Document:

Amended and Restated Registration Rights Agreement

 Exhibit 4.18 
 EXECUTION COPY 
  
  

 
 AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 
 Among 
 AFFINION GROUP HOLDINGS, INC. 
 AND 

THE HOLDERS PARTY HERETO 
 DATED JANUARY 14, 2011 
  

 
  

 TABLE OF CONTENTS 

 

							
	 Section 1.
	  	Definitions	  	 	1	  
	 Section 2.
	  	Demand Registration	  	 	6	  
	 Section 3.
	  	Piggyback Registration	  	 	8	  
	 Section 4.
	  	Registrations on Form S-3	  	 	9	  
	 Section 5.
	  	Holdback Agreement	  	 	12	  
	 Section 6.
	  	Preparation and Filing	  	 	13	  
	 Section 7.
	  	Registration Expenses	  	 	17	  
	 Section 8.
	  	Indemnification	  	 	17	  
	 Section 9.
	  	Participation in Underwritten Offering	  	 	20	  
	 Section 10.
	  	Exchange Act Compliance	  	 	20	  
	 Section 11.
	  	Effectiveness	  	 	20	  
	 Section 12.
	  	Severability	  	 	20	  
	 Section 13.
	  	Governing Law	  	 	20	  
	 Section 14.
	  	Transfers	  	 	20	  
	 Section 15.
	  	Successors and Assigns	  	 	21	  
	 Section 16.
	  	Notices	  	 	21	  
	 Section 17.
	  	Headings	  	 	23	  
	 Section 18.
	  	Additional Parties	  	 	23	  
	 Section 19.
	  	Adjustments	  	 	23	  
	 Section 20.
	  	Entire Agreement	  	 	23	  
	 Section 21.
	  	Counterparts	  	 	24	  
	 Section 22.
	  	Amendment	  	 	24	  
	 Section 23.
	  	Further Assurances	  	 	24	  
	 Section 24.
	  	No Third-Party Beneficiaries	  	 	24	  
	 Section 25.
	  	Interpretation	  	 	24	  

 THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of January 14,
2011 (this “Agreement”), is entered into by and among AFFINION GROUP HOLDINGS, INC., a Delaware corporation (the “Company”), and each of the Holders of the Company that are parties hereto. 

WHEREAS, each party hereto deems it to be in the best interest of the Company and the parties that provision be
made for the continuity and stability of the business and policies of the Company, and, to that end, the Company and the parties hereby set forth their agreement with respect to the shares of Common Stock now owned or hereafter owned by them; and

 NOW, THEREFORE, in consideration of the promises and of the mutual consents and obligations hereinafter
set forth, the parties hereby agree as follows: 
 Section 1. Definitions. 

As used herein, the following terms shall have the following respective meanings: 

“Adoption Agreement” shall mean an Adoption Agreement in the form attached hereto as Exhibit A.

 “Affiliate” shall mean, with respect to any Person, any other Person, directly or indirectly,
through one or more intermediaries, Controlling, Controlled by, or under common Control with, such Person. Notwithstanding the foregoing, the term “Affiliate” shall include any investment fund, the sole owner of which is or, if not the
sole owner, the primary investment managers of which are (x) with respect to Apollo, Apollo Management V, L.P., Apollo Global Management, LLC or their respective Affiliates (including their respective successors and Subsidiaries, but excluding
their respective portfolio companies) and (y) with respect to General Atlantic, General Atlantic LLC or its Affiliates (including their respective successors and Subsidiaries, but excluding their portfolio companies). 

“Agreement” shall have the meaning ascribed to it in the introductory paragraph. 

“Apollo” shall mean investment funds managed by Apollo Management V, L.P., Apollo Global Management, LLC
or any of their respective Affiliates. 
 “Automatic Shelf Registration Statement” shall mean an
“automatic shelf registration statement” as defined in Rule 405 (or successor rule) promulgated under the Securities Act. 
 “beneficially owned”, “beneficial ownership” and similar phrases have the same meanings as such terms have under Rule 13d-3 (or any successor rule then in effect) under
the Exchange Act, except that in calculating the beneficial ownership of any Holder, such Holder shall be deemed to have beneficial ownership of all securities that such Holder has the right to acquire, whether such right is currently exercisable or
is exercisable upon the occurrence of a subsequent event. For the avoidance of doubt, each Major Stockholder shall be deemed to beneficially own all of the shares of Common Stock held by any of its Affiliates. Notwithstanding anything to the
contrary set forth in this Agreement, no Holder shall be deemed to have agreed with any other Holder to act together for the purpose of acquiring, holding, voting 

  
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or disposing of the Common Stock or to form a “group” (as such term is used in Rule 13d-5 under the Exchange Act), in each case, solely as a result of the existence of this Agreement,
the Stockholder Agreement, the WL Securityholder Rights Agreement or the Wyndham Securityholder Rights Agreement. 
 “Board” shall mean the Board of Directors of the Company and any duly authorized committee thereof. All determinations by the Board required pursuant to the terms of this Agreement to be
made by the Board shall be binding and conclusive, if made in good faith. 
 “Business Day”
shall mean any day other than a Saturday, a Sunday or a day on which banks in New York, New York are authorized or obligated by Law or executive order to close. 
 “Commission” shall mean the Securities and Exchange Commission or any other Federal agency at the time administering the Securities Act. 

“Common Stock” shall mean the common stock of the Company, par value $.01 per share. 

“Company” shall have the meaning ascribed to it in the introductory paragraph. 

“Control,” and its correlative meanings, “Controlling,” and “Controlled,” shall mean
the possession, direct or indirect, or the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Demand Holder” shall mean Parent (and, subject to Section 14, its Transferees) and Holders
of a majority of the Eligible Shares held by the Principal WL Stockholders (and, subject to Section 14, their respective Transferees). 
 “Demand Notice” shall have the meaning ascribed to it in Section 2(a). 
 “Demand Registration” shall mean a registration of Shares pursuant to Section 2(a). 
 “Demand Rights” shall have the meaning ascribed to it in Section 2(a)(i). 
 “Determination Date” shall have the meaning ascribed to it in Section 4(d)(v). 
 “Eligible Shares” shall mean, at any time, any Shares now owned or hereafter acquired held or beneficially owned by any Holder or which such Holder has the right to acquire pursuant to
the exercise of any option, warrant or right or the conversion or exchange of any convertible or exchangeable security, regardless of whether then exercisable, convertible or exchangeable; provided, however, that as to any Eligible
Shares, such securities shall cease to be Eligible Shares (i) upon the sale thereof pursuant to an effective registration statement, (ii) upon the sale thereof pursuant to Rule 144 (or successor rule) under the Securities Act,
(iii) when such Shares may be sold by the Holder thereof without limitation pursuant to Rule 144 (or successor rule) under the Securities Act or (iv) when such securities cease to be outstanding. 

  
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 “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations thereunder. 
 “FINRA” shall mean the Financial
Industry Regulatory Authority. 
 “General Atlantic” shall mean General Atlantic LLC and its
Affiliated investment partnerships. 
 “Holders” shall mean the holders of Shares who are
parties hereto as set forth in Schedule I hereto, as the same may be amended or supplemented from time to time (or Transferees of such Holders that acquire Eligible Shares in accordance with Section 14 and execute an Adoption
Agreement in accordance with Section 14). 
 “Information” shall have the meaning
ascribed to it in Section 6(i). 
 “Initial Notice” shall have the meaning ascribed
to it in Section 3(a). 
 “Initial Public Offering” shall mean the consummation of
an initial Underwritten Offering of Shares pursuant to an effective registration statement filed by the Company with the Commission (other than on Forms S-4 or S-8 or successors to such forms) under the Securities Act. 

“Inspectors” shall have the meaning ascribed to it in Section 6(i). 

“Lock-up Period” shall have the meaning ascribed to it in Section 5(a). 

“Major Stockholder” means (i) Apollo and each of its Transferees; and (ii) General Atlantic and
each of its Transferees, in each case, so long as such Person beneficially owns, together with its Affiliates, a number of issued and outstanding shares of Common Stock equal to at least 50% of the number of shares of Common Stock issued to General
Atlantic and its Affiliates as of the date hereof. 
 “Marketed Underwritten Shelf Take-Down”
shall have the meaning ascribed to it in Section 4(d)(ii). 
 “Non-Marketed Shelf
Take-Down” shall have the meaning ascribed to it in Section 4(d)(iii). 

“Parent” shall mean Affinion Group Holdings, LLC, a Delaware limited liability company, and its
successors. 
 “Person” shall be construed broadly and shall include, without limitation, an
individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision
thereof. 
 “Piggyback Notice” shall have the meaning ascribed to it in
Section 3(a). 

  
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 “Piggyback Registration” shall mean any registration
pursuant to Section 3. 
 “Principal WL Stockholder” shall mean each of General
Atlantic, Richard Fernandes, the Fernandes Family Trust A dated June 25, 1999, Vincent D’Agostino and the D’Agostino Family Trust A dated 4/8/99. 
 “Prospectus” shall mean the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any
portion of the securities covered by such Registration Statement and, in each case, by all other amendments and supplements to such prospectus, including post-effective amendments and, in each case, all material incorporated by reference in such
prospectus. 
 “Public offering” shall mean the consummation of an offering of Common Stock by
the Company (or any successor-in-interest thereof) which is made pursuant to an effective registration statement. 
 “Records” shall have the meaning ascribed to it in Section 6(i). 
 “Registration Expenses” shall have the meaning ascribed to it in Section 7 of this Agreement. 

