Document:

Exhibit 4.1

SHAREHOLDER RIGHTS AGREEMENT

Dated February 23, 2007

between

IPSCO INC.

and

COMPUTERSHARE TRUST COMPANY OF CANADA

as Rights Agent

TABLE OF CONTENTS

	
  ARTICLE I - CERTAIN DEFINITIONS

  	
  1

  
	
   

  	
   

  
	
  1.01

  	
  Certain Definitions

  	
  1

  
	
  1.02

  	
  Currency

  	
  12

  
	
  1.03

  	
  Acting Jointly or in Concert

  	
  12

  
	
  1.04

  	
  References to Agreement

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE II - RIGHTS

  	
  12

  
	
   

  	
   

  
	
  2.01

  	
  Legend on Common Share Certificates

  	
  12

  
	
  2.02

  	
  Initial Exercise Price; Exercise of Rights;
  Detachment of Rights

  	
  13

  
	
  2.03

  	
  Adjustments to Exercise Price; Number of Rights

  	
  15

  
	
  2.04

  	
  Date on Which Exercise is Effective

  	
  19

  
	
  2.05

  	
  Execution. Authentication. Delivery and Dating of
  Rights Certificates

  	
  19

  
	
  2.06

  	
  Registration. Registration of Transfer and Exchange

  	
  20

  
	
  2.07

  	
  Mutilated, Destroyed, Lost and Stolen Rights
  Certificates

  	
  20

  
	
  2.08

  	
  Persons Deemed Owners

  	
  21

  
	
  2.09

  	
  Delivery and Cancellation of Certificates

  	
  21

  
	
  2.10

  	
  Agreement of Rights Holder

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE III - ADJUSTMENTS TO THE RIGHTS IN THE EVENT
  OF CERTAIN TRANSACTIONS

  	
  22

  
	
   

  	
   

  
	
  3.01

  	
  Flip-in Event

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV - THE RIGHTS AGENT

  	
  23

  
	
   

  	
   

  
	
  4.01

  	
  General

  	
  23

  
	
  4.02

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

  	
  23

  
	
  4.03

  	
  Duties of Rights Agent

  	
  24

  
	
  4.04

  	
  Change of Rights Agent

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE V - MISCELLANEOUS

  	
  26

  
	
   

  	
   

  
	
  5.01

  	
  Redemption, Waiver and Termination

  	
  26

  
	
  5.02

  	
  Expiration

  	
  27

  
	
  5.03

  	
  Determinations and Actions by the Board of Directors

  	
  27

  
	
  5.04

  	
  Issuance of New Rights Certificates

  	
  27

  
	
  5.05

  	
  Supplements and Amendments

  	
  28

  
	
  5.06

  	
  Fractional Rights and Fractional Shares

  	
  29

  
	
  5.07

  	
  Rights of Action

  	
  29

  
	
  5.08

  	
  Regulatory Approvals

  	
  29

  
	
  5.09

  	
  Declaration as to Residence

  	
  29

  
	
  5.10

  	
  Holder of Rights Not Deemed a Shareholder

  	
  30

  
	
  5.11

  	
  Notices

  	
  30

  
	
  5.12

  	
  Costs of Enforcement

  	
  31

  
	
  5.13

  	
  Successors

  	
  31

  
	
  5.14

  	
  Benefits of this Agreement

  	
  31

  
	
  5.15

  	
  Effective Date

  	
  31

  
	
  5.16

  	
  Descriptive Headings

  	
  31

  
	
  5.17

  	
  Governing Law

  	
  32

  
	
  5.18

  	
  Counterparts

  	
  32

  
	
  5.19

  	
  Severability

  	
  32

  
	
  5.20

  	
  Time of the Essence

  	
  32

  

 

 i

THIS AGREEMENT dated the 23rd day of February,
2007.

BETWEEN:

IPSCO
INC., a corporation continued under the Canada Business Corporations Act
(hereinafter referred to as the “Company”),

OF THE FIRST PART,

- and -

COMPUTERSHARE
TRUST COMPANY OF CANADA, a trust company incorporated under the laws of Canada
(hereinafter referred to as the “Rights Agent”),

OF THE SECOND PART.

SHAREHOLDER RIGHTS AGREEMENT

WHEREAS
the Board of Directors of the Company has determined that it is advisable to
adopt a shareholder rights agreement (the “Agreement”) to replace the
shareholder rights agreement of the Company dated as of March 14, 1990, as
amended and restated as of April 20, 1995, April 24, 1998, May 2, 2001 and
April 29, 2004 which expires upon the termination of the annual meeting of
shareholders of the Company in 2007;

AND
WHEREAS in order to implement the Agreement, the Board of Directors of the
Company has:

(a)                                  authorized and declared a distribution of one
right (a “Right”) effective one minute after the Effective Date (hereinafter
defined) in respect of each Common Share (hereinafter defined) outstanding at
the close of business on the Effective Date (the “Record Time”);

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

(c)                                  authorized the issuance of Rights Certificates
(as hereinafter defined) to holders of Rights.

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

AND
WHEREAS the Company desires to appoint a Rights Agent to act on behalf of the
Company, and the Rights Agent is willing to act in connection with the
issuance, transfer, exchange and replacement of the Rights Certificates, the
exercise of Rights and other matters as referred to herein;

AND
WHEREAS the Board of Directors of the Company proposes that this Agreement be
in place for a period of nine years, subject to the Agreement being confirmed
and subsequently reconfirmed at the third and sixth annual meetings following
the annual meeting of shareholders of the Company to be held in 2007;

NOW,
THEREFORE, IN CONSIDERATION OF the premises and respective agreements set forth
herein, the parties hereby agree as follows:

ARTICLE I - CERTAIN DEFINITIONS

1.01                        Certain
Definitions

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

 1
 

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

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

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

(iii)                               for a period of 10 days after the
Disqualification Date (as hereinafter defined in this subparagraph
1.01(a)(iii)), 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 subparagraph 1.01(e)(v) because such Person or the Beneficial
Owner of such Voting Shares is making or has announced an intention to make a
Take-over Bid either alone or by acting jointly or in concert with any other
Person or becomes otherwise disqualified. For the purposes of this definition, “Disqualification
Date” means the first date of public announcement that any Person is making or
has announced an intention to make a Take-over Bid;

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

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

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

(c)                                  “Agreement” shall mean this shareholder rights
agreement dated February 24, 2007 as it may be subsequently amended or restated
from time to time.

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

 2
  
 

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

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

(ii)                                  any securities as to which such Person or any
of such Person’s Affiliates or Associates has the right to become the owner at
law or in equity (where such right is exercisable within a period of 60 days
thereafter and whether or not on the condition or on the happening of any
contingency or the making of any payment) pursuant to any agreement,
arrangement, pledge or understanding, whether or not in writing, (other than
customary agreements with and between underwriters or banking group members or
selling group members with respect to a distribution of securities or to a
pledge of securities in the ordinary course of business) or upon the exercise
of any conversion right, exchange right, share purchase right (other than the
Rights), warrant or option; and

(iii)                               any securities which are Beneficially Owned
within the meaning of subparagraphs 1.01(e)(i) and (ii) by any other Person
with whom such Person is acting jointly or in concert;

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

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

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

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

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

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

(D)                               such Person (the “Independent Person”) is the
administrator or trustee of one or more pension funds, plans or related trusts
(a “Plan”) registered or qualified

 3
  
 

under the laws of Canada or any province thereof or the laws of the
United States or any state thereof, or is a Plan and holds such security for
the purposes of its activities as an Independent Person or as a Plan;

(E)                                 such Person (i) is the manager or trustee (the “Mutual
Fund Manager”) of a mutual fund (a “Mutual Fund”) that is registered or
qualified to issue its securities to investors under the securities laws of any
province of Canada or the laws of the United States and such security is held
in the ordinary course of business in the performance of the Mutual Fund
Manager’s duties with respect to the Mutual Fund or (ii) is a Mutual Fund; or

(F)                                 such Person is a Crown agent or agency;

provided,
in any of the above cases, that the Investment Manager, the Trust Company, the
Statutory Body, the Independent Person, the Plan, the Mutual Fund Manager, the
Mutual Fund or the Crown agent or agency, as the case may be, is not then
making or has not then announced an intention to make a Take-over Bid, other
than an Offer to Acquire Voting Shares or other securities pursuant to a
distribution by the Company or by means of ordinary market transactions
(including prearranged trades entered into in the ordinary course of business
of such Person) executed through the facilities of a stock exchange or
organized over-the-counter market, alone or by acting jointly or in concert
with any other Person;

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

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

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

(f)                                    “Board of Directors” shall mean the board of
directors of the Company or any duly constituted and empowered committee
thereof.

(g)                                 “Business Day” shall mean any day other than a
Saturday, Sunday or a day on which banking institutions in the City of Regina,
Saskatchewan are authorized or obligated by law to close.

(h)                                 “Canada Business Corporations Act” shall mean
the Canada Business Corporations Act, R.S.C. 1985, C-44, as amended, and the
regulations thereunder, and any comparable or successor laws or regulations or,
if such laws or regulations shall be repealed or rescinded and there shall be
no comparable or successor laws or regulations, the laws and regulations as in
effect on the date of this Agreement.

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

 4
  
 

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

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

(l)                                     “Common Shares” shall mean the common shares in
the capital stock of the Company.

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

(i)                                     is made after a Permitted Bid has been made and
prior to the expiry of that other Permitted Bid;

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

(iii)                               contains, and the take-up and payment for
securities tendered or deposited is subject to, an irrevocable and unqualified
provision that no Voting Shares will be taken up or paid for pursuant to the
Take-over Bid prior to the close of business on a date that is no earlier than
the later of: (a) 35 days after the date of the Take-over Bid; and (b) the 60th
day after the earliest date on which any other Permitted Bid that is then in
existence was made.

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

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

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

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

(o)                                 “Disposition Date” shall have the meaning
ascribed thereto in paragraph 5.01(h).

