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: 	Sequoia Partners Inc. 
	 	 
	Address: 	910, 510 Burrard St., Vancouver, BC V6C 3A8
  

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: 	February 2, 2015 
	 	 	 
	 	Vesting Commencement Date: 	Immediately 
	 	 	 
	 	Option Price per Share: 	US$0.10 
	 	 	 
	 	Total Number of Shares Granted: 	250,000 
	 	 	 
	 	Total Option Price: 	US$25,000.00 
	 	 	 
	 	Type of Option: 	X                                                             
      Incentive Stock Option 
	 	 	 
	 	  	                                                                 
      Nonqualified Stock Option 
	 	 	 
	 	Term/Expiration Date: 	Five
      (5)                                                          
      years after Date of Grant 

Vesting Schedule: 

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

N/A 

LEXARIA CORP. 

2014 Stock Option Plan 

STOCK OPTION AGREEMENT 

This STOCK OPTION AGREEMENT (“Agreement”), dated
as of the 2nd day of February, 2015 is made by and between LEXARIA
CORP., a Nevada corporation (the “Corporation”), and Sequoia
Partners Inc. (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, 250,000 share
options at US$0.10 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:
Chris Bunka 
       Title: President

 

Optionee: Sequoia Partners Inc. 

 

By:
______________________________
     
 Name: 
       Title: 

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 SERVICES AGREEMENT 

THIS AGREEMENT dated as of the 1st day of February, 2015. 

BETWEEN: 

  
    
      
        LEXARIA CORP., a body corporate having an office and
          carrying on business at 950, 1130 West Pender Street Vancouver, BC, V6E 4A4
          (hereinafter, the “Corporation”).

      

    

  

AND 

  
    
      
        SEQUOIA PARTNERS INC., a body corporate having an office
          and carrying on business in the City of Vancouver, in the Province of British
          Columbia (the “Consultant”). 

      

    

  

           
WHEREAS the Consultant has particulars skills with respect to the
preparation, planning and implementation of corporate advisory services for
public and private companies; 

           
AND WHEREAS the Consultant has developed significant contacts in the
corporate finance and investment community; 

           
AND WHEREAS the Corporation has agreed to retain the Consultant to
provide the Corporation with such financial advisory services as are more
particularly described in this agreement and Schedule “A” attached hereto
(such services being hereinafter referred to as the “Services” and this
agreement being hereinafter referred to as the “Consulting Services
Agreement”); 

           
AND WHEREAS the Consultant and the Corporation are desirous of entering
into this Consulting Services Agreement which sets out the terms and conditions
that are applicable to and that govern the provision of the Services by the
Consultant to the Corporation; 

           
NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 

	1. 	
      PROVISION OF THE SERVICES BY THE
  CONSULTANT

	 	 
	1.1 	
      The Consultant shall furnish the Services described in
      Schedule “A” attached hereto and shall be incorporated herein as
      part of this Consulting Services Agreement as if the same where set forth
      herein in full.

	 	 
	1.2 	
      The Consultant shall be free to determine the hours of
      the day during which it will perform the Services. Provided, however, the
      Consultant agrees to the extent possible to endeavour to make its Key
      Employee(s) (such Key Employee(s) being set out in Schedule “A” hereto)
      available to the Corporation between general working hours. The
      Corporation may require the Consultant at any time during the term of this
      Consulting Services Agreement, by notice in writing, to cause its Key
      Employee(s) to be available to perform the Services at such other times
      and places as may be requested by the Corporation from time to
  time.

2

	2. 	
      CONSULTING SERVICES AGREEMENT AND THE TERMINATION OF
      THE CONSULTING SERVICES AGREEMENT

	 	 
	2.1 	
      The Services to be provided under the provisions of this
      Consulting Services Agreement shall be provided by the Consultant to the
      Corporation for a fixed term (the “Term”) commencing upon signing
      of this Agreement and concluding on the earlier of five (5) years from the
      Commencement Date and the date upon which the Consultant exercises its
      Options (as defined in Section 3.2).

	 	 
	2.2 	
      The Corporation may terminate this Consulting Services
      Agreement for just cause. Upon termination, the Corporation shall pay the
      Consultant all Fees due to the Consultant at the time of
    termination.

	 	 
	3. 	
      FEE FOR SERVICES UNDER THE CONSULTING SERVICES
      AGREEMENT AND REIMBURSEMENT OF CONSULTANT’S EXPENSES AND COSTS (ALL COSTS
      ARE EXPRESSED IN CANADIAN DOLLARS.)