“Registration Statement” shall mean any Registration Statement of the Company which covers the Eligible
Shares, including any preliminary Prospectus and the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits thereto and all material incorporated by reference in such Registration
Statement. 
 “Requesting Holder” shall mean the Holders exercising a Demand Right. 

“Rule 144” shall mean Rule 144 under the Securities Act. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations
thereunder. 
 “Selling Investors” shall mean the Holders selling Eligible Shares pursuant to a
Registration Statement under this Agreement. 
 “Selling Investors’ Counsel” shall have the
meaning set forth in Section 6(b). 
 “Shares” shall mean any shares of Common Stock
and shall also include any equity security of the Company or any successor thereto, issued in respect of or in exchange for Shares, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation
or reorganization. 
 “Shelf Holder” shall have the meaning ascribed to it in
Section 4(d)(i). 
 “Shelf Registration” shall have the meaning ascribed to it in
Section 4(a)(i). 

  
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 “Shelf Take-Down” shall have the meaning ascribed to it in
Section 4(d)(i). 
 “Short-Form Registration” shall have the meaning ascribed to it
Section 4(a)(i). 
 “Short-Form Registration Notice” shall have the meaning ascribed
to it Section 4(a)(ii). 
 “SPV Affiliate” shall mean, with respect to Apollo, any
Affiliate of Apollo, or, with respect to General Atlantic, any Affiliate of General Atlantic, in each case whose direct or indirect interest in the Common Stock constitutes more than 50% (by value) of the equity securities portfolio of that
Affiliate. 
 “Stockholder Agreement” shall mean the Stockholder Agreement, dated as of the date
hereof, among the Company and the parties thereto (as it may be amended, supplemented, restated or otherwise modified from time to time). 
 “Transfer” shall mean any direct or indirect sale, assignment, transfer, conveyance, gift, bequest by will or under intestacy laws, pledge, hypothecation or other encumbrance, or any
other disposition, of the stated security (or any interest therein or right thereto, including the issuance of any total return swap or other derivative whose economic value is primarily based upon the value of the stated security) or of all or part
of the voting power (other than the granting of a revocable proxy) associated with the stated security (or any interest therein) whatsoever, or any other transfer of beneficial ownership of the stated security, with or without consideration and
whether voluntarily or involuntarily (including by operation of law). Notwithstanding anything to the contrary set forth herein, transfers of an interest in Apollo or any of its Affiliates (other than any SPV Affiliate) or in General Atlantic or any
of its Affiliates (other than any SPV Affiliate) shall not be deemed a Transfer. 
 “Transferee”
shall mean a Person acquiring Shares prior to an Initial Public offering through a Transfer. 

“Underwritten Offering” shall mean a sale, on the Company’s or any Holder’s behalf, of Shares
by the Company or a Holder to an underwriter for reoffering to the public. 
 “Underwritten Shelf
Take-Down” shall have the meaning ascribed to it in Section 4(d)(ii). 

“Underwritten Shelf Take-Down Notice” shall have the meaning ascribed to it in
Section 4(d)(ii). 
 “Well-Known Seasoned Issuer” shall mean a “well-known
seasoned issuer” as defined in Rule 405 (or successor rule) promulgated under the Securities Act. 

“WL Securityholder Rights Agreement” shall mean that certain Securityholder Rights Agreement, dated as of
the date hereof, among the Company, Apollo, General Atlantic and the holders party thereto (as it may be amended, supplemented, restated or otherwise modified from time to time). 

  
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 “WL Stockholder Agreement” shall mean the Stockholder
Agreement, dated as of May 12, 2005, by and among Webloyalty Holdings, Inc. and the parties thereto (as it may be amended, supplemented, restated or otherwise modified from time to time). 

“Wyndham Securityholder Rights Agreements” means that certain Securityholder Rights Agreement, dated as
October 17, 2005 (as it may be amended, supplemented, restated or otherwise modified from time to time), among the Company, Parent and Cendant Corporation, the successor in interest of which is Wyndham Worldwide Corporation. 

Section 2. Demand Registration. 

(a) Right to Demand; Demand Notices. 
 (i) Subject to the provisions of this Section 2, each Demand Holder shall have the right to request that the Company register under the Securities Act all or part of the Eligible Shares
beneficially owned by such Demand Holder (each such right, a “Demand Right”) at any time and from time to time after the date hereof. Notwithstanding the foregoing, (A) Parent shall have only six such Demand Rights in addition
to the exercise of Demand Rights in connection with the Initial Public Offering; (B) the Principal WL Stockholders shall have, in the aggregate, only two Demand Rights in addition to the exercise of Demand Rights in connection with the Initial
Public Offering; provided, that, the Principal WL Stockholders may only exercise Demand Rights with respect to an Initial Public Offering if (x) such exercise is made after the third anniversary of the date of this Agreement, (y) General
Atlantic is a Requesting Holder and (z) General Atlantic and its Affiliates own at the time of such Demand Rights exercise a number of Shares equal to at least 50% of the Shares issued to General Atlantic and its Affiliates on the date of this
Agreement (subject to adjustment for stock dividends, stock splits, combinations, recapitalizations and similar events) and (C) a Demand Right may be exercised only if the aggregate offering price of the Shares to be sold in the applicable
offering (before deduction of underwriter discounts and commissions) is reasonably expected to exceed, in the aggregate, $75 million. No registration effected pursuant to Section 4 shall be counted as a Demand Right for purposes of
Section 2(a). 
 (ii) All requests made pursuant to this Section will specify the aggregate amount of
Shares to be registered and will also specify the intended methods of disposition thereof (each such request, a “Demand Notice”). Subject to Section 2(b), promptly upon receipt of any such Demand Notice, the Company will
use its best efforts to effect within 120 days such registration under the Securities Act of the Shares which the Company has been so requested to register. A registration shall not constitute a Demand Registration if such Demand Registration has
not become effective within 150 days following the date of any Demand Notice. 
 (b) Company’s Right to Defer
Registration. If the Company receives a Demand Notice and the Company furnishes to the Requesting Holder a copy of a resolution of the Board certified by the secretary of the Company stating that in the good faith judgment of the Board it would
be materially adverse to the Company for such Registration Statement to be filed on or before the date such filing would otherwise be required hereunder, the Company shall have the right to defer such filing for a period of not more than 90 days or,
in the case of a deferral following approval by the Board of the filing of a registration statement in connection with a 

  
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primary offering, for a period of not more than 180 days after receipt of the request for such registration. If the Company shall so postpone the filing of a Registration Statement and if the
Requesting Holder within 30 days after receipt of the notice of postponement advises the Company in writing that it has determined to withdraw such Demand Notice, then such Demand Registration shall be deemed to be withdrawn and shall not be deemed
to be an exercise of one of the Demand Rights to which such Requesting Holder is entitled under Section 2(a). The Company shall not use the deferral right provided under this Section 2(b), together with any other deferral or
suspension of the Company’s obligations under Section 4, more than twice in any 12-month period. 
 (c)
Registration Statement Form. Registrations under this Section 2 shall be on such appropriate registration form of the Commission (i) as shall be selected by the Company and as shall be reasonably acceptable to the Requesting
Holder and (ii) as shall permit the disposition of such Shares in accordance with the intended method or methods of disposition specified in the Demand Notice. If, in connection with any registration under this Section 2 which is
proposed by the Company to be on Form S-3 or any successor form, the managing underwriter, if any, shall advise the Company in writing that in its opinion the use of another permitted form is of material importance to the success of the offering,
then such registration shall be on such other permitted form. 
 (d) Effective Registration Statement. The Company shall
be deemed to have effected a Demand Registration only if the Registration Statement relating to such Demand Registration is declared effective by the Commission and the Holders exercising Demand Rights have been able to sell at least 90% of the
Eligible Shares that they have requested to sell in the Demand Notice. 
 (e) Underwriter’s Cutback. If the managing
underwriter of an offering made pursuant to this Section 2 advises the Company that the inclusion of all such Eligible Shares proposed to be included in such Registration Statement would interfere with the successful marketing (including
pricing) of the Common Stock to be offered thereby, then the number of Shares proposed to be included in such Demand Registration shall be allocated among the Company and all Selling Investors of the Company proportionately, such that the number of
Shares that each Selling Investor shall be entitled to sell in the offering shall be included in the following order: 
 (i) first, the Eligible Shares held by the Holders requesting their Eligible Shares be included in such registration pursuant to the terms of this Agreement and Shares held by any other Person who has
rights to participate in such offering pursuant to a registration rights agreement or arrangement with the Company, pro rata based upon the number of Shares owned by each such Person at the time of such registration; and 

(ii) second, the Shares to be sold by the Company. 
 Notwithstanding anything to the contrary set forth in this Section 2, if the managing underwriter for the offering advises the Company that the inclusion of the number of Eligible Shares
proposed to be included in any Registration Statement by any Holder serving as a director, officer or key employee of the Company would interfere with the successful marketing 

