      of the assets of the Corporation to any other corporation or entity
      (except a Subsidiary of the Corporation);

	 	 	 	 
	 		(iii) 	
      the adoption by the shareholders of the Corporation of a
      resolution to liquidate or dissolve the Corporation;

	 	 	 	 
	 		(iv) 	
      the acquisition (other than acquisition pursuant to any
      other clause of this definition) by any person or group of persons, of
      beneficial ownership of more than twenty-five percent (25%) (based on
      voting power) of the Corporation’s outstanding Common Shares or
      acquisition by a person or group of persons who currently has beneficial
      ownership which increases such person’s or group’s beneficial ownership to
      fifty percent (50%) or more (based on voting power) of the Corporation’s
      outstanding Common Shares; or

	 	 	 	 
	 		(v) 	
      as a result of or in connection with a contested election
      of directors, the persons who were directors of the Corporation before
      such election shall cease to constitute a majority of the Board.

	 	 	 	 
	 	(j) 	
      “Corporation” means Revett Minerals Inc.

	 	 	 	 
	 	(k) 	
      “Current Market Price” means, as of any specified
      date, the price per share equal to the weighted average price at which the
      Common Shares have traded on the Toronto Stock Exchange (or, if the Common
      Shares are not then listed on such exchange, such other stock exchange or
      over the counter market on which the Common Shares are then listed or
      quoted) during the period of any twenty consecutive trading days ending
      not more than five (5) trading days before such date; provided that the
      weighted average price shall be determined by dividing the aggregate sale
      price of all Common Shares sold on the said exchange or market, as the
      case may be, during the said twenty consecutive trading days by the total
      number of Common Shares so sold. If the Common Shares are not then listed
      or quoted on any stock exchange or over the counter market, at the time
      determination of its Current Market Price is required to be made
      hereunder, the determination of its Current Market Price shall be made by
      the Board in such manner as it deems appropriate.

- 2 -

	 	(l) 	
      “Eligible Recipient” means: (i) any employee,
      officer, director or consultant (as defined in National Instrument 45-106,
      as the same may be amended from time to time) of the Corporation or an
      Affiliated Entity of the Corporation; or (ii) a permitted assign (as
      defined in National Instrument 45-106, as the same may be amended from
      time to time) of a person or company referred to in paragraph
  (i).

	 	 	 
	 	(m) 	
      “Exchange Act” means the Securities Exchange Act
      of 1934, as amended.

	 	 	 
	 	(n) 	
      “Fair Market Value” means, as of any specified
      date, the closing price of the Common Shares on the Toronto Stock Exchange
      (or, if the Common Shares are not listed on such exchange, such other
      stock exchange on which the Common Shares are then listed) on the trading
      day immediately preceding that date, or if no prices are reported on that
      date, on the last preceding date on which such prices of the Common Shares
      are so reported. If the Common Shares are not then listed on any stock
      exchange but is traded over the counter at the time determination of its
      Fair Market Value is required to be made hereunder, its Fair Market Value
      shall be deemed to be equal to the average between the reported high and
      low sales prices of Common Shares on the most recent date on which Common
      Shares were publicly traded. If the Common Shares are not publicly traded
      at the time a determination of its value is required to be made hereunder,
      the determination of its Fair Market Value shall be made by the Board in
      such manner as it deems appropriate (such determination will be made in
      good-faith as required by Section 422(c)(1) of the Code and may be based
      on the advice of an independent investment banker or appraiser recognized
      to be expert in making such valuations).

	 	 	 
	 	(o) 	
      “Grant” means individually or collectively, any
      Stock Appreciation Right granted pursuant to the Plan or any issuance of
      Common Shares pursuant to the Plan in satisfaction of amounts owing for
      services.

	 	 	 
	 	(p) 	
      “Grantee” means an Eligible Recipient who has been
      granted Stock Appreciation Rights pursuant to the Plan or who has been
      issued Common Shares pursuant to the Plan in satisfaction of amounts owing
      for services.

- 3 -

	 	(q) 	
      “Incentive Stock Option” means an Option within
      the meaning of Section 422 of the Code.

