Document:

Big Flash Corp.: Exhibit 10.4 - Prepared by TNT Filings Inc.

 

BIG FLASH CORPORATION 

A Delaware Corporation 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT,
dated as of April 28, 2006 (the "Agreement") is entered
into by and among Big Flash Corporation, a Delaware corporation (the "Company"),
and certain holders (the "Securityholders") of shares of
common stock of Big Flash and warrants of Big Flash, as set forth on Schedule
"A" hereto; and this Agreement is being entered into pursuant to: (i) certain
share subscription agreements and letters of transmittal and acceptance and
powers of attorney (collectively, the "Subscription Agreements")
executed by certain Securityholders (the "Investors") whose
names are set forth in items 1 through 35 on Schedule "A" hereto, and accepted
by Intelgenx Corp., a corporation subsisting under the Canada Business
Corporations Act, all such agreements dated as of April 28, 2006; (ii) the
investor relations agreement between the Company and Patrick J. Caruso dated
April 28, 2006 ("Investor Relations Agreement"); (iii) a
securities purchase agreement ("Caruso Securities Purchase Agreement") 
between the Company and Patrick J. Caruso, dated as of April 28, 2006; and
(iii) a share exchange agreement ("Share Exchange Agreement") dated April
10, 2006 among the Company, 6544631 Canada Inc. ("Exchangeco") and IntelGenx and
Horst Zerbe, Ingrid Zerbe and Joel Cohen; all of which Securityholders' names
and numbers of shares and warrants of Big Flash subject to this Agreement are
set forth on Schedule "A" hereto. 

WHEREAS Capitalized terms not
defined herein shall have the meanings ascribed to them in the Share Exchange
Agreement and "Big Flash Shares" means shares of Big Flash common
stock and "Big Flash Warrants" shall mean 100,000 warrants issued
by the Company to Caruso pursuant to the Caruso Securities Purchase Agreement,
each such warrant entitling the holder to purchase one common share of the
Purchaser for (US) $0.41 and expiring 24 months from the date of its issue; 

WHEREAS, the Company desires to
grant to the Securityholders the registration rights set forth herein with
respect to the shares of the Company's common stock and warrants of the Company
held by the Securityholders as set forth in Schedule "A" hereto (hereinafter,
the "Registrable Securities"). 

NOW, THEREFORE, the parties
hereto mutually agree as follows: 

1.     RESTRICTIONS ON TRANSFER 

Each of the Securityholders
acknowledges and understands that prior to the registration of the Registrable
Securities as provided herein, the Registrable Securities are "restricted
securities" as defined in Rule 144. Each of the Securityholders understands that
no disposition or transfer of the Registrable Securities may be made by any of
the Securityholders in the absence of (i) an opinion of counsel to such
Securityholder, in form and substance reasonably satisfactory to the Company,
that such transfer may be made without registration under the Securities Act of
1933 (the "Securities Act") or (ii) such registration. 

2.     COMPLIANCE WITH REPORTING
REQUIREMENTS 

With a view to making available to
the Securityholders the benefits of Rule 144 or any other similar rule or
regulation of the Securities and Exchange Commission (the "Commission")
that may at any time permit the holders of the Registrable Securities to
sell securities of the Company to the public pursuant to Rule 144, the Company
agrees to: 

(a) comply with the provisions of
paragraph (c)(1) of Rule 144; 

(b) file with the Commission in a
timely manner all reports and other documents required to be filed with the
Commission pursuant to Section 13 or 15(d) under the Securities Exchange Act of
1934 (the "Exchange Act") by companies subject to either of such
sections, irrespective of whether the Company is then subject to such reporting
requirements; and 

(c) Upon request by any of the
Securityholders or the Company's transfer agent, the Company will provide an
opinion of counsel, which opinion shall be reasonably acceptable to the
Securityholder and/or the Company's transfer agent, that the such Securityholder
has complied with the applicable conditions of Rule 144 or any similar provision
then in force. 

3.     REGISTRATION RIGHTS WITH RESPECT TO THE
REGISTRABLE SECURITIES 

(a) The Company agrees that it will
prepare and file with the Commission, (i) on a date ("Filing Date") no
later than the sixtieth (60th) calendar day following the date hereof, a
registration statement (on Form S-l or SB-2, or other appropriate registration
statement form) under the Securities Act (the "Registration Statement")
and shall use its best efforts to cause the same to be declared effective by
the Commission as promptly as practicable after such filing (and in any event no
later than one hundred fifty (150) days after the date hereof) (the 
"Effectiveness Date"), and (ii) if at least 20% of the Registrable
Securities covered under the Registration Statement filed under (i) remain
unsold during the effective period of such Registration Statement, then within
20 days following receipt of a written notice from the Securityholders
representing a majority of such unsold Registrable Securities, another
Registration Statement so as to permit a resale of the Registrable Securities
under the Securities Act by the Securityholders as selling stockholders and not
as underwriters. 

The Company will use its diligent
best efforts to cause the Registration Statement to become effective as soon as
practical following the filing of the Registration Statement. The number of
shares designated in the Registration Statement to be registered shall include
100% of the Registrable Securities. The Company will notify the Securityholders
and its transfer agent of the effectiveness of the Registration Statement within
two business days of such event. 

(b) The Company will maintain the
Registration Statement or post-effective amendment filed under this Section 3
effective under the Securities Act until the earlier of (i) the date that all of
the Registrable Securities have been sold pursuant to such Registration
Statement (the "Effectiveness Period"), (ii) the date all the
Securityholders receive an opinion of counsel to the Company, which opinion
shall be reasonably acceptable to the Securityholders, that the Registrable
Securities may be sold under the provisions of Rule 144 without limitation as to
volume, (iii) all Registrable Securities have been otherwise transferred to
persons who may trade such shares without restriction under the Securities Act,
and the Company has delivered a new certificate or other evidence of ownership
for such securities not bearing a restrictive legend, or (iv) two years from the
effective date of the Registration Statement. 

(c) All fees, disbursements and
out-of-pocket expenses and costs incurred by the Company in connection with the
preparation and filing of the Registration Statement under this Section 3 and in
complying with applicable securities and blue sky laws (including, without
limitation, all attorneys' fees of the Company) will be borne by the Company.
The Company will qualify any of the Registrable Securities for sale in such
states as the Securityholders reasonably designate and shall furnish
indemnification in the manner provided in Section 6 hereof. However, the
Company will not be required to qualify in any state which will require an
escrow or other restriction relating to the Company and/or the Securityholders,
or which will require the Company to qualify to do business in such state or
require the Company to file therein any general consent to service of process.
The Company at its expense will supply each of the Securityholders with copies
of the applicable Registration Statement and the prospectus included therein and
other related documents in such quantities as may be reasonably requested by any
of the Securityholders.

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(d) The Company will not be required by this Section 3 to
include the Registrable Securities in any Registration Statement which is to be
filed if, in the opinion of counsel for both the Securityholders and the Company
(or, should they not agree, in the opinion of another counsel experienced in
securities law matters acceptable to counsel for the Securityholders and the
Company) the proposed offering or other transfer as to which such registration
is requested is exempt from applicable federal and state securities laws and
would result in all purchasers or transferees obtaining securities which are not
"restricted securities," as defined in Rule 144. 

(e) The Company may include in any Registration Statement
which it is required to file pursuant to this Section 3, any other securities
apart from the Registrable Securities, upon the prior written notice to the
Securityholders. 

