Document:

Big Flash Corp.: Exhibit 4.1 - Prepared by TNT Filings Inc.

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A
DAY AFTER THE LATER OF (I) MARCH 15, 2006, AND (II) THE DATE THE ISSUER BECAME A
REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE ON OR BEFORE
4:30 P.M. (TORONTO TIME) ON MARCH 15, 2008 AFTER WHICH APPLICABLE TIME THE
WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE NULL AND VOID AND OF NO FURTHER
FORCE OR EFFECT. 

WARRANTS TO PURCHASE COMMON SHARES

OF 

INTELGENX CORP. 

(incorporated under the Canada Business Corporations Act)

	________________________

    

    CERTIFICATE NO. C-l

    ________________________	________________________

    

    Number of Warrants represented 

    by this certificate- 100,000

    ________________________

THIS CERTIFIES THAT, 
for value received, 
PATRICK J. CARUSO 
(the "Holder") is entitled, upon
payment of the Exercise Price, to be issued on or before the Expiry Time fully
paid and non-assessable common shares ("Common Shares") in the capital stock of
INTELGENX CORP. 
(the "Corporation"), subject to
adjustment, on the basis of one Common Share for each of the Warrants evidenced
hereby, by surrendering to the Corporation at its principal office, in the City
of Montreal, Province of Quebec, Canada, the Warrant Certificate, together with
a Subscription Form, duly completed and executed, in cash or a certified cheque,
money order or bank draft in lawful money of Canada payable to or to the order
of the Corporation at par in the City of Montreal for the amount equal to the
Exercise Price multiplied by the number of Warrants exercised, on and subject to
the terms and conditions set forth below: 

1.     
Definitions 

In this Warrant Certificate,
including the preamble, unless there is something in the subject matter or
context inconsistent therewith, the following expressions shall have the
following meanings namely: 

(a)  
"Business Day" means any day
other than a Saturday, Sunday, legal holiday or a day on which banking
institutions are closed in Toronto, Ontario; 

(b)
  "Common Shares" means
the common shares of the Corporation as such shares were constituted on March
15, 2005, as the same may be reorganized or reclassified pursuant to any of the
events set out in Section 10 hereof; 

(c)
  "Current Market Price"
at any date, means the weighted average price at which the Common Shares have
traded in the over-the-counter market or on a recognized exchange or market
during the ten (10) consecutive trading days ending the trading day immediately
preceding such date as reported by such market or exchange on which the Common
Shares are then trading or quoted, and the weighted average price shall be
determined by dividing the aggregate sale price of all Common Shares sold in
board lots on the over-the-counter market, or recognized exchange or market, as
the case may be, during the ten (10) consecutive trading days by the number of
Common Shares sold. If the Common Shares are not then traded in the
over-the-counter market or on a recognized exchange or market, the Current
Market Price of the Common Shares shall be the fair market value of the Common
Shares as determined in good faith by the Board of Directors of the Corporation
after consultation with a nationally or internationally recognized investment
dealer or investment banker; 

(d)  
"Exercise Price" means, subject to adjustment in accordance with the provisions
of Section 10, $0.47 in Canadian funds; 

(e)  
"Expiry Time" means 4:30 p.m., Toronto time on March 15, 2008; 

(f)   
"person" means an individual, corporation, partnership, unincorporated
syndicate, unincorporated organization, trust, trustee, executor, administrator,
or other legal representative, or any group or combination thereof; 

(g)  
"Warrants" means the Common Share purchase warrants evidenced by the Warrant
Certificate and "Warrant" shall have a corresponding meaning; 

(h)  
"Warrant Certificate" means this certificate evidencing the Warrants together
with any certificates issued in replacement or substitution therefor or
supplemental or ancillary thereto; 

(i)   
"Loan Agreement" means the Loan Agreement, entered into between the Corporation
and the Holder, dated as of March 15, 2006, pursuant to which this Warrant is
being issued; 

(j)   
"Subscription Form" means the form of subscription annexed hereto as Schedule
"A"; 

(k)  
"this Warrant Certificate", "Warrant", "herein", "hereby", "hereof, "hereto",
"hereunder" and similar expressions mean or refer to this Warrant Certificate
and any deed or instrument supplemental or ancillary thereto and any schedules
hereto or thereto and not to any particular article, section, subsection,
clause, subclause or other portion hereof; 

(1)  
"Transfer Form" means the form of transfer annexed hereto as Schedule "B"; and

(m)  
"Underlying Securities" means one Common Share issuable upon exercise of each
Warrant evidenced hereby.

2.

Expiry Time

After the Expiry Time, all rights
under any Warrants evidenced hereby, in respect of which the right of
subscription and purchase herein provided for shall not theretofore have been
exercised, shall wholly cease and terminate and such Warrants shall be void and
of no value or effect. 

3.     
Exercise Procedure 

The Holder may exercise the right of
purchase herein provided for by surrendering or delivering to the Corporation
prior to the Expiry Time at its principal office (a) this certificate, with the
Subscription Form duly completed and executed by the holder or its legal
representative or attorney, duly appointed by an instrument in writing in form
and manner satisfactory to the Corporation, and (b) cash or a certified cheque,
money order or bank draft payable to or to the order of the Corporation in
lawful money of Canada at par in the City of Montreal in an amount equal to the
Exercise Price multiplied by the number of Underlying Securities for which
subscription is being made. Upon delivery and payment of aforesaid, the Holder
of this Warrant shall be deemed for all corporate purposes to become the holder
of record of the Underlying Securities with respect to which this Warrant has
been exercised, irrespective of the date of delivery of the certificates
evidencing such Underlying Securities. 

Any Warrant Certificate and cash,
certified cheque, money order or bank draft referred to in the foregoing clauses
(a) and (b) shall be deemed to be surrendered only upon delivery thereof to the
Corporation at its principal office in the manner provided in Section 26 hereof.

4.     
Entitlement to Certificate 

Upon such delivery and payment as
aforesaid, the Corporation shall cause to be issued to the Holder hereof the
Common Shares subscribed for not exceeding those which such Holder is entitled
to purchase pursuant to this certificate and the Holder hereof shall become a
shareholder of the Corporation in respect of the Common Shares issued as part of
the Underlying Securities with effect from the date of such delivery and payment
and shall be entitled to delivery of a certificate or certificates evidencing
such Common Shares (which certificates will not contain any restrictive legends
except those required by the applicable securities laws) and the Corporation
shall cause such certificate or certificates to be mailed to the Holder hereof
at the address or addresses specified in such subscription within three (3)
business days of such delivery and payment. 