	 	 	 
	 	(r) 	
      “Insider” means an insider of the Corporation
      within the meaning of the rules, regulations and policies of the Toronto
      Stock Exchange from time to time for purposes of securities based
      compensation arrangements.

	 	 	 
	 	(s) 	
      “Option” means an Award granted under Section 7 of
      the Plan and includes both Incentive Stock Options to purchase Common
      Shares and Options which do not constitute Incentive Stock Options to
      purchase Common Shares.

	 	 	 
	 	(t) 	
      “Option Agreement” means a written agreement
      between the Corporation and an Optionee with respect to an
  Option.

	 	 	 
	 	(u) 	
      “Optionee” means an Eligible Recipient who has
      been granted an Option.

	 	 	 
	 	(v) 	
      “Plan” means this amended and restated Equity
      Incentive Plan.

	 	 	 
	 	(w) 	
      “Rule 16b-3” means Rule 16b-3 of the General Rules
      and Regulations of the Securities and Exchange Commission under the
      Exchange Act, as such rule is currently in effect or as hereafter modified
      or amended.

	 	 	 
	 	(x) 	
      “Share Compensation Arrangement” means a stock
      option, stock option plan, employee stock purchase plan or any other
      compensation or incentive mechanism of the Corporation involving the
      issuance or potential issuance of shares of the Corporation to one or more
      Eligible Recipients, including a share purchase from the treasury of the
      Corporation which is financially assisted by the Corporation by way of a
      loan, guarantee or otherwise.

	 	 	 
	 	(y) 	
      “Stock Appreciation Rights” means the right to
      receive the increase in the value of Common Shares subject to an Option in
      lieu of purchasing such Common Shares.

	 	 	 
	 	(z) 	
      “Subsidiary” has the meaning ascribed thereto by
      the Securities Act (Ontario), except that solely with respect to
      the issuance of Incentive Stock Options, the term “Subsidiary” shall have
      the same meaning as the term “subsidiary corporation” as defined in
      Section 424(f) of the Code.

SECTION 3
EFFECTIVE DATE

	3.1 	
      The Plan shall be effective on January 26,
  2005.

SECTION 4
ADMINISTRATION

	4.1 	
      Administration of Plan by Board. The Plan shall be
      administered by the Board or by a committee (“Committee”) of the
      Board established by the Board for that purpose.

      Members of the Board shall abstain
from participating in and deciding matters which directly affect their
individual ownership interests under the Plan.

- 4 -

	4.2 	
      Powers. Subject to the terms of the Plan, the
      Board or Committee shall have the power, where consistent with the general
      purpose and intent of the Plan and subject to the specific provisions of
      the Plan:

	 	 	 
		(a) 	
      to determine those Eligible Recipients that should be
      given an Award or Grant;

	 	 	 
		(b) 	
      to determine when such Award or Grant should be
    made;

	 	 	 
		(c) 	
      to determine the type of Award or Grant (Stock
      Appreciation Rights, Incentive Stock Option, non-qualified Option or
      Common Share issuance); and

	 	 	 
		(d) 	
      to determine the number of Common Shares that should be
      awarded or granted.

	 	 	 
		
      In making such determinations, the Board may take into
      account the nature of the services rendered by these individuals, their
      present and potential contribution to the success of the Corporation or a
      Subsidiary of the Corporation, and such other factors as the Board in its
      discretion shall deem relevant.

	 	 	 
	4.3 	
      Additional Powers. The Board shall have such
      additional powers as are delegated to it by the other provisions of the
      Plan. Subject to the express provisions of the Plan, the Board is
      authorized in its sole discretion, to construe and interpret the Plan and
      the respective agreements executed thereunder, to prescribe such rules and
      regulations relating to the Plan as it may deem advisable to carry out the
      Plan, and to determine the terms, restrictions and provisions of each
      Award or Grant, including such terms, restrictions and provisions as shall
      be requisite in the judgment of the Board to cause designated Options to
      qualify as Incentive Stock Options, and to make all other determinations
      necessary or advisable for administering the Plan. The Board may correct
      any defect or supply any omission or reconcile any inconsistency in any
      agreement relating to an Award or Grant in the manner and to the extent it
      shall deem expedient to carry it into effect. The determination of the
      Board on the matters referred to in this Section 4 shall be
    conclusive.