	 	 
	3.1 	
      Upon receipt of an invoice from the Consultant for the
      Services, the Corporation shall pay the Consultant a fee (the
      “Fee”) for the Services provided by the Consultant to the
      Corporation under this Consulting Services Agreement, at the rate, and at
      the time set forth in Schedule “B” which is attached to this Agreement,
      and forms part of this Consulting Services Agreement as if the same were
      set forth herein in full.

	 	 
	3.2 	
      As further consideration for the provision of the
      Services, upon signing of this Agreement, the Corporation also agrees to
      grant the Consultant that number of incentive share purchase options (the
      “Options”) as set out in Schedule B. The Options shall be granted
      to the Consultant upon of execution of this Agreement and the Options
      shall have the terms and conditions attached to them as set out in
      Schedule B to this Agreement.

	 	 
	3.3 	
      The Corporation shall, from time to time, reimburse the
      Consultant for all reasonable, pre- approved expenses and out-of-pocket
      costs incurred by the Consultant for the performance of the Services. The
      Corporation agrees that all of the Consultant’s expenses incurred in
      furtherance of the Services shall be paid whether or not the Services are
      successful. Receipts shall be provided by the Consultant for expenses and
      costs claimed. All expenses in excess of $800 per month to be approved in
      writing in advance by the Corporation.

	 	 
	3.4 	
      The Corporation and the Consultant each agrees and
      covenants with the other that each party shall pay its own legal costs and
      expenses incurred in connection with this Agreement other than the
      reasonable out-of-pocket approved expenses noted in subparagraph 3.3,
      above. .

	 	 
	3.5 	
      While the Consultant is entitled to choose the methods
      and means of providing the Services under this Consulting Services
      Agreement, the Consultant shall perform the Consulting Services in an
      efficient, prompt, economical, skilful and careful manner in accordance
      with modern methods, standards and practices. In performing the Services
      the Consultant shall observe and obey all applicable laws, regulations,
      rules and standards imposed by any government or any other duly
      constituted authority having jurisdiction with respect to the Services or
      the parties to this Consulting Services Agreement. The Consultant shall,
      at all times during performance of the Services, cause its Key Employee(s)
      and its other employees to cooperate with the employees of the Corporation
      and other consultants of the Corporation. The Consultant shall cause its
      Key Employee(s) to observe and comply with all safety, and security
      regulations imposed by the Corporation from time to
time.

3

	3.6 	
      The Consultant represents and warrants that its
      personnel, (including its Key Employee(s)) who shall be engaged in the
      performance of the Services have and shall continue to have during the
      term of this Consulting Services Agreement the requisite skills and
      experience necessary to perform the Services in accordance with the terms
      and conditions of this Consulting Services Agreement.

	 	 
	4. 	
      TAXATION

	 	 
	4.1 	
      The compensation stated herein includes all applicable
      taxes and will not be changed hereafter as a result of any change in the
      Consultant’s tax liabilities, excepting the Goods and Services Tax (the
      “GST”) which shall be itemized separately, setting forth the amount
      of the GST calculated at the current rate as established by law together
      with the Consultant’s GST registration number. The Consultant’s GST
      registration number is #813348851.

	 	 
	4.2 	
      The Consultant acknowledges that as it is an independent
      contractor, the Corporation will not be withholding from the fees payable
      under this Consulting Services Agreement any taxes federal or provincial,
      or any other statutory payments such as the E.I. and C.P.P. premiums. The
      Consultant hereby covenants with the Corporation that it will report to
      such governmental authorities as required by law, all fees paid to it
      under this Consulting Services Agreement and that it shall remit to such
      governmental authorities as required by law, all taxes and statutory
      payments payable in respect to said fees.

	 	 
	5. 	
      SUB-CONTRACTING

	 	 
	5.1 	
      The Consultant may sub-contract any of the Services set
      forth in this Consulting Services Agreement and Schedule attached hereto
      without first obtaining the written consent of the Corporation.

	 	 
	6. 	
      DESIGNATION OF REPRESENTATIVES

	 	 
	6.1 	
      In performance of the Services defined herein, the
      Consultant designates Ali Hakimzadeh as its contact person who shall
      generally deal with the President or Chief Executive Officer of the
      Corporation or his designated representative for the purpose of receiving
      any required instructions in respect to the provision of the
    Services.

	 	 
	6.2 	
      The Consultant’s ability to make available its Key
      Employee(s) to provide the Services is a condition precedent to this
      Consulting Services Agreement becoming effective or continuing in effect.
      The Consultant agrees that its Key Employee(s) will be available and will
      devote their time to the provision of the Services under this Consulting
      Services Agreement as may be requested from time to time by the
      Corporation throughout the term of this Consulting Services
    Agreement.

