Document:

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

THIS OPERATING AGREEMENT made the 11th day of
November, 2014 (the "Execution Date"). 

	AMONG 

	POPPY’S TEAS LLC, a Limited Liability Company
      (“Poppy” or “Poppy’s”), organized under the laws of the State of Florida
      with its executive office at 1093 A1A Beach Blvd Suite 455, St, Augustine,
      Florida, 32080 
	  
	("Poppy” or “Poppies" or “PoViva”)

AND: 

	LEXARIA CORP., a corporation duly
      incorporated under the laws of the State of Nevada with its executive
      office at 950-1130 West Pender Street, Vancouver, British Columbia 
	  
	("Lexaria" and together with Poppy, the "Parties")
  

WHEREAS: 

	A. 	
      POPPY and LEXARIA wish to develop a business of legally
      producing, manufacturing, importing/exporting, testing, researching and
      developing, a line of CBD (cannabinoid)-infused teas, drinks and foods
      (the "Business") headquartered at the street address of 1093 A1A Beach
      Blvd Suite 455, St, Augustine, Florida, 32080(the "Property").
	 

C.          POPPY
will acquire and maintain in good standing, any and all licenses and regulatory
approvals required in order to conduct business in every location in which it
produces, sells or transports its products to, whether municipal, state,
provincial or federal (the "License") 

D.          POPPY
will change its name, as soon as practicable following the execution of this
Agreement, to PoViva Tea Company – or the equivalent. 

E.          The
Parties are entering into this Agreement to set out the terms and conditions by
which The Founders of Poppy’s Teas, LLC wish to assign a 51% interest in Poppy’s
to Lexaria; and the terms and conditions by which Lexaria could own up to a 75%
interest in the Business; and the terms and conditions by which the Parties will
form, fund, participate and operate the Business (the "Operations"). 

         
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the premises and the mutual covenants and agreements
hereinafter set forth, the parties hereto agree each with the other as follows:

1.     DEFINITIONS AND
SCHEDULES 

1.01     In this
Agreement, unless the context otherwise requires, the following terms will have
the following meanings: 

"Effective Date" means the first business day following
the day on which this Agreement is signed by both parties. 

"Environmental Laws" means all applicable civil and
criminal foreign, federal, state or local laws, statutes, ordinances, common
law, rule, regulations relating to pollution or protection of the environment,
human health and safety, and natural resources, including those relating to
releases of Hazardous Materials or otherwise relating to the use, manufacture,
processing, distribution, generation, treatment, storage, disposal, transport or
handling of Hazardous Materials.

"Environmental Liability" means, with respect to any
Person, any and all losses, liabilities, obligations, penalties, claims,
lawsuits, criminal charges, claims, defenses, costs, judgments, trials,
proceedings, damages, loss of profits, disbursements or expenses of any nature
(including legal fees and the fees of consultants and experts and the expenses
incurred in the investigation, defense or follow-up of any lawsuit, claim or
proceeding, including any environmental claim) that may, on any date, be imposed
on, incurred by or determined or ruled against, such person or any of its
affiliates, shareholders, directors, officers, employees and/or agents, to the
extent derived from or related to the exposure to any Hazardous Material, the
release, presence, production, use, handling, emission, transportation, storage,
treatment, discharge or disposal of any Hazardous Material and the infringement
or alleged infringement of any Environmental Law. 

“Founders” refers to the Founder’s of Poppy’s Teas,
Marian Washington and Michelle Reillo 

"Governmental Authorities" means any governments,
whether federal, provincial, or municipal, and any branch, department or
ministry thereof, or any governmental agency, authority, board, tribunal or
commission of any kind whatsoever. 

"Hazardous Material" means all materials, wastes or
substances defined by, or regulated under, any Environmental Laws as a hazardous
waste, hazardous material, hazardous substance, extremely hazardous waste,
restricted hazardous waste, special waste, industrial substance or waste,
contaminant, pollutant, toxic waste, or toxic substance, including petroleum,
petroleum-derived products or wastes, asbestos, radioactive materials or wastes
and polychlorinated biphenyls. The term Hazardous Materials shall include in
general any waste, material or substance that is of a corrosive, reactive,
explosive, toxic, flammable or infectious nature pursuant to the Environmental
Laws, including but not limited to radon gas, asbestos, friable asbestos,
asbestos containing materials, lead and lead based paint, mold, polychlorinated
biphenyls, urea formaldehyde foam insulation, underground or above-ground
storage tanks, whether empty or containing any substance.

"Operations" has the meaning assigned thereto in Section
4.01 of this Agreement.

"Operations Assets" means those assets listed in
Section 2.01 hereto and any future assets purchased by or on behalf of the
Business and all other property, whether real or personal, which is owned,
leased, held, developed, constructed or acquired for the Business by or on
behalf of the Parties.

"Operations Loan" means any and all loans, debts,
obligations incurred by the Parties to operate the Business in accordance with
Section 6.02 hereof 

"Law" or "Laws" means all applicable domestic and
foreign national, federal, state and local Laws (statutory or common), rules,
ordinances, regulations, grants, concessions, franchises, licenses, orders,
directives, judgments, decrees, and other governmental restrictions, including
permits and other similar requirements, whether legislative, municipal,
administrative or judicial in nature. This expressly includes any federal, state
or municipal rules that deal with the legality of any aspect of our product
including ingredients, distribution, labeling, packaging, and product liability.

"Liabilities" means: (i) any and all penalties, costs,
losses, damages, judgments, settlements, disbursements, expenses, fees,
obligations, debts, duties, judgments and other liabilities howsoever
characterized, whether known or unknown, accrued or unaccrued, actual,
contingent or otherwise, and any and all actions, claims, contests, suits,
proceedings, demands and other judicial or administrative actions seeking to
impose any of the foregoing; and (ii) Environmental Liabilities. 

"Management Agreements" has the meaning assigned thereto
in Section 6.01. 

"Management Compensation" has the meaning assigned
thereto in Section 6.01. 

“Manager” has the meaning assigned thereto in Section
4.02. 

"Net Profits" means income available for distribution to
the Parties after deducting all expenses incurred by the Business including but
not limited to payment of the Management Compensation as determined by audited
quarterly financial statements of the Business, and specifically exclude
non-Business activities of the Parties. 

"Operations" means all activities carried out by the
Manager in respect of the Business.

"Ownership Interest" means all the right, title
and interest of a Party in and to the Operations, the Operations Assets, any
Operations Loan and accrued interest thereon and the Party's interest in and to
this Agreement. 

“Patents” refers to US Patent numbers 62010621 and
62037706 as it relates to adhering CBD and or THC to Fruit, Vegetables,
Coffee Beans, Meat, Nuts, Spices and Herbs (including tea). 

"Permitted Encumbrances" means: 

	a. 	
      Liens for Taxes, assessments and governmental charges due
      and being contested in good faith and diligently by appropriate
      proceedings (and for the payment of which adequate provision has been
      made);

	 	 
	b. 	
      servitudes, easements, restrictions, rights of parties in
      possession, zoning restrictions, encroachments, reservations,
      rights-of-way and other similar rights in real property or any interest
      therein, provided the same are not of such nature as to materially
      adversely affect the validity of title to or the value, marketability or
      use of the property subject thereto;

	 	 
	c. 	
      liens for Taxes either not due and payable or due but for
      which notice of assessment has not been given;

	 	 
	d. 	
      security given in the ordinary course of the Business to
      any Governmental Authority in connection with the operations of the
      Business, other than security for borrowed money;

	 	 
	e. 	
      the reservations in any real property or interest therein
      and statutory exceptions to title that do not materially detract from the
      value of the real property concerned or materially impair its use in the
      operation of the Business; and

"Person" means any individual, firm, partnership,
Operations, trust, corporation, Limited Liability Company, unincorporated
organization, estate or other business entity. 

"Parties" means the parties to this Agreement and their
respective successors and permitted assigns which become parties pursuant to
this Agreement. 

