Document:

Lexaria Corp. - Exhibit 10.1 - Filed by newsfilecorp.com

LEXARIA CORP. 

NOTICE OF GRANT 

Capitalized but otherwise undefined terms in this Notice of
Grant and the attached Stock Option Agreement shall have the same defined
meanings as in the 2014 Stock Option Plan.

	Name: 	 
	 	 
	 	 
	Address: 	 

You have been granted an option (the “Option”) to
purchase Common Stock of the Corporation, subject to the terms and conditions of
the Plan and the attached Stock Option Agreement, as follows: 

	Date of Grant: 	 
    
	 	 
	 	 
	Vesting Commencement Date: 	 
    
	 	 
	 	 
	Option Price per Share: 	 
    
	 	 
	 	 
	Total Number of Shares Granted: 	 
    
	 	 
	 	 
	Total Option Price: 	 
    
	 	 
	 	 
	Type of Option: 	_________________________Incentive Stock Option
    
	 	 
	 	 
	  	_________________________Nonqualified Stock
      Option 
	 	 
	 	 
	Term/Expiration Date: 	_________________________years after Date
      of Grant 

 

Vesting Schedule: 

The Option shall vest, in whole or in part, in accordance with
the following schedule: 

[insert vesting schedule OR N/A] 

LEXARIA CORP. 

2014 Stock Option Plan

 STOCK OPTION AGREEMENT 

This STOCK OPTION AGREEMENT (“Agreement”), dated
as of the______________ day of ___________________________, 201__ is made by and
between LEXARIA CORP., a Nevada corporation (the “Corporation”),
and _______________________________________(the “Optionee,” which
term as used herein shall be deemed to include any successor to the Optionee by
will or by the laws of descent and distribution, unless the context shall
otherwise require).

BACKGROUND 

Pursuant to the Corporation’s 2014 Stock Option Plan (the
“Plan”), the Corporation, acting through the Committee of the Board of
Directors (if a committee has been formed to administer the Plan) or its entire
Board of Directors (if no such committee has been formed) responsible for
administering the Plan (in either case, referred to herein as the
“Committee”), approved the issuance to the Optionee, ___________________share options at $_______________ per share, effective as of the
date set forth above, of a stock option to purchase shares of Common Stock of
the Corporation at the price (the “Option Price”) set forth in the
attached Notice of Grant (which is expressly incorporated herein and made a part
hereof, the “Notice of Grant”), upon the terms and conditions hereinafter
set forth. 

NOW, THEREFORE, in consideration of the mutual premises
and undertakings hereinafter set forth, the parties hereto agree as follows:

1.        Option;
Option Price. On behalf of the Corporation, the Committee hereby grants
to the Optionee the option (the “Option”) to purchase, subject to the
terms and conditions of this Agreement and the Plan (which is incorporated by
reference herein and which in all cases shall control in the event of any
conflict with the terms, definitions and provisions of this Agreement), that
number of shares of Common Stock of the Corporation set forth in the Notice of
Grant, at an exercise price per share equal to the Option Price as is set forth
in the Notice of Grant (the “Optioned Shares”). If designated in the
Notice of Grant as an “incentive stock option,” the Option is intended to
qualify for Federal income tax purposes as an “incentive stock option” within
the meaning of Section 422 of the Code. A copy of the Plan as in effect on the
date hereof has been supplied to the Optionee, and the Optionee hereby
acknowledges receipt
thereof.        

2.       
Term. The term (the “Option Term”) of the Option
shall commence on the date of this Agreement and shall expire on the Expiration
Date set forth in the Notice of Grant unless such Option shall theretofore have
been terminated in accordance with the terms of the Notice of Grant, this
Agreement or of the Plan. 

1 

3.        Time of
Exercise.

            (a)        Unless
accelerated in the discretion of the Committee or as otherwise provided herein,
the Option shall become exercisable during its term in accordance with the
Vesting Schedule set out in the Notice of Grant. Subject to the provisions of
Sections 5 and 8 hereof, shares as to which the Option becomes exercisable
pursuant to the foregoing provisions may be purchased at any time thereafter
prior to the expiration or termination of the Option. 

            (b)       
Anything contained in this Agreement to the contrary notwithstanding, to the
extent the Option is intended to be an Incentive Stock Option, the Option shall
not be exercisable as an Incentive Stock Option, and shall be treated as a
Non-Statutory Option, to the extent that the aggregate Fair Market Value on the
date hereof of all stock with respect to which Incentive Stock Options are
exercisable for the first time by the Optionee during any calendar year (under
the Plan and all other plans of the Corporation, its parent and its
subsidiaries, if any) exceeds $100,000. 

4.        Termination
of Option. 

            (a)        The
Optionee may exercise the Option (but only to the extent the Option was
exercisable at the time of termination of the Optionee’s Business Relationship
with the Corporation, its parent or any of its subsidiaries) at any time within
three (3) months following the termination of the Optionee’s Business
Relationship with the Corporation, its parent or any of its subsidiaries, but
not later than the scheduled expiration date. If the termination of the
Optionee’s employment is for cause or is otherwise attributable to a breach by
the Optionee of an employment, non-competition, non-disclosure or other material
agreement, the Option shall expire immediately upon such termination. If the
Optionee is a natural person who dies while in a Business Relationship with the
Corporation, its parent or any of its subsidiaries, this option may be
exercised, to the extent of the number of shares with respect to which the
Optionee could have exercised it on the date of his death, by his estate,
personal representative or beneficiary to whom this option has been assigned
pursuant to Section 9 of the Plan, at any time within the twelve (12) month
period following the date of death. If the Optionee is a natural person whose
Business Relationship with the Corporation, its parent or any of its
subsidiaries is terminated by reason of his disability, this Option may be
exercised, to the extent of the number of shares with respect to which the
Optionee could have exercised it on the date the Business Relationship was
terminated, at any time within the twelve (12) month period following the date
of such termination, but not later than the scheduled expiration date. At the
expiration of such three (3) or twelve (12) month period or the scheduled
expiration date, whichever is the earlier, this Option shall terminate and the
only rights hereunder shall be those as to which the Option was properly
exercised before such termination. 

