Document:

IntelGenx Technologies Corp.: Exhibit 10.5 - Prepared by TNT Filings
   Inc.

Exhibit 10.5

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED HEREBY SHALL NOT TRADE SUCH SECURITIES BEFORE THE EARLIER OF (I) NOVEMBER
●, 2009 AND
(II) THE CLEARANCE DATE (AS HEREIN DEFINED). 

WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON THE EXERCISE THEREOF MAY NOT BE
SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL NOVEMBER ___, 2009. 

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER
THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS WARRANT AND SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE ACT
AND APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE ACT. 

JULY ●, 2009

INTELGENX TECHNOLOGIES CORP. 

a corporation incorporated under the laws of Delaware

and having its principal office at 

6425 Abrams 

Ville St-Laurent, Quebec 

H4S 1X9 

NO. CW-●

● WARRANTS

Each entitling the holder to acquire one (1)

common share of IntelGenx Technologies Corp.,

subject to adjustment in certain circumstances. 

WARRANTS

THIS IS TO CERTIFY THAT for value received 
●
(the “Holder”) is the registered holder of the number of
warrants (the “Warrants”) stated above and is entitled, for each whole Warrant represented hereby, to purchase one Share in the capital of IntelGenx Technologies Corp. (the
“Corporation”) at any time from the date of issue hereof up to and including 5:00 p.m. (Toronto Time) July 
●, 2012 (the “Expiry Time”) at a price per Share equal to US$0.80 (the “Exercise Price”), upon and subject to the following terms and conditions. 

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Definitions

	
(a) 		
“Broker Shares” means the Shares issued to the Agents in connection with the Offering;

	
	 	 
	
(b) 		
“Clearance Date” means the earlier of the fifth business day after: (i) a receipt for a (final) prospectus is obtained, qualifying the distribution of the Unit
Shares and Warrants issuable on exercise of the Special Warrants in the provinces of Quebec, British Columbia, Alberta and Ontario; and (ii) a registration statement to register the Registrable Securities is declared effective by the United States
Securities and Exchange Commission;

	
	 	 
	
(c) 		
“Compensation Options” means the compensation options issued to the Agents in connection with the Offering with each Compensation Option entitling the holder
thereof to acquire one Compensation Option Share at an exercise price equal to US$0.80 until July ___, 2012;

	
	 	 
	
(d) 		
“Compensation Option Shares” means the Shares issuable upon exercise of the Compensation Options;

	
	 	 
	
(e) 		
“Offering” means the private placement offering of up to 11,250,000 Special Warrants issued on July ___, 2009;

	
	 	 
	
(f) 		
“Registrable Securities” means the Unit Shares, Warrants, Warrant Shares, Compensation Options, Compensation Option Shares and Broker Shares;

	
	 	 
	
(g) 		
“Shares” means the shares of common stock with a par value of US$0.0001 in the capital of the Corporation;

	
	 	 
	
(h) 		
“Special Warrants” means special warrants of the Corporation exercisable upon certain stated events and subject to adjustment, for one Unit Share and one
Warrant;

	
	 	 
	
(i) 		
“Unit Share” means one Share issuable upon exercise or deemed exercise of the Special Warrants; and

	
	 	 
	
(j) 		
“Warrant Share” means one Share issuable upon exercise or deemed exercise of a Warrant.

	

Capitalized terms used herein without definition have the meanings ascribed thereto in the agency agreement dated July 
●, 2009 among the Corporation and Paradigm Capital Inc., Bolder
Investment Partners, Ltd. and Union Securities Ltd. (collectively, the “Agents”). 

	
1. 		
The Warrants represented by this Warrant Certificate may not be exercised in the United States or by or on behalf of a U.S. Person nor will the Shares issuable upon exercise of these Warrants be registered or
delivered to an address in the United States, unless the Shares issuable upon exercise of these Warrants have been registered in accordance to the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”) or an exemption from the registration requirements of the U.S. Securities Act or the securities laws of any U.S. state is available, and the Corporation receives an opinion of counsel to such effect in form and
substance satisfactory to it. As used herein, the terms “United States” and “U.S. Person” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

	
	 	 
		
The Warrants represented by this Warrant Certificate are, and the Warrant Shares (if they are issued prior to November 
●, 2009) shall be subject to certain resale
restrictions under applicable securities legislation and unless permitted under securities legislation and subject to Section 15 hereof, the Warrants and the Warrant Shares may not be traded before the earlier of (i) November [●], 2009 and (ii) the Clearance Date. Certificates representing the Warrant Shares shall bear a legend until the expiration of the hold period indicating that they may not be traded before the earlier of (i) November
[●], 2009 and (ii) the Clearance Date.

	
	 	
 

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The Holder is advised to seek professional advice as to applicable resale restrictions.

	
2. 		
At any time, or from time to time, at or prior to the Expiry Time (the “Exercise Period”), the Holder may exercise all or any number of whole Warrants
represented hereby, upon delivering to the Corporation at its principal office noted above this Warrant Certificate, together with a duly completed and executed subscription notice in the form attached hereto as Schedule “B” (the
“Subscription Notice”) evidencing the election (which on delivery to the Corporation shall be irrevocable) of the Holder to exercise the number of Warrants set forth in the Subscription Notice
(which shall not be greater than the number of Warrants represented by this Warrant Certificate as adjusted from time to time pursuant to Sections 5 and 6 of this Warrant Certificate) and a certified cheque or bank draft payable to the Corporation
for the aggregate Exercise Price of all Warrants being exercised. If the Holder is not exercising all Warrants represented by this Warrant Certificate, the Holder shall be entitled to receive, without charge, a new Warrant Certificate representing
the number of Warrants which is the difference between the number of Warrants represented by the then original Warrant Certificate and the number of Warrants being so exercised.

	
	 	 
	
3. 		
The Holder shall be deemed to have become the holder of record of Shares on the date (the “Exercise Date”) on which the Corporation has received a duly
completed Subscription Notice, delivery of the Warrant Certificate and payment in full in respect of the Shares by way of a certified cheque, bank draft or money order in lawful money of Canada payable to the order of IntelGenx Technologies Corp. or
its successor corporation; provided, however, that if such date is not a business day in the City of Toronto, Ontario, the City of Montreal, Quebec or a statutory holiday in the United States of America (a “Business
Day”) then the Shares shall be deemed to have been issued and the Holder shall be deemed to have become the holder of record of the Shares on the next following Business Day. Within three (3) Business Days of the
Exercise Date, the Corporation shall issue and deliver (or cause to be delivered) to the Holder, by registered mail or pre-paid courier to his, her or its address specified in the register of the Corporation or otherwise indicated on the
Subscription Notice, one or more certificates for the appropriate number of issued and outstanding Shares.

	
	 	 
	
4. 		
The Corporation represents and warrants that it is duly authorized and has the corporate and lawful power and authority to create and issue the Warrants and to perform its obligations hereunder and that this Warrant
Certificate represents a valid, legal and binding obligation of the Corporation enforceable in accordance with its terms, and the Corporation further covenants and agrees that, until the Expiry Time, while any of the Warrants represented by this
Warrant Certificate shall be outstanding: (a) it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Shares to satisfy the right of purchase herein provided, as such right of purchase may be adjusted
pursuant to Sections 5 and 6 of this Warrant Certificate; (b) all Shares which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Shares may at the time be purchased
pursuant to the provisions hereof, shall be issued as fully paid and non-assessable shares and the holders thereof shall not be liable to the Corporation or its creditors in respect thereof; (c) the Corporation shall make all requisite filings under
the Securities Act (Ontario) and the regulations made thereunder including those necessary to remain a reporting issuer not in default of any requirement of such act and regulations; (d) the Corporation
shall use all reasonable efforts to preserve and maintain its corporate existence; and (e) the Corporation shall use all reasonable efforts to maintain the listing of the Shares (or any shares or securities, whether of the Corporation or another
company or entity, into which the common shares of the Corporation may from time to time be converted, reclassified or exchanged) on the TSX Venture Exchange (the “TSXV”) or such other
recognized stock exchange or quotation system on which the common shares of the Corporation may trade, to the Expiry Time.