All certificates representing
Underlying Securities shall bear the same legends reflecting resale restrictions
under the applicable Securities Laws, as are applied to this warrant
certificate. 

5.     
Partial Exercise 

The Holder may subscribe for and
purchase a number of Underlying Securities less than the number he is entitled
to purchase pursuant to this certificate. In the event of any such subscription
and purchase prior to the Expiry Time, the Holder shall in addition be entitled
to receive, without charge, a new Warrant Certificate in respect of the balance
of the Underlying Securities of which he was entitled to purchase pursuant to
this Warrant Certificate and which were then not purchased. 

6.     Intentionally Deleted 

3.

7.     No Fractional Shares 

Notwithstanding any adjustments
provided for in Section 10 hereof or otherwise, the Corporation shall not be
required upon the exercise of any Warrants, to issue fractional Common Shares in
satisfaction of its obligations hereunder. To the extent that the Holder would
be entitled to purchase a fraction of a Common Share, such right may be
exercised in respect of such fraction only in combination with other rights
which in the aggregate entitle the Holder to purchase a whole number of Common
Shares. 

8.     Not a Shareholder 

Nothing in this Warrant Certificate or in the holding
of a Warrant evidenced hereby shall be construed as conferring upon the Holder
any right or interest whatsoever as a shareholder of the Corporation. 

9.     Covenants 

(a)    
Reservation of Shares. 

The Corporation covenants and agrees
that so long as any Warrants evidenced hereby remain outstanding, 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 for, and upon payment therefor of the Exercise Price pursuant to the
provisions hereof, shall be issued as fully paid and non-assessable Common
Shares and the holders thereof shall not be liable to the Corporation or to its
creditors in respect thereof. 

(b)     Corporate
Status 

The Corporation shall preserve and
maintain its corporate existence and all licenses and permits that are material
to the proper conduct of its business. 

10.    Adjustment to Exercise Price 

The Exercise Price in effect at any
time is subject to adjustment from time to time in the events and in the manner
provided as follows: 

(1)    If and whenever at any time after the
date hereof the Corporation: 

(a)  
issues Common Shares or securities exchangeable for or convertible into Common
Shares to all or substantially all the holders of the Common Shares as a stock
dividend; 

(b)  
makes a distribution on its outstanding Common Shares payable in Common Shares
or securities exchangeable for or convertible into Common Shares; 

(c)  
subdivides its outstanding Common Shares into a greater number of shares; or 

(d)  
consolidates its outstanding Common Shares into a small number of shares; 

4.

(any of such events being called a "Common Share
Reorganization"), then the Exercise Price will be adjusted effective immediately
after the effective date or record date for the happening of a Common Share
Reorganization, as the case may be, at which the holders of Common Shares are
determined for the purpose of the Common 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 is the number of Common Shares outstanding
on such effective date or record date before giving effect to such Common Share
Reorganization and the denominator of which is the number of Common Shares
outstanding immediately after giving effect to such Common 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 all such securities been exchanged for or converted into Common
Shares on such effective date or record date). 

(2) 
    If and whenever at
any time after the date hereof the Corporation fixes a record date for the issue
of rights, options or warrants to the holders of all or substantially all of its
outstanding Common Shares under which such holders are entitled to subscribe for
or purchase Common Shares or securities exchangeable for or convertible into
Common Shares, where 

(a)  
the right to subscribe for or
purchase Common Shares, or the right to exchange securities for or convert
securities into Common Shares, expires not more than 45 days after the date of
such issue (the period from the record date to the date of expiry being herein
in this Section 10 called the "Rights Period"), and 

(b)
  the cost per Common
Share during the Rights Period (inclusive of any cost or acquisition of
securities exchangeable for or convertible into Common Shares in addition to any
direct cost of Common Shares) (herein in this Section 10 called the "Per Share
Cost") is less than 95% of the Current Market Price of the Common Shares on the
record date, 

(any of such events being called a "Rights Offering"), then
the Exercise Price will 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 is 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 the product of the Per Share Cost and: 

(I)   
where the event giving rise to
the application of this subsection 10(2) was the issue of rights, options or
warrants to the holders of Common Shares under which such holders are entitled
to subscribe for or purchase additional Common Shares, the number of Common
Shares so subscribed for or purchased during the Rights Period, or 

5.

(II)  
where the event giving rise to the application of this subsection 10(2) was the
issue of rights, options or warrants to the holders of Common Shares under which
such holders are entitled to subscribe for or purchase securities exchangeable
for or convertible into Common Shares, the number of Common Shares for which
those securities so subscribed for or purchased during the Rights Period could
have been exchanged or into which they could have been 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
is 

A.    
in the case described in subparagraph 10(2)(i)(B)(I), the number of Common
Shares outstanding, or 

B.    
in the case described in subparagraph 10(2)(i)(B)(II), the number of Common
Shares that would be outstanding if all the Common Shares described in
subparagraph 10(2)(i)(B)(II) had been issued, 

as at the end of the Rights Period. 

Any Common Shares owned by or held for the account of the
Corporation or any subsidiary or affiliate (as defined in the Securities Act
(Ontario)) of the Corporation will be deemed not to be outstanding for the
purpose of any such computation. 

If by the terms of the rights,
options or warrants referred to in this Section 10, there is more than one
purchase, conversion or exchange price per Common Share, the aggregate price of
the total number of additional Common Shares offered for subscription or
purchase, or the aggregate conversion or exchange price of the convertible
securities so offered, will be calculated for purposes of the adjustment on the
basis of 

(i)    
the lowest purchase, conversion or exchange price per Common Share, as the case
may be, if such price is applicable to all Common Shares which are subject to
the rights, options or warrants, and 

(ii)   
the average purchase, conversion or exchange price per Common Share, as the case
may be, if the applicable price is determined by reference to the number of
Common Shares acquired. 

To the extent that any adjustment in
the Exercise Price occurs pursuant to this Section 10 as a result of the fixing
by the Corporation of a record date for the distribution of rights, options or
warrants referred to in this Section 10, the Exercise Price will be readjusted
immediately after the expiration of any relevant exchange, conversion or
exercise right to the Exercise Price which would then be in effect based upon
the number of Common Shares actually issued and remaining issuable after such
expiration, and will be further readjusted in such manner upon expiration of any
further such right. 

6.