            (b)       
Anything contained herein to the contrary notwithstanding, the Option shall not
be affected by any change of duties or position of the Optionee (including a
transfer to or from the Corporation, its parent or any of its subsidiaries) so
long as the Optionee continues in a Business Relationship with the Corporation,
its parent or any of its subsidiaries. 

2 

5.        Procedure
for Exercise. 

            (a)        The
Option may be exercised, from time to time, in whole or in part (but for the
purchase of whole shares only), by delivery of a written notice in the form
attached as Exhibit A hereto (the “Notice”) from the Optionee to
the Secretary of the Corporation, which Notice shall: 

                     (a)        state
that the Optionee elects to exercise the Option;

                     (b)        state
the number of shares with respect to which the Option is being exercised (the
“Optioned Shares”); 

                     (c)        state
the method of payment for the Optioned Shares pursuant to Section 5(b); 

                     (d)        state
the date upon which the Optionee desires to consummate the purchase of the
Optioned Shares (which date must be prior to the termination of such Option and
no later than 30 days from the delivery of such Notice); 

                     (e)        include
any representations of the Optionee required under Section 8(b); 

                     (f)        if
the Option shall be exercised in accordance with Section 9 of the Plan by any
person other than the Optionee, include evidence to the satisfaction of the
Committee of the right of such person to exercise the Option; and 

           
(b)        Payment of the Option Price
for the Optioned Shares shall be made either (i) by delivery of cash or a check
to the order of the Corporation in an amount equal to the Option Price, (ii) if
approved by the Committee, by delivery to the Corporation of shares of Common
Stock of the Corporation having a Fair Market Value on the date of exercise
equal in amount to the Option Price of the options being exercised, (iii) by any
other means which the Board of Directors determines are consistent with the
purpose of the Plan and with applicable laws and regulations (including, without
limitation, the provisions of Rule 16b-3 and Regulation T promulgated by the
Federal Reserve Board), or (iv) by any combination of such methods of
payment.

            (c)        The
Corporation shall issue a stock certificate in the name of the Optionee (or such
other person exercising the Option in accordance with the provisions of Section
9 of the Plan) for the Optioned Shares as soon as practicable after receipt of
the Notice and payment of the aggregate Option Price for such shares. 

6.        No
Rights as a Stockholder. The Optionee shall not have any
privileges of a stockholder of the Corporation with respect to any Optioned
Shares until the date of issuance of a stock certificate pursuant to Section
5(c). 

7.       Adjustments. The Plan contains provisions covering
the treatment of options in a number of contingencies such as stock splits and
mergers. Provisions in the Plan for adjustment with respect to stock subject to
options and the related provisions with respect to successors to the business of
the Corporation are hereby made applicable hereunder and are incorporated herein by reference. In general, the Optionee should not assume
that options would survive the acquisition of the Corporation. 

3 

8.        Additional
Provisions Related to Exercise.

            (a)        The
Option shall be exercisable only on such date or dates and during such period
and for such number of shares of Common Stock as are set forth in this
Agreement. 

            (b)        To
exercise the Option, the Optionee shall follow the procedures set forth in
Section 5 hereof. Upon the exercise of the Option at a time when there is not in
effect a registration statement under the Securities Act of 1933, as amended
(the “Securities Act”), relating to the shares of Common Stock issuable
upon exercise of the Option, the Committee in its discretion may, as a condition
to the exercise of the Option, require the Optionee (i) to execute an Investment
Representation Statement substantially in the form set forth in Exhibit B
hereto and (ii) to make such other representations and warranties as are deemed
appropriate by counsel to the Corporation.

            (c)        Stock
certificates representing shares of Common Stock acquired upon the exercise of
Options that have not been registered under the Securities Act shall, if
required by the Committee, bear an appropriate restrictive legend referring to
the Securities Act. No shares of Common Stock shall be issued and delivered upon
the exercise of the Option unless and until the Corporation and/or the Optionee
shall have complied with all applicable Federal or state registration, listing
and/or qualification requirements and all other requirements of law or of any
regulatory agencies having jurisdiction. 

            (d)       
Subject to the provisions of this Agreement and the Plan and subject to
compliance with any applicable securities laws and the policies of the Canadian
Securities Exchange, the Options shall be exercisable, in full or in part, at
any time after vesting, until termination, provided that if the Optionee is
subject to the reporting and liability provisions of Section 16 of the
Securities Exchange Act of 1934, as amended, the Optionee shall be
precluded from selling, transferring or otherwise disposing of any Optioned
Shares during the six months immediately following the grant of the Options
unless an exemption is available to such restrictions. If less than all of the
Optioned Shares included in the vested portion of any Options are purchased, the
remainder may be purchased at any subsequent time prior to the Expiry Date. Only
whole Optioned Shares may be issued pursuant to the exercise of any Options, and
to the extent that any Option covers less than one Optioned Share, it is not
exercisable. 

9.        No Evidence
of Employment or Service. Nothing contained in the Plan or this
Agreement shall confer upon the Optionee any right to continue in a Business
Relationship with the Corporation, its parent or any of its subsidiaries or
interfere in any way with the right of the Corporation, its parent or its
subsidiaries (subject to the terms of any separate agreement to the contrary) to
terminate the Optionee’s Business Relationship or to increase or decrease the
Optionee’s compensation at any time. 