“Production Manager” has the meaning assigned to it in
4.02 

"Tax" and "Taxes" shall mean any or all U.S.
federal, provincial, local or foreign (i.e. Canadian) income, gross receipts,
real property gains, goods and services, license, payroll, employment, excise,
severance, stamp, occupation, premium, windfall profits, environmental, customs
duties, capital stock, franchise, profits, withholding, social security (or
similar), unemployment, disability, real property, personal property, sales,
use, transfer, registration, value added, alternative or add-on minimum, or
other taxes, levies, governmental charges or assessments of any kind whatsoever,
including, without limitation, any estimated tax payments, interest, penalties
or other additions thereto, whether or not disputed. 

1.02     The following are
Schedules to this Agreement: 

         
Schedule "A" – Poppy’s Tea Business plan and cost data Schedule
"B" – Restrictive Legends 

2.     INITIAL
CONTRIBUTIONS & INTERESTS 

2.01     The Parties
contribute the following as their initial contributions to the Business: 

	 	(a) 	
      PoViva, as its initial contribution, hereby contributes
      its intellectual property, Patents, know-how, experience, equipment,
      production methods, licenses, contacts and production management to the
      Operations.

	 	 	 
	 	(b) 	
      LEXARIA, as its initial contribution, hereby contributes
      $50,000 to the Operations bank account, a pledge to invest an additional
      $75,000 in sales and marketing within 12 months of the execution of this
      Agreement, as well as its experience, know-how and contacts in marketing
      and brand building to the Operations.

2.02     The Parties shall
have the following initial Ownership Interests under this Agreement and of the
Business: 

	 	PoVivaPoViva 	  	           
           - 	49% 
	 	Lexaria 	- 	51% 	  

2.03     The Parties shall
bear the costs arising under the operation of the Business as to the following,
first by revenues from the business and operating account then as further
described in this Agreement (the “Cost Interests”): 

	 	PoVivaPoViva 	  	           
           - 	49% 
	 	Lexaria 	- 	51% 	  

2.04     The Parties shall
have the following insured liability for all things that are not operating costs
arising under this Agreement and the operation of the business, paid first by
revenues from the business and operating account then as to the following: 

	 	PoViva 	  	- 	49% 
	 	Lexaria 	- 	51% 	  

2.05     The Parties shall
receive all revenues and profits derived from the operation of the Business as
to the following, as further described in this Agreement (the “Revenue
Interests”): 

	 	PoViva 	                 
    	- 	49% 
	 	Lexaria 	- 	51%	 

3.     REPRESENTATIONS,
WARRANTIES AND COVENANTS 

3.01     Each of PoViva
and Lexaria represents and warrants to the other as follows: 

	 	(a) 	
      It is duly incorporated or organized and is in good
      standing as to the filing of annual returns under the laws of the
      jurisdiction of its incorporation.

	 	 	 
	 	(b) 	
      It has the corporate or other power to enter into this
      Agreement.

	 	(c) 	
      All necessary and requisite corporate proceedings,
      resolutions and authorizations have been or will be taken, passed, done
      and given to authorize, permit and enable it to execute and deliver this
      Agreement.

	 	 	 
	 	(d) 	
      The entering into of this Agreement will not be in
      contravention or constitute default under the laws of the incorporation
      jurisdiction of the Party or any indenture, deed, agreement, undertaking
      or obligation of the Party or to which it is a party.

	 	 	 
	 	(e) 	
      There are no actions or proceedings pending or, to its
      knowledge threatened which challenge the validity of this Agreement or
      which might result in a material adverse change in the financial condition
      of any Party or which would materially adversely affect its ability to
      perform its obligations under this Agreement or any other document in
      connection with them.

	 	 	 
	 	(f) 	
      This Agreement is a valid, binding and enforceable
      obligation of each of the Parties in accordance with its terms.

	 	 	 
	 	(g) 	
      It will maintain its Lease Agreement and other corporate
      obligations in good standing and it will take all such actions as may be
      necessary to provide that the leased property will at all times during the
      term of this Agreement remain available for the operation of the
      Business.

	 	 	 
	 	(h) 	
      It has not, and to the best of its knowledge and
      following due inquiry, nor has any other Person, in relation to the
      Business received any notice of any breach of any Law or notice of default
      of any of the terms or provisions of any agreements or instruments in
      respect of the Business and it has no knowledge of any act or omission or
      any condition with respect to the Business which could be give rise to any
      such notice.

	 	 	 
	 	(i) 	
      None of the foregoing representations and warranties
      contains any untrue statement of a material fact or omits to state any
      material fact.

	 	 	 
	 	(j) 	
      The issuance of any Common Shares by Lexaria to PoViva
      and/or its principals as contemplated herein is made pursuant to an
      exemption from the registration and prospectus requirements of applicable
      securities laws and each of Lexaria and PoViva’s confirms to and covenants
      with the other Party that:

(i)    
it will comply with all requirements of applicable securities laws in
connection with the issuance to it of the shares and the resale of any of the
Shares; and 

(ii)    
the Shares have not been registered under the 1933 Act or the
securities laws of any State of the United States and that PoViva does not
intend to register the Shares under the Securities Act of 1933, or the
securities laws of any State of the United States and has no obligation to do so.

	 	(k) 	
      Upon the issuance of the Shares to PoViva’s and until
      such time as is no longer required under applicable securities laws, the
      certificates representing the Shares will bear legends in substantially
      the form set forth in Schedule "B" hereto.

4.     FORMATION OF
OPERATIONS AND MANAGEMENT 

4.01     Upon completion
of the transactions in Section 5.01(b) below, PoViva and Lexaria shall be deemed
to have entered this Agreement for the operation and further development of the
Business (the "Operations").

4.02     Upon the
consummation of this Agreement, Lexaria will serve as the Manager of Business
Operations (the “Manager”) of PoViva’s Teas. As Manager, Lexaria will oversee
aspects of the business including, but not limited to, Accounting, Marketing,
Capital Investment, Capital Raising, Sales, Branding, Advertising and
Fulfillment. The Founders will serve as Production Manager and be responsible
for all aspects of production, product quality, licensing, testing, and product
legality. It is also expected that both parties to this Agreement will assist
the other to fulfill their obligations as needed and the cost of business will
be borne by revenues earned by the company and general corporate funds unless
otherwise provided for in Sections 2.02 and 2.03. 

4.03     At the time of
formation of the Operations the Parties shall also establish a management
committee to determine overall policies, objectives, procedures, methods and
actions for the Operations (the "Management Committee"). The Management
Committee shall consist of one member appointed by PoViva and one member
appointed by Lexaria. Each Party may appoint one or more alternates to act in
the absence of a regular member. Any alternate so acting shall be deemed a
member. Appointments by a Party shall be made or changed by notice to the other
members. 

4.04     For each batch of
CBD oil purchased as a raw material to be used in PoViva’s products, The
Production Manager will be responsible for assuring that the product inputs and
the completed product comply with all applicable food and drug laws, and that
the inputs and the finished products meet all applicable legal and quality
standards including and as it relates to CBD content; THC content; molds and
mildews; heavy metals; and may measure additional components. For a period of
time PoViva’s will conduct an independent lab analysis to confirm that the
inputs conform to all US laws and associated quality standards.

4.05     Each Party,
acting through its appointed member in attendance at the meeting, shall have the
votes on the Management Committee in proportion to its Ownership Interest,
EXCEPT AS NOTED in this Section

4.06.     The
representative of the Party whose Ownership Interest is equal to, or greater
than, 51% at any time will be the chairperson of Management Committee meetings
and will have a deciding vote.

4.07     Each Party will
have a minimum of read-only online access to banking transactions through the
PoViva bank account and Lexaria will provide access to accounting records to
each Party. 