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

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

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

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

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

(iv)                              optional cash payments;

be
applied to the purchase from the Company of Voting Shares.

 5
  
 

(r)                                    “Effective Date” means the date that is the
earlier of:

(i)                                     the date that the Board of Directors determines
shall be the effective date of this Agreement; and

(ii)                                  the Business Day next preceding the date of the
annual meeting of shareholders of the Company in 2007.

(s)                                  “Election to Exercise” shall have the meaning
ascribed thereto in subparagraph 2.02(d)(i).

(t)                                    “Exempt Acquisition” means a share acquisition
in respect of which the Board of Directors has waived, or is deemed to have
waived, the application of Section 3.01 pursuant to the provisions of
paragraphs 5.01(b), (h) or 5.01(i).

(u)                                 “Exercise Price” shall mean, as of any date,
the price at which a holder may purchase the securities issuable upon exercise
of one whole Right and, until adjustment thereof in accordance with the terms
hereof, the Exercise Price shall be CDN $350.00.

(v)                                 “Expansion Factor” shall have the meaning
ascribed thereto in paragraph 2.03(b).

(w)                               “Expiration Time” means the close of business
on that date which is the earliest date of termination of this Agreement as
provided for in Section 5.15 or, if this Agreement is confirmed and
subsequently reconfirmed pursuant to Section 5.15 at the third and sixth annual
meetings following the annual meeting of shareholders of the Company to be held
in 2007, then the close of business on the ninth anniversary of the Effective
Date.

(x)                                   A “Flip-in Event” shall mean a transaction in
which any Person shall become an Acquiring Person.

(y)                                 “holder” shall have the meaning ascribed
thereto in Section 2.08.

(z)                                   “Independent Shareholders” shall mean holders
of Voting Shares of the Company other than:

(i)                                     any Acquiring Person;

(ii)                                  any Offeror, other than a Person who pursuant
to subparagraph 1.01(e)(v) is not deemed to Beneficially Own the Voting Shares
held by such Person;

(iii)                               any Affiliate or Associate of any Acquiring
Person or Offeror;

(iv)                              any Person acting jointly or in concert with
any Acquiring Person or Offeror;

(v)                                 any employee benefit plan, stock purchase plan,
deferred profit sharing plan, stock participation plan or trust for the benefit
of employees of the Company but excluding in any event a plan or trust in
respect of which the employee directs the manner in which the Voting Shares are
to be voted or directs whether the Voting Shares be tendered to a Take-over
Bid.

(aa)                            “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 agreement is made
available to the public (including the Company) not later than (i) the date the
Lock-up Bid (as defined below) is publicly announced or, (ii) if the Lock-up Bid
has been made prior to the date on which such agreement is entered into then as
soon as possible after it is entered into and in any event not later than the
date following the date of such agreement, pursuant to which each Locked-up
Person agrees to deposit or tender Voting Shares to a Take-over Bid (the

 6
  
 

“Lock-up Bid”) to be made or made by the Person or any of such Person’s
Affiliates or Associates or any other Person acting jointly and in concert with
the Offeror and which provides:

(i)                                     that any agreement to deposit or tender to, or
to not withdraw Voting Shares from, the Lock-up Bid is terminable at the option
of the Locked-up Person in order to tender or deposit such Voting Shares to
another Take-over Bid or support another transaction:

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

(B)                                if:

(I)                                    the price or value per Voting Share offered
under the other Take-over Bid or transaction exceeds the price or value per
Voting Share offered or proposed to be offered under the Lock-up Bid by as much
or more than a specified amount (the “Specified Amount”) and the Specified
Amount is not greater than 7% of the price or value per Voting Share that is
offered or proposed to be offered under the Lock-up Bid; or

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

and
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 or value 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 payable under the Lock-up Bid to a Locked-up Person; and

(B)                                50% of the amount by which the price or value
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 withdraw Voting Shares previously tendered thereto in order to
tender to another Take-over Bid or support another transaction.

(bb)                          “Market Price” per share of any securities on
any date of determination shall mean the average of the daily closing prices
per share of such securities (determined as described below) on each of the

 7
  
 

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
2.03 hereof shall have caused the closing prices used to determine the Market
Price on any Trading Days not to be fully comparable with the closing price on
such date of determination or, if the date of determination is not a Trading
Day, on the immediately preceding Trading Day, each such closing price so used
shall be appropriately adjusted in a manner analogous to the applicable
adjustment provided for in Section 2.03 hereof in order to make it fully
comparable with the closing price on such date of determination or, if the date
of determination is not a Trading Day, on the immediately preceding Trading
Day. The “Closing Price Per Share” of any securities on any date shall be:

(i)                                     the closing board lot sale price or, if no such
sale takes place on such date, the average of the closing bid and asked prices,
for each of such securities as reported by the principal Canadian securities
exchange (as determined by volume of trading) on which such securities are
listed and 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  securities
exchange, the closing board lot sale price per share or, if such price is not
available, the average of the closing bid and asked prices, for each security
as reported by the principal United States securities exchange (as determined
by volume of trading) on which such securities are listed or admitted for
trading;

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

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

provided,
however, that if on any
such date none of such prices is available, the closing sale price per share of
such securities on such date shall mean the fair value per share of the
securities on such date as determined by a nationally or internationally
recognized investment dealer or investment banker and provided further that if
an event of a type analogous to any of the events described in Section 2.03
hereof shall have caused any price used to determine the Market Price on any
Trading Day not to be fully comparable with the price as so determined on the
Trading Day immediately preceding such date of determination, each such price
so used shall be appropriately adjusted in a manner analogous to the applicable
adjustment provided for in Section 2.03 hereof in order to make it fully
comparable with the price on the Trading Day immediately preceding such date of
determination.  The Market Price shall be
expressed in Canadian dollars and, if initially determined in respect of any
day forming part of the 20 consecutive Trading Day period in question in United
States dollars, such amount shall be translated into Canadian dollars on such
date at the Canadian Dollar Equivalent thereof.

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

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

(ee)                            “Nominee” shall have the meaning ascribed
thereto in paragraph 2.02(c).

 8
  
 

(ff)                                “Offer to Acquire” shall include:

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

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

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

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

(hh)                          “Offeror’s Securities” means Voting Shares
Beneficially Owned by an Offeror on the date of the Offer to Acquire.

(ii)                                  “Permitted Bid” means a Take-over Bid made by
an Offeror that 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
Voting Shares as registered on the books of the Company, other than the
Offeror;

(ii)                                  the Take-over Bid contains, and the take-up and
payment for securities tendered or deposited is subject to, an irrevocable and
unqualified provision that no Voting Shares will be taken up and paid for
pursuant to the Take-over Bid (A) prior to the close of business on a date
which is not less than 60 days following the date of the Take-over Bid and (B)
unless at such date more than 50% of the Voting Shares held by Independent
Shareholders shall have been deposited or tendered pursuant to the Take-over
Bid and not withdrawn;

(iii)                               unless the Take-over Bid is withdrawn, the
Take-over Bid contains an irrevocable and unqualified provision that Voting
Shares may be deposited pursuant to such Take-over Bid at any time during the
period described in subparagraph 1.01(ii)(ii) that any Voting Shares deposited
pursuant to the Take-over Bid may be withdrawn until taken up and paid for; and

(iv)                              unless the Take-over Bid is withdrawn, the
Take-over Bid contains an irrevocable and unqualified provision that in the
event that the deposit condition set forth in subparagraph 1.01(ii)(ii) is
satisfied the Offeror will make a public announcement of that fact and the
Take-over Bid will remain open for deposits and tenders of Voting Shares for
not less than 10 Business Days from the date of such public announcement;

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

(kk)                            “Person” includes an individual, firm,
association, trustee, executor, administrator, legal or personal representative,
body corporate, company, trust, partnership, joint venture, syndicate or other
form of unincorporated association, a government and its agencies or
instrumentalities, any entity or group (whether or not having legal
personality), any successor (by  merger,
statutory amalgamation or otherwise) and any of the foregoing acting in any
derivative, representative or fiduciary capacity.

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

 9
  
 

(i)                                     a Dividend Reinvestment Acquisition;

(ii)                                  a stock dividend, stock split or other event in
respect of securities of the Company of one or more particular classes or
series pursuant to which such Person becomes the Beneficial Owner of Voting
Shares on the same pro rata basis as all other holders of securities of the
particular class, classes or series;

(iii)                               the receipt and/or exercise of rights issued by
the Company to all the holders of a class of Voting Shares to subscribe for or
purchase Voting Shares, provided that such rights are acquired directly from
the Company as part of a rights offering and not from any other Person and
provided that the Person does not thereby acquire a greater percentage of
Voting Shares than the Person’s percentage of Voting Shares Beneficially Owned immediately
prior to such receipt or exercise

(iv)                              a distribution by the Company of a class of
Voting Shares, or securities convertible into or exchangeable for a class of
Voting Shares (and the conversion or exchange of such convertible or
exchangeable securities) made pursuant to a prospectus or by way of private
placement by the Company, provided that the Person does not thereby acquire a
greater percentage of such class of Voting Shares, or securities convertible or
exchangeable for Voting Shares of that class, than the Person’s percentage of
that class of Voting Shares Beneficially owned immediately prior to such
acquisition.

(mm)                      “Record Time” shall have the meaning ascribed
to it in paragraph (a) of the third whereas clause.

(nn)                          “regular periodic cash dividend” shall mean
cash dividends paid at regular intervals in any fiscal year of the Company to
the extent that such cash dividends do not exceed, in the aggregate, the
greatest of:

(i)                                     200% of the cash dividends, on a per share
basis, declared payable by the Company on its Common Shares in its immediately
preceding fiscal year;

(ii)                                  300% of the arithmetic mean of the cash
dividends, on a per share basis, declared payable by the Company on its Common
Shares in its three immediately preceding fiscal years; and

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

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

(pp)                          “Rights Certificate” means the certificates
representing the Rights after the Separation Time, which shall be substantially
in the form attached hereto as Exhibit A.

