Lexaria Corp. Advisory Board Appointment and Compensation Agreement with Jeff Paikin
Lexaria Corp. appoints Jeff Paikin to its Advisory Board for at least one year, with the term and compensation tied to specific performance milestones. Mr. Paikin will provide expertise in project evaluation, building selection, and finance to support Lexaria’s activities in the legal marijuana sector. In return, he will receive up to 525,000 restricted common shares, awarded upon achieving milestones such as municipal and Health Canada approvals, first harvest, and revenue targets. Share issuance is subject to regulatory compliance and continued service on the Advisory Board.
Mr. Jeff Paikin
400-69 John St. South
Hamilton, ON L8N 2B9
P - 905 ###-###-####
April 10, 2014
Dear Mr. Paikin,
This letter confirms your appointment to, and your acceptance of, your role as a member of Lexaria Corp.'s Advisory Board for a period of not less than one year, but to be determined by certain performance thresholds as noted below.
As an advisor to Lexaria Corp, you agree to make available to the Board of Directors of Lexaria and to myself as President/CEO of Lexaria, your time and expertise as required to assist us to evaluate opportunities and procedures in the legal marijuana sector. We would expect your expertise in the areas of project evaluation; building selection; finance and such other areas as you feel best represent your abilities.
In return for your agreeing to assist us in this manner, we will pay to you the following schedule of compensation for your participation on our Advisory Board, to a total of 525,000 restricted common shares. Any/all shares issued must be in compliance with all Canadian and US regulations, and you must remain a member of our Advisory Board at the time of each compensation award.
The table below represents milestones to be achieved at the building location known to you and to Lexaria Corp, but not disclosed herein due to reasons of competitiveness within the industry. It is understood that the plant will be outfitted and designed to produce medical marijuana under Health Canada’s MMPR program.
| Shares On Signing | Shares On Municipal Approval | Shares On Health Canada Approval | Shares on First Harvest | Shares on $5,000,000 in Plant Revenue |
| 110,000 | 55,000 | 110,000 | 165,000 | 137,500 |
We very much appreciate your time and expertise and believe you can make a valuable contribution to Lexaria's success.
If this is acceptable to you, please sign this letter as specified below, and return to me via scan at ***@***, at your earliest convenience.
Yours Truly,
Chris Bunka
CEO
Lexaria Corp
________________________
Accepted: Jeff Paikin
