Document:

Lexaria Corp.: Exhibit 10.3 - Filed by newsfilecorp.com

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

THIS WARRANT IS NOT TRANSFERABLE AND WILL BE VOID AND OF NO
VALUE UNLESS EXERCISED ON OR BEFORE April 1, 2015 

LEXARIA CORP. 

(Incorporated under the laws of the State of Nevada) 

	No. 2014-40 	Right to Purchase 
	  	428,571 Common Shares 

WARRANT FOR PURCHASE OF COMMON SHARES (TWELVE MONTHS)

THIS IS TO CERTIFY THAT, for value received, this
1st of April, 2014, Cielo Investment, LLC (the "Holder") is
entitled to subscribe for and purchase 285,714 fully paid and non-assessable
common shares of LEXARIA CORP., (the "Corporation") at any time up
to the close of business in Vancouver, British Columbia, at and for a period of
twelve (12) months after the date of issuance. The Warrants are exercisable at a
price of US$0.40 per Warrant Share if exercised at any time up to twelve
(12) months after the date of issuance, of lawful money of the United States
upon and subject however to the provisions and to the terms and conditions set
forth herein. 

In the event that the Company’s common shares, at any time
after 6 months and 1 day have elapsed from the Issue Date, as listed on a
Principal Market – currently the US OTC Bulletin Board with symbol LXRP - has
been at or above US$0.80 for a period of 10 consecutive trading days, the Issuer
may thereafter issue to the Warrant holders a written notice advising of the
accelerated expiry of the Warrants. Such written notice shall identify in
reasonable detail the particulars of the acceleration event and identify the
date (the "Warrant Accelerated Expiry Date") set for accelerated expiry,
which in no event shall be less than 30 days after the mailing date of the
written notice. For greater certainty, all Warrants shall expire and be of no
further force or effect as of 4:30 pm (Pacific Time) on the Warrant Accelerated
Expiry Date. This warrant is not transferable by the Holder. The rights
represented by this Warrant may be exercised by the Holder hereof, in whole or
in part (but not as to a fractional share of Common Shares), by surrender of
this Warrant at the office of Olympia Trust Company, 1003 – 750 West Pender
Street, Vancouver, BC V6C 2T8, or at the offices of Lexaria Corp. at 950 – 1130
W Pender St, Vancouver BC V6E 4A4, together with a certified cheque payable to
or to the order of the Corporation in payment of the purchase price of the
number of Common Shares subscribed for. 

2 

In the event of an exercise of the rights represented by this Warrant, certificates for the Common Shares so purchased shall be delivered to the Holder hereof within a reasonable time, not exceeding ten (10) days after the rights represented by this
Warrant shall have been so exercised, and, unless this Warrant has expired, a new Warrant representing the number of Common Shares, if any with respect to which this Warrant shall not have been exercised shall also be issued to the Holder hereof
within such time. 

Any certificate issued in the event of an exercise of the rights represented by this Warrant prior to April 1, 2015 shall bear a legend in substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.” 

And if issued prior to August 2, 2014 shall also bear a legend in substantially the following form: 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014 

WARRANT 

The Corporation covenants and agrees that all Common Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be fully paid and non-assessable and free of all liens, charges and encumbrances. The
Corporation further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Corporation will at all times have authorized, and reserved, a sufficient number of Common Shares to provide
for the exercise of the rights represented by this Warrant. 

THE FOLLOWING ARE THE TERMS AND CONDITIONS REFERRED TO IN THIS WARRANT: 

	
1. 		
If any capital reorganization, reclassification. subdivision or consolidation of the capital stock of the Corporation, or the consolidation or merger, or amalgamation of the Corporation with another Corporation, or the sale of all
or substantially all of the assets to another corporation, shall be effected, or any other event in which new securities of any nature are delivered in exchange for the issued Common Shares, then as a condition of such reorganization,
reclassification, subdivision, consolidation, merger, amalgamation, sale or other event, lawful and adequate provision shall be made whereby the Holder hereof shall thereafter have the right to purchase and receive upon the basis and upon the terms
and conditions specified in this Warrant and in lieu of the Common Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby, such shares of stock, securities or assets as may be issued or payable
with respect to or in exchange for a number of outstanding Common Shares equal to the number of Common Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby had such reorganization,
reclassification, subdivision, consolidation, merger, amalgamation, sale or other event not taken place and in any such case, appropriate provision shall be made with respect to the rights and interests of the Holder of this Warrant to the end that
provisions hereof shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Corporation shall not effect any such consolidation, merger,
amalgamation or sale, unless prior to
or simultaneously with the consummation thereof the successor corporation (if other than the Corporation) resulting from such consolidation, subdivision, merger, amalgamation, sale or other event or the corporation purchasing such assets shall
assume by written instrument executed and mailed or delivered to the registered holder hereof at the address of such holder appearing on the books of the Corporation, the obligation to deliver to such holder such shares or stock, securities or
assets as, in accordance with the foregoing provisions, such holder may be entitled to purchase. 

