Document:

IntelGenx Technologies Corp.: Exhibit 10.2 - Filed by newsfilecorp.com

EXHIBIT A 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered
into as of May 8, 2018, between IntelGenx Technologies Corp., a Delaware
corporation (the “Company”), and each of the several purchasers signatory
hereto (each such purchaser, a “Purchaser” and, collectively, the
“Purchasers”). 

This Agreement is made pursuant to the Securities Purchase Agreement, dated as
of the date hereof, between the Company and each Purchaser (the “Purchase
Agreement”). 

The Company and each Purchaser hereby agrees as follows: 

1.     Definitions.

Capitalized terms used and not otherwise defined herein that are defined
in the Purchase Agreement shall have the meanings given such terms in the
Purchase Agreement. As used in this Agreement, the following terms
shall have the following meanings: 

“Advice” shall have the meaning
set forth in Section 6(d). 

“Effectiveness Date” means, with
respect to the Initial Registration Statement required to be filed hereunder, no
later than the 120th calendar day following the date hereof and with respect to
any additional Registration Statements which may be required pursuant to Section
2(c), or Section 3(d), the 90th calendar day following the date on which an
additional Registration Statement is required to be filed hereunder;
provided, however, that in the event the Company is notified by
the Commission that one or more of the above Registration Statements will not be
reviewed or is no longer subject to further review and comments, the
Effectiveness Date as to such Registration Statement shall be the fifth Trading
Day following the date on which the Company is so notified if such date precedes
the dates otherwise required above, provided, further, if such Effectiveness
Date falls on a day that is not a Trading Day, then the Effectiveness Date shall
be the next succeeding Trading Day. 

“Effectiveness Period” shall
have the meaning set forth in Section 2(a). 

“Filing Date” means, with
respect to the Initial Registration Statement required hereunder, no later than
the 90th calendar day following the date hereof and, with respect to any
additional Registration Statements which may be required pursuant to Section
2(c), Section 2(f) or Section 3(c), the earliest practical date on which the
Company is permitted by SEC Guidance to file such additional Registration
Statement related to the Registrable Securities. 

“Holder” or “Holders”
means the holder or holders, as the case may be, from time to time of
Registrable Securities. 

“Indemnified Party” shall have
the meaning set forth in Section 5(c). 

“Indemnifying Party” shall have
the meaning set forth in Section 5(c). 

“Initial Registration Statement”
means the initial Registration Statement filed pursuant to this Agreement. 

“Losses” shall have the meaning
set forth in Section 5(a). 

“Plan of Distribution” shall
have the meaning set forth in Section 2(a).

“Prospectus” means the
prospectus included in a Registration Statement (including, without limitation,
a prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A
promulgated by the Commission pursuant to the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Securities covered by a Registration
Statement, and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed
to be incorporated by reference in such Prospectus. 

“Registrable Securities” means,
as of any date of determination, (a) all Shares, (b) all Notes, (c), all
Conversion Shares then issued and issuable on conversion of the Notes, (d) all
Warrant Shares then issued and issuable upon exercise of the Warrants (assuming
on such date that the Warrants are exercised in full without regard to any
exercise limitations therein), (e) any additional shares of Common Stock issued
and issuable in connection with any anti-dilution provisions in the Warrants or
Notes, as applicable, (without giving effect to any limitations on exercise set
forth in the Warrants or Notes, as applicable), and (f) any securities issued or
then issuable upon any stock split, dividend or other distribution,
recapitalization or similar event with respect to the foregoing;
provided, however, that any such Registrable Securities shall
cease to be Registrable Securities (and the Company shall not be required to
maintain the effectiveness of any, or file another, Registration Statement
hereunder with respect thereto) for so long as (a) a Registration Statement with
respect to the sale of such Registrable Securities is declared effective by the
Commission under the Securities Act and such Registrable Securities have been
disposed of by the Holders in accordance with such effective Registration
Statement, (b) such Registrable Securities have been previously sold in
accordance with Rule 144, or (c) such securities become eligible for resale
without volume or manner-of-sale restrictions and without current public
information pursuant to Rule 144 and without the requirement for the Company
to be in compliance with Rule 144(c)(i) as set forth in a written opinion letter
to such effect, addressed, delivered and acceptable to the Transfer Agent and
the affected Holders (assuming that such securities and any securities issuable
upon exercise, conversion or exchange of which, or as a dividend upon which,
such securities were issued or are issuable, were at no time held by any
Affiliate of the Company), as reasonably determined by the Company, upon the
advice of counsel to the Company. 

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“Registration Statement” means
any registration statement required to be filed hereunder pursuant to Section
2(a) and any additional registration statements contemplated by Section 2(c), or
Section 3(c), including (in each case) the Prospectus, amendments and
supplements to any such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto, and all material incorporated
by reference or deemed to be incorporated by reference in any such registration
statement. 

“Rule 415” means Rule 415
promulgated by the Commission pursuant to the Securities Act, as such Rule may
be amended or interpreted from time to time, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same purpose and
effect as such Rule. 

“Rule 424” means Rule 424
promulgated by the Commission pursuant to the Securities Act, as such Rule may
be amended or interpreted from time to time, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same purpose and
effect as such Rule. 

“Selling Securityholder
Questionnaire” shall have the meaning set forth in Section 3(a). 

“SEC Guidance” means (i) any
publicly-available written or oral guidance of the Commission staff, or any
comments, requirements or requests of the Commission staff and (ii) the
Securities Act. 

2.     Registration.

(a)     On or prior to each Filing Date, the Company shall prepare and file with the
Commission a Registration Statement covering the resale of all of the
Registrable Securities that are not then registered on an effective Registration
Statement for an offering to be made on a continuous basis pursuant to Rule 415.
Each Registration Statement filed hereunder shall be on Form S-1 (except if the
Company is then eligible to register for resale the Registrable Securities on
Form S-3, in which case such registration shall be on Form S-3) and shall
contain (unless otherwise directed by at least 85% in interest of the Holders)
substantially the “Plan of Distribution” attached hereto as Annex
A and substantially the “Selling Securityholder” section attached
hereto as Annex B; provided, however, that no Holder shall
be required to be named as an “underwriter” without such Holder’s express prior written consent.
Subject to the terms of this Agreement, the Company shall use its best efforts
to cause a Registration Statement filed under this Agreement (including, without
limitation, under Section 3(c)) to be declared effective under the Securities
Act as promptly as possible after the filing thereof, but in any event no later
than the applicable Effectiveness Date, and shall use its best efforts to keep
such Registration Statement continuously effective under the Securities Act
until the date that all Registrable Securities covered by such Registration
Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be
sold without volume or manner-of-sale restrictions pursuant to Rule 144 and
without the requirement for the Company to be in compliance with the current
public information requirement under Rule 144, as determined by the counsel to
the Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Transfer Agent and the affected Holders (the “Effectiveness
Period”). The Company shall telephonically request effectiveness of a
Registration Statement as of 5:00 p.m. (New York City time) on a Trading Day.
The Company shall immediately notify the Holders via facsimile or by e-mail of
the effectiveness of a Registration Statement on the same Trading Day that the
Company telephonically confirms effectiveness with the Commission, which shall
be the date requested for effectiveness of such Registration Statement. The
Company shall, by 9:30 a.m. (New York City time) on the Trading Day after the
effective date of such Registration Statement, file a final Prospectus with the
Commission as required by Rule 424. 

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(b)     Notwithstanding the registration obligations set forth in Section 2(a), if the
Commission informs the Company that all of the Registrable Securities cannot, as
a result of the application of Rule 415, be registered for resale as a secondary
offering on a single registration statement, the Company agrees to promptly
inform each of the Holders thereof and use its commercially reasonable efforts
to file amendments to the Initial Registration Statement as required by the
Commission, covering the maximum number of Registrable Securities permitted to
be registered by the Commission, on Form S-3 or such other form available to
register for resale the Registrable Securities as a secondary offering, subject
to the provisions of Section 2(d); provided, however, that, prior
to filing such amendment, the Company shall be obligated to use diligent efforts
to advocate with the Commission for the registration of all of the Registrable
Securities in accordance with the SEC Guidance, including without limitation,
Compliance and Disclosure Interpretation 612.09.