(qq)                          “Rights Register” shall have the meaning ascribed
thereto in paragraph 2.06(a).

(rr)                                “Securities Act (Saskatchewan)” shall mean The
Securities Act, 1988 S.S. 1988, c. S-42.2, as amended, and the rules and
regulations thereunder and any comparable or successor laws, rules or
regulations thereto and the “Securities Act (Ontario)” shall mean the
Securities Act, R.S.O. 1990, c.S.5, as amended, and the rules and regulations
thereunder and any comparable or successor laws, rules or regulations thereto. “Securities
Acts” means the Securities Act (Saskatchewan), the Securities Act (Ontario) and
the comparable legislation in each of the provinces of Canada.

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

 10
  
 

(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 Company or any
Subsidiary of the Company) to commence, a Take-over Bid (other than a Permitted
Bid or a Competing Permitted Bid); and

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

or
on such later day as the Board of Directors shall determine, provided that if
any such Take-over Bid expires, is cancelled, terminated or otherwise withdrawn
prior to the Separation Time, such Take-over bid shall be deemed, for purposes
of this definition, never to have been made.

(tt)                                “Stock Acquisition Date” shall mean the first
date of public announcement (which, for purposes of this definition, shall
include, without limitation, a report filed pursuant to Section 110 of the
Securities Act (Saskatchewan), Section 101 of the Securities Act (Ontario) or
Section 13(d) under the 1934 Exchange Act) by the Company or an Acquiring
Person of facts indicating that an Acquiring Person has become such.

(uu)                          “Subsidiary”: a corporation shall be deemed to
be a Subsidiary of another corporation if:

(i)                                     it is controlled by:

(A)                              that other; or

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

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

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

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

(ww)                      “Trading Day”, when used with respect to any
securities, shall mean a day on which the principal Canadian stock exchange on
which such securities are listed or admitted to trading is open for the
transaction of business or, if the securities are not listed or admitted to
trading on any Canadian stock exchange, 
a day on which the principal United States stock exchange on which such
securities are listed or admitted to trading is open for the transaction of
business, or, if the securities are not listed or admitted to trading on any
Canadian or United States securities exchange, a Business Day.

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

(i)                                     if on such date the Bank of Canada sets an
average noon spot rate of exchange 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 which is
calculated in the manner which shall be determined by the Board of Directors
from time to time acting in good faith.

 11
  
 

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

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

(aaa)                      “Voting Shares” shall mean the Common Shares of
the Company and any other shares of capital stock of the Company entitled to
vote generally in the election of directors; and the percentage of Voting Shares
Beneficially Owned by any Person, shall, for the purposes of this Agreement, be
and be deemed to be the product determined by the formula:

100
X A/B

where

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

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

Where
any Person is deemed to Beneficially Own unissued Voting Shares, such Voting
Shares shall be deemed to be outstanding for the purpose of calculating the
percentage of Voting Shares Beneficially Owned by such Person.

1.02                        Currency

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

1.03                        Acting Jointly or
in Concert

For
purposes of this Agreement, a Person is acting jointly or in concert with every
Person who, as a result of any agreement, commitment or understanding whether
formal or informal, with the first Person, acquires or offers to acquire Voting
Shares (other than customary agreements with and between underwriters or
banking group members or selling group members with respect to a public
offering or private placement of securities or pledges of securities in the
ordinary course of business).

1.04                        References to
Agreement

References
to “this Agreement”, “hereto”, “herein”, “hereby”, “hereunder”, “hereof” and
similar expressions refer to this Agreement and not to any particular Article,
section, paragraph, subparagraph, clause, subclause, or other subdivision or
portion hereof and include any and every instrument supplemental or ancillary
hereto.

ARTICLE II - RIGHTS

2.01                        Legend on Common
Share Certificates

Certificates
for the Common Shares issued after the Record Time but prior to the close of
business on the earlier of the Separation Time and the Expiration Time shall
evidence, in addition to the Common Shares, one Right

 12
  
 

for
each Common Share represented thereby and shall have impressed on, printed on,
written on or otherwise affixed to them the following legend:

Until
the Separation Time (as defined in the Rights Agreement referred to below),
this certificate also evidences and entitles the holder hereof to certain
Rights as set forth in a shareholder rights agreement, dated February 24, 2007,
between IPSCO Inc. (the “Company”) and Computershare Trust Company of Canada,
as Rights Agent (the “Rights Agreement”), the terms of which are hereby
incorporated herein by reference and a copy of which is on file at the
principal office of the Company. 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 cases, they are “Beneficially Owned” by an “Acquiring
Person”, as such terms are defined in the Rights Agreement, or a transferee
thereof) or may be evidenced by separate certificates and may no longer be
evidenced by this certificate. The Company 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 the foregoing legend until the earlier of the Separation Time
and the Expiration Time.

All
Certificates representing Common Shares that are issued and outstanding on February 24, 2007 shall be deemed
to bear the foregoing legend.

2.02                        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, one Common Share.
Notwithstanding any other provision of this Agreement, any Rights held by the
Company 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)                                  each Right will be evidenced by the certificate
for the associated Common Share and will be transferable only together with,
and will be transferred by a transfer of, such associated Common Share.

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

(i)                                     the Rights shall be exercisable; and

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

Promptly
following the Separation Time, the Company will prepare and the Rights Agent
will mail to each holder of record of Common Shares as of the Separation Time
(other than an Acquiring Person, any other Person whose Rights are or become
void pursuant to the provisions of paragraph 3.01(b) hereof and, in respect of
any Rights Beneficially Owned by such Acquiring Person which are not held of
record by such Acquiring Person, the holder of record of such Rights (a “Nominee”)),
at such holder’s address as shown by the records of the Company (the Company
hereby agreeing to furnish copies of such records to the Rights Agent for this
purpose):

(x)                                   a Rights Certificate in substantially the form
set out in Exhibit A hereof appropriately completed, representing the number of
Rights held by such holder at the Separation Time and having such marks of
identification or designation and such legends, summaries or

 13
  
 

endorsements
printed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
law, rule or regulation or judicial or administrative order or with any rule or
regulation of any self-regulatory organization, stock exchange or quotation
system on which the Rights may from time to time be listed or traded, or to
conform to usage; and

(y)                                 a description of the Rights,

provided
that a Nominee shall be sent the materials provided for in (x) and (y) in
respect of all Common Shares of the Company held of record by it which are not
Beneficially Owned by an Acquiring Person. 
In order for the Company to determine whether any Person is holding
Common Shares which are Beneficially Owned by another Person, the Company may
require such first mentioned Person to furnish such information and
documentation as the Company deems necessary or appropriate in order to make
such determination.

(d)                                 Rights may be exercised in whole or in part on
any Business Day after the Separation Time and prior to the Expiration Time by
submitting to the Rights Agent in the manner specified in the Rights
Certificate:

(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 such holder’s executor or administrator or other personal
representative or such holder’s legal attorney duly appointed by an instrument
in writing in form and executed in a manner satisfactory to the Rights Agent;
and

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

(e)                                  Upon receipt of a Rights Certificate, with an
Election to Exercise (that does not indicate that such Right is null and void
as provided in paragraph 3.01(b)) accompanied by payment as set forth in
subparagraph 2.02(d)(ii), the Rights Agent (unless otherwise instructed by the
Company in the event the Company is of the opinion that the Rights cannot be
exercised in accordance with the Agreement) will promptly:

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

(ii)                                  when appropriate, requisition from the Company
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;

(iv)                              when appropriate, after receipt, deliver such
cash to or to the order of the registered holder of the Rights Certificate; and

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

 14
  

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

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

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

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

(iii)                               use reasonable efforts to cause all Common
Shares issued upon exercise of Rights to be listed on the principal exchanges
on which the Common Shares were traded prior to the Stock Acquisition Date; and

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

2.03        Adjustments to Exercise Price; Number of Rights

(a)                                  The Exercise Price, the number and kind of
securities subject to purchase upon exercise of each Right and the number of
Rights outstanding are subject to adjustment from time to time as provided in
this Section 2.03.

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

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

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

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

(iv)                              issue any Common Shares or other capital stock
of the Company (or other securities exchangeable for or convertible into or
giving a right to acquire Common Shares or other

 15
 

capital stock of the Company) in respect of, in lieu of or in exchange
for existing Common Shares except as otherwise provided in this Section 2.03,

the
Exercise Price and the number of Rights outstanding, or, if the payment or
effective date therefor shall occur after the Separation Time, the securities
purchasable upon exercise of Rights shall be adjusted as of the payment or
effective date in the manner set forth below. If an event occurs which would
require an adjustment under both this Section 2.03 and paragraph 3.01(a), the
adjustment provided for in this Section 2.03 shall be in addition to, and shall
be made prior to, any adjustment required under paragraph 3.01(a).

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

(A)                              the Exercise Price in effect after such
adjustment will be equal to the Exercise Price in effect immediately prior to
such adjustment divided by the number of Common Shares (or other capital stock)
(the “Expansion Factor”) that a holder of one Common Share immediately prior to
such dividend, subdivision, change, combination or issuance would hold
thereafter as a result thereof; and

(B)                                each Right held prior to such adjustment will
become that number of Rights equal to the Expansion Factor,

and
the adjusted number of Rights will be deemed to be distributed among the Common
Shares with respect to which the original Rights were associated (if they
remain outstanding) and the shares issued in respect of such dividend,
subdivision, change, combination or issuance, so that each such Common Share
(or other capital stock) will have exactly one Right associated with it.

For
greater certainty, if the securities purchasable upon exercise of Rights are to
be adjusted, the securities purchasable upon exercise of each Right after such
adjustment will be the securities that a holder of the securities purchasable
upon exercise of one Right immediately prior to such dividend, subdivision,
change, combination or issuance would hold thereafter as a result thereof.