10.      Restriction on
Transfer. The Option may not be transferred, pledged, assigned,
hypothecated or otherwise disposed of in any way by the Optionee, except by will
or by the laws of descent and distribution, and may be exercised during the
lifetime of the Optionee only by the Optionee. If the Optionee dies, the Option shall thereafter be
exercisable, during the period specified in Section 4, by his executors or
administrators to the full extent to which the Option was exercisable by the
Optionee at the time of his death. The Option shall not be subject to execution,
attachment or similar process. Any attempted assignment, transfer, pledge,
hypothecation or other disposition of the Option contrary to the provisions
hereof, and the levy of any execution, attachment or similar process upon the
Option, shall be null and void and without effect. The words “transfer” and
“dispose” include without limitation the making of any sale, exchange,
assignment, gift, security interest, pledge or other encumbrance, or any
contract therefor, any voting trust or other agreement or arrangement with
respect to the transfer of any interest, beneficial or otherwise, in the Option,
the creation of any other claim thereto or any other transfer or disposition
whatsoever, whether voluntary or involuntary, affecting the right, title,
interest or possession with respect to the Option. 

4 

11.      Specific
Performance. Optionee expressly agrees that the Corporation will be
irreparably damaged if the provisions of this Agreement and the Plan are not
specifically enforced. Upon a breach or threatened breach of the terms,
covenants and/or conditions of this Agreement or the Plan by the Optionee, the
Corporation shall, in addition to all other remedies, be entitled to a temporary
or permanent injunction, without showing any actual damage, and/or decree for
specific performance, in accordance with the provisions hereof and thereof. The
Board of Directors shall have the power to determine what constitutes a breach
or threatened breach of this Agreement or the Plan. Any such determinations
shall be final and conclusive and binding upon the Optionee. 

12.      Disqualifying
Dispositions. To the extent the Option is intended to be an Incentive
Stock Option, and if the Optioned Shares are disposed of within two years
following the date of this Agreement or one year following the issuance thereof
to the Optionee (a “Disqualifying Disposition”), the Optionee shall,
immediately prior to such Disqualifying Disposition, notify the Corporation in
writing of the date and terms of such Disqualifying Disposition and provide such
other information regarding the Disqualifying Disposition as the Corporation may
reasonably require. 

13.      Notices.
All notices or other communications which are required or permitted
hereunder shall be in writing and sufficient if (i) personally delivered or sent
by telecopy, (ii) sent by nationally-recognized overnight courier or (iii) sent
by registered or certified mail, postage prepaid, return receipt requested,
addressed as follows: 

          if to
the Optionee, to the address (or telecopy number) set forth on the Notice of
Grant; and 

          if to
the Corporation, to its principal executive office as specified in any report
filed by the Corporation with the Securities and Exchange Commission or to such
address as the Corporation may have specified to the Optionee in writing,
Attention: Corporate Secretary. 

or to such other address as the party to whom notice is to be
given may have furnished to the other party in writing in accordance herewith.
Any such communication shall be deemed to have been given (i) when delivered, if
personally delivered, or when telecopied, if telecopied, (ii) on the first
Business Day (as hereinafter defined) after dispatch, if sent by
nationally-recognized overnight courier and (iii) on the third Business Day
following the date on which the piece of mail containing such communication is posted, if sent by mail. As used herein,
“Business Day” means a day that is not a Saturday, Sunday or a day on which
banking institutions in the city to which the notice or communication is to be
sent are not required to be open.

5 

14.      Representations and
Warranties. The Optionee hereby represents and warrants to and covenants
with the Corporation (which representations, warranties and covenants shall
survive the closing) that: 

	 	(a) 	
      the Optionee is a director, officer, employee or
      consultant of the Corporation or subsidiary of the Corporation;

	 	 	 	 
	 	(b) 	
      if the Optionee is a consultant and resident in Canada,
      the Optionee:

	 	 	 	 
	 		1) 	
      is engaged to provide services to the Corporation or a
      related entity of the Corporation, other than services provided in
      relation to a distribution,

	 	 	 	 
	 		2) 	
      provides the services under a written contract with the
      Corporation or a related entity of the issuer, and

	 	 	 	 
	 		3) 	
      spends or will spend a significant amount of time and
      attention on the affairs and business of the issuer or a related entity of
      the issuer;

	 	 	 	 
	 	(c) 	
      if an employee or consultant of the Corporation or
      subsidiary of the Corporation, the Optionee is a bona fide employee or
      consultant of the Corporation or subsidiary of the
  Corporation;

14.      No Waiver.
No waiver of any breach or condition of this Agreement shall be deemed to be
a waiver of any other or subsequent breach or condition, whether of like or
different nature. 

15.      Optionee
Undertaking. The Optionee hereby agrees to take whatever
additional actions and execute whatever additional documents the Corporation may
in its reasonable judgment deem necessary or advisable in order to carry out or
effect one or more of the obligations or restrictions imposed on the Optionee
pursuant to the express provisions of this Agreement. 

16.      Modification of
Rights. The rights of the Optionee are subject to modification
and termination in certain events as provided in this Agreement and the Plan.

17.      Governing
Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Nevada applicable to contracts made
and to be wholly performed therein, without giving effect to its conflicts of
laws principles. 

18.      Counterparts; Facsimile
Execution. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument. Facsimile execution and
delivery of this Agreement is legal, valid and binding execution and delivery
for all purposes. 

6 

19.      Entire
Agreement. This Agreement (including the Notice of Grant) and the
Plan, and, upon execution, the Notice and Investment Representation Statement,
constitute the entire agreement between the parties with respect to the subject
matter hereof, and supersede all previously written or oral negotiations,
commitments, representations and agreements with respect thereto. 

20.     
Severability. In the event one or more of the provisions of
this Agreement should, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Agreement, and this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had
never been contained herein.

21.      WAIVER OF JURY
TRIAL. THE OPTIONEE HEREBY EXPRESSLY, IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 

[signature page follows] 

7 

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

LEXARIA CORP. 

 

By: ________________________________________
Name:

Title: 

 

Optionee: 

 

______________________________

Name: 

8 

NOTE RE: EXHIBITS 

     

EXHIBITS A AND B ARE TO BE SIGNED 

WHEN OPTIONS ARE EXERCISED, 

NOT WHEN OPTION AGREEMENT IS SIGNED. 