	
	 	 
	
5. 		
The Exercise Price and the number of Shares purchasable upon exercise shall be subject to adjustment from time to time in the events and in the manner provided as follows:

	
	 	 
		
(a) 

		
Share Reorganization. If during the Exercise Period the Corporation shall:
	 	
 	
 

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(i) 		
issue Shares or securities exchangeable for or convertible into Shares to holders of all or substantially all of its then outstanding Shares by way of stock dividend or other distribution, or

	
	 	 	 	 
	
 	
 	
(ii) 		
subdivide, redivide or change its outstanding Shares into a greater number of Shares, or

	
	 	 	 	 
	
 	
 	
(iii) 		
consolidate, reduce or combine its outstanding Shares into a lesser number of Shares,

	

(any of such events in these paragraphs (i), (ii) and (iii) being a “Share Reorganization”), then the Exercise Price shall be adjusted as of the effective date or record date, as
the case may be, at which the holders of Shares are determined for the purpose of the Share Reorganization by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which
shall be the number of Shares outstanding on such effective date or record date before giving effect to such Share Reorganization and the denominator of which shall be the number of Shares outstanding as of the effective date or record date after
giving effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible into Shares are distributed, the number of Shares that would have been outstanding had such securities been fully exchanged for or
converted into Shares on such record date or effective date). From and after any adjustment of the Exercise Price pursuant to this Section 5(a), the number of Shares purchasable pursuant to this Warrant Certificate shall be adjusted
contemporaneously with the adjustment of the Exercise Price by multiplying the number of Shares then otherwise purchasable on the exercise thereof by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to the
adjustment and the denominator of which shall be the Exercise Price resulting from such adjustment. 

	
 	
(b) 		
Rights Offering. If and whenever during the Exercise Period the Corporation shall fix a record date for the issue of rights, options or warrants to all or substantially all of the holders of
Shares under which such holders are entitled, during a period expiring not more than 45 days after the record date for such issue (“Rights Period”), to subscribe for or purchase Shares or
securities exchangeable for or convertible into Shares at a price per share to the holder (or having a conversion price or exchange price per Share) of less than 95% of the Current Market Price (as defined in Section 6 hereof) for the Shares on such
record date (any of such events being called a “Rights Offering”), then the Exercise Price shall be adjusted effective immediately after the end of the Rights Period to a price determined by
multiplying the Exercise Price in effect immediately prior to the end of the Rights Period by a fraction:

	
	 	 	 	 	 	 
	 		
(i) 		
the numerator of which shall be the aggregate of:

	
	 	 	 	 	 	 
	 			
(A) 		
the number of Shares outstanding as of the record date for the Rights Offering, and

	
	 	 	 	 	 	 
	 			
(B) 		
a number determined by dividing either

	
	 	 	 	 	 	 
	 				
I. 		
the product of the number of Shares issued or subscribed for during the Rights Period and the price at which such Shares are offered,

	
	 	 	 	 	 	 
	 				
or, as the case may be,

	
	 	 	 	 	 	 
	 				
II. 		
the product of the exchange or conversion price per share of such securities offered and the number of Shares for or into which the securities so offered pursuant to the Rights Offering have been exchanged or
converted during the Rights Period,

	
	 	 	 	 	 	 
	 				
by the Current Market Price of the Shares as of the record date for the Rights Offering; and

	
	 	 	 	 	
 

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(ii) 		
the denominator of which shall be the number of Shares outstanding after giving effect to the Rights Offering and including the number of Shares actually issued or subscribed for during the Rights Period upon exercise
of the rights, warrants or options under the Rights Offering or upon the exercise of the exchange or conversion rights contained in such exchangeable or convertible securities under the Rights Offering.

	

If the Holder has exercised any of the Warrants during the period beginning immediately after the record date for a Rights Offering and ending on the last day of the Rights Period, the Holder shall, in addition to the Shares to which
the Holder is otherwise entitled upon such exercise in accordance with Section 2 hereof, be entitled to that number of additional Shares equal to the result obtained when the difference, if any, resulting from the subtraction of the Exercise Price
as adjusted for such Rights Offering pursuant to this Section 5(b) from the Exercise Price in effect immediately prior to the end of such Rights Offering is multiplied by the number of Shares purchased upon exercise of the Warrants held by such
Holder during such period, and the resulting product is divided by the Exercise Price as adjusted for such Rights Offering pursuant to this Section 5(b); provided that the provisions of Section 9 shall be applicable to any fractional interest in a
Share to which such Holder might otherwise be entitled under the foregoing provisions of this Section 5(b). Such additional Shares shall be deemed to have been issued to the Holder immediately following the end of the Rights Period and a certificate
for such additional Shares shall be delivered to such Holder within three (3) Business Days following the end of the Rights Period. 

	
 	
(c) 		
Special Distribution. If and whenever during the Exercise Period the Corporation shall issue or distribute to all or to substantially all the holders of the Shares:

	
	 	 	 	 
	 		
(i) 		
securities of the Corporation including shares, rights, options or warrants to acquire shares of any class or securities exchangeable for or convertible into or exchangeable into any such shares or cash, property or
assets and including evidences of its indebtedness, or

	
	 	 	 	 
	 		
(ii) 		
any cash, property or other assets,

	
	 	 	 	 
	 			
and if such issuance or distribution does not constitute dividends paid in the ordinary course, a Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a “Special Distribution”), the Exercise Price will be adjusted immediately after such record date so that it will equal the rate determined by multiplying the Exercise Price in effect on such record date by a
fraction, of which the numerator shall be the total number of Shares outstanding on such record date multiplied by the Current Market Price on the earlier of such record date and the date on which the Corporation announces its intention to make such
distribution, less the aggregate fair market value (as determined by the directors, acting reasonably, at the time such distribution is authorized) of such shares or rights, options or warrants or evidences of indebtedness or cash, securities or
other property or assets so distributed, and of which the denominator shall be the total number of Shares outstanding on such record date multiplied by such Current Market Price and the number of Shares to be issued by the Corporation under the
Warrants shall, at the time of exercise, be appropriately adjusted.

	
	 	 	 	 
	
 	
(d) 		
Capital Reorganization. If and whenever during the Exercise Period there shall be a reclassification of Shares at any time outstanding or a change of the Shares into other shares or into
other securities (other than a Share Reorganization), or a consolidation, amalgamation, arrangement or merger of the Corporation with or into any other corporation or other entity (other than a consolidation, amalgamation, arrangement or merger
which does not result in any reclassification of the outstanding Shares or a change of the Shares into other securities), or a transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to another
corporation or other entity (any of such events being herein called a “Capital Reorganization”), the Holder, where he has not exercised the right of subscription and purchase under this
Warrant Certificate prior to the effective date or record date, as the case may be, of such Capital Reorganization, shall be entitled to receive, and shall accept upon the exercise of such right for the same aggregate consideration, in lieu of the number of Shares to which such holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property which such holder would
have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, he had been the registered holder of the number of Shares to which such holder was theretofore entitled to subscribe for and purchase;
provided however, that no such Capital Reorganization shall be carried into effect unless all necessary steps shall have been taken to so entitle the Holder. If determined appropriate by the board of directors of the Corporation, acting reasonably
and in good faith, and subject to the prior written approval of the principal Canadian stock exchange or over-the-counter market on which the Shares are then listed or quoted for trading, appropriate adjustments shall be made as a result of any such
Capital Reorganization in the application of the provisions set forth in this Section 5 with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in this Section 5 shall thereafter correspondingly be
made applicable as nearly as may reasonably be necessary in relation to any shares, other securities or other property thereafter deliverable upon the exercise of any Warrant. Any such adjustments shall be made by and set forth in terms and
conditions supplemental hereto approved by the board of directors of the Corporation, acting reasonably and in good faith. 

	
	
 	
 	
 

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(e) 		
If and whenever at any time after the date hereof and prior to the Expiry Time, the Corporation takes any action affecting its Shares to which the foregoing provisions of this Section 5, in the opinion of the board of
directors of the Corporation, acting reasonably and in good faith, are not strictly applicable, or if strictly applicable would not fairly adjust the rights of the Holder against dilution in accordance with the intent and purposes thereof, or would
otherwise materially affect the rights of the Holder hereunder, then the Corporation shall execute and deliver to the Holder an amendment hereto providing for an adjustment in the application of such provisions so as to adjust such rights as
aforesaid in such a manner as the board of directors of the Corporation may determine to be equitable in the circumstances, acting reasonably and in good faith. The failure of the taking of action by the board of directors of the Corporation to so
provide for any adjustment on or prior to the effective date of any action or occurrence giving rise to such state of facts will be conclusive evidence that the board of directors has determined that it is equitable to make no adjustment in the
circumstances.

