<SEC-DOCUMENT>0001062993-14-007212.txt : 20141222
<SEC-HEADER>0001062993-14-007212.hdr.sgml : 20141222
<ACCEPTANCE-DATETIME>20141222114746
ACCESSION NUMBER:		0001062993-14-007212
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20141222
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141222
DATE AS OF CHANGE:		20141222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEXARIA CORP.
		CENTRAL INDEX KEY:			0001348362
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				202000871
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52138
		FILM NUMBER:		141302094

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 604 - 700 WEST PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8
		BUSINESS PHONE:		604-602-1675

	MAIL ADDRESS:	
		STREET 1:		SUITE 604 - 700 WEST PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1G8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Lexaria Corp.
		DATE OF NAME CHANGE:	20051229
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>


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   <TITLE> Lexaria Corp.: Form 8-K - Filed by newsfilecorp.com</TITLE>

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<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
</B></P>
<P align=center><B>FORM 8-K </B></P>
<P align=center>Current Report <BR>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left colSpan=2 bordercolor="#000000">Date of
      Report (date of earliest event reported): December 22, 2014 </TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" align=left width="34%" bordercolor="#000000">&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=3 style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1" bordercolor="#000000">&nbsp;<B>LEXARIA CORP.</B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=center colSpan=3 bordercolor="#000000">(Exact
      name of registrant as specified in its charter) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center bordercolor="#000000">Nevada </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="34%" bordercolor="#000000">000-52138 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="34%" bordercolor="#000000">20-2000871 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center bordercolor="#000000">(State or other jurisdiction of </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="34%" bordercolor="#000000">(Commission File Number) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center width="34%" bordercolor="#000000">(IRS Employer Identification No.) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center bordercolor="#000000">incorporation) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="34%" bordercolor="#000000">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="34%" bordercolor="#000000">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1"
    align=left colSpan=2 bordercolor="#000000">#950 &#150; 1130 West Pender Street, Vancouver, British
      Columbia, Canada V6E 4A4 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="34%" bordercolor="#000000">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: 1px solid #000000; BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1"
    align=left colSpan=2 bordercolor="#000000">Registrant's telephone number, including area code:
      (604) 602-1675 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="34%" bordercolor="#000000">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1" align=center
      colSpan=3 bordercolor="#000000">(Former name or former address, if changed since last report.)
    </TD></TR></TABLE>
<P align=justify>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions: </P>
<P align=justify>[&nbsp;&nbsp; ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425) </P>
<P align=justify>[&nbsp;&nbsp; ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a -12) </P>
<P align=justify>[&nbsp; &nbsp;] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) </P>
<P align=justify>[&nbsp;&nbsp; ] Pre-commencement communications pursuant to
Rule 13e-4(c) under Exchange Act (17 CFR 240.13e -4(c)) </P>
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<P align=justify><B>Item 1.01 Entry into a Material Agreement Item 3.02
Unregistered Sales of Equity Securities Item 5.02. Appointment of Principal
Officers.</B></P>
<P align=justify>On December 22, 2014, the Company appointed Thomas Ihrke as
Vice President of US Operations. The Company executed an eighteen month
consulting contract with Mr. Ihrke with a monthly compensation of $3,000.</P>
<P align=justify>The Company on June 11, 2014 had adopted the 2014 Stock Option
Plan. Based on this original Stock Option Plan, on December 22, 2014, the
Company has granted 1,425,000 stock options to Directors, Officers and
consultants. The exercise price of the stock options is $0.11, 1,125,000 vesting
immediately, 100,000 vesting in six month, and 100,000 vesting in 12 months
expiring on December 22, 2019. </P>
<P align=justify>The following are the recipients and the options granted: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Chris Bunka </TD>
    <TD align=left width="50%" bgColor=#e6efff>500,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bal Bhullar </TD>
    <TD align=left width="50%">500,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Nicholas Baxter </TD>
    <TD align=left width="50%" bgColor=#e6efff>100,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Thomas Ihrke</TD>
    <TD align=left width="50%">300,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Allan Spissinger </TD>
    <TD align=left width="50%" bgColor=#e6efff>25,000
</TD></TR></TABLE></DIV>
<P align=justify>The securities referred to herein will not be and have not been
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements. </P>
<P align=justify><B>Item 7.01 Regulation FD Disclosure. </B></P>
<P align=justify>A copy of the news release announcing the stock options and
agreement is filed as exhibit 99.1 to this current report and is hereby
incorporated by reference. </P>
<P align=justify><B>ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. </B></P>
<P align=justify>(d) Exhibits.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Exhibit No.</B> </TD>
    <TD align=left width="92%"><B>Description</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp; </TD>
    <TD width="92%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit10-1.htm">10.1 </a> </TD>
    <TD align=left width="92%" bgColor=#eeeeee><a href="exhibit10-1.htm"><B>Form of Stock Option
      Agreement dated December 22, 2014</B> </a> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit10-2.htm">10.2 </a> </TD>
    <TD align=left width="92%"><a href="exhibit10-2.htm"><B>Consulting Agreement with Thomas Ihrke</B>
    </a>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-1.htm">99.1 </a> </TD>
    <TD align=left width="92%" bgColor=#eeeeee><B><a href="exhibit99-1.htm">Press Release dated December
      22, 2014</a></B> </TD></TR></TABLE>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P>
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<P align=justify>Dated: December 22, 2014 </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="92%" colSpan=2>Lexaria Corp. </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-right-style: none; border-right-width: medium" >(Signature) </TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left width="46%">By:
    <u>&#147;<I>/s/ Chris Bunka&#148;</I></u></TD>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=right
      width="46%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-right-style: none; border-right-width: medium" >&nbsp; </TD>
    <TD align=left width="92%" colSpan=2 style="border-style: none; border-width: medium">Chris Bunka </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="92%" colSpan=2 style="border-top-style: none; border-top-width: medium">President &amp; CEO
</TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>