	 	 	 
	4.4 	
      Compliance with Law. Any Award or Grant granted
      under the Plan shall be subject to the requirement that, if at any time
      counsel to the Corporation shall determine that the listing, registration
      or qualification of the Common Shares subject to such Award or Grant upon
      any stock exchange or under any law or regulation of any jurisdiction, or
      the consent or approval of any stock exchange or any governmental or
      regulatory body, is necessary as a condition of, or in connection with,
      the grant or exercise of such Award or Grant or the issuance or purchase
      of Common Shares thereunder, such Award or Grant may not be accepted or
      exercised in whole or in part unless such listing, registration,
      qualification, consent or approval shall have been effected or obtained on
      conditions acceptable to the Board or the Committee. Nothing herein shall
      be deemed to require the Corporation to apply for or to obtain such
      listing, registration, qualification, consent or
  approval.

- 5 -

Without limiting the generality of
the foregoing, unless a registration statement relating to the Common Shares
covered by an Award or Grant issued in favour of an Optionee or Grantee resident
in the United States of America has been filed with the United States Securities
and Exchange Commission and is effective on the date of exercise, the exercise
of the Award or Grant by such Optionee or Grantee will be contingent upon
receipt from the Optionee or Grantee of a representation in writing satisfactory
to the Corporation that at the time of such exercise it is the Optionee's or
Grantee’s then intention to acquire the Common Shares being purchased for
investment and not for resale or other distribution thereof to the public in the
United States of America. 

The Corporation may in its discretion
inscribe a legend on any share certificates issued pursuant to the exercise of
an Award or Grant. The issuance of Common Shares upon the exercise of the Award
or Grant shall be subject to all applicable laws, rules and regulations and
Common Shares shall not be issued except upon the approval of proper government
agencies or stock exchanges as may be required. Provided, however, the Award or
Grant shall not be exercisable if at any date of exercise, it is the opinion of
counsel for the Corporation that registration of the said Common Shares under
the Securities Act of 1933 or other applicable statute or regulation is required
and the Award or Grant shall again become exercisable only if the Corporation
elects to and thereafter effects a registration of the Common Shares subject to
the Award or Grant under the Securities Act of 1933 or other applicable statute
or regulation within the relevant period. If the Award or Grant may not be
exercised, the Corporation shall return to the Optionee or Grantee, without
interest or deduction, any funds received by it in connection with the proposed
exercise of the Award or Grant.

	4.5 	
      Compliance With Code §162(m). In the event the
      Corporation or a Subsidiary of the Corporation becomes a “publicly-held
      corporation” as defined in Section 162(m)(2) of the Code, the Corporation
      may establish a committee of outside directors meeting the requirements of
      Code § 162(m) to (i) approve the grant of Options which might reasonably
      be anticipated to result in the payment of employee remuneration that
      would otherwise exceed the limit on employee remuneration deductible for
      income tax purposes by the Corporation pursuant to Code §162(m) and (ii)
      administer the Plan. In such event, the powers reserved to the Board in
      the Plan shall be exercised by such committee. In addition, Options under
      the Plan shall be granted upon satisfaction of the conditions to such
      grants provided pursuant to Code §162(m) and any Treasury Regulations
      promulgated thereunder.

SECTION 5
SHARES SUBJECT TO THE PLAN

	5.1 	
      Award Limits. The total number of shares issued
      under this Plan, together with the total number of shares issued under any
      other Share Compensation Arrangement, shall not exceed 18,000,000 Common
      Shares or such greater number of Common Shares as may be determined by the
      Board and approved by any relevant stock exchange or other regulatory
      authority and, if required, by the shareholders of the Corporation. No
      Options shall be granted to any one Optionee if the total number of Common
      Shares reserved for issuance to such Optionee under this Plan, together
      with any Common Shares reserved for issuance to such Optionee under any
      other stock option arrangement, would exceed 5% of the issued and
      outstanding Common Shares at the time of such grant.