If the Holder has exercised any
Warrants in accordance herewith during the period beginning immediately after
the record date for a Rights Offering and ending on the last day of the Rights
Period therefor, the Holder will, in addition to the Underlying Securities
issued to the Holder upon such exercise, be entitled to that number of
additional Underlying Securities equal to the positive difference, if any,
between: 

(i)   
the Exercise Price in effect
immediately prior to the end of such Rights Offering pursuant to this subsection
multiplied by the number of Underlying Securities received upon the exercise of
the Warrants during such period, and the resulting product is divided by the
Exercise Price as adjusted for such Rights Offering pursuant to this subsection,
and 

(ii)
   the number of
Underlying Securities received upon such exercise of the Warrants during the
Rights Period; 

provided that the provisions of Section 7 will be applicable
to any fractional interest in a Common Share to which such Holder might
otherwise be entitled. Such additional Common Shares will 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 will be delivered to such Holder
within ten (10) Business Days following the end of the Rights Period. 

(3) 
    If and whenever at
any time after the date hereof the Corporation fixes a record date for the issue
or the distribution to the holders of all or substantially all its Common Shares
of: 

(i)   
shares of the Corporation of
any class other than Common Shares, 

(ii)
   rights, options
or warrants to acquire shares or securities exchangeable for or convertible into
shares or property or other assets of the Corporation, 

(iii)  
evidence of indebtedness, or 

(iv)  
any property or other assets other than dividends paid in the ordinary course
and including shares of other corporations 

and if such issuance or distribution does not constitute a
Common Share Reorganization or a Rights Offering (any of such non-excluded
events being called a "Special Distribution"), the Exercise Price will be
adjusted effective immediately after such record date to a price determined by
multiplying the Exercise Price in effect on such record date by a fraction: 

(i)    
the numerator of which is: 

A.    
the product of the number of
Common Shares outstanding on such record date and the Current Market Price of
the Common Shares on such record date; less 

7.

B.    
the aggregate fair market
value (as determined by action by the directors of the Corporation) of such
securities or property or other assets so issued or distributed in the Special
Distribution; and 

(ii)   
the denominator of which is
the number of Common Shares outstanding on such record date multiplied by the
Current Market Price of the Common Shares on such record date. 

Any Common Shares owned by or held for the account of the
Corporation or any subsidiary (as defined in the 
Securities Act 
(Ontario)) of the Corporation will be
deemed not to be outstanding for the purpose of any such computation. 

(4)    
If and whenever at any time
from the date hereof and prior to the Expiry Time, there is a reclassification
of the Common Shares or a capital reorganization of the Corporation other than
as described in subsection 10(1) or a consolidation, amalgamation or merger of
the Corporation with or into any other body corporate, trust, partnership or
other entity (other than a consolidation, amalgamation or merger which does not
result in any reclassification of the outstanding Common Shares or a change of
the Common Shares into other shares), or a sale or conveyance of the property
and assets of the Corporation as an entirety or substantially as an entirety to
any other body corporate, trust, partnership or other entity, any Holder who has
not exercised its right of acquisition hereunder prior to the effective date of
such reclassification, reorganization, consolidation, amalgamation, merger, sale
or conveyance, upon the exercise of such right thereafter, shall be entitled to
receive and shall accept, in lieu of the number of Underlying Securities then
sought to be acquired by it, the number of shares or other securities or
property of the Corporation or of the body corporate, trust, partnership or
other entity resulting from such merger, amalgamation or consolidation, or to
which such sale or conveyance may be made, as the case may be, that such Holder
would have been entitled to receive on such reclassification, reorganization,
consolidation, amalgamation, merger, sale or conveyance, if, on the record date
or the effective date thereof, as the case may be, the Holder had been the
registered holder of the number of Common Shares sought to be acquired by it.

(5)    
If and whenever at any time
after the date hereof and prior to the Expiry Time there is a Common Share
Reorganization, a Rights Offering, a Special Distribution (any of such events
being called a "Capital Reorganization"), the number of Underlying Securities to
which such Holder was entitled prior to such Capital Reorganization shall be
adjusted upon exercise of the Warrants contemporaneously with the adjustment of
the Exercise Price pursuant to such Capital Reorganization by multiplying the
number of Underlying Securities theretofore purchasable on the exercise hereof
by a fraction, the numerator of which shall be the Exercise Price in effect
immediately prior to such adjustment and the denominator of which shall be the
Exercise Price resulting from such adjustment. If determined appropriate by
action of the directors of the Corporation, appropriate adjustments will be made
as a result of any such Capital Reorganization in the application of the
provisions set forth in this Section 10 with respect to the rights and interests
thereafter of the Holder to the end that the provisions set forth in this
Section 10 will thereafter correspondingly be made applicable as nearly as may
reasonably be in relation to any shares, other securities or other property
thereafter deliverable upon the exercise hereof. Any such adjustment must be
made by and set forth in an amendment to this Warrant Certificate approved by
action by the directors of the Corporation and will for all purposes be
conclusively deemed to be an appropriate adjustment. 

8.

11. 
    Rules
Regarding Calculation of Adjustment of Exercise Price

(1) 
    The adjustments
provided for in Section 10 are cumulative and will, in the case of adjustments
to the Exercise Price, be computed to the nearest one-tenth of one cent and will
be made successively whenever an event referred to therein occurs, subject to
the following subsections of this Section 11. 

(2) 
    No adjustment in
the Exercise Price is required to be made unless such adjustment would result in
a change of at least 1% in the prevailing Exercise Price; provided, however,
that any adjustments which, except for the provisions of this subsection, would
otherwise have been required to be made, will be carried forward and taken into
account in any subsequent adjustments. 

(3)    
No adjustment in the Exercise
Price will be made in respect of any event described in Section 10, other than
the events referred to in clauses 10(l)(c) and (d), if the Holder is entitled to
participate in such event on the same terms, 
mutatis mutandis, 
as if the Holder had exercised this
Warrant prior to or on the effective date or record date of such event. 

(4) 
    No adjustment in
the Exercise Price will be made under Section 10 in respect of the issue from
time to time of Common Shares issuable from time to time as dividends paid in
the ordinary course to holders of Common Shares who exercise an option or
election to receive substantially equivalent dividends in Common Shares in lieu
of receiving a cash dividend, and any such issue will be deemed not to be a
Common Share Reorganization. For the purposes of Section 10(3)(iv) and this
Section 11(4), "dividends paid in the ordinary course" means cash dividends
declared payable on the Common Shares in any fiscal year of the Corporation to
the extent that such cash dividends do not exceed, in the aggregate, the greater
of: (i) 150% of the aggregate amount of cash dividends declared payable by the
Corporation on the Common Shares in its immediately preceding fiscal year; (ii)
150% percent of the arithmetic mean of the aggregate amounts of cash dividends
declared payable by the Corporation on the Common Shares in its three
immediately preceding fiscal years; and (iii) 100% percent of the aggregate
consolidated net income of the Corporation, before extraordinary items, for its
immediately preceding fiscal year (such consolidated net income to be computed
in accordance with Canadian generally accepted accounting principles). 