  
 7 

 
(including pricing) of the Common Stock to be offered thereby, then the number of Shares proposed to be included in such Demand Registration by such Holder shall be reduced to the lower of the
number of such Shares that the managing underwriter advises that such Holder may sell in the offering and the number of such Shares calculated pursuant to the foregoing. 
 (f) Selection of Underwriters. If any offering pursuant to a Demand Registration involves an Underwritten Offering, Parent, for so long as it owns no less than 40% of the Eligible Shares owned by
it as of the date hereof, and thereafter, the holders of a majority of the Eligible Shares outstanding, shall have the right to select the managing underwriter or underwriters to administer the offering, which managing underwriters shall be a firm
of nationally recognized standing and reasonably satisfactory to the Company and the holders of a majority of the Eligible Shares included in such Registration Statement. 
 Section 3. Piggyback Registration. 
 (a) Notices. If the Company at
any time proposes for any reason to register Shares under the Securities Act (other than a registration on Form S-4 or Form S-8, or any successor of either such form, or a registration relating solely to the offer and sale to the Company’s
employees pursuant to any employee stock plan or other employee benefit plan arrangement) whether or not in connection with any Demand Registration pursuant to Section 2 or pursuant to Section 4 (a “Piggyback
Registration”), the Company shall give written notice to each Holder of its intention to so register the Shares at least 30 days before the filing of such Registration Statement (the “Initial Notice”). The Company shall,
subject to the provisions of (b)Section 3(b) and Section 3(c) below, use commercially reasonable efforts to include in such Piggyback Registration on the same terms and conditions as the securities otherwise being sold, all
Eligible Shares with respect to which the Company has received written requests for inclusion therein within 25 days after sending the Initial Notice (the “Piggyback Notice”), which Piggyback Notice shall specify the number of
Shares proposed to be included in the Piggyback Registration and shall also specify the intended methods of disposition thereof. 
 (b) Underwriter’s Cutback. If the managing underwriter advises the Company that the inclusion of all such Eligible Shares proposed to be included in the Piggyback Registration would interfere
with the successful marketing (including pricing) of the Eligible Shares to be offered thereby, then the number of Shares proposed to be included in such Piggyback Registration shall be allocated among the Company and all Selling Investors of the
Company proportionately, such that the number of Shares that the Company and each Selling Investor shall be entitled to sell in the Public Offering shall be included in the following order: 

(i) first, the Shares held by the Company, or, to the extent the registration referred to in Section 3(a) is a
registration on behalf of any Person other than the Company pursuant to a registration rights agreement or arrangement with the Company, the Shares held by such Person; 

(ii) second, the Shares held by the Selling Investors and Shares held by any other Person who has the right to participate
in such offering pursuant to a registration rights agreement or arrangement with the Company, pro rata based upon the number of Shares owned by each such Person at the time of such registration; and 

  
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 (iii) third, to the extent the registration referred to in
Section 3(a) is a registration on behalf of any Person other than the Company pursuant to a registration rights agreement or arrangement with the Company, the Shares to be sold by the Company. 

Notwithstanding anything to the contrary set forth in this Section 3, if the managing underwriter advises the Company that the inclusion of
the number of Eligible Shares proposed to be included in any Piggyback Registration by any Holder serving as a director, officer or key employee of the Company would interfere with the successful marketing (including pricing) of the Eligible Shares
to be offered thereby, then the number of Shares proposed to be included in such Piggyback Registration by such Holder shall be reduced to the lower of the number of such Shares that the managing underwriter advises that such Holder may sell in the
offering and the number of such Shares calculated pursuant to the foregoing. 
 (c) Company Control. Except for a
Registration Statement being filed in connection with the exercise of a Demand Right, the Company may decline to file a Registration Statement after an Initial Notice has been given or after receipt by the Company of a Piggyback Notice, and the
Company may withdraw a Registration Statement after filing and after such Initial Notice or Piggyback Notice, but prior to the effectiveness of the Registration Statement, provided that (i) the Company shall promptly notify the Selling
Investors in writing of any such action and (ii) nothing in this Section 3(c) shall prejudice the right of any Demand Holder to immediately request that such registration be effected as a registration under Section 2 to
the extent permitted thereunder. 
 Section 4. Registrations on Form S-3. 

(a) Short-Form Demand; Demand Notices. 
 (i) Notwithstanding anything contained in this Agreement to the contrary, at such time as the Company shall have qualified for the use of Form S-3 promulgated under the Securities Act or any successor
form thereto, the Demand Holders shall have the right to request in writing an unlimited number of registrations under the Securities Act of all or any portion of the Eligible Shares beneficially owned by any such Demand Holder on Form S-3 (or any
successor form) or any similar short form registration statement, if available (a “Short-Form Registration”) and any such Demand Holder may request that such Short Form Registration constitute a shelf offering on a delayed or
continuous basis in accordance with Rule 415 under the Securities Act (a “Shelf Registration”), in which case the provisions of Section 4(d) shall be applicable, provided: 

(A) such Demand Holder shall only be entitled to demand such Short-Form Registration if the aggregate offering price of
the Shares to be sold in such offering (before deduction of underwriting discounts and commissions) is reasonably expected to exceed, in the aggregate, $50 million; and 

(B) the Company shall not be required to effect more than two Short-Form Registrations in any 12-month period. 

  
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 (ii) All written requests for Short-Form Registrations (each such request, a
“Short-Form Registration Notice”) shall (i) specify the number of Eligible Shares intended to be sold or disposed of, (ii) state the intended method of disposition of such Eligible Shares and (iii) whether or not such
Short-Form Registration shall be a Shelf Registration, and upon receipt of such request, the Company shall use its best efforts promptly to effect the registration under the Securities Act of the Eligible Shares so requested to be registered.

 (iii) No Demand Holder’s request for a Short-Form Registration pursuant to Section 4(a) shall
count against the Demand Rights allocated to such Demand Holder in Section 2(a) hereof. 
 (b) Company’s
Right to Defer Registration. If the Company receives a Short-Form Registration Notice and the Company furnishes to the Requesting Holder or Shelf Holder, as applicable, a copy of a resolution of the Board certified by the secretary of the
Company stating that in the good faith judgment of the Board it would be materially adverse to the Company for such Short-Form Registration Statement to be filed on or before the date such filing would otherwise be required hereunder, the Company
shall have the right to defer such filing of the Short-Form Registration Statement for a period of not more than 90 days after receipt of the Short-Form Registration Notice. If the Company shall so postpone the filing of a Short-Form Registration
Statement and if the Requesting Holder or Shelf Holder, as applicable, within 30 days after receipt of the notice of postponement advises the Company in writing that it has determined to withdraw such Demand Notice, then such Demand Registration
shall be deemed to be withdrawn; provided, that, the Company shall not utilize this right, together with any other deferral or suspension of the Company’s obligations under Section 2 more than twice in any 12-month period.

 (c) Underwriter’s Cutback. If the Demand Holder requesting the Short Form Registration or Shelf Registration
intends to distribute the Eligible Shares covered by its request under this Section 4 by means of an Underwritten Offering, it shall so advise the Company as a part of its request made pursuant to this Section 4 and the
Company shall include such information in the Short-Form Registration Notice. If the managing underwriter advises the Company that the inclusion of all such Eligible Shares proposed to be included in such registration (or Underwritten Shelf
Take-Down, as applicable) would interfere with the successful marketing (including pricing) of the Eligible Shares to be offered thereby, then the number of Eligible Shares proposed to be included in such Underwritten Offering (or Underwritten Shelf
Take-Down, as applicable) shall be allocated among the Company and all Selling Investors of the Company proportionately, such that the number of Eligible Shares that each Selling Investor shall be entitled to sell in the offering (or Underwritten
Shelf Take-Down, as applicable) shall be included in the following order: 
 (i) first, the Eligible Shares held
by the Holders requesting their Eligible Shares be included in such registration pursuant to the terms of this Agreement and Shares held by any other Person who has rights to participate in such offering pursuant to a registration rights agreement
or arrangement with the Company, pro rata based upon the number of Shares owned by each such Person at the time of such registration; and 
 (ii) second, the Shares to be sold by the Company. 

  
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 Notwithstanding anything to the contrary set forth in this Section 2, if the managing
underwriter advises the Company that the inclusion of the number of Eligible Shares proposed to be included in any such registration (or Underwritten Shelf Take-Down, as applicable) by any Holder serving as a director, officer or key employee of the
Company would interfere with the successful marketing (including pricing) of the Eligible Shares to be offered thereby, then the number of Shares proposed to be included in such registration (or Underwritten Shelf Take-Down, as applicable) by such
Holder shall be reduced to the lower of the number of such Shares that the managing underwriter advises that such Holder may sell in the offering and the number of such Shares calculated pursuant to the foregoing. 

(d) Shelf Registration. 
 (i) Any Holder included in an effective Shelf Registration (a “Shelf Holder”) may initiate an offering or sale of all or part of such Eligible Shares (a “Shelf
Take-Down”), in which case the provisions of this Section 4(d) shall apply, provided only a Demand Holder may initiate an Underwritten Offering pursuant to Section 4(d)(ii) below. 

