- LXRP CEO Chris Bunka and President John Docherty have agreed to new, three-year contracts
- The new contract agreements are designed to provide management security with continuity of key officers
- The company recently canceled 1,140,000 stock options after negotiations with optionees
Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) has successfully negotiated new three-year compensation contracts with key officers Chris Bunka, CEO, and John Docherty, president. The agreements offer LXRP and its shareholders the security of pursuing corporate growth within a seamless transition by providing management continuity. The renewal agreements are retroactive to January 1, 2019 (http://ibn.fm/V8SmJ).
The agreements offer both officers compensation and bonuses based on meeting certain performance criteria established by the LXRP board. The agreements also offer a one-time bonus based on consideration for the sale of any subsidiary or change of control, excluding certain circumstances, as well as continuing participation in the LXRP stock option plan.
LXRP also announced that, effective April 5, 2019, the company was canceling 1,140,000 stock options with exercise prices ranging from $0.10 to $2.06 after reaching agreements with certain optionees.
Based in British Columbia, Canada, LXRP is a biotechnology company and drug-delivery platform innovator, with DehydraTECH as its proprietary absorption technology platform. The company has developed and out-licenses its disruptive technology, which promotes healthier ingestion methods and lower overall dosing. LXRP holds a patent for oral delivery of all cannabinoids and has a growing IP portfolio that includes 10 patents granted in the United States and Australia and more than 50 patent applications worldwide across 10 patent families.
For more information, visit the company’s website at www.LexariaBioscience.com
NOTE TO INVESTORS: The latest news and updates relating to LXRP are available in the company’s newsroom at http://ibn.fm/LXRP