If,
after the Record Time but prior to the Expiration Time, the Company issues any
securities (other than Common Shares) in a transaction of a type similar to any
of the transactions relating to Common Shares described in paragraphs
2.03(b)(i) or (iv) such securities shall be treated herein as nearly equivalent
to Common Shares as may be practicable and appropriate under the circumstances
and the Company and the Rights Agent shall amend this Agreement in order to
effect such treatment; provided that no such amendment may materially adversely
affect the interests of the holders of the Rights generally.

If
an event occurs which would require an adjustment under both this Section 2.03
and Section 3.01, the adjustment provided for in this Section 2.03 shall be in
addition to, and shall be made prior to, any adjustment required under Section
3.01.

(c)                                  In the event the Company 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 calendar days after
such record date) to subscribe for or purchase Common. Shares (or securities
convertible into or exchangeable for or carrying a right to purchase or
subscribe for Common Shares) at a price per Common Share (or, if a security
convertible into or exchangeable for or carrying a right to purchase or
subscribe for Common Shares, having a conversion, exchange or exercise price
(including the price required to be paid to purchase such convertible or
exchangeable security or right) per share less than the Market Price per Common
Share on such record date, the Exercise Price shall be adjusted. The Exercise
Price in effect after such record date will equal the Exercise Price in effect
immediately prior to such record date multiplied by a fraction,

 16
 

(i)                                     the numerator of which 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 (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

(ii)                                  the denominator of which shall be the number of
Common Shares outstanding on such record date plus the number of additional
Common Shares to be offered for subscription or purchase (or into which the
convertible or exchangeable securities or rights so to be offered are initially
convertible, exchangeable or exercisable).

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

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

(d)                                 In the event the Company shall at any time
after the Record Time and prior to the Separation Time fix a record date for
the making of a distribution to all holders of Common Shares (including any
such distribution made in connection with a merger or amalgamation) of
evidences of indebtedness, cash or assets (other than a regular periodic cash
dividend or a dividend referred to in paragraph 2.03(b) but including any
dividend payable in securities other than Common Shares), assets or rights,
options or warrants (excluding those referred to in paragraph 2.03(c)), the
Exercise Price shall be adjusted. The Exercise Price in effect after such
record date will equal the Exercise Price in effect immediately prior to such
record date less the fair market value (as determined in good faith by the
Board of Directors of the Company) 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.

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

(i)                                     the payment or effective date for the
applicable dividend, subdivision, change, combination or issuance, in the case
of an adjustment made pursuant to paragraph 2.03(a); and

(ii)                                  the record date for the applicable dividend or
distribution, in the case of an adjustment made pursuant to paragraphs 2.03(c)
or (d).

 17
 

(f)                                    Subject to the prior consent of the holders of
Voting Shares or Rights obtained as set forth in paragraphs 5.05(b) or 5.05(c),
as applicable, in the event the Company shall at any time after the Record Time
and prior to the Separation Time issue any shares of capital stock (other than
Common Shares), or rights or warrants to subscribe for or purchase any such
capital stock, or securities convertible into or exchangeable for any such
capital stock in a transaction referred to in subparagraphs 2.03(b)(i) or (iv),
if the Board of Directors acting in good faith determines that the adjustments
contemplated by paragraphs 2.03(b), (c) and (d) in connection with such
transaction will not appropriately protect the interests of the holders of
Rights, the Board of Directors may from time to time determine what other
adjustments to the Exercise Price, number of Rights or securities purchasable
upon exercise of Rights would be appropriate and, notwithstanding paragraphs
2.03(b), (c) and (d), such adjustments, rather than the adjustments
contemplated by paragraphs 2.03(b), (c) and (d), shall be made. The Company and
the Rights Agent shall amend this Agreement as appropriate to provide for such
adjustments.

(g)                                 Notwithstanding anything herein to the
contrary, no adjustment to the Exercise Price shall be required unless such
adjustment (including any prior adjustments which have been carried forward and
not given effect to) would require an increase or a decrease of at least 1% in
the Exercise Price, provided that any adjustment which is not made as a result
of this paragraph 2.03(g) shall be carried forward and taken into account in
any subsequent adjustment. Each adjustment to the Exercise Price made pursuant
to this Section 2.03 shall be calculated to the nearest cent or to the nearest
ten-thousandth of a share. Whenever an adjustment to the Exercise Price is made
pursuant to this Section 2.03 the Company shall:

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

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

(h)                                 If as a result of an adjustment made pursuant
to Section 3.01, the holder of any Right thereafter exercised shall become
entitled to receive any securities other than Common Shares, thereafter the
number of such other shares so receivable upon exercise of any Right and the
applicable Exercise Price thereof shall be subject to adjustment from time to
time in a manner and on terms as nearly equivalent as practicable to the provisions
with respect to the Common Shares contained in paragraphs 2.03(b), (c), (d),
(e), (f), (g), (i), (j) and (k), and the provisions of this Agreement with
respect to the Common Shares and shall apply on like terms to any such other
securities.

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

(j)                                     In any case in which this Section 2.03 shall
require that an adjustment in an Exercise Price be made effective as of a
record date for a specified event, the Company 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 Company, if any, issuable upon such exercise over and above the number of
Common Shares and other securities of the Company, if any, issuable upon such
exercise on the basis of the relevant Exercise Price in effect prior to such
adjustment; provided, however, that the Company shall deliver to such holder an
appropriate instrument evidencing such holder’s right to receive such
additional Common Shares (fractional or otherwise) or other securities upon the
occurrence of the event requiring such adjustment.

(k)                                  Notwithstanding anything in this Section 2.03
to the contrary, the Company shall be entitled to make such reductions in the
Exercise Price, in addition to those adjustments expressly required by this
Section 2.03, as and to the extent that in their good faith judgment the Board
of Directors shall determine to be advisable, in order that any subdivision or
consolidation of the Common Shares,

 18
 

issuance (wholly or in part for cash) of Common Shares or securities
that by their terms are exchangeable for or convertible into or giving a right
to acquire Common Shares, stock dividends or issuance of rights, options or
warrants referred to in this Section 2.03, hereafter made by the Company to
holders of its Common Shares, subject to applicable taxation laws, shall not be
taxable to such shareholders.

(l)                                     The Company covenants and agrees that, after
the Separation Time, it will not, except as permitted by Sections 5.01 or 5.05
take (or permit any Subsidiary of the Company 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.

(m)                               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.

(n)                                 If the Company shall at any time after the
Record Time and prior to the earlier of the Separation Time and the Expiration
Time issue any Common Shares otherwise than in a transaction referred to in
paragraph 2.03(b) each such Common Share so issued shall automatically have one
new Right associated with it, which Right shall be evidenced by the certificate
representing such share.

2.04        Date on Which Exercise is Effective

Each
Person in whose name any certificate for Common Shares is issued upon the
exercise of Rights shall for all purposes be deemed to have become the holder
of record of the Common Shares represented thereby on, and such certificate
shall be dated, the date upon which the Rights Certificate evidencing such
Rights was duly surrendered in accordance with paragraph 2.02(d) (together with
a duly completed Election to Exercise) and payment of the Exercise Price for
such Rights (and any applicable transfer taxes and other governmental charges
payable by the exercising holder hereunder) was made; provided,
however, that if the date of such surrender and payment is a date
upon which the Common Share transfer books of the Company are closed, such
Person shall be deemed to have become the record holder of such shares on, and
such certificate shall be dated, the next succeeding Business Day on which the
Common Share transfer books of the Company are open.

2.05        Execution. Authentication. Delivery and Dating of Rights
Certificates

(a)                                  The Rights Certificates shall be executed on
behalf of the Company by any two of its Chairman of the Board, President and
Chief Executive Officer, a Senior Vice President, a Vice President, Treasurer,
Secretary or Assistant Secretary with its corporate seal reproduced thereon.
The signature of any of these officers on the Rights Certificates may be manual
or facsimile. Rights Certificates bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased
to hold such offices prior or subsequent to the countersignature and delivery
of such Rights Certificates.

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

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

 19
 

2.06        Registration. Registration of Transfer and Exchange

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

(b)                                 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 paragraph 2.06(d), the
Company will execute, and the Rights Agent will countersign and deliver, in the
name of the holder or the designated transferee or transferees, as required
pursuant to the holder’s instructions, one or more new Rights Certificates
evidencing the same aggregate number of Rights as did the Rights Certificates
so surrendered.

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

(d)                                 Every Rights Certificate surrendered for
registration of transfer or exchange shall be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company or the
Rights Agent, as the case may be, duly executed by the holder thereof or such
holder’s attorney duly authorized in writing. As a condition to the issuance of
any new Rights Certificate under this Section 2.06, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the
reasonable fees and expenses of the Rights Agent) connected therewith.

2.07        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 Company shall
execute and the Rights Agent shall countersign and deliver in exchange therefor
a new Rights Certificate evidencing the same number of Rights as did the Rights
Certificate so surrendered.

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

(c)                                  As a condition to the issuance of any new
Rights Certificate under this Section 2.07, the Company 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 2.07 in lieu of any destroyed, lost or stolen Rights Certificate
shall evidence the contractual obligation of the Company, 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.

 20
 

2.08        Persons Deemed Owners

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

2.09        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 Company may at any time deliver to
the Rights Agent for cancellation any Rights Certificates previously
countersigned and delivered hereunder which the Company may have acquired in
any manner whatsoever, and all Rights Certificates so delivered shall be
promptly cancelled by the Rights Agent. No Rights Certificate shall be
countersigned in lieu of or in exchange for any Rights Certificates cancelled
as provided in this Section 2.09, except as expressly permitted by this
Agreement. The Rights Agent shall destroy all cancelled Rights Certificates and
deliver a certificate of destruction to the Company.