EXHIBIT A 

LEXARIA CORP. 

2014 Stock Option Plan 

EXERCISE NOTICE 

LEXARIA CORP.

Attention:            
Chief Executive Officer 

1.        Exercise
of Option. Effective as of today, _______________________, 20__ , the
undersigned (the “Optionee”) hereby elects to exercise the Optionee’s
option to purchase ________________ shares of the Common Stock (the
“Shares”) of LEXARIA CORP. (the “Corporation”) under and pursuant
to the 2014 Stock Option Plan (the “Plan”) and the Stock Option Agreement
dated (the “Stock Option Agreement”), with the purchase of the Shares to
be consummated on ______________ ___, ____ (the “Effective Date”),
which date is prior to the termination of the Option and no later than 30 days
from the date of delivery of this Notice. 

2.        Representations
of the Optionee. The Optionee acknowledges that the Optionee has received,
read and understood the Plan and the Stock Option Agreement and agrees to abide
by and be bound by their terms and conditions.

3.        Rights as
Shareholder; Shares Subject to Stockholders Agreement. Until the stock
certificate evidencing such Shares is issued (as evidenced by the appropriate
entry on the books of the Corporation or of a duly authorized transfer agent of
the Corporation), no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the Shares, notwithstanding the exercise
of the Option. The Corporation shall issue (or cause to be issued) such stock
certificate promptly after the Effective Date, provided the applicable price has
been paid and the required documents have been received. No adjustment will be
made for a dividend or other right for which the record date is prior to the
date the stock certificate is issued, except as otherwise provided in the Plan.
Unless waived by the Corporation in writing, the Shares shall automatically
become subject to the terms and conditions of any stockholders agreement or
similar agreement to which a majority of the outstanding capital stock of the
Corporation is subject at the time of exercise and the Optionee shall sign as a
condition to the issuance of the Shares such joinder agreement, signature pages
or other documents in order to evidence the Optionee’s agreement to be so bound.

4.        Tax
Consultation. The Optionee understands that the Optionee may suffer adverse
tax consequences as a result of the Optionee’s purchase or disposition of the
Shares. The Optionee represents that the Optionee has consulted with any tax
consultants the Optionee deems advisable in connection with the purchase or
disposition of the Shares and that the Optionee is not relying on the
Corporation for any tax advice. 

5.        Successors and
Assigns. The Corporation may assign any of its rights under the Stock Option
Agreement to single or multiple assignees (who may be stockholders, officers,
directors, employees or consultants of the Corporation), and this
Agreement shall inure to the benefit of the successors and assigns of the
Corporation. Subject to the restrictions on transfer set forth in the Stock
Option Agreement, this Agreement shall be binding upon the Optionee and his or
her heirs, executors, administrators, successors and assigns. 

1 

6.       
Interpretation. Any dispute regarding the interpretations of this
Agreement shall be submitted by the Optionee or by the Corporation forthwith to
the Committee, which shall review such dispute at its next regular meeting. The
resolution of such a dispute by the Committee shall be final and binding on the
Corporation and on the Optionee. 

7.        Governing Laws:
Severability. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Nevada applicable to contracts made
and to be wholly performed therein, without giving effect to its conflicts of
laws principles. Should any provision of this Agreement be determined by a court
of law to be illegal or unenforceable, the other provisions shall nevertheless
remain effective and shall remain enforceable. 

8.        Notices.
Any notice required or permitted hereunder shall be given in writing and shall
be deemed effectively given if given in the manner specified in the Stock Option
Agreement. 

9.        Further
Instruments. The parties agree to execute such further instruments and to
take such further action as may be reasonably necessary to carry out the
purposes and intent of this Agreement. 

10.      Delivery of Payment.
The Optionee herewith delivers to the Corporation the full Option Price for the
Shares. 

11.      Entire Agreement. The
Plan, the Notice of Grant, and the Stock Option Agreement are incorporated
herein by reference. This Agreement, the Plan, the Notice of Grant, the Stock
Option Agreement, and the Investment Representation Statement constitute the
entire agreement of the parties and supersede in their entirety all prior
undertakings and agreements of the Corporation and the Optionee with respect to
the subject matter hereof. 

	Submitted by: 	Accepted by: 
	 	 
	OPTIONEE: 	LEXARIA CORP. 
	 	 
	  	  
	  	By:
      _________________________________________________
	 	 
	_______________________________________________	Its:
      _________________________________________________
	Name: 	  

2

EXHIBIT B 

2014 Stock Option Plan 

INVESTMENT REPRESENTATION STATEMENT

	OPTIONEE: 	  
	 	 
	CORPORATION: 	LEXARIA CORP. 
	 	 
	SECURITY: 	Common Stock 
	 	 
	AMOUNT: 	  
	 	 
	DATE: 	  

In connection with the purchase of the above-listed Securities,
the undersigned Optionee represents to the Corporation the following: 

         
(a)           The Optionee is
aware of the Corporation’s business affairs and financial condition and has
acquired sufficient information about the Corporation to reach an informed and
knowledgeable decision to acquire the Securities. The Optionee is acquiring
these Securities for investment for the Optionee’s own account only and not with
a view to, or for resale in connection with, a “distribution” thereof within the
meaning of the Securities Act of 1933, as amended (the “Securities Act”).

         
(b)           The Optionee
acknowledges and understands that the Securities constitute “restricted
securities” under the Securities Act and have not been registered under the
Securities Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of the Optionee’s
investment intent as expressed herein. In this connection, the Optionee
understands that, in the view of the Securities and Exchange Commission, the
statutory basis for such exemption may be unavailable if the Optionee’s
representation was predicated solely upon a present intention to hold these
Securities for the minimum capital gains period specified under tax statutes,
for a deferred sale, for or until an increase or decrease in the market price of
the Securities, or for a period of one year or any other fixed period in the
future. The Optionee further understands that the Securities must be held
indefinitely unless they are subsequently registered under the Securities Act or
an exemption from such registration is available. The Optionee further
acknowledges and understands that the Corporation is under no obligation to
register the Securities. The Optionee understands that the certificate
evidencing the Securities will be imprinted with a legend which prohibits the
transfer of the Securities unless they are registered or such registration is
not required in the opinion of counsel satisfactory to the Corporation and other
legends required under the applicable state or federal securities laws. 

