Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Itonis Inc. - Exhibit 10.7

EXHIBIT 10.7 

ITONIS INC. 

2006 STOCK OPTION PLAN 

ARTICLE 1. THE PLAN 

1.1          
Title 

This plan is entitled the “2006 Stock Option Plan” (the "Plan")
of Itonis Inc., a Nevada corporation (the "Company”). 

1.2          
Purpose 

The purpose of the Plan is to enhance the long-term stockholder
value of the Company by offering opportunities to directors, officers, employees
and eligible consultants of the Company and any Related Company, as defined
below, to acquire and maintain stock ownership in the Company in order to give
these persons the opportunity to participate in the Company's growth and
success, and to encourage them to remain in the service of the Company or a
Related Company.

ARTICLE 2. DEFINITIONS

The following terms will have the following meanings in the
Plan:

"Board" means the Board of Directors of the Company.

"Cause," unless otherwise defined in the
instrument evidencing the award or in an employment or services agreement
between the Company or a Related Company and a Participant, means a material
breach of the employment or services agreement, dishonesty, fraud, misconduct,
unauthorized use or disclosure of confidential information or trade secrets, or
conviction or confession of a crime punishable by law (except minor violations),
in each case as determined by the Plan Administrator, and its determination
shall be conclusive and binding.

"Code" means the Internal Revenue Code of 1986, as
amended from time to time.

"Common Stock" means the common stock, $0.001 par value,
of the Company.

"Consultant Participant" means a Participant who is
defined as a Consultant Participant in Article 5.

"Corporate Transaction," unless otherwise defined in the
instrument evidencing the Option or in a written employment or services
agreement between the Company or a Related Company and a Participant, means
consummation of either.

	(a) 	
      a merger or consolidation of the Company with or into any
      other corporation, entity or person or

	 	 
	(b) 	
      a sale, lease, exchange or other transfer in one
      transaction or a series of related transactions of all or substantially
      all the Company's outstanding securities or all or substantially all the
      Company's assets; provided, however, that a Corporate Transaction shall
      not include a Related Party Transaction.

"Disability," unless otherwise defined by the
Plan Administrator, means a mental or physical impairment of the Participant
that is expected to result in death or that has lasted or is expected to last

1

for a continuous period of 12 months or more and that causes
the Participant to be unable, in the opinion of the Company, to perform his or
her duties for the Company or a Related Company and to be engaged in any
substantial gainful activity.

"Employment Termination Date" means, with respect to a
Participant, the first day upon which the Participant no longer has an
employment or service relationship with the Company or any Related Company.

"Exchange Act" means the Securities Exchange Act of
1934, as amended.

"Fair Market Value" means the per share value of the
Common Stock determined as follows (a) if the Common Stock is listed on an
established stock exchange or exchanges or the NASDAQ National Market, the
closing price per share on the last trading day immediately preceding such date
on the principal exchange on which it is traded or as reported by NASDAQ; (b) if
the Common Stock is not then listed on an exchange or the NASDAQ National
Market, but is quoted on the NASDAQ Small Cap Market, the NASDAQ electronic
bulletin board or the National Quotation Bureau pink sheets, the average of the
closing bid and asked prices per share for the Common Stock as quoted by NASDAQ
or the National Quotation Bureau, as the case may be, on the last trading day
immediately preceding such date; or (c) if there is no such reported market for
the Common Stock for the date in question, then an amount determined in good
faith by the Plan Administrator. 

"Grant Date" means the date on which the Plan
Administrator completes the corporate action relating to the grant of an Option
or such later date specified by the Plan Administrator, and on which all
conditions precedent to the grant have been satisfied, provided that conditions
to the exercisability or vesting of Options shall not defer the Grant Date.

"Incentive Stock Option" means an Option granted with
the intention, as reflected in the instrument evidencing the Option, that it
qualify as an "incentive stock option" as that term is defined in Section 422 of
the Code.

"Nonqualified Stock Option" means an Option other than
  an Incentive Stock Option. 

"Option" means the right to purchase Common Stock granted
  under Article 7. 

"Option Expiration Date" has the meaning set forth in
  Article 7.6.

"Option Term" has the meaning set forth in Article
7.3.

"Participant" means the person to whom an Option is
granted and who meets the eligibility requirements imposed by Article 5,
including Consultant Participants, as defined in Article 5.

"Plan Administrator" has the meaning set forth in
Article 3.1.

"Related Company" means any entity that, directly or
indirectly, is in control of or is controlled by the Company.

"Related Party Transaction" means (a) a merger or
consolidation of the Company in which the holders of Common Stock immediately
prior to the merger hold at least a majority of the Common Stock in the
Successor Corporation immediately after the merger; (b) a sale, lease, exchange
or other transaction in one transaction or a series of related transactions of
all or substantially all the Company's assets to a wholly-owned subsidiary
corporation; (c) a mere reincorporation of the Company; or (d) a transaction
undertaken for the sole purpose of creating a holding company that will be owned
in substantially the same proportion by the persons who held the Company's
securities immediately before such transaction.

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"Retirement," unless otherwise defined by the
Plan Administrator from time to time for purposes of the Plan, means retirement
on or after the individual's normal retirement date under the Company's 401(k)
plan or other similar successor plan applicable to salaried employees.

"Securities Act" means the Securities Act of 1933, as
amended.

"Successor Corporation" has the meaning set forth in
Article 11.3.1.

"Vesting Commencement Date" means the Grant Date or such
other date selected by the Plan Administrator as the date from which the Option
begins to vest for purposes of Article 7.4.