(c)     Notwithstanding any other provision of this Agreement, if the Commission or any
SEC Guidance sets forth a limitation on the number of Registrable Securities
permitted to be registered on a particular Registration Statement as a secondary
offering (and notwithstanding that the Company used diligent efforts to advocate
with the Commission for the registration of all or a greater portion of
Registrable Securities), unless otherwise directed in writing by a Holder as to
its Registrable Securities, the number of Registrable Securities to be
registered on such Registration Statement will be reduced as follows: 

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	 	a. 	
      First, the Company shall reduce or eliminate any
      securities to be included other than Registrable Securities;

	 	 	 
	 	b. 	
      Second, the Company shall reduce Registrable Securities
      represented by the Warrant Shares (applied, in the case that some Warrant
      Shares may be registered, to the Holders on a pro rata basis based on the
      total number of unregistered Warrant Shares held by such Holders);
    and

	 	 	 
	 	c. 	
      Third, the Company shall reduce Registrable Securities
      represented by Shares (applied, in the case that some Shares may be
      registered, to the Holders on a pro rata basis based on the total number
      of unregistered Shares held by such Holders).

In the event of a cutback hereunder,
the Company shall give the Holder at least five (5) Trading Days prior written
notice along with the calculations as to such Holder’s allotment. In the event
the Company amends the Initial Registration Statement in accordance with the
foregoing, the Company will use its best efforts to file with the Commission, as
promptly as allowed by Commission or SEC Guidance provided to the Company or to
registrants of securities in general, one or more registration statements on
Form S-3 or such other form available to register for resale those Registrable
Securities that were not registered for resale on the Initial Registration
Statement, as amended. 

(d)     Notwithstanding anything to the contrary contained herein, in no event shall the
Company be permitted to name any Holder or affiliate of a Holder as any
Underwriter without the prior written consent of such Holder. 

(e)     Legal Counsel. The Holders shall have the right to select one legal counsel to
review and oversee any registration pursuant to Agreement ("Legal Counsel"),
which shall be Christopher P. Flannery, Esq. or such other counsel as thereafter
designated by the Required Holders. The Company and Legal Counsel shall
reasonably cooperate with each other in performing the Company's obligations
under this Agreement. 

3.     Registration Procedures.

In connection with the Company’s
registration obligations hereunder, the Company shall: 

(a)     Not less than ten (10) Trading Days prior to the filing of each Registration
Statement and not less than one (1) Trading Day prior to the filing of any
related Prospectus or any amendment or supplement thereto (including any
document that would be incorporated or deemed to be incorporated therein by
reference), the Company shall (i) furnish to each Holder copies of all such
documents proposed to be filed, which documents (other than those incorporated
 or deemed to be incorporated by
reference) will be subject to the review of such Holders, and (ii) cause its
officers and directors, counsel and independent registered public accountants to
respond to such inquiries as shall be necessary, in the reasonable opinion of
respective counsel to each Holder, to conduct a reasonable investigation within
the meaning of the Securities Act. The Company shall not file a Registration
Statement or any such Prospectus or any amendments or supplements thereto to
which the Holders of a majority of the Registrable Securities shall reasonably
object in good faith, provided that, the Company is notified of such objection
in writing no later than five (5) Trading Days after the Holders have been so
furnished copies of a Registration Statement or one (1) Trading Day after the
Holders have been so furnished copies of any related Prospectus or amendments or
supplements thereto. Each Holder agrees to furnish to the Company a completed
questionnaire in the form attached to this Agreement as Annex B (a
“Selling Securityholder Questionnaire”) on a date that is not less than
two (2) Trading Days prior to the Filing Date or by the end of the fourth
(4th) Trading Day following the date on which such Holder receives
draft materials in accordance with this Section.

5 

(b)     The Company shall (A) permit Legal Counsel to review and comment upon (i) each
Registration Statement at least five (5) Business Days prior to its filing with
the Commission and (ii) all amendments and supplements to all Registration
Statements (except for Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K, and any similar or successor reports) within
a reasonable number of days prior to their filing with the Commission, and (B)
not file any Registration Statement or amendment or supplement in a form to
which Legal Counsel reasonably objects within such 5-Business Day period
referred to above. The Company shall not submit a request for acceleration of
the effectiveness of a Registration Statement or any amendment or supplement
thereto without the prior approval of Legal Counsel, which consent shall not be
unreasonably withheld. The Company shall furnish to Legal Counsel, without
charge, (i) copies of any correspondence from the Commission or the staff of the
Commission to the Company or its representatives relating to any Registration
Statement, (ii) promptly after the same is prepared and filed with the
Commission, one copy of any Registration Statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein
by reference, if requested by an Investor, and all exhibits (unless such
Registration Statement is available on EDGAR), and (iii) upon the effectiveness
of any Registration Statement, one copy of the prospectus included in such
Registration Statement and all amendments and supplements thereto. The Company
shall reasonably cooperate with Legal Counsel in performing the Company's
obligations pursuant to this Section 3. 

(c)     (i) Prepare and file with the Commission such amendments, including
post-effective amendments, to a Registration Statement and the Prospectus used
in connection therewith as may be necessary to keep a Registration Statement
continuously effective as to the applicable Registrable Securities for the Effectiveness Period
and prepare and file with the Commission such additional Registration Statements
in order to register for resale under the Securities Act all of the Registrable
Securities, (ii) cause the related Prospectus to be amended or supplemented by
any required Prospectus supplement (subject to the terms of this Agreement),
and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii)
respond as promptly as reasonably possible to any comments received from the
Commission with respect to a Registration Statement or any amendment thereto and
provide as promptly as reasonably possible to the Holders true and complete
copies of all correspondence from and to the Commission relating to a
Registration Statement (provided that, the Company shall excise any information
contained therein which would constitute material non-public information
regarding the Company or any of its Subsidiaries), and (iv) comply in all
material respects with the applicable provisions of the Securities Act and the
Exchange Act with respect to the disposition of all Registrable Securities
covered by a Registration Statement during the applicable period in accordance
(subject to the terms of this Agreement) with the intended methods of
disposition by the Holders thereof set forth in such Registration Statement as
so amended or in such Prospectus as so supplemented. 

6 

(d)     If during the Effectiveness Period, the number of Registrable Securities at any
time exceeds 100% of the number of shares of Common Stock then registered in a
Registration Statement, then the Company shall file as soon as reasonably
practicable, but in any case prior to the applicable Filing Date, an additional
Registration Statement covering the resale by the Holders of not less than the
number of such Registrable Securities.

(e)     Notify the Holders of Registrable Securities to be sold (which notice shall,
pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction
to suspend the use of the Prospectus until the requisite changes have been made)
as promptly as reasonably possible (and, in the case of (i)(A) below, not less
than one (1) Trading Day prior to such filing) and (if requested by any such
Person) confirm such notice in writing no later than one (1) Trading Day
following the day (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to a Registration Statement is proposed to be filed,
(B) when the Commission notifies the Company whether there will be a “review” of
such Registration Statement and whenever the Commission comments in writing on
such Registration Statement, and (C) with respect to a Registration Statement or
any post-effective amendment, when the same has become effective, (ii) of any
request by the Commission or any other federal or state governmental authority
for amendments or supplements to a Registration Statement or Prospectus or for
additional information, (iii) of the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the
effectiveness of a Registration Statement covering any or all of the Registrable
Securities or the initiation of any Proceedings for that purpose, (iv) of the
receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the
initiation or threatening of any Proceeding for such purpose, (v) of the
occurrence of any event or passage of time that makes the financial statements
included in a Registration Statement ineligible for inclusion therein or any
statement made in a Registration Statement or Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any revisions to a Registration Statement,
Prospectus or other documents so that, in the case of a Registration Statement
or the Prospectus, as the case may be, it will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and (vi) of the
occurrence or existence of any pending corporate development with respect to the
Company that the Company believes may be material and that, in the determination
of the Company, makes it not in the best interest of the Company to allow
continued availability of a Registration Statement or Prospectus, provided, however, that in no event shall any such notice contain
any information which would constitute material, non-public information
regarding the Company or any of its Subsidiaries. 

7 

(f)     Use its best efforts to avoid the issuance of, or, if issued, obtain the
withdrawal of (i) any order stopping or suspending the effectiveness of a
Registration Statement, or (ii) any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment. 

(g)     Furnish to each Holder, without charge, at least one conformed copy of each such
Registration Statement and each amendment thereto, including financial
statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference to the extent requested by such Person, and
all exhibits to the extent requested by such Person (including those previously
furnished or incorporated by reference) promptly after the filing of such
documents with the Commission; provided, that any such item which is available
on the EDGAR system (or successor thereto) need not be furnished in physical
form. 

(h)     Subject to the terms of this Agreement, the Company hereby consents to the use
of such Prospectus and each amendment or supplement thereto by each of the
selling Holders in connection with the offering and sale of the Registrable
Securities covered by such Prospectus and any amendment or supplement thereto,
except after the giving of any notice pursuant to Section 3(d). 