	 	 
	7. 	
      CONFIDENTIALITY

	 	 
	7.1 	
      For the purposed hereof “Confidential Information”
      means information, whether generated before or during the performance of
      services by the Consultant, relating to the business and affairs of the
      Corporation or its affiliate corporations (“Corporation” as used in this
      article 8 being defined as including its affiliates) that is not part nor
      is intended to be part of the public domain, including, without
      limitation, information relating to the financial condition and future
      business plans and opportunities of the Corporation and technical and
      marketing information which (a) is proprietary in nature; (b) has been
      identified as confidential; or (c) if disclosed, could reasonably be
      expected to result in a loss or competitive disadvantage to the
      Corporation but does not extend to information which is currently available to the public
      or is made available to the public through no fault of the
    Consultant.

4

	7.2 	
      The Consultant agrees that any Confidential Information
      acquired or generated through the performance of the Services shall be the
      sole property of the Corporation and shall not be used, published,
      copyrighted or disclosed by the Consultant or the Consultant’s employees
      without prior written consent of the Corporation. The Consultant further
      agrees that only its corporation’s personnel who are required to know of
      this Consulting Services agreement and the Services to be performed
      thereunder shall be provided access to any such documentation.

	 	 
	7.3 	
      Any documentation, data, reports and other information
      provided to the Consultant by the Corporation where such information is
      the property of a third party is to be maintained in confidence as though
      the information was the property of the Corporation under the provision of
      article 7 subparagraph 7.2 above.

	 	 
	7.4 	
      The provisions respecting confidentiality contained in
      this Consulting Services Agreement shall survive the expiration or
      termination of this Consulting Services Agreement.

	 	 
	7.5 	
      The Consultant agrees that, in order that the
      Corporation’s legitimate proprietary interests, or those of third parties,
      may be enforced and protected, the Corporation may require the Consultant
      and its employees involved in providing the Services to execute specific
      Confidentiality Agreements.

	 	 
	7.6 	
      The Consultant acknowledges the damages for breach of the
      Consultant’s obligations under paragraphs 7.1, 7.2, 7.3, 7.5, 8.1, 8.2 and
      8.3 are an inadequate remedy and the Consultant agrees and consents to the
      granting of injunctive relief, to restrain the Consultant from the breach
      of any of the said paragraphs, or to enforce any of the obligations of the
      Consultant under the said paragraphs. The Consultant further consents to
      the granting of injunctive relief to restrain the Consultant from a
      further breach of or the further enforcement of the Consultant’s covenants
      under the aforesaid paragraphs, as the case may be. The consultant further
      agrees that in the event an order granting injunctive relief against the
      Consultant for the enforcement of the aforesaid paragraphs of this
      Consulting Services Agreement is granted by the Supreme Court of British
      Columbia, the Consultant further consents to the enforcement of such an
      order by a court of competent jurisdiction in any legal jurisdiction where
      the Consultant might be domiciled, located or carrying on business, at the
      material time.

	 	 
	8. 	
      COPYRIGHT AND PATENTS

	 	 
	8.1 	
      All copyrightable work inventions, discoveries or
      improvements conceived, originated or prepared by the Consultant arising
      directly or indirectly from the performance of the Services, or in
      connection with the performance of the Services are the property of the
      Corporation and the Consultant agrees to forthwith disclose in writing to
      the Corporation each copyrightable work, invention, discovery or
      improvement.

	 	 
	8.2 	
      The filing and prosecution of all patents, industrial
      designs, trademarks and copyright applications arising as a result of the
      Consultant performing the Services, or in connection with the performance
      of the Services is solely under the control of and at the expense of the
      Corporation and all applications and any patents, industrial designs,
      trademarks and copyrights resulting therefrom are the property of the
      Corporation. The Consultant shall provide during the term of this
      Agreement and for a reasonable time thereafter, at the expense of the
      Corporation, all necessary information, materials and assistance to enable
      the Corporation to proceed with the filing and prosecution of all patents,
      industrial designs, trademarks and copyright
  applications.

5

	8.3 	
      The Consultant agrees not to breach or infringe any
      patent, copyright, trademark, trade secret or other proprietary right
      owned by a third party during the performance of the Services and agrees
      to indemnify and save harmless the Corporation for liabilities arising
      from any such breach or infringement.

	 	 
	9. 	
      AUDIT OF BOOKS

	 	 
	9.1 	
      The Corporation does not and shall not have any access to
      or right to audit any or all pertinent books, documents, papers and
      records of the Consultant regarding the provision of the Services to the
      Corporation.