4.08     UNANIMOUS CONSENT
of the Management Committee is required in each of these circumstances:

i)    
Aggregate funding schedules or budgets for all aspects of building,
growing and operating the Business that involve annual budgets of $150,000 or
more; 

ii)    
Each capital expenditure incurred by the Business or Operations of more
than $75,000 and each salary, wage or bonus offered by the Business or
Operations of more than $75,000 per annum; or salary wage or bonuses paid to the
same party, or capital expenditures paid to the same supplier or service
provider that in aggregate exceed $75,000 per annum. 

iii)    
Sales or marketing deals or alliances which involve costs, discounts or
concessions greater than $50,000 in any given year 

4.09     The Management
Committee shall hold regular meetings monthly or as frequently as requested by
either party at agreed places or via teleconference if agreed by all parties.
The Manager shall give seven (7) days’ notice to the Party of such meetings.
Additionally, either Party may call a special meeting upon fifteen (15) days’
notice to the other Party. In case of an emergency, reasonable notice of a
special meeting shall suffice. There shall be a quorum if at least one member
representing each Party is present; provided, however, that if a Party
fails to attend two consecutive properly called meetings, then a quorum shall
exist at the second meeting if the other Party is represented by at least one
appointed member, and a vote of such Party shall be considered the vote required
for the purposes of the conduct of all business properly noticed even if such
vote would otherwise require unanimity. 

	 	(a) 	
      If business cannot be conducted at a regular or special
      meeting due to the lack of a quorum, either Party may call the next
      meeting upon two (2) days’ notice to the other Party.

	 	 	 
	 	(b) 	
      Each notice of a meeting shall include an itemized agenda
      prepared by the Manager in the case of a regular meeting or by the Party
      calling the meeting in the case of a special meeting, but any matters may
      be considered if either Party adds the matter to the agenda at least three
      (3) days before the meeting or with the consent of the other Party. The
      Manager shall prepare minutes of all meetings and each agenda for a
      meeting shall include the consideration and approval of the minutes of the
      immediately preceding meeting of the Management
  Committee.

4.10     In lieu of
meetings in person, the Management Committee may conduct meetings by telephone
or video conference, so long as minutes of such meetings are prepared in
accordance with Section 4.09. The Management Committee may also take actions in
writing signed by all members. 

4.11     Except as
otherwise delegated to the Manager in Section 4.02, the Management Committee
shall have exclusive authority to determine all matters related to overall
policies, objectives, procedures, methods and actions for the Operations. The
Management Committee shall decide every question submitted to it by a vote. 

4.12     Subject to the
terms and provisions of this Agreement, the Manager shall have the following
powers and duties: 

	 	(a) 	
      The Manager shall manage, direct and control Operations
      with best efforts towards maximum efficiencies and
profitability.

	 	 	 
	 	(b) 	
      The Manager shall keep the Operations Assets free and
      clear of all Encumbrances, except for those existing at the time of, or
      created concurrently with, the acquisition of such Operations
    Assets.

	 	 	 
	 	(c) 	
      The Manager shall obtain and maintain for PoViva’s
      customary business and operational insurance at the cost of the firm, with
      such limits and deductibles, as would normally be maintained by a
      reasonably prudent manager in the circumstances.

	 	 	 
	 	(d) 	
      The Manager shall keep the other Party advised of all
      Operations including but not limited to cash flow reports, revenue and
      expense reports, inventory reports, sales reports or any similar reports,
      by submitting in writing to the other Party every 30 days; or through the
      creation of such reports through SAGE accounting software and online
      access to same. At all reasonable times the Manager shall provide the
      other Party access to, and the right to inspect, audit, and copy all
      production reports, invoices, operations and other information acquired in
      Operations.

	 	 	 
	 	(e) 	
      The Manager shall arrange for the Parties to be provided
      with complete operational quarterly financial statements every 90 days
      that are not more than 20 days in arrears.

	 	 	 
	 	(f) 	
      The Manager shall allow the other Party, at such Party’s
      sole risk and expense, and subject to the Manager’s safety regulations, to
      inspect the Property and Operations at all reasonable times.

	 	 	 
	 	(g) 	
      The Manager shall make or arrange for all payments
      required by leases, licenses, permits, contracts and other agreements
      related to the Operations Assets and the Business.

	 	 	 
	 	(h) 	
      The Manager shall pay all Taxes, assessments and like
      charges on Operations and the Business.

	 	(i) 	
      The Production Manager shall:

	 	(i) 	
      apply for all necessary permits, licenses and approvals
      whether local, regional, provincial or federal;

	 	 	 
	 	(ii) 	
      Be responsible for all aspects of production and product
      quality, as well as making certain the product complies in every way with
      federal, state and municipal rules and regulations

	 	 	 
	 	(iii) 	
      Provide Lexaria with such information and in the manner
      described in section 5.01

	 	 	 
	 	(iv) 	
      comply with applicable Laws in all substantial respects;
      and

	 	 	 
	 	(v) 	
      notify promptly the Management Committee of any
      allegations of substantial violation thereof.

4.13     The Manager and
Prodution Manager shall conduct all Operations in a good, workmanlike and
efficient manner, in substantial accordance with sound industry standards and
practices, and in substantial accordance with the terms and provisions of
applicable leases, licenses, permits, contracts and other agreements pertaining
to the Business and/or the Operations Assets. The Manager shall not be liable to
the other Party for any act or omission resulting in damage or loss unless the
same is a result of the Manager’s willful misconduct or negligence. 

4.14     PoViva shall be
overseen by three directors, two of which shall be appointed by Lexaria. Upon
additional changes in ownership as contemplated in Section 5 of this agreement,
that party owning 51% or more of PoViva will have the right to appoint a number
of Directors proportional to each parties ownership. 

5.     ACQUISITION OF
OWNERSHIP INTERESTS 

5.01     PoViva will
initially retain a 49% Ownership Interest in the Business by satisfying the
requirements set out in this Section 5.01: 

	 	a) 	
      Executing this Agreement

	 	 	 
	 	b) 	
      The Founders Make available and continuously update, at a
      new Lexaria web portal, in a mutually agreeable manner, sufficient
      material, input and structure to create a recognizable and ample
      repository of information regarding the benefits of CBD’s. This material
      shall include the Founder’s original work, original blog entries,
      testimonials, chat rooms, virtual chats, references to primary work, and
      other such reference material. The Founders agree to update and provide
      content for the length of the Agreement.

	 	 	 
	 	c) 	
      The Founders will provide to Lexaria, for publication on
      its website, one original or proprietary blog per week for three years,
      related to the health benefits of CBD

	 	d) 	
      Extending to Lexaria an exclusive global licensing
      agreement (excluding the United States) for a period of three years after
      the effective date. This license will allow Lexaria to purchase for
      resale, from PoViva, for sale outside of the United States, CBD products
      at 25% over PoViva’s Production Costs.

	 	 	 
	 	e) 	
      Contribution of Patents for the exclusive use of PoViva’s
      Teas in its day to day business

	 	 	 
	 	f) 	
      Development of a cell phone application extolling the
      health benefits of CBD

	 	 	 
	 	g) 	
      A commitment to exclusively produce PoViva’s Tea and
      other CBD foodproducts on behalf of PoViva’s for a period of three
      years

5.02     Lexaria will
initially acquire a 51% Ownership Interest in the Business by satisfying the
requirements set out in this Section 5.02. Lexaria will: 

	 	a) 	
      Execute this Agreement

	 	 	 
	 	b) 	
      Pay to Operations bank account US$50,000 as an initial
      amount to upgrade the Business as may be required to advance the
      Business

	 	 	 
	 	c) 	
      Agree to Spend $75,000 over one year following the
      execution date of this agreement

	 	 	 
	 	d) 	
      Agree to Extend to the Founders $25,000 worth of Lexaria
      common shares subject to a share lockup of six months as required by the
      Securities and Exchange Commission

	 	 	 
	 	e) 	
      Agree to Pay the Founders $2000 a month for production
      consulting for a period of 12 months out of revenues, the operating
      account, or against the marketing budget

	 	 	 
	 	f) 	
      Agree to Pay the Founders $2000 a month for marketing
      consulting for a period of 12 months out of revenues, the operating
      account, or against the marketing budget

	 	 	 
	 	g) 	
      Agree to Provide the Founders a cash bonus in the amount
      of $50,000 should the company generate $300,000 in sales within 8 months
      of the execution of this agreement

	 	 	 
	 	h) 	
      Agree to grant to PoViva a Right of First Refusal to
      produce under “white-label,” additional CBD-based products on behalf of
      Lexaria, but Lexaria reserves the right to engage other producers should
      Lexaria, in its reasonable discretion, believe PoViva’s to be
      uncompetitive to supply the products requested by Lexaria.

	 	 	 
	 	h) 	
      As part of this Agreement, and once the terms of this
      Agreement have expired, the Founders will be automatically granted a
      lifetime license to personally produce products covered by patent numbers
      # 62010621 and 62037706. This personal license does not extend to any
      third party corporation, joint venture or partnership that would compete
      against PoViva’s Teas, LLC or Lexaria Corporation.

