LEXARIA BIOSCIENCE CORP. (OTCMKTS:LXRP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Entry into Compensatory Arrangements

On April 5, 2019 Lexaria Bioscience Corp. either directly or through its subsidiaries (collectively the “Lexaria Group”) entered into contractual agreements, having a retroactive effective date of January 1, 2019, with each of its President and Chief Executive Officer, either individually or via their respective wholly-owned company (the “Officers”). The entrance into these agreements provides the Lexaria Group with the security of having its key personnel committed to the Lexaria Group’s goals for a three year term. The combined compensation payable or issuable by the Lexaria Group to each of the Officers is as follows:

John Docherty – President – CDN$300,000 annually (the “Docherty Compensation”); a bonus of up to 50% of the Docherty Compensation on the basis of certain performance criteria being met, as established by the board of directors; a one-time bonus equal to 2% of the consideration received for the sale of any subsidiary company of Lexaria Bioscience Corp. excluding certain circumstances; certain compensation to be paid upon a change of control excluding certain circumstances; and participation in the Lexaria Bioscience Corp. stock option plan.

Chris Bunka – Chief Executive Officer – CDN$350,000 annually (the “Bunka Compensation”); a bonus of up to 50% of the Bunka Compensation on the basis of certain performance criteria being met, as established by the board of directors; a one-time bonus equal to 2% of the consideration received for the sale of any subsidiary company of Lexaria Bioscience Corp. excluding certain circumstances; certain compensation to be paid upon a change of control excluding certain circumstances; and participation in the Lexaria Bioscience Corp. stock option plan

Item 8.01Other Events

Lexaria has, effective April 5, 2019, cancelled 1,140,000 stock options having exercise prices ranging from US$0.10 to US$2.06.

Item 9.01Financial Statements and Exhibits

Lexaria Bioscience Corp. Exhibit
EX-99.1 2 lxrp_ex991.htm EX – 99.1 lxrp_ex991.htmEXHIBIT 99.1   Lexaria Bioscience Renews Contracts with Senior Management and Cancels Options.   Kelowna,…
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About LEXARIA BIOSCIENCE CORP. (OTCMKTS:LXRP)

Lexaria Bioscience Corp., formerly Lexaria Corp., is a food sciences company. The Company is focused on the delivery of cannabinoid compounds procured from legal, agricultural hemp, through gourmet foods based upon its infusion technologies. Its food sciences activities include the development of its nutrient infusion technologies for the production of superfoods, and the production of food products under its two consumer product brands, ViPova and Lexaria Energy. Its technology is developed to aid absorption and bioavailability of various payload molecules, including cannabinoids, such as cannabidiol (CBD) and tetrahydrocannabinol (THC). Its range of flavors to the ViPova family, are available in 8 to 32 bag portions: Decaf English Breakfast, Earl Grey, Herbal Bengal Chai, Herbal Cherry Black Tea, Herbal Masala Chai, Low-Caf Organic Evening Green Tea and ViPova Light. It produces and sells edible consumer products infused with cannabidiol and available for sale in over 50 states.