Document:

Cambior Inc.: Exhibit 4.2 - Prepared by TNT Filings Inc.

 

CAMBIOR INC.

CERTIFIED EXTRACT of
a resolution adopted by the board of directors of Cambior Inc. ("Company") at a
meeting duly called and held in Montreal, Province of Quebec, on March 5, 1987.

On motion duly made and seconded, it is
unanimously resolved that the following by-law be enacted, said by-law repealing
and substituting the general by-laws previously adopted by the Company. 

BY-LAW NO. 17 

General by-law relating to the regulation of the affairs of
the Company. 

Definition and interpretation 

  1. In this by-law and in all other
  by-laws of the Company, unless the context otherwise requires: 

  
    (a) "Act"
    means the Companies Act (Revised Statutes of Quebec 1977, chapter C-38), as
    amended and any legislation which might be substituted therefore; in the
    event of amendment or substitution any reference contained in the bylaws of
    the Company shall be interpreted as a reference to the provisions of the Act
    as modified or substituted; 

    (b) "articles" means
    articles of continuation of the Company as well as all amendments which
    might be made subsequently; 

    (c) "by-laws" means this
    by-law as well as all other by-laws of the Company in force at the
    appropriate time; 

    (d) terms used
    only in singular include plural and vice versa; those used in the masculine
    gender include the feminine and vice versa; terms designating natural
    persons designate also legal persons, partnerships, companies, unions,
    trusts and any other group of natural persons or legal persons; 

    (e) headings of
    this by-law appear only to facilitate the consultation and should not be
    considered in the interpretation of the provisions of the by-law and such
    headings shall not be deemed to amend or explain the scope or the meaning of
    the said expressions or provisions; 

    (f) subject to the foregoing,
    definitions provided for in the Act apply to the by-law. 

  

	
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    By-Law No. 17

Company's office 

  2. Company's office. The
  head office of the Company is located in the judicial district mentioned in
  its articles. 

  The Company may open offices at any location determined by
  resolution of the board of directors. 

Shareholders

  3. Annual
  meeting. Subject to the provisions of applicable legislation, the annual
  meeting of the shareholders of the Company shall be held at such place, date
  and time as the board of directors may from time to time determine. 
  

  4. Special
  general meetings. In addition to the provisions of applicable legislation
  governing the calling of special general meetings, special general meetings of
  shareholders may be called at any time by order of the chairman or the
  president and chief executive officer or, in their absence, by order of any
  member of the executive committee of the Company. 

  Special general meetings of shareholders
  shall be held at such place, date and time as determined by the board of
  directors or at any other place where all shareholders of the Company entitled
  to vote at such meeting are present in person or represented by proxy. 
  

  5. Notice of
  meeting. A notice specifying the place, date, time and the object of any
  meeting of shareholders shall be given to all shareholders entitled to receive
  such notice or sent to them by mail in a prepaid envelope; such notice shall
  be sent to them at their last known address and sent not less than 21 days and
  not more than 50 before the date fixed for the meeting. 

  In the event of a joint holding of a share,
  any notice of meeting is addressed to the person first mentioned in the books
  as one of the holders; a notice so given shall be sufficient notice to all the
  joint holders. 

  Irregularities in the notice or in the
  giving thereof as well as the accidental omission to give notice of meeting to
  a shareholder, or the non-receipt of any notice by any of the shareholders,
  shall not invalidate any resolution adopted, any action made or any step taken
  at such meeting. 

  6. Quorum,
  voting and adjournment. Two persons representing personally or by proxy
  25% of the outstanding shares of the capital stock of the Company carrying
  voting rights at the meeting constitute a quorum necessary for the transaction
  of business at any meeting of shareholders. 

  

	
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    By-Law No. 17

  Subject to appropriate provisions of
  applicable legislation and articles of incorporation and any other by-law of
  the Company, all matters submitted to a meeting of shareholders shall be
  decided by a majority vote which decision shall be binding upon all
  shareholders. 

  Should a quorum not be present, the
  shareholders present at the meeting and entitled to be counted for the purpose
  of forming a quorum shall have power to adjourn any meeting of shareholders
  from time to time and from a place to another, without any other notice than
  an announcement at the meeting and this, until a quorum is present. Any
  business which could have been transacted at a meeting before its adjournment
  may be transacted at the adjournment provided that a quorum is present. 
  