	

	
6. 		
The following rules and procedures shall be applicable to the adjustments made pursuant to Section 5:

	
	 	 	 
		
(a) 		
The adjustments provided for in Section 5 are cumulative, and shall, in the case of adjustments to the Exercise Price be computed to the nearest one-tenth of one cent and shall be made successively whenever an event
referred to therein shall occur, subject to the following paragraphs of this Section 6.

	
	 	 	 
		
(b) 		
No adjustment in the Exercise Price shall be required unless such adjustment would result in a change of at least 1% in the prevailing Exercise Price and no adjustment shall be made in the number of Shares purchasable
upon exercise of this Warrant unless it would result in a change of at least one one-hundredth of a Share; provided, however, that any adjustments which, except for the provisions of this Section 6(b) would otherwise have been required to be made,
shall be carried forward and taken into account in any subsequent adjustment.

	
	 	 	 
		
(c) 		
No adjustment in the Exercise Price or in the number of Shares purchasable upon exercise of Warrants shall be made in respect of any event described in Section 5, other than the events referred to in Section 5(d), if
the Holder is entitled to participate in such event on the same terms, mutatis mutandis, as if it had exercised its Warrants prior to or on the effective date or record date of such event. The terms of
the participation of the Holder in such event shall be subject to the prior written approval of the principal Canadian stock exchange or over-the-counter market on which the Shares are then listed or quoted for trading.

	
	 	 	 
		
(d) 		
No adjustment in the Exercise Price shall be made pursuant to Section 5 in respect of the issue from time to time:

	
	 	
 	
 

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(i) 		
of Shares purchasable on exercise of the Warrants represented by or issued concurrently with this Warrant Certificate;

	
	 	 	 	 
	
 	
 	
(ii) 		
in respect of the issue from time to time as dividends paid in the ordinary course of Shares to holders of Shares who exercise an option or election to receive substantially equivalent dividends in Shares in lieu of
receiving a cash dividend pursuant to a dividend reinvestment plan or similar plan adopted by the Corporation in accordance with the requirements of the principal Canadian stock exchange or over-the-counter market on which the Shares are then listed
or quoted for trading and applicable securities laws;

	
	 	 	 	 
	
 	
 	
(iii) 		
of Shares pursuant to any stock option plan, stock purchase plan or benefit plan in force at the date hereof for directors, officers, employees, advisers or consultants of the Corporation, as such option or plan is
amended or superseded from time to time in accordance with the requirements of the principal Canadian stock exchange or over-the- counter market on which the Shares are then listed or quoted for trading and applicable securities laws, and such other
stock option plan, stock purchase plan or benefit plan as may be adopted by the Corporation in accordance with the requirements of the principal Canadian stock exchange or over-the-counter market on which the Shares are then listed or quoted for
trading and applicable securities laws;

	
	 	 	 	 
	
 	
 	
(iv) 		
the payment of interest on any outstanding notes;

	
	 	 	 	 
	
 	
 	
(v) 		
the issuance of securities in connection with strategic license agreements and other partnering arrangements; or

	
	 	 	 	 
	
 	
 	
(vi) 		
full or partial consideration in connection with a strategic merger, consolidation or purchase of substantially all of the securities or assets of a corporation or other entity;

	

and any such issue shall be deemed not to be a Share Reorganization or Capital Reorganization.

	
 	
(e) 		
If the Corporation shall set a record date to determine the holders of the Shares for the purpose of entitling them to receive any dividend or distribution or any subscription or purchase rights and shall, thereafter
and before the distribution to such shareholders of any such dividend, distribution or subscription or purchase rights, legally abandon its plan to pay or deliver such dividend, distribution or subscription or purchase rights, then no adjustment in
the Exercise Price or the number of Shares purchasable upon exercise of any Warrant shall be required by reason of the setting of such record date.

	
	 	 	 
	
 	
(f) 		
As a condition precedent to the taking of any action which would require any adjustment in any of the subscription rights pursuant to this Warrant Certificate, including the Exercise Price and the number or class of
shares or other securities which are to be received upon the exercise thereof, the Corporation shall take any corporate action which may be necessary in order that the Corporation have unissued and reserved in its authorized capital and may validly
and legally issue as fully paid and non-assessable all the shares or other securities which the Holder of such Warrant Certificate is entitled to receive on the full exercise thereof in accordance with the provisions hereof.

	
	 	 	 
	
 	
(g) 		
For the purposes of this Warrant Certificate, “Current Market Price” of a Share at any date shall be calculated as the price per Share equal to the weighted
average price at which the Shares have traded in the principal Canadian stock exchange or, if the Shares are not listed, the over-the- counter market, on which the Shares are then listed or posted for trading during the 20 consecutive trading days
(on each of which at least 500 Shares are traded in board lots) ending on the fifth trading day immediately prior to such date as reported by such market or exchange in which the Shares are then trading or quoted. If the Shares are not then traded
in the over-the-counter market or on a recognized Canadian stock exchange, the Current Market Price of the Shares shall be fair market value of the Shares as determined by a nationally or internationally recognized investment dealer or investment banker. 

	
	
 	
 	
 

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(h) 		
In the absence of a resolution of the board of directors of the Corporation fixing a record date for any dividend or distribution referred to in Section 5(a)(i) or any Rights Offering or Special Distribution, the
Corporation shall be deemed to have fixed as the record date therefor the date on which such dividend or distribution is effected.

	
	 	 	 
	
 	
(i) 		
Any question or dispute that at any time or from time to time arises with respect to the amount of any adjustment to the Exercise Price or other adjustments pursuant to Section 5 shall be conclusively determined by a
firm of independent chartered accountants (who may be the Corporation’s auditors) and shall be binding upon the Corporation and the Holder. Notwithstanding the foregoing, such determination shall be subject to the prior written approval of the
principal Canadian stock exchange or over-the-counter market on which the Shares are then listed or quoted for trading. In the event that any such determination is made, the Corporation shall notify the Holder in the manner contemplated in Section
19 describing such determination.

	

	
7. 		
On the happening of each and every such event set out in Section 5, the applicable provisions of this Warrant Certificate, including the Exercise Price, shall, ipso facto, be deemed to be amended accordingly and the Corporation shall take all necessary action so as to comply with such provisions as so amended.

	
	 	 	 
	
8. 		
In any case in which Section 5 shall require that an adjustment shall be effective immediately after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such an
event:

	
	 	 	 
		
(a) 		
issuing to the Holder of any Warrant exercised after such record date and before the occurrence of such event, the additional Shares issuable upon such exercise by reason of the adjustment required by such event,
and

	
	 	 	 
		
(b) 		
delivering to such Holder any distributions declared with respect to such additional Shares after such Exercise Date and before such event;

	
	 	 	 
			
provided, however, that the Corporation shall deliver or cause to be delivered to such Holder, an appropriate instrument evidencing such Holder’s right, upon the occurrence of the event requiring the adjustment,
to an adjustment in the Exercise Price or the number of Shares purchasable on the exercise of any Warrant and to such distributions declared with respect to any additional Shares issuable on the exercise of any Warrant.

	
	 	 	 
	
9. 		
At least 10 Business Days prior to the effective date or record date, as the case may be, of any event which requires or might require adjustment in any of the subscription rights pursuant to this Warrant Certificate,
including the Exercise Price and the number of Shares which are purchasable upon the exercise thereof, or such longer period of notice as the Corporation shall be required to provide holders of Shares in respect of any such event, the Corporation
shall notify the Holder of the particulars of such event and, if determinable, the required adjustment and the computation of such adjustment. In case any adjustment for which such notice has been given is not then determinable, the Corporation
shall promptly after such adjustment is determinable notify the Holder of the adjustment and the computation of such adjustment.

	
	 	 	 
	
10. 		
The Corporation shall maintain at its principal office a register of Holders in which shall be entered the names and addresses of the Holders of the Warrants and of the number of Warrants held by them. Such register
shall be open at all reasonable times for inspection by the Holder. The Corporation shall notify the Holder forthwith of any change of address of the principal office of the Corporation.

