Document:

Amendment Letter dated August 23, 2010

 Exhibit 10.1 

August 23, 2010 
 Mr. Scott A.
Pomeroy 
 President and CEO 
 Local
Insight Media Holdings, Inc. 
 188 Inverness Drive West 

Englewood, CO 80112 
 Dear Scott: 

Reference is made to the letter agreement (the “Letter Agreement”) dated September 17, 2009 by and between Alvarez & Marsal
Private Equity Performance Improvement Group, LLC (“A&M”) and Local Insight Media Holdings, Inc. (together with its subsidiaries and operating affiliates, the “Company”). Each capitalized term used herein shall, unless
otherwise specified, have the same meaning ascribed thereto in the Letter Agreement. 
 This will confirm that A&M and the Company have
agreed to amend the Letter Agreement as set forth below. 
  

	1.	Compensation. 

  

	 	(a)	Section 2(b) of the Letter Agreement is hereby amended to read in its entirety as follows: 

 

	 	“(b)	Any Additional Personnel will be paid by the Company at the following hourly billing rates: 

 

						
	 i.
	  	Other Managing Directors	  	$	640
	 ii.
	  	Renee Nymyer and other Senior Directors	  	$	550
	 iii.
	  	Max Fulton and other Directors	  	$	450
	 iv.
	  	Brandon
Crawley1 and other Managers	  	$	375
	 v.
	  	Senior Associates	  	$	315
	 vi.
	  	Siham Saloui and other Associates	  	$	270

 During the period
commencing on September 17, 2009 and ending on May 31, 2010, the rates above will be discounted 20%. 
 The
above-described rates shall be subject to adjustment annually at such time as A&M adjusts its rates generally, but not by more than two percent (2%) per annum without the Company’s prior written consent. 

 
  

	1
	 Effective November 1, 2009; prior to that date, Mr. Crawley was a Senior Associate. 

 

 

  

			
	 Local Insight Media Holdings, Inc.

August 23, 2010
  Page
 2

	  	Amendment to Engagement Agreement

  

 A&M agrees that: (i) the Company will not provide A&M, the CFO or any
Additional Personnel with any unemployment, medical, dental, worker’s compensation and/or disability insurance hereunder and (ii) the Company shall not withhold any federal, state or local income, unemployment or other taxes with respect
to the services rendered hereunder.” 
  

	 	(b)	Section 2(d) of the Letter Agreement is hereby deleted in its entirety. 

 

	2.	Term. 

  

	 	(a)	Section 3 of the Letter Agreement is hereby amended to read in its entirety as follows: 

“The engagement will commence as of the date hereof and may be terminated by either party without cause by giving 30 days’
written notice to the other party. A&M normally does not withdraw from an engagement unless the Company misrepresents or fails to disclose material facts, fails to pay fees or expenses, or makes it unethical or unreasonably difficult for A&M
to continue to represent the Company, or unless other just cause exists. In the event of any such termination, any fees and expenses due to A&M shall be remitted promptly (including fees and expenses that accrued prior to but were invoiced
subsequent to such termination). The Company may immediately terminate A&M’s services hereunder at any time for Cause by giving written notice to A&M. Upon any such termination, the Company shall be relieved of all of its payment
obligations under this Agreement, except for the payment of fees and expenses through the effective date of termination (including fees and expenses that accrued prior to but were invoiced subsequent to such termination) and its obligations under
paragraphs 7 and 8. For purposes of this Agreement, “Cause” shall mean if (i) the CFO or any of the Additional Personnel is convicted of, admits guilt in a written document filed with a court of competent jurisdiction to, or enters a
plea of nolo contendere to, an allegation of fraud, embezzlement, misappropriation or any felony; (ii) the CFO or any of the Additional Personnel willfully disobeys a lawful direction of the Board; (iii) a material breach of any material
obligation of A&M, the CFO or any Additional Personnel under this Agreement which is not cured within 30 days of the Company’s written notice thereof to A&M describing in reasonable detail the nature of the alleged breach; or
(iv) the CFO’s or any Additional Personnel’s unlawful use (including being under the influence) or possession of illegal drugs on the Company’s premises or while performing his or her duties and responsibilities under this letter
agreement.” 
  

	3.	Miscellaneous. 

  

	 	(a)	Except as expressly amended and modified herein, the Letter Agreement shall continue in full force and effect in accordance with its terms. 

 

	 	(b)	This letter may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

  

 

 

			
	 Local Insight Media Holdings, Inc.