Signature of Optionee: _____________________________

Date:__________________

1Lexaria Corp. - Exhibit 10.2 - Filed by newsfilecorp.com

CONSULTING AGREEMENT 

  
    
      
        THIS AGREEMENT is made effective this 26th day of
          March, 2015. 

      

    

  

BETWEEN: 

  
    
      
        Lexaria Corp., a body corporate duly incorporated under
          the laws of the State of Nevada, and having an Office at 950-1130 W Pender St,
          Vancouver BC, V6E 4A4, and its wholly owned subsidiary Lexaria CanPharm
            Corp, a body corporate duly incorporated under the laws of Canada and having
          an office at 950-1130 W Pender St, Vancouver BC, V6E 4A4 

        (hereinafter together or separately called the "Company") 

      

    

  

AND: 

  
    
      
        Docherty Management Limited, a body corporate duly incorporated
          under the laws of the Province of Ontario, and having an office at 23 Mikelen
          Drive, Port Perry ON, L9L 1V1, Canada 

        (hereinafter called the "the Consultant," or, “Consultant”) 

      

    

  

WHEREAS: 

A.                            
Consultant agrees to serve as PRESIDENT of Lexaria Corp., and any
subsidiaries required, and to provide services as described below, effective
April 15, 2015; 

B.                             
The Company is desirous of retaining the consulting services of Consultant on a
twenty-four month contract basis with the option to renew the contract for an
additional twenty-four months at the end of the initial term. The Consultant has
agreed to serve the Company as an independent contractor upon the terms and
conditions hereinafter set forth; 

C.                             
Consultant declares he is fully capable of performing the tasks and roles noted
within this agreement and that he has no prior commitments or conflicts of
interest that would in any way prevent him from fulfilling his duties. 

	 
	950, 1130 West Pender Street  |  Vancouver, BC
      V6E 4A4  |  Canada  |  604.602.1675

- 2 - 

                                 
FOR VALUABLE CONSIDERATION it is hereby agreed as follows: 

1.            
Services. The Consultant shall serve as President of Lexaria Corp.
and provide services to the CEO and in his absence or as appropriate, to the CFO
of the Company, and perform such tasks in general, including but not limited to,
the following: 

	 	a) 	
      Manage development and expansion of the Company’s new and
      existing product pipeline based on its proprietary technologies, including
      proposing and developing new or novel methods or procedures related to
      cannabidiol (CBD) and tetrahyrdocannibinol (THC) human delivery methods;
      and identifying potential technology and intellectual property
      acquisitions that are or could be related to CBD or THC;

	 	b) 	
      Manage development and expansion of the Company’s new and
      existing product pipeline based on its current proprietary technologies,
      and implementing new technologies as they become available;

	 	c) 	
      Develop and compile appropriate scientific
      validation/materials/studies supporting the Company’s technology,
      processes, production and testing merits as applicable;

	 	d) 	
      Collaborate with the CEO to maintain and then oversee
      development and delivery of the Company’s corporate/investor outreach
      materials as needed including overall corporate messaging through direct
      creation and development of corporate presentations, powerpoints,
      websites, shareholder and community communications, business plans, fact
      sheets, etc;

	 	e) 	
      Strategize, define and communicate essential disclosure
      guidance concerning growth targets, product pipeline development
      milestones –both within the company for consistent messaging – and
      external to the company for delivery to interested parties;

	 	f) 	
      Identify and evaluate opportunities for capital raising
      and/or strategic collaboration with suitable third-parties at appropriate
      points in time for the Company, including research, plan, propose, execute
      and close approved projects, acquisitions, mergers and partnerships, as
      well as locate and cultivate finance sources, all of which create value
      for the Company;

	 	g) 	
      Collaborate with PoViva Tea, LLC President Tom Ihrke (a
      51%-owned US subsidiary of Lexaria Corp) regarding PoViva’s operations and
      assist in the management and execution of its development including
      evaluating and implementing supply chain efficiencies and facilitating
      distribution and sales growth across all ViPova product lines;

	 	h) 	
      Administer and manage Lexaria and Lexaria CanPharm Corp
      (a 100% owned Canadian subsidiary of Lexaria Corp) employees, junior
      executives and consultants in their regular needs and duties; and
      day-to-day operations that are currently focused on the pursuit of a MMPR
      license with Health Canada;

	 	i) 	
      Collaborate with the CFO and/or the CEO as required, to
      evaluate, manage and communicate with various state, provincial and
      federal regulatory bodies that have oversight of the
  company;

  	 
	950, 1130 West Pender Street  |  Vancouver, BC
        V6E 4A4  |  Canada  |  604.602.1675 

- 3 - 

	 	j) 	
      General Services. The Consultant shall serve the Company
      (and/or such subsidiary or subsidiaries of the company as the Company may
      from time to time require) in such consulting capacity or capacities as
      may from time to time be determined by resolution of the Board of
      Directors or senior management of the Company and shall perform such
      duties and exercise such powers as may from time be determined by
      resolution of the Board of Directors, as an independent contractor. The
      Consultant will work as needed with lawyers, partners, shareholders and
      other stakeholders as required by the Company. The Consultant will
      regularly introduce Lexaria to potential investors whether corporate,
      institutional or private, and prepare and deliver investor
      presentations.