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   <TITLE> Lexaria Corp.: Exhibit 10.1 - Filed by newsfilecorp.com</TITLE>

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<P align=center><B>LEXARIA CORP. <BR></B><BR><B><U>NOTICE OF GRANT</U></B>
<BR></P>
<P align=justify>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.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Name: ______________________________________________________________________</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Address:
  ____________________________________________________________________</TD></TR></TABLE>
<P align=justify>You have been granted an option (the &#147;<B>Option</B>&#148;) to
purchase Common Stock of the Corporation, subject to the terms and conditions of
the Plan and the attached Stock Option Agreement, as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="20%" >Date of Grant: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="85%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="20%" >Vesting Commencement Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="85%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="20%" >Option Price per Share: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="85%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="20%" >Total Number of Shares Granted: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="85%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="20%" >Total Option Price: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="85%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="20%" >Type of Option: </TD>
    <TD align=left width="85%">_________________Incentive Stock Option </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp; </TD>
    <TD align=left width="85%">_________________Nonqualified Stock Option
  </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="20%" >Term/Expiration Date: </TD>
    <TD align=left width="85%">____________________&nbsp;years after Date of
      Grant </TD></TR></TABLE>
<P align=justify><U>Vesting Schedule</U>: </P>
<P align=justify>The Option shall vest, in whole or in part, in accordance with
the following schedule: </P>
<P align=justify><B>[insert vesting schedule OR N/A] </B></P>
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<P align=center><B>LEXARIA CORP. </B></P>
<P align=center><B>2014 Stock Option Plan </B></P>
<P align=center><B><U>STOCK OPTION AGREEMENT</U></B> </P>
<P align=left>This <B>STOCK OPTION AGREEMENT </B>(&#147;<B>Agreement</B>&#148;), dated as
of the ________________day of __________, 201 is made by and between <B>LEXARIA
CORP.</B>, a Nevada corporation (the &#147;<B>Corporation</B>&#148;), and _________________________&nbsp;(the &#147;<B>Optionee</B>,&#148; 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). </P>
<P align=center><B>BACKGROUND </B></P>
<P align=justify>Pursuant to the Corporation&#146;s 2014 Stock Option Plan (the
&#147;<B>Plan</B>&#148;), 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
&#147;<B>Committee</B>&#148;), approved the issuance to the Optionee, <B></B>share options
at <B>$ </B>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
&#147;<B>Option Price</B>&#148;) set forth in the attached Notice of Grant (which is
expressly incorporated herein and made a part hereof, the &#147;<B>Notice of
Grant</B>&#148;), upon the terms and conditions hereinafter set forth. </P>
<P align=justify><B>NOW, THEREFORE</B>, in consideration of the mutual premises
and undertakings hereinafter set forth, the parties hereto agree as follows:
</P>
<P
align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Option; Option Price</U></B>. On behalf of the Corporation, the Committee
hereby grants to the Optionee the option (the &#147;<B>Option</B>&#148;) 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 &#147;<B>Optioned Shares</B>&#148;). If
designated in the Notice of Grant as an &#147;incentive stock option,&#148; the Option is
intended to qualify for Federal income tax purposes as an &#147;incentive stock
option&#148; 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. </P>
<P
align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Term</U></B><B>. </B>The term (the &#147;<B>Option Term</B>&#148;) 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. </P>
<P align=center>1 </P>
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<P
align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Time of Exercise</U></B>.</P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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. </P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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. </P>
<P
align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Termination of Option</U></B>. </P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Optionee may exercise the Option (but only to the extent the Option was
exercisable at the time of termination of the Optionee&#146;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&#146;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&#146;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. </P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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. </P>
<P align=center>2 </P>
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<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Procedure for Exercise</U></B>. </P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 <U>Exhibit A</U> hereto (the &#147;<B>Notice</B>&#148;) from the Optionee to
the Secretary of the Corporation, which Notice shall: </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
state that the Optionee elects to exercise the Option; </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
state the number of shares with respect to which the Option is being exercised
(the &#147;<B>Optioned Shares</B>&#148;); </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
state the method of payment for the Optioned Shares pursuant to Section 5(b);
</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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); </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
include any representations of the Optionee required under Section 8(b); </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 </P>