(ii) If a Demand Holder so elects in a written request delivered to the Company (an “Underwritten Shelf Take-Down
Notice”), a Shelf Take-Down may be in the form of an Underwritten Offering (an “Underwritten Shelf Take-Down”) and, if necessary, the Company shall file and effect an amendment or supplement to its Shelf Registration for
such purpose as soon as practicable. Such initiating Demand Holder shall indicate in such Underwritten Shelf Take-Down Notice whether it intends for such Underwritten Shelf Take-Down to involve a customary “road show” (including an
“electronic road show”) or other marketing effort by the underwriters (a “Marketed Underwritten Shelf Take-Down”). Upon receipt of an Underwritten Shelf Take-Down Notice indicating that such Underwritten Shelf Take-Down
will be a Marketed Underwritten Shelf Take-Down, the Company shall promptly (but in any event no later than five days prior to the expected date of such Marketed Underwritten Shelf Take-Down) give written notice of such Marketed Underwritten Shelf
Take-Down to all other Holders and shall permit the participation of all such Holders that request inclusion in such Marketed Underwritten Shelf Take-Down who respond in writing within five days after the receipt of such notice of their election to
participate. The provisions of Section 4(c) shall apply with respect to the rights of the Holders to participate in any Underwritten Shelf Take-Down (it being understood that the Company shall not be obligated to commence such Marketed
Underwritten Shelf Take-Down until promptly following the expiration of such five-day period). 
 (iii) If a
Shelf Holder desires to effect a Shelf Take-Down that does not constitute a Marketed Underwritten Shelf Take-Down and that does not involve an Underwritten Offering (a “Non-Marketed Shelf Take-Down”), such Shelf Holder shall so
indicate in a written request delivered to the Company no later than one Business Days prior to the expected date of such Non-Marketed Shelf Take-Down, which request shall include (i) the total number of Eligible Shares expected to be offered
and sold in such Non-Marketed Shelf Take-Down, (ii) the expected plan of distribution of such Non-Marketed Shelf Take-Down and (iii) the action or actions required (including the timing thereof) in connection with such Non-Marketed Shelf
Take-Down, and, if necessary, the Company shall file and effect an amendment or supplement to its Short Form Shelf Registration for such purpose as soon as practicable. 

  
 11 

 (iv) All determinations as to whether to complete any Non-Marketed Shelf
Take-Down and as to the timing, manner, price and other terms of any Non-Marketed Shelf Take-Down shall be at the discretion of the applicable Shelf Holder. 
 (v) Upon the Company becoming a Well-Known Seasoned Issuer, (x) the Company shall give written notice to all of the Holders as promptly as practicable but in no event later than ten days thereafter,
and such notice shall describe, in reasonable detail, the basis on which the Company has become a Well-Known Seasoned Issuer, and (y) the Company shall, as promptly as practicable, register, under an Automatic Shelf Registration Statement, the
sale of all of the Eligible Shares in accordance with the terms of this Agreement. The Company shall use its commercially reasonable efforts to file such Automatic Shelf Registration Statement as promptly as practicable, but in no event later than
20 days after it becomes a Well-Known Seasoned Issuer, and to cause such Automatic Shelf Registration Statement to remain effective thereafter until there are no longer any Eligible Shares. The Company agrees that if any Holder beneficially owns any
Eligible Shares three years after the filing of an initial Automatic Shelf Registration Statement in compliance with this Section, the Company shall file and cause to remain effective a new Automatic Shelf Registration Statement that registers the
sale of any Eligible Shares that remain outstanding at such time. The Company shall give written notice of filing such Registration Statement to all of the Holders as promptly as practicable thereafter. At any time after the filing of an Automatic
Shelf Registration Statement by the Company, if the Company is no longer a Well-Known Seasoned Issuer (the “Determination Date”), within ten days after such Determination Date, the Company shall (A) give written notice thereof
to all of the Holders and (B) to the extent the Company continues to qualify for the use of Form S-3 promulgated under the Securities Act or any successor form thereto, the Company shall file a Short-Form Registration Statement (or a post
effective amendment converting the Automatic Shelf Registration Statement to a Short-Form Registration Statement) covering all of the Eligible Shares, and the Company shall use commercially reasonable efforts to have such Short-Form Registration
Statement declared effective as promptly as practicable after the date the Automatic Shelf Registration Statement is no longer useable by the Holders to sell their Eligible Shares. 

(vi) If the Company receives a written request for an Underwritten Shelf Take-Down or a Non-Marketed Shelf Take-Down and
the Company furnishes to the Requesting Holder or Shelf Holder, as applicable, a copy of a resolution of the Board certified by the secretary of the Company stating that in the good faith judgment of the Board it would be materially adverse to the
Company to effect such Underwritten Shelf Take-Down or a Non-Marketed Shelf Take-Down on or before the date such take-down would otherwise be required hereunder, the Company shall have the right to defer effecting such Underwritten Shelf Take-Down
or a Non-Marketed Shelf Take-Down for a period of not more than 90 days after receipt of the written request; provided, that, the Company shall not utilize this right, together with any other deferral or suspension of the Company’s
obligations under Section 2 more than twice in any 12-month period (except that the Company shall be able to use this right more than twice in any 12-month period if the Company is exercising such right during the 15-day period prior to
the Company’s regularly scheduled quarterly earnings announcement date and the total number of days postponement in such 12-month period does not exceed 180 days). 
 Section 5. Holdback Agreement. 

  
 12 

 (a) If requested by the managing underwriters in connection with any Underwritten Offering,
no Holder who beneficially owns 1% or more of the outstanding Common Stock shall effect any Transfer (including sales pursuant to Rule 144) of any such Shares without prior written consent from the underwriters managing the Underwritten Offering by
the Company during a period beginning up to seven days prior to and ending up to 90 days from and including the date of pricing as reasonably requested by the underwriters managing the Underwritten Offering (or 180 days in the case of the Initial
Public Offering) (the “Lock-Up Period”); provided, that (A) the foregoing shall not apply to any Shares that are offered for sale as part of the underwritten public equity offering, (B) such Lock-Up Period shall be
no longer than and on substantially the same terms as the lock-up period applicable to the Company and the executive officers and directors of the Company and (C) such Lock-Up Period shall not commence unless the Company notifies the Holders in
writing prior to the commencement of the Lock-Up Period; provided, further, that nothing herein shall prevent any Holder that is a partnership, limited liability company or corporation from making a distribution of Shares to the
partners, members or stockholders thereof, a Transfer of Shares to an Affiliate that is otherwise in compliance with the applicable securities laws or a Transfer that is a bona fide gift. Each Holder agrees to execute a lock-up agreement in favor of
the Company’s underwriters to such effect and, in any event, that the Company’s underwriters in any Underwritten Offering shall be third-party beneficiaries of this Section 5(a). The provisions of this Section 5(a) will no
longer apply to a Holder if (x) such Holder ceases to hold any Shares or (y) such Holder beneficially owns less than 1% of the outstanding shares of Common Stock. 
 (b) In connection with any Underwritten Offering (including pursuant to any Demand Registration, Short-Form Registration or Piggyback Registration), if requested by the managing underwriters in connection
with such Underwritten Offering, the Company shall not effect any sale or distribution of any Shares (except pursuant to registrations on Form S-8 or Form S-4 (or any successor to such forms) under the Securities Act), during a period beginning up
to seven days prior to and ending up to 90 days from and including the date of pricing of such Underwritten Offering as reasonably requested by the underwriters managing the Underwritten Offering (or 180 days in the case of the Initial Public
Offering); provided, that the foregoing shall not apply to any securities that are offered for sale as part of the Underwritten Offering; provided, further, that nothing herein will prevent the Company from (A) issuing
securities upon the exercise of an option or warrant or the conversion or exchange of a security outstanding on such date, or (B) granting securities pursuant to employee benefit plans in effect on such date. 

Section 6. Preparation and Filing. 
 If and whenever the Company is under an obligation pursuant to the provisions of this Agreement to use its best efforts to effect the registration of any Eligible Shares, the Company shall, as
expeditiously as practicable: 
 (a) in the case of Eligible Shares, use its commercially reasonable efforts to cause a
Registration Statement that registers such Eligible Shares to become and remain effective for a period of 180 days or until all of such Shares have been disposed of (if earlier); provided, that in the case of any registration of Eligible
Shares on a Shelf Registration which are intended to be offered on a continuous or delayed basis, such 180-day period shall be extended, if necessary, to keep the registration statement continuously effective, supplemented and amended to the extent

  
 13 

 
necessary to ensure that it is available for sales of such Eligible Shares, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and
regulations of the SEC as announced from time to time, until the earlier of when (i) the Holders have sold all of such Eligible Shares, (ii) the Holders may sell all of such Eligible Shares without limitation pursuant to Rule 144 under the
Securities Act and (iii) in the case of an Automatic Shelf Registration Statement, such Automatic Shelf Registration Statement has been effective for three years; 
 (b) furnish, at least ten business days before filing a Registration Statement, copies of such Registration Statement or any amendments or supplements thereto, to one counsel selected by the Holders who
beneficially own a majority of such Eligible Shares (the “Selling Investors’ Counsel”), copies of all such documents proposed to be filed (it being understood that such five-business-day period need not apply to successive
drafts of the same document proposed to be filed so long as such successive drafts are supplied to the Selling Investors’ Counsel in advance of the proposed filing by a period of time that is customary and reasonable under the circumstances);