(f) If, at any time any Registrable Securities are not at the
time covered by any effective Registration Statement, the Company shall
determine to register under the Securities Act (including pursuant to a demand
of any stockholder of the Company exercising registration rights) any of its
shares of common stock (other than in connection with a merger or other business
combination transaction that has been consented to in writing by holders of its
common stock, or pursuant to Form S-8 when such filing has been consented to in
writing by holders of its common stock), it shall send to each Securityholder
written notice of such determination and, if within 20 days after receipt of
such notice, such Securityholder shall so request in writing, the Company shall
make its best efforts to include in such registration statement all or any part
of the Registrable Securities that such Securityholder requests to be
registered. Notwithstanding the foregoing, if, in connection with any offering
involving an underwriting of the common stock to by issued by the Company, the
managing underwriter will impose a limitation on the number of shares of the
common stock included in any such registration statement because, in such
underwriter's judgment, such limitation is necessary based on market conditions:

(i) if the registration statement is
for a public offering of common stock on a "firm commitment" basis with gross
proceeds to the Company of at least $15,000,000 (a "Qualified Public
Offering"), the Company may exclude, to the extent so advised by the
underwriters, the Registrable Securities from the underwriting; provided, 
however, that if the underwriters do not entirely exclude the Registrable
Securities from such Qualified Public Offering, the Company will be obligated to
include in such registration statement, with respect to the requesting
Securityholder, only an amount of Registrable Securities equal to the product of

A. the number of Registrable Securities that remain
available for registration after the underwriter's cutback; and 

B. such Securityholder's percentage of ownership of
all the Registrable Securities then outstanding (the "Registrable
Percentage"); and 

(ii) if the registration statement is
not for a Qualified Public Offering, the Company shall be obligated to include
in such registration statement, with respect to the requesting Securityholder,
only an amount of Registrable Securities equal to the product of 

A. the number of Registrable Securities that remain
available for registration after the underwriter's cutback; and 

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B. such Securityholder's Registrable
Percentage; provided, however, that the aggregate value of the
Registrable Securities to be included in such registration may not be so reduced
to less than 30% of the total value of all securities included in such
registration. If any Securityholder disapproves of the terms of any underwriting
referred to in this paragraph, it may elect to withdraw therefrom by written
notice to the Company and the underwriter. No incidental right under this
paragraph shall be construed to limit any registration required under the other
provisions of this Agreement. 

(g) If: (i) the Registration
Statement is not filed on or prior to the Filing Date; (ii) the Registration
Statement is not declared effective by the Commission by the Effectiveness Date;
(iii) after the Registration Statement is filed with and declared effective by
the Commission, the registration statement ceases to be effective (by suspension
or otherwise) as to all Registrable Securities to which it is required to relate
at any time prior to the expiration of the Effectiveness Period (as defined
above) (without being succeeded immediately by an additional registration
statement filed and declared effective) for a period of time which shall exceed
45 days in the aggregate per year or more than 30 consecutive calendar days
(defined as a period of 365 days commencing on the date the registration
statement is declared effective); or (iv) the Common Stock of the Company is not
listed or quoted, or is suspended from trading on any of the NASD OTC Bulletin
Board, NASDAQ SmallCap Market, the NASDAQ National Market, the American Stock
Exchange or the New York Stock Exchange (the "Trading Market") for a
period of seven (7) consecutive Trading Days (provided the Company shall not
have been able to cure such trading suspension within 30 days of the notice
thereof or list the Common Stock of the Company on another Trading Market); (any
such failure or breach being referred to as an "Event," and for purposes of
clause (i) or (ii) the date on which such Event occurs, or for purposes of
clause (iii) the date which such 45 day or 30 consecutive day period (as the
case may be) is exceeded, or for purposes of clause (iv) the date on which such
seven (7) Trading Day period is exceeded, being referred to as "Event Date"),
then until the applicable Event is cured, the Company shall pay to each
Securityholder an amount in common stock of the Company, as liquidated damages
and not as a penalty, equal to 2% of the then unsold Registrable Securities for
each thirty (30) day period (prorated for partial periods), up to an aggregate
maximum of 10% of the Registrable Securities for all occurrences under this
Section 1.2(c). 

4.     COOPERATION WITH COMPANY 

Each Securityholder will cooperate
with the Company in all respects in connection with this Agreement, including
timely supplying all information reasonably requested by the Company (which will
include all information regarding such Securityholder and proposed manner of
sale of the Registrable Securities required to be disclosed in any Registration
Statement) and executing and returning all documents reasonably requested in
connection with the registration and sale of the Registrable Securities and
entering into and performing its obligations under any underwriting agreement,
if the offering is an underwritten offering, in usual and customary form, with
the managing underwriter or underwriters of such underwritten offering. Nothing
in this Agreement shall obligate any Securityholder to consent to be named as an
underwriter in any Registration Statement. The obligation of the Company to
register the Registrable Securities shall be absolute and unconditional as to
those Registrable Securities which the Commission will permit to be registered
without naming any Securityholder as underwriters. Any delay or delays caused by
a Securityholder by failure to cooperate as required hereunder shall not
constitute a Registration Default as to such Securityholder. 

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5.     REGISTRATION PROCEDURES 

If and whenever the Company is
required by any of the provisions of this Agreement to effect the registration
of any of the Registrable Securities under the Securities Act, the Company will
(except as otherwise provided in this Agreement), as expeditiously as possible,
subject to the Securityholders' assistance and cooperation as reasonably
required with respect to each Registration Statement: 

(a) prepare and file with the
Commission such amendments and supplements to the Registration Statement and the
prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective and to comply with the provisions of the
Securities Act with respect to the sale or other disposition of all Registrable
Securities covered by such Registration Statement whenever any of the
Securityholder shall desire to sell or otherwise dispose of the same (including
prospectus supplements with respect to the sales of Registrable Securities from
time to time in connection with a registration statement pursuant to Rule 415
promulgated under the Securities Act); and 

(b) take all lawful action such that
each of (i) the Registration Statement and any amendment thereto does not, when
it becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading; and (ii) the prospectus forming part of the Registration
Statement, and any amendment or supplement thereto, does not at any time during
the Registration Period include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading; 

(c) prior to the filing with the
Commission of any Registration Statement (including any amendments thereto) and
the distribution or delivery of any prospectus (including any supplements
thereto), provide draft copies thereof to the Securityholders and reflect in
such documents all such comments as the Securityholders (and their counsel)
reasonably may propose; (i) furnish to each of the Securityholders such numbers
of copies of a prospectus including a preliminary prospectus or any amendment or
supplement to any prospectus, as applicable, in conformity with the requirements
of the Securities Act, and such other documents, as any of the Securityholders
may reasonably request in order to facilitate the public sale or other
disposition of the Registrable Securities owned by such Securityholder; and (ii)
provide to the Securityholders copies of any comments and communications from
the Commission relating to the Registration Statement, if lawful to do so; 

(d) register and qualify the
Registrable Securities covered by the Registration Statement under such other
securities or blue sky laws of such jurisdictions as any of the Securityholders
shall reasonably request (subject to the limitations set forth in Section 3(c)
above), and do any and all other acts and things which may be necessary or
advisable to enable such Securityholder to consummate the public sale or other
disposition in such jurisdiction of the Registrable Securities owned by such
Securityholder; 

(e) list such Registrable Securities
on the markets where the Company's common stock is listed as of the effective
date of the Registration Statement, if the listing of such Registrable
Securities is then permitted under the rules of such markets; 