<P style="MARGIN-LEFT: 5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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.</P>
<P style="MARGIN-LEFT: 5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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.
</P>
<P align=justify>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>No Rights as a Stockholder</U></B><B>.</B> 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). </P>
<P align=justify>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B></B><B><U>Adjustments</U></B><B>.</B> 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. </P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Additional Provisions Related to Exercise</U></B>.</P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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. </P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 &#147;<B>Securities Act</B>&#148;), 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 <U>Exhibit B</U>
hereto and (ii) to make such other representations and warranties as are deemed
appropriate by counsel to the Corporation.</P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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. </P>
<P style="text-indent:5%"
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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
<I>Securities Exchange Act</I> <I>of 1934</I>, 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. </P>
<P align=justify>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>No Evidence of Employment or Service</U></B><B>.</B> 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&#146;s Business Relationship or to increase
or decrease the Optionee&#146;s compensation at any time. </P>
<P align=justify>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Restriction on Transfer</U></B><B>.</B> 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 &#147;transfer&#148; and
&#147;dispose&#148; 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. </P>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Specific Performance</U></B>. 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.
</P>
<P align=justify>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Disqualifying Dispositions</U></B>. 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 &#147;<B>Disqualifying Disposition</B>&#148;), 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. </P>
<P align=justify>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Notices</U></B><B>. </B>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: </P>
<P style="MARGIN-LEFT: 5%" align=justify>if to the Optionee, to the address (or
telecopy number) set forth on the Notice of Grant; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>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. </P>
<P align=justify>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,
&#147;Business Day&#148; 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.</P>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=justify>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Representations and Warranties. </U></B>The Optionee hereby represents and
warrants to and covenants with the Corporation (which representations,
warranties and covenants shall survive the closing) that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>the Optionee is a director, officer, employee or
      consultant of the Corporation or subsidiary of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>if the Optionee is a consultant and resident in Canada,
      the Optionee:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="4%">1) </TD>
    <TD>
      <P align=justify>is engaged to provide services to the Corporation or a
      related entity of the Corporation, other than services provided in
      relation to a distribution,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="4%">2) </TD>
    <TD>
      <P align=justify>provides the services under a written contract with the
      Corporation or a related entity of the issuer, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="4%">3) </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>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;</P></TD></TR></TABLE>
<P align=justify>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>No Waiver</U></B><B>. </B>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. <B><U>Optionee
Undertaking</U></B><B>. </B>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. </P>
<P align=justify>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Modification of Rights</U></B><B>.</B> The rights of the Optionee are
subject to modification and termination in certain events as provided in this
Agreement and the Plan. </P>
<P align=justify>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Governing Law</U></B><B>.</B> 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. </P>
<P align=justify>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Counterparts; Facsimile Execution</U></B><B>. </B>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. </P>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_8></A>
<P align=justify>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Entire Agreement</U></B><B>. </B>This Agreement (including the Notice of
Grant) and the Plan, and, upon execution, the Notice and Investment
Representation Statement, constitute the entire agreement between the parties
with respect to the subject matter hereof, and supersede all previously written
or oral negotiations, commitments, representations and agreements with respect
thereto. </P>
<P align=justify>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Severability</U></B><B>. </B>In the event one or more of the provisions of
this Agreement should, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Agreement, and this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had
never been contained herein.</P>
<P align=justify>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>WAIVER OF JURY TRIAL</U></B><B>.</B> THE OPTIONEE HEREBY EXPRESSLY,
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. </P>
<P align=center>[signature page follows] </P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P style="MARGIN-LEFT: 5%" align=justify><B>IN WITNESS WHEREOF</B>, the parties
hereto have executed this Option Agreement as of the date first written above.