	 	 
	10. 	
      COMPLIANCE WITH CORPORATION’S CODE OF CONDUCT AND
      POLICIES

	 	 
	10.1 	
      The Consultant agrees to perform the Services in
      accordance with the Corporation’s present, future, or amended code of
      conduct, and the Consultant agrees to adhere to the Corporation’s present,
      future or amended policies respecting business ethics and any legislation
      from appropriate jurisdictions concerning human rights.

	 	 
	11. 	
      TERMINATION OF CONSULTING SERVICES AGREEMENT WITH
      CAUSE

	 	 
	11.1 	
      The Corporation may terminate this Consulting Services
      Agreement for just cause and without notice in the event there is theft or
      misappropriation of any property of the Corporation by the Consultant, or
      any of its employees (including its Key Employee(s)), or in the event the
      Consultant or any of its employees is in material breach of any of the
      provisions of this Consulting Services Agreement.

	 	 
	12. 	
      PERFORMANCE OF WORK FOR OTHERS BY CONSULTANT DURING
      THE PERIOD OF TIME THAT CONSULTANT PROVIDES THE SERVICES

	 	 
	12.1 	
      The Consultant, its Key Employee(s) and any other
      employees of the Consultant may perform work for and on behalf of third
      parties provided that:

	 	(a) 	
      the work performed for third parties does not interfere
      with the ability of the Consultant, its Key Employee(s), or any other
      employees of the Consultant to perform the Services hereunder;
  and

	 	 	 
	 	(b) 	
      the performance of the work for third parties does not
      detract from the performance of the Services pursuant to this Consulting
      Services Agreement; and

	 	 	 
	 	(c) 	
      the Consultant, its Key Employee(s) and any other
      employees of the Consultant shall not use any of the Corporation premises,
      facility or property for any purpose other than the performance of the
      Services hereunder, unless specifically so authorized in
  writing.

	13. 	
      ASSIGNMENT OF CONSULTING SERVICES
  AGREEMENT

	 	 
	13.1 	
      The Consultant shall not assign this Consulting Services
      Agreement without the prior written consent of the Corporation which
      consent may be withheld for any reason, or at the absolute discretion of
      the Corporation.

6

	14. 	
      MATERIAL NON-PUBLIC INFORMATION

	 	 
	14.1 	
      The Corporation acknowledges and agrees that, from time
      to time, the Corporation, its directors, officers, employees and
      consultants may be in possession of material information that has not been
      properly disclosed to the general public in accordance with applicable
      securities laws (the “Applicable Securities Laws”). The Corporation
      and the Consultant further acknowledge and agree that Applicable
      Securities Laws generally prohibit disclosure of such material information
      other than through disclosure of same to the general market place by way
      of widely disseminated press releases.

	 	 
	14.2 	
      In order to comply with the Applicable Securities Laws
      concerning improper disclosure of non- public material information, the
      Consultant agrees that it shall provide written copies of potential
      presentations and other such material containing information (the
      “Materials”) about the Corporation that the Consultant intends to
      communicate to capital market participants, selectively or otherwise, and
      the Corporation shall take appropriate steps to review the Materials and,
      after completing its appropriate review, provide written assurance to the
      Consultant that the information contained in the Materials is either i)
      non-material information, ii) material information that has been
      publically disclosed, or iii) a combination thereof, and that the
      Materials do not contain any information that is material information that
      has not been publically disclosed in accordance with the Applicable
      Securities Laws.

	 	 
	15. 	
      AMENDMENT OF CONSULTING SERVICES
  AGREEMENT

	 	 
	15.1 	
      This Consulting Services Agreement may not be amended
      except in writing executed by both parties to this Consulting Services
      Agreement or in the case of a waiver of any term, by the party waiving
      compliance of the term.

	 	 
	16. 	
      DELAY IN EXERCISING OF CORPORATION'S
  RIGHTS

	 	 
	16.1 	
      The Consultant understands and agrees that no failure or
      delay by the Corporation to exercise any of the Corporation’s rights,
      powers or privileges pursuant to this Consulting Services Agreement shall
      operate as a waiver of the said rights, powers or privileges, nor shall
      any single or partial exercise of any right, power or privilege under this
      Consulting Services Agreement by the Corporation shall preclude the
      Corporation from further exercise of any right, power or privilege
      pursuant to this Consulting Services Agreement.