2.            
Time and Non-Compete. By virtue of this Agreement, the Company is
expecting, and Consultant is accepting, the responsibility of working an
irregular schedule and quantity of time on behalf of the Company. The position
of President is one that demands an irregular but demanding commitment. Some
weeks Consultant may be required to work more than 50 hours and some weeks
Consultant may be required to work fewer than 40 hours in order to fulfill the
terms of this Agreement. During the time that this Agreement remains in effect,
the Consultant shall not act in any capacity whatsoever, directly or indirectly
for or for the betterment of any other non-joint-ventured company, partnership,
or project that competes within North America within the sectors of medical
marijuana, hemp oil, Cannabidiol-containing food or beverage products without
the Company’s prior written consent.

		
      a. 
	
      Basic Remuneration. The basic remuneration of the
      Consultant for its services hereunder shall initially be at the rate of
      twelve thousand five hundred dollars (CDN$12,500) plus Harmonized Sales
      Tax (HST) per month payable the 30th day of each calendar month,
      together with any such increments or bonuses thereto as the CEO or the
      Board of Directors of the Company may from time to time determine. Basic
      Remuneration shall increase to a total of CDN$15,000 plus Harmonized Sales
      Tax (HST) per month effective at that time when the Company has
      US$1,000,000 or more in cash in its bank accounts, and continue at
      CDN$15,000 plus Harmonized Sales Tax (HST) per month from that moment
      until the termination or completion of this Agreement. The Company may pay
      the Consultant a bonus from time to time, at its sole discretion. Nothing
      in this Agreement confers on the Consultant a direct “Broker’s Interest”
      in the capital raising activities of the company; any additional
      remuneration the Consultant may receive is based on overall contributions
      to the betterment of the Company through the activities enumerated in
      Paragraph 1, which may, from time to time, include capital introduction.
      The Consultant has the HST number 816141048RT0001.

	 	b. 	
      Consultant is also eligible to participate in the as-yet
      uncreated Lexaria profit sharing plan that will be extended as soon as
      possible to all employees and managerial consultants, provided he is a
      contracted consultant when this anticipated profit sharing plan goes
      effective.

	3. 	
      Milestone Payments. Consultant will be entitled to
      receive common stock-based and stock- option based bonuses upon achieving
      certain milestones during the time of his Consultancy with the Company.
      All restricted common share awards and all stock option awards may be in
      the name of the Consultant or in the name of John Docherty, as per written
      instructions to be delivered to the Company by the Consultant and by John
      Docherty. These milestones are:

		a. 	
      Upon signing: A grant of 500,000 stock options priced
      one-cent above market prices at the time of
award.

	 
	950, 1130 West Pender Street  |  Vancouver, BC
      V6E 4A4  |  Canada  |  604.602.1675 

- 4 - 

	 	b. 	
      90 Days after signing: A grant of 500,000 restricted
      common shares.

	 	c. 	
      Twelve months after signing: A grant of 300,000 stock
      options priced one-cent above market prices at the time of
award.

	 	d. 	
      Eighteen (18) months after signing: A grant of 300,000
      restricted common shares.

	 	e. 	
      During the first twelve (12) months after signing; for
      combined Lexaria Energy and ViPova products and including all combined
      sales efforts, achieving non- refundable sales of US$200,000 to any single
      customer in any consecutive 60-day period would result in a restricted
      common share award of 100,000 Company shares; and, after the first twelve
      (12) months after signing and expiring twenty- four (24) months after
      signing; for combined Lexaria Energy and ViPova products and including all
      sales efforts, achieving non-refundable sales of US$200,000 to any single
      customer in any consecutive 60-day period would result in a restricted
      common share award of 50,000 Company shares; this clause limited to one
      payment per customer during the 24-month period, but payable on each
      customer that meets these sales thresholds;

	 	f. 	
      During the first twelve (12) months after signing; for
      combined Lexaria Energy and ViPova products and including all combined
      sales efforts, achieving non- refundable sales of US$500,000 in any fiscal
      quarter would result in a restricted common share award of 200,000 Company
      shares; and, after the first twelve (12) months after signing and expiring
      twenty-four (24) months after signing; for combined Lexaria Energy and
      ViPova products and including all sales efforts, achieving non-refundable
      sales of US$500,000 in any fiscal quarter would result in a restricted
      common share award of 100,000 Company shares; this clause limited to one
      payment per fiscal quarter;

	 	g. 	
      During the time this Agreement remains in effect, for
      each new provisional patent application substantially devised by the
      Consultant and successfully created, written and filed with the US Patent
      Office for Company-owned intellectual property, a restricted common share
      award of 250,000 Company shares, this clause not limited to frequency of
      payment but each patent application to be approved by the Board of
      Directors of the Company, in advance;

If so requested by the Consultant and through calculation with
and the Consultant’s approval at the time of any and each award, all restricted
common share awards mentioned in this Agreement shall be subject to a reduction
in the number of restricted common shares issued to the Consultant per grant to
be paid instead as cash proportional to the tax liability to be incurred by the
Consultant at the time of the award. The Company would withhold from payment to
the Consultant that fraction of restricted common shares in each of the
paragraphs in Section 3, above, that would correspond with the federal and
provincial income tax payments otherwise payable by the Consultant specifically
with respect to each award only, and the Consultant agrees that such a hybrid
payment of cash and restricted common shares would fulfill the obligations of
the Company with respect to each affected award. The intent of this partial cash
payment would be to provide cash compensation to the Consultant in the
proportionate amount of each restricted common share award and it is expressly
agreed that it remains the sole responsibility of the Consultant to remit all
amounts due to Provincial and Federal tax authorities. This provision does not
conflict with nor negate the validity of Section 4, below. 

4.            
Taxes, etc. The Consultant shall be responsible for the payment of its
income, capital gains and all other taxes and other remittances including but
not limited to any form of insurance as shall be required by any governmental
entity (including but not limited to health insurance and federal and state or provincial income taxes), though not including
Director’s and Officer’s insurance which is paid for and provided by the
Company, with respect to compensation paid by the Company to the Consultant, and
nothing in this Agreement implies or creates a relationship of employment. The
Consultant agrees to indemnify the Company for any tax, insurance or other
remittance the Consultant fails to make and which the Company may be obligated
to pay. 