August 23, 2010
  Page
 3

	  	Amendment to Engagement Agreement

  

 If the foregoing is acceptable to you, kindly sign the enclosed copy to acknowledge your agreement with
its terms. 
  

			
	Very truly yours,
	
	Alvarez & Marsal Private Equity Performance Improvement Group, LLC
		
	By:	 	 /s/    RICHARD JENKINS

		 	Richard Jenkins
		 	Managing Director
	
	Accepted and Agreed:
	
	Local Insight Media Holdings, Inc.
		
	By:	 	 /s/    SCOTT POMEROY

		 	Scott Pomeroy
		 	President and CEOTrademark Assignment

 Exhibit 10.7 

TRADEMARK ASSIGNMENT 

THIS TRADEMARK ASSIGNMENT (the “Assignment”) is made as of August 18, 2010, by and between TOYZAP.COM, INC., a
Texas corporation (“Assignee”) and A.R.T. Holdings, Inc., a Texas Corporation (“Assignor”). 

WHEREAS, Assignee and Assignor are parties to a Trademark Purchase Agreement, dated of even date herewith (the
“Agreement”), pursuant to which Assignor has agreed to transfer and Assignee has agreed to acquire the trademark registrations/applications identified and set forth on Schedule A attached hereto and incorporated herewith
(collectively, the “Marks”), and the goodwill of the business symbolized by the Marks, on the terms and conditions set forth in the Agreement; and 

WHEREAS, Assignee wishes to acquire Assignor’s entire right, title and interest in and to the Marks, together with the goodwill of
the business symbolized by the Marks; 
 NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged, Assignor does hereby sell, assign, transfer and set over to Assignee, its successors, legal representatives and assigns, all of Assignor’s right, title and interest in and to the Marks, including any rights therein arising under
common law, and which includes the use of Marks alone or in combination with other words, figures, designs or indicia, including any rights, title and interest as service marks, trademarks, trade names and all common law rights connected therewith,
together with the goodwill of the business symbolized by the Marks and all claims and causes of action relating to infringement of the Marks, the same to be held and enjoyed by Assignee, for its own use and on behalf of its successors, legal
representatives and assigns, as fully and entirely as the same would have been held and enjoyed by Assignor, had this assignment not been made. 

 Assignor will reasonably assist Assignee in obtaining or providing such further documents
which may be reasonably required to transfer title of the Marks to Assignee. 
 Signed at Cupertino,
California this 18th day of August, 2010. 

 

			
	A.R.T. HOLDINGS, INC.
		
	By:	 	/s/ Harold Montgomery
	Title:	 	Chief Executive Officer

 

			
	TOYZAP.COM, INC.
		
	By:	 	/s/ Laird Q. Cagan
	Title:	 	Director

  

 Schedule A 

Trademark Asset Summary 

Typed Drawing 
  

			
	Word Mark	  	CALPIAN
		
	Goods and
Services	  	IC 036. US 100 101 102. G & S: Financial services, namely, check processing, credit-card processing, debit-card processing and benefits processing for others. FIRST USE:
20010601. FIRST USE IN COMMERCE: 20010601
		
	Mark Drawing
Code	  	(1) TYPED DRAWING
		
	Serial Number	  	76235761
		
	Filing Date	  	April 4, 2001
		
	Current Filing
Basis	  	1A
		
	Original Filing
Basis	  	1B
		
	Published for
Opposition	  	October 30, 2001
		
	Registration
Number	  	2636994
		
	Registration
Date	  	October 15, 2002
		
	Owner	  	(REGISTRANT) ART HOLDINGS, INC. CORPORATION TEXAS 500 N. Akard, Suite 2850 Dallas TEXAS 75201
		
	Attorney of
Record	  	Carl C. Butzer
		
	Type of Mark	  	SERVICE MARK
		
	Register	  	PRINCIPAL
		
	Affidavit Text	  	SECT 15. SECT 8 (6-YR).
		
	Live/Dead
Indicator	  	LIVEEnertopia Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

STOCK OPTION AGREEMENT 

ENERTOPIA CORP. 

THIS AGREEMENT is entered into as of the 23rd day of
August, 2010 (the “Date of Grant”) 

BETWEEN: 

ENERTOPIA CORP., a company
incorporated pursuant to the laws of the State of Nevada, of Suite 950 1130 West
Pender, Vancouver, BC V6E 4A4 

(the “Company”) 

AND: 

Tom Ihrke, of 8395 Briar Creek
Drive 
Germantown, TN 38139 
(the “Optionee”) 

WHEREAS: 

A. 