ARTICLE 3. ADMINISTRATION

3.1          
Plan Administrator 

The Plan shall be administered by the Board or a committee
appointed by, and consisting of two or more members of, the Board (the "Plan
Administrator"). If and so long as the Common Stock is registered under Section
12(b) or 12(g) of the Exchange Act, the Board shall consider in selecting the
members of any committee acting as Plan Administrator, with respect to any
persons subject or likely to become subject to Section 16 of the Exchange Act,
the provisions regarding (a) "outside directors" as contemplated by Section
162(m) of the Code and (b) "nonemployee directors" as contemplated by Rule 16b-3
under the Exchange Act. Committee members shall serve for such term as the Board
may determine, subject to removal by the Board at any time. At any time when no
committee has been appointed to administer the Plan, then the Board will be the
Plan Administrator. 

3.2          
Administration and Interpretation by Plan Administrator 

Except for the terms and conditions explicitly set forth in the
Plan, the Plan Administrator shall have exclusive authority, in its discretion,
to determine all matters relating to Options under the Plan, including the
selection of individuals to be granted Options, the type of Options, the number
of shares of Common Stock subject to an Option, all terms, conditions,
restrictions and limitations, if any, of an Option and the terms of any
instrument that evidences the Option. The Plan Administrator shall also have
exclusive authority to interpret the Plan and the terms of any instrument
evidencing the Option and may from time to time adopt and change rules and
regulations of general application for the Plan's administration. The Plan
Administrator's interpretation of the Plan and its rules and regulations, and
all actions taken and determinations made by the Plan Administrator pursuant to
the Plan, shall be conclusive and binding on all parties involved or affected.
The Plan Administrator may delegate administrative duties to such of the
Company's officers as it so determines.

ARTICLE 4. STOCK SUBJECT TO THE PLAN 

4.1          
Authorized Number of Shares 

Subject to adjustment from time to time as provided in Article
11.1, the number of shares of Common Stock available for issuance under the Plan
shall be one million (1,000,000) shares. 

4.2          
Reuse of Shares 

Any shares of Common Stock that have been made subject to an
Option that cease to be subject to the Option (other than by reason of exercise
or settlement of the Option to the extent it is exercised for or settled in
shares) shall again be available for issuance in connection with future grants
of Options 

3

under the Plan. In the event shares issued under the Plan are
reacquired by the Company pursuant to any forfeiture provision or right of
repurchase, such shares shall again be available for the purposes of the Plan;
provided, however, that the maximum number of shares that may be issued upon the
exercise of Incentive Stock Options shall equal the share number stated in
Article 4.1, subject to adjustment from time to time as provided in Article
11.1; and provided, further, that for purposes of Article 4.3, any such shares
shall be counted in accordance with the requirements of Section 162(m) of the
Code.

4.3          
Limitations 

Subject to adjustment from time to time as provided in Article
11.1, not more than an aggregate of one million (1,000,000) shares shall
be available for issuance pursuant to grants of Stock Options under the Plan.

ARTICLE 5. ELIGIBILITY 

An Option may be granted to any officer, director or employee
of the Company or a Related Company that the Plan Administrator from time to
time selects. An Option may also be granted to any consultant, agent, advisor or
independent contractor who provides services to the Company or any Related
Company (a “Consultant Participant”), so long as such Consultant Participant (a)
is a natural person or an alter ego entity of the natural person providing the
services; (b) renders bona fide services that are not in connection with the
offer and sale of the Company's securities in a capital-raising transaction; and
(c) does not directly or indirectly promote or maintain a market for the
Company's securities.

ARTICLE 6. OPTIONS 

6.1          
Form and Grant of Options 

The Plan Administrator shall have the authority, in its sole
discretion, to determine the type or types of Options to be granted under the
Plan. Options may be granted singly or in combination.

6.2          
Settlement of Options 

The Company may settle Options through the delivery of shares
of Common Stock, the granting of replacement Options or any combination thereof
as the Plan Administrator shall determine. Any Option settlement, including
payment deferrals, may be subject to such conditions, restrictions and
contingencies as the Plan Administrator shall determine. The Plan Administrator
may permit or require the deferral of any Option payment, subject to such rules
and procedures as it may establish, which may include provisions for the payment
or crediting of interest, or dividend equivalents, including converting such
credits into deferred stock equivalents.

ARTICLE 7. GRANTS OF OPTIONS 

7.1          
Grant of Options 

The Plan Administrator shall have the authority, in its sole
discretion, to grant Options as Incentive Stock Options or as Nonqualified Stock
Options, which shall be appropriately designated.

7.2          
Option Exercise Price 

The exercise price for shares purchased under an Option shall
be as determined by the Plan Administrator, provided that: 

4

(a)          
the exercise price for Options granted to Participants other than Consultant
Participants but shall not be less than the minimum exercise price required by
Article 8.3 with respect to Incentive Stock Options and shall not be less than
85% of Fair Market Value of the Common Stock on the Grant Date with respect to
Nonqualified Stock Options; 

(b)          
the exercise price for Options granted to Consultant Participants shall not be
less than the lesser of 85% of Fair Market Value of the Common Stock on the
Grant Date. 

7.3          
Term of Options 

Subject to earlier termination in accordance with the terms of
the Plan and the instrument evidencing the Option, the maximum term of an Option
(the "Option Term") shall be as established for that Option by the Plan
Administrator or, if not so established, shall be ten years from the Grant
Date.

7.4          
Exercise of Options 

The Plan Administrator shall establish and set forth in each
instrument that evidences an Option the time at which, or the installments in
which, the Option shall vest and become exercisable, any of which provisions may
be waived or modified by the Plan Administrator at any time.

The Plan Administrator, in its sole discretion, may adjust the
vesting schedule of an Option held by a Participant who works less than
"full-time" as that term is defined by the Plan Administrator or who takes a
Company-approved leave of absence.