</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left><B>LEXARIA CORP.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>By: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Name: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Title: </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Optionee: </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD></TR></TABLE></DIV>
<P align=center>8 </P>
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<P align=center><B><U>NOTE RE: EXHIBITS</U></B> <BR><BR><B>EXHIBITS A AND B ARE
TO BE SIGNED <BR></B><BR><B><U>WHEN OPTIONS ARE EXERCISED,</U></B><B>
<BR></B><BR><B><U>NOT WHEN OPTION AGREEMENT IS SIGNED</U></B><B>.</B> </P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><BR>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_11></A>
<P align=center><B><U>EXHIBIT A</U></B> <BR><BR><B>LEXARIA CORP.
<BR></B><BR><B>2014 Stock Option Plan <BR></B><BR><B><U>EXERCISE NOTICE</U></B>
<BR></P>
<P align=justify><B>LEXARIA CORP.</B> <BR>Attention: Chief Executive Officer
</P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Exercise of Option</U>. Effective as of today, _______________________, 20__
, the undersigned (the &#147;<B>Optionee</B>&#148;) hereby elects to exercise the
Optionee&#146;s option to purchase ________________shares of the Common Stock (the
&#147;<B>Shares</B>&#148;) of LEXARIA CORP. (the &#147;<B>Corporation</B>&#148;) under and pursuant
to the 2014 Stock Option Plan (the &#147;<B>Plan</B>&#148;) and the Stock Option Agreement
dated (the &#147;<B>Stock Option Agreement</B>&#148;), with the purchase of the Shares to
be consummated on _________________, ____ (the &#147;<B>Effective</B> <B>Date</B>&#148;),
which date is prior to the termination of the Option and no later than 30 days
from the date of delivery of this Notice. </P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Representations of the Optionee</U>. 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.</P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Rights as Shareholder; Shares Subject to Stockholders Agreement</U>. 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&#146;s agreement to be so bound. </P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Tax Consultation</U>. The Optionee understands that the Optionee may suffer
adverse tax consequences as a result of the Optionee&#146;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. </P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Successors and Assigns</U>. 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. </P>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Interpretation</U>. 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. </P>
<P align=justify>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Governing Laws: Severability</U>. 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.
</P>
<P align=justify>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notices</U>. 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. </P>
<P align=justify>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Further Instruments</U>. 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. </P>
<P align=justify>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Delivery of Payment</U>. The Optionee herewith delivers to the Corporation
the full Option Price for the Shares. </P>
<P align=justify>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Entire Agreement</U>. 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. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Submitted by: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="50%">Accepted by: </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >OPTIONEE: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="50%"><B>LEXARIA CORP.</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="50%">By:_____________________________ </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="50%"><BR>Its:______________________________ </TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=right><B><U>EXHIBIT B</U></B><B> </B></P>
<P align=center><B>2014 Stock Option Plan </B></P>
<P align=center><B><U>INVESTMENT REPRESENTATION STATEMENT</U></B><B> </B></P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="20%"><B><font size="2">OPTIONEE:&nbsp; </font> </B></td>
    <td style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td width="20%"><B><font size="2">CORPORATION:</font></B></td>
    <td style="border-bottom-style: solid; border-bottom-width: 1"><B>
    <font size="2">LEXARIA CORP. </font></B></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td width="20%"><B><font size="2">SECURITY:</font></B></td>
    <td style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Common Stock </font></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td width="20%"><B><font size="2">AMOUNT: </font> </B></td>
    <td style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td width="20%">&nbsp;</td>
    <td style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td width="20%"><B><font size="2">DATE: </font> </B></td>
    <td style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
</table>
<P align=justify>In connection with the purchase of the above-listed Securities,
the undersigned Optionee represents to the Corporation the following: </P>
<P style="text-indent:5%"
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Optionee is aware of the Corporation&#146;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&#146;s own account only
and not with a view to, or for resale in connection with, a &#147;distribution&#148;
thereof within the meaning of the Securities Act of 1933, as amended (the
&#147;<B>Securities Act</B>&#148;). </P>
<P style="text-indent:5%"
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Optionee acknowledges and understands that the Securities constitute
&#147;restricted securities&#148; 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&#146;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&#146;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. </P>
<P align=justify>Signature of Optionee: _____________________________<BR></P>
<P align=justify>Date:__________________<BR></P>
<P align=center>1 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exhibit10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>