(f) notify the Securityholders at any
time when a prospectus relating thereto covered by the Registration Statement is
required to be delivered under the Securities Act, of the happening of any event
of which it has knowledge as a result of which the prospectus included in the
Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not
misleading in the light of the circumstances then existing, and the Company
shall prepare and file a curative amendment under Section 5(a) as quickly as
reasonably possible and during such period, the Securityholders shall not make
any sales of Registrable Securities pursuant to the Registration Statement;

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(g) after becoming aware of such
event, notify each of the Securityholders who holds Registrable Securities being
sold (or, in the event of an underwritten offering, the managing underwriters)
of the issuance by the Commission of any stop order or other suspension of the
effectiveness of the Registration Statement at the earliest possible time and
take all lawful action to effect the withdrawal, rescission or removal of such
stop order or other suspension; 

(h) cooperate with the
Securityholders to facilitate the timely preparation and delivery of
certificates for the Registrable Securities to be offered pursuant to the
Registration Statement and enable such certificates for the Registrable
Securities to be in such denominations or amounts, as the case may be, as any of
the Securityholders reasonably may request and registered in such names as any
of the Securityholders may request; and, within three business days after a
Registration Statement which includes Registrable Securities is declared
effective by the Commission, deliver and cause legal counsel selected by the
Company to deliver to the transfer agent for the Registrable Securities (with
copies to the Securityholders) an appropriate instruction and, to the extent
necessary, an opinion of such counsel; 

(i) take all such other lawful
actions reasonably necessary to expedite and facilitate the disposition by the
Securityholders of their Registrable Securities in accordance with the intended
methods therefor provided in the prospectus which are customary for issuers to
perform under the circumstances; 

(j) in the event of an underwritten
offering, promptly include or incorporate in a prospectus supplement or
post-effective amendment to the Registration Statement such information as the
managers reasonably agree should be included therein and to which the Company
does not reasonably object and make all required filings of such prospectus
supplement or post-effective amendment as soon as practicable after it is
notified of the matters to be included or incorporated in such prospectus
supplement or post-effective amendment; and 

(k) maintain a transfer agent and
registrar for the Company's common stock. 

6.     INDEMNIFICATION 

(a) To the maximum extent permitted
by law, the Company agrees to indemnify and hold harmless each of the
Securityholders, each person, if any, who controls any of the Securityholders
within the meaning of the Securities Act, and each director, officer,
shareholder, employee, agent, representative, accountant or attorney of the
foregoing (each of such indemnified parties, a "Distributing Investor")
against any losses, claims, damages or liabilities, joint or several (which
shall, for all purposes of this Agreement, include, but not be limited to, all
reasonable costs of defense and investigation and all reasonable attorneys' fees
and expenses), to which the Distributing Investor may become subject, under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in
any Registration Statement, or any related final prospectus or amendment or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading; provided, however, that
the Company will not be liable in any such case to the extent, and only to
the extent, that any such loss, claim, damage
or liability arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission made in such Registration
Statement, preliminary prospectus, final prospectus or amendment or supplement
thereto in reliance upon, and in conformity with, written information furnished
to the Company by the Distributing Investor, its counsel, or affiliates,
specifically for use in the preparation thereof, or by such Distributing
Investor's failure to deliver to the purchaser a copy of the most recent
prospectus (including any amendments or supplements thereto). This indemnity
agreement will be in addition to any liability which the Company may otherwise
have. 

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(b) To the maximum extent permitted
by law, each Distributing Investor agrees that it will indemnify and hold
harmless the Company, and each officer and director of the Company or person, if
any, who controls the Company within the meaning of the Securities Act, against
any losses, claims, damages or liabilities (which shall, for all purposes of
this Agreement, include, but not be limited to, all reasonable costs of defense
and investigation and all reasonable attorneys' fees and expenses) to which the
Company or any such officer, director or controlling person may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of any material fact contained
in any Registration Statement, or any related final prospectus or amendment or
supplement thereto, or arise out of or are based upon the omission or the
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, but in each case
only to the extent that such untrue statement or alleged untrue statement or
omission or alleged omission was made in such Registration Statement, final
prospectus or amendment or supplement thereto in reliance upon, and in
conformity with, written information furnished to the Company by such
Distributing Investor, its counsel or affiliates, specifically for use in the
preparation thereof. This indemnity agreement will be in addition to any
liability which the Distributing Investor may otherwise have under this
Agreement. Notwithstanding anything to the contrary herein, the Distributing
Investor shall be liable under this Section 6(b) for only that amount as does
not exceed the net proceeds to such Distributing Investor as a result of the
sale of Registrable Securities pursuant to the Registration Statement. 

(c) Promptly after receipt by an
indemnified party under this Section 6 of notice of the commencement of any
action against such indemnified party, such indemnified party will, if a claim
in respect thereof is to be made against the indemnifying party under this
Section 6, notify the indemnifying party in writing of the commencement thereof;
but the omission so to notify the indemnifying party will not relieve the
indemnifying party from any liability which it may have to any indemnified party
except to the extent the failure of the indemnified party to provide such
written notification actually prejudices the ability of the indemnifying party
to defend such action. In case any such action is brought against any
indemnified party, and it notifies the indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate in, and, to the
extent that it may wish, jointly with any other indemnifying party similarly
notified, assume the defense thereof, subject to the provisions herein stated
and after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, the indemnifying party will not be
liable to such indemnified party under this Section 6 for any legal or other
expenses subsequently incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation, unless the
indemnifying party shall not pursue the action to its final conclusion. The
indemnified parties shall have the right to employ one or more separate counsel
in any such action and to participate in the defense thereof, but the fees and
expenses of such counsel shall not be at the expense of the indemnifying party
if the indemnifying party has assumed the defense of the action with counsel
reasonably satisfactory to the indemnified party unless 

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(i) the employment of such counsel
has been specifically authorized in writing by the indemnifying party; or 

(ii) the named parties to any such
action (including any interpleaded parties) include both the indemnified party
and the indemnifying party and the indemnified party shall have been advised by
its counsel that there may be one or more legal defenses available to the
indemnifying party different from or in conflict with any legal defenses which
may be available to the indemnified party or any other indemnified party (in
which case the indemnifying party shall not have the right to assume the defense
of such action on behalf of such indemnified party, it being understood,
however, that the indemnifying party shall, in connection with any one such
action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable only for the reasonable fees and expenses of one separate firm of
attorneys for the indemnified party, which firm shall be designated in writing
by the indemnified party). No settlement of any action against an indemnified
party shall be made without the prior written consent of the indemnified party,
which consent shall not be unreasonably withheld so long as such settlement
includes a full release of claims against the indemnified party. 

(d) All fees and expenses of the
indemnified party (including reasonable costs of defense and investigation in a
manner not inconsistent with this Section and all reasonable attorneys' fees and
expenses) shall be paid to the indemnified party, as incurred, within 10
business days of written notice thereof to the indemnifying party; provided,
that the indemnifying party may require such indemnified party to undertake to
reimburse all such fees and expenses to the extent it is finally judicially
determined that such indemnified party is not entitled to indemnification
hereunder. 

