Filed by Automated Filing Services Inc. (604) 609-0244 - Itonis Inc. - Exhibit 10.3






EXHIBIT 10.3 

OPTION AGREEMENT 

THIS OPTION AGREEMENT dated as of the 23rd day of
October, 2007. 

BETWEEN: 

ITONIS INC., a company
incorporated pursuant to the laws of the 
State of Nevada, U.S.A., having an
office at Klimentska 10, 110 00 
Prague 1, Czech Republic 

(“ITonis”) 

OF THE FIRST PART 

AND: 

IOCEAN MEDIA LIMITED, a company
incorporated and 
registered in the British Virgin Islands with company

number 1024086 and having a registered office at Portcullis 
TrustNet
Chambers, P.O. Box 3444, Road Town, Tortola, British 
Virgin Islands 

(“iOcean”) 

OF THE SECOND PART 

WHEREAS: 

A.          
ITonis, iOcean and Aquos Media Limited (“Aquos”), a wholly-owned subsidiary of
iOcean, entered into a Share Purchase Agreement dated September 8, 2007 (the
“Share Purchase Agreement”) pursuant to which ITonis agreed to acquire all of
the issued and outstanding shares of Aquos (the “Aquos Shares”) in consideration
for the issuance by ITonis to iOcean of that number of shares of ITonis
representing 49% of the issued and outstanding shares of ITonis on the closing
date (the “Optioned Shares”), and conditioned upon certain IPTV licenses and
permits (the “Licences and Permits”) to be acquired for the IPTV Platform, as
provided in the Share Purchase Agreement; and 

B.          
Pursuant to the Share Purchase Agreement, iOcean has agreed to enter into this
Option Agreement to provide ITonis with the right and option to repurchase the
Aquos Shares from iOcean in the event that Aquos has not secured all the
Licences and Permits by December 31, 2007. 

NOW THEREFORE in consideration of the sum of $1.00 now
paid by each party hereto to the other, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by
each party, the parties hereto covenant and agree as follows: 




PART 1 

OPTION TO PURCHASE OPTIONED SHARES 

Option to Purchase 

1.1          
iOcean hereby grants to ITonis the option (the “Option”) to acquire, at
any time during the period described in §1.3 hereof, the Optioned Shares on the
terms and conditions herein contained and for the consideration as set forth in
§1.5 hereof. 

1.2          
ITonis shall not, as a result of this Agreement, have any right, title or
interest whatsoever in any of the Optioned Shares until the Option is exercised.


Option Period 

1.3          
Subject to the terms and conditions hereof, ITonis shall have the right and
option to purchase all of the Optioned Shares, during the one month period after
December 31, 2007 (the “Option Period”) if all the Licenses and Permits
have not been issued by December 31, 2007. 

1.4          
The Option hereby granted shall expire forthwith and be of no further effect on
the expiration of the Option Period. 

Option Price 

1.5          
The consideration for the Optioned Shares shall be an assignment of the Aquos
Shares purchased by ITonis to iOcean. 

Exercise of Option 

1.6          
In order to exercise the Option, ITonis shall deliver to iOcean a notice of
exercise in the form attached hereto as Schedule A (the “Notice”) and an
executed assignment of the Aquos Shares to iOcean. 

1.7          
Upon receipt of the Notice and the executed assignment of the Aquos Shares,
iOcean shall cause the Optioned Shares to be assigned to ITonis within 30 days
of receipt of the Notice and executed assignment of the Aquos Shares. 

PART 2 
NOTICE 

2.1          
Any notice, consent, waiver, direction or other communication required or
permitted to be given under this Agreement by a party hereto will be in writing
and will be delivered by hand to the party to which the notice is to be given at
the following address or sent by facsimile to the following numbers or to such
other address or facsimile number as will be specified by a party by like
notice. Any notice, consent, waiver, direction or other communication aforesaid
will, if delivered, be deemed to have been given and received on the date on
which it was delivered to the address provided herein (if a Business Day or, if
not, then 




the next succeeding Business Day) and if sent by facsimile be
deemed to have been given and received at the time of receipt (if a Business Day
or, if not, then the next succeeding Business Day) unless actually received
after 4:00 p.m. (London time) at the point of delivery in which case it will be
deemed to have been given and received on the next Business Day. For the purpose
of this Option Agreement “Business Day” means any day, other than a
Saturday, a Sunday or a statutory holiday in London, England. 