<HTML>
<HEAD>
   <TITLE>Lexaria Corp.: Exhibit 10.2  - Filed by newsfilecorp.com</TITLE>

</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center>
<img border="0" src="exhibi1.jpg" align="left" width="215" height="108"></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>CONSULTING AGREEMENT </P>
<P align=center>THIS AGREEMENT is made effective this 15<SUP>th</SUP> day of
December, 2014. <BR></P>
<P align=justify>BETWEEN: </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Lexaria Corp.</B>, a body corporate
duly incorporated under the laws of the State of Nevada, and having an Office at
950-1130 W Pender St, Vancouver BC, V6E 4A4;</P>
<P style="MARGIN-LEFT: 5%" align=justify>(hereinafter together or separately
called the "Company") </P>
<P align=right>OF THE FIRST PART </P>
<P align=justify>AND: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Tom Ihrke, an individual residing at 38
Krier Lane, Mount Pleasant, South Caroloina, USA 29464; phone 843 603 6995 </P>
<P style="MARGIN-LEFT: 5%" align=justify>(hereinafter called the "Consultant,"
or, &#147;Consultant&#148;) </P>
<P align=right>OF THE SECOND PART </P>
<P align=justify>WHEREAS: </P>
<P
align=justify>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consultant agrees to serve as <B>Executive Vice President,</B> <B>US Operations
</B>of Lexaria Corp. and to provide services as described below, effective
December 15, 2014; </P>
<P
align=justify>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company is desirous of retaining the consulting services of Consultant as an
executive, on a eighteen (18) month contract basis and the Consultant has agreed
to serve the Company as an independent contractor upon the terms and conditions
hereinafter set forth; </P>
<P align=center>FOR VALUABLE CONSIDERATION it is hereby agreed as follows: </P>
<P
align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Consultant shall serves as <B>Executive Vice President</B> <B>US Operations
</B>of Lexaria Corp. and provide services to the CEO and CFO of the Company, and
perform such tasks in general, including but not limited to, the following: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Research, plan, propose, execute and
close approved projects, acquisitions, mergers and partnerships, as well as locate project finance sources,
all of which create value for the Company. Create clear and attainable project
objectives, manage the project requirements and their constraints being cost,
time, scope and quality. Create, edit and update on an ongoing basis various
correspondence such as Company Powerpoints; letters; business plans or strategic
plans, etc. Create and administer budgets and projections related to proposed or
potential projects and evaluate personnel and financial requirements and
benefits. Administer and manage all operations of PoViva Corp in the USA,
reporting to Lexaria&#146;s CEO; CFO; and Board of Directors. Administer and manage
all employees, junior executives and consultants in their regular needs and
duties. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center bordercolor="#000000">950, 1130 West Pender Street | Vancouver, BC V6E 4A4 |
      Canada | 604.602.1675 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center>- 2 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>General Services. The Consultant shall serve the Company
      (and/or such subsidiary or subsidiaries of the company as the Company may
      from time to time require) in such consulting capacity or capacities as
      may from time to time be determined by resolution of the Board of
      Directors or senior management of the Company and shall perform such
      duties and exercise such powers as may from time be determined by
      resolution of the Board of Directors, as an independent contractor. The
      Consultant will work as needed with lawyers, partners, shareholders and
      other stakeholders as required by the Company.</P></TD></TR></TABLE>
<P
align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By virtue of this Agreement, the Company is expecting, and Consultant is
accepting, the responsibility of working an irregular schedule and quantity of
time on behalf of the Company. Some weeks Consultant may be required to work
more than 50 hours and some weeks Consultant may be required to work fewer than
20 hours in order to fulfill the terms of this Agreement. During the time that
this Agreement remains in effect, the Consultant shall not act in any capacity
whatsoever, directly or indirectly for or for the betterment of any other
non-joint-ventured company, partnership, or project that competes within North
America within the sector of medical marijuana, without the Company&#146;s prior
written consent.</P>
<P align=justify>The basic remuneration of the Consultant for its services
hereunder shall be at the rate of three thousand dollars <B>(US$3,000) per
month</B>, together with any such increments or bonuses thereto as the CEO or
the Board of Directors of the Company may from time to time determine,
<B>payable the 30th day </B>of each calendar month. The Company may pay the
Consultant a bonus from time to time, at its sole discretion. Nothing in this
Agreement confers on the Consultant a direct &#147;Broker&#146;s Interest&#148; in the capital
raising activities of the company; any additional remuneration the Consultant
may receive is based on overall contributions to the betterment of the Company
through the activities enumerated in Paragraph 1, which may, from time to time,
include capital introduction.</P>
<P align=justify>Consultant also to participate in the as-yet uncreated Lexaria
profit sharing plan that will be extended as soon as possible to all employees
and managerial consultants.</P>
<P
align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stock Options. Subject to regulatory approvals, Consultant to receive an award
of 300,000 stock options vesting over the term of this contract and valid for 5
years<U> </U>from date of grant.</P>
<P
align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consultant will be entitled to receive a performance related bonus subject to
similar terms and conditions as for persons participating in any bonus plan that
may be established and approved by the Company&#146;s board of Directors. Any bonus
payable to Consultant will be at the sole discretion of the Company&#146;s Board of
Directors, acting reasonably. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center bordercolor="#000000">950, 1130 West Pender Street | Vancouver, BC V6E 4A4 |