To the extent an Option has vested and become exercisable, the
Option may be exercised in whole or from time to time in part by delivery to the
Company of a written stock option exercise agreement or notice, in a form and in
accordance with procedures established by the Plan Administrator, setting forth
the number of shares with respect to which the Option is being exercised, the
restrictions imposed on the shares purchased under such exercise agreement, if
any, and such representations and agreements as may be required by the Plan
Administrator, accompanied by payment in full as described in Article 7.5. An
Option may be exercised only for whole shares and may not be exercised for less
than a reasonable number of shares at any one time, as determined by the Plan
Administrator.

7.5          
Payment of Exercise Price 

The exercise price for shares purchased under an Option shall
be paid in full to the Company by delivery of consideration equal to the product
of the Option exercise price and the number of shares purchased. Such
consideration must be in accordance with the requirements of the Chapter 78 of
the Nevada Revised Statutes and the Articles of Incorporation and Bylaws of the
Company, must be paid before the Company will issue the shares being purchased
and must be in a form or a combination of forms acceptable to the Plan
Administrator for that purchase.

7.6          
Post-Termination Exercises 

The Plan Administrator shall establish and set forth in each
instrument that evidences an Option whether the Option shall continue to be
exercisable, and the terms and conditions of such exercise, if the Participant
ceases to be employed by, or to provide services to, the Company or a Related
Company, which provisions may be waived or modified by the Plan Administrator at
any time. If not so established in the instrument evidencing the Option, the
Option shall be exercisable according to the following terms and conditions,
which may be waived or modified by the Plan Administrator at any time:

5

	(a) 	
      Except as otherwise set forth in this Article 7.6, any
      portion of an Option that is not vested and exercisable on the Employment
      Termination Date shall expire on such date.

	 	 	 
	(b) 	
      Any portion of an Option that is vested and exercisable
      on the Employment Termination Date shall expire on the earliest to occur
      of

	 	 	 
		(i) 	
      if the Participant's Employment Termination Date occurs
      for reasons other than Cause, Retirement, Disability or death, the day
      which is three months after such Employment Termination Date;

	 	 	 
		(ii) 	
      if the Participant's Employment Termination Date occurs
      by reason of Retirement, Disability or death, the one-year anniversary of
      such Employment Termination Date; and

	 	 	 
		(iii) 	
      the last day of the Option Term (the "Option Expiration
      Date").

	 	 	 
		
      Notwithstanding the foregoing, if the Participant dies
      after his or her Employment Termination Date but while an Option is
      otherwise exercisable, the portion of the Option that is vested and
      exercisable on such Employment Termination Date shall expire upon the
      earlier to occur of (y) the Option Expiration Date and (z) the one-year
      anniversary of the date of death, unless the Plan Administrator determines
      otherwise.

	 	 	 
		
      Also notwithstanding the foregoing, in case of
      termination of the Participant's employment or service relationship for
      Cause, all Options granted to that Participant shall automatically expire
      upon first notification to the Participant of such termination, unless the
      Plan Administrator determines otherwise. If a Participant's employment or
      service relationship with the Company is suspended pending an
      investigation of whether the Participant shall be terminated for Cause,
      all the Participant's rights under any Option shall likewise be suspended
      during the period of investigation. If any facts that would constitute
      termination for Cause are discovered after the Participant's relationship
      with the Company or a Related Company has ended, any Option then held by
      the Participant may be immediately terminated by the Plan Administrator,
      in its sole discretion.

	 	 	 
	(c) 	
      A Participant's transfer of employment or service
      relationship between or among the Company and any Related Company, or a
      change in status from an employee to a consultant, agent, advisor or
      independent contractor or a change in status from a consultant, agent,
      advisor or independent contractor to an employee, shall not be considered
      a termination of employment or service relationship for purposes of this
      Article 7. Unless the Plan Administrator determines otherwise, a
      termination of employment or service relationship shall be deemed to occur
      if a Participant's employment or service relationship is with an entity
      that has ceased to be a Related Company.

	 	 	 
	(d) 	
      The effect of a Company-approved leave of absence on the
      application of this Article 7 shall be determined by the Plan
      Administrator, in its sole discretion.

	 	 	 
	(e) 	
      If a Participant's employment or service relationship
      with the Company or a Related Company terminates by reason of Disability
      or death, the Option shall become fully vested and exercisable for all the
      shares subject to the Option. Such Option shall remain exercisable for the
      time period set forth in this Article 7.6.

ARTICLE 8. INCENTIVE STOCK OPTION LIMITATIONS 

6

Notwithstanding any other provisions of the Plan, and to the
extent required by Section 422 of the Code, Incentive Stock Options shall be
subject to the following additional terms and conditions:

8.1          
Dollar Limitation 

To the extent the aggregate Fair Market Value (determined as of
the Grant Date) of Common Stock with respect to which Incentive Stock Options
are exercisable for the first time during any calendar year (under the Plan and
all other stock option plans of the Company) exceeds $100,000, such portion in
excess of $100,000 shall be treated as a Nonqualified Stock Option. In the event
the Participant holds two or more such Options that become exercisable for the
first time in the same calendar year, such limitation shall be applied on the
basis of the order in which such Options are granted.

8.2          
Eligible Employees 

Individuals who are not employees of the Company or one of its
parent corporations or subsidiary corporations may not be granted Incentive
Stock Options.

8.3          
Exercise Price 

The exercise price of an Incentive Stock Option shall be at
least 100% of the Fair Market Value of the Common Stock on the Grant Date, and
in the case of an Incentive Stock Option granted to a Participant who owns more
than 10% of the total combined voting power of all classes of the stock of the
Company or of its parent or subsidiary corporations (a "Ten Percent
Stockholder"), shall not be less than 110% of the Fair Market Value of the
Common Stock on the Grant Date. The determination of more than 10% ownership
shall be made in accordance with Section 422 of the Code.