	

3 

	
2. 		
In case at any time:

	
	 	 	 
		
(i) 		
the Corporation shall pay any dividend payable in stock upon its Common Shares or make any distribution to the holders of its Common Shares;

	
	 	 	 
		
(ii) 		
the Corporation shall offer for subscription pro rata to the holders of its Common Shares any additional shares of stock of any class or other rights;

	
	 	 	 
		
(iii) 		
there shall be any capital reorganization, reclassification, subdivision or consolidation of the capital stock of the Corporation, or consolidation or merger or amalgamation of the Corporation with, or sale of all or substantially
all of its assets to, another corporation; or

	
	 	 	 
		
(iv) 		
there shall be a voluntary or involuntary dissolution, liquidation, or winding-up of the Corporation;

	

then, and in any one or more of such cases, the Corporation shall give to the holder of this Warrant, at least five (5) days' prior written notice of the date on which the books of the Corporation shall close or a record shall be taken for such
dividend, distribution or subscription rights, or for determining rights to vote with respect to such reorganization, reclassification, consolidation, merger, sale or amalgamation, dissolution, liquidation or winding-up and in the case of any such
reorganization, reclassification, subdivision, consolidation, merger, amalgamation, sale, dissolution, liquidation or winding-up, at least twenty (20) days' prior written notice of the date when the same shall take place. Such notice in accordance
with the foregoing clause, shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Common Shares shall be entitled thereto, and such notice in accordance with the foregoing shall
also specify the date on which the holders of Common Shares shall be entitled to exchange their Common Shares for securities or other property deliverable upon such reorganization, reclassification, subdivision, consolidation, merger, amalgamation,
sale, dissolution, liquidation or winding-up as the case may be. Each such written notice shall be given by dissemination of press release or by first class mail, registered postage prepaid, addressed to the holder of this Warrant at the address of
such holder, as shown on the books of the Corporation. 

	
3. 		
As used herein, the term "Common Shares" shall mean and include the Corporation's presently authorized Common Shares and shall also include any capital stock of any class of the Corporation hereafter authorized which shall not be
limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate in dividends and in the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding-up of the Corporation.

	
	 	 
	
4. 		
This Warrant shall not entitle the Holder hereof to any rights as a shareholder of the Corporation, including without limitation, voting rights.

	

4 

	
5. 		
The Warrant holders may not convene a meeting to extend the term of the Warrants.

	
	 	 
	
6. 		
This Warrant is exchangeable, upon the surrender hereof by the Holder hereof at the office of the Transfer Agent of the Corporation, for new Warrants of like tenor representing in the aggregate the right to subscribe for and
purchase the number of shares which may be subscribed for and purchased hereunder, each of such new Warrants to represent the right to subscribe for and purchase such number of Common Shares as shall be designated by such Holder hereof at the time
of such surrender.

	

IN WITNESS WHEREOF LEXARIA CORP. has caused this Warrant to be signed by its duly authorized officers under its corporate seal and this Warrant to be executed this 1st day of April, 2014. 

LEXARIA CORP.      

	
_______________________________

Authorized Signatory
		
_______________________________

Authorized Signatory
	

	
Chris Bunka, President / CEO
		
Bal Bhullar, CFO
	

WARRANT SUBSCRIPTION FORM 

The undersigned hereby subscribes for the number of the common
shares indicated below pursuant to the terms of the Warrant, and encloses
herewith original warrant no. _________together with a certified cheque
payable to or to the order of LEXARIA CORP. in full payment of the purchase
price for that number of common shares. 

	Full Name,
      Address and Occupation 	 	Number of Shares 	 	Payment Enclosed 
	  	
    	 
    	 	$ ______________ 
	 	
    	
    	 	 
	 	
    	
    	 	 
	
    Occupation 	
    	
    	 	 

DATED at _________________, this _____day of ________________,
20____. 

__________________________
Authorized Signatory 

Any certificate issued in the event of an exercise of the
rights represented by this Warrant prior to April 1, 2015 shall bear a legend in
substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND
HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS.” 

And if issued prior to August 2, 2014 shall also bear a legend
in substantially the following form: 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014. 

 

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

THIS WARRANT IS NOT TRANSFERABLE AND WILL BE VOID AND OF NO
VALUE UNLESS EXERCISED ON OR BEFORE April 1, 2015 

LEXARIA CORP. 

(Incorporated under the laws of the State of Nevada) 

	No. 2014-42 	Right to Purchase 
	  	171,428 Common Shares 

WARRANT FOR PURCHASE OF COMMON SHARES (TWELVE MONTHS)

THIS IS TO CERTIFY THAT, for value received, this
1st of April, 2014, JAMES IHRKE (the "Holder") is entitled to
subscribe for and purchase 171,428 fully paid and non-assessable common shares
of LEXARIA CORP., (the "Corporation") at any time up to the close
of business in Vancouver, British Columbia, at and for a period of twelve (12)
months after the date of issuance. The Warrants are exercisable at a price of
US$0.40 per Warrant Share if exercised at any time up to twelve (12)
months after the date of issuance, of lawful money of the United States upon and
subject however to the provisions and to the terms and conditions set forth
herein. 