      Canada | 604.602.1675 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center>- 3 - </P>
<P
align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Consultant shall be responsible for the payment of its income and other
taxes and other remittances including but not limited to any form of insurance
as shall be required by any governmental entity (including but not limited
health insurance and federal and state income taxes) , though not including
Director&#146;s and Officer&#146;s insurance which is paid for and provided by the
Company, with respect to compensation paid by the Company to the Consultant, and
nothing in this Agreement implies or creates a relationship of employment. </P>
<P
align=justify>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The terms "subsidiary" and "subsidiaries" as used herein mean any corporation or
company of which more than 50% of the outstanding shares carrying voting rights
at all times (provided that the ownership of such shares confers the right at
all times to elect at least a majority of the Board of Directors of such
corporation or company) are for the time being owned by or held for the Company
and/or any other corporation or company in like relation to the Company and
include any corporation or company in like relation to a subsidiary. </P>
<P
align=justify>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Consultant shall be reimbursed for all travelling and other expenses
actually and properly incurred by it in connection with its duties hereunder,
not including commuting to the office that is the normal place of business. For
all such expenses the Consultant shall furnish to the Company statements,
receipts and vouchers for such out-of-pocket expenses <I>on a monthly basis</I>.
The Consultant is pre-authorized to incur up to $1,500 per month, cumulatively,
in relevant expenses. <B>Amounts over $1,500 per month must be pre-approved by
management </B>of the Company or will be disallowed. Both parties recognize that
as the financial condition of the Company improves or deteriorates, this amount
may be increased or decreased without making changes to this document, provided
the Company makes Consultant aware of the changed amount. </P>
<P
align=justify>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Consultant shall not, either during the continuance of its contract
hereunder or at any time thereafter, disclose the private affairs of the Company
and/or its subsidiary or subsidiaries, or any secrets of the Company and/or its
subsidiary or subsidiaries, to any person other than the Directors of the
Company and/or its subsidiary or subsidiaries or for the Company's purposes and
shall not (either during the continuance of its contract hereunder or at any
time thereafter) use for its own purposes or for any purpose other than those of
the Company any information it may acquire in relation to the business and
affairs of the Company and/or its subsidiary or subsidiaries, unless required by
law. Proprietary Information as that term is used herein shall consist of all
knowledge, data and information which the Consultant may acquire from the
documents and information disclosed to it by the Company, its employees,
attorneys, consultants, independent contractors, clients or representatives
whether orally, in written or electronic form or on electronic media including,
by way of example and not by limitation, any products, customer lists, supplier
lists, marketing techniques, technical processes, formulae, inventions or
discoveries (whether patentable or not), innovations, suggestions, ideas,
reports, data, patents, trade secrets and copyrights, made or developed by the
Company and related data and information related to the conduct of the business
of the Company. Proprietary Information shall also include discussions with
officers, directors, employees, independent contractors, attorneys, consultants,
clients, finance sources, customers or representatives and the fact that such
discussions are taking place. Proprietary Information shall not be directly or
indirectly disclosed to any other person without the prior written approval of
the Company. Proprietary Information shall not include matters of general public
knowledge, information legally received or obtained by the Consultant from a
third party or parties without a duty of confidentiality, and information
independently known or developed by the Consultant without the assistance of the
Company. </P>
<P
align=justify>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Consultant shall well and faithfully serve the Company or any subsidiary as
aforesaid during the continuance of its contract hereunder and use its
best efforts to promote the interests of the Company. The Consultant reserves
the right to refuse any request from the Company which may, in his reasonable
opinion, violate either Federal or State Laws in either the United States or
Canada.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">950, 1130 West Pender Street | Vancouver, BC V6E 4A4 |
      Canada | 604.602.1675 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center>- 4 - </P>
<P
align=justify>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement may be terminated forthwith by the Company or Consultant without
prior notice if at any time: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>The Company or Consultant shall commit any material
      breach of any of the provisions herein contained; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>The Company or Consultant shall be guilty of any
      misconduct or neglect in the discharge of its duties hereunder;
  or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>The Company or Consultant shall become bankrupt or make
      any arrangements or composition with its creditors; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">d) </TD>
    <TD>
      <P align=justify>The Principals of the Company or Consultant shall become
      of unsound mind or be declared incompetent to handle his own personal
      affairs; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">(e) </TD>
    <TD>
      <P align=justify>The Company or Consultant shall be convicted of any
      criminal offence other than an offence which, in the reasonable opinion of
      the Board of Directors of the Company, does not affect their position as a
      Consultant or a director of the Company.</P></TD></TR></TABLE>
<P align=justify>This Agreement may also be terminated by either party upon one
hundred twenty (120) days written notice to the other. Should the Company