5.03     PoViva will
reduce to a 25% Ownership Interest in the Business and Lexaria will acquire an
additional 24% (total 75%) Ownership Interest in the Business by satisfying the
requirements set out in this Section 5.03: 

	 	a) 	
      Executing this Agreement and complying with Sections 5.01
      and 5.02..

	 	 	 
	 	b) 	
      In addition to Section 5.02 (c), spend US$100,000 on
      sales and marketing “PoViva’s by Lexaria” brand beginning within 60 days of
executing this Agreement and completing spending within 24 months of executing
this Agreement.

	 	c) 	
      Lexaria to pay to PoViva or to its principals 2.5 times
      trailing 12 months PoViva revenue (pro-rata) calculated from that date
      that this option is exercised. PoViva can receive up to 50% of this
      payment in LXRP common stock at PoViva’s discretion.

	 	 	 
	 	d) 	
      This Section 5.03 is valid beginning November 15th, 2015
      at 1PM EST and expires on November 15th, 2017 at 1PM
EST.

6.    
OPERATIONS 

6.01     During the period
commencing on the Execution Date until the third anniversary of the Execution
Date, the Management Committee may enter into certain management agreements (the
"Management Agreements") with certain employees or consultants of the Business
pursuant to which such individuals will receive compensation to be specified for
a period to be specified in the applicable Management Agreement (the "Management
Compensation"). The Management Compensation shall be payable out of the gross
profits of the Business provided however that any shortfall due to insufficient
gross profits shall be paid by the Manager.

6.02     Funds required
from time to time by the Parties to operate the Business will be obtained first
by funding as to $50,000 by Lexaria into the Operations bank accounts. If either
Party wishes to obtain an Operations Loan to fund a contribution to the
Operations, they shall first provide the other Party with particulars of the
terms of any such proposed Operations Loan including the amount of any
commitment or other loan fees, the security required by the lender and other
terms and conditions, and shall not finalize any such Operations Loan without
the prior written approval of the other Party, such approval not to be
unreasonably delayed or withheld. No Party may encumber the Business nor offer
the Business as security without the express written permission of all other
Parties to the Business. 

6.03     Any Operations
Loan entered into in accordance with Section 6.03 hereof shall be borne by the
Parties hereto pro rata in proportion to their Costs Interest at the time of
demand for payment by such bank or institution and if any of the Parties
discharge any liabilities of the Parties either directly or pursuant to such
guarantee given hereunder then the Party discharging the liabilities shall have
the right to be reimbursed by the Party or Parties not so contributing so that
in the end result each of the Parties shall have contributed in proportion as
aforesaid. 

6.04     Commencing on the
Execution Date, the Net Profits shall be distributed to each of the Parties in
proportion to their respective Revenue Interests on a quarterly basis provided
however that until November 15th 2015 each party shall re-invest the
lesser of 80% of the portion of Net Profits received by it, or an aggregate
$250,000, the proportion of payment by each party calculated on a pro rata share
of ownership, back into the Business for the further development of the
Business. Thereafter any reinvestment of Net Profits by the Parties shall be
determined by the Management Committee. Net Profit Distribution to take place
from the Operations Bank account to the respective Party bank accounts within 10 days of the quarterly financial
statement delivery.

6.05     If funds are
required for the operation of the Business, or other expenses related to the
Business, then the Parties agree to advance such funds in accordance with their
Ownership Interests (the "Contribution"), upon the demand of the Management
Committee. 

6.06     If either Party
(the "Defaulter") fails to provide his or her Contribution within 20 business
days from the date required by the Management Committee (the "Deficiency"), then
the Party who has paid its Contribution may give written notice to the Defaulter
to pay its Deficiency. If such Defaulter does not pay its Deficiency within 45
days of such notice, that Party making its own Contribution as required (the
"Contributor") will not be required to but may pay all or any part of the
Deficiency on behalf of the Defaulter. If the Contributor pays all or any part
of the Deficiency on behalf of the Defaulter: 

	 	(a) 	
      The total amount advanced by the Contributor on behalf of
      the Defaulter will be aggregated from time to time and interest will
      accrue on the same from the date or dates of such contribution at a rate
      of interest equal to that charged by the JP Morgan’s prime rate plus six
      percent. Such total amount and all interest accrued and unpaid thereon
      from time to time will be herein called the "Deficiency
    Contribution";

	 	 	 
	 	(b) 	
      Any Deficiency Contribution will be Payable by the
      Defaulter to the Contributor on demand by the Contributor and if not paid
      within 60 days the Defaulter agree to transfer ownership interest to the
      other Party at the rate of 1% of ownership interest for every $10,000 of
      defaulted amount, thus extinguishing the
Deficiency.

6.07     Each Party agrees
to indemnify and hold harmless the other from and against any loss, costs or
damages it may suffer as a result of its failure to pay for its Ownership
Interest of the amounts due and owing under the Business. 

6.08     PoViva agrees to
adopt a fiscal year end of August 31, and to have completed, third
party-prepared quarterly financial statements for review and audit by Lexaria at
any reasonable time. 

7.     RESTRICTIONS ON
TRANSFER/RIGHT OF FIRST REFUSAL 

7.01     Except as
otherwise expressly permitted in this Agreement: 

	 	(a) 	
      no Party shall, at any time during the course of this
      Agreement, sell, transfer or otherwise dispose of or offer to sell,
      transfer or otherwise dispose of any of its Ownership Interest unless that
      Party (the "Offeror") first offers by notice in writing (the "Offer") to
      the other Parties (the "Others") pro rata in accordance with their
      Ownership Interest the prior right to purchase, receive or otherwise
      acquire the same;

	 	 	 
	 	(b) 	
      the Offer shall set forth:

	 	(i) 	
      the Ownership Interest offered for
sale;

	 	(ii) 	
      the consideration therefor expressed only in lawful US
      Dollars;

	 	 	 
	 	(iii) 	
      the terms and conditions of the sale; and

	 	 	 
	 	(iv) 	
      that the Offer is open for acceptance for a period of
      sixty days after receipt of such Offer by the
Others;

	 	(c) 	
      any of the Others may accept such Offer and by such
      acceptance specify any additional portion of the Ownership Interest
      offered for sale that such Party is prepared to purchase in the event that
      any of the Others fail to accept such Offer and, if any of the Others fail
      to accept such Offer, such Party (pro rata if more than one) shall be
      entitled to purchase such additional portion of the Ownership Interest as
      shall be so available;

	 	 	 
	 	(d) 	
      if, and to the extent the Offer is not accepted, the
      Offeror may sell, transfer or otherwise dispose of his remaining Ownership
      Interest to any other person, firm or corporation (the "Third Party") only
      for the consideration and upon the terms and conditions as set out in the
      Offer but only within the period of ninety days after the expiry of the
      period for acceptance by the Others and, if the Offeror does not do so,
      the provisions of this Section 6.0l will again become applicable to the
      sale, transfer or other disposition of his Ownership Interest and so on
      from time to time;

	 	 	 
	 	(e) 	
      no disposition of any Ownership Interest in the Business
      permitted by this Section 6.01 shall be made unless the Third Party shall
      have entered into an agreement with the Others by which the Third Party
      shall be bound by and entitled to the benefit of the provisions of this
      Agreement and other Others shall enter into such an agreement;
  and

	 	 	 
	 	(f) 	
      any Party who shall have disposed of all of their
      Ownership Interest in compliance with the provisions of this Agreement
      shall be entitled to the benefit of and be bound by only the rights and
      obligations which arose pursuant to this Agreement prior to such
      disposition.