In the event that the Company’s common shares, at any time
after 6 months and 1 day have elapsed from the Issue Date, as listed on a
Principal Market – currently the US OTC Bulletin Board with symbol LXRP - has
been at or above US$0.80 for a period of 10 consecutive trading days, the Issuer
may thereafter issue to the Warrant holders a written notice advising of the
accelerated expiry of the Warrants. Such written notice shall identify in
reasonable detail the particulars of the acceleration event and identify the
date (the "Warrant Accelerated Expiry Date") set for accelerated expiry,
which in no event shall be less than 30 days after the mailing date of the
written notice. For greater certainty, all Warrants shall expire and be of no
further force or effect as of 4:30 pm (Pacific Time) on the Warrant Accelerated
Expiry Date. This warrant is not transferable by the Holder. The rights
represented by this Warrant may be exercised by the Holder hereof, in whole or
in part (but not as to a fractional share of Common Shares), by surrender of
this Warrant at the office of Olympia Trust Company, 1003 – 750 West Pender
Street, Vancouver, BC V6C 2T8, or at the offices of Lexaria Corp. at 950 – 1130
W Pender St, Vancouver BC V6E 4A4, together with a certified cheque payable to
or to the order of the Corporation in payment of the purchase price of the
number of Common Shares subscribed for. 

2 

In the event of an exercise of the rights represented by this Warrant, certificates for the Common Shares so purchased shall be delivered to the Holder hereof within a reasonable time, not exceeding ten (10) days after the rights represented by this
Warrant shall have been so exercised, and, unless this Warrant has expired, a new Warrant representing the number of Common Shares, if any with respect to which this Warrant shall not have been exercised shall also be issued to the Holder hereof
within such time. 

Any certificate issued in the event of an exercise of the rights represented by this Warrant prior to April 1, 2015 shall bear a legend in substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.” 

And if issued prior to August 2, 2014 shall also bear a legend in substantially the following form: 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014 

WARRANT 

The Corporation covenants and agrees that all Common Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be fully paid and non-assessable and free of all liens, charges and encumbrances. The
Corporation further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Corporation will at all times have authorized, and reserved, a sufficient number of Common Shares to provide
for the exercise of the rights represented by this Warrant. 

THE FOLLOWING ARE THE TERMS AND CONDITIONS REFERRED TO IN THIS WARRANT: 

	
1. 		
If any capital reorganization, reclassification. subdivision or consolidation of the capital stock of the Corporation, or the consolidation or merger, or amalgamation of the Corporation with another Corporation, or the sale of all
or substantially all of the assets to another corporation, shall be effected, or any other event in which new securities of any nature are delivered in exchange for the issued Common Shares, then as a condition of such reorganization,
reclassification, subdivision, consolidation, merger, amalgamation, sale or other event, lawful and adequate provision shall be made whereby the Holder hereof shall thereafter have the right to purchase and receive upon the basis and upon the terms
and conditions specified in this Warrant and in lieu of the Common Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby, such shares of stock, securities or assets as may be issued or payable
with respect to or in exchange for a number of outstanding Common Shares equal to the number of Common Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby had such reorganization,
reclassification, subdivision, consolidation, merger, amalgamation, sale or other event not taken place and in any such case, appropriate provision shall be made with respect to the rights and interests of the Holder of this Warrant to the end that
provisions hereof shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Corporation shall not effect any such consolidation, merger,
amalgamation or sale, unless prior to
or simultaneously with the consummation thereof the successor corporation (if other than the Corporation) resulting from such consolidation, subdivision, merger, amalgamation, sale or other event or the corporation purchasing such assets shall
assume by written instrument executed and mailed or delivered to the registered holder hereof at the address of such holder appearing on the books of the Corporation, the obligation to deliver to such holder such shares or stock, securities or
assets as, in accordance with the foregoing provisions, such holder may be entitled to purchase. 

	

3 

	
2. 		
In case at any time:

	
	 	 	 
		
(i) 		
the Corporation shall pay any dividend payable in stock upon its Common Shares or make any distribution to the holders of its Common Shares;

	
	 	 	 
		
(ii) 		
the Corporation shall offer for subscription pro rata to the holders of its Common Shares any additional shares of stock of any class or other rights;

	
	 	 	 
		
(iii) 		
there shall be any capital reorganization, reclassification, subdivision or consolidation of the capital stock of the Corporation, or consolidation or merger or amalgamation of the Corporation with, or sale of all or substantially
all of its assets to, another corporation; or

	
	 	 	 
		
(iv) 		
there shall be a voluntary or involuntary dissolution, liquidation, or winding-up of the Corporation;

	

then, and in any one or more of such cases, the Corporation shall give to the holder of this Warrant, at least five (5) days' prior written notice of the date on which the books of the Corporation shall close or a record shall be taken for such
dividend, distribution or subscription rights, or for determining rights to vote with respect to such reorganization, reclassification, consolidation, merger, sale or amalgamation, dissolution, liquidation or winding-up and in the case of any such
reorganization, reclassification, subdivision, consolidation, merger, amalgamation, sale, dissolution, liquidation or winding-up, at least twenty (20) days' prior written notice of the date when the same shall take place. Such notice in accordance
with the foregoing clause, shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Common Shares shall be entitled thereto, and such notice in accordance with the foregoing shall
also specify the date on which the holders of Common Shares shall be entitled to exchange their Common Shares for securities or other property deliverable upon such reorganization, reclassification, subdivision, consolidation, merger, amalgamation,
sale, dissolution, liquidation or winding-up as the case may be. Each such written notice shall be given by dissemination of press release or by first class mail, registered postage prepaid, addressed to the holder of this Warrant at the address of
such holder, as shown on the books of the Corporation. 