terminate this agreement for a reason not enumerated in items 9(a), 9(b), 9(c),
9(d), or 9(e), Consultant will be entitled to all remuneration, as it relates to
transactions which were in process but had not yet closed at the date of his
termination, to which she would have otherwise been entitled for a period of 30
days after the date of his termination. </P>
<P
align=justify>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event this Agreement is terminated by reason of default on the part of
the Consultant or the written notice of the Company, then at the request of the
Board of Directors of the Company, the Consultant shall cause Consultant to
forthwith resign any position or office which she then holds with the Company or
any subsidiary of the Company. The provisions of Paragraph 6 shall survive the
termination of this Agreement for a period of 2 years thereafter. </P>
<P
align=justify>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company is aware that the Consultant may have and may continue to have
financial interests in other companies. The Company agrees that the Consultant
may continue to devote time to such outside interests, provided that such
interests do not conflict with or hinder Consultant&#146;s ability to perform his
duties under this Agreement. </P>
<P
align=justify>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The services to be performed by the Consultant pursuant hereto are personal in
character, to be performed by Mr. Tom Ihrke, and neither this Agreement nor any
rights or benefits arising thereunder are assignable by the Consultant without
the previous written consent of the Company. </P>
<P
align=justify>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With the exception of any previously granted options or restricted stock, any
and all previous agreements, written or oral, between the parties hereto or on
their behalf relating to the agreement between the Consultant and the Company
are hereby terminated and cancelled and each of the parties hereto hereby releases and forever discharges
the other party hereto of and from all manner of actions, causes of action,
claims and demands whatsoever under or in respect of any such previous
agreements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">950, 1130 West Pender Street | Vancouver, BC V6E 4A4 |
      Canada | 604.602.1675 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=center>- 5 - </P>
<P
align=justify>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any notice in writing or permitted to be given to the Consultant hereunder shall
be sufficiently given if delivered to the Consultant personally or mailed by
registered mail, postage prepaid, addressed to the Consultant as its last
residential address known to the Company. Provided any such notice is mailed via
guaranteed overnight delivery, as aforesaid shall be deemed to have been
received by the Consultant on the first business day following the date of
mailing. Any notice in writing required or permitted to be given to the Company
hereunder shall be given by registered mail, postage prepaid, addressed to the
Company at the address shown on page 1 hereof. Any such notice mailed as
aforesaid shall be deemed to have been received by the Company on the first
business day following the date of mailing provided such mailing is sent via
guaranteed overnight delivery. Any such address for the giving of notices
hereunder may be changed by notice in writing given hereunder. </P>
<P
align=justify>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The provisions of this Agreement shall inure to the benefit of and be binding
upon the Consultant and the successors and assigns of the Company. For this
purpose, the terms "successors" and "assigns" shall include any person, firm or
corporation or other entity which at any time, whether by merger, purchase or
otherwise, shall acquire all or substantially all of the assets or business of
the Company. </P>
<P
align=justify>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Every provision of this Agreement is intended to be severable. If any term or
provision hereof is illegal or invalid for any reason whatsoever, such
illegality or invalidity shall not affect the validity of the remainder of the
provisions of this Agreement. </P>
<P
align=justify>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement is being delivered and is intended to be managed from the
Province of British Columbia and shall be construed and enforced in accordance
with, and the rights of the parties shall be governed by, the laws of such
Province. Similarly no provision within this contract is deemed valid should it
conflict with the current or future laws of the United States of America or
current or future regulations set forth by the United States Securities and
Exchange Commission, the British Columbia Securities Commission, or the Ontario
Securities Commission. This Agreement may not be changed orally, but only by an
instrument in writing signed by the party against whom or which enforcement of
any waiver, change, modification or discharge is sought. </P>
<P
align=justify>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement and the obligations of the Company herein are subject to all
applicable laws and regulations in force at the local, State, Province, and
Federal levels in both Canada and the United States. In the event that there is
an employment dispute between the Company and Consultant, Consultant agrees to
allow it to be settled according to applicable Canadian law in an applicable
British Columbia jurisdiction. </P>
<P
align=justify>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any and all potential or actual common share award or stock option award will be
in compliance with all applicable regulations in the USA and Canada.</P>
<P
align=justify>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This contract will expire on June 15, 2016 unless renewed or extended by mutual
written consent of both parties prior to that date. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">950, 1130 West Pender Street | Vancouver, BC V6E 4A4 |
      Canada | 604.602.1675 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 6 - </P>
<P align=justify style="text-indent: 5%">IN WITNESS WHEREOF this Agreement has been executed as of the
day, month and year first above written. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
      >SIGNED by: </TD>
    <TD align=left width="3%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=left width="48%" >&nbsp;</TD></TR>