8.4          
Exercisability 

An Option designated as an Incentive Stock Option shall cease
to qualify for favorable tax treatment as an Incentive Stock Option to the
extent it is exercised (if permitted by the terms of the Option) (a) more than
three months after the Employment Termination Date if termination was for
reasons other than death or disability, (b) more than one year after the
Employment Termination Date if termination was by reason of disability, or (c)
after the Participant has been on leave of absence for more than 90 days, unless
the Participant's reemployment rights are guaranteed by statute or contract.

8.5          
Taxation of Incentive Stock Options 

In order to obtain certain tax benefits afforded to Incentive
Stock Options under Section 422 of the Code, the Participant must hold the
shares acquired upon the exercise of an Incentive Stock Option for two years
after the Grant Date and one year after the date of exercise.

A Participant may be subject to the alternative minimum tax at
the time of exercise of an Incentive Stock Option. The Participant shall give
the Company prompt notice of any disposition of shares acquired on the exercise
of an Incentive Stock Option prior to the expiration of such holding
periods.

8.6          
Code Definitions 

For the purposes of this Article 8, "parent corporation,"
"subsidiary corporation" and "disability" shall have the meanings attributed to
those terms for purposes of Section 422 of the Code.

7

ARTICLE 9. WITHHOLDING 

9.1          
General 

The Company may require the Participant to pay to the Company
the amount of any taxes that the Company is required by applicable federal,
state, local or foreign law to withhold with respect to the grant, vesting or
exercise of an Option. The Company shall not be required to issue any shares of
Common Stock under the Plan until such obligations are satisfied.

9.2          
Payment of Withholding Obligations in Cash or Shares 

The Plan Administrator may permit or require a Participant to
satisfy all or part of his or her tax withholding obligations by (a) paying cash
to the Company, (b) having the Company withhold from any cash amounts otherwise
due or to become due from the Company to the Participant, (c) having the Company
withhold a portion of any Common Stock that would otherwise be issued to the
Participant having a value equal to the tax withholding obligations (up to the
employer's minimum required tax withholding rate), or (d) surrendering any
Common Stock that the Participant previously acquired having a value equal to
the tax withholding obligations (up to the employer's minimum required tax
withholding rate to the extent the Participant has held the surrendered shares
for less than six months).

ARTICLE 10. ASSIGNABILITY

Neither an Option nor any interest therein may be assigned,
pledged or transferred by the Participant or made subject to attachment or
similar proceedings other than by will or by the applicable laws of descent and
distribution, and, during the Participant's lifetime, such Options may be
exercised only by the Participant. Notwithstanding the foregoing, and to the
extent permitted by Section 422 of the Code, the Plan Administrator, in its sole
discretion, may permit a Participant to assign or transfer an Option or may
permit a Participant to designate a beneficiary who may exercise the Option or
receive payment under the Option after the Participant's death; provided,
however, that any Option so assigned or transferred shall be subject to all the
terms and conditions of the Plan and those contained in the instrument
evidencing the Option.

ARTICLE 11. ADJUSTMENTS

11.1          Adjustment
of Shares 

In the event, at any time or from time to time, a stock
dividend, stock split, spin-off, combination or exchange of shares,
recapitalization, merger, consolidation, distribution to stockholders other than
a normal cash dividend, or other change in the Company's corporate or capital
structure, including, without limitation, a Related Party Transaction, results
in (a) the outstanding Common Stock, or any securities exchanged therefor or
received in their place, being exchanged for a different number or kind of
securities of the Company or of any other corporation or (b) new, different or
additional securities of the Company or of any other corporation being received
by the holders of Common Stock of the Company, then the Plan Administrator shall
make proportional adjustments in (i) the maximum number and kind of securities
subject to the Plan and issuable as Incentive Stock Options as set forth in
Article 4 and the maximum number and kind of securities that may be made subject
to Options and to Options to any individual as set forth in Article 4.3, and
(ii) the number and kind of securities that are subject to any outstanding Award
and the per share price of such securities, without any change in the aggregate
price to be paid therefor. The determination by the Plan Administrator as to the
terms of any of the foregoing adjustments shall be conclusive and binding.
Notwithstanding the foregoing, a 

8

dissolution or liquidation of the Company or a Corporate
Transaction shall not be governed by this Article 11.1 but shall be governed by
Articles 11.2 and 11.3, respectively.

11.2          Dissolution
or Liquidation 

To the extent not previously exercised or settled, and unless
otherwise determined by the Plan Administrator in its sole discretion, Options
shall terminate immediately prior to the dissolution or liquidation of the
Company. To the extent a forfeiture provision or repurchase right applicable to
an Option has not been waived by the Plan Administrator, the Option shall be
forfeited immediately prior to the consummation of the dissolution or
liquidation.

11.3          Corporate
Transaction 

Options 

	(a) 	 In the event of a Corporate Transaction, except as otherwise
        provided in the instrument evidencing an Option (or in a written employment
        or services agreement between a Participant and the Company or Related
        Company) and except as provided in subsection (b) below, each outstanding
        Option shall be assumed or an equivalent option or right substituted by
        the surviving corporation, the successor corporation or its parent corporation,
        as applicable (the "Successor Corporation").