(i)     Prior to any resale of Registrable Securities by a Holder, use its commercially
reasonable efforts to register or qualify or cooperate with the selling Holders
in connection with the registration or qualification (or exemption from the
Registration or qualification) of such Registrable Securities for the resale by
the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably
requests in writing, to keep each registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other
acts or things reasonably necessary to enable the disposition in such
jurisdictions of the Registrable Securities covered by each Registration
Statement, provided that the Company shall not be required to qualify generally
to do business in any jurisdiction where it is not then so qualified, subject
the Company to any material tax in any such jurisdiction where it is not then so
subject or file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify Legal Counsel and each Holder of
Registrable Securities of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of any of the
Registrable Securities for sale under the securities or "blue sky" laws of any
jurisdiction in the United States or its receipt of actual notice of the
initiation or threatening of any proceeding for such purpose. 

8 

(j)     If requested by a Holder, cooperate with such Holder to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be delivered to a transferee pursuant to a Registration Statement, which
certificates shall be free, to the extent permitted by the Purchase Agreement,
of all restrictive legends, and to enable such Registrable Securities to be in
such denominations and registered in such names as any such Holder may request.

(k)     Upon the occurrence of any event contemplated by Section 3(d), as promptly as
reasonably possible under the circumstances taking into account the Company’s
good faith assessment of any adverse consequences to the Company and its
stockholders of the premature disclosure of such event, prepare a supplement or
amendment, including a post-effective amendment, to a Registration Statement or
a supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, and file any other required document so
that, as thereafter delivered, neither a Registration Statement nor such
Prospectus will contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. If the Company notifies the Holders in accordance with clauses
(iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus
until the requisite changes to such Prospectus have been made, then the Holders
shall suspend use of such Prospectus. The Company will use its best efforts to
ensure that the use of the Prospectus may be resumed as promptly as is
practicable. The Company shall be entitled to exercise its right under this
Section 3(j) to suspend the availability of a Registration Statement and
Prospectus, for a period not to exceed 60 calendar days (which need not be
consecutive days) in any 12-month period. 

(l)     The Company shall notify Legal Counsel and each Holder in writing of the
happening of any event, as promptly as practicable after becoming aware of such event, as a result of
which a prospectus included in a Registration Statement, as then in effect,
includes an untrue statement of a material fact or omission to state a material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading
(provided that in no event shall such notice contain any material, nonpublic
information), and promptly prepare a supplement or amendment to such
Registration Statement to correct such untrue statement or omission, and deliver
ten (10) copies of such supplement or amendment to Legal Counsel and each
Investor (or such other number of copies as Legal Counsel or such Investor may
reasonably request) (unless such supplements or amendments are available on
EDGAR). The Company shall also promptly notify Legal Counsel and each Holder in
writing (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, and when a Registration Statement or any
post-effective amendment has become effective (notification of such
effectiveness shall be delivered to Legal Counsel and each Holder by facsimile
or e-mail on the same day of such effectiveness), (ii) of any request by the
Commission for amendments or supplements to a Registration Statement or related
prospectus or related information, and (iii) of the Company's reasonable
determination that a post-effective amendment to a Registration Statement would
be appropriate. By 5:30 p.m. New York City time on the date following the date
any post-effective amendment has become effective, the Company shall file with
the Commission in accordance with Rule 424 under the Securities Act the final
prospectus to be used in connection with sales under such Registration
Statement. 

9 

(m)     Otherwise use commercially reasonable efforts to comply with all applicable
rules and regulations of the Commission under the Securities Act and the
Exchange Act, including, without limitation, Rule 172 under the Securities Act,
file any final Prospectus, including any supplement or amendment thereof, with
the Commission pursuant to Rule 424 under the Securities Act, promptly inform
the Holders in writing if, at any time during the Effectiveness Period, the
Company does not satisfy the conditions specified in Rule 172 and, as a result
thereof, the Holders are required to deliver a Prospectus in connection with any
disposition of Registrable Securities and take such other actions as may be
reasonably necessary to facilitate the registration of the Registrable
Securities hereunder. 

(n)     The Company may require each selling Holder to furnish to the Company a
certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and, if required by the Commission, the natural persons
thereof that have voting and dispositive control over the shares. During any
periods that the Company is unable to meet its obligations hereunder with
respect to the registration of the Registrable Securities solely because any
Holder fails to furnish such information within three Trading Days of the
Company’s request, any liquidated damages that are accruing at such time as to
such Holder only shall be tolled and any Event that may otherwise occur solely
because of such delay shall be suspended as to such Holder
only, until such information is delivered to the Company. 

10 

4.     
Registration Expenses. All fees and expenses incident to the performance
of or compliance with, this Agreement by the Company shall be borne by the
Company whether or not any Registrable Securities are sold pursuant to a
Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses of the Company’s counsel and
independent registered public accountants) (A) with respect to filings made with
the Commission, (B) with respect to filings required to be made with any Trading
Market on which the Common Stock is then listed for trading, and (C) in
compliance with applicable state securities or Blue Sky laws reasonably agreed
to by the Company in writing (including, without limitation, fees and
disbursements of counsel for the Company in connection with Blue Sky
qualifications or exemptions of the Registrable Securities), (ii) printing
expenses (including, without limitation, expenses of printing certificates for
Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv)
fees and disbursements of counsel for the Company, (v) Securities Act liability
insurance, if the Company so desires such insurance, and (vi) fees and expenses
of all other Persons retained by the Company in connection with the consummation
of the transactions contemplated by this Agreement. The Company shall also
reimburse the Holders for the fees and disbursements of Legal Counsel in
connection with registration, filing or qualification pursuant to Sections 2 and
3 of this Agreement which amount shall be limited to $5,000 in the aggregate for
all such registrations, filings or qualifications. In addition, the Company
shall be responsible for all of its internal expenses incurred in connection
with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit and the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange as required hereunder. In no
event shall the Company be responsible for any broker or similar commissions of
any Holder or, except to the extent provided for in the Transaction Documents,
any legal fees or other costs of the Holders. 

5.     Indemnification.

(a)     Indemnification by the Company. The Company shall, notwithstanding any
termination of this Agreement, indemnify and hold harmless each Holder, the
officers, directors, members, partners, agents, brokers (including brokers who
offer and sell Registrable Securities as principal as a result of a pledge or
any failure to perform under a margin call of Common Stock), investment advisors
and employees (and any other Persons with a functionally equivalent role of a
Person holding such titles, notwithstanding a lack of such title or any other
title) of each of them, each Person who controls any such Holder (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
and the officers, directors, members, stockholders, partners, agents and
employees (and any other Persons with a functionally equivalent role of a Person holding such titles,
notwithstanding a lack of such title or any other title) of each such
controlling Person, to the fullest extent permitted by applicable law, from and
against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to (1) any untrue or
alleged untrue statement of a material fact contained in a Registration
Statement, any Prospectus or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or
relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any
Prospectus or supplement thereto, in light of the circumstances under which they
were made) not misleading or (2) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act or any state securities law, or
any rule or regulation thereunder, in connection with the performance of its
obligations under this Agreement, except to the extent, but only to the extent,
that (i) such untrue statements or omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to
such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in a Registration Statement, such Prospectus or in any
amendment or supplement thereto (it being understood that the Holder has
approved Annex A hereto for this purpose) or (ii) in the case of an occurrence
of an event of the type specified in Section 3(d)(iii)-(vi), the use by such
Holder of an outdated, defective or otherwise unavailable Prospectus after the
Company has notified such Holder in writing that the Prospectus is outdated,
defective or otherwise unavailable for use by such Holder and prior to the
receipt by such Holder of the Advice contemplated in Section 6(d). The Company
shall notify the Holders promptly of the institution, threat or assertion of any
Proceeding arising from or in connection with the transactions contemplated by
this Agreement of which the Company is aware. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of
such indemnified person and shall survive the transfer of any Registrable
Securities by any of the Holders in accordance with Section 6(h). 

11 

(b)     Indemnification by Holders. Each Holder shall, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and
employees, each Person who controls the Company (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, agents or employees of such controlling Persons, to the fullest extent
permitted by applicable law, from and against all Losses, as incurred, to the
extent arising out of or based solely upon: any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any
Prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of
a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus or supplement thereto, in
light of the circumstances under which theywere made) not misleading (i) to the
extent, but only to the extent, that such untrue statement or omission is
contained in any information so furnished in writing by such Holder to the
Company expressly for inclusion in such Registration Statement or such
Prospectus or (ii) to the extent, but only to the extent, that such information
relates to such Holder’s information provided in the Selling Securityholder
Questionnaire or the proposed method of distribution of Registrable Securities
and was reviewed and expressly approved in writing by such Holder expressly for
use in a Registration Statement (it being understood that the Holder has
approved Annex A hereto for this purpose), such Prospectus or in any amendment
or supplement thereto. In no event shall the liability of a selling Holder be
greater in amount than the dollar amount of the proceeds (net of all expenses
paid by such Holder in connection with any claim relating to this Section 5 and
the amount of any damages such Holder has otherwise been required to pay by
reason of such untrue statement or omission) received by such Holder upon the
sale of the Registrable Securities included in the Registration Statement giving
rise to such indemnification obligation. 