 (c) in the case of Eligible Shares, prepare and file with the Commission such amendments and supplements to such Registration
Statement as may be necessary to keep such Registration Statement effective for at least the period specified in Section 6(a) and to comply with the provisions of the Securities Act with respect to the sale or other disposition of such
Eligible Shares; 
 (d) notify in writing the Selling Investors’ Counsel promptly (i) of the receipt by the Company of
any notification with respect to any comments by the Commission with respect to such Registration Statement or any amendment or supplement thereto or any request by the Commission for the amending or supplementing thereof or for additional
information with respect thereto, (ii) of the receipt by the Company of any notification with respect to the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement or any amendment or supplement
thereto or the initiation or threatening of any proceeding for that purpose and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of such Eligible Shares for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purposes and, in any such case as promptly as reasonably practicable thereafter, prepare and file an amendment or supplement to such registration statement or prospectus which will correct
such statement or omission or effect such compliance; 
 (e) use its commercially reasonable efforts to register or qualify such
Eligible Shares under such other securities or blue sky laws of such jurisdictions as the Holders reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holders to consummate their
disposition in such jurisdictions; provided, however, that the Company will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it
would not otherwise be required to do so but for this paragraph (e); 
 (f) furnish to each holder of Eligible Shares such
number of copies of a summary prospectus or other prospectus, including a preliminary prospectus, in conformity with the 

  
 14 

 
requirements of the Securities Act, and such other documents as such holders may reasonably request in order to facilitate the public sale or other disposition of such Eligible Shares;

 (g) without limiting subsection (e) above, use its commercially reasonable efforts to cause such Eligible Shares to be
registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Investors to consummate the disposition of such Eligible Shares;

 (h) notify on a timely basis each Holder of such Eligible Shares at any time when a prospectus relating to such Eligible
Shares is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and, at the request of such Holder, as soon as practicable prepare and furnish to such Holder
a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the offeree of such shares, such prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
 (i) make available for inspection by the Selling Investors, the Selling Investors’ Counsel or any underwriter participating in any disposition pursuant to such Registration Statement and any
attorney, accountant or other agent retained by any such Selling Investor or underwriter (collectively, the “Inspectors”), all pertinent financial and Other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information (together with
the Records, the “Information”) reasonably requested by any such Inspector in connection with such Registration Statement. Any of the Information which the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, shall not be disclosed by the Inspectors unless (i) the disclosure of such Information is necessary to avoid or correct a misstatement or omission in the Registration Statement, (ii) the
release of such Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction or (iii) such Information has been made generally available to the public. The Holder of Eligible Shares agree that they will,
upon learning that disclosure of such Information is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the
Information deemed confidential; 
 (j) in the case of an Underwritten Offering, use its commercially reasonable efforts to
obtain from its independent certified public accountants “comfort” letters in customary form and at customary times and covering matters of the type customarily covered by comfort letters; 

(k) in the case of an Underwritten Offering, use its commercially reasonable efforts to obtain from its counsel an opinion or opinions in
customary form; 

  
 15 

 (l) provide a transfer agent and registrar (which may be the same entity and which may be
the Company) for such Eligible Shares; 
 (m) issue to any underwriter to which any Selling Investors may sell shares in such
offering certificates evidencing such Eligible Shares; 
 (n) upon the request of the holders of a majority of the Eligible
Shares included in such registration, list such Eligible Shares on any national securities exchange on which any shares of the Common Stock are listed or, if the Common Stock is not listed on a national securities exchange, use its commercially
reasonable efforts to qualify such Eligible Shares for inclusion on such national securities exchange as the Company shall designate; 
 (o) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission and make available to its security holders, as soon as reasonably practicable,
earnings statements (which need not be audited) covering a period of 12 months beginning within three months after the effective date of the Registration Statement, which earnings statements shall satisfy the provisions of Section 11(a) of the
Securities Act; 
 (p) notify the Holders and the lead underwriter or underwriters, if any, and (if requested) confirm such
advice in writing, as promptly as reasonably practicable after notice thereof is received by the Company when the applicable registration statement or any amendment thereto has been filed or becomes effective and when the applicable prospectus or
any amendment or supplement thereto has been filed; 
 (q) use its commercially reasonable efforts to prevent the entry of, and
use commercially reasonable efforts to obtain as promptly as reasonably practicable the withdrawal of, any stop order with respect to the applicable registration statement or other order suspending the use of any preliminary or final prospectus;

 (r) promptly incorporate in a prospectus supplement or post-effective amendment to the applicable registration statement such
information as the lead underwriter or underwriters, if any, and the Holders holding a majority of each class of Eligible Shares being sold agree (with respect to the relevant class) should be included therein relating to the plan of distribution
with respect to such class of Eligible Shares; and make all required filings of such prospectus supplement or post-effective amendment as promptly as reasonably practicable after being notified of the matters to be incorporated in such prospectus
supplement or post-effective amendment; 
 (s) cooperate with each Holder and each underwriter or agent, if any, participating
in the disposition of such Eligible Shares and their respective counsel in connection with any filings required to be made with FINRA; 
 (t) provide a CUSIP number for all such shares, in each case not later than the effective date of the applicable registration statement; 

(u) to the extent reasonably requested by the lead or managing underwriters in connection with an Underwritten Offering (including a
Underwritten Offering pursuant to Section 4), send appropriate officers of the Company to attend any “road shows” scheduled in 

  
 16 

 
connection with any such Underwritten Offering, with all out of pocket costs and expenses incurred by the Company or such officers in connection with such attendance to be paid by the Company;
and 
 (v) subject to all the other provisions of this Agreement, use its commercially reasonable efforts to take all other
steps necessary to effect the registration of such Eligible Shares contemplated hereby. 
 Section 7. Registration Expenses. 

All expenses incident to the Company’s performance of or compliance with this Agreement, including without limitation (i) all
registration and filing fees, and any other fees and expenses associated with filings required to be made with any stock exchange, the Commission and FINRA (including, if applicable, the fees and expenses of any “qualified independent
underwriter” and its counsel as may be required by the rules and regulations of FINRA), (ii) all fees and expenses of compliance with state securities or blue sky laws (including fees and disbursements of counsel for the underwriters or
Selling Investors in connection with blue sky qualifications of the Shares and determination of their eligibility for investment under the laws of such jurisdictions as the managing underwriters or Parent (for so long as it owns no less than 40% of
the Eligible Shares owned by it as of the date hereof and subject to the reasonable approval of the holders of a majority of the Eligible Shares included in such registration) may designate), (iii) all printing and related messenger and
delivery expenses (including expenses of printing certificates for the Shares in a form eligible for deposit with The Depository Trust Company and of printing prospectuses, all fees and disbursements of counsel for the Company and of all independent
certified public accountants of the issuer (including the expenses of any special audit and “cold comfort” letters required by or incident to such performance)), (iv) Securities Act liability insurance if the Company so desires or the
underwriters so require, (v) all fees and expenses incurred in connection with the listing of the Shares on any securities exchange and all rating agency fees, (vi) all reasonable fees and disbursements of one counsel selected by the
Holders of a majority of the Eligible Shares included in such registration, subject to Parent’s reasonable approval if any of Parent’s Eligible Shares are included in such registration (it being understood that it would be unreasonable for
Parent to withhold approval for Paul, Weiss, Rifkind, Wharton & Garrison LLP to serve as such counsel), (vii) all fees and disbursements of underwriters customarily paid by the issuer or sellers of securities, excluding underwriting
discounts and commissions and transfer taxes, if any, and fees and disbursements of counsel to underwriters (other than such fees and disbursements incurred in connection with any registration or qualification of Shares under the securities or blue
sky laws of any state), and (viii) fees and expenses of other Persons retained by the Company (all such expenses being herein referred to as “Registration Expenses”), will be borne by the Company, regardless of whether the
Registration Statement becomes effective. In addition, the Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the
expense of any audit and the fees and expenses of any Person, including special experts, retained by the Company. 
 Section 8.
Indemnification. 

  
 17 

 (a) Indemnification by the Company. The Company agrees to indemnify and hold
harmless, to the full extent permitted by law, each Selling Investor, its officers, directors and employees and each Person who controls (within the meaning of the Securities Act) such Selling Investor against any losses, claims, damages,
liabilities and expenses caused by any untrue or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as the same may be contained in any information furnished in writing to the Company by such Selling Investor expressly for use therein; provided, however, that the Company
shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission in the Prospectus, if such
untrue statement or alleged untrue statement, omission or alleged omission is completely corrected in an amendment or supplement to the Prospectus and the Selling Investor thereafter fails to deliver such Prospectus as so amended or supplemented
prior to or concurrently with the time of sale of the Eligible Shares to the Person asserting such loss, claim, damage, liability or expense after the Company had furnished such Selling Investor with a sufficient number of copies of the same. The
Company will also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of
the Securities Act) to the same extent as provided above with respect to the indemnification of the Selling Investor, if requested. 
 (b) Indemnification by Selling Investors. Each Selling Investor agrees to indemnify and hold harmless, to the full extent permitted by law, the Company, its directors and officers and each Person
who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages or liabilities and expenses caused by any untrue or alleged untrue statement of a material fact contained in any Registration Statement or any
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, to the extent, but only to the extent, that such untrue statement or omission is contained in any
information furnished by such Selling Investor to the Company expressly for inclusion in such Registration Statement and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Eligible Shares to the Person
asserting such loss, claim, damage, liability or expense. In no event shall the liability of any Selling Investor hereunder be greater in amount than the dollar amount of the proceeds received by such Selling Investor upon the sale of the Eligible
Shares giving rise to such indemnification obligation. The Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, to the
same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any Registration Statement. 
 (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt (but in any event within 30 days after such Person has actual knowledge of the
facts constituting the basis for indemnification) written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party; provided, however, that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the

  
 18 

 
extent, if at all, that it is prejudiced by reason of such delay or failure. Any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to
participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to pay such fees or expenses, (b) the indemnifying party
shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person or (c) in the
reasonable judgment of any such Person, based upon advice of counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in
writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the
indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld). No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement
includes (i) an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does not include a statement as to or an admission of fault, culpability or failure to act
by or on behalf of any indemnified party. 
 (d) Whenever the indemnified party or the indemnifying party receives a firm offer
to settle a claim for which indemnification is sought hereunder, it shall promptly notify the other of such offer. If the indemnifying party refuses to accept such offer within 20 business days after receipt of such offer (or of notice thereof),
such claim shall continue to be contested and, if such claim is within the scope of the indemnifying party’s indemnity contained herein, the indemnified party shall be indemnified pursuant to the terms hereof. An indemnifying party who is not
entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim in any one jurisdiction,
unless in the written opinion of counsel to the indemnified party, reasonably satisfactory to the indemnifying party, use of one counsel would be expected to give rise to a conflict of interest between such indemnified party and any other of such
indemnified parties with respect to such claim, in which even the indemnifying party shall be obligated to pay the fees and expenses of one each additional counsel. 
 (e) Other Indemnification. Indemnification similar to that specified in this Section 8 (with appropriate modifications) shall be given by the Company and each Selling Investor with
respect to any required registration or other qualification of Eligible Shares under Federal or state law or regulation of governmental authority other than the Securities Act. 