  <TR>
    <TD style="BORDER-BOTTOM: medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left
      >&nbsp;</TD>
    <TD align=left width="3%" style="border-left-style: none; border-left-width: medium" >&nbsp;</TD>
    <TD align=left width="48%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000"></TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="48%">DATED: </TD></TR>
  <TR vAlign=top>
    <TD align=left style="border-top-style: solid; border-top-width: 1">Chris Bunka, </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>CEO and Director, </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lexaria Corp </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="48%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="48%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>SIGNED by: </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="3%"  >&nbsp;</TD>
    <TD width="48%">DATED: </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="48%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Tom Ihrke </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Executive Vice President, Lexaria Corp </TD>
    <TD align=left width="3%"  >&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD></TR></TABLE><BR>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center style="border-top-style: solid; border-top-width: 1" bordercolor="#000000">950, 1130 West Pender Street | Vancouver, BC V6E 4A4 |
      Canada | 604.602.1675 </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>



<HTML>
<HEAD>
   <TITLE> Lexaria Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>

</HEAD>

<BODY style="font-size:10pt;">

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<!--$$/page=-->
<A name="page_1"></A>

<P align="center">
<B>ViPova</B><B><SUP>TM</SUP></B><B> by Lexaria Announces New President </B></P>
<P align="justify">
Kelowna, BC / December 22 , 2014 / Lexaria, Corp. (LXRP) (CSE:LXX) (the &ldquo;Company&rdquo;), as part of its broader business transition into the alternative health industry, is pleased to announce it has hired Tom Ihrke as President of its U.S.
subsidiary to oversee the rollout and sale of its ViPova<SUP>TM</SUP> brand, CBD infused teas. Lexaria has also named Tom as Executive Vice President of U.S. Operations of Lexaria Corp. </P>
<P align="justify">
Tom has been working with Lexaria as a part time consultant over the last eight years. Tom&rsquo;s extensive experience investing in and advising small companies will prove extremely valuable to Lexaria as it enters the exciting and fast growing
alternative health industry. In addition to advising Lexaria with its business strategy and capital market activities Tom will oversee all aspects of the ViPova Brand, including the day to day business, operations, sales and marketing. The
company&rsquo;s goal is to develop internationally recognized lines of healthy food and beverage products, initially focusing on tea and coffee. </P>
<P align="justify">
&ldquo;I&rsquo;m very pleased to welcome Tom to our executive management team. He is a highly skilled and effective manager who is clearly able to take ViPova<SUP>TM</SUP> to another level, and help us as we expand our brands and offerings in the
CBD sector,&rdquo; said Chris Bunka, CEO of Lexaria Corp.  </P>
<P align="justify">
ViPova<SUP>TM</SUP> uses only legal CBD oil extracts, grown from legal hemp in locations where it is legal to do so, in ViPova<SUP>TM</SUP>-branded tea. ViPova<SUP>TM</SUP> uses its
patent-pending process to infuse concentrated amounts of CBD within lipids in its tea, providing more bioactivity and comfort to the body during the absorption process. Only ViPova<SUP>TM</SUP> has this ground-breaking technology for CBD/lipid
infusion.</P>
<P align="justify">
As well, Lexaria announces it has granted a total of 1,425,000 stock options to a number of executives, directors and consulting employees, all priced at US&#36;0.11. The Company makes note that 850,000 existing options are due to expire on January
20, 2015 unless exercised before then.  </P>
<P align="justify">
All issued shares will be subject to a hold period, for any resale into the USA under Rule 144, of six months and one day. The share issuance is subject to normal regulatory approvals. <B>The securities
referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
</B></P>
<P align="justify">
About Lexaria </P>
<P align="justify">
Lexaria's shares are quoted in the USA with symbol LXRP and in Canada with symbol LXX. The company searches for projects that could provide potential above-market returns. </P>
<P align="justify">
To learn more about Lexaria Corp. visit www.lexariaenergy.com. </P>

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<!--$$/page=--><A name=page_2></A>
<P align=justify>FOR FURTHER INFORMATION PLEASE CONTACT:</P>
<P align=justify>Lexaria Corp. <BR>Chris Bunka <BR>Chairman &amp; CEO <BR>(250)
765-6424 </P>
<P align=justify>FORWARD-LOOKING STATEMENTS </P>
<P align=justify>This release includes forward-looking statements. Statements
which are not historical facts are forward-looking statements. The Company makes
forward-looking public statements concerning its expected future financial
position, results of operations, cash flows, financing plans, business strategy,
products and services, competitive positions, growth opportunities, plans and
objectives of management for future operations, including statements that
include words such as "anticipate," "if," "believe," "plan," "estimate,"
"expect," "intend," "may," "could," "should," "will," and other similar
expressions are forward-looking statements. Such forward-looking statements are
estimates reflecting the Company's best judgment based upon current information
and involve a number of risks and uncertainties, and there can be no assurance
that other factors will not affect the accuracy of such forward-looking
statements. Access to capital, or lack thereof, is a major risk and there is no
assurance that the Company will be able to raise required working capital.
Current oil and gas production rates may not be sustainable and targeted
production rates may not occur. Factors which could cause actual results to
differ materially from those estimated by the Company include, but are not
limited to, government regulation, managing and maintaining growth, the effect
of adverse publicity, litigation, competition and other factors which may be
identified from time to time in the Company's public announcements and filings.
There is no assurance that the medical marijuana, CBD sector, or alternative
health businesses will provide any benefit to Lexaria, or that the Company will
experience any growth through participation in these sectors. There is no
assurance that existing capital is sufficient for the Company's needs or that it
will need to attempt to raise additional capital. There is no assurance that any
cannabinoid-based product will promote, assist, or maintain any beneficial human
health conditions whatsoever. No statement herein has been evaluated by the Food
and Drug Administration (FDA). ViPova<SUP>TM</SUP> products are not intended to
diagnose, treat, cure or prevent any disease. </P>
<P align=justify><I>The CSE has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. </I></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