The Board of
Directors of the Company (the “Board”) has approved and adopted the 2010 Stock
Option Plan (the “Plan”), pursuant to which the Board is authorized to grant to
employees and other selected persons stock options to purchase common shares of
the Company (the “Common Stock”); 

B. 

The Plan provides for the granting of stock options that
either (i) are intended to qualify as “Incentive Stock Options” within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”), or (ii) do not qualify under Section 422 of the Code (“Non-Qualified
Stock Options”); and 

C. 

The Board has authorized the grant to the Optionee of
options to purchase a total of 150,000 shares of Common Stock (the
“Options”), which Options are intended to be (select one): 

[   ] Incentive Stock
Options; 
[X] Non Qualified Stock Options 

NOW THEREFORE, the Company agrees to offer to the Optionee the
option to purchase, upon the terms and conditions set forth herein and in the
Plan, 150,000 shares of Common Stock. Capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Plan. 

	1. 	
      Exercise Price. The exercise price of the options
      shall be US $0.20 per share.

	 	 
	2. 	
      Limitation on the Number of Shares. If the Options
      granted hereby are Incentive Stock Options, the number of shares which may
      be acquired upon exercise thereof is subject to the limitations set forth
      in Section 5.1 of the Plan.

	 	 
	3. 	
      Vesting Schedule. The Options shall vest in
      accordance with Exhibit A.

	 	 
	4. 	
      Options not Transferable. The Options may not be
      transferred, assigned, pledged or hypothecated in any manner (whether by
      operation of law or otherwise) other than by will, by applicable laws of
      descent and distribution or, in the case of a Non- Qualified Stock Option,
      pursuant to a qualified domestic relations order, and shall not be subject
      to execution, attachment or similar process; provided, however,
      that if the Options represent a Non-Qualified Stock Option, such Option is
      transferable without payment of consideration to immediate family members
      of the Optionee or to trusts or partnerships established exclusively for
      the benefit of the Optionee and Optionee’s immediate family members. Upon
      any attempt to transfer, pledge, hypothecate or otherwise dispose of any
      Option or of any right or privilege conferred by the Plan contrary to the
      provisions thereof, or upon the sale, levy or attachment or similar
      process upon the rights and privileges conferred by the Plan, such Option
      shall thereupon terminate and become null and void.

	 	 
	5. 	
      Investment Intent. By accepting the Options, the
      Optionee represents and agrees that none of the shares of Common Stock
      purchased upon exercise of the Options will be distributed in violation of
      applicable federal and state laws and regulations. In addition, the
      Company may require, as a condition of exercising the Options, that the
      Optionee execute an undertaking, in such a form as the Company shall
      reasonably specify, that the Stock is being purchased only for investment
      and without any then- present intention to sell or distribute such
      shares.

	 	 
	6. 	
      Termination of Employment and Options. Vested
      Options shall terminate, to the extent not previously exercised, upon the
      occurrence of the first of the following
events:

	 	(a) 	
      Expiration. Five (5) years from the Date of
  Grant.

	 	 	 
	 	(b) 	
      Termination for Cause. The date of the first discovery by
      the Company of any reason for the termination of an Optionee’s employment
      or contractual relationship with the Company or any related company for
      cause (as determined in the sole discretion of the Plan Administrator),
      and, if an Optionee’s employment is suspended pending any investigation by
      the Company as to whether the Optionee’s employment should be terminated
      for cause, the Optionee’s rights under this Agreement and the Plan shall
      likewise be suspended during the period of any such
  investigation.

	 	 	 
	 	(c) 	
      Termination Due to Death or Disability. The expiration of
      one (1) year from the date of the death of the Optionee or cessation of an
      Optionee’s employment or contractual relationship by reason of disability
      (as defined in Section 5.1(g) of the Plan). If an Optionee’s employment or
      contractual relationship is terminated by death, any Option held by the
      Optionee shall be exercisable only by the person or persons to whom such
      Optionee’s rights under such Option shall pass by the Optionee’s will or
      by the laws of descent and distribution.

	 	(d) 	
      Termination for Any Other Reason. The expiration of
      ninety (90) days from the date of an Optionee’s termination of employment
      or contractual relationship with the Company or any Related Corporation
      for any reason whatsoever other than termination of service as a director,
      cause, death or Disability (as defined in Section 5.1(g) of the Plan).
      Each unvested Option granted pursuant hereto shall terminate immediately
      upon termination of the Optionee’s employment or contractual relationship
      with the Company for any reason whatsoever, including Disability unless
      vesting is accelerated in accordance with Section 5.1(f) of the
    Plan.