(f) Contribution. If for any reason the indemnification provided for in the preceding clauses (a) and (b) is unavailable
to an indemnified party or insufficient to hold it harmless as contemplated by the preceding clauses (a) and (b), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such loss,
claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the indemnified party and the indemnifying party, but also the relative fault of the indemnified

  
 19 

 
party and the indemnifying party, as well as any other relevant equitable considerations, provided that no Selling Investor shall be required to contribute in an amount greater than the
dollar amount of the proceeds received by such Selling Investor with respect to the sale of any Shares. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 Section 9. Participation in Underwritten
Offering. 
 No Holder may participate in an Underwritten Offering hereunder unless such Holder (a) agrees to sell such
Holder’s Shares on the basis provided in any underwriting arrangements, and in accordance with the terms and provisions of this Agreement, including any lock-up arrangements, and (b) completes and executes all questionnaires, indemnities,
underwriting agreements and other documents required under the terms of such underwriting arrangements. Nothing in this Section shall be construed to create any additional rights regarding the registration of Shares in any Person otherwise than as
set forth herein. 
 Section 10. Exchange Act Compliance. 
 In the event that the Company (a) registers a class of securities under Section 12 of the Exchange Act and (b) commences to file reports under Section 13 of the Exchange Act, then the
Company shall (i) make and keep public information available, as those terms are understood and defined in Rule 144 of the Commission, (ii) file with the Commission in a timely manner all reports and other documents required of the Company
under the Exchange Act and (iii) at the request of any Holder if such Holder proposes to sell securities in compliance with Rule 144, forthwith furnish to such Holder, as applicable, a written statement of compliance with the reporting
requirements of the Commission as set forth in Rule 144 and make available to such Holder such information as will enable the Holder to make sales pursuant to Rule 144. 
 Section 11. Effectiveness. 
 The rights and obligations of each Holder
under this Agreement shall terminate as to such Holder upon the Transfer of all Eligible Shares owned by such Holder. 
 Section 12.
Severability. 
 If any provision of this Agreement shall be determined to be illegal and unenforceable by any court of
law, the remaining provisions shall be severable and enforceable in accordance with their terms. 
 Section 13. Governing Law.

 This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without
giving effect to any of the conflict of law rules thereof. 
 Section 14. Transfers. 

  
 20 

 (a) Subject to Section 14(b), the rights of a Holder hereunder may be assigned
only on a pro rata basis in connection with any Transfer of Eligible Shares to any Transferee (subject to the terms and conditions of Section 14(b) below); provided, that (i) such Transferee agrees in writing to become
subject to the terms of this Agreement by executing an Adoption Agreement, in the form attached hereto as Exhibit A; and (ii) the Holder gives the Company written notice of such Transfer of Eligible Shares, stating the name and address
of such Transferee, identifying the number of Shares to be Transferred and specifying whether any Demand Registrations Rights have been Transferred, pursuant to Section 14(b) below. 

(b) Subject to Section 14(a), each Demand Holder who, together with its Affiliates, Transfers 10% or more of the issued and
outstanding shares of Common Stock to a Transferee may also transfer on a pro rata basis its Demand Rights to the Transferee; provided that at no time during the term of this Agreement shall the total number of Demand Rights held by
any Demand Holder and its Transferees exceed, in the aggregate, the total number of Demand Rights such Demand Holder would have been entitled to had no such assignment of Demand Rights been made. 

(c) Any assignment in violation of this Section 14 shall be void ab initio. 

Section 15. Successors and Assigns. Subject to Section 14, this Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto. 
 Section 16. Notices. 

In the event a notice or other document is required to be sent hereunder to the Company or to a Holder, such notice shall
be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally or by electronic mail sent with a request for delivery receipt, upon written electronic confirmation of delivery, or if by facsimile, upon written
confirmation of receipt by facsimile, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth business
day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as follows: 

(i) if to the Company, to: 
 Affinion Group Holdings, Inc. 
 6 High Ridge Park 

Stamford, CT 06905 
 Facsimile: (203) 956-1021 
 Attention: Chief Financial Officer 

Email: tsiegel@affiniongroup.com 

  
 21 

 with a copy (which shall not constitute notice) to: 

Akin Gump Strauss Hauer & Feld LLP 
 One Bryant Park 
 New York, New York 10036 

Telephone: 212-872-1000 
 Facsimile: 212-872-1002 
 Email: aweinstein@akingump.com 

Attn: Adam Weinstein 
 (ii) if to Parent, to: 
 Affinion Group, LLC 

c/o Apollo Management V, L.P. 
 9 West 57th Street 
 New York, New York 10019 

Facsimile: (212) 515-3264 
 Attention: Marc Becker 
 Email: becker@apollolp.com 

with a copy (which shall not constitute notice) to: 
 Akin Gump Strauss Hauer & Feld LLP 
 One Bryant Park 

New York, New York 10036 
 Telephone: 212-872-1000 
 Facsimile: 212-872-1002 

Email: aweinstein@akingump.com 
 Attn: Adam Weinstein 
 (iii) if to Principal WL Stockholders, to:

 General Atlantic LLC 
 c/o General Atlantic Service Company, LLC 
 3 Pickwick Plaza 

Greenwich, Connecticut 06830 
 Facsimile: (203) 618-9207 Attention: General Counsel 
 Email:
clanning@generalatlantic.com 

  
 22 

 with a copy (which shall not constitute notice) to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, New York 10019 

Telephone: 212-373-3000 
 Facsimile: 212-757-3990 
 Email: mabbott@paulweiss.com 

Attn: Matthew W. Abbott 
 (iv) If to another Holder, to the address set forth under such Holder’s name in Schedule I attached hereto. 

(v) if to any Transferee, to the address specified by such Transferee upon consummation of the Transfer of Eligible Shares
by which such Person became a Transferee; or to such other address as any party hereto shall have designated by notice in writing to the other parties hereto. 
 Section 17. Headings. 
 The headings contained in this Agreement are for
the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement. 
 Section 18. Additional Parties. 
 Each Person who has executed an Adoption
Agreement, in the form attached hereto as Exhibit A, or who is a party to the Stockholder Agreement or the WL Securityholder Rights Agreement (i) is bound by and subject to the terms of this Agreement, and (ii) has adopted this
Agreement with the same force and effect as if it were originally a party hereto. 
 Section 19. Adjustments. 

If, and as often as, there are any changes in the Common Stock or securities convertible into or exchangeable into or exercisable for
shares of Common Stock as a result of any reclassification, recapitalization, stock split (including a reverse stock split) or subdivision or combination, exchange or readjustment of shares, or any stock dividend or stock distribution, merger or
other similar transaction affecting shares of Common Stock or such securities, appropriate adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall
continue with respect to the Common Stock or such securities as so changed. 
 Section 20. Entire Agreement. 

This Agreement and the other writings referred to herein constitute the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings with respect hereto, oral and written with respect to the subject matter, including the WL Stockholder Agreement. 

  
 23 

 Section 21. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original instrument, but all
of which together shall constitute one and the same document. 
 Section 22. Amendment. 

This Agreement may be amended, supplemented or modified only by a written instrument executed by (x) Parent (and,
subject to Section 14, its Transferees) and (y) Holders of a majority of the Eligible Shares held by the Principal WL Stockholders (and, subject to Section 14, their respective Transferees); provided,
however, (i) any such amendment, supplement or modification that by its terms affects the rights or obligations of any Holder in a manner that is materially adverse and substantially disproportionate relative to other Holders shall not
be enforceable against such Holder without the written consent of such Holder, and (ii) the written consent of the Company shall be required, in the event that any such amendment, supplement or modification imposes a burden or obligation on the
Company or adversely affects a benefit or right of the Company under this Agreement. 
 Section 23. Further Assurances. 

Each of the parties hereto shall execute all such further instruments and documents and take all such further action as
any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. 
 Section 24. No Third-Party
Beneficiaries. 
 This Agreement shall not confer any rights or remedies upon any Person other than the
parties hereto and their respective successors and permitted assigns and other Persons expressly named herein. 
 Section 25.
Interpretation. 
 In construing this Agreement, no consideration shall be given to the fact or
presumption that any party to this Agreement had a greater or lesser hand in drafting this Agreement. 
 * * * *

  
 24 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights
Agreement on the date first above written. 
  