	
	 	 	 
	
11. 		
The Corporation shall not be required to issue fractional Shares in satisfaction of its obligations hereunder. If any fractional interest in a Share would, except for the provisions of this Section 11, be deliverable
upon the exercise of a Warrant, the Corporation shall in lieu of delivering the fractional Shares therefor satisfy the right to receive such fractional interest by payment to the holder of such Warrant of an amount in cash equal (computed in the case of a fraction of a cent to the next lower cent) to the value of the right to acquire such fractional interest on the basis of the Current Market Price at the Exercise Date. 

	
	
 	
 

- 9 -

	
12. 		
Subject as herein provided, all or any of the rights conferred upon the Holder by the terms hereof may be enforced by the Holder by appropriate legal proceedings.

	
	 	 	 
	
13. 		
The registered Holder of this Warrant Certificate may at any time up to and including the Expiry Time, upon the surrender hereof to the Corporation at its principal office, exchange this Warrant Certificate for one or
more Warrant Certificates entitling the Holder to subscribe in the aggregate for the same number of Shares as is expressed in this Warrant Certificate. Any Warrant Certificate tendered for exchange shall be surrendered to the Corporation and
cancelled.

	
	 	 	 
	
14. 		
If this Warrant Certificate becomes stolen, lost, mutilated or destroyed, the Corporation shall, on such terms as it may in its discretion acting reasonably impose, issue and deliver to the Holder a new Warrant
Certificate of like denomination, tenor and date as the Warrant Certificate so stolen, lost, mutilated or destroyed.

	
	 	 	 
	
15. 		
This Warrant Certificate and the Warrants represented hereby are transferable subject to compliance with all applicable laws.

	
	 	 	 
	
16. 		
No transfer of Warrants shall be valid unless made by the Holder or its executors, administrators or other legal representatives or its attorney duly appointed by an instrument in writing in form and execution
satisfactory to the Corporation upon compliance with such reasonable requirements as the Corporation may prescribe, including compliance with all applicable securities legislation, and recorded on the register of holders of Warrants maintained by
the Corporation, nor until stamp or governmental or other charges arising by reason of such transfer have been paid. The transferee of a Warrant shall, after a form of transfer, as annexed hereto as Schedule “A” is duly completed and the
Warrant is lodged with the Corporation and upon compliance with all other reasonable requirements of the Corporation and the transferor or any previous holder of such Warrant, save in respect of equities of which the Corporation is required to take
notice by statute or by order of a court of competent jurisdiction. The Corporation may treat the registered holder of any Warrant certificate as the absolute owner of the Warrants represented thereby for all purposes, and the Corporation shall not
be affected by any notice or knowledge to the contrary except where the Corporation is required to take notice by statute or by order of a court of competent jurisdiction. Nothing contained herein shall confer any right upon the registered holder
hereof or any other person to subscribe for or purchase any shares of the Corporation at any time subsequent to the Expiry Time. Nothing herein contained or done pursuant hereto shall obligate the Holder to purchase or pay for or the Corporation to
issue any securities except those Shares in respect of which the Holder shall have exercised its right to purchase hereunder in the manner provided herein. All warrants of the Corporation shall rank pari passu, notwithstanding the actual date of the issue thereof. After the Expiry Time this Warrant Certificate and all rights hereunder shall be void and of no value.

	
	 	 	 
	
17. 		
Except as expressly set out herein, the holding of this Warrant Certificate or the Warrants represented hereby shall not constitute a Holder hereof a holder of Shares nor entitle it to any right of interest in respect
thereof.

	
	 	 	 
	
18. 		
If any one or more of the provisions or parts thereof contained in this Warrant should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts thereof
contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and:

	
	 	 	 
		
(a) 		
the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed; and

	
	 	
 	
 

- 10 -

	
 	
(b) 		
the invalidity, illegality or unenforceability of any provision or part thereof contained in this Warrant Certificate in any jurisdiction shall not affect or impair such provision or part thereof or any other
provisions of this Warrant Certificate in any other jurisdiction.

	

	
19. 		
Any notice, document or communication required or permitted by this Warrant to be given by a party hereto shall be in writing and is sufficiently given if delivered personally, or if sent by prepaid registered mail,
or if transmitted by any form of recorded telecommunication rested prior to transmission, to such party addressed as follows:

	
	 	 	 
		
(a) 		
to the Holder, in the register to be maintained pursuant to section 10 hereof; and

	
	 	 	 
		
(b) 		
to the Corporation at:

	

IntelGenx Technologies Corp.

6425 Abrams 

Ville St-Laurent, Québec 

H4S 1X9 

	

Attention:
	
	
President
	
	

Telecopier:
	
	
(514) 331-0436
	

	
20. 		
Time is of the essence hereof.

	
	 	 
	
21. 		
This Warrant Certificate shall enure to the benefit of the Holder and his heirs, executors, administrators, legal personal representatives, permitted assigns and successors is binding upon the Corporation and its
successors and assigns.

	
	 	 
	
22. 		
This Warrant Certificate and the Warrants represented hereby shall be governed by the laws of the State of Delaware and the federal laws of the United States of America applicable therein.

	

[SIGNATURE PAGE FOLLOWS]

 

IN WITNESS WHEREOF this Warrant Certificate has been executed on behalf of IntelGenx Technologies Corp. as of the 
● day of July, 2009. 

INTELGENX TECHNOLOGIES CORP.

By: _______________________________________

Horst G. Zerbe 

President and Chief Executive Officer

 

SCHEDULE “A” 

FORM OF TRANSFER

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name)

 

(the “Transferee”),

 

(Residential Address of Transferee)

    __________________    Warrants of IntelGenx Technologies Corp. (the “Corporation”) registered in the name of the undersigned on the records of the Corporation represented by the within Warrant Certificate, and irrevocably appoints the Secretary
of the Corporation as the attorney of the undersigned to transfer the said securities on the books or register of transfer, with full power of substitution. 

DATED the _________ day of
__________________, 20___ .

	
 	
 	
 
	
 	
 	
 
	
 	
 	
 
	
Signature Guaranteed
		
 	
(Signature of Warrantholder, to be the same as appears on the
fact of this Warrant Certificate)
	
	
 
		
 	
 
	 	
 
	
 
		
 	
Print Name
	
 	
 	
 
	
 	
 	
 
	
 	
 	
 
	
 	
 	
 
	
 	
 	
 Address
	
	
 	
 	
 

SCHEDULE “B” 

SUBSCRIPTION NOTICE 

TO: 

INTELGENX TECHNOLOGIES CORP. 

6425 Abrams 

Ville St-Laurent, Quebec 

H4S 1X9 

The undersigned registered Holder of the attached Warrant Certificate, hereby: 

	
 	
(a) 		
subscribes for _________________________________ common shares (“Shares”) (or such number of Shares or other securities or property to which such subscription entitles the undersigned in lieu thereof
or in addition thereto under the Warrant Certificate) of IntelGenx Technologies Corp. (the “Corporation”) at the price per Share in United States funds equal to US$0.80 (or such adjusted price which may be in effect under the
provisions of the Warrant Certificate) and in payment of the exercise price encloses a certified cheque, bank draft or money order in lawful money of the United States payable to the order of IntelGenx Technologies Corp. or its successor
corporation; and

	
	 	 	 
	
 	
(b) 		
delivers herewith the above-mentioned Warrant Certificate entitling the undersigned to subscribe for the above-mentioned number of Shares.

	
	 	 	 
	 		
The undersigned hereby directs that the said Shares be registered as follows:

	

	
 
		
 	
Address(es)
		
 	
Number of
	
	
Name(s) in full
		
 	
(including Postal Code)
		
 	
Shares
	

     Total: ________

(Please print full name in which share certificates are to be issued. If any of the Shares are to be issued to a person or persons other than the Holder, the Holder must pay to the Corporation all requisite taxes or other
governmental charges.) 

	
 	
(c) 		
certifies either (i) that the undersigned is not a U.S. Person or a person in the United States, and is not acquiring any of the Shares hereby subscribed for the account or benefit of a U.S. Person or a person in the
United States, and none of the persons listed in paragraph (b) above is a U.S. Person or a person in the United States, other than an Accredited Investor as defined in Rule 501(a) under the U.S. Securities Act of 1933, as amended, or (ii) as of the
date hereof there is an effective registration statement filed with the United States Securities and Exchange Commission covering the issuance of the Shares. For purposes hereof the terms “United States” and “U.S. Person” shall
have the meanings ascribed to them in Regulation S under the U.S. Securities Act of 1933, as amended.