	7. 	
      Stock. In the case of any stock split, stock
      dividend or like change in the nature of shares of Stock covered by this
      Agreement, the number of shares and exercise price shall be
      proportionately adjusted as set forth in Section 5.1(m) of the
  Plan.

	 	 
	8. 	
      Exercise of Option. Options shall be exercisable,
      in full or in part, at any time after vesting, until termination;
      provided, however, that any Optionee who is subject to the
      reporting and liability provisions of Section 16 of the Securities
      Exchange Act of 1934 with respect to the Common Stock shall be
      precluded from selling or transferring any Common Stock or other security
      underlying an Option during the six (6) months immediately following the
      grant of that Option. If less than all of the shares included in the
      vested portion of any Option are purchased, the remainder may be purchased
      at any subsequent time prior to the expiration of the Option term. No
      portion of any Option for less than fifty (50) shares (as adjusted
      pursuant to Section 5.1(m) of the Plan) may be exercised; provided, that
      if the vested portion of any Option is less than fifty (50) shares, it may
      be exercised with respect to all shares for which it is vested. Only whole
      shares may be issued pursuant to an Option, and to the extent that an
      Option covers less than one (1) share, it is unexercisable. Each exercise
      of the Option shall be by means of delivery of a notice of election to
      exercise (which may be in the form attached hereto as Exhibit B) to the
      President of the Company at its principal executive office, specifying the
      number of shares of Common Stock to be purchased and accompanied by
      payment in cash by certified check or cashier’s check in the amount of the
      full exercise price for the Common Stock to be purchased. In addition to
      payment in cash by certified check or cashier’s check, an Optionee or
      transferee of an Option may pay for all or any portion of the aggregate
      exercise price by complying with one or more of the following
      alternatives:

	 	(a) 	
      by delivering to the Company shares of Common Stock
      previously held by such person, duly endorsed for transfer to the Company,
      or by the Company withholding shares of Common Stock otherwise deliverable
      pursuant to exercise of the Option, which shares of Common Stock received
      or withheld shall have a fair market value at the date of exercise (as
      determined by the Plan Administrator) equal to the aggregate purchase
      price to be paid by the Optionee upon such exercise; or

	 	(b) 	
      by complying with any other payment mechanism approved by
      the Plan Administrator at the time of exercise. It is a condition
      precedent to the issuance of shares of Common Stock that the Optionee
      execute and/or deliver to the Company all documents and withholding taxes
      required in accordance with Section 5.1 of the
Plan.

	9. 	
      Holding period for Incentive Stock Options. In
      order to obtain the tax treatment provided for Incentive Stock Options by
      Section 422 of the Code, the shares of Common Stock received upon
      exercising any Incentive Stock Options received pursuant to this Agreement
      must be sold, if at all, after a date which is later of two (2) years from
      the date of this agreement is entered into or one (1) year from the date
      upon which the Options are exercised. The Optionee agrees to report sales
      of shares prior to the above determined date to the Company within one (1)
      business day after such sale is concluded. The Optionee also agrees to pay
      to the Company, within five (5) business days after such sale is
      concluded, the amount necessary for the Company to satisfy its withholding
      requirement required by the Code in the manner specified in Section 5.1(l)
      of the Plan. Nothing in this Section 9 is intended as a representation
      that Common Stock may be sold without registration under state and federal
      securities laws or an exemption therefrom or that such registration or
      exemption will be available at any specified time.

	 	 
	10. 	
      Resale restrictions may apply. Any resale of the
      shares of Common Stock received upon exercising any Options will be
      subject to resale restrictions contained in the securities legislation
      applicable to the Optionee. The Optionee acknowledges and agrees that the
      Optionee is solely responsible (and the Company is not in any way
      responsible) for compliance with applicable resale restrictions.

	 	 
	11. 	
      Subject to 2010 Stock Option Plan. The terms of
      the Options are subject to the provisions of the Plan, as the same may
      from time to time be amended, and any inconsistencies between this
      Agreement and the Plan, as the same may be from time to time amended,
      shall be governed by the provisions of the Plan, a copy of which has been
      delivered to the Optionee, and which is available for inspection at the
      principal offices of the Company.