  7. Right to vote and proxy.
  Voting may be done either personally or by proxy. 

  At any meeting of the shareholders, each
  shareholder present at such meeting and entitled to vote thereat shall have on
  a show of hands one vote and, upon a poll, each shareholder entitled to vote
  thereat, present or represented by proxy, shall be entitled to one vote for
  each share carrying voting rights at such meeting and registered in his name
  on the books of the Company at the time of the meeting or, if it was
  determined, the record date (i.e. date upon which the books of the Company
  were closed). Before or immediately after the result of show of hands is
  declared, any shareholder or proxyholder may demand a poll. 

  In the case of joint holding of a share, the
  vote given by the holder who votes, personally or by a proxy and whose name
  stands first on the books of the Company, will be accepted therefore excluding
  the votes of any or all other joint holders. 

  8. Chairman of
  the meeting. The chairman of the board of directors or, in his absence,
  the vice chairman of the board of directors or in his absence, the president
  and chief executive officer or, in his absence, any member of the executive
  committee chosen by a majority of the members of the board of directors shall
  preside at any meeting of shareholders. If the person designated to preside at
  any meeting of shareholders is absent or withdraws, the persons present may
  choose among them any one to perform the duties of the chairman of the
  meeting. 

  9. Secretary of
  the meeting. At each meeting of the shareholders, the secretary or, in his
  absence, a person designated by the chairman of the meeting performs the
  duties of the secretary. 

  10. Scrutineers.
  The chairman of the meeting of shareholders may appoint one or more persons,
  which need not be shareholders, to act as scrutineers at such meeting. 
  

	
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    By-Law No. 17

Directors 

  11. Number.
  Subject to subsequent amendments in conformity with appropriate provisions of
  the applicable legislation, the board of directors of the Company consists of
  not less than seven persons and not more than fifteen persons. 

  12. Election. The directors
  are elected at an annual meeting of shareholders. Such election is made by a
  show of hands unless a poll is demanded. 

  13. Vacancy.
  Notwithstanding any vacancy in the number of members of the board of
  directors, the directors then in office, if they are enough to constitute a
  quorum, may exercise all powers of the board. In the event of an increase in
  the number of directors within the maximum limit provided for in section 11 of
  this by-law, one or more vacancies, as the case may be, shall be deemed to
  have occurred and directors then in office, if quorum is present, may elect
  the new director(s); they will see to fill any office which became vacant due
  to death, resignation, invalidity or other reason. 

  14. Quorum.
  Directors may from time to time determine the quorum of any meeting of the
  board of directors but insofar as such quorum is not so determined, a simple
  majority of the directors in office shall constitute the quorum for the
  meetings of the board of directors. 

  15. Remuneration and fees.
  Directors' remuneration is the remuneration determined from time to time by
  resolution of the board of directors. 

  In addition to their remuneration, directors
  are entitled to be reimbursed of their travelling expenses to attend the
  meetings of the board of directors as well as any other disbursements incurred
  for the affairs of the Company. 

  16. Meeting of
  directors. Immediately after each annual meeting of shareholders,
  directors elected and then present shall meet together, without any prior
  notice, and, if a quorum is present, appoint the officers of the Company and
  transact any other business on the agenda. 

  Officers so appointed shall be a chairman of
  the board, a vice chairman of the board, a president and chief executive
  officer, a secretary and if they deem appropriate, one or more vice
  presidents, a treasurer, one or more assistant secretaries or one or more
  assistant treasurers. 

  The meetings of the board of directors may
  be called at any time by order of the chairman or the president and chief
  executive officer or by a majority of the members of the board of directors.
  

	
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    By-Law No. 17

  17. Notice.
  A notice of any meeting of the board of directors specifying the place, date
  and time of such meeting, shall be sent to each of the directors at his
  residence or usual office, not less than four days before the date of the
  meeting. Such notice shall be sent by mail in a prepaid envelope or by
  telegram, telex or cable or given personally to the addressee. 

  In the event where the chairman, the
  president and chief executive officer or a majority of the board of directors
  considers it is urgent to call a meeting of the board of directors, such
  meeting may be called by giving a notice of not less than twelve hours to each
  of the directors by the means, which is the most appropriate in the
  circumstances and such notice shall be sufficient for the meeting so called.
  