        The Corporation shall at all times
reserve a sufficient number of shares to meet the requirements of the Plan.
Shares shall be deemed to have been issued under the Plan only to the extent
actually issued and delivered pursuant to an Award or Grant. To the extent that
an Award or Grant expires unexercised, any Common Shares subject to such Award
or Grant shall again be available for the grant of an Award or making of a
Grant. The aggregate number of shares which may be issued under the Plan shall
be subject to adjustment in the same manner as provided in Section 8 of the Plan
with respect to Common Shares subject to Options then outstanding. 

- 6 -

	5.2 	
      Stock Appreciation Rights. A Stock Appreciation
      Right may, in the case of a non- qualified Option, be granted at the time
      the Option is granted or at any time thereafter during the term of the
      Option. Stock Appreciation Rights may only be granted, in connection with
      Incentive Stock Options, at the time the Options are granted. Upon
      exercising a Stock Appreciation Right the holder of the related Option
      shall, upon surrender of such Option or any portion thereof to the extent
      unexercised, receive payment of an amount determined by multiplying (i)
      the excess of Current Market Price for the Common Shares on the date of
      exercise of such Stock Appreciation Right over the Option Price under the
      related Option, by (ii) the number of shares as to which such Stock
      Appreciation Right has been exercised. Notwithstanding the foregoing, the
      agreement evidencing the Stock Appreciation Right may limit in any manner
      the amount payable with respect to any Stock Appreciation Right.

	 	 
		
      A Stock Appreciation Right shall be exercisable at such
      time or times and only to the extent that a related Option is exercisable,
      and shall not be transferable. A Stock Appreciation Right granted in
      connection with an Incentive Stock Option shall be exercisable only if the
      Current Market Price of the Common Shares on the date of exercise is
      greater than the Option Price of the related Option. Upon the exercise of
      a Stock Appreciation Right, the related Option shall be cancelled to the
      extent of the number of Common Shares as to which the Stock Appreciation
      Right is exercised, and upon the exercise of an Option granted in
      connection with a Stock Appreciation Right, the Stock Appreciation Right
      shall be cancelled to the extent of the number Common Shares as to which
      the Option is exercised or surrendered. The Grantee shall exercise a Stock
      Appreciation Right by delivering a written notice of exercise to the
      Secretary of the Corporation and providing the Secretary with the
      agreements evidencing the Stock Appreciation Right and any related
      Option.

	 	 
		
      Payment of the appreciated value of the Common Shares may
      be made by the Corporation at the discretion of the Board, solely in cash,
      Common Shares, or a combination of cash and Common Shares. Subject to the
      terms of the Plan, the Board may modify outstanding grants of Stock
      Appreciation Rights or accept the surrender of outstanding grants of Stock
      Appreciation Right (to the extent not exercised) and make new grants in
      substitution thereof. Notwithstanding the foregoing no modification to the
      grant of a Stock Appreciation Right shall adversely alter or impair any
      rights or obligations under the agreement granting such Stock Appreciation
      Right without the Grantee’s consent.

- 7 -

SECTION 6
STOCK OPTION ELIGIBILITY

	6.1 	
      An Incentive Stock Option Award made pursuant to the Plan
      may be granted only to an individual who, at the time of grant, is an
      employee of the Corporation or a Subsidiary of the Corporation. An Award
      of an Option which is not an Incentive Stock Option may be made to an
      individual who, at the time of Award, is an employee of the Corporation or
      a Subsidiary of the Corporation, or to an individual who has been
      identified by the Board or Committee to receive an Award due to their
      contribution or service to the Corporation, including members of the Board
      or the board of directors of a Subsidiary of the Corporation. An Award
      made pursuant to the Plan may be made on more than one occasion to the
      same person, and such Award may include a grant of an Incentive Stock
      Option, an Option which is not an Incentive Stock Option, or any
      combination thereof. Each Award shall be evidenced by a written instrument
      duly executed by or on behalf of the Corporation.