(5)    
If at any time a dispute
arises with respect to adjustments provided for in Section 10, such dispute will
be conclusively determined by the auditors of the Corporation or if they are
unable or unwilling to act, by such other firm of independent chartered
accountants as may be selected by action by the directors of the Corporation and
any such determination will be binding upon the Corporation, the Holder and
shareholders of the Corporation. The Corporation will provide such auditors or
accountants with access to all necessary records of the Corporation. 

(6)    
In case the Corporation after
the date of issuance of the Warrants takes any action affecting the Common
Shares, other than action described in Section 10, which in the opinion of the
board of directors of the Corporation would materially affect the rights of the
Holder, the Exercise Price will be adjusted in such manner, if any, and at such
time, by action by the directors of the Corporation but subject in all cases to
any necessary regulatory approval. Failure of the taking of action by the
directors of the Corporation so as to provide for an adjustment on or prior to
the effective date of any action by the Corporation affecting the Common Shares
will be conclusive evidence that the board of directors of the Corporation has
determined that it is equitable to make no adjustment in the circumstances. 

(7)    
If the Corporation sets a
record date to determine the holders of the Common Shares for the purpose of
entitling them to receive any dividend or distribution or sets a record date to
take any other action and, thereafter and before the distribution to such
shareholders of any such dividend or distribution or the taking of any other
action, decides not to implement its plan to pay or deliver such dividend or
distribution or take such other action, then no adjustment in the Exercise Price
will be required by reason of the setting of such record date.

9.

(8) 
    In the absence of
a resolution of the directors of the Corporation fixing a record date for a
Special Distribution or Rights Offering, the Corporation will be deemed to have
fixed as the record date therefor the date on which the Special Distribution or
Rights Offering is effected. 

(9) 
    As a condition
precedent to the taking of any action which would require any adjustment to the
Warrants, including the Exercise Price, the Corporation must 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 is
entitled to receive on the full exercise thereof in accordance with the
provisions hereof. 

(10)   
The Corporation will from time
to time, immediately after the occurrence of any event which requires an
adjustment or readjustment as provided in Section 10, forthwith give notice to
the Holder specifying the event requiring such adjustment or readjustment and
the results thereof, including the resulting Exercise Price. 

(11)   
The Corporation covenants to
and in favour of the Holder that so long as the Warrants remain outstanding, it
will give notice to the Holder of its intention to fix a record date for or
otherwise pursue any event referred to in subsections 10(1), (2) or (3) (other
than the subdivision or consolidation of the Common Shares) which may give rise
to an adjustment in the Exercise Price, and, in each case, such notice must
specify the particulars of such event and the record date and the effective date
for such event; provided that the Corporation is only required to specify in
such notice such particulars of such event as have been fixed and determined on
the date on which such notice is given. Such notice must be given not less than
14 days in each case prior to such applicable record date or effective date. 

12.   
Consolidation and
Amalgamation 

(1)    The Corporation shall not enter into
any transaction whereby all or substantially all of its undertaking, property
and assets would become the property of any other corporation (herein called a
"successor corporation") whether by way of reorganization, reconstruction,
consolidation, amalgamation, merger, transfer, sale, disposition or otherwise,
unless prior to or contemporaneously with the consummation of such transaction
the Corporation and the successor corporation shall have executed such
instruments and done such things as, in the opinion of counsel to the Holder
(provided that the Holder's counsel shall act reasonably and expeditiously in
connection therewith), are necessary or advisable to establish that upon the
consummation of such transaction: 

(i)  
the successor corporation will
have assumed all the covenants and obligations of the Corporation under the
Warrants and the Warrant Certificate, and 

(ii)
 the Warrants will be
valid and binding obligations of the successor corporation entitling the Holder,
as against the successor corporation, to all the rights of the Holder under the
Warrants and this Warrant Certificate; 

(2)     Whenever the conditions of
subsection 12(1) shall have been duly observed and performed the successor
corporation shall possess, and from time to time may exercise, each and every
right and power of the Corporation under this Warrant Certificate in the name of
the Corporation or otherwise and any act or proceeding by any provision hereof
required to be done or performed by any director or officer of the Corporation
may be done and performed with like force and effect by the like directors or
officers of the successor corporation.

10.

13.    
Representation and Warranty

        The Corporation
hereby represents and warrants with and to the Holder that the Corporation is
duly authorized and has the corporate and lawful power and authority to create
and issue the Warrants and the Underlying Securities issuable upon the exercise
hereof and perform its obligations hereunder and that the Warrants represent
valid, legal and binding obligations of the Corporation enforceable in
accordance with its terms. The Corporation also represents and warrants to the
Holder, as if fully set forth herein, that each of the representations and
warranties of the Corporation set forth in the Loan Agreement are true and
correct as of the date of this Warrant. 

14.    
Inability to Deliver Common Shares

        If for any reason,
other than the failure or default of the Holder, the Corporation is unable to
issue and deliver the Underlying Securities or other securities as contemplated
herein to the Holder upon the proper exercise by the Holder of the right to
purchase any of the Underlying Securities covered by this Warrant Certificate,
the Corporation may pay, at its option and in complete satisfaction of its
obligations hereunder, to the Holder, in cash, an amount equal to the difference
between the Exercise Price and the Current Market Price of such Underlying
Securities issuable hereunder on the date the Warrants are attempted to be
exercised. 

15.    If
Share Transfer Books Closed

        The Corporation
shall not be required to deliver certificates for Common Shares while the share
transfer books of the Corporation are properly closed, prior to any meeting of
shareholders or for the payment of dividends or for any other purpose and in the
event of the surrender of any Warrants in accordance with the provisions hereof
and the making of any subscription and payment for the Underlying Securities
called for thereby during any such period delivery of certificates for Common
Shares may be postponed for not exceeding five (5) Business Days after the date
of the re-opening of said share transfer books; provided, however, that any such
postponement of delivery of certificates shall be without prejudice to the right
of the Holder, if the Holder has surrendered the same and made payment during
such period, to receive such certificates for the Common Shares called for after
the share transfer books shall have been re-opened. 