  Irregularities in the notice or in the
  giving thereof, as well as the accidental omission to give notice of the
  meeting to a director, or the non-receipt by any of the directors, shall not
  invalidate any resolution adopted, any action made or any step taken at such
  meeting. 

  18. Chairman of
  the meeting. The chairman of the board of directors shall preside at all
  meetings of the board of directors. In his absence, the meeting shall be
  presided by the vice chairman of the board of directors or, in his absence, by
  the president and chief executive officer. In their absence, any director
  chosen by a majority of the members of the board of directors shall preside at
  the meeting. 

  19. Voting.
  Questions submitted to the vote at any meeting of the board of directors shall
  be decided by a majority of the votes. In the event of a draw, the chairman of
  the meeting shall not have a second or casting vote. 

  20. Limits of
  liability. No director nor officer is liable for the act, negligence or
  default of a third party, including any director, officer or employee, nor for
  his participation to receipts or acts for compliance, nor for losses, damages
  or expenses incurred by the Company due to the deficiency or defect of any
  title with respect to an asset acquired by the Company or on its behalf, nor
  for the deficiency or defect of any security in which funds of the Company are
  invested, nor for losses or damages resulting from the bankruptcy, insolvency,
  delict, quasi-delict or a delictual act of a third party in whose hands funds,
  securities or other assets of the Company are deposited, nor for losses
  resulting from a misjudgment or a misunderstanding on his part, nor for other
  losses, damages or misfortunes arising from the performance of the duties of
  his office, except in case of negligence or wilful default on his part;
  however, nothing in this section discharges the directors or officers from
  their obligation to act in accordance with the binding provisions of the Act
  nor from their responsibilities resulting from such obligation. 

  21. 
  Indemnification. Without derogating in any manner whatsoever from the
  binding provisions of the Act and without limiting them, but subject to the
  conditions contained therein, the Company shall indemnify its directors, its
  officers or their 

	
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    By-Law No. 17

  predecessors, the persons who upon its
  request, act as such for a legal person of which it is a shareholder or
  creditor (or all the persons who assume a responsibility on behalf of the
  Company or of such a legal person), as well as their heirs and agents, for any
  reasonable expenses, including amounts paid to settle a suit or execute a
  judgment, incurred during civil, criminal or administrative proceedings to
  which they were parties in such capacity (including, without limiting the
  generality of the foregoing, losses, liabilities, expenses and charges
  (including the amounts paid to settle a suit or execute a judgment) suffered
  in connection with proceedings for recovery of claims by employees or former
  employees of the Company or of such a legal person (including, without
  restriction, claims for wages, salaries and other remunerations or benefits)
  or in connection with claims based on the omission by the Company to deduct at
  source, to withhold, to remit or to pay amounts as taxes, assessments or other
  expenses of any nature whatsoever in accordance with the requirements of the
  Act): 

  
    (a) if they acted with integrity
    and in good faith in the best interests of the Company; and 

    (b) in the case
    of criminal or administrative proceedings resulting in the payment of a
    fine, if they had sufficient grounds to believe that their conduct was in
    compliance with the Act. 

  

  22. Insurance.
  Subject to the restrictions imposed by the Act, the Company may subscribe and
  maintain in effect insurance covering the liability of its directors and
  officers, acting as directors or officers, that the board of directors deems
  appropriate from time to time. 

  23. Meeting by
  telephone. Directors may take part in a meeting of the board of directors
  through means allowing all participants to verbally communicate with each
  other, namely by telephone. They are then deemed to have been present at the
  meeting. 

  24. Written
  resolution. Written resolutions, signed by all directors entitled to vote
  for such resolutions during meetings of the board, have the same effect as if
  they had been adopted during such meetings. Copy of these resolutions is kept
  with the minutes of the board's deliberations. 

  25. Executive committee. The
  board of directors may select, from among its members, an executive committee
  comprised of at least three directors; the executive committee shall always
  include the chairman of the board of directors and the president and chief
  executive officer. Each of the members of the executive committee shall hold
  office until the board of directors decides otherwise. 

	
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    By-Law No. 17

  The executive committee shall have and may
  exercise all the powers of the board of directors, subject only to the
  relevant provisions of the applicable laws and to the restrictions imposed
  from time to time by the board of directors. 