SECTION 7
STOCK OPTIONS/GRANTS

	7.1 	
      Stock Option Agreement. Each Option shall be
      evidenced by an Option Agreement between the Corporation and the Optionee
      which shall contain such terms and conditions as may be approved by the
      Board. The terms and conditions of the respective Option Agreements need
      not be identical.

	 	 
	7.2 	
      Option Period. The term of each Option shall be
      the lesser of 10 years and the term as specified by the Board at the date
      of grant and stated in the Option Agreement.

	 	 
	7.3 	
      Limitations on Exercise of Option. Any Option
      granted hereunder shall be exercisable at such times and under such
      conditions as determined by the Board and as shall be permissible under
      the terms of the Plan, which shall be specified in the Option Agreement
      evidencing the Option. The Board or Committee may, in their discretion,
      subsequent to the time of granting Options hereunder, permit an Optionee
      to exercise any or all of the unvested Options then outstanding, in which
      event such unvested Options shall be deemed to be exercisable during such
      period of time as may be specified by the Board or Committee. An Option
      may not be exercised for fractional shares.

	 	 
	7.4 	
      Special Limitations on Incentive Stock Options. To
      the extent that the aggregate Fair Market Value (determined at the time
      the respective Incentive Stock Option is granted) of Common Shares with
      respect to which Incentive Stock Options are exercisable for the first
      time by an individual during any calendar year under all incentive stock
      option plans of the Corporation (and any Subsidiary of the Corporation)
      exceeds One Hundred Thousand U.S. Dollars (U.S.$100,000) (within the
      meaning of Section 422 of the Code), such excess Incentive Stock Options
      shall be treated as Options which do not constitute Incentive Stock
      Options. The Board shall determine, in accordance with applicable
      provisions of the Code, Treasury Regulations and other administrative
      pronouncements, which of an Optionee’s Incentive Stock Options will not
      constitute Incentive Stock Options because of such limitation and shall
      notify the Optionee of such determination as soon as practicable after
      such determination.
      No Incentive Stock Option shall be
granted to an individual if, at the time the Option is granted, such individual
owns shares to which are attached more than ten percent (10%) of the total
combined voting power of all classes of shares of the Corporation or of a
Subsidiary of the Corporation, within the meaning of Section 422(b)(6) of the
Code, unless (i) at the time such Option is granted the Option price is at least
one hundred ten percent (110%) of the Fair Market Value of the Common Shares
subject to the Option and (ii) such Option by its terms is not exercisable after
the expiration of five years from the date of grant.

- 8 -

	7.5 	
      Option Price. The purchase price of Common Shares
      issued under each Option shall be determined by the Board and shall be
      stated in the Option Agreement, but such purchase price shall, in the case
      of Incentive Stock Options, not be less than the Fair Market Value of
      Common Shares subject to the Option on the date the Option is granted,
      except that the price shall be one hundred ten percent (110%) of the fair
      value in the case of any person or entity who owns shares to which are
      attached more than ten percent (10%) of the total combined voting power of
      all classes of shares of the Corporation or of a Subsidiary of the
      Corporation.

	 	 
	7.6 	
      Options and Rights in Substitution for Stock Options
      Made by Other Corporations.

	 	 
		
      Options may be granted under the Plan from time to time
      in substitution for stock options held by employees of corporations who
      become, or who became prior to the effective date of the Plan, employees
      of the Corporation or of any Subsidiary of the Corporation as a result of
      a merger or consolidation of the employing corporation with the
      Corporation or such Subsidiary of the Corporation, or the acquisition by
      the Corporation or a Subsidiary of the Corporation of all or a portion of
      the assets of the employing corporation, or the acquisition by the
      Corporation or a Subsidiary of the Corporation of shares of the employing
      corporation with the result that such employing corporation becomes a
      Subsidiary of the Corporation.

	 	 
	7.7 	
      Subscription Agreement for Share Issuance. Each
      issuance of Common Shares in satisfaction of amounts owing for services
      shall be evidenced by a Subscription Agreement which shall contain such
      restrictions, terms and conditions as the Board may determine in its
      discretion. Such restrictions, terms and conditions may, without
      limitation, include a restriction on the number of such Common Shares that
      may be sold at any given time.