	 	 
	12. 	
      Professional Advice. The acceptance of the Options
      and the sale of Common Stock issued pursuant to the exercise of Options
      may have consequences under federal and state tax and securities laws
      which may vary depending upon the individual circumstances of the
      Optionee. Accordingly, the Optionee acknowledges that he or she has been
      advised to consult his or her personal legal and tax advisor in connection
      with this Agreement and his or her dealings with respect to
  Options.

		
      Without limiting other matters to be considered with the
      assistance of the Optionee’s professional advisors, the Optionee should
      consider: (a) whether upon the exercise of Options, the Optionee will file
      an election with the Internal Revenue Service pursuant to Section 83(b) of
      the Code and the implications of alternative minimum tax pursuant to the
      Code; (b) the merits and risks of an investment in the underlying shares
      of Common Stock; and (c) any resale restrictions that might apply under
      applicable securities laws.

	 	 
	13. 	
      No Employment Relationship. Whether or not any
      Options are to be granted under this Plan shall be exclusively within the
      discretion of the Plan Administrator, and nothing contained in this Plan
      shall be construed as giving any person any right to participate under
      this Plan. The grant of an Option shall in no way constitute any form of
      agreement or understanding binding on the Company or any Related Company,
      express or implied, that the Company or any Related Company will employ or
      contract with an Optionee, for any length of time, nor shall it interfere
      in any way with the Company’s or, where applicable, a Related Company’s
      right to terminate Optionee’s employment at any time, which right is
      hereby reserved.

	 	 
	14. 	
      Entire Agreement. This Agreement is the only
      agreement between the Optionee and the Company with respect to the
      Options, and this Agreement and the Plan supersede all prior and
      contemporaneous oral and written statements and representations and
      contain the entire agreement between the parties with respect to the
      Options.

	 	 
	15. 	
      Notices. Any notice required or permitted to be
      made or given hereunder shall be mailed or delivered personally to the
      addresses set forth below, or as changed from time to time by written
      notice to the other:

The Company: 

Enertopia Corp. 
Suite 950 1130 West
Pender Street 
Vancouver, BC V6E 4A4 
Attention: President 

With a copy to: 

Clark Wilson LLP 
800-885 West
Georgia Street 
Vancouver, British Columbia V6C 3H1 
Attention: Conrad
Nest 

The Optionee:

_____________________
_____________________
_____________________
_____________________

ENERTOPIA
CORP. 

 

Per: 

 

Authorized Signatory 

 

____________________________
[Tom Ihrke] 

EXHIBIT A 

TERMS OF THE OPTION 

	
    Name of the Optionee: 
	
    Tom Ihrke 

	
    Date of Grant: 
	
    August 23, 2010 

	
    Designation: 
	
    Qualified Stock Options 

	
    1. Number of Options granted: 
	
    150,000 stock options 

	
    2. Purchase Price: 
	
    $0.20 per share 

	
    3. Vesting Date: 
	
    75,000 options on August 23, 2010; 
75,000
      options on August 23, 2011; 

	
    4. Expiration Date: 
	
    August 23, 2015

EXHIBIT B 

To: 

Enertopia Corp. 
Suite 950 1130 West
Pender 
Vancouver, BC V6E 4A4 
Attention: President 

Notice of Election to Exercise 

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.1(h) of Enertopia Corp.’s (the “Company”) 2010
Stock Option Plan (the “Plan”) and Section 8 of that certain Stock Option
Agreement (the “Agreement”) dated as of the 
_______day of
__________________, 20___, between the Company and the undersigned. 

The undersigned hereby elects to exercise Optionee’s option to
purchase __________________shares of the common stock of the Company at a price
of US$0.20 per share, for aggregate consideration of US$__________, on the terms
and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 8 of the Agreement, accompanies
this notice. 

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows: 

	
    Registration Information: 
	
    Delivery Instructions: 

	 	
	
    __________________________________________        
        
	
    __________________________________________    

	
    Name to appear on certificates 
	
    Name 

		
	
    __________________________________________    
	
    __________________________________________    

	
    Address 
	
    Address 

	
    __________________________________________    
	
    __________________________________________    

		
	
    __________________________________________    
	
    __________________________________________    

	
      
	
    Telephone Number 

DATED at ____________________________________, the _______day
of _______________, 20___. 

_________________________________ 
(Name of Optionee – Please
type or print) 

_________________________________ 
(Signature and, if
applicable, Office) 

_________________________________ 
(Address of Optionee)

_________________________________ 
(City, State, and Zip Code
of Optionee)

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