  The board of directors may adopt, from time
  to time, by-laws concerning the executive committee as to the calling and
  holding of its meetings and as to the procedures to be followed during such
  meetings. 

  26. Other
  committee. The board of directors may, from time to time, establish other
  committees in its discretion, the members of which shall be selected from
  among the members of the board of directors, and the number as well as the
  operating guidelines of which shall be determined by the board of directors
  during a meeting duly held. 

  Their mandate shall be determined by
  resolution of the board of directors, and none of the powers to be exercised
  by the board of directors under the laws or by-laws, shall be so delegated.
  

  27. Power to
  distribute shares and to grant options. The shares of the Company are at
  all times under the control of the directors who may, by resolution, accept
  subscriptions therefore, allocate same, issue same, grant options for unissued
  shares of the Company and otherwise dispose of all or part of such shares to
  the directors, officers, employees, persons, firms, companies or corporations,
  subject to such terms and conditions and for such consideration, not contrary
  to the Act or the articles of the Company and at such times as the directors
  may determine. 

  28. Power to
  declare dividends. In compliance with provisions of the Act, the board of
  directors may, by resolution, declare dividends on the issued and outstanding
  shares of the capital of the Company, and cause payment therefore to be made
  by the Company at the time the board deems appropriate, by using the resources
  of the Company available for that purpose. 

  Any dividend not claimed for a five-year period following
  the date on which it was declared payable is expired and reverts to the
  Company. 

	
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    By-Law No. 17

Borrowing powers

  29. General borrowing powers.
  The directors may from time to time: 

  
    (a) borrow money upon the credit
    of the Company; 

    (b) limit or increase the amount
    to be borrowed; 

    (c) issue bonds,
    debentures or other securities of the Company and pledge same as security
    for such sums or sell same at such prices as may be deemed appropriate;
    

    (d)
    notwithstanding provisions of the Civil Code, hypothecate, charge or pledge
    the currently owned or subsequently acquired moveable and immoveable
    property of the Company to secure payment of such bonds, debentures or other
    securities, or pledge part only of such assets for the same purposes; and
    hypothecate, charge or pledge as abovementioned by trust deed, in compliance
    with sections 28 and 29 of the Special Corporate Powers Act (R.S.Q. c. P-16)
    or in any other manner; 

    (e) hypothecate
    or pledge immoveable properties, or charge or otherwise encumber in any way
    the moveable properties of the Company or give any such type of security
    interests to secure the payment of the borrowings made in a form other than
    the issue of bonds or debentures, as well as the payment or performance of
    other debts, contracts and commitments of the Company. 

  

  The directors may delegate any or all of the
  foregoing powers to such officers or directors of the Company, to such extent
  and in such manner as the directors may determine. 

  Nothing herein contained shall limit or
  restrict the borrowing of money by the Company on bills of exchange or
  promissory notes made, drawn, accepted or endorsed by or on behalf of the
  Company. 

Capital stock 

  30. Share
  certificates. Certificates representing shares of the capital stock of the
  Company shall be in such form and of such content as shall be approved by the
  board of directors. 

  Such certificates shall bear the signature
  of any two of the following officers: the president and chief executive
  officer, the secretary, the treasurer or the assistant secretary of the
  Company. Each share certificate shall also be countersigned by the transfer
  agent or registrar in order to be valid. 

	
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    By-Law No. 17

  The signature of such persons may be engraved, lithographed
  or otherwise mechanically reproduced on such certificates. 

  31. Transfer of
  shares. The transfer of shares of the Company shall be made in accordance
  with the provisions of the Act and upon the terms and conditions that the
  board of directors may determine by resolution from time to time. The board of
  directors may designate one or more transfer agents to see to the transfer and
  registration of all shares of the capital stock of the Company in all places
  determined by the board of directors. 

  The board of directors may at any time remove the transfer
  agent from office and replace him by resolution of a meeting of the board of
  directors duly held. 

  32. Record date.
  The board of directors may fix in advance a date not more than 50 clear days
  preceding the date of any meeting of shareholders of the Company or the date
  fixed for the payment of any dividend or the date fixed for the allotment of
  rights as being the record date for the determination of the shareholders
  entitled to receive notice of any such meeting or adjournment thereof, to
  receive payment of any such dividend or to receive any such allotment of
  rights, in order that in such a case only shareholders of record at the close
  of business on the date so fixed shall be entitled to receive such notice and
  to vote at such meeting, to receive payment of such dividend or allotment of
  such rights, as the case may be, notwithstanding any transfer of shares on the
  books of the Company after such record date. 