7.     CONTRIBUTION 

In order to provide for just and
equitable contribution under the Securities Act in any case in which (i) the
indemnified party makes a claim for indemnification pursuant to Section 6 hereof
but is judicially determined (by the entry of a final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be
enforced in such case notwithstanding the fact that the express provisions of
Section 6 hereof provide for indemnification in such case, or (ii) contribution
under the Securities Act may be required on the part of any indemnified party,
then the Company and the applicable Distributing Investor shall contribute to
the aggregate losses, claims, damages or liabilities to which they may be
subject (which shall, for all purposes of this Agreement, include, but not be
limited to, all reasonable costs of defense and investigation and all reasonable
attorneys' fees and expenses), in either such case (after contribution from
others) on the basis of relative fault as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company on the one hand or the applicable
Distributing Investor on the other hand, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Distributing Investor agree that it
would not be just and equitable if contribution pursuant to this Section 7 were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in this
Section 7. The amount paid or payable by an indemnified party as a result of the
losses, claims, damages or liabilities (or actions in respect thereof) referred
to above in this Section 7 shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. No person guilty of
fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent
misrepresentation. 

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Notwithstanding any other provision
of this Section 7, in no event shall (i) any of the Distributing Securityholders
be required to undertake liability to any person under this Section 7 for any
amounts in excess of the dollar amount of the proceeds received by such
Distributing Investor from the sale of such Distributing Investor's Registrable
Securities (after deducting any fees, discounts and commissions applicable
thereto) pursuant to any Registration Statement under which such Registrable
Securities are registered under the Securities Act, and (ii) any underwriter be
required to undertake liability to any person hereunder for any amounts in
excess of the aggregate discount, commission or other compensation payable to
such underwriter with respect to the Registrable Securities underwritten by it
and distributed pursuant to such Registration Statement. 

8.     CANADIAN PROSPECTUS 

Following completion of the issuance
of the Big Flash Common Shares to the Investors pursuant to the Subscription
Agreements and to Caruso pursuant to the Investor Relations Agreement and the
Caruso Securities Purchase Agreement, the Company shall use its commercially
reasonable efforts to prepare and file a preliminary prospectus ("Preliminary
Prospectus") in Ontario within 90 days thereof and to file a final
prospectus and obtain a receipt therefor (the "Canadian Prospectus) for
the purpose of qualifying the Company as a reporting issuer in Ontario. The
Securityholders acknowledge that the Canadian Prospectus will not qualify the
resale in Canada of the Big Flash Common Shares. 

The Company will cause the
Preliminary Prospectus and any other related documents required to be filed in
connection with the Preliminary Prospectus to be prepared and filed in
accordance with the applicable securities laws of the Province of Ontario, the
respective regulations and rules made and forms prescribed thereunder together
with all applicable published policy statements, blanket orders, rulings and
notices of the Ontario Securities Commission (collectively, "Canadian
Securities Laws"), in each case in form and substance reasonably
satisfactory to the Company. 

The Company will use reasonable
commercial efforts to obtain, as soon as possible, a receipt from the Ontario
Securities Commission for the Final Prospectus and will take all other steps and
proceedings that may be necessary in order to qualify the Company as a reporting
issuer in the Province of Ontario. 

Neither the Preliminary Prospectus,
the Final Prospectus, nor any amendment to the Preliminary Prospectus, Final
Prospectus or any amended or supplemental prospectus or ancillary material
required to be filed with the Ontario Securities Commission pursuant to the
Canadian Securities Laws (collectively, "Supplementary Material") will
contain a misrepresentation (as such term is defined in Canadian Securities
Laws) (provided that this representation is not intended to extend to
information and statements included in reliance upon and in conformity with
information furnished to the Company by or on behalf of the Securityholders
specifically for use therein). 

9.     NOTICES 

Any notice required or permitted
hereunder shall be given in writing (unless otherwise specified herein) and
shall be effective upon personal delivery, via facsimile (upon receipt of
confirmation of error-free transmission and mailing a copy of such confirmation,
postage prepaid by certified mail, return receipt requested) or two business
days following deposit of such notice with an internationally recognized courier
service, with postage prepaid and addressed to each of the other parties
thereunto entitled at the following addresses, or at such other addresses as a
party may designate by five days advance written notice to each of the other
parties hereto.

-9- 

10.    ASSIGNMENT 

The registration rights granted to
any Securityholder under this Agreement may be transferred or assigned provided
the transferee is bound by the terms of this Agreement and the Company is given
written notice of such transfer or assignment. 

11.    ADDITIONAL COVENANTS OF THE COMPANY

For so long as it shall be required
to maintain the effectiveness of the Registration Statement, it shall file all
reports and information required to be filed by it with the Commission in a
timely manner and take all such other action so as to maintain such eligibility
for the use of the applicable form. 

12.    CONFLICTING AGREEMENTS 

The Company shall not enter into any
agreement with respect to its securities that is inconsistent with the rights
granted to the Securityholders in this Agreement or otherwise prevents the
Company from complying with all of its obligations hereunder. 

13.    GOVERNING LAW; JURISDICTION 

This Agreement shall be governed by
and interpreted in accordance with the laws of the State of Delaware, U.S.A.,
without regard to its principles of conflict of laws. Any action or proceeding
seeking to enforce any provision of, or based on any right arising out of, this
Agreement may be brought against any party in the courts of Delaware, U.S.A.,
and each of the parties consents to the jurisdiction of such courts and hereby
waives, to the maximum extent permitted by law, any objection, including any
objections based on forum non convenience, to the bringing of any such
proceeding in such jurisdictions. 

14.    MISCELLANEOUS 

(a) Entire Agreement. This
Agreement supersedes all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof. This Agreement, together with
the Share Exchange Agreement and other related documents, including any
certificate, schedule, exhibit or other document delivered pursuant to their
terms, constitutes the entire agreement among the parties hereto with respect to
the subject matters hereof and thereof, and supersedes all prior agreements and
understandings, whether written or oral, among the parties with respect to such
subject matters. 

(b) Amendments. This Agreement
may not be amended except by an instrument in writing signed by the party to be
charged with enforcement. 

(c) Waiver. No waiver of any
provision of this Agreement shall be deemed a waiver of any other provisions or
shall a waiver of the performance of a provision in one or more instances be
deemed a waiver of future performance thereof. 

(d) Construction. This
Agreement has been entered into freely by each of the parties, following
consultation with their respective counsel, and shall be interpreted fairly in
accordance with its respective terms, without any construction in favor of or
against either party. 

-10- 

(e) Binding Effect of Agreement. 
This Agreement shall inure to the benefit of, and be binding upon the successors
and assigns of each of the parties hereto, including any transferees of the
Registrable Securities. 

(f) Severability. If any
provision of this Agreement shall be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Agreement or the validity or
unenforceability of this Agreement in any other jurisdiction. 

(g) Attorneys' Fees. If any
action should arise between the parties hereto to enforce or interpret the
provisions of this Agreement, the prevailing party in such action shall be
reimbursed for all reasonable expenses incurred in connection with such action,
including reasonable attorneys' fees. 

(h) Headings. The headings of
this Agreement are for convenience of reference only and shall not form part of,
or affect the interpretation of this Agreement. 

(i) Counterparts. This
Agreement may be signed in one or more counterparts, each of which shall be
deemed an original and all of which, when taken together, will be deemed to
constitute one and the same agreement. 

[SIGNATURES ON FOLLOWING PAGE] 

 

 

 

-11- 

IN WITNESS WHEREOF, the parties hereto have
caused this Registration Rights Agreement to be duly executed, on this 28th day
of April, 2006. 