12 

(c)     Conduct of Indemnification Proceedings. If any Proceeding shall be
brought or asserted against any Person entitled to indemnity hereunder (an
“Indemnified Party”), such Indemnified Party shall promptly notify the
Person from whom indemnity is sought (the “Indemnifying Party”) in
writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the
Indemnified Party and the payment of all fees and expenses incurred in
connection with defense thereof, provided that the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its
obligations or liabilities pursuant to this Agreement, except (and only) to the
extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such
failure shall have materially and adversely prejudiced the Indemnifying Party.

An Indemnified Party shall have the
right to employ separate counsel in any such Proceeding and to participate in
the defense thereof, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party
shall have failed promptly to assume the defense of such Proceeding and to
employ counsel reasonably satisfactory to such Indemnified Party in any such
Proceeding, or (3) the named parties to any such Proceeding (including any
impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and counsel to the Indemnified Party shall reasonably believe that a
material conflict of interest is likely to exist if the same counsel were to
represent such Indemnified Party and the Indemnifying Party (in which case, if
such Indemnified Party notifies the Indemnifying Party in writing that it elects
to employ separate counsel at the expense of the Indemnifying Party, the
Indemnifying Party shall not have the right to assume the defense thereof and
the reasonable fees and expenses of no more than one separate counsel shall be
at the expense of the Indemnifying Party).
The Indemnifying Party shall not be liable for any settlement of any such
Proceeding effected without its written consent, which consent shall not be
unreasonably withheld or delayed. No Indemnifying Party shall, without the prior
written consent of the Indemnified Party, effect any settlement of any pending
Proceeding in respect of which any Indemnified Party is a party, unless such
settlement includes an unconditional release of such Indemnified Party from all
liability on claims that are the subject matter of such Proceeding. 

13 

Subject to the terms of this Agreement,
all reasonable fees and expenses of the Indemnified Party (including reasonable
fees and expenses to the extent incurred in connection with investigating or
preparing to defend such Proceeding in a manner not inconsistent with this
Section) shall be paid to the Indemnified Party, as incurred, within ten Trading
Days of written notice thereof to the Indemnifying Party, provided that the
Indemnified Party shall promptly reimburse the Indemnifying Party for that
portion of such fees and expenses applicable to such actions for which such
Indemnified Party is finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) not to be
entitled to indemnification hereunder. 

(d)     Contribution. If the indemnification under Section 5(a) or 5(b) is
unavailable to an Indemnified Party or insufficient to hold an Indemnified Party
harmless for any Losses, then each Indemnifying Party shall contribute to the
amount paid or payable by such Indemnified Party, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in this Agreement, any reasonable attorneys’ or
other fees or expenses incurred by such party in connection with any Proceeding
to the extent such party would have been indemnified for such fees or expenses
if the indemnification provided for in this Section was available to such party
in accordance with its terms. 

The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 5(d) were
determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to in the
immediately preceding paragraph. In no event shall the contribution obligation
of a Holder of Registrable Securities be greater in amount than the dollar
amount of the proceeds (net of all expenses paid by such Holder in connection with any claim
relating to this Section 5 and the amount of any damages such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission) received by it upon the sale of the
Registrable Securities giving rise to such contribution obligation. 

14 

The indemnity and contribution
agreements contained in this Section are in addition to any liability that the
Indemnifying Parties may have to the Indemnified Parties. 

6.     Miscellaneous.

(a)     Remedies. In the event of a breach by the Company or by a Holder of any
of their respective obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
shall be entitled to specific performance of its rights under this Agreement.
Each of the Company and each Holder agrees that monetary damages would not
provide adequate compensation for any losses incurred by reason of a breach by
it of any of the provisions of this Agreement and hereby further agrees that, in
the event of any action for specific performance in respect of such breach, it
shall not assert or shall waive the defense that a remedy at law would be
adequate. 

(b)     Further Remedies. In the event that (i) the Company fails to file the
Initial Registration Statement on or before the applicable Filing Date, or (ii)
the Initial Registration Statement is not declared effective on or before the
Effectiveness Date, then the interest rate on the Notes shall be increased to
10% per annum, retroactive to the Closing Date, and will continue to accrue
interest at 10% until the Initial Registration Statement is filed (if Section
6(b)(i) applies), or until the Initial Registration Statement is declared
effective (if Section 6(b)(2) applies).

(c)     [RESERVED] 

(d)     Discontinued Disposition. By its acquisition of Registrable Securities,
each Holder agrees that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 3(d)(iii) through (vi),
such Holder will forthwith discontinue disposition of such Registrable
Securities under a Registration Statement until it is advised in writing (the
“Advice”) by the Company that the use of the applicable Prospectus (as it
may have been supplemented or amended) may be resumed. The Company will use its
best efforts to ensure that the use of the Prospectus may be resumed as promptly
as is practicable. 

(e)     Piggy-Back Registrations. If, at any time during the Effectiveness
Period, there is not an effective Registration Statement covering all of the
Registrable Securities and the Company shall determine to prepare and file with
the Commission a registration statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents
relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in
connection with the Company’s stock option or other employee benefit plans, then
the Company shall deliver to each Holder a written notice of such determination
and, if within fifteen days after the date of the delivery of such notice, any
such Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such
Holder requests to be registered; provided if the managing underwriter or
underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company in writing that the dollar amount or number of
shares of the Company's common stock which the Company desires to sell, taken
together with the Registrable Securities, exceeds the maximum dollar amount or
maximum number of shares that can be sold in such offering without adversely
affecting the proposed offering price, the timing, the distribution method, or
the probability of success of such offering (such maximum dollar amount or
maximum number of shares, as applicable, the "Maximum Number of Shares"), then
the Company may reduce the number of Registrable Securities included in such
registration statement by such amount as advised by the managing underwriter or
underwriters on a pro rata basis; and provided further, that the Company
shall not be required to register any Registrable Securities pursuant to this
Section 6(e) that are eligible for resale pursuant to Rule 144 (without volume
restrictions or current public information requirements) promulgated by the
Commission pursuant to the Securities Act or that are the subject of a then
effective Registration Statement that is available for resales or other
dispositions by such Holder. 

15 

(f)     Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
unless the same shall be in writing and signed by the Company and the Holders of
50.1% or more of the then outstanding Registrable Securities (for purposes of
clarification, this includes any Registrable Securities issuable upon exercise
or conversion of any Security), provided that, if any amendment, modification or
waiver disproportionately and adversely impacts a Holder (or group of Holders),
the consent of such disproportionately impacted Holder (or group of Holders)
shall be required. If a Registration Statement does not register all of the
Registrable Securities pursuant to a waiver or amendment done in compliance with
the previous sentence, then the number of Registrable Securities to be
registered for each Holder shall be reduced pro rata among all Holders and each
Holder shall have the right to designate which of its Registrable Securities
shall be omitted from such Registration Statement. Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates exclusively to the rights of a Holder or some Holders
and that does not directly or indirectly affect the rights of other Holders may
be given only by such Holder or Holders of all of the Registrable Securities to
which such waiver or consent relates; provided, however, that the
provisions of this sentence may not be amended, modified, or supplemented except
in accordance with the provisions of the first sentence of this Section 6(f). No
consideration shall be offered or paid to any Person to amend or consent to a
waiver or modification of any provision of this Agreement unless the same consideration also
is offered to all of the parties to this Agreement. 

16 

(g)     Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be delivered as set forth
in the Purchase Agreement.

(h)     Successors and Assigns. This Agreement shall inure to the benefit of and
be binding upon the successors and permitted assigns of each of the parties and
shall inure to the benefit of each Holder. The Company may not assign (except by
merger) its rights or obligations hereunder without the prior written consent of
all of the Holders of the then outstanding Registrable Securities. Each Holder
may assign their respective rights hereunder in the manner and to the Persons as
permitted under Section 5.8 of the Purchase Agreement. 

(i)     No Inconsistent Agreements. Neither the Company nor any of its
Subsidiaries has entered, as of the date hereof, nor shall the Company or any of
its Subsidiaries, on or after the date of this Agreement, enter into any
agreement with respect to its securities, that would have the effect of
impairing the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. Except as set forth on Schedule
6(i), neither the Company nor any of its Subsidiaries has previously entered
into any agreement granting any registration rights with respect to any of its
securities to any Person that have not been satisfied in full. 

(j)     Execution and Counterparts. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format
data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or “.pdf” signature page were an original
thereof. 