	 	 
	(b) 	 If, in connection with a Corporate Transaction, the
        Successor Corporation refuses to assume or substitute for an Option, then
        each such outstanding Option shall become fully vested and exercisable
        with respect to 100% of the unvested portion of the Option. In such case,
        the Plan Administrator shall notify the Participant in writing or electronically
        that the unvested portion of the Option specified above shall be fully
        vested and exercisable for a specified time period. At the expiration
        of the time period, the Option shall terminate, provided that the Corporate
        Transaction has occurred.

	 	 
	(c) 	 For the purposes of this Article 11.3, the Option shall
        be considered assumed or substituted for if following the Corporate Transaction
        the option or right confers the right to purchase or receive, for each
        share of Common Stock subject to the Option immediately prior to the Corporate
        Transaction, the consideration (whether stock, cash, or other securities
        or property) received in the Corporate Transaction by holders of Common
        Stock for each share held on the effective date of the transaction (and
        if holders were offered a choice of consideration, the type of consideration
        chosen by the holders of a majority of the outstanding shares); provided,
        however, that if such consideration received in the Corporate Transaction
        is not solely Common Stock of the Successor Corporation, the Plan Administrator
        may, with the consent of the Successor Corporation, provide for the consideration
        to be received upon the exercise of the Option, for each share of Common
        Stock subject thereto, to be solely Common Stock of the Successor Corporation
        substantially equal in fair market value to the per share consideration
        received by holders of Common Stock in the Corporate Transaction. The
        determination of such substantial equality of value of consideration shall
        be made by the Plan Administrator and its determination shall be conclusive
        and binding.

	 	 
	(d) 	 All Options shall terminate and cease to remain outstanding
        immediately following the Corporate Transaction, except to the extent
        assumed by the Successor Corporation.

11.4         
Further Adjustment of Options 

Subject to Articles 11.2 and 11.3, the Plan Administrator shall
have the discretion, exercisable at any time before a sale, merger,
consolidation, reorganization, liquidation or change of control of the Company,
as defined by the Plan Administrator, to take such further action as it
determines to be 

9

necessary or advisable, and fair and equitable to the
Participants, with respect to Options. Such authorized action may include (but
shall not be limited to) establishing, amending or waiving the type, terms,
conditions or duration of, or restrictions on, Options so as to provide for
earlier, later, extended or additional time for exercise, lifting restrictions
and other modifications, and the Plan Administrator may take such actions with
respect to all Participants, to certain categories of Participants or only to
individual Participants. The Plan Administrator may take such action before or
after granting Options to which the action relates and before or after any
public announcement with respect to such sale, merger, consolidation,
reorganization, liquidation or change of control that is the reason for such
action.

11.5          Limitations

The grant of Options shall in no way affect the Company's right
to adjust, reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all
or any part of its business or assets.

11.6         
Fractional Shares 

In the event of any adjustment in the number of shares covered
by any Option, each such Option shall cover only the number of full shares
resulting from such adjustment.

ARTICLE 12. AMENDMENT AND TERMINATION 

12.1         
Amendment or Termination of Plan 

The Board may suspend, amend or terminate the Plan or any
portion of the Plan at any time and in such respects as it shall deem advisable;
provided, however, that to the extent required for compliance with Section 422
of the Code or any applicable law or regulation, stockholder approval shall be
required for any amendment that would (a) increase the total number of shares
available for issuance under the Plan, (b) modify the class of employees
eligible to receive Options, or (c) otherwise require stockholder approval under
any applicable law or regulation. Any amendment made to the Plan that would
constitute a "modification" to Incentive Stock Options outstanding on the date
of such amendment shall not, without the consent of the Participant, be
applicable to such outstanding Incentive Stock Options but shall have
prospective effect only.

12.2          Term
of Plan 

Unless sooner terminated as provided herein, the Plan shall
terminate ten years after the earlier of the Plan's adoption by the Board and
approval by the stockholders.

12.3          Consent
of Participant 

The suspension, amendment or termination of the Plan or a
portion thereof or the amendment of an outstanding Option shall not, without the
Participant's consent, materially adversely affect any rights under any Option
theretofore granted to the Participant under the Plan. Any change or adjustment
to an outstanding Incentive Stock Option shall not, without the consent of the
Participant, be made in a manner so as to constitute a "modification" that would
cause such Incentive Stock Option to fail to continue to qualify as an Incentive
Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to
Article 12 shall not be subject to these restrictions.

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ARTICLE 13. GENERAL 

13.1         
Evidence of Options 

Options granted under the Plan shall be evidenced by a written
instrument that shall contain such terms, conditions, limitations and
restrictions as the Plan Administrator shall deem advisable and that are not
inconsistent with the Plan.

13.2          No
Individual Rights 

Nothing in the Plan or any Option granted under the Plan shall
be deemed to constitute an employment contract or confer or be deemed to confer
on any Participant any right to continue in the employ of, or to continue any
other relationship with, the Company or any Related Company or limit in any way
the right of the Company or any Related Company to terminate a Participant's
employment or other relationship at any time, with or without Cause.

13.3         
Issuance of Shares 

Notwithstanding any other provision of the Plan, the Company
shall have no obligation to issue or deliver any Common Stock under the Plan or
make any other distribution of benefits under the Plan unless, in the opinion of
the Company's counsel, such issuance, delivery or distribution would comply with
all applicable laws (including, without limitation, the requirements of the
Securities Act), and the applicable requirements of any securities exchange or
similar entity.

The Company shall be under no obligation to any Participant to
register for offering or resale or to qualify for exemption under the Securities
Act, or to register or qualify under state securities laws, any Common Stock,
security or interest in a security paid or issued under, or created by, the
Plan, or to continue in effect any such registrations or qualifications if made.
The Company may issue certificates for shares with such legends and subject to
such restrictions on transfer and stop-transfer instructions as counsel for the
Company deems necessary or desirable for compliance by the Company with federal
and state securities laws.