 

	BIG FLASH CORPORATION	 
	 	 
	Per: 	
    	 
	Name:	
    	 
	Title:	 
	 	 
	 	 
	________________________	________________________
	PATRICK J. CARUSO	Witness
	 	 
	 	 
	SECURITYHOLDERS	 
	 	 
	 	 
	Per: ________________________	 
	By INTELGENX CORP. by Power of	 
	Attorney front each Investor	 
	Name:	 
	Title:	 

 

-12- 

IN WITNESS WHEREOF, the parties hereto have
caused this Registration Rights Agreement to be duly executed, on this 28th
day of April, 2006. 

	BIG FLASH CORPORATION	 
	 	 
	Per: 	________________________	 
	Name:	 	 
	Title:	 	 
	 	 
	 	 
	
    	
	 	 
	 	 
	SECURITYHOLDERS	 
	 	 
	 	 
	Per: ________________________	 
	By INTELGENX CORP. by Power of	 
	Attorney front each Investor	 
	Name:	 
	Title:	 

 

-12- 

IN WITNESS WHEREOF, the parties hereto have
caused this Registration Rights Agreement to be duly executed, on this 28th
day of April, 2006. 

	BIG FLASH CORPORATION	 
	 	 
	Per: 	________________________	 
	Name:	 	 
	Title:	 	 
	 	 
	 	 
	________________________	________________________
	PATRICK J. CARUSO	Witness
	 	 
	 	 
	SECURITYHOLDERS	 
	 	 
	 	 
	
    	 
	 
	 
	 
	 

 

-12- 

Schedule "A" 

List of Securityholders

Please see attached. 

 

 

 

 

 

-13- 

	#	Name of
    Registered	Number and Kind
	 	
    Securityholder	
    of Registrable Securities
	
    1.	
    Patrick J. Caruso	
    325,000 Big Flash Shares
    and 100,000 Big Flash Warrants
	2.	1146992 Ontario
    Limited	106,383 Big Flash
    Shares
	3.	Reiza Rayman	53,191 Big Flash
    Shares
	4.	Shangrila Capital
    L. P.	212,766 Big Flash
    Shares
	5.	David P.
    Coffin-Beach	53,191 Big Flash
    Shares
	6.	Jonathan Clapham	212,766 Big Flash
    Shares
	7.	Roger Wright	53,191 Big Flash
    Shares
	8.	Wendelyn
    Financial Limited	21,277 Big Flash
    Shares
	9.	Peter Shippen	35,000 Big Flash
    Shares
	10.	Sigmond Soudack	106,383 Big Flash
    Shares
	11.	Philip Turk	53,191 Big Flash
    Shares
	12.	John Vaughan	31,915 Big Flash
    Shares
	13.	Peter Turk	31,915 Big Flash
    Shares
	14.	Sammy Tassone	106,383 Big Flash
    Shares
	15.	Susie Tassone	63,830 Big Flash
    Shares
	16.	Carmelo Buttice	74,468 Big Flash
    Shares
	17.	Redwood Asset
    Management Inc.	212,766 Big Flash
    Shares
	18.	Carlo Sansalone	53,191 Big Flash
    Shares
	19.	Frank Calandra	212,766 Big Flash
    Shares
	20.	Fabio Chianelli	53,191 Big Flash
    Shares
	21.	Frank Calandra	212,766 Big Flash
    Shares
	22.	Jackie Chang	53,191 Big Flash
    Shares
	23.	Bulent Pakdil	21,277 Big Flash
    Shares
	24.	DRD Capital Inc.	74,468 Big Flash
    Shares
	25.	Frank Calandra In
    Trust	63,830 Big Flash
    Shares
	26.	2099419 Ontario
    Inc.	36,170 Big Flash
    Shares
	27.	Fevzi Ogelman	375,641 Big Flash
    Shares
	28.	Jenny Altaian	127,659 Big Flash
    Shares
	29.	2100538 Ontario
    Inc.	265,958 Big Flash
    Shares
	30.	2098205 Ontario
    Inc.	138,297 Big Flash
    Shares
	31.	S. Paul Pathak	21,277 Big Flash
    Shares
	32.	Elliot Birnboim	10,638 Big Flash
    Shares
	33.	Risa Sokoloff	10,638 Big Flash
    Shares
	34.	Dan Chitiz	10,638 Big Flash
    Shares
	
    35.	
    Manoj Pundit	
    21,277 Big Flash Shares
	 	
    
    TOTAL
	
    3,516,489 Big Flash Shares and
    100,000 Big Flash WarrantsBig Flash Corporation - Exhibit 10.5 - Prepared By TNT Filings Inc.

 

BIG FLASH CORPORATION 

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION
RIGHTS AGREEMENT (the "Agreement") is made as of April 28, 2006, by and among
BIG FLASH CORPORATION., a Delaware corporation (the "Company"), and Horst Zerbe,
Ingrid Zerbe and Joel Cohen (the "IntelGenx Principals"), together with the
IntelGenx Principals' qualifying transferees (the "Holders"). 

RECITALS: 

A. The Company's
special purpose Canadian subsidiary, 6544631 Canada Inc.("Exchangeco"),
completed the acquisition of the 10,991,000 common shares of IntelGenx Corp. ("IntelGenx")
held by the IntelGenx Principals pursuant to the Share Exchange Agreement and
other agreements. 

B. Under the Share
Exchange Agreement, Exchangeco acquired all of the issued and outstanding common
shares of IntelGenx held by the IntelGenx Principals in exchange for 10,991,000
Class A Special Shares of Exchangeco ("Exchangeable Shares"). The IntelGenx
Principals have the right to exchange the Exchangeable Shares for 10,991,000
shares (the "Shares") of the common stock, par value $0.0001 per share (the
"Common Stock" or the "Shares") of the Company and Exchangeco has the right to
redeem the Exchangeable Shares on the Redemption Date (as such term is defined
in the provisions do the Exchangeable Shares) in exchange for the Common Stock.
The Shares are to be held in escrow for a period of three years from the
effective date hereof. 

C. The Company agreed to provide
certain registration rights to the Holders with respect to the Shares. 

D. The parties desire to provide in
this Agreement the terms and conditions of the registration rights granted in
connection with the Shares. 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual promises and covenants
contained herein, the Company on side, and the Holders severally and not jointly
on the other, hereby agree as follows: 

AGREEMENT: 

NOW, THEREFORE, in consideration of
the foregoing and of the mutual promises and covenants contained herein, the
parties agree as follows: 

1. Registration Rights. 

1.1 Definitions. As used in this
Agreement, the following terms shall have the following respective meanings:

1 

(a) The term "Public
Sale" shall mean any sale of securities to the public pursuant to (i) an
offering registered under the Securities Act of 1933, as amended (the
"Securities Act") or (ii) the provisions of Rule 144 (or any similar rule or
rules then in effect) under the Securities Act. 

(b) The terms
"register", "registered" and "registration" refer to a registration effected by
preparing and filing a registration statement in compliance with the Securities
Act, and the declaration or ordering of the effectiveness of such registration
statement. 

(c) The term "Registrable
Securities" means the Shares and any shares of Common Stock issued as a dividend
or other distribution with respect to, or in exchange for or in replacement of,
such Common Stock, as the case may be. Any specific Registrable Securities will
cease to be Registrable Securities when (A) they have been transferred in a
Public Sale in a transaction such that all transfer restrictions and restrictive
legends under the Securities Act with respect thereto are or may be removed upon
consummation of such sale, or (B) sold or available for sale in the opinion of
counsel to the Company in a single transaction exempt from the registration and
prospectus delivery requirements of the Securities Act with respect thereto or
may be removed at the consummation of the transaction. 