Financial year

  33. Financial year. The
  financial year of the Company shall end on the 31st day of December
  in each year. 

Negotiable instruments, contracts and legal
declarations 

  34. Cheques,
  bills of exchange, etc. All cheques, bills of exchange, promissory notes
  and other negotiable instruments shall be signed by such person or officer as
  may be designated by the board of directors. Unless a resolution of the board
  of directors states the contrary, all endorsements of cheques, bills of
  exchange, promissory notes or other negotiable instruments, payable to the
  Company, shall be made for recovery and for deposit to the credit of the
  Company with a duly authorized bank or depositary. Such endorsements may be
  made by means of a rubber stamp or other devices. 

  35. Contracts,
  etc. Any and all acts, agreements, documents, contracts and other
  instruments in writing to be signed by the Company may be validly signed by
  the chairman of the board of directors, the president and chief executive
  officer, a vice president, the secretary or in the manner authorized by the
  board of directors and any and all deeds, agreements, documents, contracts and
  other instruments in 

	
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    By-Law No. 17

  writing so signed shall be binding upon the Company without
  any further authorization or formality. 

  36. Legal
  declarations. The chairman of the board of directors, the president and
  chief executive officer, any vice president, the secretary or any director
  shall be authorized to make, on behalf of the Company, any declaration on
  seizure by garnishment, before and after judgment, and to make answer to any
  interrogatories upon articulated facts and other procedures which may be
  necessary in connection with a dispute involving the Company; to make any
  petition for liquidation or winding up or any petition for bankruptcy against
  any debtor of the Company and to grant any proxy with respect thereto; to
  represent the Company at any meeting of creditors at which the Company has
  interests to preserve and to vote and make any decison at such meetings.
  However, the board of directors may at its discretion designate by resolution
  any other person in order to represent the Company for the purposes set forth
  above.Cambior Inc. - Exhibit 4.3 - Prepared by TNT Filings Inc.

 

STOCK OPTION PLAN FOR 

KEY EMPLOYEES 

OF CAMBIOR INC. AND ITS SUBSIDIARIES 

Unless the Board of Directors of the Company determines
otherwise, all options granted since March 17, 1986 by the Company to its
Employees (as defined in 1.4) are governed by the terms and conditions hereof.

1.
       
Definitions 

  For the purposes hereof, unless the context indicates
  otherwise, 

  
    1.1
    "Beneficiary" means an Employee to whom an Option has been granted under the
    Plan; 

    1.2
    "Board" means the Board of Directors of Cambior Inc.; 

    1.3
    "Company" means Cambior Inc. and its subsidiaries; 

    1.4
    "Employee" means any senior executive of the Company and any key employee of
    the Company designated as such by the Board; 

    
    1.5 "Expiry Date" means the date
    and time set by the Board at which the Option expires, such date being not
    later than ten years after the Option Granting Date; 

    1.6
    "Option" means an option granted to an Employee to purchase Shares under the
    Plan; 

    1.7
    "Option Granting Date" means the date on which the Board grants an Option
    under the Plan; 

    
    1.8 "Option Period" means a period
    of time set by the Board during which a Beneficiary may exercise an Option;
    the Option Period begins at the Option Granting Date, unless the Board
    determines otherwise, and expires on the Expiry Date; 

    1.9
    "Plan" means this Stock Option Plan for Key Employees of the Company; and
    

    
    1.10 
    "Shares" means the common
    shares of the share capital of the Company reserved for issuance under the
    Plan and which may be purchased by exercising an Option. 

  

2.
       
Purposes of the Plan 

  The purposes of the Plan are (i) to grant Employees of the Company options
  to purchase Shares of the Company in order to stimulate their productivity,
  thus 

	Stock Option Plan
    for Key Employees of Cambior Inc. and its subsidiaries	 
	Last reviewed:
    October 12, 2005	 
	 	
    Page 2

  furthering the growth and development of the Company, and
  (ii) to assist the Company in retaining and attracting experienced and
  competent Employees. 