7.02     Except as
specifically provided herein, no Party shall mortgage, pledge, charge,
hypothecate or otherwise encumber their Ownership Interest or any part thereof
without the prior written consent thereto of the other Parties, which consent
may be arbitrarily withheld. 

7.03     Notwithstanding
any other provision of this Agreement, no Party shall be entitled to sell,
transfer or otherwise dispose of any of their Ownership Interest or any part
thereof without first obtaining the consent of the other Parties, if such action
would permit any other party to accelerate or demand the payment of any
Operations Loan. 

8.    
DEFAULT 

8.01     It is an event of
default (a "Default") if a Party (the "Defaulting Party", the other Parties being the "Non-Defaulting Parties"):

	 	(a) 	
      fails to observe, perform or carry out any of his
      obligations hereunder and such failure continues for 30 days after any of
      the Non-Defaulting Parties have, in writing, demanded that such failure be
      cured;

	 	 	 
	 	(b) 	
      fails to take reasonable actions to prevent or defend
      assiduously any action or proceeding in relation to any of their Ownership
      Interest for seizure, execution or attachment or which
  claims:

	 	(i) 	
      possession;

	 	 	 
	 	(ii) 	
      sale;

	 	 	 
	 	(iii) 	
      the appointment of a receiver or receiver-manager of its
      assets; or

	 	 	 
	 	(iv) 	
      forfeiture or termination;

of or against any of the Ownership
Interest of the Defaulting Party, and such failure continues for 30 days after a
Non-Defaulting Party has, in writing, demanded that the same be taken or the
Defaulting Party fails to defend successfully any such action or proceeding;

	 	(c) 	
      becomes bankrupt or commits an act of bankruptcy or if a
      receiver or receiver- manager of his assets is appointed or makes an
      assignment for the benefit of creditors or otherwise;

	 	 	 
	 	(d) 	
      fails after fourteen days' notice in writing to the other
      to resolve by agreement a course of conduct requiring approval of the
      Parties in accordance with Section 8.01 hereof.

8.02     In the event of a
Default, the Non-Defaulting Parties may do any one or more of the following:

	 	(a) 	
      pursue any remedy available to them in law or in equity,
      it being acknowledged by each of the Parties that specific performance,
      injunctive relief (mandatory or otherwise) or other equitable relief may
      be the only adequate remedy for a Default;

	 	 	 
	 	(b) 	
      take all actions in their own names or in the name of the
      Defaulting Party or the Parties as may reasonably be required to cure the
      Default, in which event all payments, costs and expenses incurred therefor
      shall be payable by the Defaulting Party to the Non-Defaulting Parties on
      demand with interest at JP Morgan’s prime commercial rate of interest for
      its most creditworthy customers plus 6% per annum;

	 	 	 
	 	(c) 	
      implement the buy-sell procedure as set out in Section
      9.01 hereof;

	 	(d) 	
      waive the Default provided, however, that any waiver of a
      particular Default shall not operate as a waiver of any subsequent or
      continuing Default.

9.     BUY-SELL
PROCEDURE 

9.01     If any of the
Parties are desirous of purchasing the Ownership Interest of a Defaulting Party
as defined in Section 8.02 hereof, the transaction shall be initiated and
completed in the following manner. The said party (hereinafter referred to as
the "Offeror") shall give to the other party (hereinafter referred to as the
"Offeree") notice in writing which shall contain the following terms and
provisions: 

	 	(a) 	
      the price for the Ownership Interest to be
sold;

	 	 	 
	 	(b) 	
      an offer to buy all of the Ownership Interest owned by
      the Offeree at a fixed price determined solely by the Offeror;

	 	 	 
	 	(c) 	
      an offer to sell all of the Ownership Interest owned by
      the Offeror to the Offeree at a fixed price determined solely by the
      Offeror;

	 	 	 
	 	(d) 	
      payment of an amount equal to the total purchase price in
      cash or by certified cheque or other valuable consideration on
    closing.

9.02     Upon receipt of
the notice, the Offeree may, within a period of 30 days thereafter, accept
either one of the offers contained in the notice and shall give written
notification to the Offeror accepting either the Offeror's offer to purchase or
the Offeror's offer to sell as contained in the notice. 

9.03     The individual
parties hereto agree that failure to accept within the time limited as aforesaid
shall be for all intents and purposes be deemed to have been a rejection of the
Offeror's offer to purchase in the same manner as if the Offeree had, in fact,
rejected such offer to purchase by notice in writing. The appropriate offer in
accordance with the foregoing and acceptance thereof by either notice in writing
or the failure of the Offeree to accept the same shall be deemed to constitute a
binding agreement of purchase and sale as set out in the Offeror's notice and in
the terms and provisions of this Agreement. The transaction or transactions of
purchase and sale arising from the foregoing shall be completed within sixty
days after acceptance. 

9.04     In the event of a
sale of an Ownership Interest in the said Business as herein provided for, the
party selling shall in this Section be referred to as the "Seller" and the party
purchasing shall in this Section be referred to as the "Purchaser", and the
following additional provisions shall apply: 

	 	(a) 	
      the date scheduled for closing (the "Closing") may be at
      any earlier date agreed to and fixed by the individual parties
    hereto;

	 	 	 
	 	(b) 	
      any amount payable under the agreement of purchase and
      sale or other agreed transaction shall be paid by way of cash or by way of certified
cheque;

	 	(c) 	
      if, upon the date set for Closing, the Parties shall be
      indebted to the Seller in an amount recorded on the books of the Parties
      and verified by the auditors/accountants of the Parties, such indebtedness
      shall be paid to the Seller by the Parties at the time of
  Closing;

	 	 	 
	 	(d) 	
      if, upon the date set for Closing, the Seller shall be
      indebted to the Parties in an amount so recorded and verified, the
      Purchaser shall be entitled under the purchase price to pay, satisfy and
      discharge all or any portion of such indebtedness and to receive and to
      take credit against the purchase for the amount or amounts so paid on
      account of such indebtedness;

	 	 	 
	 	(e) 	
      if, on the date of Closing, the Seller is responsible on
      any covenant for the liabilities of Business the Purchaser shall procure
      for the Seller and deliver to him at the time of closing releases from any
      such covenants or guarantees or, failing that, shall indemnify the Seller
      from any claim, action, demand or liability that may arise by reason of
      such covenants or guarantees;

	 	 	 
	 	(f) 	
      if, on the date of Closing, the Seller shall have any
      securities lodged with any person, including the Parties' bankers, to
      secure any indebtedness of the Parties, then the Purchaser shall deliver
      the same free and clear of any claims in connection with such indebtedness
      to the Seller. In the event the Purchaser is unable to deliver the same,
      then the Purchaser shall execute all such documents as may be reasonably
      required in order to indemnify and save harmless the Seller in relation
      thereto;

	 	 	 
	 	(g) 	
      if, on the date of Closing, the Seller shall, for any
      reason, fail or refuse to complete the transaction, the Purchaser shall
      have the right upon such default without prejudice to any other rights
      which the Purchaser may have, upon payment by the Purchaser of the balance
      due on closing (less or plus any adjustment herein permitted) to the
      credit of the Seller in any chartered bank in the Province of British
      Columbia or the solicitors for the Business on behalf of and in the name
      of the Seller to complete the transaction as aforesaid and the Seller
      hereby irrevocably constitutes the Purchaser the true and lawful attorney
      of the Seller to complete the transaction and to execute any and every
      document necessary in that behalf;

	 	 	 
	 	(h) 	
      between the date of any offer and the date of Closing of
      any ensuing transaction neither the Seller nor the Purchaser shall do or
      cause to be done anything except in the ordinary course of
  business;

	 	 	 
	 	(i) 	
      notwithstanding any term or provision of this Agreement
      to the contrary, once any of the sale provisions hereinbefore referred to
      are invoked or become operative pursuant to the provisions of this
      Agreement, no other offer or notice of sale or intention to sell shall be
      given or accepted until the Closing or termination of the ensuing
      transaction.