(d) The term
"Registration Expenses" shall mean all expenses incurred by the Company in
complying with subsections 1.2, 1.3 and 1.4 hereof, including, without
limitation, all registration, qualification and filing fees, printing expenses,
escrow fees, fees and disbursements of counsel for the Company, blue sky fees
and expenses, and the expense of any special audits incident to or required by
any such registration (but excluding the compensation of regular employees of
the Company which shall be paid in any event by the Company.) 

(e) The term "SEC" means the
Securities and Exchange Commission. 

(f) The term "Trading
Market" means any of the NASD OTC Bulletin Board, NASDAQ SmallCap Market, the
Nasdaq National Market, the American Stock Exchange or the New York Stock
Exchange. 

1.2 Demand Registration. 

(a) Demand for
Registration. The Holder or Holders holding at least a majority of the
Registrable Securities (the "Requesting Holders") shall have the right
exercisable two times during the period beginning on April 29, 2009 and ending
on April 28, 2016 to request in writing to the Company (the "Registration
Request") that the Company effect a registration under the Securities Act of all
or part of the Requesting Holders' Registrable Securities (a "Requested
Registration"). The Company shall as promptly as practicable file the Requested
Registration (and in any event no later than sixty (60) days after receiving a
Registration Request) (the "Filing Date") and shall use its best efforts to
cause the same to be declared effective by the Commission as promptly as
practicable after such filing (and in any event no later than one hundred twenty
(120) days after receiving a Registration Request) (the "Effectiveness Date"),
except that in each case the Filing Date and Effectiveness Date may be extended
by up to 60 days in the event that the Company is engaged in a bona fide
financing transaction, including an underwritten offering, ("Financing
Transaction") and the Board of 

2 

Directors reasonably believes a Requested Registration would cause such
Financing Transaction to be terminated; 

(b) Any registration
statement filed pursuant to this Section 1.2 may include securities of the
Company being sold for the account of the Company, provided that the Holders
whose Registrable Securities are being registered on such registration statement
consent in writing. 

(c) If: (i) the
registration statement is not filed on or prior to the Filing Date; (ii) the
Registration Statement is not declared effective by the Commission by the
Effectiveness Date; (iii) after the registration statement is filed with and
declared effective by the Commission, the registration statement ceases to be
effective (by suspension or otherwise) as to all Registrable Securities to which
it is required to relate at any time prior to the expiration of the
Effectiveness Period (as defined below) (without being succeeded immediately by
an additional registration statement filed and declared effective) for a period
of time which shall exceed 45 days in the aggregate per year or more than 30
consecutive calendar days (defined as a period of 365 days commencing on the
date the registration statement is declared effective); or (iv) the Common Stock
is not listed or quoted, or is suspended from trading on any Trading Market for
a period of seven (7) consecutive Trading Days (provided the Company shall not
have been able to cure such trading suspension within 30 days of the notice
thereof or list the Common Stock on another Trading Market); (any such failure
or breach being referred to as an "Event," and for purposes of clause (i) or
(ii) the date on which such Event occurs, or for purposes of clause (iii) the
date which such 45 day or 30 consecutive day period (as the case may be) is
exceeded, or for purposes of clause (iv) the date on which such seven (7)
Trading Day period is exceeded, being referred to as "Event Date"), then until
the applicable Event is cured, the Company shall pay to each Holder an amount in
common stock of the Company, as liquidated damages and not as a penalty, equal
to 2% of the then unsold Registrable Securities for each thirty (30) day period
(prorated for partial periods), up to an aggregate maximum of 10% of the
Registrable Securities for all occurrences under this Section 1.2(c). While such
Event continues, such liquidated damages shall be paid not less often than each
thirty (30) days. Any unpaid liquidated damages as of the date when an Event has
been cured by the Company shall be paid within ten (10) days following the date
on which such Event has been cured by the Company; except that the provisions of
this Section 1.2(c) shall have no effect if at the time that liquidated damages
would otherwise accrue hereunder, the Intelgenx Principals collectively hold in
the aggregate at least four Management Positions. For the purpose of this
Section 1.2 (c) a "Management Position" shall mean employment or engagement by
the Company in the capacity of either (i) an executive officer of the Company,
or (ii) a director of the Company; for clarity an Intelgenx Principal employed
by the Company in a capacity encompassing multiple executive officer titles,
including but not limited to Chief Executive Officer, Chief Financial Officer,
Chief Technology Officer, or Chief Operations Officer, will nonetheless be
considered to be holding one Management Position. 

1.3 Expenses of
Registration. All Registration Expenses shall be borne by the Company. Unless
otherwise stated, all Selling Expenses (as defined in Section 1.5 hereof)
relating to securities registered on behalf of an Holder shall be borne by such
Holder. 

3 

1.4 Registration Procedures. Whenever
any Requesting Holders have requested that any Registrable Securities be
registered pursuant to this Agreement, the Company will use its best efforts to
effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof, and pursuant thereto
the Company will as expeditiously as possible: 

(a) prepare and file
with the Commission a registration statement on any appropriate form under the
Securities Act with respect to such Registrable Securities and use its best
efforts to cause such registration statement to become effective; 

(b) prepare and file
with the Commission such amendments, post-effective amendments, and supplements
to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective pursuant to
Rule 415 at all times during the period from the date it is initially declared
effective until the earliest of (i) the date as of which all of the Holders
(other than any Holders who are "affiliates" of the Company as that term is used
with respect to Rule 144(k) promulgated under the Securities Act) may sell all
of the Registrable Securities without restriction under Rule 144(k) (or the
successor rule thereto) promulgated under the Securities Act, (ii) the date on
which all of the Holders have sold all of the Registrable Securities (the
"Effectiveness Period") registered under such registration statement, or (iii)
two years from the date of effectiveness of such registration statement, and
comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the sellers thereof set
forth in such registration statement; 

(c) furnish, without
charge, to each seller of Registrable Securities such number of copies of the
registration statement, each amendment and supplement thereto, the prospectus
included in such registration statement (including each preliminary prospectus),
any documents incorporated by reference therein and such other documents as such
seller may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by such seller (it being understood that the
Company consents to the use of the prospectus and any amendment or supplement
thereto by each such seller in connection with the offering and sale of the
Registrable Securities covered by the registration statement of which such
prospectus, amendment or supplement is a part); 

(d) use its best
efforts to register or qualify such Registrable Securities under the securities
or blue sky laws of the jurisdictions that the seller of Registrable Securities
reasonably requests; use its best efforts to keep each such registration or
qualification (or exemption therefrom) effective during the period in which such
registration statement is required to be kept effective; 

(e) notify each seller
of Registrable Securities and (if requested by any such person) confirm such
notice in writing (i) when a prospectus or any prospectus supplement or
post-effective amendment has been filed and, with respect to a registration
statement or any post-effective amendment, when the same has become effective,
(ii) of the issuance by any state securities or other regulatory authority of
any order suspending the qualification or exemption from qualification of any of
the Registrable Securities under state securities or "blue sky" laws or the
initiation of any proceedings for that purpose, and (iii) of the happening of
any event which 

4 

makes any statement made in a registration statement or
related prospectus untrue or which requires the making of any changes in such
registration statement, prospectus or documents so that they will not contain
any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading, and, as promptly as practicable thereafter, prepare and file with
the Commission a supplement or amendment to such prospectus and notify each
seller of such filing so that, as thereafter deliverable to the Holders of such
Registrable Securities, such prospectus will not contain any untrue statement of
a material fact or omit a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading; 