- 9 -

SECTION 8
ADJUSTMENTS IN THE EVENT OF CERTAIN
CHANGES IN CAPITAL STRUCTURE

	8.1 	
      Except as hereinafter otherwise provided, Awards or
      Grants shall be subject to adjustment by the Board at its discretion as to
      the number and price of Common Shares in the event of changes in the
      outstanding Common Shares by reason of stock splits, reverse stock splits,
      reclassifications, recapitalizations, reorganizations, mergers,
      consolidations, combinations, exchanges or other relevant changes in
      capitalization occurring after the date of the grant of any such Awards or
      Options.

	 	 
		
      In the event of a Corporate Change, the Board shall
      either at the time Awards or Options are awarded or granted, or if so
      provided in the applicable Option Agreement, at any time thereafter, have
      the authority to take such actions as it deems advisable, including,
      without limitation (a) the right to accelerate in whole or in part the
      exercisability of Options, (b) to require the mandatory surrender of
      outstanding Options in exchange for cash for the bargain element the
      Optionee would have realized upon the occurrence of the Corporate Change,
      if any, (c) provide that upon exercise of the Option, the Optionee will be
      entitled to purchase other securities or property, or (d) cancel the
      Options if the Fair Market Value of the Common Shares which underlies the
      Options is below the Option exercise price. The Option Agreement may
      contain provisions which, in the event of a Corporate Change,
      automatically or at the discretion of the Board accelerate the
      exercisability of Options. Nothing herein shall obligate the Board to take
      any action upon a Corporate Change.

	 	 
	8.2 	
      The existence of the Plan and the Awards and/or Grants
      made hereunder shall not affect in any way the right or power of the Board
      or the shareholders of the Corporation to make or authorize any
      adjustment, recapitalization, reorganization or other change in the
      capital structure of the Corporation or a Subsidiary of the Corporation or
      their business, any merger or consolidation of the Corporation or a
      Subsidiary of the Corporation, any issue of debt or equity securities
      having any priority or preference with respect to or affecting Common
      Shares or the rights thereof, the dissolution or liquidation of the
      Corporation or a Subsidiary of the Corporation, or any sale, lease,
      exchange or other disposition of all or any part of their assets or
      business or any other corporate act or proceeding.

	 	 
	8.3 	
      The shares with respect to which Options may be granted
      are Common Shares as presently constituted but if and whenever, prior to
      the expiration of an Option theretofore granted, the Corporation shall
      effect a subdivision or consolidation of Common Shares or the payment of a
      stock dividend on Common Shares without receipt of consideration by the
      Corporation, the number of Common Shares with respect to which such Option
      may thereafter be exercised (i) in the event of an increase in the number
      of outstanding shares shall be proportionately increased, and the purchase
      price per share shall be proportionately reduced, and (ii) in the event of
      a reduction in the number of outstanding shares shall be proportionately
      reduced, and the purchase price per share shall be proportionately
      increased.

- 10 -

	8.4 	
      If the Corporation recapitalizes or otherwise changes its
      capital structure, thereafter upon any exercise of an Option theretofore
      granted, the Optionee shall be entitled to purchase under such Option, in
      lieu of the number of Common Shares as to which such Option shall then be
      exercisable, the number and class of shares and securities, and the cash
      and other property to which the Optionee would have been entitled pursuant
      to the terms of the recapitalization if, immediately prior to such
      recapitalization, the Optionee had been the holder of record of the number
      of shares then covered by such Option.

SECTION 9
AMENDMENT OR TERMINATION OF THE
PLAN

	9.1 	
      The Board may at any time, subject to the provisions of
      Section 9.2 below, amend, suspend or terminate this Plan, or any portion
      thereof, provided that no change in any Award or Grant previously made may
      be made which would impair the rights of the Optionee or Grantee
      thereunder without the consent of the affected Optionee or Grantee.
      Without limiting the generality of the foregoing, the Board may make the
      following types of amendments to the Plan without shareholder
    approval:

	 	 	 
		(a) 	
      amendments of a ministerial nature including, without
      limiting the generality of the foregoing, any amendment for the purpose of
      curing any ambiguity, error or omission in the Plan or to correct or
      supplement any provision of the Plan that is inconsistent with any other
      provision of the Plan;

	 	 	 
		(b) 	
      amendments necessary to comply with the provisions of
      applicable law (including, without limitation, the rules, regulations and
      policies of the Toronto Stock Exchange);

	 	 	 
		(c) 	
      amendments respecting administration of the
  Plan;

	 	 	 
		(d) 	
      any amendment to the vesting provisions of the Plan or
      any Option;

	 	 	 
		(e) 	
      any amendment to the early termination provisions of the
      Plan or any Option, whether or not such Option is held by an Insider,
      provided such amendment does not entail an extension beyond the original
      expiry date;

	 	 	 
		(f) 	
      any amendment to the termination provisions of the Plan
      or any Option, other than an amendment extending the term of an Option,
      provided any such amendment does not entail an extension of the expiry
      date of such Option beyond its original expiry date;

	 	 	 
		(g) 	
      the addition or modification of any form of financial
      assistance by the Corporation;

	 	 	 
		(h) 	
      the addition or modification of a cashless exercise
      feature, payable in cash or Common Shares, whether or not there is a full
      deduction of the number of Common Shares from the Plan reserve;
  and

- 11 -

	 	(i) 	
      any other amendments, whether fundamental or otherwise,
      not requiring shareholder approval under applicable law (including without
      limitation, the rules, regulations and policies of the Toronto Stock
      Exchange).

	9.2 	
      Shareholder approval will be required for the following
      types of amendments to the Plan:

	 	 	 
		(a) 	
      amendments to the number of Common Shares issuable under
      the Plan, including an increase to a fixed maximum number of Common Shares
      or a change from a fixed maximum number of Common Shares to a fixed
      maximum percentage;

	 	 	 
		(b) 	
      any amendment which reduces the exercise price of an
      Option or a cancellation and re-grant at a lower price less than three
      months after the related cancellation;

	 	 	 
		(c) 	
      any amendment extending the term of an Option beyond its
      original expiry date;

	 	 	 
		(d) 	
      any amendment broadening any limits imposed on
      non-employee director participation under the Plan;

	 	 	 
		(e) 	
      any amendment respecting transferability or assignability
      of Awards or Options under the Plan, other than for normal estate
      settlement purposes; and

	 	 	 
		(f) 	
      amendments required to be approved by shareholders under
      applicable law (including, without limitation, the rules, regulations and
      polices of the Toronto Stock Exchange).

	 	 	 
	9.3 	
      In the event of any conflict between the provisions of
      Section 9.1 and Section 9.2, the provisions of Section 9.2 shall prevail
      to the extent of the conflict.

SECTION 10
OTHER

	10.1 	
      No Right to an Award or Grant. Neither the
      adoption of the Plan nor any action of the Board or Committee shall be
      deemed to give an employee any right to be granted an Option to purchase
      Common Shares, to receive a Grant or to any other rights hereunder except
      as may be evidenced by an Option Agreement duly executed on behalf of the
      Corporation, and then only to the extent of and on the terms and
      conditions expressly set forth therein. The Plan shall be unfunded. The
      Corporation shall not be required to establish any special or separate
      fund or to make any other segregation of funds or assets to assure the
      payment of any Award or Grant.

	 	 
	10.2 	
      No Employment Rights Conferred. Nothing contained
      in the Plan or in any Award or Grant made hereunder shall (i) confer upon
      any employee any right with respect to continuation of employment with the
      Corporation or Subsidiary of the Corporation, or (ii) interfere in any way
      with the right of the Corporation or Subsidiary of the Corporation to
      terminate his or her employment at any time.