To the extent the Plan or any instrument evidencing an Option
provides for issuance of stock certificates to reflect the issuance of Common
Stock, the issuance may be effected on a noncertificated basis, to the extent
not prohibited by applicable law or the applicable rules of any stock
exchange.

13.4          No
Rights as a Stockholder 

No Option or Stock Option denominated in units shall entitle
the Participant to any cash dividend, voting or other right of a stockholder
unless and until the date of issuance under the Plan of the shares that are the
subject of such Option.

13.5          Compliance
With Laws and Regulations 

Notwithstanding anything in the Plan to the contrary, the Plan
Administrator, in its sole discretion, may bifurcate the Plan so as to restrict,
limit or condition the use of any provision of the Plan to Participants who are
officers or directors subject to Section 16 of the Exchange Act without so
restricting, limiting or conditioning the Plan with respect to other
Participants. Additionally, in interpreting and applying the provisions of the
Plan, any Option granted as an Incentive Stock Option pursuant to the Plan
shall, to the extent permitted by law, be construed as an "incentive stock
option" within the meaning of Section 422 of the Code.

11

13.6          Participants
in Other Countries 

The Plan Administrator shall have the authority to adopt such
modifications, procedures and subplans as may be necessary or desirable to
comply with provisions of the laws of other countries in which the Company or
any Related Company may operate to assure the viability of the benefits from
Options granted to Participants employed in such countries and to meet the
objectives of the Plan.

13.7         
No Trust or Fund 

The Plan is intended to constitute an "unfunded" plan. Nothing
contained herein shall require the Company to segregate any monies or other
property, or Common Stock, or to create any trusts, or to make any special
deposits for any immediate or deferred amounts payable to any Participant, and
no Participant shall have any rights that are greater than those of a general
unsecured creditor of the Company.

13.8          Severability

If any provision of the Plan or any Option is determined to be
invalid, illegal or unenforceable in any jurisdiction, or as to any person, or
would disqualify the Plan or any Option under any law deemed applicable by the
Plan Administrator, such provision shall be construed or deemed amended to
conform to applicable laws, or, if it cannot be so construed or deemed amended
without, in the Plan Administrator's determination, materially altering the
intent of the Plan or the Option, such provision shall be stricken as to such
jurisdiction, person or Option, and the remainder of the Plan and any such
Option shall remain in full force and effect.

13.9         
Choice of Law 

The Plan and all determinations made and actions taken pursuant
heretoshall be governed by the laws of the State of Nevada without giving effect
to principles of conflicts of law.

ARTICLE 14. EFFECTIVE DATE 

The effective date is June 16, 2006, being the date on which
the Plan was adopted by the Board. If the stockholders of the Company do not
approve the Plan within 12 months after the Board's adoption of the Plan, any
Incentive Stock Options granted under the Plan will be treated as Nonqualified
Stock Options.

ITONIS INC. 

	per: /s/ Nicolas
      Lavaud 	 
	  	 
	Nicolas Lavaud 	 
	President, CEO and Director 	 

12Filed by Automated Filing Services Inc. (604) 609-0244 - Denarii Resources Inc. - Exhibit 10.1

ASSET PURCHASE AGREEMENT 

THIS AGREEMENT dated the 13th
day of April, 2006. 

BETWEEN: 

JAMES LAIRD 

(the “Vendor”)

OF THE FIRST PART

AND: 

DENARII RESOURCES
INC.

(the “Purchaser”)

OF THE SECOND PART

WHEREAS:

A.        The Vendor is the
registered and beneficial owner of various mineral claims (hereinafter the
“Claims”), collectively called MCNAB MOLYBDENUM. The Claims of the
Vendor are more particularly described in Schedule “A” attached hereto and
forming part of this Agreement;

B.        The Vendor has
agreed to sell and the Purchaser has agreed to purchase all of the Claims of the
Vendor in accordance with the terms of this Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the terms and covenants herein and other good and valuable
consideration, the receipt and sufficiency of which each party acknowledges, the
parties hereto agree as follows:

1.        
PURCHASE AND SALE OF ASSETS

1.1      Sale of Assets.
Subject to the terms and conditions of this Agreement, the Vendor hereby sells,
assigns and transfers to the Purchaser, and the Purchaser hereby purchases the
Vendor’s Claims.

	1.2 	
      Purchase Price. The purchase price payable by the
      Purchaser to the Vendor for the Vendor’s Claims is USD $10,000 (the
      “Purchase Price”). If applicable, subject to a carried 3% Net
      Smelter Royalty as described in Appendix “A”.

	1.3 	
      Payment of the Purchase Price. The Purchase Price
      will be paid by the delivery of a cheque.

1.4       Delivery of
Claims. The Vendor delivers to the Purchaser, on execution hereof, all of
the Claims unconditionally and free and clear of all liens, charges, or
encumbrances, except where disclosed.

2.        
COVENANTS OF THE PARTIES

2.1       Covenants.
The parties undertake to keep the information with respect to this Agreement,
the terms herein, and any related, underlying or subsequent agreements (the
“Information”) confidential and not to directly or indirectly disclose
the Information at any time to any person or persons or use the Information for
any purpose whatsoever.