  
  3. 
  Management of the Plan 

  
  The Plan shall be managed by the Board. The
  Board has full authority with respect to the interpretation of the Plan and
  the adoption of rules, provisions and other measures which it may consider
  necessary or advisable for the management of the Plan, including the authority
  to delegate its powers hereunder (except the power to grant Options) to the
  Human Resources Committee of the Board. 

  
  4. 
  Shares Subject to the Plan 

  
  
    4.1 The number of
    Shares which may be issued pursuant to the exercise of Options shall not
    exceed, subject to adjustment pursuant to Section 11 hereof, 5% of the total
    number of shares of the share capital of the Company issued and outstanding,
    or any greater number approved by resolution of the Board, as calculated on
    Option Granting Date. All Shares subject to Options which have expired
    without being exercised shall be available for any subsequent Option granted
    under the Plan. 

    4.2 Any single individual may not
    hold Options to acquire more than 5% of the outstanding common shares of the
    Company. 

  

  
  5. 
  Granting of Options 

  
  The Board shall, from time to time,
  designate the Beneficiaries and the number of Shares to be covered by each
  Option. A Beneficiary may hold more than one Option. The granting of each
  Option shall be evidenced by a letter from the Company addressed to the
  Beneficiary setting forth the number of Shares covered by such Option, the
  subscription price, the Option Granting Date, the Option Period and the Expiry
  Date. 

  
  6. 
  Subscription Price 

  
  The subscription price for each Share
  covered by an Option shall be fixed by the Board but shall be no less than the
  average of the closing prices of a common share of the Company on The Toronto
  Stock Exchange, for the five (5) business-day period immediately preceding the
  Option Granting Date. 

  
  7. 
  Option Period 

  
  Subject to Section 8, each Option shall be exercisable at
  any time during the Option Period; however: 

	Stock Option Plan
    for Key Employees of Cambior Inc. and its subsidiaries	 
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    October 12, 2005	 
	 	
    Page 3

  
    7.1
    should a Beneficiary
    die while still employed by the Company, any and all restrictions applicable
    to his right of exercise shall be lifted as of the date of his death and
    furthermore any Option then outstanding shall expire at the end of the
    36-month period following the date of his death (but no later than the
    Expiry Date first established by the Board). 

    7.2
    should a Beneficiary
    take an early retirement from his employment with the Company between the
    ages of 55 and 59 inclusively, any and all restrictions applicable to his
    right of exercise shall be lifted immediately, save and except for any
    Option granted within the 12-month period preceding his date of early
    retirement, and furthermore any Option then outstanding shall expire at the
    end of the 24-month period following his date of early retirement (but no
    later than the Expiry Date first established by the Board). 

    7.3
    should a Beneficiary
    retire, at the normal age of 60 and thereafter, from his employment with the
    Company, any and all restrictions applicable to his right of exercise shall
    be lifted immediately and furthermore any Option then outstanding shall
    expire at the end of the 36-month period following his date of retirement
    (but no later than the Expiry Date first established by the Board). 
    

    7.4
    should a retired
    Beneficiary die, any Option then outstanding shall be transferred to his
    heirs and be exercisable under the same terms. 

    7.5
    should a Beneficiary
    resign or voluntarily leave his employment with the Company, except in the
    cases specifically mentioned in this section 7, any Option then outstanding
    shall expire on the 30th day following such resignation or voluntary
    departure or on such later date as the Board may determine (but no later
    than the Expiry Date first established by the Board); 

    7.6
    should the
    employment of a Beneficiary be terminated, except in the cases specifically
    mentioned in this section 7, any Option then outstanding shall expire on the
    90th day following such termination of employment or on such later date as
    the Board may determine (but no later than the Expiry Date first established
    by the Board); and 

    7.7
    should a Beneficiary
    be dismissed for cause such as disloyalty, wilful misconduct or gross
    negligence, as determined by the Board, any Option then outstanding and all
    the rights thereunder shall expire on the date of such dismissal. 
    

  

  The Beneficiary shall forfeit all rights under an Option if
  all or any portion thereof has not been exercised on or prior to the Expiry
  Date or if the Option Period has  

	Stock Option Plan
    for Key Employees of Cambior Inc. and its subsidiaries	 
	Last reviewed:
    October 12, 2005	 
	 	
    Page 4

  not commenced prior to the date of his death or the date of
  termination of his employment with the Company. 