					
	THE COMPANY:
	
	AFFINION GROUP HOLDINGS, INC.
		
	By:	 	/s/ Nathaniel Lipman
		 	Name:	 	Nathaniel Lipman
		 	Title:	 	Chief Executive Officer

 Signature
Page to Registration Rights Agreement 

 
					
	AFFINION GROUP HOLDINGS, LLC
		
	By:	 	/s/ Marc Becker
		 	Name:	 	Marc Becker
		 	Title:	 	Manager

 Signature Page to
Registration Rights Agreement 

 
					
	GAPCO GMBH & CO. KG
	By:	 	 GAPCO Management GmbH,
 its General Partner

		
	By:	 	/s/ William E. Ford
		 	Name:	 	William E. Ford
		 	Title:	 	Managing Director
	
	GAP COINVESTMENTS III, LLC
		
	By:	 	/s/ William E. Ford
		 	Name:	 	William E. Ford
		 	Title:	 	Executive Managing Member
	
	GAP COINVESTMENTS IV, LLC
		
	By:	 	/s/ William E. Ford
		 	Name:	 	William E. Ford
		 	Title:	 	Executive Managing Member
	
	GAPSTAR, LLC
		
	By:	 	/s/ William E. Ford
		 	Name:	 	William E. Ford
		 	Title:	 	Managing Member

 Signature Page to
Registration Rights Agreement 

 
					
	GAP-W, LLC
	By:	 	General Atlantic GenPar, L.P.,
		 	its Manager
		
	By:	 	General Atlantic LLC,
		 	its General Partner
		
	By:	 	/s/ William E. Ford
	Name:	 		 	William E. Ford
	Title:	 		 	Chief Executive Officer and Managing Director
	
	GENERAL ATLANTIC PARTNERS 79, L.P.
	By:	 	General Atlantic LLC,
		 	its General Partner
		
	By:	 	/s/ William E. Ford
	Name:	 		 	William E. Ford
	Title:	 		 	Chief Executive Officer and Managing Director

 Signature Page to Registration Rights Agreement 

 
					
	D’AGOSTINO FAMILY TRUST A DATED 4/8/99
		
	By:	 	/s/ Nicolys A. D’Agostino
		 	Name:	 	Nicolys A. D’Agostino
		 	Title:	 	Trustee
	
	VINCENT D’AGOSTINO
		
	By:	 	/s/ Vincent D’Agostino
		 	Name:	 	Vincent D’Agostino

 Signature
Page to Registration Rights Agreement 

 
					
	FERNANDES FAMILY TRUST A DATED JUNE 25, 1999
		
	By:	 	/s/ Lori Fernandes
		 	Name:	 	Lori Fernandes
		 	Title:	 	Trustee
	
	RICHARD FERNANDES
		
	By:	 	/s/ Richard Fernandes
		 	Name:	 	Richard Fernandes

 Signature Page
to Registration Rights Agreement 

 ADOPTION AGREEMENT 

This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Registration Rights Agreement, dated as of
January 14, 2011, a copy of which is attached hereto (the “Registration Rights Agreement”), by the undersigned (the “Undersigned”) executing this Adoption. By the execution of this Adoption, the Undersigned
agrees as follows: 
 1. Acknowledgment. The Undersigned acknowledges that the Undersigned is acquiring certain shares of
Common Stock of Affinion Group Holdings, Inc., a corporation organized under the laws of the State of Delaware (the “Company”), subject to the terms and conditions of the Stockholder Agreement, among the Company and the Holders
party thereto. Capitalized terms used herein without definition are defined in the Registration Rights Agreement and are used herein with the same meanings set forth therein. 
 2. Agreement. The Undersigned (i) agrees that the shares of Common Stock acquired by the Undersigned, and certain other shares of Common Stock that may be acquired by the Undersigned in the
future, shall be bound by and subject to the terms of the Registration Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Registration Rights Agreement with the same force and effect as if he were originally a party
thereto. 
 3. Notice. Any notice required as permitted by the Registration Rights Agreement shall be given to the
Undersigned at the address listed beside the Undersigned’s signature below. 
 4. Joinder. The spouse of the
Undersigned, if applicable, hereby executes this Adoption to acknowledge (a) this Adoption’s fairness and (b) that binding such spouse’s community interest, if any, in the shares of Common Stock to the terms of the Registration
Rights Agreement is in such spouse’s best interest. 
  

									
	Webshares, LLC	 		 	Address for Notices:
					
	By:	 	/s/ Richard Fernandes	 		 		 	350 Willow Street
	Name:	 	Richard Fernandes	 		 		 	Southport, CT 06890
	Title:	 	Manager	 		 		 	
	Date:	 	 1/14/11IntelGenx Technologies Corp.: Exhibit 4.1 - Filed by newsfilecorp.com

Exhibit 4.1

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. 

___________, 2011 
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
    _________________  or its
      assigns (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)
    _______ (the
      “Expiry Time”) at a price per Share equal to US$0.74, subject to
      adjustment hereunder (the “Exercise Price”), upon and subject to
      the following terms and conditions. 

- 2 - 

Definitions 

	(a) 	“Clearance Date” means the earlier of the third business day
      after: (i) a receipt for a (final) prospectus is obtained, qualifying the
      distribution of the Shares and Warrant Shares 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; 
	 	 
	(b) 	“Registrable Securities” means the Shares, Warrants and Warrant
      Shares; 
	 	 
	(c) 	“Shares” means the shares of common stock with a par value of
      US$0.0001 in the capital of the Corporation; 
	 	 
	(d) 	“Warrant Share” means one Share issuable upon exercise or
      deemed exercise of a Warrant. 

Capitalized terms used and not otherwise defined herein shall
have the meanings set forth in that certain Securities Purchase Agreement (the
“Purchase Agreement”), dated _____ ___, 2011, among the Corporation and
the purchasers signatory thereto. 

	1. 	The Warrants represented by this Warrant Certificate are,
      and the Warrant Shares (if they are issued prior to ______, 2011) 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) _______, 2011 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) ____, 2011 and (ii) the Clearance Date.
    
			
		The Holder is advised to seek professional advice as to
      applicable resale restrictions. 
			
	2. 	Exercise. 
			
		(a) 	Exercise. 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 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 except as provided in
      Section 2(c) hereof) 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). Within three (3) Trading Days following the date of exercise
      as aforesaid, the Holder shall deliver the aggregate Exercise Price for
      the shares specified in the applicable Subscription Notice by wire
      transfer or cashier’s check drawn on a United States bank. Notwithstanding
      anything herein to the contrary, the Holder shall not be required to
      physically surrender this Warrant to the Corporation until the Holder has
      purchased all of the Warrant Shares available hereunder and the Warrant
      has been exercised in full, in which case, the Holder shall surrender this
      Warrant to the Corporation for cancellation within three (3) Trading Days
      of the date the final Subscription Notice is delivered to the Corporation.
      Partial exercises of this Warrant resulting in purchases of a portion of
      the total number of Warrant Shares available hereunder shall have the
      effect of lowering the outstanding number of Warrant Shares purchasable
      hereunder in an amount equal to the applicable number of Warrant Shares
      purchased. The Holder and the Corporation shall maintain records showing
      the number of Warrant Shares purchased and the date of such purchases. 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 - 

	 	(b) 	Delivery of Certificates Upon Exercise. Certificates for shares
      purchased hereunder shall be transmitted by the Transfer Agent to the
      Holder by crediting the account of the Holder’s prime broker with The
      Depository Trust Company through its Deposit or Withdrawal at Custodian
      system (“DWAC”) if the Corporation is then a participant in such
      system and either (A) there is an effective registration statement
      permitting the issuance of the Warrant Shares to or resale of the Warrant
      Shares by the Holder or (B) the shares are eligible for resale by the
      Holder without volume or manner-of-sale limitations pursuant to Rule 144,
      and otherwise by physical delivery to the address specified by the Holder
      in the Subscription Notice by the date that is three (3) Trading Days
      after the latest of (A) the delivery to the Corporation of the
      Subscription Notice, (B) surrender of this Warrant (if required), and (C)
      payment of the aggregate Exercise Price as set forth above (such date, the
      “Warrant Share Delivery Date”). The Warrant Shares shall be deemed
      to have been issued, and Holder or any other person so designated to be
      named therein shall be deemed to have become a holder of record of such
      shares for all purposes, as of the date the Warrant has been exercised,
      with payment to the Corporation of the Exercise Price and all taxes
      required to be paid by the Holder, if any, pursuant to Section 2(e) prior
      to the issuance of such shares, having been paid. 
	 	 	 
	 	(c) 	Rescission Rights. If the Corporation fails to cause the
      Transfer Agent to transmit to the Holder a certificate or the certificates
      representing the Warrant Shares pursuant to Section 2 by the second
      Trading Day following the Warrant Share Delivery Date, then the Holder
      will have the right to rescind such exercise. 
	 	 	 