	 
	950, 1130 West Pender Street  |  Vancouver, BC
      V6E 4A4  |  Canada  |  604.602.1675 

- 5 - 

5.            
The terms "subsidiary" and "subsidiaries" as used herein mean any corporation or
company of which more than 50% of the outstanding shares carrying voting rights
at all times (provided that the ownership of such shares confers the right at
all times to elect at least a majority of the Board of Directors of such
corporation or company) are for the time being owned by or held for the Company
and/or any other corporation or company in like relation to the Company and
include any corporation or company in like relation to a subsidiary. 

6.            
Expenses. The Consultant shall be reimbursed for all travelling and other
expenses actually and properly incurred by it in connection with its duties
hereunder, not including commuting to the office that is the normal place of
business. For all such expenses the Consultant shall furnish to the Company
statements, receipts and vouchers for such out-of-pocket expenses on a
monthly basis. The Consultant is pre-authorized to incur up to $2,500 per
month, cumulatively, in relevant expenses. Amounts over $2,500 per month must
be pre-approved by management of the Company or will be disallowed. Both
parties recognize that as the financial condition of the Company improves or
deteriorates, this amount may be increased or decreased without making changes
to this document, provided the Company makes Consultant aware of the changed
amount. 

7.            
The Consultant shall not, either during the continuance of its contract
hereunder or at any time thereafter, disclose the private affairs of the Company
and/or its subsidiary or subsidiaries, or any secrets or intellectual property
of the Company (together or separately, “Proprietary Information”) and/or its
subsidiary or subsidiaries, to any person other than the Directors of the
Company and/or its subsidiary or subsidiaries or for the Company's purposes and
shall not (either during the continuance of its contract hereunder or at any
time thereafter) use for its own purposes or for any purpose other than those of
the Company any information it may acquire in relation to the business and
affairs of the Company and/or its subsidiary or subsidiaries, unless required by
law.

8.            
Proprietary Information as that term is used herein shall consist of the
following: 

	 	a. 	
      all knowledge, data and information which the Consultant
      may acquire from the documents and information disclosed to it by the
      Company, its employees, attorneys, consultants, independent contractors,
      clients or representatives whether orally, in written or electronic form
      or on electronic media including, by way of example and not by limitation,
      any products, customer lists, supplier lists, marketing techniques,
      technical processes, formulae, inventions or discoveries (whether
      patentable or not), innovations, suggestions, ideas, reports, data,
      patents, trade secrets and copyrights, made or developed by the Company
      and related data and information related to the conduct of the business of
      the Company.

	 	b. 	
      Proprietary Information shall also include discussions
      with officers, directors, employees, independent contractors, attorneys,
      consultants, clients, finance sources, customers or representatives and
      the fact that such discussions are taking place.

	 	c. 	
      Proprietary Information shall not be directly or
      indirectly disclosed to any other person without the prior written
      approval of the Company.

      	 
	950, 1130 West Pender Street  |  Vancouver, BC
            V6E 4A4  |  Canada  |  604.602.1675 

- 6 - 

	 	d. 	
      Proprietary Information may not be used during the period
      of this contract nor thereafter, for the betterment of any other
      commercial enterprise, company, project or person without the prior
      written approval of the Company.

	 	e. 	
      Proprietary Information shall not include matters of
      general public knowledge, information legally received or obtained by the
      Consultant from a third party or parties without a duty of
      confidentiality, and information independently known or developed by the
      Consultant without the assistance of the Company.

9.            
The Consultant shall well and faithfully serve the Company or any subsidiary as
aforesaid during the continuance of its contract hereunder and use its best
efforts to promote the interests of the Company. At all times the Consultant
will maintain a high degree of professionalism and integrity as would be
expected in keeping with his senior executive role as President. The Consultant
reserves the right to refuse any request from the Company which may, in his
reasonable opinion, violate either Federal or State Laws in either the United
States or Canada.

10.          
This Agreement may be terminated forthwith by the Company or Consultant without
notice if either party breaches the Agreement. A breach may include, but is not
limited to, the following: 

	 	a) 	
      The Company or Consultant shall commit any material
      breach of any of the provisions herein contained; or

	 	 	 
	 	b) 	
      The Company or Consultant shall be guilty of any
      misconduct or neglect in the discharge of its duties hereunder;
  or

	 	 	 
	 	c) 	
      The Company or Consultant shall become bankrupt or make
      any arrangements or composition with its creditors; or

	 	 	 
	 	d) 	
      Consultant shall become of unsound mind or be declared
      incompetent to handle his own personal affairs; or

	 	 	 
	 		
      (a) The Company or Consultant shall be convicted of any
      criminal offence other than an offence which, in the reasonable opinion of
      the Board of Directors of the Company, does not affect his/their position
      as a Consultant or a director of the Company.

This Agreement may also be terminated by either party upon
sixty (60) days written notice to the other. Should the Company terminate this
agreement for a reason not enumerated in items 10(a), 10(b), 10(c), 10(d), or
10(e), Consultant will be entitled to all Milestone Payments, as they relate to
transactions which were in process but had not yet closed at the date of his
termination, to which he would have otherwise been entitled for a period of 60
days after the date of his notice of termination. 

11         . In the
event this Agreement is terminated by reason of default on the part of the
Consultant or the written notice of the Company, then at the request of the
Board of Directors of the Company, the Consultant shall cause Consultant to
forthwith resign any position or office which he then holds with the Company or
any subsidiary of the Company. The provisions of Paragraph 7 and Paragraph 8
shall survive the termination or expiration of this Agreement. 