3.        
REPRESENTATIONS OF THE VENDOR

3.1       Representations.
The Vendor represents and warrants to the Purchaser as follows, with the intent
that the Purchaser will rely on the representations in entering into this
Agreement, and in concluding the purchase and sale contemplated by this
Agreement:

	 	(a) 	
      Capacity to Sell. The Vendor is James Laird,
      having the power and capacity to own and dispose of the Claims, and to
      enter into this Agreement and carry out its terms to the full
    extent;

	 	 	 	 
	 	(b) 	
      Authority to Sell. The execution and delivery of
      this Agreement, and the completion of the transaction contemplated by this
      Agreement has been duly and validly authorized by all necessary corporate
      action on the part of the Vendor, and this Agreement constitutes a legal,
      valid and binding obligation of the Vendor enforceable against the Vendor
      in accordance with its terms except as may be limited by laws of general
      application affecting the rights of creditors;

	 	 	 	 
	 	(c) 	
      Sale Will Not Cause Default. Neither the execution
      and delivery of this Agreement, nor the completion of the purchase and
      sale contemplated by this Agreement will:

	 	 	 	 
	 		(i) 	
      violate any of the terms and provisions of the constating
      documents or bylaws or articles of the Vendor, or any order, decree,
      statute, bylaw, regulation, covenant, restriction applicable to the Vendor
      or the Claims;

	 	 	 	 
	 		(ii) 	
      give any person the right to terminate, cancel or
      otherwise deal with the Claims; or

	 		(iii) 	
      result in any fees, duties, taxes, assessments or other
      amounts relating to the Claims becoming due or payable other than tax
      payable by the Purchaser in connection with the purchase and
  sale;

	 	 	 	 
	 	(d) 	
      Encumbrances. The Vendor owns and possesses and
      has a good marketable title to the Claims free and clear of all legal
      claims, mortgages, liens, charges, pledges, security interest,
      encumbrances or other claims, except where as disclosed;

	 	 	 	 
	 	(e) 	
      Litigation. There is no litigation or
      administrative or governmental proceeding or inquiry pending or, to the
      knowledge of the Vendor, threatened against or relating to the Claims, nor
      does the Vendor know of or have reasonable grounds that there is any basis
      for any such action, proceeding or inquiry;

	 	 	 	 
	 	(f) 	
      No Defaults. Except as otherwise expressly
      disclosed in this Agreement there has not been any default in any
      obligation to be performed under any of the Claims, which are in good
      standing and in full force and appropriate effect; and

	 	 	 	 
	 	(g) 	
      Good Standing. Prior to closing this Agreement,
      the Vendor will maintain, as required, the Claims in good
  standing.

4.        
COVENANTS OF THE VENDOR

4.1       Procure
Consents. The Vendor will diligently and expeditiously take all reasonable
steps requested by the Purchaser to obtain all necessary consents to effect the
transfer of the Claims.

4.2       Covenant of
Indemnity. The Vendor will indemnify and hold harmless the Purchaser from
and against:

	 	(a) 	
      any and all liabilities, whether accrued, absolute,
      contingent or otherwise, existing at closing and which are not agreed to
      be assumed by the Purchaser under this Agreement;

	 	 	 
	 	(b) 	
      any and all losses, claims, damages and costs incurred or
      suffered by the Purchaser arising out of the breach or inaccuracy of any
      representation or warranty of the Vendor contained in this Agreement;
      and

	 	 	 
	 	(c) 	
      any and all actions, suits, proceedings, demands,
      assessments, judgments, costs and legal and other expenses incident to any
      of the foregoing.

	4.3 	
      Execution of all necessary documents. The Vendor
      will execute all necessary documents including such assignments as the
      Purchaser may require to effect the transfer of all of the Claims,
      including but not limited to, internet contracts and internet
  names.

5.        
REPRESENTATIONS OF THE PURCHASER

5.1       Representations.
The Purchaser represents and warrants to the Vendor as follows, with the intent
that the Vendor will rely on these representations and warranties in entering
into this Agreement, and in concluding the purchase and sale contemplated by
this Agreement:

	 	(a) 	
      Status of Purchaser. The Purchaser is a
      corporation duly incorporated, validly existing and in good standing and
      has the power and capacity to enter into this Agreement and carry out its
      terms; and

	 	 	 
	 	(b) 	
      Authority to Purchase. The execution and delivery
      of this Agreement and the completion of the transaction contemplated by
      this Agreement has been duly and validly authorized by all necessary
      corporate action on the part of the Purchaser, and this Agreement
      constitutes a legal, valid and binding obligation of the Purchaser
      enforceable against the Purchaser in accordance with its terms except as
      limited by laws of general application affecting the rights of
      creditors.

	6. 	
      COVENANTS OF THE PURCHASER

	 	 
	6.1 	
      Consents. The Purchaser will at the request of the
      Vendor execute and deliver such applications for consent and such
      assumption agreements, and provide such information as may be necessary to
      obtain the consents referred to in paragraph 4.1 and will assist and
      cooperate with the Vendor in obtaining the consents.

	 	 
	6.2 	
      Execution of all necessary documents. The
      Purchaser will execute all necessary documents as the Vendor may require
      to effect the transfer of all of the Claims.

	 	 
	7. 	
      SURVIVAL OF REPRESENTATIONS AND
      COVENANTS

7.1       Vendor's
Representations and Covenants. All representations, covenants and agreements
made by the Vendor in this Agreement or under this Agreement will, unless
otherwise expressly stated, survive closing and any investigation at any time
made by or on behalf of the Purchaser will continue in full force and effect for
the benefit of the Purchaser.

7.2       Purchaser’s
Representations and Covenants. All representations, covenants and agreements
made by the Purchaser in this Agreement or under this Agreement will, unless
otherwise expressly stated, survive closing and any investigation at any time
made 

by or on behalf of the Vendor and will continue in full force
and effect for the benefit of the Vendor.

8.       
 LIABILITIES NOT ASSUMED

8.1       Liabilities Not
Assumed. The Purchaser will not assume any liabilities of the Vendor. The
Purchaser will not be responsible for any liability of the Vendor, past, present
or future, relating to the Claims, and the Vendor will indemnify and save
harmless the Purchaser from and against any such claim.

