Lexaria Corp.: Exhibit 99.1 - Filed by newsfilecorp.com






Exhibit 10.1

DEBT SETTLEMENT AGREEMENT


THIS AGREEMENT dated for reference the 16th day of
November 2010.

	BETWEEN: 		
		LEXARIA CORP., a company duly
      incorporated under the laws of 	
		the Province of British Columbia and having its
      registered and 	
		records office at Suite 950 - 1130 West Pender
      Street, Vancouver, 	
		BC, V6E 4A4 Ph 604-602-1675 FAX 604-685-1602
	
		 	
		(the “Company”) 	
			OF THE FIRST PART  
	AND: 		
		TOM IHRKE 38 Krier Lane, Mount
    Pleasant, SC 29464. 	
		Phone .884.4358 	
		(the “Creditor”) 	
			OF THE SECOND
PART  


WHEREAS: 

A.           The Company is indebted to the Creditor in the
      amount of US$9,375.00 (the “Debt”); and 

B.           The Company wishes to settle the Debt, namely
      US$9,375.00, by allotting and issuing securities in the capital of the Company to the Creditor and the
      Creditor is prepared to accept such securities in full satisfaction of the
      Debt. 

NOW THEREFORE WITNESSETH that in consideration of
      the premises and of the covenants and agreements set out herein, the parties hereto covenant and
      agree as follows: 

1.           ACKNOWLEDGMENT OF DEBT
1.1          The Company acknowledges and agrees that it is
      indebted to the Creditor in the amount of the Debt. 

2.           ALLOTMENT AND ISSUANCE OF
      SECURITIES 

2.1          The Company agrees to allot and issue to the
      Creditor 40,761 shares in the capital of the Company (the “Shares”) at a deemed price of US$0.23 per
      Share for each US$0.23 of indebtedness, as full and final payment
      of the Debt, and the Creditor agrees to accept the Shares as full and
      final payment of the Debt, leaving the Company indebted to the Creditor in
      the amount of US $Nil following this transaction.

2.2           The Creditor hereby agrees that, upon delivery
      of the Shares by the Company in accordance with the provisions of this Agreement, that the Debt will
      be fully satisfied and extinguished effective as of the date set out
      above, and the Creditor will remise, release and forever discharge the
      Company and its directors, officers and employees from any and all
      obligations relating to this Debt.

3.           REGULATORY RESTRICTIONS


3.1           The Creditor acknowledges to the Company that: 



	 	(a) 	the Company is relying on exemptions from the registration
      requirements of the U.S. Securities Act of 1933. The shares and
      warrants have not been registered under the U.S. Securities Act of 1933
      and may not be offered or sold in the United States or to U.S. persons
      unless registered under such Act or an exemption from the registration
      requirements of such act, as available. 
	 	 	 
	 	(b) 	the Creditor will be the beneficial owner of the Shares; 
	 	 	 
	 	(c) 	the Shares are not being acquired as a result of any material
      information that has not been generally disclosed to the public; 
	 	 	 
	 	(d) 	the Creditor is an accredited investor; and 
	 	 	 
	 	(e) 	the Creditor will seek its own independent legal advice as to any
      restrictions imposed by the U.S. Securities Act of 1933 on the
      Creditor respecting disposition of the Shares. 






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	 	(f) 	the Shares and Warrants to be issued in satisfaction of the debt will
      be subject to the following legend: 
	 	 	 
	 		“The securities evidenced by this certificate have not been
      registered under the United States Securities Act of 1933, as amended, or
      any applicable U.S. State securities law, and no interest therein may be
      sold, distributed, assigned, offered, pledged or otherwise transferred or
      disposed of unless (a) there is an effective registration statement under
      such act and applicable United States State securities laws covering any
      such transaction involving said securities, or (b) this corporation
      receives an opinion of legal counsel for the holder of these securities
      (concurred in by legal counsel for this corporation) stating that such
      transaction is exempt from registration, or (c) this corporation otherwise
      satisfies itself that such transaction is exempt from registration.”
    


4.            GENERAL PROVISIONS


4.1           Time shall be of the essence of this Agreement.


4.2           The Company and the Creditor shall execute such
      further assurances and other documents and instruments and shall do such further and other
      things as may be necessary to implement and carry out the intent of this Agreement.


4.3           The provisions herein contained constitute the
      entire agreement between the parties and supersede all previous understandings, communications,
      representations and agreements, whether written or verbal, between the parties with respect to the subject matter of
      this Agreement. 

4.4           This Agreement shall be governed by and
      construed in accordance with the laws of the United States. 

4.5           All dollar amounts referred to in this
      Agreement have been expressed in United States currency, unless otherwise indicated.


4.6           This Agreement shall enure to the benefit of
      and be binding upon each of the parties and their respective heirs, executors, administrators, successors and
      assigns, as the case may be. 

IN WITNESS WHEREOF the parties hereto have executed these
present on the day and year first above written.

	 SIGNED, SEALED and DELIVERED by 	 	   ) 	 	  
	 TOM IHRKE in the presence of: 	 	   ) 	 	  
	  	 	   ) 	 	  
	  	 	   ) 	 	  
	  	 	   ) 	 	  
	Signature 	 	   ) 	 	  
	  	 	   ) 	 	  
	  	 	   ) 	 	 
    
	Address 	 	   ) 	 	TOM IHRKE 
	  	 	   ) 	 	  
	  	 	   ) 	 	  
	  	 	   ) 	 	  
	Occupation 	 	   ) 	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	 LEXARIA CORP. 	 	  ) 	 	  
	  	 	  ) 	 	  
	  	 	  ) 	 	  






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	Authorized Signatory 	 	  )	 	 
	 	 	  )	 	 
	  	 	  )	 	 
	  	 	  )	 	 
	  	 	  )	 	 
	  	 	  )	 	 
	Authorized Signatory 	 	 	 	  

 



	Please provide the following information: 		  	
				
				
				
				
	Creditor's telephone number 		Creditor's e-mail address