	
3. 		
As used herein, the term "Common Shares" shall mean and include the Corporation's presently authorized Common Shares and shall also include any capital stock of any class of the Corporation hereafter authorized which shall not be
limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate in dividends and in the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding-up of the Corporation.

	
	 	 
	
4. 		
This Warrant shall not entitle the Holder hereof to any rights as a shareholder of the Corporation, including without limitation, voting rights.

	

4 

	
5. 		
The Warrant holders may not convene a meeting to extend the term of the Warrants.

	
	 	 
	
6. 		
This Warrant is exchangeable, upon the surrender hereof by the Holder hereof at the office of the Transfer Agent of the Corporation, for new Warrants of like tenor representing in the aggregate the right to subscribe for and
purchase the number of shares which may be subscribed for and purchased hereunder, each of such new Warrants to represent the right to subscribe for and purchase such number of Common Shares as shall be designated by such Holder hereof at the time
of such surrender.

	

IN WITNESS WHEREOF LEXARIA CORP. has caused this Warrant to be signed by its duly authorized officers under its corporate seal and this Warrant to be executed this 1st day of April, 2014. 

LEXARIA CORP.      

	
_______________________________

Authorized Signatory
		
_______________________________

Authorized Signatory
	

	
Chris Bunka, President / CEO
		
Bal Bhullar, CFO
	

WARRANT SUBSCRIPTION FORM 

The undersigned hereby subscribes for the number of the common
shares indicated below pursuant to the terms of the Warrant, and encloses
herewith original warrant no. _________together with a certified cheque
payable to or to the order of LEXARIA CORP. in full payment of the purchase
price for that number of common shares. 

	Full Name,
      Address and Occupation 	 	Number of Shares 	 	Payment Enclosed 
	  	
    	 
    	 	$ ______________ 
	 	
    	
    	 	 
	 	
    	
    	 	 
	
    Occupation 	
    	
    	 	 

DATED at _________________, this _____day of ________________,
20____. 

__________________________
Authorized Signatory 

Any certificate issued in the event of an exercise of the
rights represented by this Warrant prior to April 1, 2015 shall bear a legend in
substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND
HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS.” 

And if issued prior to August 2, 2014 shall also bear a legend
in substantially the following form: 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014. 

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY
MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933
ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED
HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION,
HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED
BY REGULATION S UNDER THE 1933 ACT. 

THIS WARRANT IS NOT TRANSFERABLE AND WILL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE April 1, 2015 

LEXARIA CORP. 

(Incorporated under the laws of the State of Nevada) 

	
No. 2014-42
		
Right to Purchase
	
	
 
		
95,238 Common Shares
	

WARRANT FOR PURCHASE OF COMMON SHARES (TWELVE MONTHS) 

THIS IS TO CERTIFY THAT, for value received, this 1st of April, 2014, MATHEW IHRKE (the "Holder") is entitled to subscribe for and purchase 95,238 fully paid and non-assessable common shares of LEXARIA CORP., (the
"Corporation") at any time up to the close of business in Vancouver, British Columbia, at and for a period of twelve (12) months after the date of issuance.  The Warrants are exercisable at a price of US$0.40 per Warrant Share if
exercised at any time up to twelve (12) months after the date of issuance, of lawful money of the United States upon and subject however to the provisions and to the terms and conditions set forth herein. 

In the event that the Company’s common shares, at any time after 6 months and 1 day have elapsed from the Issue Date, as listed on a Principal Market – currently the US OTC Bulletin Board with symbol LXRP - has been at or above
US$0.80 for a period of 10 consecutive trading days, the Issuer may thereafter issue to the Warrant holders a written notice advising of the accelerated expiry of the Warrants. Such written notice shall identify in reasonable detail the
particulars of the acceleration event and identify the date (the "Warrant Accelerated Expiry Date") set for accelerated expiry, which in no event shall be less than 30 days after the mailing date of the written notice. For greater certainty,
all Warrants shall expire and be of no further force or effect as of 4:30 pm (Pacific Time) on the Warrant Accelerated Expiry Date. This warrant is not transferable by the Holder. The rights represented by this Warrant may be exercised by the Holder
hereof, in whole or in part (but not as to a fractional share of Common Shares), by surrender of this Warrant at the office of Olympia Trust Company, 1003 – 750 West Pender Street, Vancouver, BC V6C 2T8, or at the offices of Lexaria Corp. at
950 – 1130 W Pender St, Vancouver BC V6E 4A4, together with a certified cheque payable to or to the order of the Corporation in payment of the purchase price of the number of Common Shares subscribed for. 