(k)     Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined in
accordance with the provisions of the Purchase Agreement. 

(l)     Cumulative Remedies. The remedies provided herein are cumulative and not
exclusive of any other remedies provided by law. 

(m)     Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in
no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable. 

17 

(n)     Headings. The headings in this Agreement are for convenience only, do not
constitute a part of the Agreement and shall not be deemed to limit or affect
any of the provisions hereof. 

(o)     Independent Nature of Holders’ Obligations and Rights. The obligations of
each Holder hereunder are several and not joint with the obligations of any
other Holder hereunder, and no Holder shall be responsible in any way for the
performance of the obligations of any other Holder hereunder. Nothing contained
herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to
constitute the Holders as a partnership, an association, a joint venture or any
other kind of group or entity, or create a presumption that the Holders are in
any way acting in concert or as a group or entity with respect to such
obligations or the transactions contemplated by this Agreement or any other
matters, and the Company acknowledges that the Holders are not acting in concert
or as a group, and the Company shall not assert any such claim, with respect to
such obligations or transactions. Each Holder shall be entitled to protect and
enforce its rights, including without limitation the rights arising out of this
Agreement, and it shall not be necessary for any other Holder to be joined as an
additional party in any proceeding for such purpose. The use of a single
agreement with respect to the obligations of the Company contained was solely in
the control of the Company, not the action or decision of any Holder, and was
done solely for the convenience of the Company and not because it was required
or requested to do so by any Holder. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Holder,
solely, and not between the Company and the Holders collectively and not between
and among Holders. 

******************** 

(Signature Pages Follow) 

18 

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

	 	INTELGENX TECHNOLOGIES CORP.
    
	 	 	  
	 	 	  
	 	By:	
	 	 	Name: Horst G. Zerbe 
	 	 	Title: President and CEO 

[SIGNATURE PAGE OF HOLDERS FOLLOWS] 

[SIGNATURE PAGE OF HOLDERS TO IGXT RRA] 

Name of Holder: __________________________

Signature of Authorized Signatory of Holder:
__________________________

Name of Authorized Signatory: _________________________

Title of Authorized Signatory:
__________________________

[SIGNATURE PAGES CONTINUE] 

Annex A 

Plan of Distribution 

 Each
Selling Securityholder (the “Selling Securityholders”) of the securities
and any of their pledgees, assignees and successors-in-interest may, from time
to time, sell any or all of their securities covered hereby on the OTCQX or any
other stock exchange, market or trading facility on which the securities are
traded or in private transactions. These sales may be at fixed or negotiated
prices. A Selling Securityholder may use any one or more of the following
methods when selling securities: 

	 	• 	ordinary brokerage transactions and
      transactions in which the broker-dealer solicits purchasers; 
	 	 	 
	 	• 	block trades in which the broker-dealer will
      attempt to sell the securities as agent but may position and resell a
      portion of the block as principal to facilitate the transaction; 
	 	 	 
	 	• 	purchases by a broker-dealer as principal and
      resale by the broker-dealer for its account; 
	 	 	 
	 	• 	an exchange distribution in accordance with the
      rules of the applicable exchange; 
	 	 	 
	 	• 	privately negotiated transactions; 
	 	 	 
	 	• 	settlement of short sales; 
	 	 	 
	 	• 	in transactions through broker-dealers that
      agree with the Selling Securityholders to sell a specified number of such
      securities at a stipulated price per security; 
	 	 	 
	 	• 	through the writing or settlement of options or
      other hedging transactions, whether through an options exchange or
      otherwise; 
	 	 	 
	 	• 	a combination of any such methods of sale; or
    
	 	 	 
	 	• 	any other method permitted pursuant to
      applicable law. 

 The
Selling Securityholders may also sell securities under Rule 144 or any other
exemption from registration under the Securities Act of 1933, as amended (the
“Securities Act”), if available, rather than under this prospectus. 

Broker-dealers engaged by the Selling Securityholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Securityholders (or, if any broker-dealer acts as
agent for the purchaser of securities, from the purchaser) in amounts to be
negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an
agency transaction not in excess of a customary brokerage commission in
compliance with FINRA Rule 2440; and in the case of a principal transaction a
markup or markdown in compliance with FINRA IM-2440.

 In
connection with the sale of the securities or interests therein, the Selling
Securityholders may enter into hedging transactions with broker-dealers or other
financial institutions, which may in turn engage in short sales of the
securities in the course of hedging the positions they assume. The Selling
Securityholders may also sell securities short and deliver these securities to
close out their short positions, or loan or pledge the securities to
broker-dealers that in turn may sell these securities. The Selling
Securityholders may also enter into option or other transactions with
broker-dealers or other financial institutions or create one or more derivative
securities which require the delivery to such broker-dealer or other financial
institution of securities offered by this prospectus, which securities such
broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction). 

 The
Selling Securityholders and any broker-dealers or agents that are involved in
selling the securities may be deemed to be “underwriters” within the meaning of
the Securities Act in connection with such sales. In such event, any commissions
received by such broker-dealers or agents and any profit on the resale of the
securities purchased by them may be deemed to be underwriting commissions or
discounts under the Securities Act. Each Selling Securityholder has informed the
Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.

The
Company is required to pay certain fees and expenses incurred by the Company
incident to the registration of the securities. The Company has agreed to
indemnify the Selling Securityholders against certain losses, claims, damages
and liabilities, including liabilities under the Securities Act.

 We
agreed to keep this prospectus effective until the earlier of (i) the date on
which the securities may be resold by the Selling Securityholders without
registration and without regard to any volume or manner-of-sale limitations by
reason of Rule 144, without the requirement for the Company to be in compliance
with the current public information under Rule 144 under the Securities Act or
any other rule of similar effect or (ii) all of the securities have been sold
pursuant to this prospectus or Rule 144 under the Securities Act or any other
rule of similar effect. The resale securities will be sold only through
registered or licensed brokers or dealers if required under applicable state
securities laws. In addition, in certain states, the resale securities covered
hereby may not be sold unless they have been registered or qualified for sale in
the applicable state or an exemption from the registration or qualification
requirement is available and is complied with. 

2 

 Under
applicable rules and regulations under the Exchange Act, any person engaged in
the distribution of the resale securities may not simultaneously engage in
market making activities with respect to the common stock for the applicable
restricted period, as defined in Regulation M, prior to the commencement
of the distribution. In addition, the Selling Securityholders will be subject to
applicable provisions of the Exchange Act and the rules and regulations
thereunder, including Regulation M, which may limit the timing of purchases and
sales of the common stock by the Selling Securityholders or any other person. We
will make copies of this prospectus available to the Selling Securityholders and
have informed them of the need to deliver a copy of this prospectus to each
purchaser at or prior to the time of the sale (including by compliance with Rule
172 under the Securities Act). 

3

SELLING SECURITYHOLDERS 

 The
Notes, Warrants, and shares of common stock being offered by the selling
securityholders are those previously issued to the selling securityholders. For
additional information regarding the issuances of the Securities, see "Private
Placement of Units" above. We are registering the Notes, Warrants, Warrant
Shares and Conversion Shares to permit the selling securityholders to offer the
Securities for resale from time to time. Except for the ownership of the
Securities, the selling securityholders have not had any material relationship
with us within the past three years. 

The
table below lists the selling securityholders and other information regarding
the beneficial ownership of the Securities by each of the selling
securityholder. The second column lists the number of shares of common stock
beneficially owned by each selling securityholders, based on its ownership of
the shares of common stock, Warrants and Notes, as of May 8, 2018, assuming
exercise of the Warrants and conversion of the Notes held by the selling
securityholders on that date, without regard to any limitations on exercises.

 The
third column lists the Notes beneficially owned by the selling securityholders.
The fourth column lists the Warrants beneficially owned by the selling
securityholders. The fifth column lists the shares of common stock being offered
by this prospectus by the selling securityholder. The sixth column lists the
Notes being offered by this prospectus by the selling securityholder. The
seventh column lists the Warrants being offered by this prospectus by the
selling securityholder. 

 In
accordance with the terms of a registration rights agreement with the selling
securityholders, this prospectus generally covers the resale of the number of
shares of common stock issued to the selling securityholders in the private
placement and the maximum number of shares of common stock issuable upon
exercise of the related warrants, determined as if the outstanding warrants were
exercised in full as of the trading day immediately preceding the date this
registration statement was initially filed with the SEC, each as of the trading
day immediately preceding the applicable date of determination and all subject
to adjustment as provided in the registration right agreement. The fourth column
assumes the sale of all of the shares offered by the selling securityholders
pursuant to this prospectus. 