16.    
Protection of Shareholders. Officers and Directors

        Subject as herein
provided, all or any of the rights conferred upon the Holder may be enforced by
the Holder by appropriate legal proceedings. No recourse under or upon any
obligation, covenant or agreement herein contained or in any of the Warrants
represented hereby shall be had against any shareholder, officer or director of
the Corporation, either directly or through the Corporation, it being expressly
agreed and declared that the obligations under the Warrants evidenced hereby,
are solely corporate obligations of the Corporation and that no personal
liability whatever shall attach to or be incurred by the shareholders, officers,
or directors of the Corporation or any of them in respect thereof, any and all
rights and claims against every such shareholder, officer or director being
hereby expressly waived as a condition of and as a consideration for the issue
of the Warrants evidenced hereby. 

11.

17.    Lost Certificate

        If the Warrant
Certificate evidencing the Warrants issued hereby becomes stolen, lost,
mutilated or destroyed the Corporation may, on such terms as it may in its
discretion impose, respectively issue and countersign a new warrant of like
denomination, tenor and date as the certificate so stolen, lost mutilated or
destroyed. 

18.   
Governing Law

        The Warrants shall
be governed by, and construed in accordance with, the laws of the Province of
Ontario and the laws of Canada applicable therein but the reference to such laws
shall not, by conflict of laws rules or otherwise, require the application of
the law of any jurisdiction other than the Province of Ontario. The Corporation
hereby irrevocably attorns to the jurisdiction of the Courts of the Province of
Ontario. 

19.   
Severability 

        If any one or more
of the provisions or parts thereof contained in this Warrant 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 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. 

20.   
Headings 

        The headings of
the articles, sections, subsections and clauses of this Warrant Certificate have
been inserted for convenience and reference only and do not define, limit, alter
or enlarge the meaning of any provision of this Warrant. 

21.   
Numbering of Articles, etc.

        Unless otherwise
stated, a reference herein to a numbered or lettered article, section,
subsection, clause, subclause or schedule refers to the article, section,
subsection, clause, subclause or schedule bearing that number or letter in this
Warrant Certificate. 

22.  
Gender 

        Whenever used
herein, words importing the singular number only shall include the plural, and
vice versa, and words importing the masculine gender shall include the feminine
gender. 

12.

23.    Day not a Business Day 

        In the event that
any day on or before which any action is required to be taken hereunder is not a
Business Day, then such action shall be required to be taken on or before the
requisite time on the next succeeding day that is a Business Day. If the payment
of any amount is deferred for any period, then such period shall be included for
purposes of the computation of any interest payable hereunder. 

24.    Computation of Time Period 

        Except to the
extent otherwise provided herein, in the computation of a period of time from a
specified date to a later specified date, the word "from" means "from and
including" and the words "to" and "until" each mean "to but excluding". 

25.    Binding Effect 

        The Warrants and
all of the provisions herein shall enure to the benefit of the Holder, and their
respective heirs, executors, administrators, successors, legal representatives
and assigns and shall be binding upon the Corporation and its successors and
permitted assigns. The expression the "Holder" as used herein shall include the
Holder's assigns whether immediate or derivative. 

26.    Notice 

        Any notice,
document or communication required or permitted by this Warrant 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 posted in Canada, or
if transmitted by any form of recorded telecommunication tested prior to
transmission, to such party addressed as follows: 

(a)  
to the Holder, at the address
of such holder in the records of the Corporation; 

(b)
  to the Corporation at:

Intelgenx Corp.

6425 Abrams 

Ville St.-Laurent, Quebec 

H4S 1X9 

Attention: Horst Zerbe 

Facsimile: (416)331-0436 

Notice so mailed shall be deemed to have been given on the
tenth business day after deposit in a post office or public letter box. Neither
party shall mail any notice, request or other communication hereunder during any
period in which Canadian postal workers are on strike or if such strike is
imminent and may reasonably be anticipated to affect the normal delivery of
mail. Notice transmitted by a form of recorded telecommunication or delivered
personally shall be deemed given on the day of transmission or personal
delivery, as the case may be. Any party may from to time notify the other in the
manner provided herein of any change of address which thereafter, until change
by like notice, shall be the address of such party for all purposes hereof.

13.

27.   Time of Essence 

        Time shall be of the essence
hereof. 

28.    Transfer of Warrants 

        Subject to the
terms hereof, this Warrant may be transferred. No transfer of Warrants shall be
effective unless this Warrant Certificate is accompanied by a duly executed
Transfer Form or other instrument of transfer in such form as the Corporation
may from time to time prescribe, together with such evidence of the genuineness
of each endorsement, execution and authorization and of other matters as may
reasonably be required by the Corporation, are delivered to the Corporation. No
transfer of the Warrants shall be made if in the opinion of counsel to the
Corporation such transfer would result in the violation of any applicable
securities laws. 

        IN WITNESS WHEREOF the Corporation
has caused this Warrant Certificate to be signed by its duly authorized officer
as of this 15th day of March, 2006.

 

14.

SCHEDULE "A"

SUBSCRIPTION FORM

TO: 
    INTELGENX CORP.

            The
undersigned holder of the within Warrant Certificate hereby irrevocably
subscribes for Common Shares of Intelgenx Corp. (the "Corporation") pursuant to
the within Warrant Certificate at the Exercise Price per share specified in the
said Warrant Certificate and encloses herewith cash or a certified cheque, money
order or bank draft payable to the order of the Corporation in payment of the
subscription price therefor. 

            DATED this
__ day of_________200_. 

  	NAME:	 
	 	 
	Signature:	 
	 	 
	Address:	 
	 	 
	 	 

	 	 
		
    Please check box if these Common Share certificates are to be delivered at
    the office where this certificate is surrendered failing which the Common
    Shares certificates will be mailed to the subscriber at the address set out
    above. 
	 	 
	 	             
    If any Warrants represented by this certificate are not being exercised, a
    new Warrant Certificate will be issued and delivered with the Common Share
    certificates.

     

  

15.

SCHEDULE "B"

TRANSFER FORM

        For value received, the
undersigned hereby sells, transfers and assigns 

unto. ____________________________________________________

                                   
(please print name of transferee) 

of      

____________________________________________________

         

____________________________________________________

         

____________________________________________________

        

____________________________________________________

                                   
(please print address of transferee) 

____________________________________________________ Warrants represented

(please insert number of Warrants to be transferred)

by the within certificate.

 

DATED this ___ day _______________ 200__.Big Flash Corp.: Exhibit 10.1 - Prepared by TNT Filings Inc.

 

MEMORANDUM OF AGREEMENT executed at Montreal, Quebec, this 20th
day of June, 2005. 