  Should there be a material change in the
  employment of a Beneficiary prior to the commencement of the Option Period,
  the Board may, in its sole discretion, reduce or abolish all rights or
  interests under the Option. For the purposes of this paragraph, a "material
  change in the employment" is deemed to have occurred on the date determined by
  the Board as being the date as of which a Beneficiary performs or is required
  to perform work or services as an Employee that the Board, in its sole
  discretion, determines to be of less value to the Company than the work or
  services to be performed by the Beneficiary on the Option Granting Date.
  

  
  8.
  Exercise of an
  Option 

  
  
    8.1
    Unless the Board
    determines otherwise, an Option may be exercised at any time during the
    Option Period. 

    8.2
    Should the Option be
    divided into portions exercisable over more than one year (for example, if
    20% of the Option is exercisable every year over a period of five years), a
    Beneficiary who exercises his Option for a lesser number of Shares than the
    number to which he is entitled during a given year, or who decides not to
    exercise his Option in a given year, has the right to exercise the
    unexercised portion of his Option during the following years of his Option
    Period. 

    8.3
    Notwithstanding the
    foregoing, an Option divided into portions shall become immediately
    exercisable in its entirety, at the sole discretion of the Beneficiary, in
    the event of an Acquisition Offer as defined in Schedule A hereto. The
    exercise of an Option under such circumstances shall be made in accordance
    with the terms and conditions of Schedule A hereto, which Schedule forms
    part of the Plan as if recited at length herein. 

    8.4
    Except as provided
    in 8.3, an Option shall be exercised by a Beneficiary by written notice to
    the Company setting forth the number of Shares in respect of which the
    Option is being exercised and specifying the address to which the
    certificate evidencing such Shares is to be delivered. Such notice shall be
    accompanied by a certified cheque made payable to the Company in the amount
    of the subscription price multiplied by the number of Shares so purchased.
    The Company shall cause a certificate for the number of Shares so purchased
    to be issued in the name of the Beneficiary and delivered to the address
    specified in the notice no later than 10 business days following the receipt
    of such notice and cheque.

  

  

	Stock Option Plan
    for Key Employees of Cambior Inc. and its subsidiaries	 
	Last reviewed:
    October 12, 2005	 
	 	
    Page 5

  9.
  Non-assignability
  

  
  No Option or interest therein shall be assignable by the Beneficiary other
  than by will or by application of the law of successions. 

  
  10.
  Status of the
  Beneficiary 

  
  A Beneficiary shall not be entitled to exercise the rights
  of a shareholder of the Company in respect of any Shares covered by an Option
  until he becomes the registered holder of such Shares. 

  
  11.
  Consequences of an
  Amendment to the Share Capital 

  
  In the event of any amendment to the share capital of the
  Company affecting the Shares by way of stock dividend, stock split,
  reorganization, merger, consolidation, combination or exchange of shares, or
  any other similar change affecting the share capital of the Company, the Board
  shall make equitable adjustments to the maximum number or class of Shares
  issuable under the Plan, the number and type of Shares covered by outstanding
  Options and the subscription price of such Shares, as applicable. Such
  adjustment shall be conclusive and binding for all purposes under the Plan.
  

  
  12.
  Amendment and
  Termination 

  
  Subject to obtaining the prior approval of
  the Toronto Stock Exchange and of any other stock exchange on which the
  securities of the Company are trading, the Board may, at any time and from
  time to time, amend, suspend or terminate the Plan in whole or in part,
  provided, however, that the Board may not, without the approval of the holders
  of a majority of the common shares present and voting in person or by proxy at
  a meeting of shareholders of the Company, materially increase the benefits
  under the Plan, increase the number of Shares issuable under the Plan or
  materially modify the eligibility requirements of the Employees under the
  Plan. 

  No such amendment, suspension or termination
  of the Plan shall, without the consent of the Beneficiaries to whom Options
  shall theretofore have been granted, adversely affect the rights of such
  Beneficiaries. 