2.10        Agreement of Rights Holder

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

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

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

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

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

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

(f)                                    that without the approval of any holder of
Rights or Voting Shares and upon the sole authority of the Board of Directors,
this Agreement may be supplemented or amended from time to time pursuant to
paragraph 5.05(a) and the last sentence of the penultimate paragraph of
paragraph 2.03(b); and

(g)                                 that notwithstanding anything in this Agreement
to the contrary, neither the Company nor the Rights Agent shall have any
liability to any holder of a Right or to any other Person as a result of its
inability to perform any of its obligations under this Agreement by reason of
any preliminary or permanent injunction or other order, decree or ruling issued
by a court of competent jurisdiction or

 21
 

by a government, regulatory or administrative agency or commission, or
any statute, rule, regulation or executive order promulgated or enacted by any
governmental authority, prohibiting or otherwise restraining performance of
such obligation.

ARTICLE
III - 

ADJUSTMENTS TO THE RIGHTS IN THE

EVENT OF CERTAIN TRANSACTIONS

3.01        Flip-in Event

(a)                                  Subject to paragraph 3.01(b) and Section 5.01,
in the event that prior to the Expiration Time a Flip-in Event shall occur,
each Right shall thereafter constitute, effective from and after the close of
business on the eighth Trading Day following the Stock Acquisition Date, the
right to purchase from the Company, upon exercise thereof in accordance with
the terms hereof, that number of Common Shares of the Company 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 2.03 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 2.03 shall have occurred).

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

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

(ii)                                  a transferee of Rights, directly or indirectly,
from an Acquiring Person (or any Affiliate or Associate of an Acquiring Person
or any other Person acting jointly or in concert with an Acquiring Person or
any Affiliate or Associate of such other Person) in a transfer, whether or not
for consideration, that the Board of Directors of the Company acting in good
faith has determined is part of a plan, arrangement or scheme of an Acquiring
Person (or any Affiliate or Associate of an Acquiring Person or any other
Person acting jointly or in concert with an Acquiring Person or any Affiliate
or Associate of such other Person) that has the purpose or effect of avoiding
subparagraph 3.01(b)(i),

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

(c)                                  From and after the Separation Time, the Company
shall do all such acts and things as shall be necessary and within its power to
ensure compliance with the provisions of this Section 3.01, including without
limitation, all such acts and things as may be required to satisfy the
requirements of the Canada Business Corporations Act, the Securities Acts , the
1934 Exchange Act, the 1933 Securities Act and the securities laws or
comparable legislation of each of the provinces of Canada and each of the
states of the United States in respect of the issue of Common Shares upon the
exercise of Rights in accordance with this Agreement.

(d)                                 Any Rights Certificate that represents Rights
Beneficially Owned by a Person described in either subparagraphs 3.01(b)(i) or
(ii) or transferred to any nominee of any such Person, and any Rights
Certificate issued upon transfer, exchange, replacement or adjustment of any
other Rights Certificate referred to in this sentence, shall contain the
following legend:

 22
 

The
Rights represented by this Certificate were issued to a Person who was an
Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as
such terms are defined in the Shareholder Rights Agreement) or a Person 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
paragraph 3.01(b) of the Rights Agreement.

provided
that the Rights Agent
shall not be under any responsibility to ascertain the existence of facts that
would require the imposition of such legend but shall be required to impose
such legend only if instructed to do so by the Company or if a holder fails to
certify upon transfer or exchange in the space provided on the Rights
Certificate that such holder is not a Person described in such legend. The
issuance of a Rights Certificate without the legend referred to in this
paragraph 3.01(d) shall be of no effect on the provisions of paragraph 3.01(d).

ARTICLE
IV - THE RIGHTS AGENT

4.01        General

(a)                                  The Company hereby appoints the Rights Agent to
act as agent for the Company and the holders of Rights in accordance with the
terms and conditions hereof, and the Rights Agent hereby accepts such
appointment. The Company may from time to time appoint such co-Rights Agents
(“Co-Rights Agents”) as it may deem necessary or desirable. In the event the
Company appoints one or more Co-Rights Agents, the respective duties of the Rights
Agent and Co-Rights Agents shall be as the Company may determine. The Company
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 Company also agrees to indemnify the
Rights Agent for, and to hold it harmless against, any loss, liability, or
expense, incurred without negligence, bad faith or wilful misconduct on the
part of the Rights Agent, for anything done or omitted by the Rights Agent in
connection with the acceptance and administration of this Agreement, including
the costs and expenses of defending against any claim of liability, which right
to indemnification will survive the termination of this Agreement.

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

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

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

(a)                                  Any corporation into which the Rights Agent or
any successor Rights Agent may be merged or amalgamated or with which it may be
consolidated, or any corporation resulting from any merger, amalgamation or
consolidation to which the Rights Agent or any successor Rights Agent is a
party, or any corporation succeeding to the shareholder or stockholder services
business of the Rights Agent or any successor Rights Agent, will be the
successor to the Rights Agent under this

 23
 

Agreement without the execution or filing of any paper or any further
act on the part of any of the parties hereto, provided that such corporation
would be eligible for appointment as a successor Rights Agent under the
provisions of Section 4.04 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
of the Rights Certificates have not been countersigned, any successor Rights
Agent may countersign such Rights Certificates either in the name of the
predecessor Rights Agent or in the name of the successor Rights Agent; and in
all such cases such Rights Certificates will have the full force provided in
the Rights Certificates and in this Agreement.

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

4.03        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 Company and the
holders of Rights Certificates, by their acceptance thereof, shall be bound:

(a)                                  The Rights Agent may consult with legal counsel
(who may be legal counsel for the Company) and the opinion of such counsel will
be full and complete authorization and protection to the Rights Agent as to any
action taken or omitted by it in good faith and in accordance with such opinion
and the Rights Agent may also consult with such other experts as the Rights
Agent shall consider necessary or appropriate to properly carry out the duties
and obligations imposed under this Agreement (at the Company’s expense) and the
Rights Agent shall be entitled to act and rely in good faith on the advice of
any such expert.

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

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

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

(e)                                  The Rights Agent will not be under any
responsibility in respect of the validity of this Agreement or the execution
and delivery hereof (except the due authorization, execution and delivery
hereof by the Rights Agent) or in respect of the validity or execution of any
Common Share certificate or

 24
 

Rights Certificate (except its countersignature thereof); nor will it be
responsible for any breach by the Company 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 paragraph 3.01(b) hereof) or any adjustment
required under the provisions of Section 2.03 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 2.03 describing any such adjustment); nor will it by any act hereunder
be deemed to make any representation or warranty as to the authorization of any
Common Shares to be issued pursuant to this Agreement or any Rights or as to
whether any Common Shares will, when issued, be duly and validly authorized,
executed, issued and delivered and fully paid and non-assessable.

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

(g)                                 The Rights Agent is hereby authorized and
directed to accept instructions with respect to the performance of its duties
hereunder from any of the Chairman of the Board, the President and Chief
Executive Officer, a Senior Vice President, a Vice President, the Treasurer,
the Secretary or an Assistant Secretary of the Company, and to apply to such
persons for advice or instructions in connection with its duties, and it shall
not be liable for any action taken or suffered by it in good faith in
accordance with instructions of any such person.

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

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

4.04        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 Company) in
writing mailed to the Company and to each transfer agent of Common Shares by registered
or certified mail, and to the holders of the Rights in accordance with Section
5.11. The Company may remove the Rights Agent upon 30 days’ notice in writing,
mailed to the Rights Agent and to each transfer agent of the Common Shares by
registered or certified mail, and to the holders of the Rights in accordance
with Section 5.11. If the Rights Agent should resign or be removed or otherwise
become incapable of acting, the Company will appoint a successor to the Rights
Agent. If the Company 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 Company), then the holder of any
Rights may apply to any court of competent jurisdiction for the appointment of
a new Rights Agent. Any successor Rights Agent, whether appointed by the Company
or by such a court, shall be a corporation incorporated under the laws of
Canada or a province thereof authorized to carry on the business of a trust
company in the Province of Saskatchewan. After appointment, the successor
Rights Agent will be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent shall

 25
 

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 Company will file notice thereof in writing with the
predecessor Rights Agent and each transfer agent of the Voting Shares, and mail
a notice thereof in writing to the holders of the Rights in accordance with
Section 5.11. Failure to give any notice provided for in this Section 4.04,
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 V
- MISCELLANEOUS

5.01        Redemption, Waiver and Termination

(a)                                  Subject to the prior consent of the holders of
Voting Shares or Rights obtained as set forth in paragraph 5.05(b) or 5.05(c),
as applicable, the Board of Directors of the Company acting in good faith may
at any time prior to the provisions of Section 3.01 becoming applicable as a
result of the occurrence of a Flip-in Event elect to redeem all but not less
than all of the then outstanding Rights at a redemption price of $0.0001 per
Right appropriately adjusted in a manner analogous to the applicable adjustment
provided for in Section 2.03 if an event of the type analogous to any of the
events described in Section 2.03 shall have occurred (such redemption price
being herein referred to as the “Redemption Price”).

(b)                                 The Board of Directors of the Company acting in
good faith may, prior to the occurrence of a Flip-in Event, upon prior written
notice delivered to the Rights Agent, determine to waive the application of
Section 3.01 to a Flip-in Event that may occur by reason of a Take-over Bid
made by means of a take-over bid circular to all holders of record of Voting
Shares (which for greater certainty shall not include the circumstances
described in paragraph 5.01(h)); provided that if the Board of Directors waives
the application of Section 3.01 to a particular Flip-in Event pursuant to this
paragraph 5.01(b), the Board of Directors shall be deemed to have waived the
application of Section 3.01 to any other Flip-in Event occurring by reason of
any Take-over Bid made by means of a take-over bid circular to all holders of
record of Voting Shares prior to the expiry of any Take-over Bid in respect of
which a waiver is, or is deemed to have been, granted under this paragraph
5.01(b).

(c)                                  In the event that prior to the occurrence of a
Flip-in Event a Person acquires, pursuant to a Permitted Bid, a Competing
Permitted Bid or an Exempt Acquisition under paragraph 5.01(b), outstanding
Voting Shares, then the Board of Directors shall, immediately upon the
consummation of such acquisition and without further formality, be deemed to
have elected to redeem the Rights at the Redemption Price.