(f) provide notice to
each seller of Registrable Securities and each underwriter within a reasonable
amount of time prior to the filing of any registration statement or prospectus
or any amendment or supplement to such registration statement or prospectus, and
furnish a copy thereof to each such seller; 

(g) promptly make
available for inspection by any seller of Registrable Securities, and any
attorney, accountant or other agent or representative retained by any such
seller, all financial and other records, pertinent corporate documents and
properties of the Company, as shall be reasonably necessary to enable such
persons to exercise their due diligence responsibility, and cause the Company's
officers, directors and employees to supply all information reasonably requested
by any such person in connection with such registration statement; 

(h) furnish to each
seller of Registrable Securities a signed counterpart of an opinion or opinions
of counsel to the Company in customary form and covering such matters of the
type customarily covered by such opinions, as such sellers; 

(i) cause the Registrable Securities
included in any registration statement to be listed on each securities exchange,
if any, on which similar securities issued by the Company are then listed; 

(j) during the period when the
prospectus is required to be delivered under the Securities Act, promptly file
all documents required to be filed with the Commission pursuant to the
Securities Exchange Act of 1934, as amended (the "Exchange Act"); 

(k) prepare and file with the
Commission promptly any amendments or supplements to such registration statement
or prospectus which, in the opinion of counsel for the Company is required in
connection with the distribution of the Registrable Securities; 

(1) advise each seller of Registrable
Securities, promptly after it shall receive notice or obtain knowledge thereof,
of the issuance of any stop order by the Commission suspending the effectiveness
of such registration statement or the initiation or threatening of any
proceeding for such purpose and promptly use its best efforts to prevent the
issuance of any stop order or to obtain its withdrawal at the earliest possible
moment if such stop order should be issued; and 

5 

(m) take all such other actions
consistent with reasonable best efforts as are necessary or advisable in order
to expedite or facilitate the disposition of such Registrable Securities. 

(n) Expenses of Registration. All
Registration Expenses incurred in connection with any registration,
qualification or compliance pursuant to this Section 1 shall be borne by the
Company except the Company shall not be required to pay underwriters' fees,
discounts or commissions relating to Registrable Securities (collectively,
"Selling Expenses"). 

1.5 Indemnification. 

(a) In the event of a
registration of any of the Registrable Securities under the Securities Act
pursuant to the terms of this Agreement, the Company will indemnify and hold
harmless and pay and reimburse each seller of such Registrable Securities
thereunder, each underwriter of Registrable Securities thereunder and each other
person, if any, who controls such seller or underwriter within the meaning of
the Securities Act, from and against, and pay or reimburse them for, any losses,
claims, expenses, damages or liabilities, joint or several, to which such
seller, underwriter or controlling person may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon (i)
any untrue statement or alleged untrue statement of any material fact contained
in any registration statement under which such Registrable Securities were
registered under the Securities Act pursuant hereto, any preliminary prospectus
(unless superseded by a final prospectus) or final prospectus contained therein,
or any amendment or supplement thereof, or (ii) the omission or alleged omission
to state in any such registration statement a material fact required to be
stated therein or necessary to make the statements therein not misleading or,
with respect to any prospectus, necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, or (iii)
any violation or alleged violation of the Securities Act or any state securities
or blue sky laws applicable to the Company and relating to action or inaction
required by the Company in connection with the offering of Registrable
Securities and specifically will reimburse each such seller, each underwriter
and each such controlling person for any legal or other expenses reasonably
incurred by it in connection with investigating or defending any such loss,
claim, damage or liability (or action in respect thereof); provided, that
the Company will not be liable in any such case if and to the extent that any
such loss, claim, damage or liability (or action in respect thereof) arises out
of or is based upon the Company's reliance on an untrue statement or alleged
untrue statement or omission or alleged omission so made in conformity with
information furnished by any such seller, any such underwriter or any such
controlling person in writing specifically for use in such registration
statement or prospectus; and provided, further, that the Company shall
not be liable in any such case to the extent that any such loss, claim, damage
or liability (or action in respect thereof) arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission in
such registration statement or prospectus, which untrue statement or alleged
untrue statement or omission or alleged omission is completely corrected in an
amendment or supplement to the registration statement or prospectus and such
seller or such controlling person thereafter fails to deliver or cause to be
delivered such registration statement or prospectus as so amended or
supplemented prior to or concurrently with the Registrable Shares to the person
asserting such loss, claim, damage or liability (or action in respect thereof)
or expense after the Company has furnished such seller or such controlling
person with the same. 

6 

(b) In the event of a
registration of any of the Registrable Securities under the Securities Act
pursuant hereto, each seller of such Registrable Securities thereunder,
severally and not jointly, will indemnify and hold harmless the Company, each
person, if any, who controls the Company within the meaning of the Securities
Act, each officer of the Company who signs the registration statement, each
director of the Company and each underwriter and each person who controls any
underwriter within the meaning of the Securities Act from and against all
losses, claims, expenses, damages or liabilities, joint or several, to which the
Company or such officer, director, or controlling person may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based on any
untrue statement or alleged untrue statement of any material fact contained in
the registration statement under which such Registrable Securities were
registered under the Securities Act pursuant hereto, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereof,
or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse the Company and each such
officer, director, underwriter and controlling person for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage or liability (or action in respect
thereof); provided, that such seller will be liable hereunder in any such
case if and only to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in reliance upon and in conformity with
information pertaining to such seller furnished in writing to the Company by
such seller specifically for use in such registration statement or prospectus;
and provided, further, that the liability of each seller hereunder shall
be limited to the proportion of any such loss, claim, damage, liability or
expense which is equal to the proportion that the public offering price of the
Registrable Securities sold by such seller under such registration statement
bears to the total public offering price of all securities sold thereunder, but
not in any event to exceed the proceeds received by such seller from the sale of
Registrable Securities covered by such registration statement. Notwithstanding
the foregoing, the indemnity provided in this Section 1.5 shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or expense
if such settlement is effected without the consent of such indemnified party,
which shall not be unreasonably withheld. 

(c) Promptly after
receipt by an indemnified party hereunder of notice of the commencement of any
action or claim, such indemnified party shall, if a claim in respect thereof is
to be made against the indemnifying party hereunder, notify the indemnifying
party in writing thereof, but the omission so to notify the indemnifying party
shall not relieve it from any liability which it may have to such indemnified
party other than under this Section 1.5 and shall only relieve it from any
liability which it may have to such indemnified party under this Section 1.5 if
and to the extent the indemnifying party is materially prejudiced by such
omission. In case any such action shall be brought against any indemnified party
and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate in and, to the extent it
shall wish, to assume and undertake the defense thereof with counsel
satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the
defense thereof, the indemnifying party shall not be liable to such indemnified
party under this Section 1.5 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so selected; 
provided, that if the defendants in any 

7 

such action include both the indemnified party
and the indemnifying party and the indemnified party shall have reasonably
concluded that there may be reasonable defenses available to it which are
different from or additional to those available to the indemnifying party or if
the interests of the indemnified party reasonably may be deemed to conflict with
the interests of the indemnifying party, the indemnified party shall have the
right to select a separate counsel and to assume such legal defenses and
otherwise to participate in the defense of such action, with the expenses and
fees of such separate counsel and other expenses related to such participation
to be reimbursed by the indemnifying party as incurred. 