 Under
the terms of the Warrants and Notes, a selling securityholder may not exercise
the Warrants or convert the Notes to the extent such exercise or conversion
would cause such selling securityholder, together with its affiliates and
attribution parties, to beneficially own a number of shares of common stock
which would exceed 4.99% of our then outstanding common stock following such
exercise, excluding for purposes of such determination shares of common stock
issuable upon exercise of the Warrants which have not been exercised or Notes
which have not been converted. The number of shares in the second column does
not reflect this limitation. The selling securityholder may sell all, some or
none of their shares in this offering. See "Plan of Distribution."

4 

	  	Number 	Number 	Number 	Maximum 	Maximum 	Maximum 	Number 	Number 	Number 
	  	of shares 	of Notes 	of 	Number of 	Number of 	Number of 	of shares 	of Notes 	of 
		of 	Owned 	Warrants 	shares of 	Notes to 	Warrants 	of 	Owned 	Warrants 
	Name of 	Common 	Prior to 	Owned 	Common 	be Sold 	to be Sold 	Common 	After 	Owned 
	Selling 	Stock 	Offering 	Prior to 	Stock to 	Pursuant 	Pursuant 	Stock 	Offering 	After 
	Securityholder 	Owned 	  	Offering 	be Sold 	to this 	to this 	Owned 	  	Offering 
	  	Prior to 	  	  	Pursuant 	Prospectus 	Prospectus 	After 	  	  
	  	Offering 	  	  	to this 	  	  	Offering 	  	  
	  	  	  	  	Prospectus 	  	  	  	  	  

5

Annex C 

INTELGENX TECHNOLOGIES CORP. 

Selling Securityholder Notice and Questionnaire 

The
undersigned beneficial owner of common stock (the “Registrable Securities”) of
IntelGenx Technologies Corp., a Delaware corporation (the “Company”),
understands that the Company has filed or intends to file with the Securities
and Exchange Commission (the “Commission”) a registration statement (the
“Registration Statement”) for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the “Securities Act”), of the
Registrable Securities, in accordance with the terms of the Registration Rights
Agreement (the “Registration Rights Agreement”) to which this document is
annexed. A copy of the Registration Rights Agreement is available from the
Company upon request at the address set forth below. All capitalized terms not
otherwise defined herein shall have the meanings ascribed thereto in the
Registration Rights Agreement. 

 Certain
legal consequences arise from being named as a selling securityholder in the
Registration Statement and the related prospectus. Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Registration Statement and the related
prospectus. 

NOTICE 

The
undersigned beneficial owner (the “Selling Securityholder”) of
Registrable Securities hereby elects to include the Registrable Securities owned
by it in the Registration Statement. 

The undersigned hereby provides the following information to
the Company and represents and warrants that such information is accurate: 

QUESTIONNAIRE 

	1. 	
      Name.

	 	(a) 	Full Legal Name of Selling Securityholder

	 	  	  
	 	  	  
	 	  	  
		(b) 	Full Legal Name of Registered Holder (if not
      the same as (a) above) through which Registrable Securities are held:
  
	 	  	  
	 	  	  
	 	  	  
		(c) 	Full Legal Name of Natural Control Person
      (which means a natural person who directly or indirectly alone or with
      others has power to vote or dispose of the securities covered by this
      Questionnaire): 
	 	 	 
	 	 	 

	2. 	
      Address for Notices to Selling
    Securityholder:

	 
	 
	 
	Telephone: 	
	Fax: 	
	Contact Person: 	

	3. 	
      Broker-Dealer Status:

	 	(a) 	
      Are you a broker-dealer?

Yes [  
]          No [   ]

	 	(b) 	
      If “yes” to Section 3(a), did you receive your
      Registrable Securities as compensation for investment banking services to
      the Company?

Yes [  
]          No [   ]

	 	Note: 	If “no” to Section 3(b), the Commission’s staff
      has indicated that you should be identified as an underwriter in the
      Registration Statement. 

2

	 	(c) 	
      Are you an affiliate of a
broker-dealer?

Yes [  
]           No
[   ]

	 	(d) 	
      If you are an affiliate of a broker-dealer, do you
      certify that you purchased the Registrable Securities in the ordinary
      course of business, and at the time of the purchase of the Registrable
      Securities to be resold, you had no agreements or understandings, directly
      or indirectly, with any person to distribute the Registrable
      Securities?

Yes [  
]          No [   ]

	 	Note: 	If “no” to Section 3(d), the Commission’s staff
      has indicated that you should be identified as an underwriter in the
      Registration Statement. 

	4. 	
      Beneficial Ownership of Securities of the Company
      Owned by the Selling Securityholder.

Except as set forth below in this
Item 4, the undersigned is not the beneficial or registered owner of any
securities of the Company other than the securities issuable pursuant to the
Purchase Agreement. 

	 	(a) 	Type and Amount of other securities
      beneficially owned by the Selling Securityholder: 
	 	 	 
	 	 	 
	 	 	 

3

	5. 	
      Relationships with the
Company:

Except as set forth below, neither
the undersigned nor any of its affiliates, officers, directors or principal
equity holders (owners of 5% of more of the equity securities of the
undersigned) has held any position or office or has had any other material
relationship with the Company (or its predecessors or affiliates) during the
past three years. 

	 	State any exceptions here: 
	 	 
	 	 
	 	 

 The
undersigned agrees to promptly notify the Company of any material inaccuracies
or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective;
provided, that the undersigned shall not be required to notify the Company of
any changes to the number of securities held or owned by the undersigned or its
affiliates. 

By
signing below, the undersigned consents to the disclosure of the information
contained herein in its answers to Items 1 through 5 and the inclusion of such
information in the Registration Statement and the related prospectus and any
amendments or supplements thereto. The undersigned understands that such
information will be relied upon by the Company in connection with the
preparation or amendment of the Registration Statement and the related
prospectus and any amendments or supplements thereto. 

 IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice
and Questionnaire to be executed and delivered either in person or by its duly
authorized agent. 

	Date: 	Beneficial
      Owner:_____________________________________________________________
	  	 	  
	  	By: 	
	  	 	Name: 
	  	 	Title: 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY) OF THE COMPLETED
AND EXECUTED NOTICE AND QUESTIONNAIRE TO: 

4IntelGenx Technologies Corp.: Exhibit 10.3 - Filed by newsfilecorp.com

THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE
SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR
HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES
LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR
HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 

INTELGENX TECHNOLOGIES INC. 
6% SUBORDINATED
CONVERTIBLE UNSECURED PROMISSORY NOTE 

	$ 	 May 8, 2018

FOR VALUE RECEIVED, IntelGenx Technologies Inc., a Delaware
corporation (the “Company”), promises to pay to _________________or his
registered assigns (“Investor”), in lawful money of the United States of
America the principal sum of___________Dollars ($_________), or such lesser
amount as shall equal the outstanding principal amount hereof, together with
interest from the date of this Subordinated Convertible Unsecured Promissory
Note (this “Note”) on the unpaid principal balance at a rate equal to 6%
per annum, computed on the basis of the actual number of days elapsed and a year
of 365 days. This Note is one of a series of Convertible Promissory Notes issued
by the Company on substantially the same terms and conditions in an aggregate
principal amount of up to $4,000,000 (the “Notes”). 

The following is a statement of the rights of Investor and the
conditions to which this Note is subject, and to which Investor, by the
acceptance of this Note, agrees: 

1.    
Payments.

(a)     Principal. The Notes are due
June 1, 2021. 

(b)     Interest. The Notes will
bear interest from, and including, the date of issue at the rate of 6.00% per
annum, payable in arrears on March 1, June 1, September 1 and December 1, with
the last such payment falling due on June 1, 2021; provided that in the event
the Company has not caused a registration statement (“Registration
Statement”) registering the shares of Company common stock issuable upon
conversion of this Note (the “Common Stock” and the “Conversion
Shares”) under the Act, by the date which is 120 days from the date hereof,
the Notes will bear interest at a rate of 10.00% per annum from the date of this
Note until such time as the Registration Statement is declared effective.

(c)     Interest Laws.
Notwithstanding any provision to the contrary contained in this Note or any
other Transaction Document, Company shall not be required to pay, and Investor
shall not be permitted to collect, any amount of interest in excess of the
maximum amount of interest permitted by applicable law (“Excess
Interest”). If any Excess Interest is provided for or determined by a court
of competent jurisdiction to have been provided for in this Note or in any other
Transaction Document, then in such event: (a) the provisions of this section
shall govern and control; (b) the Company shall not be obligated to pay any
Excess Interest; (c) any Excess Interest that Investor may have received
hereunder shall be, at such Investor’s option, (i) applied as a credit against
the outstanding principal balance of the then outstanding or accrued and unpaid
interest (not to exceed the maximum amount permitted by law), (ii) refunded to
the Company thereof, or (iii) any combination of the foregoing;
(iv) the interest rate(s) provided for herein shall be automatically reduced to
the maximum lawful rate allowed from time to time under applicable law, and this
Note shall be deemed to have been and shall be, reformed and modified to reflect
such reduction; and (v) neither the Company nor any holder of Notes shall have
any action against any Investor for any damages arising out of the payment or
collection of any Excess Interest. 