	

DATED this _________ day of
__________________, 20___ .

	
 
	
(Signature of Subscriber)
	
	
 
	
 
	
 
	
(Print Name of Subscriber)
	
	
 
	
 
	
 
	
(Address of Subscriber in full)
	
	
 
	
 
	
 
	
 
	
 
	
 
	
 

The certificates will be mailed by registered mail to the address appearing in this Subscription Notice.IntelGenx Technologies Corp.: Exhibit 10.6 - Prepared by TNT Filings
   Inc.

  

Exhibit 10.6

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED HEREBY SHALL NOT TRADE SUCH SECURITIES BEFORE NOVEMBER 14, 2009.

WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON THE EXERCISE THEREOF MAY NOT BE SOLD,
TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL NOVEMBER 14, 2009. 

THE SECURITIES REPRESENTED BY THIS COMPENSATION OPTION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER
THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

THIS COMPENSATION OPTION MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS COMPENSATION OPTION AND COMPENSATION OPTION SHARES ISSUABLE UPON EXERCISE OF THIS COMPENSATION
OPTION HAVE BEEN REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE
ACT. 

JULY 13, 2009

INTELGENX TECHNOLOGIES CORP. 

a corporation incorporated under the laws of Delaware

and having its principal office at 

6425 Abrams 

Ville St-Laurent, Quebec 

H4S 1X9

	

NO. CO- ●
	

[●] COMPENSATION OPTIONS

Each entitling the holder to acquire one (1) Compensation Option Share (as defined herein) of IntelGenx Technologies Corp., subject to adjustment in certain circumstances.

	

COMPENSATION OPTIONS

THIS IS TO CERTIFY THAT for value received [●] (the “Holder”) is the registered holder of the number of compensation options (the “Compensation Options”) stated above and is entitled, for each whole
Compensation Option represented hereby, to purchase one share (the “Compensation Option Shares”) of the common stock of IntelGenx Technologies Corp. (the “Corporation”) at any time from the date of issue
hereof up to and including 5:00 p.m. (Toronto Time) on July 13, 2012 (the “Expiry Time”) at a price equal to US$0.80 (the “Exercise Price”), upon and subject to the following terms and conditions. 

 

- 2 -

Capitalized terms used herein without definition have the meanings ascribed thereto in the agency agreement dated July 13, 2009 among the Corporation and Paradigm Capital Inc., Bolder Investment Partners, Ltd. and Union Securities Ltd.

	
1. 		
The Compensation Options represented by this Compensation Option Certificate may not be exercised in the United States or by or on behalf of a U.S. Person nor will the Compensation Option Shares issuable upon exercise of these
Compensation Options be registered or delivered to an address in the United States, unless the Compensation Option Shares issuable upon exercise of these Compensation Options have been registered in accordance to the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or an exemption from registration under the U.S. Securities Act or the securities laws of any U.S. state is available, and the Corporation receives an opinion of counsel to such effect in
form and substance satisfactory to it. As used herein, the terms “United States” and “U.S. Person” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

	
	 	 
		
The Compensation Options represented by this Compensation Option Certificate and the Compensation Option Shares issuable upon exercise of these Compensation Options are subject to certain resale restrictions under applicable
securities legislation and unless permitted under securities legislation, the Compensation Options and the Compensation Option Shares may not be traded before November 14, 2009 and the certificates representing the Compensation Option Shares (if
issued prior to November 14, 2009) shall bear a legend indicating that they may not be traded before such date. The Holder is advised to seek professional advice as to applicable resale restrictions.

	
	 	 
	
2. 		
At any time, or from time to time, at or prior to the Expiry Time (the “Exercise Period”), the Holder may exercise all or any number of whole Compensation Options represented hereby, upon delivering to the
Corporation at its principal office noted above this Compensation Option Certificate, together with a duly completed and executed subscription notice in the form attached hereto as Schedule “A”(the “Subscription Notice”)
evidencing the election (which on delivery to the Corporation shall be irrevocable) of the Holder to exercise the number of Compensation Options set forth in the Subscription Notice (which shall not be greater than the number of Compensation Options
represented by this Compensation Option Certificate, subject to adjustment) and a certified cheque or bank draft payable to the Corporation for the aggregate Exercise Price of all Compensation Options being exercised. If the Holder is not exercising
all Compensation Options represented by this Compensation Option Certificate, the Holder shall be entitled to receive, without charge, a new Compensation Option Certificate representing the number of Compensation Options which is the difference
between the number of Compensation Options represented by the then original Compensation Option Certificate and the number of Compensation Options being so exercised.

	
	 	 
	
3. 		
The Holder shall be deemed to have become the holder of record of Compensation Option Shares on the date (the “Exercise Date”) on which the Corporation has received a duly completed Subscription Notice, delivery
of the Compensation Option Certificate and payment in full in respect of the Compensation Option Shares by way of a certified cheque, bank draft or money order in lawful money of the United States payable to the order of IntelGenx Technologies Corp.
or its successor corporation; provided, however, that if such date is not a business day in the City of Toronto, Ontario (a “Business Day”) then the Compensation Option Shares shall be deemed to have been issued and the Holder shall
be deemed to have become the holder of record of the Compensation Option Shares on the next following Business Day. Within three (3) Business Days of the Exercise Date, the Corporation shall issue and deliver (or cause to be delivered) to the
Holder, by registered mail or pre-paid courier to his, her or its address specified in the register of the Corporation, one or more certificates for the appropriate number of issued and outstanding Compensation Option Shares.

	
	 	 
	
4. 		
The Corporation represents and warrants that it is duly authorized and has the corporate and lawful power and authority to create and issue the Compensation Options and to perform its obligations hereunder and that this
Compensation Option Certificate represents a valid, legal and binding obligation of the Corporation enforceable in accordance with its terms, and the Corporation further covenants and agrees that, until the Expiry Time, while any of the Compensation
Options represented by this Compensation Option Certificate shall be outstanding: (a) it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the right of purchase herein
provided,
subject to adjustment (b) all Compensation Option Shares which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Compensation Option Shares may at the time be purchased
pursuant to the provisions hereof, shall be issued as fully paid and non-assessable Compensation Option Shares and the holders thereof shall not be liable to the Corporation or its creditors in respect thereof; (c) the Corporation shall make all
requisite filings under the Securities Act (Ontario) and the regulations made thereunder including those necessary to remain a reporting issuer not in default of any requirement of such act and regulations; (d) the Corporation shall use all
reasonable efforts to preserve and maintain its corporate existence; and (e) the Corporation shall use all reasonable efforts to maintain the listing of the Compensation Option Shares (or any Compensation Option Shares or securities, whether of the
Corporation or another company or entity, into which the common Compensation Option Shares of the Corporation may from time to time be converted, reclassified or exchanged) on the TSX Venture Exchange (the “TSXV”) or such other
recognized stock exchange or quotation system on which the common Compensation Option Shares of the Corporation may trade, to the Expiry Time. 

	

 

- 3 -

	
5. 		
The Exercise Price and the number of Compensation Option Shares purchasable upon exercise shall be subject to adjustment from time to time in the events and in the manner provided as follows:

	
	 	 	 	 
		
(a) 		
Share Reorganization. If during the Exercise Period the Corporation shall:

	
	 	 	 	 
			
(i) 		
issue Common Shares or securities exchangeable for or convertible into Common Shares to holders of all or substantially all of its then outstanding Common Shares by way of stock dividend or other distribution, or

	
	 	 	 	 
			
(ii) 		
subdivide, redivide or change its outstanding Common Shares into a greater number of Common Shares, or

	
	 	 	 	 
			
(iii) 		
consolidate, reduce or combine its outstanding Common Shares into a lesser number of Common Shares,

	
	 	 	 	 
				
(any of such events in these paragraphs (i), (ii) and (iii) being a “Share Reorganization”), then the Exercise Price shall be adjusted as of the effective date or record date, as the case may be, at which the
holders of Common Shares are determined for the purpose of the Share Reorganization

	
	 	 	 	 
			
by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or record date
before giving effect to such Share Reorganization and the denominator of which shall be the number of Common Shares outstanding as of the effective date or record date after giving effect to such Share Reorganization (including, in the case where
securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had such securities been fully exchanged for or converted into Common Shares on such record date or effective
date). From and after any adjustment of the Exercise Price pursuant to this Section 5(a), the number of Compensation Option Shares purchasable pursuant to this Compensation Option Certificate shall be adjusted contemporaneously with the adjustment
of the Exercise Price by multiplying the number of Compensation Option Shares then otherwise purchasable on the exercise thereof by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to the adjustment and the
denominator of which shall be the Exercise Price resulting from such adjustment.