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

(e)                                  If the Board of Directors is deemed under
paragraph 5.01(c) to have elected to redeem the Rights, or the Board of
Directors elects under either of paragraphs 5.01(a) or 5.01(d) to redeem the Rights
the right to exercise the Rights will thereupon, without further action and
without notice, terminate and the only right thereafter of the holders of
Rights shall be to receive the Redemption Price.

(f)                                    Within 10 days after the Company is deemed under
paragraph 5.01(c) to have redeemed the Rights or within 10 days after the Board
of Directors elects under paragraphs 5.01(a) or (d) to redeem the Rights, the
Company shall give notice of redemption to the holders of the then outstanding
Rights by mailing such notice to each such holder at such holder’s last address
as it appears upon the registry books of the Rights Agent or, prior to the
Separation Time, on the registry books of the transfer agent for the Voting
Shares. Any notice which is mailed in the manner herein provided

 26
 

shall be deemed given, whether or not the holder receives the notice.
Each such notice of redemption will state the method by which the payment of
the Redemption Price will be made.

(g)                                 Upon the Rights being redeemed pursuant to paragraph
5.01(d), all the provisions of this Agreement shall continue to apply as if the
Separation Time had not occurred and Rights Certificates representing the
number of Rights held by each holder of record of Common Shares as of the
Separation Time had not been mailed to each such holder and for all purposes of
this Agreement the Separation Time shall be deemed not to have occurred and the
Company shall be deemed to have issued replacement Rights to the holders of its
then outstanding Common Shares.

(h)                                 The Board of Directors shall waive the
application of Section 3.01 in respect of the occurrence of any Flip-in Event
if the Board of Directors has determined, following a Stock Acquisition Date
and prior to the Separation Time, that a Person became an Acquiring Person by
inadvertence and without any intention to become, or knowledge that it would
become, an Acquiring Person under this Agreement and, in the event that such a
waiver is granted by the Board of Directors, such Stock Acquisition Date shall
be deemed not to have occurred. Any such waiver pursuant to this paragraph
5.01(h) must be on the condition that such Person, within 14 days after the
foregoing determination by the Board of Directors or such earlier or later date
as the Board of Directors may determine (the “Disposition Date”), has reduced
its Beneficial Ownership of Voting Shares such that the Person is no longer an
Acquiring Person. If the Person remains an Acquiring Person at the close of
business on the Disposition Date, the Disposition Date shall be deemed to be
the date of occurrence of a further Stock Acquisition Date and Section 3.01
shall apply thereto.

(i)                                     The Board of Directors may, prior to the close
of business on the eighth Trading Day following a Stock Acquisition Date or
such later Business Day as they may from time to time determine, upon prior
written notice delivered to the Rights Agent, waive the application of Section
3.01 to the related Flip-in Event, provided that the Acquiring Person has
reduced its Beneficial ownership of Voting Shares (or has entered into a
contractual arrangement with the Company, acceptable to the Board of Directors,
to do so within 10 days of the date on which such contractual arrangement is
entered into or such other date as the Board of Directors may have determined)
such that at the time the waiver becomes effective pursuant to this paragraph
5.01(i) such Person is no longer an Acquiring Person. In the event of such a
waiver becoming effective prior to the Separation Time, for the purposes of
this Agreement, such Flip-in Event shall be deemed not to have occurred.

(j)                                     The Company shall give prompt written notice to
the Rights Agent of any waiver of the application of Section 3.01 pursuant to
this Section 5.01.

5.02        Expiration

No
person shall have any rights pursuant to this Agreement or in respect of any
Right after the Expiration Time, except the Rights Agent as specified in
paragraph 4.01(a) of this Agreement.

5.03        Determinations and Actions by the Board of Directors

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

5.04        Issuance of New Rights Certificates

Notwithstanding
any of the provisions of this Agreement or the Rights to the contrary, the
Company may, at its option, issue new Rights Certificates evidencing Rights in
such form as may be approved by its 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.

 27
 

5.05        Supplements and Amendments

(a)                                  The Company may make amendments to this
Agreement to correct any clerical or typographical error or which are required
to maintain the validity of this Agreement as a result of any change in any
applicable legislation, regulations or rules thereunder.

(b)                                 Subject to paragraph 5.05(a), the Company may,
with the prior consent of the holders of Voting Shares obtained as set forth
below and with the prior approval of The Toronto Stock Exchange, at any time
prior to the Separation Time, amend, vary or rescind any of the provisions of
this Agreement and the Rights (whether or not such action would materially
adversely affect the interests of the holders of Rights generally), provided
that no such amendment, variation or deletion shall be made to the provisions
of Article IV except with the written concurrence of the Rights Agent thereto. Such
consent shall be deemed to have been given if the action requiring such
approval is authorized by the affirmative vote of a majority of the votes cast
by Independent Shareholders present or represented at and entitled to be voted
at a meeting of the holders of Voting Shares duly called and held in compliance
with applicable laws and the articles and by-laws of the Company.

(c)                                  The Company may, with the prior consent of the
holders of Rights and with the prior approval of The Toronto Stock Exchange, at
any time on or after the Separation Time, amend, vary or delete any of the
provisions of this Agreement and the Rights (whether or not such action would
materially adversely affect the interests of the holders of Rights generally),
provided that no such amendment, variation or deletion shall be made to the
provisions of Article IV except with the written concurrence of the Rights
Agent thereto. Such consent shall be deemed to have been given if such
amendment, variation or deletion is authorized by the affirmative votes of the
holders of Rights present or represented at and entitled to be voted at a
meeting of the holders of Rights and representing a majority of the votes cast
in respect thereof.

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

(e)                                  Any amendments made by the Company to this
Agreement pursuant to paragraph 5.05(a) which are required to maintain the
validity of this Agreement as a result of any change in any applicable
legislation, regulation or rules thereunder shall:

(i)                                     if made before the Separation Time, be
submitted to the shareholders of the Company at the next meeting of shareholders
and the shareholders may, by the majority referred to in paragraph 5.05(b),
confirm or reject such amendment; or

(ii)                                  if made after the Separation Time, be submitted
to the holders of Rights at a meeting to be called for on a date not later than
immediately following the next meeting of shareholders of the Company and the
holders of Rights may, by resolution passed by the majority referred to in
paragraph 5.05(d), confirm or reject such amendment.

Any
such amendment shall be effective from the date of the resolution of the Board
of Directors adopting such amendment, until it is confirmed or rejected or
until it ceases to be effective (as described in the next sentence) and, where
such amendment is confirmed, it continues in effect in the form so confirmed.
If such amendment is rejected by the shareholders or the holders of Rights or
is not submitted to the shareholders or holders of Rights as required, then
such amendment shall

 28
 

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, and no
subsequent resolution of the Board of Directors to amend this Agreement to
substantially the same effect shall be effective until confirmed by the
shareholders or holders of Rights as the case may be.

5.06        Fractional Rights and Fractional Shares

(a)                                  The Company shall not be required to issue
fractions of Rights or to distribute Rights Certificates which evidence
fractional Rights. After the Separation, in lieu of such fractional Rights, the
Company shall pay to the registered holders of the Rights Certificates
(provided the Rights represented by such Rights Certificates are not void
pursuant to the provisions of paragraph 3.01(b), at the time such fractional
Rights would-otherwise be issuable), an amount in cash equal to the same
fraction of the Market Value of a whole Right that the fraction of a Right that
would otherwise be issuable is of one whole Right.

(b)                                 The Company 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 Company shall pay to the registered holders of
Rights Certificates, at the time such Rights are exercised as herein provided,
an amount in cash equal to the same fraction of the Market Value of one Common
Share that the fraction of a Common Share that would otherwise be issuable upon
the exercise of such Right is of one whole Common Share at the date of such
exercise.

5.07        Rights of Action

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

5.08        Regulatory Approvals

Any
obligation of the Company or action or event contemplated by this Agreement
shall be subject to the receipt of any requisite approval or consent from any
governmental or regulatory authority, and without limiting the generality of
the foregoing, necessary approvals of The Toronto Stock Exchange and other exchanges
shall be obtained, relating to the issuance of Common Shares upon the exercise
of Rights under paragraph 2.02(d).

5.09        Declaration as to Non-Canadian Holders

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

 29
 

5.10        Holder of Rights Not Deemed a Shareholder

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

5.11        Notices

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

IPSCO
Inc.

P.O. Box 1670

Regina, Saskatchewan

S4P 3C7

Attention:
Vice President and Chief Financial Officer

Fax: (306) 924-7413

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

Computershare
Trust Company of Canada

530 - 8th Avenue SW, 6th Floor

Calgary, Alberta

T2P 3S8

Attention:
Manager, Corporate Trust Services

Fax: (403) 267-6529

Notices
or demands authorized or required by this Agreement to be given or made by the
Company or the Rights Agent to or on the holder of any Rights shall be
sufficiently given or made if delivered, sent by first-class mail, postage
prepaid, or by fax (with, in the case of fax, an original copy of the notice or
demand sent by first class mail, postage prepaid, to the holder following the
giving of the notice or demand by fax), addressed to such holder at the address
of such holder as it appears upon the registry books of the Rights Agent or,
prior to the Separation Time, on the registry books of the transfer agent for
the Common Shares in the case of holders of Rights.

Any
notice given or made in accordance with this Section 5.11 shall be deemed to
have been given and to have been received on the day of delivery, if so
delivered, on the third Business Day (excluding each day during which there
exists any general interruption of postal service due to strike, lockout or
other cause) following the mailing thereof, if so mailed, and on the day of
faxing provided such sending is during the normal business hours of the
addressee on a Business Day and if not, on the first Business Day thereafter).
Each of the Company and the

 30
 

Rights
Agent may from time to time change its address for notice by notice to the
other given in the manner aforesaid.