(d)     Taxes. Any and all payments
  by or on account of any obligation of the Investor under this Note shall be made
  without deduction or withholding for any taxes, except as required by applicable
law.

(e)     Pro Rata Payment. All
payments to holder of Notes, whether for principal or interest, shall be made
pro rata among holders based upon the aggregate unpaid principal amount of the
Notes held by each holder. If any holder obtains any payment (whether voluntary,
involuntary, by application of offset or otherwise) of principal or interest
with respect to any Note in excess of such holder’s pro rata share of such
payments obtained by all holders, by acceptance of a Note, each such holder
agrees to distribute promptly to the other holders cash in an amount as is
necessary to cause such holder to share the excess payment ratably among each of
them as provided in this Section 1(e). 

2.     Events
of Default. The occurrence of any of the following shall constitute
an “Event of Default” under this Note: 

(a)     Non-Payment. The Company
fails to pay (as provided herein) on the due date any of the principal amount or
interest on this Note, or any other amount due under this Note, when and as the
same shall become due and payable, whether at the due date thereof or by
acceleration thereof or otherwise, and such default shall continue un-remedied
for a period of 10 Business Days; 

(b)     Voluntary Bankruptcy or
Insolvency Proceedings. The Company or any material subsidiary shall (i)
apply for or consent to the appointment of a receiver, trustee, liquidator or
custodian of itself or of all or a substantial part of its property, (ii) admit
in writing in a judicial, regulatory or administrative proceeding or filing its
inability to pay its debts generally as they mature, (iii) make a general
assignment for the benefit of its creditors, (iv) be dissolved or liquidated,
(v) commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or
consent to any such relief or to the appointment of or taking possession of its
property by any official in an involuntary case or other proceeding commenced
against it, or (vi) take any action for the purpose of effecting any of the
foregoing; 

(c)     Involuntary Bankruptcy or
Insolvency Proceedings. Proceedings for the appointment of a receiver,
trustee, liquidator or custodian of the Company or any material subsidiary, or
of all or a substantial part of the property thereof, or an involuntary case or
other proceedings seeking liquidation, reorganization or other relief with
respect to the Company or any material subsidiary or the debts thereof under any
bankruptcy, insolvency or other similar law now or hereafter in effect shall be
commenced and an order for relief entered or such proceeding shall not be
dismissed or discharged within 45 days of commencement; or 

(d)     Breach of Representation.
The Company breaches any representation or covenant in this Note that could
reasonably be expected to have a Material Adverse Effect (as defined in the
Purchase Agreement) or a material adverse effect on any Purchaser, and such
breach (if capable of being cured) is not cured within 30 days after notice
thereof from the Majority in Interest of Investors. 

-2- 

3.     Rights
of Investor Upon Default. Upon the occurrence of any Event of
Default (other than an Event of Default described in Sections 2(a), 2(c)
or 2(c) and at any time thereafter during the continuance of such Event
of Default, Investor may, with the written consent of the holders of a Majority
in Interest of Investors, by written notice to the Company, declare all
outstanding Notes to be immediately due and payable without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly
waived, anything contained herein to the contrary notwithstanding. Upon the
occurrence of any Event of Default described in Sections 2(a), 2(c) and
2(c), immediately and without notice, all outstanding Notes shall
automatically become immediately due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly
waived, anything contained herein to the contrary notwithstanding. In addition
to the foregoing remedies, upon the occurrence and during the continuance of any
Event of Default, Investor may, with the written consent of a Majority in
Interest of Investors, exercise any other right, power or remedy permitted to it
by law, either by suit in equity or by action at law, or both. 

4.    
Conversion. 

(a)     Conversion at the option of the
Holder. Investor has the right, at Investor’s option, at any time prior to
payment in full of the principal amount of this Note or the conversion of this
Note in accordance with Section 4(b), to convert, in whole or in part,
the outstanding principal amount of this Note and all accrued and unpaid
interest on this Note into 6,250 fully paid and nonassessable Conversion Shares
for each $5,000 aggregate principal amount of Notes then outstanding (the
“Conversion Ratio”). Any interest payable in Conversion Shares shall be
converted based on the Conversion Ratio.

(b)     Conversion at the Option of the
Company. At any time following the date on which the shares of Common Stock
trade on the OTCQX or other United States market or exchange at a price of $1.40
or greater for 20 consecutive trading days, the Company may elect to convert the
then outstanding principal amount of this Note and any interest payable in
Conversion Shares based on the Conversion Ratio.

(c)     Conversion Procedure.

(i)     Conversion Pursuant to Section
4(a). Before Investor shall be entitled to convert this Note in accordance
with Section 4(a), it shall surrender this Note (or a notice to the
effect that the original Note has been lost, stolen or destroyed and an
agreement acceptable to the Company whereby the holder agrees to indemnify the
Company from any loss incurred by it in connection with this Note) and give
written notice to the Company at its principal corporate office of the election
to convert the same pursuant to Section 4(a), and shall state therein the
amount of the outstanding principal amount of this Note and accrued and unpaid
interest on this Note to be converted. The Company shall, as soon as practicable
thereafter, issue and deliver to such Investor a certificate or certificates for
the number of Conversion Shares to which Investor shall be entitled upon such
conversion, including a check payable to Investor for any cash amounts payable
as described in Section 4(c)(iii). Any conversion of this Note pursuant
to Section 4(a) shall be deemed to have been made upon the satisfaction
of all of the conditions set forth in this Section 4(c)(i) and on and
after such date the Persons entitled to receive the Conversion Shares issuable
upon such conversion shall be treated for all purposes as the record holder of
such Conversion Shares. 

(ii)     Conversion Pursuant to Section
4(b). If this Note is to be converted in accordance with Section
4(b), written notice shall be mailed or delivered to Investor pursuant to
Section 9(c), notifying Investor of the conversion to be effected,
specifying the conversion price, the principal amount of this Note, and all
accrued and unpaid interest on this Note to be converted, the date on which such
conversion is expected to occur and calling upon such Investor to surrender to
the Company, in the manner and at the place designated, this Note. Upon such
conversion of this Note, Investor hereby agrees to execute and deliver to the
Company all transaction documents reasonably requested by the Company, including
a purchase agreement, an investor rights agreement and other ancillary
agreements, with customary representations and warranties and transfer restrictions. The Company shall, as
soon as practicable thereafter, issue and deliver to Investor a certificate or
certificates for the number of shares to which Investor shall be entitled upon
such conversion, including a check payable to Investor for any cash amounts
payable as described in Section 4(c)(iii). Any conversion of this Note
pursuant to Section 4(b) shall be deemed to have been made immediately
upon the date of the conversion notice provided by the Company and on and after
such date the Persons entitled to receive the Conversion Shares issuable upon
such conversion shall be treated for all purposes as the record holder of such
Conversion Shares. 

-3- 

(iii)     Fractional Shares; Interest;
  Effect of Conversion. No fractional shares shall be issued upon
  conversion of this Note. In lieu of the Company issuing any fractional shares to
  the Investor upon the conversion of this Note, the Company shall pay to Investor
  an amount equal to the product obtained by multiplying the applicable conversion
  price by the fraction of a share not issued pursuant to the previous
  sentence. In addition, to the extent not converted into Common Shares, the
  Company shall pay to Investor any interest accrued on the principal amount
  converted and on the amount to be paid by the Company pursuant to the previous
  sentence. Upon conversion of this Note in full and the payment of the amounts
  specified in this paragraph, the Company shall be forever released from all its
  obligations and liabilities under this Note and this Note shall be deemed of no
  further force or effect, whether or not the original of this Note has been
delivered to the Company for cancellation. 

(d)     Reservation of Stock Issuable
Upon Conversion. The Company will take such corporate action as may, in the
opinion of counsel, be necessary to increase its authorized but unissued Common
Stock for the purpose of effecting the conversion of the outstanding Notes. 

5.     Change
of Control. Upon occurrence of a Change of Control, the Company
shall provide that any successor shall be bound by the obligations of the
Company set forth in this Note. Upon a Change of Control, the Company will
deliver to each holder a notice in writing stating that there has been a Change
of Control and specifying the date on which such Change of Control occurred and
the circumstances or events giving rise to such Change of Control. 