	BETWEEN:	INTELGENX CORP., a corporation
    constituted under the laws of Canada, having its head office at 6425 Abrams,
    Ville St.-Laurent, Quebec H4S 1X9 duly represented herein by Ingrid Zerbe,
    President duly authorized to do so as she declares
    (hereinafter called the "Corporation") 

	 	 
	AND:	HORST ZERBE, domiciled and residing in
    the province of Quebec 
    (hereinafter called the "Executive")

WHEREAS the Corporation has undertaken to retain the Executive in the
positions of President and Chief Executive Officer; 

WHEREAS the Corporation wishes to retain the Executive as
its President and Chief Executive Officer and the Executive agrees to be so
retained, the whole under the terms and conditions set forth in this Agreement;

NOW, THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 

1.     Preamble 

The preamble of this Agreement and its Schedule(s)
shall form an integral part hereof. 

2.     Employment 

Subject to the terms and conditions
hereinafter set forth, the Corporation hereby agrees to retain the Executive in
the positions of President and Chief Executive Officer and the Executive hereby
agrees to serve in such capacity. 

3.     Duties and Responsibilities 

The Executive shall report to the
Board of Directors of the Corporation (hereinafter referred to as the 
"Board") and perform such duties, consistent with his office, and exercise
such powers with respect to the Corporation as may be assigned to or vested in
him, from time to time, by the Board. 

4.     Term of Employment 

Subject to the specific provisions
hereinafter set forth respecting the termination of the Executive's employment,
the employment of the Executive shall be for an indeterminate term, commencing
as of the date of the signing of the Agreement (the "Commencement Date"). In
this Agreement, each twelve-month period following the Commencement Date or
anniversary thereof is referred to as an "Employment Year". 

-2- 

5.     Salary 

The Executive shall receive from the
Corporation an annual salary of one hundred seventy five thousand dollars
($175,000) (the "Base Salary"). The Base Salary shall be subject to
review by the Compensation Committee of the Board on a yearly basis, provided
that such Base Salary, as in effect from time to time, may be increased but not
be reduced. The Base Salary shall be paid to the Executive, in lawful currency
of Canada, in equal consecutive semi-monthly installments or in such other
manner as may from time to time be agreed between the Corporation and the
Executive, less all appropriate withholdings required by law. 

6.     Automobile 

The Corporation shall pay to the
Executive a monthly automobile allowance in the amount of eight hundred and
fifty dollars ($850.00), which shall cover all related operating expenses,
including, without limitation, insurance, registration, gas, maintenance and
repairs. 

7.     Business Expenses 

The Corporation shall reimburse the
Executive for all reasonable traveling, entertainment and other business
expenses actually and properly incurred by him in connection with the
performance of his duties hereunder, upon presentation of acceptable documentary
evidence that such expenses have been incurred. 

8.     Directors' and Officers' Liability Insurance

The Corporation hereby agrees to
indemnify the Executive in accordance with the provisions of its by-laws, as
such provisions may be expanded from time to time. The Corporation shall obtain
directors and officers liability insurance. 

9.     Benefits 

9.1   Benefit Plans

The Executive shall be entitled to
participate in such group life, medical and disability insurance plans as may be
provided by the Corporation for its senior management executives from time to
time. The Executive shall be reimbursed for health, dental and other expenses
not covered by corporate insurance up to a yearly amount of fifteen thousand
dollars ($15,000). 

9.2   Communications
Equipment 

The Corporation shall provide the
Executive and pay for a mobile telephone, laptop computer and other
communications equipment that the Executive may use in connection with his
duties hereunder (e.g. home fax, home internet access, blackberry etc.), and
shall pay for the monthly fees and reasonable use of same. 

10.   Bonus 

10.1  Annual Bonus

The Executive shall be entitled to
receive an annual bonus in respect of each fiscal year that falls, in whole or
in part, during the term of the Executive's employment hereunder, which will be
paid based upon the achievement of specific performance targets established by
the Executive and the Board before or within the first quarter of each fiscal
year. The Executive's target bonus for meeting such performance targets shall be
up to fifty percent (50%) of Base Salary.

-3-

Any bonus payable pursuant to
this Section 10.1 shall be payable within thirty (30) days from the fiscal
year-end or at such other time as may be agreed to by the Executive and the
Corporation. 

It is further agreed that the
Executive and the Board may, from time to time, establish other specific bonus
targets and payouts in addition to those specifically detailed above. 

11.   Stock Options 

The Executive shall be eligible to
participate in the employee stock option plan of the Corporation, as such plan
shall be in effect from time to time and any grant of stock options to the
Executive will be subject to such terms and conditions as are set out in the
Corporation's stock option plan. 

12.   Vacation 

During each twelve (12) month period
of his employment, the Executive shall be entitled to four (4) weeks' paid
vacation, to be taken at such time(s) convenient to the Executive and the
Corporation. 

13.   Termination of Employment 

13.1 For purposes of this Section 13
and of Section 14 of this Agreement, the following words and expressions shall
have the meaning ascribed to them below: 

(a)  
"Accruals" means: (i) any accrued but unpaid Base Salary and accrued but
unpaid vacation pay through to the date of termination of employment of the
Executive; (ii) benefits accrued and earned by the Executive through to the date
of termination (if any) in accordance with the applicable plans and programs of
the Corporation; and (iii) any business expenses incurred by the Executive in
accordance with the provisions hereof, but not yet paid as of the date of
termination, less all appropriate withholdings required by law; and 

(b)   
"Cause" shall mean "serious reason", as contemplated by Article 2094 of the
Civil Code of Quebec. 

13.2 If the Executive shall die or
shall voluntarily resign from his employment with the Corporation at any time
other than as described in section 14 of this Agreement, this Agreement shall
terminate and the Corporation shall have no further obligations hereunder except
to pay to the Executive (or his estate, as the case may be) any Accruals. 