	
	 	 	 	 
		
(b) 		
Rights Offering. If and whenever during the Exercise Period the Corporation shall fix a record date for the issue of rights, options or warrants to all or substantially all of the holders of Common Shares under which such
holders are entitled, during a period expiring not more than 45 days after the record date for such issue (“Rights Period”), to subscribe for or purchase Common Shares or securities exchangeable for or convertible into Common Shares
at a price per share to the holder (or having a conversion price or exchange price per Share) of less than 95% of the Current Market Price (as defined in Section 6 hereof) for the Common Shares on such record date (any of such events being called a
“Rights Offering”), then the Exercise Price shall be adjusted effective immediately after the end of the Rights Period to a price
determined by multiplying the Exercise Price in effect immediately prior to the
end of the Rights Period by a fraction: 

	

 

- 4 -

	 	 	(i) 	
      the numerator of which shall be the aggregate
  of:

	 	 	 	 	 	 
	 	 		(A) 	
      the number of Common Shares outstanding as of the record
      date for the Rights Offering, and

	 	 	 	 	 	 
	 	 		(B) 	
      a number determined by dividing either

	 	 	 	 	 	 
	 	 			I. 	
      the product of the number of Common Shares issued or
      subscribed for during the Rights Period and the price at which such Common
      Shares are offered,

	 	 	 	 	 	 
	 	 			
      or, as the case may be,

	 	 	 	 	 	 
	 	 			II. 	
      the product of the exchange or conversion price per share
      of such securities offered and the number of Common Shares for or into
      which the securities so offered pursuant to the Rights Offering have been
      exchanged or converted during the Rights Period,

	 	 	 	 	 	 
	 	 			
      by the Current Market Price of the Common Shares as of
      the record date for the Rights Offering; and

	 	 	 	 	 	 
	 	 	(ii) 	
      the denominator of which shall be the number of Common
      Shares outstanding after giving effect to the Rights Offering and
      including the number of Common Shares actually issued or subscribed for
      during the Rights Period upon exercise of the rights, warrants or options
      under the Rights Offering or upon the exercise of the exchange or
      conversion rights contained in such exchangeable or convertible securities
      under the Rights Offering.

If the Holder has exercised any of the
Compensation Options during the period beginning immediately after the record
date for a Rights Offering and ending on the last day of the Rights Period, the
Holder shall, in addition to the Compensation Option Shares to which the Holder
is otherwise entitled upon such exercise in accordance with Section 2 hereof, be
entitled to that number of additional Common Shares equal to the result obtained
when the difference, if any, resulting from the subtraction of the Exercise
Price as adjusted for such Rights Offering pursuant to this Section 5(b) from
the Exercise Price in effect immediately prior to the end of such Rights
Offering is multiplied by the number of Compensation Option Shares purchased
upon exercise of the Compensation Options held by such Holder during such
period, and the resulting product is divided by the Exercise Price as adjusted
for such Rights Offering pursuant to this Section 5(b); provided that the
provisions of Section 9 shall be applicable to any fractional interest in a
Share to which such Holder might otherwise be entitled under the foregoing
provisions of this Section 5(b). Such additional Common Shares shall be deemed
to have been issued to the Holder immediately following the end of the Rights
Period and a certificate for such additional Common Shares shall be delivered to
such Holder within three (3) Business Days following the end of the Rights
Period. 

	 	(c) 	
      Special Distribution. If and whenever during the
      Exercise Period the Corporation shall issue or distribute to all or to
      substantially all the holders of the Common Shares:

	 	 	 	 
	 		(i) 	
      securities of the Corporation including Common Shares,
      rights, options or warrants to acquire Common Shares of any class or
      securities exchangeable for or convertible into or exchangeable into any
      such Common Shares or cash, property or assets and including evidences of
      its indebtedness, or

 

- 5 -

	 		(ii) 	
      any cash, property or other assets,

and if such issuance or distribution
does not constitute dividends paid in the ordinary course, a Share
Reorganization or a Rights Offering (any of such non-excluded events being
herein called a “Special Distribution”), the Exercise Price will be
adjusted immediately after such record date so that it will equal the rate
determined by multiplying the Exercise Price in effect on such record date by a
fraction, of which the numerator shall be the total number of Common Shares
outstanding on such record date multiplied by the Current Market Price on the
earlier of such record date and the date on which the Corporation announces its
intention to make such distribution, less the aggregate fair market value (as
determined by the directors, acting reasonably, at the time such distribution is
authorized) of such Common Shares or rights, options or warrants or evidences of
indebtedness or cash, securities or other property or assets so distributed, and
of which the denominator shall be the total number of Common Shares outstanding
on such record date multiplied by such Current Market Price and the number of
Compensation Option Shares to be issued by the Corporation under the
Compensation Options shall, at the time of exercise, be appropriately adjusted.

	 	(d) 	
      Capital Reorganization. If and whenever during the
      Exercise Period there shall be a reclassification of Common Shares at any
      time outstanding or a change of the Common Shares into other Common Shares
      or into other securities (other than a Share Reorganization), or a
      consolidation, amalgamation, arrangement or merger of the Corporation with
      or into any other corporation or other entity (other than a consolidation,
      amalgamation, arrangement or merger which does not result in any
      reclassification of the outstanding Common Shares or a change of the
      Common Shares into other securities), or a transfer of the undertaking or
      assets of the Corporation as an entirety or substantially as an entirety
      to another corporation or other entity (any of such events being herein
      called a “Capital Reorganization”), the Holder, where he has not
      exercised the right of subscription and purchase under this Compensation
      Option Certificate prior to the effective date or record date, as the case
      may be, of such Capital Reorganization, shall be entitled to receive, and
      shall accept upon the exercise of such right for the same aggregate
      consideration, in lieu of the number of Common Shares to which such holder
      was theretofore entitled upon such exercise, the aggregate number of
      Compensation Option Shares, other securities or other property which such
      holder would have been entitled to receive as a result of such Capital
      Reorganization if, on the effective date thereof, he had been the
      registered holder of the number of Compensation Option Shares to which
      such holder was theretofore entitled to subscribe for and purchase;
      provided however, that no such Capital Reorganization shall be carried
      into effect unless all necessary steps shall have been taken to so entitle
      the Holder. If determined appropriate by the board of directors of the
      Corporation, acting reasonably and in good faith, and subject to the prior
      written approval of the principal Canadian stock exchange or
      over-the-counter market on which the Common Shares are then listed or
      quoted for trading, appropriate adjustments shall be made as a result of
      any such Capital Reorganization in the application of the provisions set
      forth in this Section 5 with respect to the rights and interests
      thereafter of the Holder to the end that the provisions set forth in this
      Section 5 shall thereafter correspondingly be made applicable as nearly as
      may reasonably be necessary in relation to any Common Shares, other
      securities or other property thereafter deliverable upon the exercise of
      any Compensation Option. Any such adjustments shall be made by and set
      forth in terms and conditions supplemental hereto approved by the board of
      directors of the Corporation, acting reasonably and in good
  faith.

	 	 	 
	 	(e) 	
      If and whenever at any time after the date hereof and
      prior to the Expiry Time, the Corporation takes any action affecting its
      Common Shares to which the foregoing provisions of this Section 5,
      in the opinion of the board of directors of the Corporation, acting
      reasonably and in good faith, are not strictly applicable, or if strictly
      applicable would not fairly adjust the rights of the Holder against
      dilution in accordance with the intent and purposes thereof, or would
      otherwise materially affect the rights of the Holder hereunder, then the
      Corporation shall execute and deliver to the Holder an amendment hereto
      providing for an adjustment in the application of such provisions so as to
      adjust such rights as aforesaid in such a manner as the board of directors
      of the Corporation may determine to be equitable in the circumstances,
      acting reasonably and in good faith. The
failure of the taking of action by the board of directors of the Corporation to so provide for any adjustment on or prior to the effective date of any action or occurrence giving rise to such state of facts will be conclusive evidence that the board
of directors has determined that it is equitable to make no adjustment in the circumstances. 