9.        
CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE
PURCHASER

9.1       Conditions.
All obligations of the Purchaser under this Agreement are subject to the
fulfillment of the following conditions:

	 	(a) 	
      Vendor's Representations. The Vendor’s
      representations contained in this Agreement will be true.

	 	 	 
	 	(b) 	
      Vendor’s Covenants. The Vendor will have performed
      and complied with all agreements, covenants and conditions as required by
      this Agreement.

	 	 	 
	 	(c) 	
      Consents. The Purchaser will have received duly
      executed copies of the consents or approvals referred to in paragraph
      4.1.

9.2       Exclusive
Benefit. The foregoing conditions are for the exclusive benefit of the
Purchaser and any such condition may be waived in whole or in part by the
Purchaser delivering to the Vendor a written waiver to that effect signed by the
Purchaser.

10.       CONDITIONS
PRECEDENT TO THE OBLIGATIONS OF THE VENDOR

10.1      Conditions. All
obligations of the Vendor under this Agreement are subject to the fulfillment of
the following conditions:

	 	(a) 	
      Purchaser's Representations. The Purchaser’s
      representations contained in this Agreement will be true.

	 	 	 
	 	(b) 	
      Purchaser’s Covenants. The Purchaser will have
      performed and complied with all covenants, agreements and conditions as
      required by this Agreement.

	 	 	 
	 	(c) 	
      Consents of Third Parties. All consents or
      approvals required to be obtained by the Vendor for the purpose of
      selling, assigning or transferring the Claims have been obtained, provided
      that this condition may only be

relied upon by the Vendor if the Vendor has diligently
exercised its best efforts to procure all such consents or approvals and the
Purchaser has not waived the need for all such consents or approvals.

10.2      Exclusive
Benefit. The foregoing conditions are for the exclusive benefit of the
Vendor and any such condition may be waived in whole or in part by the Vendor
delivering to the Purchaser a written waiver to that effect signed by the
Vendor.

11.       GENERAL

	11.1 	
      Governing Law. This Agreement and each of the
      documents contemplated by or delivered under or in connection with this
      Agreement are governed exclusively by, and are to be enforced, construed
      and interpreted exclusively in accordance with the laws of British
      Columbia which will be deemed to be the proper law of the
  Agreement.

	 	 
	11.2 	
      Professional Fees. Each of the parties will bear
      the fees and disbursements of their respective lawyers, advisers and
      consultants engaged by them respectively in connection with the
      transactions contemplated by this Agreement prior to the
closing.

	 	 
	11.3 	
      Assignment. No party will assign this Agreement,
      or any part of this Agreement, without the prior written consent of the
      other party. Any purported assignment without the required consent is not
      binding or enforceable against any party.

	 	 
	11.4 	
      Enurement. This Agreement enures to the benefit of
      and binds the parties and their respective successors and permitted
      assigns.

	 	 
	11.5 	
      Notice. All notices required or permitted to be
      given under this Agreement will be in writing and personally delivered to
      the address of the intended recipient set out on the first page of this
      Agreement or at such other address as may from time to time be notified by
      any of the parties in the manner provided in this Agreement.

	 	 
	11.6 	
      Further Assurances. The parties will execute and
      deliver all further documents and take all further action reasonably
      necessary or appropriate to give effect to the provisions and intent of
      this Agreement and to complete the transactions contemplated by this
      Agreement.

	 	 
	11.7 	
      Remedies Cumulative. The rights and remedies under
      this Agreement are cumulative and are in addition to and not in
      substitution for any other rights and remedies available at law or in
      equity or otherwise. Any party to this Agreement may terminate this
      Agreement if any other party is in breach of or defaults under any
      material term or condition of this Agreement or has made a material
      misrepresentation in this Agreement. No single or partial exercise by a
      party of

		
      any right or remedy precludes or otherwise affects the
      exercise of any other right or remedy to which that party may be
      entitled.

	 	 
	11.8 	
      Entire Agreement. This Agreement constitutes the
      entire agreement between the parties and there are no representations,
      express or implied, statutory or otherwise and no collateral agreements
      other than as expressly set out or referred to in this
Agreement.

	 	 
	11.9 	
      Headings. The division of this Agreement into
      sections and the insertion of headings are for convenience only and do not
      form part of this Agreement and will not be used to interpret, define or
      limit the scope, extent or intent of this Agreement.

	 	 
	11.10 	
      Severability. Each provision of this Agreement is
      severable. If any provision of this Agreement is or becomes illegal,
      invalid or unenforceable, the illegality, invalidity or unenforceability
      of that provision will not affect the legality, validity or enforceability
      of the remaining provisions of this Agreement.

	 	 
	11.11 	
      Schedules. The Schedules attached hereto form an
      integral part of this Agreement.

	 	 
	11.12 	
      Time of the Essence. Time will be of the essence
      of this Agreement.

	 	 
	11.13 	
      Counterparts. This Agreement and all documents
      contemplated by or delivered in connection with this Agreement may be
      executed and delivered by facsimile or original and in any number of
      counterparts, and each executed counterpart will be considered to be an
      original. All executed counterparts taken together will constitute one
      agreement.

IN WITNESS WHEREOF the parties have duly executed this
Agreement by their duly authorized officers effective the first day and year
written above.

	VENDOR: 	 
	 	 
	per: /s/ James Laird 	 
	 	 
	JAMES LAIRD 	 
	 	 
	PURCHASER: 	 
	 	 
	per: /s/ Chris Lori 	 
	 	 
	CHRIS LORI, President/Director 	 

SCHEDULE “A”

THIS IS SCHEDULE “A” to the Asset
Purchase Agreement.

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