SEC Contract Filing

Filing Date: 2024-11-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>2
<FILENAME>lxrp_ex109.htm
<DESCRIPTION>EXECUTIVE EMPLOYMENT
<TEXT>
<html><head><title>lxrp_ex109.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 10.9</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>EXECUTIVE EMPLOYMENT AGREEMENT</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">THIS EXECUTIVE EMPLOYMENT AGREEMENT (this &#8220;<strong>Agreement</strong>&#8221;) dated as of the 31st day of August, 2024.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">BETWEEN:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px">Lexaria Bioscience Corp. having an address at: 100 &#8211; 740 McCurdy Road, Kelowna, BC V1X 2P7</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">(&#8220;<strong>LBC</strong>&#8221;)</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">AND:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px">Richard Christopher of [xx]<sup style="vertical-align:super">1</sup></p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px">(the &#8220;<strong>Executive</strong>&#8221;)</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">WHEREAS LBC serves as the Nasdaq listed parent company of the following subsidiaries: Kelowna Management Services Corp. (&#8220;<strong>KMSC</strong>&#8221;), Poviva Corp. (&#8220;<strong>Poviva</strong>&#8221;), Lexaria CanPharm ULC (&#8220;<strong>CanPharm</strong>&#8221;), Lexaria Nicotine LLC (&#8220;<strong>Nicotine</strong>&#8221;), Lexaria Pharmaceutical Corp. (&#8220;<strong>Pharma</strong>&#8221;), Lexaria Hemp Corp. (&#8220;<strong>Hemp</strong>&#8221;), Lexaria CanPharm Holding Corp. (&#8220;<strong>Holding</strong>&#8221;), Lexaria Nutraceutical Corp. (&#8220;<strong>Nutra</strong>&#8221;) and such future subsidiary companies of LBC (&#8220;<strong>FutureCos</strong>&#8221;). Collectively LBC, KMSC, Poviva, CanPharm, Nicotine, Pharma, Hemp, Holding, Nutra and FutureCos are referred to herein as the &#8220;<strong>Company</strong>&#8221;.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">WHEREAS, the Executive has expertise with acting in the capacity as a Chief Financial Officer, Vice President and Chief Operating Officer for US publicly listed companies in addition to expertise with investor relations, capital fund raising and the biotechnology industry;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">AND WHEREAS LBC wishes to engage the Executive as its Chief Executive Officer, and the Executive wishes to be employed as Chief Executive Officer, or such other title mutually agreeable to the Company and the Executive, on the terms set out in this Agreement;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">NOW THEREFORE, conditional upon the covenants and agreements set out in this Agreement; and other good and valuable consideration given by each party to the other, the receipt and sufficiency of which are hereby acknowledged by each of the parties, the parties hereby agree as follows: </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">1. <strong><u>EMPLOYMENT</u></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">1.1. <strong><u>Position</u> &#8211; </strong>LBC will employ the Executive in the position of Chief Executive Officer of the Company. The Executive will collaborate with the president and report to the Board of Directors of LBC (the <strong>&#8220;Board&#8221;</strong>) or to a committee designated thereby. The Executive will be responsible for and will perform the duties as set out in <strong>Schedule &#8220;A&#8221;</strong> to this Agreement, as well as any other duties as reasonably may be assigned to the Executive by LBC from time to time, which may include duties in relation to affiliates or subsidiaries of LBC. LBC may make non-material changes, with notice, to the duties and responsibilities of the Executive in accordance with the Company&#8217;s business needs and, provided the Executive&#8217;s duties and responsibilities remain commensurate to the duties and responsibilities customary to a Chief Executive Officer of a corporation engaged in a business similar to t