- 12 -

	10.3 	
      Other Laws; Withholding. The Corporation shall not
      be obligated to issue any Common Shares pursuant to any Award or Grant
      made under the Plan at any time if, in the opinion of legal counsel for
      the Corporation, there is no exemption from the prospectus or registration
      requirements of applicable laws, rules or regulations available for the
      issuance and sale of such shares. No fractional Common Shares shall be
      delivered, nor shall any cash in lieu of fractional shares be paid. The
      Corporation shall have the right to deduct in connection with all Awards
      or Grants any taxes required by law to be withheld and to require any
      payments necessary to enable it to satisfy its withholding obligations.
      The Board may permit the holder of an Award or Grant to elect to
      surrender, or authorize the Corporation to withhold Common Shares (valued
      at their Fair Market Value on the date of surrender or withholding of such
      shares) in satisfaction of the Corporation’s withholding obligation,
      subject to such restrictions as the Board deems necessary to satisfy the
      requirements of Rule 16b 3.

	 	 
	10.4 	
      No Restriction of Corporate Action. Nothing
      contained in the Plan shall be construed to prevent the Corporation or
      Subsidiary of the Corporation from taking any corporate action which is
      deemed by the Corporation or Subsidiary of the Corporation to be
      appropriate or in its best interest, whether or not such action would have
      an adverse effect on the Plan or any Award or Grant made under the Plan.
      No employee, beneficiary or other person shall have any claim against the
      Corporation or Subsidiary of the Corporation as a result of such
      action.

	 	 
	10.5 	
      Restrictions on Transfer. An Award shall not be
      transferable otherwise than by will or the laws of descent and
      distribution and shall be exercisable during the lifetime of the Optionee
      only by such Optionee or the Optionee’s guardian or legal
      representative.

	 	 
	10.6 	
      Effect of Death, Disability or Termination of
      Employment. Each Option Agreement shall specify the effect of
      termination of employment (whether by resignation, termination for “cause”
      or otherwise), total and permanent disability, retirement or death on the
      exercisability of the Option. A determination by the Corporation that an
      Optionee was discharged for “cause” shall be binding on the Optionee for
      the purposes of the Plan. For the purposes of the Plan, the date of
      termination of employment shall be deemed to be the date notice of
      termination is actually given, without regard to any notice period
      applicable under contract or at law.

	 	 
		
      All outstanding Incentive Stock Options will
      automatically be converted to a non- qualified stock option if the
      Optionee does not exercise the Incentive Stock Option (i) within three (3)
      months of the date of termination caused by reasons other than death or
      disability; or (ii) within twelve (12) months of the date of termination
      caused by death and disability.

	 	 
	10.7 	
      Rule 16b 3. It is intended that the Plan and any
      grant of an Award made to a person subject to Section 16 of the Exchange
      Act meet all of the requirements of Rule 16b-3. If any provisions of the
      Plan or any such Award would disqualify the Plan or such Award hereunder,
      or would otherwise not comply with Rule 16b 3, such provision or Award
      shall be construed or deemed amended to conform to Rule 16b
  3.

- 13 -

	10.8 	
      Governing Law. The Plan shall by construed in
      accordance with the laws of the Province of Ontario and the laws of Canada
      applicable therein.

	 	 	 
	10.9 	
      Limits on Insiders. The Awards or Grants to
      Insiders shall be subject to the following two limitations:

	 	 	 
		(a) 	
      the number of Common Shares issuable to Insiders, at any
      time, under all Share Compensation Arrangements, may not exceed 10% of the
      Corporation’s issued and outstanding Common Shares; and

	 	 	 
		(b) 	
      the number of Common Shares issued to Insiders, within
      any one year period, under all Share Compensation Arrangements, may not
      exceed 10% of the Corporation’s issued and outstanding Common
    Shares.

- 14 -

                 
ADOPTED BY THE BOARD OF DIRECTORS OF REVETT MINERALS INC. AS OF JANUARY 26, 2005
AND AMENDED AND RESTATED BY THE BOARD OF DIRECTORS OF REVETT MINERALS INC. AS OF
MARCH 23, 2007 AND AS OF MAY 13, 2009.

                 
APPROVED BY THE SHAREHOLDERS OF REVETT MINERALS INC. AS OF JANUARY 26, 2005,
WITH AMENDMENTS APPROVED BY THE SHAREHOLDERS OF REVETT MINERALS INC. AS OF JUNE
19, 2007 AND AS OF JUNE 16, 2009.

- 15 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]