If
mail service is or is threatened to be interrupted at a time when the Company
or the Rights Agent wishes to give a notice or demand hereunder to or on the
holders of the Rights, the Company or the Rights Agent may, notwithstanding the
foregoing provisions of this Section 5.11, give such notice by means of
publication once in the business section of both the Financial Post and The
Globe & Mail and, so long as the Company has a transfer agent in the United
States, in a daily publication in the United States designated by the Company,
or in such other publication or publications as may be designated by the
Company and notice so published shall be deemed to have been given on the date
on which the first publication of such notice in any such publication has taken
place.

5.12        Costs of Enforcement

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

5.13        Successors

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

5.14        Benefits of this Agreement

Nothing
in this Agreement shall be construed to give to any Person other than the
Company, 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 Company, the Rights Agent and the holders
of the Rights.

5.15        Effective Date

This
Agreement is effective and in full force and effect in accordance with its
terms from and after the Effective Date. In the event that this Agreement is
not confirmed by a majority of the votes cast by holders of Voting Shares who
vote in respect of confirmation of this Agreement (other than any holder who
does not qualify as an Independent Shareholder, with respect to all Voting
Shares Beneficially Owned by such Person) at the annual meeting of shareholders
to be held in 2007 then this Agreement and all outstanding Rights shall
terminate and shall be void and of no further force and effect from the date
that such event occurs.

This
Agreement must be reconfirmed by a resolution passed by a majority of the votes
cast by all holders of Voting Shares who vote in respect of such reconfirmation
(other than any holder who does not qualify as an Independent Shareholder, with
respect to all Voting Shares Beneficially Owned by such Person) at the third
and sixth annual meetings following the annual and special meeting of
shareholders of the Company in 2007. If this Agreement is not so reconfirmed or
is not presented for reconfirmation at such annual meeting, this Agreement and
all outstanding Rights shall terminate and be void and of no further force and
effect on and from the date of termination of the annual meeting; provided that
termination shall not occur if a Flip-in Event has occurred (other than a
Flip-in Event which has been waived pursuant to Subsection 5.01(b), (h) or (i)
hereof), prior to the date upon which this Agreement would otherwise terminate
pursuant to this Section 5.15.

5.16        Descriptive Headings

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

 31
 

5.17        Governing Law

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

5.18        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.

5.19        Severability

If
any term or provision hereof or the application thereof to any circumstance
shall, in any jurisdiction and to any extent, be invalid or unenforceable, such
term or provision shall be ineffective only as to such jurisdiction 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.

5.20        Time of the Essence

Time shall be
of the essence in this Agreement.

 32

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

	
  

  	
  IPSCO INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  s/ Vicki Avril

  
	
   

  	
   

  	
  Name: Vicki Avril

  
	
   

  	
   

  	
  Title: Senior Vice
  President and Chief Financial

  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  s/ Leslie Lederer

  
	
   

  	
   

  	
  Name: Leslie Lederer

  
	
   

  	
   

  	
  Title: Vice President
  and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMPUTERSHARE TRUST COMPANY OF CANADA

  
	
   

  	
   

  
	
   

  	
  By:

  	
  s/Stephen Bandola

  
	
   

  	
   

  	
  Name: Stephen Bandola

  
	
   

  	
   

  	
  Title: Relationship
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  s/Marilyne Paynter

  
	
   

  	
   

  	
  Name: Marilyne Paynter

  
	
   

  	
   

  	
  Title: Account Manger

  

 

 S-1

EXHIBIT A

[Form of
Rights Certificate]

Certificate No.           Rights

THE
RIGHTS ARE SUBJECT TO TERMINATION ON THE TERMS SET FORTH IN THE RIGHTS
AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN PARAGRAPH 3.01(b) OF THE
RIGHTS AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR
TRANSFEREES OF AN ACQUIRING PERSON OR ITS AFFILIATES OR ASSOCIATES (AS SUCH
TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR ANY PERSON ACTING JOINTLY OR IN
CONCERT WITH ANY OF THEM MAY BECOME VOID.

Rights
Certificate

This
certifies that                   ,
or registered assigns, is the registered holder of the number of Rights set
forth above, each of which entitles the registered holder thereof, subject to
the terms, provisions and conditions of the Rights Agreement, dated February 23,
2007, (the “Rights Agreement”) between IPSCO Inc., a corporation continued
under the Canada Business Corporations Act (the “Company”) and Computershare
Trust Company of Canada, a trust company incorporated under the laws of Canada,
as Rights Agent (the “Rights Agent”, which term shall include any successor
Rights Agent under the Rights Agreement), to purchase from the Company at any
time after the Separation Time and prior to the Expiration Time (as such terms
are defined in the Rights Agreement), one fully paid common share of the
Company (a “Common Share”) at the Exercise Price referred to below, upon
presentation and surrender of this Rights Certificate with the Form of Election
to Exercise (in the form hereinafter provided) duly executed and submitted to
the Rights Agent at its principal office in any of the Cities of Vancouver,
Calgary, Regina, Winnipeg, Toronto or Montreal. The Exercise Price shall
initially be CDN$350.00 per Right and shall be subject to adjustment in certain
events as provided in the Rights Agreement.

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

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

No
holder of this Rights Certificate, as such, shall be entitled to vote or
receive dividends or be deemed for any purpose the holder of Common Shares or
of any securities which may at any time be issuable upon the exercise hereof,
nor shall anything contained in the Rights Agreement or herein be construed to
confer upon the holder hereof, as such, any of the Rights of a shareholder of
the Company 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 Company and its corporate
seal.

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  IPSCO INC.

  
	
   

  
	
  By:

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  
	
   

  
	
  Countersigned:

  
	
   

  
	
  COMPUTERSHARE TRUST COMPANY OF CANADA

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signature

  	
   

  	
   

  
							

 

 2

FORM OF
ASSIGNMENT

(To be
executed by the registered holder if such holder

desires to transfer the Rights Certificates)

FOR VALUE RECEIVED                                      
hereby sells, assigns and transfers to
                                                                 
..

(Please print name and address of
transferee)

the Rights represented by this
Rights Certificate, together with all right, title and interest therein, and
hereby irrevocably constitutes and appoints                                   
as attorney, to transfer the within Rights on the books of the Company, 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 member firm of a recognized stock exchange in Canada, a registered
national securities exchange in the United States, a member of the Investment
Dealers Association of Canada or National Association of Securities Dealers,
Inc., or a commercial bank or trust company having an office or correspondent
in Canada.

CERTIFICATE

(To be completed if true)

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

	
  

  	
   

  
	
   

  	
  Signature

  

 

[To be
attached to each Rights Certificate]

FORM OF
ELECTION TO EXERCISE

TO:  IPSCO INC.

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

	
  

  	
   

  	
   

  
	
   

  	
    (Name)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    (Street)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    (City and Province)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    (Postal Code)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    SOCIAL INSURANCE OR OTHER TAXPAYER

  	
   

  
	
   

  	
    IDENTIFICATION NUMBER

  	
   

  

 

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

 

	
  

  	
   

  	
   

  
	
   

  	
    (Name)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    (Street)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    (City and Province)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    (Postal Code)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    SOCIAL INSURANCE 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)

  
					

 

 2
 

Signature must be guaranteed
by a member firm of a recognized stock exchange in Canada, a registered
national securities exchange in the United States, a member of the Investment
Dealers Association of Canada or National Association of Securities Dealers,
Inc., or a commercial bank or trust company having an office or correspondent
in Canada.

CERTIFICATE

(To be completed if true)

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

	
  

  	
   

  
	
   

  	
  Signature

  

 

NOTICE

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

 3Exhibit
10.1

SETTLEMENT
AGREEMENT

This SETTLEMENT
AGREEMENT (the “Agreement”) is
made and entered into as of February 23, 2007, by and between InFocus
Corporation, an Oregon corporation (“InFocus” or the
“Company”), and Caxton Associates,
L.L.C., a Delaware limited liability company (“Caxton”),
Caxton International Limited, a British Virgin Islands corporation (“Caxton International”), and GDK Inc., a British Virgin
Islands corporation (together with Caxton and Caxton International, the “Caxton Entities”).

RECITALS

WHEREAS, InFocus
has announced that its board of directors (the “Board”)
and the Company’s financial advisor are conducting an evaluation of strategic
alternatives for the Company; and

WHEREAS, one of
those strategic alternatives may involve a sale of the Company or a merger or
other business combination involving the Company (a “Transaction”);
and

WHEREAS, Caxton
International intends to demand a special meeting of the shareholders of
InFocus (the “Special Meeting”) and to solicit
proxies from InFocus’ shareholders (the “Special Meeting
Solicitation”) to (i) remove a majority of the members of the Board
at the Special Meeting and (ii) nominate certain individuals to be elected at
the Special Meeting to fill the resulting vacancies on the Board; and

WHEREAS, among
other things, InFocus is willing under certain circumstances to add to the
Board two individuals selected by Caxton (whom Caxton believes in good faith to
be qualified to serve on the Board), and Caxton is willing to terminate the
Special Meeting Solicitation;

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

ARTICLE
I.

AGREEMENTS

Section 1.1. 
Abandonment of Special Meeting Solicitation. 
Neither the Caxton Entities nor any of their Affiliates will, directly
or indirectly, (a) demand, or encourage any other shareholder of the Company to
demand, pursuant to the Company’s Bylaws or the Oregon Business Corporation
Act, at any time prior to the Company’s 2007 Annual Meeting of shareholders
(the “2007 Annual Meeting”), that
the Company call a special meeting of its shareholders or (b) with respect to
any special meeting of shareholders held prior to the 2007 Annual Meeting (an “Interim Special Meeting”), solicit proxies
or consents for the purpose of removing directors or increasing the authorized
number of directors of the Company or otherwise become a “participant,”
directly or indirectly, in any “solicitation” of “proxies” or consents for such
purpose (such quoted terms being defined in Regulation 14A under the

  
  

Securities Exchange Act of
1934, as amended (the “Exchange Act”));
provided that, with the exception of the foregoing prohibitions with respect to
calling an Interim Special Meeting and the removal of directors or increasing
the authorized number of directors at an Interim Special Meeting, nothing
herein contained shall affect or limit Caxton’s ability to act with respect to
any annual or special meeting of the Company’s shareholders.  For purposes of this Agreement, “Affiliate” means any person that directly,
or indirectly through one or more intermediaries, controls, is controlled by,
or is under common control with, the Caxton Entities.