2.2          
The address for service of each of the parties hereto will be as follows: 

	 	(a) 	to ITonis: 
	 	 	 
	 	  	ITONIS INC., 
	 	  	Klimentska 10, 110 00 Prague 1, Czech Republic
    
	 	 	 
	 	  	Facsimile: +420·296·578·199 
	 	 	 
	 	(b) 	to iOcean: 
	 	 	 
	 	  	IOCEAN MEDIA LIMITED, 
	 	  	Portcullis TrustNet Chambers, 
	 	  	P.O. Box 3444, Road Town, 
	 	  	Tortola, British Virgin Islands 
	 	 	 
	 	  	Facsimile: +853·2838·9426 


2.3          
Any party hereto may at any time and from time to time notify the other parties
in writing of a change of address and the new address to which notice will be
given to it thereafter until further change. 

PART 3 
GENERAL PROVISIONS 

3.1          
This Option Agreement will be construed and interpreted in accordance with the
laws of the State of Nevada. 

3.2          
The headings in this Option Agreement are for convenience only and are not
intended to be used as an aid to the interpretation of the provisions hereof.


3.3          
Each of the parties hereto will, at the request of the other party, deliver to
the requesting party all further documents or other assurances as may reasonably
be necessary or desirable to give effect to the Option Agreement. 

3.4          
Whenever the singular or neuter are used in this Option Agreement the same will
be construed as meaning the plural, masculine, feminine or body corporate where
the context or parties so requires. 




3.5          
This Option Agreement will enure to the benefit of and be binding upon the
parties hereto and each of their personal representatives, successors and
permitted assigns. 

3.6          
Times is of the essence hereof. 

3.7          
This Option Agreement may be executed in as many counterparts as may be
necessary or by facsimile and each such counterpart or facsimile so existing are
deemed to be an original and such counterparts or facsimile copies together
constitute one and the same instrument. 

IN WITNESS WHEREOF this Option Agreement has been
executed on behalf of ITonis and iOcean by their duly authorized officers as of
the date first above written. 

ITONIS INC. 

	Per: 	/s/ Thomas N. Roberts 	 
	  	Authorized Signatory 	 


IOCEAN MEDIA LIMITED 

	Per: 	/s/ Andrew Richardson 	 
	  	Authorized Signatory 	 






SCHEDULE A 

NOTICE OF EXERCISE OF OPTION 

	TO: 	IOCEAN MEDIA LIMITED, 
	  	Portcullis TrustNet Chambers, 
	  	P.O. Box 3444, Road Town, 
	  	Tortola, British Virgin Islands 
	  	  
	RE: 	Option to Purchase Shares of ITonis Inc. 
	 	 


You are hereby given notice that pursuant to the Share Purchase
Agreement dated September 8, 2007 and made between iOcean Media Limited, Aquos
Media Limited and the undersigned, the undersigned hereby exercises his, her or
its right thereby granted to purchase from iOcean all of the Optioned Shares in
the capital of ITonis held by iOcean. 

Capitalized terms used in this Notice of Exercise of Option but
not defined herein have the meanings ascribed thereto in the attached Option
Agreement. 

Please deliver the certificate(s) and stock power(s) of
attorney as follows: 

	 	Number of Shares 	 	Name and Address 
	 	 	 	 
	 	 	 	 
    
	 	 	 	 
	 	 	 	 



	An executed assignment of the Aquos Shares is delivered
      with this Notice. 
	 
	DATED this day of ________________, 200___.




	 	 
	Signature 	 
	 	 
	Name 	 
	 	 
	Address