	 	 
	17. 	
      EXTENSION OF CONSULTING SERVICES
  AGREEMENT

	 	 
	17.1 	
      This Consulting Services Agreement may be extended for a
      further term to be mutually agreed upon by the parties upon at least seven
      (7) days written notice from the Corporation prior to the end of the term,
      in which event all the provisions of this Consulting Services Agreement
      shall continue in force and govern the relationship between the
      parties.

	 	 
	18. 	
      TIME IS OF THE ESSENCE

	 	 
	18.1 	
      Time is of the essence in this Consulting Services
      Agreement.

7

	19. 	
      SUCCESSORS AND ASSIGNS

	 	 
	19.1 	
      This Consulting Services Agreement is binding upon the
      successors and assigns of the Corporation and the successor’s heirs,
      executors, administrators and permitted assigns of the
  Consultant.

	 	 
	20. 	
      LAW OF THE CONSULTING SERVICES AGREEMENT

	 	 
	20.1 	
      This Consulting Services Agreement shall be construed in
      accordance with the laws of the Province of British Columbia and each of
      the Parties agree that the laws of the Province of British Columbia,
      Canada are the proper and applicable law for the interpretation of and
      enforcement of the Articles of this Consulting Services Agreement. Each of
      the parties hereto irrevocably attorn to the jurisdiction of the courts of
      the Province of British Columbia in respect to any action which might be
      brought by either of them to enforce any of the provisions of this
      Consulting Services Agreement.

	 	 
	21. 	
      SEVERABILITY

	 	 
	21.1 	
      If any of the terms and provision of this Consulting
      Services Agreement in the schedules attached hereto are determined to be
      invalid or unenforceable by any Court, such determination shall not
      invalidate the rest of this Consulting Services Agreement which shall
      remain in force and effect as if the invalid term or provision had not
      been made part of this Consulting Services Agreement.

	 	 
	22. 	
      RULES FOR INTERPRETATION OF CONSULTING SERVICES
      AGREEMENT

	 	 
	22.1 	
      It is agreed that unless the context of this Consulting
      Services Agreement requires, the singular number shall include the plural
      and vice versa, the number of the word shall be construed as agreeing with
      the verb so substituted, words importing the masculine gender shall
      include the feminine and neuter gender, and words importing persons shall
      include firms and corporations and vice versa.

IN WITNESS WHEREOF the Corporation and the Consultant
have executed this Consulting Services Agreement as of the date first written
above. 

	LEXARIA CORP. 	SEQUOIA PARTNERS INC. 
	 	 
	Per: ____________________________________________	Per:
      ____________________________________________

A-1

SCHEDULE “A” 

DESCRIPTION OF SERVICES 

	 	1. 	
      Fiscal Advisory Services: Consultant will assist
      the Corporation on an ongoing and as needed basis with fiscal advisory
      services.

	 	 	 
	 	2. 	
      General Business Development: Consultant shall
      assist the Corporation with the development of various strategies to help
      the Corporation realize its project objectives.

KEY EMPLOYEE(S) 

For the purposes of this Consulting Services Agreement, the
following are the Key Employee(s) of the Consultant: 

James Beesley 

B-1

SCHEDULE “B” 

SCHEDULE OF FEES 

Monthly consulting fee: 

During the first 6 months (the “Initial Term”) of this
Agreement (commencing from the Commencement Date), the Corporation will pay the
Consultant a fee (the “Initial Term Fee”) of $5,000 per full month (CDN)
or on a prorated basis for partial months, plus applicable taxes. The Fee will
be payable on the fifteenth day of each month. The Corporation shall pay the fee
within fifteen (15) days of the Corporation receiving the Consultant’s invoice
for the applicable period. The first month’s Fee is due and payable as
at February 15, 2015. 

After completion of the Initial Term, the Corporation and the
Consultant shall determine the Consultant’s ongoing remuneration for the
completion of the Term. For greater certainty, the Corporation is only obligated
to pay the Consultant the Initial Term Fee up to and including the completion of
the Initial Term, without any further payment obligations to the Consultant on
the part of the Corporation for Services rendered to the Corporation by the
Consultant through to completion of the Term. 

Expenses and out-of-pocket costs: 

Pursuant to sections 3.3 and 3.4 of the Consulting Services
Agreement, the Corporation shall pay the Consultant for its expenses and
out-of-pocket costs during the Initial Term. All expenses and out-of-pocket
costs will be paid within fifteen (15) days of the Consultant forwarding the
receipts to the Corporation. 

Options: 

The Corporation shall grant the Consultant 250,000 incentive
stock options (the “Options”). The Options will have an exercise term of
5 years from the date of the grant and the exercise price at US$0.10 per share
if market conditions permit.

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