Section 1.2. 
Option for Board Representation.

(a)           At any time on or after April 13,
2007, Caxton may deliver to the Company written notice (the “Notice”) demanding that the Company add to its Board up to
two (2) designees named by Caxton in the Notice (the “Caxton
Designees”) whom Caxton believes in good faith to be qualified to
serve on the Board.  As promptly as
practicable, and in any event within five (5) business days after the date of
receipt of the Notice by the Company, the Company shall take all action
necessary (including the calling of a special meeting of the Board to approve
such actions) to increase the authorized number of directors of the Company
from five (5) to seven (7) members and to cause the directors then on the Board
(the “Incumbent Directors”) to nominate and elect the Caxton Designees to fill
such newly created directorships to serve until the next election of directors
of the Company or until the earlier resignation or removal of such directors.  Notwithstanding the foregoing, Caxton shall
not be entitled to deliver the Notice and the Company shall not be required to
add any Caxton Designees to the Board if prior to the time the Notice is given,
or prior to the time the Company otherwise would be required to add Caxton
Designees to the Board, as the case may be, InFocus shall have publicly
announced that it has entered into a definitive agreement for a Transaction.

 (b)          Should
any Caxton Designee resign from the Board or decide not to seek appointment or
election to the Board, pursuant to Section 1.2(c), Caxton shall be entitled to
designate a replacement for such Caxton Designee as a member of the Board (such
replacement being a person whom Caxton believes in good faith to be qualified
to serve on the Board), and InFocus shall take all necessary action to replace
the resigning Caxton Designee with such designated replacement as promptly as
practicable.  Any such designated
replacement who becomes a Board member shall be deemed to be a Caxton Designee
for all purposes under this Agreement.

(c)           The Board or a nominating committee
of the Board shall nominate for election to the Board at the 2007 Annual
Meeting a slate of individuals selected by it in its sole discretion.  For the avoidance of doubt, Incumbent
Directors shall have no obligation to nominate and recommend Caxton Designees
to shareholders for election at any subsequent annual or special meeting of
shareholders.

(d)           Notwithstanding any provision to the
contrary contained in this Agreement, the Company shall not be required to
cause the Board (or the nominating committee thereof) to nominate the Caxton
Designees unless on the date the Notice is received by the Company the Caxton
Entities and their Affiliates maintain an aggregate beneficial ownership of at
least ten (10) percent of the total number of shares of common stock of the
Company

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outstanding on the date
of this Agreement, adjusted proportionately in all cases to reflect any stock
dividend or distribution, stock split, reverse stock split, combination,
recapitalization reclassification or similar transaction affecting the
outstanding shares of common stock of the Company after the date of this
Agreement.

(e)           In the event one or more Caxton
Designees become a director of the Company, such Caxton Designees shall each be
subject to the Company’s insider trading guidelines and other policies
governing members of the Board to the same extent as any other member of the
Board.

Section 1.3. 
Annual Meeting. 
Except as otherwise expressly agreed to in writing by Caxton, InFocus
shall hold the 2007 Annual Meeting no later than July 31, 2007 (the “Annual Meeting Deadline”), and shall give
notice of the date of that meeting no later than 30 days prior to the date of
the 2007 Annual Meeting; provided, however, if the Company has (i) publicly
announced a Transaction prior to April 13, 2007, (ii) filed a preliminary proxy
statement in connection with the Transaction with the Securities and Exchange
Commission and (iii) is pursuing in good faith a special meeting of
shareholders to vote on such Transaction, then the Annual Meeting Deadline
shall be extended until August 31, 2007.

Section 1.4. 
Publicity. 
Promptly following the execution of this Agreement, InFocus and the
Caxton Entities shall prepare and issue a joint press release in the form
attached hereto as Annex A.  Thereafter,
InFocus and the Caxton Entities shall use their reasonable efforts to consult
with each other before issuing any press release or otherwise making any public
statement about the execution or terms of 
this Agreement.

ARTICLE
II.

MISCELLANEOUS PROVISIONS

Section 2.1. 
Representations and Warranties.

(a)           Each of the parties
hereto represents and warrants to the other party that:

(i)            such party has all requisite
authority and power to execute and deliver this Agreement and to consummate the
transactions contemplated hereby,

(ii)          the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby have
been duly and validly authorized by all required action on the part of such
party and no other proceedings on the part of such party are necessary to
authorize the execution and delivery of this Agreement or to consummate the
transactions contemplated hereby,

(iii)         the Agreement has been duly and validly
executed and delivered by such party and constitutes the valid and binding
obligation of such party enforceable against such party in accordance with
their respective terms, and

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(iv)         this Agreement will not result in a
violation of any terms or provisions of any agreements to which such person is
a party or by which such party may otherwise be bound or of any law, rule,
license, regulation, judgment, order or decree governing or affecting such
party.

(b)           The parties hereto
acknowledge, warrant and represent that they have carefully read this
Agreement, understand it, have consulted with and received the advice of
counsel regarding this Agreement, agree with its terms, are duly authorized to
execute it and freely, voluntarily and knowingly execute it.

Section 2.2.  General.

(a)           This Agreement shall
be binding upon and inure to the benefit of and be enforceable by the parties
hereto and the respective successors, personal representatives and assigns of
the parties hereto.

(b)           This Agreement
contains the entire agreement between the parties with respect to the subject
matter hereof and thereof and supersedes all prior and contemplated
arrangements and understandings with respect thereto.

(c)           This Agreement may
be signed in counterparts, each of which shall constitute an original and all
of which together shall constitute one and the same Agreement.

(d)           All notices and
other communications required or permitted hereunder shall be effective upon
receipt and shall be in writing and may be delivered in person, by telecopy,
electronic mail, express delivery service or U.S. mail, in which event it may
be mailed by first-class, certified or registered, postage prepaid, addressed
to the party to be notified at the respective addresses set forth below, or at such
other addresses which may hereinafter be designated in writing:

If to InFocus:

InFocus Corporation

27500 S.W. Parkway Avenue

Wilsonville OR 97070

Attention: Roger Rowe,
Secretary

Fax No.: (503) 685-8838

Email: Roger.Rowe@infocus.com

with a copy to:

Garvey Schubert Baer

11th Floor

121 S.W. Morrison Street

Portland, OR 97204

Attention: Bruce A.
Robertson, Esq.

 

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Fax No.: (503) 226-0259

Email: brobertson@gsblaw.com

Simpson Thacher &
Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention: Mario Ponce, Esq.

Fax No.: (212) 455-2502

Email: mponce@stblaw.com

If to Caxton:

Caxton Associates,
L.L.C.

731 Alexander
Road, Building 2

Princeton, NJ 08540

Attention: Scott B. Bernstein, Esq.

Fax No.:  (609) 419-0470

Email: bernstein@caxton.com

with a copy to:

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

Attention: Michael A. Schwartz

Fax No.: (212) 728-9267

Email: mschwartz@willkie.com

(e)           This Agreement and
the legal relations hereunder between the parties hereto shall be governed by
and construed in accordance with the laws of the State of New York applicable
to contracts made and performed therein, without giving effect to the
principles of conflicts of law thereof.

(f)            Whenever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and
valid, but if any provision of this Agreement is held to be invalid or
unenforceable in any respect, such invalidity or unenforceability shall not
render invalid or unenforceable any other provision of this Agreement.

(g)           It is hereby agreed and acknowledged
that it will be impossible to measure in money the damages that would be
suffered if the parties fail to comply with any of the obligations herein
imposed on them and that in the event of any such failure, an aggrieved person
will be irreparably damaged and will not have an adequate remedy at law.  Any such person, therefore, shall be entitled
to injunctive relief, including specific performance, to enforce such
obligations, without the posting of any bond, and, if any action should be
brought in equity to enforce any of the provisions of this Agreement, none of
the parties hereto shall raise the defense that there is an adequate remedy at
law.

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(h)           Each party hereto shall do and
perform or cause to be done and performed all such further acts and things and
shall execute and deliver all such other agreements, certificates, instruments
and documents as any other party hereto reasonably may request in order to
carry out the intent and accomplish the purposes of this Agreement and the
consummation of the transactions contemplated hereby.

(i)            Each of the parties hereto hereby
irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of the State of New York and of the United States of
America, in each case located in the County of New York, for any action,
proceeding or investigation in any court or before any governmental authority
arising out of or relating to this Agreement and the transactions contemplated
hereby (and agrees not to commence any action, proceeding or investigation
relating thereto except in such courts), and further agrees that service of any
process, summons, notice or document by registered mail to its respective
address set forth in this Agreement shall be effective service of process for
any action, proceeding or investigation brought against it in any such
court.  Each of the parties hereto hereby
irrevocably and unconditionally waives any objection to the laying of venue of
any action, proceeding or investigation arising out of this Agreement or the
transactions contemplated hereby in the courts of the State of New York or the
United States of America, in each case located in the County of New York, and
hereby further irrevocably and unconditionally waives and agrees not to plead
or claim in any such court that any such action, proceeding or investigation
brought in any such court has been brought in an inconvenient forum.

[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first written above.

	
  

  	
  INFOCUS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  CAXTON
  ASSOCIATES, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CAXTON
  INTERNATIONAL LIMITED

  
	
   

  	
  By:
  Caxton Associates, L.L.C., Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GDK,
  INC.

  
	
   

  	
  By:
  A.R.T. Advisors, LLC, Attorney-In-Fact

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 7
 

  
  

Annex A

[Joint Press Release]

 8

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