	 	(d) 	Compensation for Buy-In on Failure to Timely Deliver Certificates
      Upon Exercise. In addition to any other rights available to the
      Holder, if the Corporation fails to cause the Transfer Agent to transmit
      to the Holder a certificate or the certificates representing the Warrant
      Shares pursuant to an exercise on or before the second Trading Day
      following the Warrant Share Delivery Date, and if after such date the
      Holder is required by its broker to purchase (in an open market
      transaction or otherwise) or the Holder’s brokerage firm otherwise
      purchases, Shares to deliver in satisfaction of a sale by the Holder of
      the Warrant Shares which the Holder anticipated receiving upon such
      exercise (a “Buy-In”), then the Corporation shall (A) pay in cash
      to the Holder the amount, if any, by which (x) the Holder’s total purchase
      price (including brokerage commissions, if any) for the Shares so
      purchased exceeds (y) the amount obtained by multiplying (1) the number of
      Warrant Shares that the Corporation was required to deliver to the Holder
      in connection with the exercise at issue times (2) the price at which the
      sell order giving rise to such purchase obligation was executed, and (B)
      at the option of the Holder, either reinstate the portion of the Warrant
      and equivalent number of Warrant Shares for which such exercise was not
      honored (in which case such exercise shall be deemed rescinded) or deliver
      to the Holder the number of Shares that would have been issued had the
      Corporation timely complied with its exercise and delivery obligations
      hereunder. For example, if the Holder purchases Shares having a total
      purchase price of $11,000 to cover a Buy-In with respect to an attempted
      exercise of shares of Common Stock with an aggregate sale price giving
      rise to such purchase obligation of $10,000, under clause (A) of the
      immediately preceding sentence the Corporation shall be required to pay
      the Holder $1,000. The Holder shall provide the Corporation written notice
      indicating the amounts payable to the Holder in respect of the Buy-In and,
      upon request of the Corporation, evidence of the amount of such loss.
      Nothing herein shall limit a Holder’s right to pursue any other remedies
      available to it hereunder, at law or in equity including, without
      limitation, a decree of specific performance and/or injunctive relief with
      respect to the Corporation’s failure to timely deliver certificates
      representing Shares upon exercise of the Warrant as required pursuant to
      the terms hereof. 
	 	 	 
	 	(e) 	Charges, Taxes and Expenses. Issuance of certificates for
      Warrant Shares shall be made without charge to the Holder for any issue or
      transfer tax or other incidental expense in respect of the issuance of
      such certificate, all of which taxes and expenses shall be paid by the
      Corporation, and such certificates shall be issued in the name of the
      Holder or in such name or names as may be directed by the Holder;
      provided, however, that in the event certificates for
      Warrant Shares are to be issued in a name other than the name of the
      Holder, this Warrant when surrendered for exercise shall be accompanied by
      the a form of transfer, as annexed hereto as Schedule “A” (the “Assignment Form”) duly
executed by the Holder and the Corporation may require, as a condition thereto,
the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Corporation shall pay all Transfer Agent fees required for same-day
processing of any Subscription Notice
  

- 4 - 

	3. 	Authorization; Authorized Shares. 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. 
	 	 
	4. 	Holder’s Exercise Limitations. The Corporation shall not effect
      any exercise of this Warrant, and a Holder shall not have the right to
      exercise any portion of this Warrant, pursuant to Section 2 or otherwise,
      to the extent that after giving effect to such issuance after exercise as
      set forth on the applicable Subscription Notice, the Holder (together with
      the Holder’s Affiliates, and any other Persons acting as a group together
      with the Holder or any of the Holder’s Affiliates), would beneficially own
      in excess of the Beneficial Ownership Limitation (as defined below). For
      purposes of the foregoing sentence, the number of Shares beneficially
      owned by the Holder and its Affiliates shall include the number of Shares
      issuable upon exercise of this Warrant with respect to which such
      determination is being made, but shall exclude the number of Shares which
      would be issuable upon (i) exercise of the remaining, nonexercised portion
      of this Warrant beneficially owned by the Holder or any of its Affiliates
      and (ii) exercise or conversion of the unexercised or nonconverted portion
      of any other securities of the Corporation (including, without limitation,
      any other Common Stock Equivalents) subject to a limitation on conversion
      or exercise analogous to the limitation contained herein beneficially
      owned by the Holder or any of its Affiliates. Except as set forth in the
      preceding sentence, for purposes of this Section 4, beneficial ownership
      shall be calculated in accordance with Section 13(d) of the Exchange Act
      and the rules and regulations promulgated thereunder, it being
      acknowledged by the Holder that the Corporation is not representing to the
      Holder that such calculation is in compliance with Section 13(d) of the
      Exchange Act and the Holder is solely responsible for any schedules
      required to be filed in accordance therewith. To the extent that the
      limitation contained in this Section 4 applies, the determination of
      whether this Warrant is exercisable (in relation to other securities owned
      by the Holder together with any Affiliates) and of which portion of this
      Warrant is exercisable shall be in the sole discretion of the Holder, and
      the submission of a Notice of Exercise shall be deemed to be the Holder’s
      determination of whether this Warrant is exercisable (in relation to other
      securities owned by the Holder together with any Affiliates) and of which
      portion of this Warrant is exercisable, in each case subject to the
      Beneficial Ownership Limitation, and the Corporation shall have no
      obligation to verify or confirm the accuracy of such determination. In
      addition, a determination as to any group status as contemplated above
      shall be determined in accordance with Section 13(d) of the Exchange Act
      and the rules and regulations promulgated thereunder. For purposes of this
      Section 2(e), in determining the number of outstanding Shares, a Holder
      may rely on the number of outstanding Shares as reflected in (A) the
      Corporation’s most recent periodic or annual report filed with the
      Commission, as the case may be, (B) a more recent public announcement by
      the Corporation or (C) a more recent written notice by the Corporation or
      the Transfer Agent setting forth the number of shares of Common Stock
      outstanding. 

- 5 - 

Upon the written or oral request of a Holder, the Corporation
shall within two Trading Days confirm orally and in writing to the Holder the
number of Shares then outstanding. In any case, the number of outstanding Shares
shall be determined after giving effect to the conversion or exercise of
securities of the Corporation, including this Warrant, by the Holder or its
Affiliates since the date as of which such number of outstanding Shares was
reported. The “Beneficial Ownership Limitation” shall be 4.99% of the
number of Shares outstanding immediately after giving effect to the issuance of
Shares issuable upon exercise of this Warrant. The Holder, upon not less than 61
days’ prior notice to the Corporation, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 4, provided that the Beneficial
Ownership Limitation in no event exceeds 9.99% of the number of Shares
outstanding immediately after giving effect to the issuance of Shares upon
exercise of this Warrant held by the Holder and the provisions of this Section 4
shall continue to apply. Any such increase or decrease will not be effective
until the 61st day after such notice is delivered to the Corporation.
The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 4 to correct
this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make
changes or supplements necessary or desirable to properly give effect to such
limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant. 

	5. 	Certain Adjustments. 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: 
	 	 	 	 
			(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 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 

- 6 - 

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 
	 	 	 	 	 
	 	(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, 

- 7 - 

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. 
	 	 	 
	 	(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. 

- 8 - 

	6. 	Procedures for Adjustments. 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 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. 
	 	 	 	 
		(c) 	No adjustment in the Exercise Price shall be made pursuant
      to Section 5 in respect of the issue from time to time: 
	 	 	 	 
			(i) 	of Shares purchasable on exercise of the Warrants represented by or
      issued concurrently with this Warrant Certificate; 
	 	 	 	 
			(ii) 	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; 
	 	 	 	 
			(iii) 	the payment of interest on any outstanding notes; 
	 	 	 	 
			(iv) 	the issuance of securities in connection with strategic license
      agreements and other partnering arrangements; or 
	 	 	 	 
			(v) 	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. 
	 	 	 	 
		(d) 	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. 
	 	 	 	 
		(e) 	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.

- 9 - 

	 	(f) 	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 VWAP. 
	 	 	 
	 	(g) 	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. 
	 	 	 
	 	(h) 	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. 	Necessary Actions for Adjustments. 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. 	Effective Date of Adjustments. 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. 	Notice to Allow Exercise by Holder. At least 15
      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. The Holder shall remain entitled to
      exercise this Warrant during the period commencing on the date of such
      notice to the effective date of the event triggering such notice except as
      may otherwise be expressly set forth herein. 

- 10 - 

	10. 	Maintenance of Principal Office. 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. 	No Fractional Shares. 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. 
	 	 
	12. 	Legal Proceedings. 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. 	New Warrants. 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. 	Loss, Theft, Destruction or Mutilation of Warrant. 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. 	Transferability. This Warrant Certificate and the Warrants
      represented hereby are transferable subject to compliance with all
      applicable laws. 
	 	 
	16. 	Restrictions on Transfers. 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 the Form of Transfer in the form attached hereto
      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. 	No Rights as Stockholder Until Exercise. 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.

- 11 - 

	18. 	Severability. 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 
	  	  	  
		(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. 	Notices. 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:         Corporate Secretary 
	  	  	Telecopier:       (514) 331-0436 
	  	  	  
	  	  	  
	20. 	Time is of the essence hereof. 
	  	  	  
	21. 	Successors and Assigns. 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. 	Jurisdiction. 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 ___, 2011. 

INTELGENX TECHNOLOGIES
CORP.

	 	By:         /s/
      Horst G.
      Zerbe                   
      	 
	 	           
         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$0.74 (or such adjusted price which may be in effect under the
      provisions of the Warrant Certificate) 
	 	 	 
	 		Payment shall take the form of lawful money in the United States; 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) or DWAC 	 	Shares 
	 	  	 	Account Number 	 	 
    
	 	 	 	 	 	 
	 	 	 	 	 	 

	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) 
	 	 
	 	_______________________________________________
	 	 
	 	 
	 	_______________________________________________

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