	Approved:	
    Annual General and Special Meeting of Shareholders, May 2, 1990
	Modified:	1.	Board of
    Directors, February 20, 1992
	 	2.	Board of
    Directors, February 16, 1995 - Annual General and Special Meeting of
    Shareholders, May 11, 1995.
	 	3.	Board of
    Directors, February 28, 1997.
	 	4.	Board of
    Directors, February 27 and April 30, 1998 - Annual General and Special
    Meeting of Shareholders April 30, 1998.
	 	5.	Board of
    Directors, February 22, 2002 and written resolution May 9, 2002 - Annual
    General and Special Meeting of Shareholders, May 7, 2002.
	 	6.	Board of
    Directors, December 15, 2004 - Annual General and Special Meeting of
    Shareholders, May 12, 2005.
	 	7.	Text only,
    October 12, 2005.
	 	 	 

	Stock Option Plan
    for Key Employees of Cambior Inc. and its subsidiaries	 
	Last reviewed:
    October 12, 2005	 
	 	
    Page 6

SCHEDULE
A

ACQUISITION
OFFER 

  1.
  For the purposes of
  this Plan: 

  
    1.1
    "Offer" or
    "Acquisition Offer" means a take-over bid, a take-over bid by way of an
    exchange of securities or an issuer bid (these three transactions having the
    meaning ascribed thereto under the Securities Act (Québec), as it is
    currently in effect or as it may be modified or reenacted thereafter (the
    "Act")) with respect to the common shares of the Company and which results
    in a person acquiring Control (as defined in 1.2) of the Company; such an
    Offer also includes an exempt offer under the Act; and 

    1.2
    "Control" means the
    holding by a person, other than as a creditor, of shares granting to such
    person more than 50% of the votes, thereby allowing such person to elect a
    majority of the Directors of the Company. 

  

  2.
  Subject to the
  following provisions, if an Offer is made, the Beneficiary may, at his
  discretion, by a notice to the Company, notwithstanding any conflicting
  provision of his Option, exercise his Option in whole or in part, by complying
  with the terms and conditions set forth in Section 8.4 of the Plan. The
  exercise of the Option shall be subject to the acceptance of the Offer by a
  sufficient number of shareholders to allow a person to acquire Control of the
  Company, such acceptance representing a condition precedent to the exercise.
  If, following the Offer, the Offeror does not succeed in acquiring Control of
  the Company: 

  
    i)
    the Option shall
    then be deemed never to have been exercised; 

    ii)
    the Shares to be
    issued following the exercise of the Option shall be deemed never to have
    been issued; and 

    iii)
    the Secretary and
    the transfer agent of the Company shall take all necessary steps to cause
    the Beneficiary to receive a new option with the same terms and conditions
    as the Option subject to the notice of exercise under this Section 2, and
    shall also make the necessary entries in the registers of the Company.
    

  

  3.
  If, prior to the expiry date of any Offer,
  the transfer agent of the Company receives from one or more of the major
  shareholders of the Company a notice in writing to the effect that they have
  not accepted and will not accept the Offer, thus leading to the conclusion
  that the offeror will not acquire Control of the Company, the provisions of
  Section 2 of this Schedule shall then apply to the Shares subject to the
  exercise of the Option mutatis
  mutandis.
  

	Stock Option Plan
    for Key Employees of Cambior Inc. and its subsidiaries	 
	Last reviewed:
    October 12, 2005	 
	 	
    Page 7

  4.
  With respect to any
  Offer, if the offeror, for any reason whatsoever, does not take delivery of
  the shares subject to the Offer and does not pay the price of such shares, or
  if the offeror takes delivery of and pays for only a lesser number of shares
  than that tendered in acceptance of the Offer, thereupon: 

  
    4.1
    the Shares resulting
    from the exercise of the Option which are not so taken up and paid for shall
    be deemed never to have been issued; 

    4.2
    the provisions of Section 2 of this Schedule shall apply to such Shares not
    taken up and paid for, mutatis mutandis.
    

  

  5.
  As soon as possible
  following the announcement of any Offer, the Secretary shall give notice in
  writing to the Beneficiary indicating the substance of the provisions of this
  Schedule and attaching thereto a copy of the Offer and of any other document
  that the Company or the Secretary may, at their discretion, deem useful or
  necessary in order to allow the Beneficiary to exercise his rights hereunder.
  

  6.
  Any and all costs and
  expenses incurred by the Beneficiary and the Secretary in the administration
  of the provisions of this Schedule shall be borne by the Company.

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