(d) In order to
provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either (i) any holder of Registrable
Securities exercising rights under this Agreement, or any controlling person of
any such holder, makes a claim for indemnification pursuant to this Section 1.5
but it is judicially determined (by the entry of a final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be
enforced in such case notwithstanding the fact that this Section 1.5 provides
for indemnification in such case, or (ii) contribution under the Securities Act
may be required on the part of any such selling holder or any such controlling
person in circumstances for which indemnification is provided under this Section
1.5, then, and in each such case, the Company and such holder will contribute to
the aggregate losses, claims, damages or liabilities to which they may be
subject (after contribution from others) in such proportion so that such holder
is responsible for the portion represented by the percentage that the public
offering price of its Registrable Securities offered by the registration
statement bears to the public offering price of all securities offered by such
registration statement, and the Company is responsible for the remaining
portion; provided, that, in any such case, (A) no such holder will be
required to contribute any amount in excess of the public offering price of all
such Registrable Securities offered by it pursuant to such registration
statement and (B) no person or entity guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any person or entity who was not guilty of such fraudulent
misrepresentation. 

1.6 Information by
Holder. Any Holder or Holders of Registrable Securities included in any
registration shall promptly furnish to the Company such information regarding
such Holder or Holders and the distribution proposed by such Holder or Holders
as the Company may request in writing and as shall be required in connection
with any registration, qualification or compliance referred to herein. 

1.7 Reporting. With a view to making
available to Holders the benefits of certain rules and regulations of applicable
securities laws, the Company agrees at all times to: 

(a) make and keep public information
available, as those terms are understood and defined in Rule 144 under the
Securities Act; 

(b) file with the SEC
in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after it has become subject
to such reporting requirements); and 

8 

(c) so long as a Holder owns any
Registrable Securities, to furnish to such Holder forthwith upon request a
written statement by the Company as to its compliance with the reporting
requirements of the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents so filed by the
Company as the Holder may reasonably request in complying with any rule or
regulation of the SEC allowing the Holder to sell any such securities without
registration. 

1.8 Transfer of
Registration Rights. A Holder's rights to participate in a Company registration
of its securities and keep information available, granted to it by the Company
under subsections 1.2, may not be assigned except for an assignment to
affiliates (as such term is defined in Rule 405 of the Securities Act) of a
Holder, provided, that (a) the Company is given written notice by such Holder at
the time of or within a reasonable time after said transfer, stating the name
and address of said transferee or assignee; and identifying the securities with
respect to which such registration rights are being assigned; (b) the assignee
or transferee of such rights agrees in writing to be bound by the terms and
conditions of this Agreement, and (c) solely as to transfers pursuant to clause
(iii) above, any transferees or assignees agree to act through a single
representative. The Company may prohibit the transfer of any Holders' rights
under this subsection 1.8 to any proposed transferee or assignee who the Company
reasonably believes is a competitor of the Company, or when such transfer may
violate applicable securities laws. 

1.9 Piggy-Back
Registrations. If at any time during the Effectiveness Period there is not an
effective registration statement covering all of the Registrable Securities and
the Company shall determine to prepare and file with the Commission a
registration statement relating to an offering for its own account or the
account of others under the Securities Act of any of its equity securities
(other than on Form S-4 or Form S-8, each as promulgated under the Securities
Act or their then equivalents relating to equity securities to be issued solely
in connection with any acquisition of any entity or business or equity
securities issuable in connection with stock option or other employee benefit
plans), then the Company shall send to each Holder written notice of such
determination and, if within fifteen days after receipt of such notice, any such
Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such
holder requests to be registered to the extent the Company may do so without
violating registration rights of others which exist as of the date of this
Agreement, subject to customary underwriter cutbacks applicable to all holders
of registration rights and subject to obtaining any required the consent of any
selling stockholder(s) to such inclusion under such registration statement.

2. General. 

2.1 Waivers and Amendments. With the
written consent of the record Holders of at least a majority of the Registrable
Securities, the obligations of the Company and the rights of the parties under
this Agreement may be waived (either generally or in a particular instance,
either retroactively or prospectively, and either for a specified period of time
or indefinitely), and with the same consent the Company, when authorized by
resolution of its Board of Directors, may enter into a supplementary agreement
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement; provided, 

9 

however, that no such modification, amendment or waiver shall
reduce the aforesaid percentage of Registrable Securities without the consent of
the Holders of a majority of the Registrable Securities. Upon the effectuation
of each such waiver, consent, agreement of amendment or modification, the
Company shall promptly give written notice thereof to the record Holders of the
Registrable Securities who have not previously consented thereto in writing.
This Agreement or any provision hereof may be changed, waived, discharged or
terminated only by a statement in writing signed by the party against which
enforcement of the change, waiver, discharge or termination is sought, except to
the extent provided in this subsection 2.1. 

2.2 Governing Law. This Agreement shall be governed
in all respects by the laws of the State of New York without regard the
principles of conflicts of law thereof. 

2.3 Successors and Assigns. Except as
otherwise expressly provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the successors, assigns, heirs, executors and
administrators of the parties hereto. 

2.4 Entire Agreement.
This Agreement and the other documents delivered pursuant hereto constitute the
full and entire understanding and agreement between the parties with regard to
the subjects hereof and thereof, and this Agreement shall supersede and cancel
all prior agreements between the parties hereto with regard to the subject
matter hereof. 

2.5 Notices, etc. All
notices and other communications required or permitted hereunder shall be in
writing and shall be delivered by overnight courier service or mailed by first
class mail, postage prepaid, certified or registered mail, return receipt
requested, addressed (a) if to any Holder, at the Holder's address as set forth
in the Company's records, or at such other address as the Holder shall have
furnished to the Company in writing, or (b) if to the Company, at such address
as the Company shall have furnished to the Holder in writing. 

2.6 Severability. In
case any provision of this Agreement shall be invalid, illegal, or
unenforceable, the validity, legality and enforceability of the remaining
provisions of this Agreement or any provision of the other Agreement s shall not
in any way be affected or impaired thereby. 

2.7 Titles and
Subtitles. The titles of the sections and subsections of this Agreement are for
convenience of reference only and are not to be considered in construing this
Agreement. 

2.8 Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one instrument. 

IN WITNESS WHEREOF, 
the parties hereto have executed this Agreement on the date set
forth underneath their respective signatures below. 

10 

"COMPANY" 

BIG FLASH CORPORATION 

a Delaware corporation 

By: 

"HOLDERS:" 

Horst Zerbe 

__________________

Signature                           
Number of Shares Covered: 

Ingrid Zerbe 

__________________

Signature                           
Number of Shares Covered; 

Joel Cohen 

__________________

Signature                           
Number of Shares Covered: 

"COMPANY" 

BIG FLASH CORPORATION 

a Delaware corporation 

By: ____________________

"HOLDERS:" 

Horst Zerbe 

Signature                            
Number of Shares Covered: 4,709,643  

Ingrid Zerbe 

Signature                           
Number of Shares Covered: 4,709,643 

Joel Cohen 

___________________

Signature                           
Number of Shares Covered: 

"COMPANY" 

BIG FLASH CORPORATION 

a Delaware corporation 

By: ________________

"HOLDERS:" 

Horst Zerbe 

____________________

Signature                           
Number of Shares Covered: 

Ingrid Zerbe 

_____________________

Signature                           
Number of Shares Covered: 

Joel Cohen 

_____________________

Signature                           
Number of Shares Covered:

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