2 

In the event of an exercise of the rights represented by this Warrant, certificates for the Common Shares so purchased shall be delivered to the Holder hereof within a reasonable time, not exceeding ten (10) days after the rights represented by this
Warrant shall have been so exercised, and, unless this Warrant has expired, a new Warrant representing the number of Common Shares, if any with respect to which this Warrant shall not have been exercised shall also be issued to the Holder hereof
within such time. 

Any certificate issued in the event of an exercise of the rights represented by this Warrant prior to April 1, 2015 shall bear a legend in substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.” 

And if issued prior to August 2, 2014 shall also bear a legend in substantially the following form: 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014 

WARRANT 

The Corporation covenants and agrees that all Common Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be fully paid and non-assessable and free of all liens, charges and encumbrances. The
Corporation further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Corporation will at all times have authorized, and reserved, a sufficient number of Common Shares to provide
for the exercise of the rights represented by this Warrant. 

THE FOLLOWING ARE THE TERMS AND CONDITIONS REFERRED TO IN THIS WARRANT: 

	
1. 		
If any capital reorganization, reclassification. subdivision or consolidation of the capital stock of the Corporation, or the consolidation or merger, or amalgamation of the Corporation with another Corporation, or the sale of all
or substantially all of the assets to another corporation, shall be effected, or any other event in which new securities of any nature are delivered in exchange for the issued Common Shares, then as a condition of such reorganization,
reclassification, subdivision, consolidation, merger, amalgamation, sale or other event, lawful and adequate provision shall be made whereby the Holder hereof shall thereafter have the right to purchase and receive upon the basis and upon the terms
and conditions specified in this Warrant and in lieu of the Common Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby, such shares of stock, securities or assets as may be issued or payable
with respect to or in exchange for a number of outstanding Common Shares equal to the number of Common Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby had such reorganization,
reclassification, subdivision, consolidation, merger, amalgamation, sale or other event not taken place and in any such case, appropriate provision shall be made with respect to the rights and interests of the Holder of this Warrant to the end that
provisions hereof shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Corporation shall not effect any such consolidation, merger,
amalgamation or sale, unless prior to
or simultaneously with the consummation thereof the successor corporation (if other than the Corporation) resulting from such consolidation, subdivision, merger, amalgamation, sale or other event or the corporation purchasing such assets shall
assume by written instrument executed and mailed or delivered to the registered holder hereof at the address of such holder appearing on the books of the Corporation, the obligation to deliver to such holder such shares or stock, securities or
assets as, in accordance with the foregoing provisions, such holder may be entitled to purchase. 

	

3 

	
2. 		
In case at any time:

	
	 	 	 
		
(i) 		
the Corporation shall pay any dividend payable in stock upon its Common Shares or make any distribution to the holders of its Common Shares;

	
	 	 	 
		
(ii) 		
the Corporation shall offer for subscription pro rata to the holders of its Common Shares any additional shares of stock of any class or other rights;

	
	 	 	 
		
(iii) 		
there shall be any capital reorganization, reclassification, subdivision or consolidation of the capital stock of the Corporation, or consolidation or merger or amalgamation of the Corporation with, or sale of all or substantially
all of its assets to, another corporation; or

	
	 	 	 
		
(iv) 		
there shall be a voluntary or involuntary dissolution, liquidation, or winding-up of the Corporation;

	

then, and in any one or more of such cases, the Corporation shall give to the holder of this Warrant, at least five (5) days' prior written notice of the date on which the books of the Corporation shall close or a record shall be taken for such
dividend, distribution or subscription rights, or for determining rights to vote with respect to such reorganization, reclassification, consolidation, merger, sale or amalgamation, dissolution, liquidation or winding-up and in the case of any such
reorganization, reclassification, subdivision, consolidation, merger, amalgamation, sale, dissolution, liquidation or winding-up, at least twenty (20) days' prior written notice of the date when the same shall take place. Such notice in accordance
with the foregoing clause, shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Common Shares shall be entitled thereto, and such notice in accordance with the foregoing shall
also specify the date on which the holders of Common Shares shall be entitled to exchange their Common Shares for securities or other property deliverable upon such reorganization, reclassification, subdivision, consolidation, merger, amalgamation,
sale, dissolution, liquidation or winding-up as the case may be. Each such written notice shall be given by dissemination of press release or by first class mail, registered postage prepaid, addressed to the holder of this Warrant at the address of
such holder, as shown on the books of the Corporation. 

	
3. 		
As used herein, the term "Common Shares" shall mean and include the Corporation's presently authorized Common Shares and shall also include any capital stock of any class of the Corporation hereafter authorized which shall not be
limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate in dividends and in the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding-up of the Corporation.

	
	 	 
	
4. 		
This Warrant shall not entitle the Holder hereof to any rights as a shareholder of the Corporation, including without limitation, voting rights.