 

- 6 -

	
6. 		
The following rules and procedures shall be applicable to the adjustments made pursuant to Section 5:

	
	 	 	 	 
		
(a) 		
The adjustments provided for in Section 5 are cumulative, and shall, in the case of adjustments to the Exercise Price be computed to the nearest one-tenth of one cent and shall be made successively whenever an event referred to
therein shall occur, subject to the following paragraphs of this Section 6.

	
	 	 	 	 
		
(b) 		
No adjustment in the Exercise Price shall be required unless such adjustment would result in a change of at least 1% in the prevailing Exercise Price and no adjustment shall be made in the number of Compensation Option Shares
purchasable upon exercise of this Compensation Option unless it would result in a change of at least one one-hundredth of a Share; provided, however, that any adjustments which, except for the provisions of this Section 6(b) would otherwise have
been required to be made, shall be carried forward and taken into account in any subsequent adjustment.

	
	 	 	 	 
		
(c) 		
No adjustment in the Exercise Price or in the number of Compensation Option Shares purchasable upon exercise of Compensation Options shall be made in respect of any event described in Section 5, other than the events referred to
in Section 5(d), if the Holder is entitled to participate in such event on the same terms, mutatis mutandis, as if it had exercised its Compensation Options prior to or on the effective date or record date of such event. The terms of the
participation of the Holder in such event shall be subject to the prior written approval of the principal Canadian stock exchange or over-the-counter market on which the Common Shares are then listed or quoted for trading.

	
	 	 	 	 
		
(d) 		
No adjustment in the Exercise Price shall be made pursuant to Section 5 in respect of the issue from time to time:

	
	 	 	 	 
			
(i) 		
of Compensation Option Shares purchasable on exercise of the Compensation Options represented by or issued concurrently with this Compensation Option Certificate;

	
	 	 	 	 
			
(ii) 		
of dividends paid in the ordinary course on Common Shares to holders of Common Shares who exercise an option or election to receive substantially equivalent dividends in the form of Common Shares in lieu of receiving a cash
dividend pursuant to a dividend reinvestment plan or similar plan adopted by the Corporation in accordance with the requirements of the principal Canadian stock exchange or over-the-counter market on which the Compensation Option Shares are then
listed or quoted for trading and applicable securities laws;

	
	 	 	 	 
			
(iii) 		
of Common Shares pursuant to any stock option plan, stock purchase plan or benefit plan in force at the date hereof for directors, officers, employees, advisers or consultants of the Corporation, as such option or plan is amended
or superseded from time to time in accordance with the requirements of the principal Canadian stock exchange or over-the- counter market on which the Common Shares are then listed or quoted for trading and applicable securities laws, and such other
stock option plan, stock purchase plan or benefit plan as may be adopted by the Corporation in accordance with the requirements of the principal Canadian stock exchange or over-the-counter market on which the Common Shares are then listed or quoted
for trading and applicable securities laws;

	
	 	 	 	 
			
(iv) 		
the payment of interest on any outstanding notes;

	

 

- 7 -

	 	 	(v) 	
      the issuance of securities in connection with strategic
      license agreements and other partnering arrangements; or

	 	 	 	 
	 	 	(vi) 	
      full or partial consideration in connection with a
      strategic merger, consolidation or purchase of substantially all of the
      securities or assets of a corporation or other
entity;

and any such issue shall be deemed not to be a Share
Reorganization or Capital Reorganization.

	 	(e) 	
      If the Corporation shall set a record date to determine
      the holders of the Common Shares for the purpose of entitling them to
      receive any dividend or distribution or any subscription or purchase
      rights and shall, thereafter and before the distribution to such
      shareholders of any such dividend, distribution or subscription or
      purchase rights, legally abandon its plan to pay or deliver such dividend,
      distribution or subscription or purchase rights, then no adjustment in the
      Exercise Price or the number of Common Shares purchasable upon exercise of
      any Compensation Option shall be required by reason of the setting of such
      record date.

	 	 	 
	 	(f) 	
      As a condition precedent to the taking of any action
      which would require any adjustment in any of the subscription rights
      pursuant to this Compensation Option Certificate, including the Exercise
      Price and the number or class of Compensation Option Shares or other
      securities which are to be received upon the exercise thereof, the
      Corporation shall take any corporate action which may be necessary in
      order that the Corporation have unissued and reserved in its authorized
      capital and may validly and legally issue as fully paid and non-assessable
      all the Compensation Option Shares or other securities which the Holder of
      such Compensation Option Certificate is entitled to receive on the full
      exercise thereof in accordance with the provisions hereof.

	 	 	 
	 	(g) 	
      For the purposes of this Compensation Option Certificate,
      “Current Market Price” of a Common Share at any date shall be
      calculated as the price per Common Share equal to the weighted average
      price at which the Common Shares have traded in the principal Canadian
      stock exchange or, if the Common Shares are not listed, the
      over-the-counter market, on which the Common Shares are then listed or
      posted for trading during the 20 consecutive trading days (on each of
      which at least 500 Common Shares are traded in board lots) ending on the
      fifth trading day immediately prior to such date as reported by such
      market or exchange in which the Common Shares are then trading or quoted.
      If the Common Shares are not then traded in the over-the-counter market or
      on a recognized Canadian stock exchange, the Current Market Price of the
      Compensation Option Shares shall be fair market value of the Common Shares
      as determined by a nationally or internationally recognized investment
      dealer or investment banker.

	 	 	 
	 	(h) 	
      In the absence of a resolution of the board of directors
      of the Corporation fixing a record date for any dividend or distribution
      referred to in Section 5(a)(i) or any Rights Offering or Special
      Distribution, the Corporation shall be deemed to have fixed as the record
      date therefor the date on which such dividend or distribution is
      effected.

	 	 	 
	 	(i) 	
      Any question or dispute that at any time or from time to
      time arises with respect to the amount of any adjustment to the Exercise
      Price or other adjustments pursuant to Section 5 shall be conclusively
      determined by a firm of independent chartered accountants (who may be the
      Corporation’s auditors) and shall be binding upon the Corporation and the
      Holder. Notwithstanding the foregoing, such determination shall be subject
      to the prior written approval of the principal Canadian stock exchange or
      over-the-counter market on which the Common Shares are then listed or
      quoted for trading. In the event that any such determination is made, the
      Corporation shall notify the Holder in the manner contemplated in Section
      19 describing such determination.

	7. 	
      On the happening of each and every such event set out in
      Section 5, the applicable provisions of this Compensation Option
      Certificate, including the Exercise Price, shall, ipso facto, be
      deemed to be amended accordingly and the Corporation shall take all
      necessary action so as to comply with such provisions as so
  amended.

 

- 8 -

	
8. 		
In any case in which Section 5 shall require that an adjustment shall be effective immediately after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such an event:

	
	 	 	 
		
(a) 		
issuing to the Holder of any Compensation Option exercised after such record date and before the occurrence of such event, the additional Common Shares issuable upon such exercise by reason of the adjustment required by such
event, and

	
	 	 	 
		
(b) 		
delivering to such Holder any distributions declared with respect to such additional Common Shares after such Exercise Date and before such event;

	
	 	 	 
			
provided, however, that the Corporation shall deliver or cause to be delivered to such Holder, an

	
	 	 	 
		
appropriate instrument evidencing such Holder’s right, upon the occurrence of the event requiring the adjustment, to an adjustment in the Exercise Price or the number of Compensation Option Shares purchasable on the exercise
of any Compensation Option and to such distributions declared with respect to any additional Common Shares issuable on the exercise of any Compensation Option.

	
	 	 	 
	
9. 		
At least 10 Business Days prior to the effective date or record date, as the case may be, of any event which requires or might require adjustment in any of the subscription rights pursuant to this Compensation Option Certificate,
including the Exercise Price and the number of Compensation Option Shares which are purchasable upon the exercise thereof, or such longer period of notice as the Corporation shall be required to provide holders of Common Shares in respect of any
such event, the Corporation shall notify the Holder of the particulars of such event and, if determinable, the required adjustment and the computation of such adjustment. In case any adjustment for which such notice has been given is not then
determinable, the Corporation shall promptly after such adjustment is determinable notify the Holder of the adjustment and the computation of such adjustment.