10.     NO
PARTNERSHIP 

10.01     Except as
otherwise expressed in this Agreement, the rights and obligations of the Parties
will be, in each case, several, and will not be or be construed to be either
joint or joint and several. Nothing contained in this Agreement will, except to
the extent specifically authorized hereunder, be deemed to constitute a Party a
partner, an agent or legal representative of the other Parties. It is intended
that this Agreement will not create the relationship of a partnership among the
Parties and that no act done by any Party pursuant to the provisions hereof will
operate to create such a relationship. 

11.    
FINANCIAL 

11.01     PoViva agrees to
change its fiscal year-end to August 31 as soon as it is reasonable to do so.

11.02     Each Party shall be
responsible for and pay their own respective corporate and personal tax and duty
obligations, whether in Canada, the United States, or elsewhere, and each of the
Parties shall hold the other and the Operations harmless and agree to indemnify
them for those tax and duty obligations, as well as and costs of collection,
interest, fines, penalties, or litigation. 

11.03     The books of
account of the Business shall be maintained on an accrual basis in accordance
with US Generally Accepted Accounting Principles, consistently applied,
and shall show all items of income and expense, all assets and liabilities and
the contribution accounts of the Parties. 

11.04     PoViva, or the
51% ownership interest party, shall: 

	 	(a) 	
      cause to be prepared and furnished to Lexaria and/or any
      ownership partners of less than 49.9%, promptly after the close of each
      fiscal period a balance sheet of the Business dated as of the end of the
      fiscal period, a related statement of income or loss and a related
      statement of source and application of funds for the Business for such
      fiscal period, all of which shall be certified as “Notice To Reader”, and
      the same information for the fiscal period as is required to be included
      in the periodic reports referred to in (b) below.

	 	 	 
	 	(b) 	
      upon request by Lexaria from time to time, provide to
      PoViva any information about the business and activities of the Business
      necessary for the tax returns of PoViva or other information on the
      business and affairs of the Business as may be reasonably requested by
      PoViva.

11.05     Any Party shall
have the right from time to time at all reasonable times during usual business
hours and without causing a material disruption of the Business, to audit,
examine and make copies of or extracts from all records relating to the
Business. Such right may be exercised through any agent or employee of such
Party designated by it, or by independent accountants designated by such Party.
Such Party shall bear all expenses incurred in any such audit or examination or
for copies or extracts made at such Party's request.

12.    
CONFIDENTIALITY 

12.01     The making of
this Agreement and the consummation of the transactions contemplated in this
Agreement will be maintained as strictly confidential, and subject to the
requirement of law and of governmental and regulatory authorities, none of the
Parties will make any disclosure concerning the terms or conditions of this
transaction or any other aspect of their dealings, including, but not limited
to, information relating to finances, customers, technologies, or trade secrets
except with the written consent of the other Parties or as is necessary in order
to carry out their respective contributory duties under the terms of this
Agreement. 

12.02     The above
restrictions will not apply to any information that: 

	 	(a) 	
      is in the public domain through no fault of the
      recipient;

	 	 	 
	 	(b) 	
      is authorized for disclosure by the disclosing
    Party;

	 	 	 
	 	(c) 	
      is received by the recipient from another unrestricted
      source;

	 	 	 
	 	(d) 	
      is independently developed by the recipient; or

	 	 	 
	 	(e) 	
      is lawfully required to be disclosed by a court or other
      judicial proceeding in any jurisdiction.

12.03     The Parties
agree that because monetary damages alone would be insufficient to consummate
for a breach of these confidentiality provisions, any Party may seek any
judicial, non-judicial or extraordinary relief available in any court with
competent jurisdiction to prevent the breach of these provisions. This remedy is
in addition to any other remedies that may be available. 

13.     GENERAL
PROVISIONS 

13.01     This Agreement
shall terminate: 

	 	(a) 	
      if either Party sells or otherwise disposes of its
      Ownership Interest in the Business; or

	 	 	 
	 	(b) 	
      The Parties, acting together, collectively sell the
      Business after which this Agreement will cease to have any effect or be
      binding upon the parties except in respect of the resolution of the rights
      and obligations of the parties during the period prior to such sale and
      the payment of all monies between the parties arising as a result;
    or

	 	 	 
	 	(c) 	
      if the Parties hereto consent in writing to the
      termination hereof; or

	 	 	 
	 	(d) 	
      in accordance with Section 5.01(g) hereof;
  or

	 	(e) 	
      in the event the any agency of the federal government of
      the USA passes laws, regulations or policies that prohibit the Business
      from being carried on in a lawful manner, this Agreement shall terminate
      within 30 days notice by either Party to the other Party, and the Parties
      will be released from all subsequent obligations under this Agreement,
      unless the Parties agree unanimously to extend this Agreement for an
      additional 12 months under the same terms and
conditions.

13.02     PoViva and
Lexaria shall execute such further assurances and other documents and
instruments and do such further and other things as may be necessary to
implement and carry out the intent of this Agreement. 

13.03     The provisions
herein constitute the entire agreement between the Parties and supersedes all
previous expectations, understandings, communications, representations and
agreements, whether verbal or written, including the LOI, between the Parties
with respect to the subject matter hereof. 

13.04     If any provision
of this Agreement is unenforceable or invalid for any reason whatever, it shall
not affect the enforceability or validity of the remaining provisions of this
Agreement and such provision shall be severable from the remainder of this
Agreement. 

13.05     Any notice
required to be given hereunder by any party shall be deemed to have been well
and sufficiently given if mailed by prepaid registered mail return receipt
requested, courier service or by electronic communication, capable of producing
a printed transmission to or delivered at the address of the other party first
written above or at such other address as any of the parties may from time to
time direct in writing, and any such notice shall be deemed to have been
received, if mailed or couriered, forty-eight hours after the time of mailing or
if sent by electronic communication on the date of such communication. If normal
mail service or courier service is interrupted by strike, slow down, force
majeure or other cause, a notice sent by the impaired means of communication
will not be deemed to be received until actually received, and the party sending
the notice shall utilize any other such services which have not been so
interrupted or shall deliver such notice in order to ensure prompt receipt
thereof. 

13.06     Time shall be of
the essence hereof. 

13.07     This Agreement
shall be governed by and construed in accordance with the laws in force in the
State of Nevada of the United States of America.

13.08     Should there be
a disagreement or a dispute between the parties hereto with respect to this
Agreement or the interpretation thereof, the same shall be referred to a single
arbitrator pursuant to the Commercial Arbitration Act of Nevada or its
equivalent, and the determination of such arbitrator shall be final and binding
upon the parties hereto. 

13.09     The headings in
this Agreement form no part of this Agreement and shall be deemed to have been
inserted for convenience only. 

13.10     Wherever the
singular or the masculine is used throughout this Agreement the same shall be construed as being the plural or the feminine or the neuter or
the body politic or corporate where the context so requires. The headings
immediately preceding each paragraph are inserted for the purpose of convenience
only and are to be excluded from any construction or interpretation of this
Agreement.