	

4 

	
5. 		
The Warrant holders may not convene a meeting to extend the term of the Warrants.

	
	 	 
	
6. 		
This Warrant is exchangeable, upon the surrender hereof by the Holder hereof at the office of the Transfer Agent of the Corporation, for new Warrants of like tenor representing in the aggregate the right to subscribe for and
purchase the number of shares which may be subscribed for and purchased hereunder, each of such new Warrants to represent the right to subscribe for and purchase such number of Common Shares as shall be designated by such Holder hereof at the time
of such surrender.

	

IN WITNESS WHEREOF LEXARIA CORP. has caused this Warrant to be signed by its duly authorized officers under its corporate seal and this Warrant to be executed this 1st day of April, 2014. 

LEXARIA CORP.      

	
_______________________________

Authorized Signatory
		
_______________________________

Authorized Signatory
	

	
Chris Bunka, President / CEO
		
Bal Bhullar, CFO
	

WARRANT SUBSCRIPTION FORM 

The undersigned hereby subscribes for the number of the common
shares indicated below pursuant to the terms of the Warrant, and encloses
herewith original warrant no. _________together with a certified cheque
payable to or to the order of LEXARIA CORP. in full payment of the purchase
price for that number of common shares. 

	Full Name,
      Address and Occupation 	 	Number of Shares 	 	Payment Enclosed 
	  	
    	 
    	 	$ ______________ 
	 	
    	
    	 	 
	 	
    	
    	 	 
	
    Occupation 	
    	
    	 	 

DATED at _________________, this _____day of ________________,
20____. 

__________________________
Authorized Signatory 

Any certificate issued in the event of an exercise of the
rights represented by this Warrant prior to April 1, 2015 shall bear a legend in
substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND
HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS.” 

And if issued prior to August 2, 2014 shall also bear a legend
in substantially the following form: 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 2, 2014.Lexaria Corp.: Exhibit 10.4 - Filed by newsfilecorp.com

STOCK OPTION
AGREEMENT 

LEXARIA CORP. 

THIS AGREEMENT is entered into as of the 1st day of
April, 2014 (the “Date of Grant”) 

BETWEEN: 

LEXARIA CORP., a
company incorporated pursuant to the laws of the State 
of Nevada, of Suite
950-1130 West Pender, Vancouver, BC V6E 4A4 

(the “Company”) 

AND: 

(the “Optionee”) 

WHEREAS: 

A.           
The Board of Directors of the Company (the “Board”) has approved and adopted the
2010 Stock Option Plan (the “Plan”), pursuant to which the Board is authorized
to grant to employees and other selected persons stock options to purchase
common shares of the Company (the “Common Stock”); 

B.            
The Plan provides for the granting of stock options that either (i) are intended
to qualify as “Incentive Stock Options” within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”), or (ii) do not qualify
under Section 422 of the Code (“Non-Qualified Stock Options”); and 

C.            
The Board has authorized the grant to the Optionee of options to purchase a
total of XXX shares of Common Stock (the “Options”), which Options are
intended to be (select one): 

	[   ] 	Incentive Stock Options; 
	[ X ] 	Non Qualified Stock Options

NOW THEREFORE, the Company agrees to offer to the Optionee the
option to purchase, upon the terms and conditions set forth herein and in the
Plan, XXX shares of Common Stock. Capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Plan. 

	1. 	
      Exercise Price. The exercise price of the options
      shall be US $0.50 per share. 

	 	 
	2. 	
      Limitation on the Number of Shares. If the Options
      granted hereby are Incentive Stock Options, the number of shares which may
      be acquired upon exercise thereof is subject to the limitations set forth
      in Section 5.1 of the Plan. 

	 	 
	3. 	
      Vesting Schedule. The Options shall vest in
      accordance with Exhibit A. 

	 	 
	4. 	
      Options not Transferable. The Options may not be
      transferred, assigned, pledged or hypothecated in any manner (whether by
      operation of law or otherwise) other than by will, by applicable laws of
      descent and distribution or, in the case of a Non-Qualified Stock Option,
      pursuant to a qualified domestic relations order, and shall not be subject
      to execution, attachment or similar process; provided,
      however, that if the Options represent a Non-Qualified Stock
      Option, such Option is transferable without payment of consideration to
      immediate family members of the Optionee or to trusts or partnerships
      established exclusively for the benefit of the Optionee and Optionee’s immediate family members. Upon any attempt to transfer,
      pledge, hypothecate or otherwise dispose of any Option or of any right or
      privilege conferred by the Plan contrary to the provisions thereof, or
      upon the sale, levy or attachment or similar process upon the rights and
      privileges conferred by the Plan, such Option shall thereupon terminate
      and become null and void.
    

- 2 - 

	5. 	
      Investment Intent. By accepting the Options, the
      Optionee represents and agrees that none of the shares of Common Stock
      purchased upon exercise of the Options will be distributed in violation of
      applicable federal and state laws and regulations. In addition, the
      Company may require, as a condition of exercising the Options, that the
      Optionee execute an undertaking, in such a form as the Company shall
      reasonably specify, that the Stock is being purchased only for investment
      and without any then-present intention to sell or distribute such shares.
      