	
	 	 	 
	
10. 		
The Corporation shall maintain at its principal office a register of Holders in which shall be entered the names and addresses of the Holders of the Compensation Options and of the number of Compensation Options held by them. Such
register shall be open at all reasonable times for inspection by the Holder. The Corporation shall notify the Holder forthwith of any change of address of the principal office of the Corporation.

	
	 	 	 
	
11. 		
The Corporation shall not be required to issue fractional Compensation Option Shares in satisfaction of its obligations hereunder. If any fractional interest in a Share would, except for the provisions of this Section 11, be
deliverable upon the exercise of a Compensation Option, the Corporation shall in lieu of delivering the fractional Compensation Option Shares therefor satisfy the right to receive such fractional interest by payment to the holder of such
Compensation Option of an amount in cash equal (computed in the case of a fraction of a cent to the next lower cent) to the value of the right to acquire such fractional interest on the basis of the Current Market Price at the Exercise Date.

	
	 	 	 
	
12. 		
Subject as herein provided, all or any of the rights conferred upon the Holder by the terms hereof may be enforced by the Holder by appropriate legal proceedings.

	
	 	 	 
	
13. 		
The registered Holder of this Compensation Option Certificate may at any time up to and including the Expiry Time, upon the surrender hereof to the Corporation at its principal office, exchange this Compensation Option Certificate
for one or more Compensation Option Certificates entitling the Holder to subscribe in the aggregate for the same number of Compensation Option Shares as is expressed in this Compensation Option Certificate. Any Compensation Option Certificate
tendered for exchange shall be surrendered to the Corporation and cancelled.

	
	 	 	 
	
14. 		
If this Compensation Option Certificate becomes stolen, lost, mutilated or destroyed, the Corporation shall, on such terms as it may in its discretion acting reasonably impose, issue and deliver to the Holder a new Compensation
Option Certificate of like denomination, tenor and date as the Compensation Option Certificate so stolen, lost, mutilated or destroyed.

	

 

- 9 -

	
15. 		
Subject to applicable law, TSXV policies and any requisite TSXV approval, the Holder may not transfer the within Compensation Options except to a subsidiary or to an entity of which the Holder is a subsidiary. Subject to the
foregoing, the Corporation shall issue and mail as soon as practicable, and in any event within five Business Days of such delivery, a new Compensation Option Certificate (with or without legends as may be appropriate) registered in the name of the
transferee or as the transferee may direct and shall take all other necessary actions to effect the transfer as directed.

	
	 	 	 
	
16. 		
Except as expressly set out herein, the holding of this Compensation Option Certificate or the Compensation Options represented hereby shall not constitute a Holder hereof a holder of Compensation Option Shares nor entitle it to
any right of interest in respect thereof.

	
	 	 	 
	
17. 		
If any one or more of the provisions or parts thereof contained in this Compensation Option Certificate should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts
thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and:

	
	 	 	 
		
(a) 		
the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed; and

	
	 	 	 
		
(b) 		
the invalidity, illegality or unenforceability of any provision or part thereof contained in this Compensation Option Certificate in any jurisdiction shall not affect or impair such provision or part thereof or any other
provisions of this Compensation Option Certificate in any other jurisdiction.

	
	 	 	 
	
18. 		
Any notice, document or communication required or permitted by this Compensation Option Certificate to be given by a party hereto shall be in writing and is sufficiently given if delivered personally, or if sent by prepaid
registered mail, or if transmitted by any form of recorded telecommunication rested prior to transmission, to such party addressed as follows:

	
	 	 	 
		
(a) 		
to the Holder, in the register to be maintained pursuant to section 10 hereof; and

	
	 	 	 
		
(b) 		
to the Corporation at:

	

	 	 	
       
	 	 	
      IntelGenx Technologies Corp.
6425 Abrams 
Ville
St-Laurent, Québec 
H4S 1X9 
	 	 	
       
	 	 	
      Attention:                    
      President 

      Telecopier:                  
      (514) 331-0436 

	
19. 		
Time is of the essence hereof.

	
	 	 
	
20. 		
This Compensation Option Certificate shall enure to the benefit of the Holder and his heirs, executors, administrators, legal personal representatives, permitted assigns and successors is binding upon the Corporation and its
successors and assigns.

	
	 	 
	
21. 		
This Compensation Option Certificate and the Compensation Options represented hereby shall be governed by the laws of the State of Delaware and the federal laws of the United States of America applicable therein.

	

 

- 10 - 

IN WITNESS WHEREOF this Compensation Option Certificate has been executed on behalf of IntelGenx Technologies
Corp. as of the _____ day of July, 2009. 

	 	
INTELGENX TECHNOLOGIES CORP.
	 	 
	 	 
	 	

By: ____________________________________________

 Horst G. Zerbe 

President and Chief Executive Officer  

    

 

 

 

	  	SCHEDULE “A” 
	  	  
	  	SUBSCRIPTION NOTICE 
	  	  
	TO: 	INTELGENX TECHNOLOGIES CORP. 
	  	6425 Abrams 
	  	Ville St-Laurent, Quebec 
	  	H4S 1X9 
	  	  
	  	The undersigned registered Holder of the
      attached Compensation Option Certificate, hereby: 

	 	(a) 	
      subscribes for _________________________________ Compensation Option Shares of
      IntelGenx Technologies Corp. (the “Corporation”) at the price per
      Compensation Option Share in United States funds equal to US$0.80 (or such
      adjusted price which may be in effect under the provisions of the
      Compensation Option Certificate) and in payment of the exercise price
      encloses a certified cheque, bank draft or money order in lawful money of
      the United States payable to the order of IntelGenx Technologies Corp. or
      its successor corporation; and

	 	 	 
	 	(b) 	
      delivers herewith the above-mentioned Compensation Option
      Certificate entitling the undersigned to subscribe for the above-mentioned
      number of Compensation Option Shares.

	 	 	
       
	 	 	
      The undersigned hereby directs that the said Compensation Option Shares be registered as follows:   

	 	 	  	  	Address(es) 	  	Number of 
	 	 	Name(s) in full 	  	(including Postal Code)
    	  	Compensation Option

	 	 	  	  	  	  	Shares 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	
    Total: ________

(Please print full name in which share certificates are to
be issued. If any of the Compensation Option Shares are to be issued to a person
or persons other than the Holder, the Holder must pay to the Corporation all
requisite taxes or other governmental charges.) 

	 	(c) 	
      certifies either (i) that the undersigned is not a U.S.
      Person or a person in the United States, and is not acquiring any of the
      Compensation Option Shares hereby subscribed for the account or benefit of
      a U.S. Person or a person in the United States, and none of the persons
      listed in paragraph (b) above is a U.S. Person or a person in the United
      States, other than an Accredited Investor as defined in Rule 501(a) under
      the U.S. Securities Act of 1933, as amended, or (ii) as of the date hereof
      there is an effective registration statement filed with the United States
      Securities and Exchange Commission covering the issuance of the
      Compensation Option Shares. For purposes hereof the terms “United States”
      and “U.S. Person” shall have the meanings ascribed to them in Regulation S
      under the U.S. Securities Act of 1933, as amended.

 

DATED this _____ day of _____, 20__ .

	 	
    (Signature of Subscriber) 
	 	 
	 	 
	 	
    (Print Name of Subscriber) 
	 	 
	 	 
	 	
    (Address of Subscriber in full)
	 	
     
	 	
     
	 	
     
	 	
     
	 	
     

The certificates will be mailed by registered mail to the address appearing in this Subscription Notice.

 

SCHEDULE “B” 

FORM OF TRANSFER

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name)

           

(the “Transferee”),

(Residential Address of Transferee)

     

    _______________________________Compensation Options of IntelGenx Technologies Corp. (the “Corporation”) registered in the name of the undersigned on the records of the Corporation represented by the within Compensation Option Certificate, and irrevocably appoints
the Secretary of the Corporation as the attorney of the undersigned to transfer the said securities on the books or register of transfer, with full power of substitution. 

DATED the _____
day of ____, 20 ___.

	
___________________________________	
 
	
Signature Guaranteed
		
(Signature of Compensation Optionholder, to be the same as
appears on the face of this Compensation Option Certificate)
	
	
 
		
 
	
 
		
 
	
	
 
		
Print Name
	
	
 
		
 
	
	
 	
 
	
 	
 
	
 	
 
	
 	
 
	
 	
Address

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