	 
	950, 1130 West Pender Street  |  Vancouver, BC
      V6E 4A4  |  Canada  |  604.602.1675 

- 7 - 

12.          Upon
Termination or expiration of this Agreement, for any reason, the Consultant
shall do the following: The Consultant must return to Lexaria immediately, all
correspondence, information, reports, emails, phone recordings or transcripts, notes,
consultant contact information and all other materials related to the work
performed for Lexaria including all Proprietary Information during the contract
period.

	 	a) 	
      All such materials and information as referred to in
      Section 12, above, are the exclusive property of the Company. After
      returning, transmitting or otherwise sending such information to Lexaria,
      the Consultant must destroy any and all remaining copy (ies) or records of
      same.

	 	 	 
	 	b) 	
      All such materials and information as referred to in
      Section 12 were obtained during the time of the paid contract with
      Lexaria, and may not be shown, lent, given, discussed or in any way
      disclosed with or to any other party as per the terms of the contract. The
      Proprietary Information the Consultant gained or had access to during the
      period of the contract is the exclusive property of Lexaria Corp, and the
      provisions governing such proprietary information survives the termination
      of this Consulting Agreement.

13)          The
Company is aware that the Consultant is independent and may have and may
continue to have financial, management or business interests in other companies.
The Company agrees that the Consultant may continue to devote time to such
outside interests, provided that such interests do not conflict with or hinder
Consultant’s ability to perform his duties under this Agreement. 

14)          The
services to be performed by the Consultant pursuant hereto are personal in
character, to be performed by Mr. John Docherty, and neither this Agreement nor
any rights or benefits arising thereunder are assignable by the Consultant
without the previous written consent of the Company. 

15)          With
the exception of any previously granted options or restricted stock, any and all
previous agreements, written or oral, between the parties hereto or on their
behalf relating to the agreement between the Consultant and the Company are
hereby terminated and cancelled and each of the parties hereto hereby releases
and forever discharges the other party hereto of and from all manner of actions,
causes of action, claims and demands whatsoever under or in respect of any such
previous agreements. 

16)          Any
notice in writing or permitted to be given to the Consultant hereunder shall be
sufficiently given if delivered to the Consultant personally or mailed by
registered mail, postage prepaid, addressed to the Consultant at the address on
the front of this Agreement. Provided any such notice is mailed via guaranteed
overnight delivery, as aforesaid shall be deemed to have been received by the
Consultant on the first business day following the date of mailing. Any notice
in writing required or permitted to be given to the Company hereunder shall be
given by registered mail, postage prepaid, addressed to the Company at the
address shown on page 1 hereof. Any such notice mailed as aforesaid shall be
deemed to have been received by the Company on the first business day following
the date of mailing provided such mailing is sent via guaranteed overnight
delivery. Any such address for the giving of notices hereunder may be changed by
notice in writing given hereunder. 

17)          The
provisions of this Agreement shall inure to the benefit of and be binding upon
the Consultant and the successors and assigns of the Company. For this purpose,
the terms "successors" and "assigns" shall include any person, firm or
corporation or other entity which at any time, whether by merger, purchase or
otherwise, shall acquire all or substantially all of the assets or business of
the Company. 

	 
	950, 1130 West Pender Street  |  Vancouver, BC
      V6E 4A4  |  Canada  |  604.602.1675 

- 8 - 

18)          Every
provision of this Agreement is intended to be severable. If any term or
provision hereof is illegal or invalid for any reason whatsoever, such
illegality or invalidity shall not affect the validity of the remainder of the
provisions of this Agreement. 

19)          This
Agreement is being delivered and is intended to be managed from the Province of
British Columbia and shall be construed and enforced in accordance with, and the
rights of the parties shall be governed by, the laws of such Province. Similarly
no provision within this contract is deemed valid should it conflict with the
current or future laws of the United States of America or current or future
regulations set forth by the United States Securities and Exchange Commission,
the British Columbia Securities Commission, or the Ontario Securities
Commission. This Agreement may not be changed orally, but only by an instrument
in writing signed by the party against whom or which enforcement of any waiver,
change, modification or discharge is sought. 

20)          This
Agreement and the obligations of the Company herein are subject to all
applicable laws and regulations in force at the local, State, Province, and
Federal levels in both Canada and the United States. In the event that there is
an employment dispute between the Company and Consultant, Consultant agrees to
allow it to be settled according to applicable Canadian law in an applicable
British Columbia jurisdiction. 

21)          The
securities referred to herein will not be or have not been registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable exemption from
registration requirements. Any and all potential or actual common share award or
stock option awards will be in compliance with all applicable regulations in the
USA and Canada. The securities issued will be subject to a hold period in Canada
of not less than four months and one day, or for any resales possible into the
USA under Rule 144, not less than six months and one day. Hold periods may be
longer if regulations so stipulate. 

22)          This
contract will expire on April 14, 2017 unless renewed or extended by mutual
written consent of both parties prior to that date and can further serve as a
month-to-month agreement after that date if both parties so agree at that
time.

23)          The
Consultant understands and agrees that his name and likeness will be announced
and widely circulated with regards to his executive role with the Company. His
name will be disseminated through such avenues as press releases, websites, or
other media; and in personal meetings and appearances and public events. The
Consultant understands that as a publicly traded entity, the Company has certain
transparency obligations to its shareholders, stock exchanges, and other
regulatory bodies, and has legal obligations to disclose the Consultant’s
initial and ongoing relationship with the Company during the normal course of
business..

	 
	950, 1130 West Pender Street  |  Vancouver, BC
      V6E 4A4  |  Canada  |  604.602.1675 

- 9 - 

IN WITNESS WHEREOF this Agreement has been executed as of the
day, month and year first above written. 

	SIGNED by: 	 	DATED: 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Chris Bunka, 	 	  
	CEO and Director, 	 	  
	Lexaria Corp 	 	  
	  	 	  
	  	 	  
	  	 	  
	  	 	  
	SIGNED by: 	 	  
	  	 	  
	  	 	  
	  	 	  
	  	 	DATED: 
	 	 	 
	 	 	 
	John Docherty 	 	  
	Docherty Management Limited 	 	 
    

    	 
	950, 1130 West Pender Street  |  Vancouver, BC
          V6E 4A4  |  Canada  |  604.602.1675

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