	 	 	 
	6. 	
      Termination of Employment and Options. Vested
      Options shall terminate, to the extent not previously exercised, upon the
      occurrence of the first of the following events: 

	 	 	 
		(a) 	
      Expiration. Five (5) years from the Date of Grant.
      

	 	 	 
		(b) 	
      Termination for Cause. The date of the first
      discovery by the Company of any reason for the termination of an
      Optionee’s employment or contractual relationship with the Company or any
      related company for cause (as determined in the sole discretion of the
      Plan Administrator), and, if an Optionee’s employment is suspended pending
      any investigation by the Company as to whether the Optionee’s employment
      should be terminated for cause, the Optionee’s rights under this Agreement
      and the Plan shall likewise be suspended during the period of any such
      investigation. 

	 	 	 
		(c) 	
      Termination Due to Death or Disability. The
      expiration of one (1) year from the date of the death of the Optionee or
      cessation of an Optionee’s employment or contractual relationship by
      reason of disability (as defined in Section 5.1(g) of the Plan). If an
      Optionee’s employment or contractual relationship is terminated by death,
      any Option held by the Optionee shall be exercisable only by the person or
      persons to whom such Optionee’s rights under such Option shall pass by the
      Optionee’s will or by the laws of descent and distribution. 

	 	 	 
		(d) 	
      Termination for Any Other Reason. The expiration
      of ninety (90) days from the date of an Optionee’s termination of
      employment or contractual relationship with the Company or any Related
      Corporation for any reason whatsoever other than termination of service as
      a director, cause, death or Disability (as defined in Section 5.1(g) of
      the Plan). 

	 	 	 
		
      Each unvested Option granted pursuant hereto shall
      terminate immediately upon termination of the Optionee’s employment or
      contractual relationship with the Company for any reason whatsoever,
      including Disability unless vesting is accelerated in accordance with
      Section 5.1(f) of the Plan. 

	 	 	 
	7. 	
      Stock. In the case of any stock split, stock
      dividend or like change in the nature of shares of Stock covered by this
      Agreement, the number of shares and exercise price shall be
      proportionately adjusted as set forth in Section 5.1(m) of the Plan.
    

	 	 	 
	8. 	
      Exercise of Option. Options shall be exercisable,
      in full or in part, at any time after vesting, until termination;
      provided, however, that any Optionee who is subject
      to the reporting and liability provisions of Section 16 of the
      Securities Exchange Act of 1934 with
      respect to the Common Stock shall be precluded from selling or
      transferring any Common Stock or other security underlying an Option
      during the six (6) months immediately following the grant of that Option.
      If less than all of the shares included in the vested portion of any
      Option are purchased, the remainder may be purchased at any subsequent
      time prior to the expiration of the Option term. No portion of any Option
      for less than fifty (50) shares (as adjusted pursuant to Section 5.1(m) of
      the Plan) may be exercised; provided, that if the vested portion of any
      Option is less than fifty (50) shares, it may be exercised with respect to
      all shares for which it is vested. Only whole shares may be issued
      pursuant to an Option, and to the extent that an Option covers less than
      one (1) share, it is unexercisable. 

- 3 - 

Each exercise of the Option shall be by means of delivery of a
notice of election to exercise (which may be in the form attached hereto as
Exhibit B) to the President of the Company at its principal executive
office, specifying the number of shares of Common Stock to be purchased and
accompanied by payment in cash by certified check or cashier’s check in the
amount of the full exercise price for the Common Stock to be purchased. In
addition to payment in cash by certified check or cashier’s check, an Optionee
or transferee of an Option may pay for all or any portion of the aggregate
exercise price by complying with one or more of the following alternatives: 

		
      (a)   by delivering to the Company shares of Common Stock
      previously held by such person, duly endorsed for transfer to the Company,
      or by the Company withholding shares of Common Stock otherwise deliverable
      pursuant to exercise of the Option, which shares of Common Stock received
      or withheld shall have a fair market value at the date of exercise (as
      determined by the Plan Administrator) equal to the aggregate purchase
      price to be paid by the Optionee upon such exercise; or 

	 	 
		
      (b)    by complying with any other payment mechanism
      approved by the Plan Administrator at the time of exercise. 

	 	 
		
      It is a condition precedent to the issuance of shares of
      Common Stock that the Optionee execute and/or deliver to the Company all
      documents and withholding taxes required in accordance with Section 5.1 of
      the Plan. 

	 	 
	9. 	
      Holding period for Incentive Stock Options. In
      order to obtain the tax treatment provided for Incentive Stock Options by
      Section 422 of the Code, the shares of Common Stock received upon
      exercising any Incentive Stock Options received pursuant to this Agreement
      must be sold, if at all, after a date which is later of two (2) years from
      the date of this agreement is entered into or one (1) year from the date
      upon which the Options are exercised. The Optionee agrees to report sales
      of shares prior to the above determined date to the Company within one (1)
      business day after such sale is concluded. The Optionee also agrees to pay
      to the Company, within five (5) business days after such sale is
      concluded, the amount necessary for the Company to satisfy its withholding
      requirement required by the Code in the manner specified in Section 5.1(l)
      of the Plan. Nothing in this Section 9 is intended as a representation
      that Common Stock may be sold without registration under state and federal
      securities laws or an exemption therefrom or that such registration or
      exemption will be available at any specified time. 