13.3 Notwithstanding anything
contained herein, the Corporation may terminate the employment of the Executive
under this Agreement by notice in writing to the Executive, given at any time,
in any of the following events: 

(a)   for
Cause, in which case the Executive shall not be entitled to a notice period or
to any compensation, damages or payment of any nature whatsoever, save for any
Accruals; or 

-4-

(b)   for
any reason whatsoever (other than the reasons set out in sub-paragraph a) of
this Section 13.3 above, the consequences of which are set forth therein) in
which case, in addition to the payment of any Accruals, the Executive shall be
entitled to the following payments and benefits in respect of an eighteen (18)
month period (the "Severance Period"), less all appropriate withholdings
required by law, such payments and benefits being hereinafter referred to as the
"Termination Benefits": 

(i)    
payment of a lump-sum indemnity equivalent to the aggregate amount of Base
Salary that would have been payable during the Severance Period. Payment of this
amount may instead be made by way of salary continuance, if so elected by the
Executive; 

(ii)   
continued participation in all employee benefits plans and programs in which the
Executive was participating on the date of termination of employment, if and as
permitted thereunder, until the earlier of: (i) the expiration of the Severance
Period; and (ii)the date on which the Executive receives equivalent coverage and
benefits under other plans and programs of a subsequent employer; 

(iii)  
payment of the monthly automobile allowance under Section 7 hereof, subject to
and in accordance with the provisions thereof, until the earlier of: (i) the
expiration of the Severance Period; and (ii) the date on which the Executive
becomes otherwise employed; 

(iv)  
payment of a bonus covering the period from the beginning of the then current
fiscal year through to the date of termination employment. 

(v)    
any stock options that are unvested at the date of termination of employment
shall immediately vest. 

All payments to the Executive
contemplated by the Termination Benefits shall be made by the Corporation within
ten (10) days of the date of termination of the Executive's employment.
Furthermore, it is specifically understood and agreed that the Executive shall
have no obligation to mitigate damages or seek other employment or compensation
in the event he is entitled to receive Termination Benefits under any provision
of this Agreement, and except as otherwise expressly provided, payments made as
part of such Termination Benefits shall not be offset by compensation or
remuneration received from other sources. 

Termination by the Executive
following a Change in Control 

For purposes of this Section 15 and
only for such purposes, Change in Control" shall mean : 

any change of control, in fact or in
law, including any sale, transfer or any other disposition or transaction or
series thereof, directly or indirectly, pursuant to or as a result of which any
person or group of persons acting together or in concert shall acquire, hold or
exercise, whether directly or indirectly, rights over securities to which are
attached more than fifty percent (50%) of the votes that may be cast to elect
directors of the Corporation, or which entitle the holder(s) thereof to more
than fifty percent (50%) of the economic value of the Corporation but shall not
include a change of control resulting from the issuance by the Corporation of
securities from treasury pursuant to a financing. 

-5-

The Executive may terminate his
employment hereunder at any time within a period of six (6) months following a
Change in Control; in such event, the Corporation shall be required to pay the
Executive any Accruals, and provide him with the Termination Benefits. 

Sufficiency of Payment

The Executive acknowledges that the
amounts and benefits contemplated in Sections 13 and 14 hereof are fair and
reasonable and that such amounts cover any and all amounts which may be owing or
payable by the Corporation in respect of his employment and the termination
thereof, whether as prior notice, compensatory payment in lieu of prior notice,
indemnity in lieu of notice of termination, severance pay, vacation, bonus,
incentive, allowance, expenses, benefits or contractual or extra-contractual
damages pursuant to any provision of law, contract, policy, plan, regulation,
decree or practice whatsoever. Except as expressly contemplated in Sections 13
and 14 and except for any rights which he may have with respect to the
indemnification to be provided by the Corporation pursuant to Section 8, whether
under its by-laws or otherwise, the Executive specifically acknowledges and
agrees that neither he nor his estate shall be entitled to receive any other or
additional amounts from the Corporation upon ceasing to be an employee. 

Confidentiality 

The Executive acknowledges that, in
the course of his employment with the Company, he will have access to and be
entrusted with confidential and proprietary information and trade secrets of or
relating to the Company, which information is not part of the public domain, and
which the Company has a legitimate interest in protecting. Such information and
trade secrets include, but are not be limited to the following: 

(a)   the
identity of the Company's clients; the Company's client lists; the products
and/or services offered or provided to the Company's clients, the prices charged
for such products or services; the volume of sales made to such clients, the
particular needs of such clients; and the methods or arrangements implemented by
the Company or any Member thereof to service or do business with such clients;

(b)   the
identity of the Company's suppliers; lists of suppliers; the products and/or
services purchased from such suppliers, the prices paid to such suppliers, and
the financial or other particular arrangements made between such suppliers and
the Company or any Member thereof; 

(c)   the
identity of the Company's employees, the list(s) of employees of any Member of
the Company, the salary, remuneration, other employment benefits and/or training
provided to such employees; 

(d)   any
information concerning the actual or planned creation, production, development,
marketing, sale, distribution and/or licensing of any products or services by
the Company or any Member thereof; 

(e)   any
technique, process, method of doing business, or sales, marketing, product
development or business plans or strategies, surveys, designs, inventions or
other intellectual property of the Company or any Member thereof, including all
antecedent derivative works; and 

-6-

(f)   
any information concerning the financial affairs of the Company or any Member
thereof and any negotiations, licensing or other business agreements between any
Member of the Company and third parties. 

(hereinafter referred to collectively
as "Confidential Information"). The Executive acknowledges and agrees
that the foregoing are only examples of the types of trade secrets, confidential
and proprietary information that will be made known to him by reason of his
employment with the Corporation, and are not to be construed as an exhaustive
list of such information. It is also understood that the term "Confidential
Information" does not include information which is or becomes generally known to
the public without any breach by the Executive of his obligations hereunder or
any fault on the part of the Executive. 

The Executive covenants and agrees
that, during his employment with the Corporation, and at all times subsequent to
the termination of his said employment, for whatever reason, whether voluntary
or involuntary, he shall not, directly or indirectly, in any manner or for any
purpose whatsoever, except for the business purposes of the Corporation and as
may be reasonably required in the normal and loyal performance of his employment
duties hereunder or unless and to the extent he is specifically required to do
so by Court order, use, copy or reproduce or allow to be used, copied or
reproduced any Confidential Information or disclose, transmit, transfer or
communicate or allow to be disclosed, transmitted, transferred or communicated
any Confidential Information to any person, firm, business, corporation,
partnership, joint venture, syndicate, association, governmental organization or
authority, or any other type of entity or group, endowed or not with juridical
personality. 

The Executive acknowledges and agrees
that the Confidential Information, and all materials, documents, files and
records relating thereto, are and shall remain the exclusive property of the
Corporation. 

The Executive covenants and agrees
that, upon the request of the Corporation and, in any event, upon the
termination of his employment with the Corporation, for whatever reason, whether
voluntary or involuntary, he will return to the Corporation immediately, without
making or keeping any copies or reproductions thereof, in whatever form, all
Confidential Information, however captured, stored or recorded, as well as all
materials, documents, files, records, diskettes, notebooks, and other property
of the Corporation which are in his possession, or under his custody or control.

