STOCK OPTION AGREEMENT
LEXARIA CORP.
THIS AGREEMENT
is made this 7 th day of July, 2009, between Lexaria
Corp., a Nevada corporation (the “Corporation”) and
(the “Option Holder”).
1.
Grant of Option
. The Corporation hereby grants to the Option Holder an
option to purchase shares of its common stock (the
“Shares”) in the amounts and upon the terms set forth
below.
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Relationship to Corporation
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No. of Shares Issuable Upon Exercise of Options
(1)
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Option Exercise Price
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Date Options are First Exercisable
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Expiration Date of Option (2)
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$0.20
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July 8,
2009
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July 20,
2011
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(1)
The options were granted pursuant to the Corporation’s 2007
Equity Incentive Plan (the “Plan”). To the extent
applicable, the provisions of the Plan shall be deemed a part of
this Agreement.
(2)
Expiration date is subject to the provisions of Section
4.
2.
Time of Exercise of Option
. Subject to the provisions of Section 4 regarding
termination of the option, the options granted may be exercised at
any time after the date(s) indicated in Section 1 of this Agreement
and prior to the Expiration Date of the option.
3.
Method of Exercise
. The option shall be exercised by written notice directed to
the Corporation, at the Corporation’s principal place of
business, accompanied by check, cash, bank draft or money order
payable to the Corporation in payment of the option price for the
number of Shares specified. The Corporation shall make prompt
delivery of such Shares, provided that if any law or regulation
requires the Corporation to take any action with respect to the
Shares specified in such notice before the issuance thereof, then
the date of delivery of such Shares shall be extended for the
period necessary to take such action.
4.
Termination of Option
. Except as herein otherwise stated, the option, to the
extent not previously exercised, shall terminate upon the first to
occur of the following events:
(a)
any event provided by the Plan pursuant to which the option was
granted (i.e. death, disability, etc.);
(b)
the expiration of the option as provided in Section 1;
(c)
if the Corporation terminates the Option Holder’s
directorship or office with the Corporation for just cause, then
the options granted to the Option Holder will expire on the earlier
of:
(i)
the expiration of the option as provided in Section 1;
and
(ii)
the date that is 30 days after the date of such
termination,
provided that the O