6.    
Subordination to Senior Indebtedness. This Note will be
subordinate and junior to all current and future Senior Indebtedness of the
Company. The Company for itself, its successors and assigns covenants and
agrees, and the holder, for itself, its successors and assigns, by its
acceptance of this Note likewise covenants and agrees that, the payment of all
amounts due pursuant to this Note is hereby expressly subordinated and junior in
right of payment to all current and future Senior Indebtedness of the Company.

7.    
Antidilution Provisions. The Conversion Ratio shall be
subject to adjustment to prevent dilution in the event of stock splits, stock
dividends, recapitalizations, and the like. 

8.    
Definitions. As used in this Note, the following
capitalized terms have the following meanings:

 “Act” shall mean the
  Securities Act of 1933, as amended. 

“Business Day” means a day on which banks are open for
the transaction of regular business in New York, New York. 

 “Change of Control” means (a) the consummation of
a share exchange, merger or consolidation of the Company with or into another
entity or any other reorganization, if, as a result of such share exchange,merger, consolidation or reorganization, more than fifty
percent (50%) of the combined voting power of the continuing or surviving
entity’s securities outstanding immediately after such share exchange, merger,
consolidation or reorganization is owned by persons who were not shareholders of
the Company immediately prior to such share exchange merger, consolidation or
reorganization, (b) any sale, transfer or other disposition of all or
substantially all the assets of the Company and its consolidated subsidiaries to
an entity (other than a wholly owned direct or indirect subsidiary of the
Company) of which more than fifty percent (50%) of the combined voting power of
its outstanding securities is owned by persons who are not shareholders of the
Company at the effective time of such sale, transfer or disposition.

-4- 

“Common Stock” shall mean common stock of the Company
par value $0.00001. 

“Conversion Ratio” has the meaning given in Section
4(a) hereof. 

“Conversion Shares” has the meaning given in Section
1(b) hereof. 

“Event of Default” has the meaning given in Section
2 hereof. 

“Investor” shall mean the Person specified in the
introductory paragraph of this Note or any Person who shall at the time be the
registered holder of this Note.

“Majority in Interest of Investors” shall mean holders
holding a majority of the aggregate outstanding principal amount of the Notes.

“Person” shall mean and include an individual, a
partnership, a corporation (including a business trust), a joint stock company,
a limited liability company, an unincorporated association, a joint venture or
other entity or a governmental authority. 

“Purchase Agreement” shall mean Securities Purchase
Agreement dated April [ ], 2018 by and among the Company and various purchasers
named herein. 

“Registration Statement” has the meaning given in
Section 1(b) hereof. 

“Senior Indebtedness” means any of the Company’s the
principal of, premium, if any, and interest on (i) all indebtedness for money
borrowed or guaranteed by the Company other than the subordinated debt
securities, unless the indebtedness expressly states to have the same rank as,
or to rank junior to, the subordinated debt securities, (ii) and any deferrals,
renewals or extensions of any Senior Indebtedness. 

“Transaction Documents” shall mean this Note, the
Purchase Agreement and the related private offering memorandum dated April __,
2018. 

9.    
Miscellaneous.

(a)     Successors and Assigns; Transfer
of this Note or Securities Issuable on Conversion Hereof; No Transfers to Bad
Actors; Notice of Bad Actor Status. 

(i)     The Notes shall be issued in registered form only, without
coupons, and the Company shall maintain a register of the Notes, for registering
the record ownership of the Notes by the holders and transfers and exchanges of
the Notes. Subject to the restrictions on transfer described in this Section
9(a), the rights and obligations of the Company and Investor shall be
binding upon and benefit the successors, assigns, heirs, administrators and
transferees of the parties.

-5- 

(ii)     If the Company does not have an
effective Registration Statement covering the resales of the Notes and
Conversion Shares at the time of any proposed transaction, with respect to any
offer, sale or other disposition of this Note or securities into which such Note
may be converted, Investor will give written notice to the Company prior
thereto, describing briefly the manner thereof, together with a written opinion
of Investor’s counsel, or other evidence if reasonably satisfactory to the
Company, to the effect that such offer, sale or other distribution may be
effected without registration or qualification (under any federal or state law
then in effect). Upon receiving such written notice and reasonably satisfactory
opinion, if so requested, or other evidence, the Company, as promptly as
practicable, shall notify Investor that Investor may sell or otherwise dispose
of this Note or such securities, all in accordance with the terms of the notice
delivered to the Company. If a determination has been made pursuant to this
Section 9(a) that the opinion of counsel for Investor, or other evidence,
is not reasonably satisfactory to the Company, the Company shall so notify
Investor promptly after such determination has been made. Each Note thus
transferred and each certificate representing the securities thus transferred
shall bear a legend as to the applicable restrictions on transferability in
order to ensure compliance with the Act, unless in the opinion of counsel for
the Company such legend is not required in order to ensure compliance with the
Act. The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions. The Company shall be responsible for all the
Investor’s reasonable expenses in complying with the Act in any transaction
where the Company fails to have an effective Registration Statement at the time
of the proposed transaction. 

(iii)     Neither this Note nor any of the
rights, interests or obligations hereunder may be assigned, by operation of law
or otherwise, in whole or in part, by the Company without the prior written
consent of a Majority in Interest of Investors. 

(b)     Waiver and Amendment. Any
provision of this Note may be amended, waived or modified upon the written
consent of the Company and a Majority in Interest of Investors; provided,
however, that no such amendment, waiver or consent shall: (i) reduce the
principal amount of this Note without Investor’s written consent, or (ii) reduce
the rate of interest of this Note without Investor’s written consent. 

(c)     Notices. All notices,
requests, demands, consents, instructions or other communications required or
permitted hereunder shall be in writing and mailed or delivered to Investor at
the address shown on the records of the Company for Investor or given by
Investor to the Company for the purposes of notice. All such notices and
communications will be deemed effectively given the earlier of (i) when
received, (ii) when delivered personally, (iii) one Business Day after being
deposited with an overnight courier service of recognized standing or (iv) four
days after being deposited in the U.S. mail, first class with postage prepaid.

(d)     Payment. Unless converted
into Conversion Shares pursuant to the terms hereof, payment shall be made in
lawful tender of the United States at the principal office of the Company, or at
such other place as the Holder may from time to time designate in writing to the
Company. 

(e)     Governing Law. This Note and
all actions arising out of or in connection with this Note shall be governed by
and construed in accordance with the laws of the State of Delaware, without
regard to the conflicts of law provisions. 

(f)     Counterparts. This Note may
be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be
an original, and all of which, when taken together, shall constitute but one and
the same Note. 

(Signature Page Follows) 

-6- 

The Company has caused this Note to be issued as of the date
first written above. 

 

	INTELGENX TECHNOLOGIES INC.
  
	 	 
	 	 
	By: 	 
	Name: 	 
	Title: 	 

INVESTOR 

_______________________________

[Signature Page to Convertible Promissory Note] 

FORM OF NOTICE OF CONVERSION
CONVERSION NOTICE

	TO: 	INTELGENX TECHNOLOGIES CORP.
  

The undersigned registered holder of 6.00% Subordinated
Convertible Unsecured Promissory Note bearing Certificate No.
______________irrevocably elects to convert such Note (or
$_______________principal amount thereof) and tenders herewith the Note and,
if applicable, directs that the Conversion Shares of INTELGENX TECHNOLOGIES
CORP. issuable upon a conversion (or such other securities or property required
to be delivered as provided by the terms of the Note) be issued and/or delivered
to the person indicated below. (If Conversion Shares or other securities are to
be issued in the name of a person other than the holder, all requisite transfer
taxes will be tendered by the undersigned).

	 	 	 
	Dated 	 	(Signature of Registered Holder)

If less than the full principal amount of the Notes, indicate
in the space provided the principal amount (which will be $5,000 or integral
multiples thereof). ______________________

All dollar amounts expressed in this Conversion Notice are in
lawful money of the United States.

(Print name in which Common Shares are to be issued, delivered
and registered)
Name:

__________________________________________________________
(Address)

__________________________________________________________
(City,
Province/State, Postal Code/Zip Code and Country) 

Name of
guarantor:____________________________________________

 Authorized
signature:__________________________________________

	
      NOTE: 
	
      If Conversion Shares are to be issued in the name of a
      person other than the holder, the signature will be guaranteed by a
      Canadian Schedule I chartered bank, a trust company or by a member of an
      acceptable Medallion Guarantee Program. The Guarantor must affix a stamp
      bearing the actual words: “SIGNATURE GUARANTEED”, “MEDALLION GUARANTEED”
      or “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with
      the transfer agent’s then current guidelines and requirements at the time
      of transfer. For corporate holders, corporate signing resolutions,
      including a certificate of incumbency, will also be required to accompany
      the transfer unless there is a “SIGNATURE & AUTHORITY TO SIGN
      GUARANTEE” stamp affixed to the form of transfer. 

-2-

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