Intellectual Property

Any and all inventions and
improvements thereon, processes, information and/or data which the Executive may
make, conceive and/or compile during his employment, whether alone or in concert
with others, relating or in any way pertaining to, or connected with any of the
matters which have been, are or may become, during his employment, the subject
of the business, investigations and/or research and development program of the
Corporation or in which the Corporation has been, is or may become interested
during his employment (collectively, the "Inventions"), shall be the sole
and exclusive property of the Corporation. It is understood and agreed, however,
that the term Inventions shall not include any inventions, or improvements
thereon, processes, information and/or data which the Executive makes, conceives
or compiles in the context of his involvement with any advisory board or as a
director of any other corporation, as permitted pursuant to section 4 hereof.
The Executive hereby assigns to the Corporation, without any limitation
whatsoever, any and all right, title and interest in and to the Inventions. 

-7-

Further, the Executive hereby waives,
without any limitation whatsoever, to the benefit of the Corporation, its
successors, assigns and licensees any moral rights which he may have with
respect to the Inventions for the term of such right. 

The Executive will, whenever
requested to do so by the Corporation, either during or after the termination of
his employment, for any reason whatsoever, execute any and all applications,
assignments and other instruments which the Corporation shall deem necessary in
order to apply for and obtain letters patent of Canada and/or foreign countries
for such Inventions and in order to assign and convey to the Corporation the
sole and exclusive right, title and interest in and to such Inventions,
applications and patents. 

To the end that Sections 17.1 and
17.2 hereof may be effectively carried out, the Executive shall promptly inform
and disclose to the Corporation all inventions, improvements, processes,
applications, data and/or other information made, conceived and/or compiled by
him during the Term. 

Non-Competition and
Non-Solicitation Covenants 

The Executive expressly covenants and
agrees that, during his employment and for a period of twelve (12) months from
the date on which his employment by the Corporation terminates, for whatever
reason, whether voluntary or involuntary, he will not, directly or indirectly:

(a)  
anywhere in North America, engage in, whether as a sole proprietor, partner,
shareholder or in any other proprietary capacity whatsoever, or provide support
and/or assistance in any other form whatsoever, to any person, firm or
corporation engaged in developing, manufacturing, licensing, marketing or
distributing any product that competes with a product developed, manufactured,
licensed, marketed or distributed by the Corporation during the Term or at the
date of such termination of employment, as the case may be; provided that
investments in securities representing less than 10% of the voting securities of
any entity the shares of which are publicly traded shall not be deemed a
violation of this subparagraph a); 

(b)  
anywhere in North America, be employed by, act as an Executive or adviser to, or
be the agent or representative of any person, firm or corporation engaged in
developing, manufacturing, licensing, marketing or distributing any product that
competes with a product developed, manufactured, licensed, marketed or
distributed by the Corporation during the Term or at the date of such
termination of employment, as the case may be; 

(c)  
solicit or attempt to solicit any customer or entice any such customer of the
Corporation to cease dealing with the Corporation, in all such cases with a view
to giving, selling or providing to such customer any products or services
similar to the products or services sold or provided by the Corporation at the
time of the cessation of his employment; 

(d)  
solicit, induce, or otherwise persuade any executive or Executive of the
Corporation to terminate his employment or to cease providing services to the
Corporation. 

In the event that in any legal
proceedings before a competent tribunal in any jurisdiction, it is determined
that either of Sub-sections a), b), c) or d) of Section 18 above, or any part of
the said Sub-sections, is invalid with respect to any particular transaction,
that Sub-section or part thereof shall be deemed to be severed from this
Agreement for the purposes only of the particular legal proceedings in question,
and the said Sub-section shall, in every other respect, continue in full force
and effect. 

-8-

19.    Violation 

19.1 The Executive
hereby agrees that the restrictions in the foregoing sections and paragraphs are
reasonable and necessary in order to permit the Corporation to adequately
protect its legitimate interests and competitive position in the marketplace.

19.2 The Executive
acknowledges that, in the event of any breach by him of any of his obligations
under sections 16, 17 and 18, such breach shall cause the Corporation serious
and irreparable harm and that injunctive relief will be necessary in such event,
without prejudice to any other recourses or remedies available to the
Corporation. 

20.    General 

20.1 The Executive
acknowledges that this Agreement is a contract by mutual agreement which has
been negotiated and discussed between the parties and entered into as a result
thereof. 

20.2 This Agreement
constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof, contains all of the agreements between the parties hereto
and supersedes all prior written or oral agreements hereto with respect to the
subject hereof and any and all such prior written or oral agreements are hereby
terminated. 

20.3 No amendment
to this Agreement shall be valid or binding unless set forth in writing and duly
executed by both of the parties hereto. No waiver of any breach of any provision
of this Agreement shall be effective or binding unless made in writing and
signed by the party purporting to give the same and, unless otherwise provided
in the written waiver, shall be limited to the specific breach waived. 

20.4 Each and every
term, condition and provision of this Agreement is and shall be severable one
from the other, and in the event that any term, condition or provision hereof is
at any time declared by a court of competent jurisdiction to be void, invalid or
unenforceable, same shall not extend to invalidate, make void or make
unenforceable any condition or provision of this Agreement, and such term,
condition or provision so declared to be void, invalid or unenforceable shall be
severed from the rest of this Agreement. 

20.5 This Agreement
shall be binding upon and shall enure to the benefit of the parties hereto,
their respective successors, legal representatives and permitted assigns. 

20.6 The provisions
of Sections 17, 18, 19 and 20 shall survive the termination of this Agreement.

20.7 The paragraph
and section headings herein are for convenience of reference only and shall not
affect in any way the meaning or interpretation of this Agreement. 

20.8 This Agreement
shall be governed by and construed in accordance with the laws of the Province
of Quebec. The courts of the Province of Quebec shall have exclusive
jurisdiction with respect to any disagreement or dispute between the parties
regarding this Agreement. 

20.9 Time is of the
essence of this Agreement. 

-9-

20.10 The parties
acknowledge that they have required that the present Agreement, as well as all
documents, notices and legal proceedings entered into, given or instituted
pursuant or relating directly or indirectly hereto be drawn up in English. Les
parties reconnaissent avoir exige la redaction en anglais de la presente
convention ainsi que de tous documents executes, avis donnes et toutes
poursuites judiciaires intentees, directement ou indirectement, relativement ou
a la suite de la presente convention.

AND THE PARTIES HAVE SIGNED

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