	 	 
	10. 	
      Resale restrictions may apply. Any resale of the
      shares of Common Stock received upon exercising any Options will be
      subject to resale restrictions contained in the securities legislation
      applicable to the Optionee. The Optionee acknowledges and agrees that the
      Optionee is solely responsible (and the Company is not in any way
      responsible) for compliance with applicable resale restrictions.

	 	 
	11. 	
      Subject to 2010 Stock Option Plan. The terms of
      the Options are subject to the provisions of the Plan, as the same may
      from time to time be amended, and any inconsistencies between this
      Agreement and the Plan, as the same may be from time to time amended,
      shall be governed by the provisions of the Plan, a copy of which has been
      delivered to the Optionee, and which is available for inspection at the
      principal offices of the Company. 

	 	 
	12. 	
      Professional Advice. The acceptance of the Options
      and the sale of Common Stock issued pursuant to the exercise of Options
      may have consequences under federal and state tax and securities laws
      which may vary depending upon the individual circumstances of the
      Optionee. Accordingly, the Optionee acknowledges that he or she has been
      advised to consult his or her personal legal and tax advisor in connection
      with this Agreement and his or her dealings with respect to Options.
      Without limiting other matters to be considered with the assistance of the
      Optionee’s professional advisors, the Optionee should consider: (a)
      whether upon the exercise of Options, the Optionee will file an election
      with the Internal Revenue Service pursuant to Section 83(b) of the Code
      and the implications of alternative minimum tax pursuant to the Code; (b)
      the merits and risks of an investment in the underlying shares of Common
      Stock; and (c) any resale restrictions that might apply under applicable
      securities laws. 

- 4 - 

	13. 	
      No Employment Relationship. Whether or not any
      Options are to be granted under this Plan shall be exclusively within the
      discretion of the Plan Administrator, and nothing contained in this Plan
      shall be construed as giving any person any right to participate under
      this Plan. The grant of an Option shall in no way constitute any form of
      agreement or understanding binding on the Company or any Related Company,
      express or implied, that the Company or any Related Company will employ or
      contract with an Optionee, for any length of time, nor shall it interfere
      in any way with the Company’s or, where applicable, a Related Company’s
      right to terminate Optionee’s employment at any time, which right is
      hereby reserved. 

	 	 
	14. 	
      Entire Agreement. This Agreement is the only
      agreement between the Optionee and the Company with respect to the
      Options, and this Agreement and the Plan supersede all prior and
      contemporaneous oral and written statements and representations and
      contain the entire agreement between the parties with respect to the
      Options. 

	 	 
	15. 	
      Notices. Any notice required or permitted to be
      made or given hereunder shall be mailed or delivered personally to the
      addresses set forth below, or as changed from time to time by written
      notice to the other: 

The Company: 

Lexaria Corp. 
Suite 950-1130
West Pender. 
Vancouver, BC V6E 4A4 
Attention: President 

With a copy to: 

W.L. Macdonald Law Corporation

400-570 Granville Street 
Vancouver, British Columbia V6C 3P1

Attention: William Macdonald 

The Optionee: 

Optionee 

LEXARIA CORP. 

________________________________
Chris Bunka, President
& CEO 

________________________________
Optionee 

- 5 - 

EXHIBIT A 

TERMS OF
THE OPTION 

	Name of
      the Optionee: 	Optionee 
	 	 
	Date of
      Grant: 	April 1, 2014 
	 	 
	Designation: 	Qualified Stock Options 
	 	 
	1. 	Number of Options granted: 	XXX stock options 
	 	 	 
	2. 	Purchase Price: 	US$0.50 per share 
	 	 	 
	3. 	Vesting Date: 	100,000 April 1, 2014 
	  	  	
	4. 	Expiration Date: 	April 1, 2019 

- 6 - 

EXHIBIT B 

To: 

Lexaria Corp. 
Suite 950 1130
West Pender 
Vancouver, BC V6E 4A4 
Attention: President 

Notice of
Election to
Exercise 

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.1(h) of Lexaria Corp. ’s (the “Company”) 2010 Stock
Option Plan (the “Plan”) and Section 8 of that certain Stock Option Agreement
(the “Agreement”) dated as of the 25th day of March, 2014_, between the Company
and the undersigned. 

The undersigned hereby elects to exercise Optionee’s option to
purchase __________________shares of the common stock of the Company at a price
of US$0.50 per share, for aggregate consideration of US$ __________, on the
terms and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 8 of the Agreement, accompanies
this notice. 

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows: 

	Registration Information: 	 	Delivery Instructions: 
		 	
	Name to appear on certificates 	 	Name 
		 	
	Address 	 	Address 
		 	
		 	
		 	Telephone Number 

DATED at ____________________________________, the _______day
of ________________________, 20___. 

______________________________
(Name of Optionee) 

______________________________
(Signature and, if
applicable, Office) 

______________________________
(Address of Optionee)

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