13.11     Each of PoViva
and Lexaria shall make, do and execute or cause to be made, done or executed all
such further things, acts, documents, conveyances and assurances as may be
necessary or reasonably required to carry out the intent and purpose of this
Agreement fully and effectually. 

13.12     This Agreement
shall enure to the benefit of and be binding upon the Parties and their
respective personal representatives, successors and permitted assigns. 

13.13     This Agreement
may be signed by facsimile, pdf email attachment or original and executed in any
number of counterparts, and each executed counterpart will be considered to be
an original. All executed counterparts taken together will constitute one
agreement 

-Signature Page Follows- 

IN WITNESS WHEREOF the parties have executed this
Agreement as of the day and year first above written. 

	POPPY LLC 
	by its authorized signatory 
	  
	 
	Per: 
	  
	 
	Authorized Signatory 
	 
	 
	Authorized Signatory 
	 
	  
	LEXARIA CORP. 
	by its authorized signatory 
	  
	  
	Per:  
	 
	 
	Authorized Signatory 

SCHEDULE "A" 

Poppy’s Tea Business Plan and Cost Structure 

POPPY’A TEAS, LLC BUSINESS PLAN 

Execution Date November 15th, 2014

Executive Summary 

Vision Statement 

Poppy’s Teas, LLC envisions providing an array of Legal CBD
teas enriched with CBD and/or THC for easy, flavorful, and healthy delivery via
loose or tea bag form (patent is pending). An alternative to inhaled Legal CBD,
Poppy’s Teas LLC provides Legal CBD teas which combine the antioxidant qualities
of various teas with the benefits of CBD and/or THC, ready for convenient
preparation by the patient as a hot or cold beverage. 

Mission Statement 

Poppy’s Teas, LLC intends to introduce into the Legal CBD
marketplace a line of Legal CBD teas which provide the benefits of various teas,
such as, but not limited to, green, black, and white, in combination with the
benefits of CBD and/or THC in convenient, easy-to-prepare tea bags or as loose
teas for use with tea balls or brewing systems. 

The Company 

Poppy’s Teas, LLC is a Legal CBD tea company located in Florida
which has developed a collection of Legal CBD teas (patent pending) for sale
online or in stores and dispensaries (CBD/THC teas may be sold where law allows;
CBD enriched teas may be sold nationally and internationally). Poppy’s Teas, LLC
is licensed in Florida and is managed by two owners of the company. 

The Product 

Poppy’s Teas, LLC presents a collection of CBD and/or THC
enriched Legal CBD teas for use as hot or cold beverages. Conveniently offered
in ready-to-use tea bags or loose tea forms, Poppy’s Teas are original, Legal
CBD teas which offer an alternative for patients who do not wish to inhale
cannabis. Tea is the second most popular beverage in the world, following water,
maximizing the appeal for Legal CBD teas for health and well-being through the
combination of antioxidants which naturally occur in teas and the benefits of
CBD and/or THC. Offered in boxes of twelve, twenty-four, or forty-eight tea bags
or as one pound containers of loose tea, Poppy’s Teas are priced to remain
competitive and profitable in the Legal CBD industry. 

The Market 

The market for Legal CBD teas is national and international and
the basis for tea consumption worldwide exceeds one billion consumers. Patients
who desire an alternative to inhaled cannabis and individuals who wish to enjoy
the benefits of CBD and /or THC via a hot or cold tea beverage are estimated at
10,000 thousand consumers per month in the United States alone. The
profitability projection is therefore in excess of 2.6 million dollars annually
for domestic sales. 

The Competition 

Poppy’s Teas, LLC holds a patent-pending status on a pioneering
formula for Legal CBD teas, offered as CBD and/or THC enriched products,
available in ready-to-use tea bag or loose tea forms. There are no other Legal
CBD teas which provide CBD and/or THC with these formulas or delivery systems.

Operations 

Poppy’s Teas, LLC is owned and operated by the two owners and
utilizes a co-packaging company for packaging of the final tea products. The
company intends to expand the number of employees and operations with investment
funding. 

Capital Requirements Plan 

Poppy’s Teas, LLC is seeking $250,000 as investment funding.
This money will be used to purchase such items as storage bins, grinders, and
climate controlled rooms, marketing, and packaging materials. 

Business Plan – POPPY’S TEAS, LLC 

Vision Statement

Poppy’s Teas, LLC envisions providing an array of Legal CBD
teas enriched with CBD and/or THC for easy, flavorful, and healthy delivery via
loose tea form (patented). An alternative to inhaled Legal CBD, Poppy’s Teas LLC
provides Legal CBD teas which combine the antioxidant qualities of various teas
with the benefits of CBD and/or THC, ready for convenient preparation by the
patient as a hot or cold beverage. 

Mission Statement 

Poppy’s Teas, LLC intends to introduce into the Legal CBD
marketplace a line of Legal CBD teas which provide the benefits of various teas,
such as, but not limited to, green, black, and white, in combination with the
benefits of CBD and/or THC in convenient, easy-to- prepare as loose teas for use
with tea balls or brewing systems. 

The Company

Company History 
Poppy’s Teas LLC was established in
2014 to address the need for Legal CBD teas for patients as an alternative to inhaled Legal CBD. Poppy’s Teas, LLC
developed a formula which allows patients to enjoy the ease of ready-to-prepare
loose teas for use in tea ball or brewing appliances. Teas are natural sources
of healthy antioxidants and when combined with CBD and/or THC, provide dual
benefits in flavorful hot or cold beverages.

Company Goals and Objectives 
Poppy’s Teas, LLC
intends to launch a line of Legal CBD teas, enriched with CBD and/or THC within
six months. Poppy’s Teas, LLC holds a patent-pending on the formula and has
filed for the secure status for these ready-to-prepare Legal CBD teas now
available as loose teas. 

Company Ownership Structure 
Poppy’s Teas LLC is a
limited liability company owned by Michele Reillo and Marian Washington.

Company Management Structure 
The Poppy’s Teas, LLC
is team managed by the two owners, Michele Reillo and Marian Washington. Both
partners participate in the management of the company.

Management and Ownership Background 
Michelle Reillo,
PhD is a registered nurse with a doctorate in education. She has thirty years of
teaching, research, and writing experience. Marian Washington, M.Ed., is a
former collegiate coach and educator with over forty years of education,
fitness, business, and managerial experience.

Organizational Timeline 
Poppy’s Teas, LLC intends to
release the first line of Legal CBD teas by December 15, 2014.

Company Assets 
Poppy’s Teas, LLC has purchased
internet services, computers, and tablets, equipment, and legal services valued
at $10,000.

The Product

The Product 
Poppy’s Teas, LLC will provide Legal CBD
teas (patent-pending) enriched with CBD and/or THC in ready-to-use loose teas
for use in tea balls or brewing appliances.

Product Patents 
Poppy’s Teas, LLC holds a
patent-pending status on the formula for Legal CBD teas.

Future Products 
Poppy’s Teas, LLC intends to expand
the collection of teas including CDB and/or THC combinations for hot or cold
beverage use. Poppy’s Teas, LLC intends to include Poppy’s Ices based upon the
formula for Poppy’s Teas. 

Marketing Plan

The Target Market 
The target market for Poppy’s Teas
is international and includes Legal CBD patients and individuals who desire to
add Legal CBD tea to their healthy lifestyle. CBD enriched teas are legal in the
United States and Poppy’s Teas intends to also target a population of
individuals who wish to incorporate CBD enriched teas as part of their wellness
program. 

Location Analysis 
The company has a physical address
and is establishing an internet website. 

Established Customers 
Although Poppy’s Teas, LLC
does not yet have an existing customer base, market analysis indicates that
Poppy’s Teas, LLC should enjoy strong sales from a worldwide array of Legal CBD
patients and for CBD enriched teas, individuals who desire to enhance their
wellness program by incorporating CBD and antioxidants into their regimens.

Pricing 
Poppy’s Teas, LLC intends to competitively
price the Legal CBD teas with an average of $150.00 for a 3 oz. tin of cbd tea.

Advertising 
Poppy’s Teas, LLC will use the internet
to establish and expand its standing in the marketplace.

Competitor Analysis

The Competitors 
There are no competitors to Poppy’s
Teas, whose patent-pending protects the only formula for ready-to-use Legal CBD
teas in loose tea form. 

Competitor Strategies 
Poppy’s Teas, LLC has been
granted a patent-pending for the Legal CBD tea formula, limiting competitor
strategies. 

SWOT Analysis
(Strengths/Weaknesses/Opportunities/Threats)

Strengths 
Poppy’s Teas, LLC has developed a
ready-to-use Legal CBD tea product, in loose form, for use as a hot or cold
beverage. This product development makes Legal CBD tea preparation efficient,
flavorful, and available for patients who desire an alternative to inhalation of
cannabis. 

Weaknesses 
Poppy’s Teas, LLC requires financial
assistance to take advantage of the rapidly expanding cannabis marketplace. The
production and availability of Poppy’s Teas will increase profitability rapidly,
thereby necessitating an immediate production line establishment. 

Opportunities 
Opportunities for expansion and
possible franchise exist to facilitate sales of Poppy’s Teas. International
sales are likely to expand with marketing and increased availability of product.

Threats
Poppy’s Teas, LLC has protected the formula
for the Legal CBD teas through patent application. The company has secured the
full patent within the year allotment. 

Operations

Daily Operations 
Poppy’s Teas intends to sell the
teas via the internet, available 24/7, 365 days per year. Phone support will be
available upon request requested via the internet. 

Operational Facilities 
Poppy’s Teas, LLC intends to
sell and market the Legal CBD teas via the internet.

Staffing 
Poppy’s Teas, LLC is currently staffed by
the two owners of the company. 

Suppliers 
Poppy’s Teas intends to purchase CBD and
THC ingredients from licensed providers in California. 

Capital Requirements Plan

Capital Requirements 
Poppy’s Teas, LLC requires
$250,000 equipment purchase, storage, and packaging for Poppy’s Teas. 

Capital Repayment Plan 
The debt obligations for
Poppy’s Teas, LLC will be paid within five years.

	Poppy’s Teas, LLC 
	Projected Cash Flow Statement (Indirect) 
	For the year ending the 1st day of January: (US Dollars)
    

	  	2014 
	Cash Flows from Operations: 	2,600,000 
	Net Income 	1000 
	Depreciation 	1000 
	Decrease in Accounts Receivable 	200,000 
	Decrease in Inventory 	500 
	Decrease in Supplies 	1,000 
	Decrease in Prepaid Insurance 	500 
	Decrease in Other Current Assets 	5,000 
	Increase in Notes Payable (due within one year) 	18,000 
	Increase in Accounts Payable 	1,500 
	Increase in Wages Payable 	25,000 
	Increase in Payroll Taxes Payable 	600 
	Increase in Interest Payable 	250 
	Increase in Income Taxes Payable 	500 
	Increase in Other Current Liabilities 	1,000 
	Net Cash From Operations 	2,546,150 
	  	  
	Cash Flows From Investing: 	  
	Sale of Plant, Property and Equipment 	500 
	Sale of Long Term Investments 	500 
	Dividends Received 	200,000 
	Net Cash From Investing 	201,000 
	  	  
	Cash Flows from Financing: 	  
	Proceeds from Issuing New Stock/Bonds 	0 
	Payments to Repurchase Stock/Bonds 	0 
	Investment by Owner 	0 
	Dividends Paid 	0 
	Change in Notes Payable: (due after one year) 	0 
	Net Cash From Financing 	0 
	  	  
	Net Change in Cash and Equivalents 	2,747,150 
	Cash and Equivalents, beginning 	10,000 
	Cash and Equivalents, ending 	2,757,150 

SCHEDULE "B" 

Restrictive Legends 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [the date that is 6 months
and one day from initial issuance of the security].

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). 

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.Exhibit 4.1

 

THIRD SUPPLEMENTAL INDENTURE

 

This Supplemental Indenture is entered into as of November 3, 2014 (this “Supplemental Indenture”), by and among Simpler North America, LLC and Simpler Consulting, LLC (each, a “New Guarantor” and together, the “New Guarantors”), each a subsidiary of Truven Health Analytics Inc. (formerly known as Thomson Reuters (Healthcare) Inc.), a Delaware corporation (the “Issuer”), the Issuer, Truven Holding Corp. (formerly known as VCPH Holding Corp.) (the “Parent Guarantor”), as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee under the Indenture referred to below.

 

W I T N E S S E T H:

 

WHEREAS, Wolverine Healthcare Analytics, Inc., as the issuer, VCPH Holding Corp., as the guarantor, and the Trustee have heretofore executed and delivered an Indenture dated as of June 6, 2012, as supplemented by (i) a supplemental indenture dated as of June 6, 2012, among Wolverine Healthcare Analytics, Inc., Thomson Reuters (Healthcare) Inc. and the Trustee and (ii) a second supplemental indenture dated as of June 5, 2013, among the Issuer, the Parent Guarantor and the Trustee (as so supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $327.15 million of 10.625% Senior Notes due 2020 of the Issuer (the “Notes”);

 

WHEREAS, the Indenture provides that under certain circumstances the New Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and

 

WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

WHEREAS, all things have been done to make this Supplemental Indenture a legal, valid and binding agreement.

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1 Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

ARTICLE II

 

REPRESENTATIONS; AGREEMENT TO BE BOUND; GUARANTEE

 

SECTION 2.1 Representations. Each New Guarantor represents and warrants to the Trustee as follows:

 

(i) It is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

 

(ii) The execution, delivery and performance by it of this Supplemental Indenture have been authorized and approved by all necessary corporate or limited liability company action on its part.

 

SECTION 2.2 Agreement to be Bound. Each New Guarantor hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. Each New Guarantor agrees to be bound by all of the provisions of

 

 

the Indenture applicable to a Subsidiary Guarantor and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.

 

SECTION 2.3 Guarantee. Each New Guarantor agrees, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably guarantee to each Holder of the Notes and the Trustee the Guaranteed Obligations pursuant to Article X of the Indenture on a senior unsecured basis.

 

ARTICLE III

 

MISCELLANEOUS

 

SECTION 3.1 Notices. All notices and other communications to the New Guarantors shall be given as provided in the Indenture to the New Guarantors, at its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuer.

 

SECTION 3.2 Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained.

 

SECTION 3.3 Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 3.4 Severability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 

SECTION 3.5 Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto.

 

SECTION 3.6 Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement.

 

SECTION 3.7 Headings. The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

 

	
 
    	
 
    	
SIMPLER NORTH AMERICA, LLC,  as a Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Phil Buckingham
    
	
 
    	
 
    	
 
    	
Name:   Phil Buckingham
    
	
 
    	
 
    	
 
    	
Title:   CFO
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Address:   

Simpler   North America, 

LLC   1 N. Dearborn St., Suite 1400 

Chicago, IL   60602
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIMPLER CONSULTING, LLC,  as a Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Phil Buckingham
    
	
 
    	
 
    	
 
    	
Name:   Phil Buckingham
    
	
 
    	
 
    	
 
    	
Title:   CFO
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Address:   

Simpler   Consulting, LLC 

1   N. Dearborn St., Suite 1400 

Chicago, IL   60602
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
TRUVEN HEALTH ANALYTICS INC., as Issuer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Phil Buckingham
    
	
 
    	
 
    	
 
    	
Name:   Phil Buckingham
    
	
 
    	
 
    	
 
    	
Title:   CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TRUVEN HOLDING CORP., as Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Phil Buckingham
    
	
 
    	
 
    	
 
    	
Name:   Phil Buckingham
    
	
 
    	
 
    	
 
    	
Title:   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Lawrence M. Kusch
    
	
 
    	
 
    	
 
    	
Name:   Lawrence M. Kusch
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to Third Supplemental Indenture]

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