Document:

Exhibit 10.3

    
      

        
          

        
 

      Term
        Sheet

      Téliphone
        Inc. Wholesaler Agreement

      

      

      Between:

      

      Téliphone
        Inc. (“Téliphone”) And
        NCTel
        inc. (“Wholesaler”)

      

      Purpose:

      

      Wholesaler
        will re-sell Téliphone products and services to its own re-sellers and
        end-users.

      

      Territory:

      

      Wholesaler
        will operate within the geographical territory of Canada and USA.

      

      Exclusive
        Territory:

      

      Wholesaler
        will be provided the exclusive territory of Sherbrooke, Quebec (defined by
        area
        codes to be determined) with the following terms and conditions:

      

      1.  The
        term
        of exclusivity exists for a period of six (6) months from the time that
        Téliphones from this territory become available for sale.

      2.  During
        this period, all sales direct from Téliphone or otherwise will be commissionable
        sales to the Wholesaler.

      3.  The
        Wholesaler will maintain exclusivity during the exclusivity term provided
        the
        following sales and activations are achieved: (If these results are not
        achieved, then the Wholesaler forfeits its exclusivity)

       

      
        	
                a.

              	
                100
                  Téliphone activations from the onset.

              
	
                b.

              	
                500
                  Téliphone activations by month three (3)

              
	
                c.

              	
                1,000
                  Téliphone activations by month five
                  (5)

              

      

      

      Wholesaler
        may request other exclusive territories that are not currently served by
        Téliphone. No guarantee on granted exclusivity will be made at the time of
        signing of this term sheet. Sales performance in the Territory will determine
        the Wholesaler’s right to claim additional territories.

      

      Promotion
        in the Exclusive Territory:

      

      Wholesaler
        will be responsible for all promotion costs directly targeting the Exclusive
        Territory during the period of exclusivity.

       

      Commission
        and Fee Structure:

      

      (Pertaining
        to Téliphone’s Voice over Internet Protocol (VoIP) products and services
        only)

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

      

      
        
          

        

      Hardware:

      Wholesaler
        will purchase the hardware at a discount of 25% of Téliphone’s retail price.

      

      Services:

      Wholesaler
        will be invoiced 75% of the total expenditures made by the Wholesaler’s
        activated clients. The retail price of the monthly costs is $19.95 basic
        service
        plus an additional $9.95 for America IPOne. Additional long distance charges
        are
        invoiced in advance in $10.00 increments based on usage
        requirements.

      

      Method
        of Payment:

      

      Invoicing
        will occur in the following manner:

       

      
        	
                *

              	
                Hardware
                  payable upon receipt

              
	
                *

              	
                Monthly
                  recurring revenues for the current month on the first of every
                  month
                  payable net 15 days

              
	
                *

              	
                Long
                  distance charges incurred for the current month on the 30th
                  of
                  every month payable net 15 days

              

      

      

      Wholesaler
        will then invoice its clients directly.

      

      In
        cases
        where Wholesaler’s clients leave their credit cards as payments direct on the
        Téliphone website, Téliphone will provide payment to Wholesaler within 15 days
        after the 30th
        of the
        current month.

      

      Wholesaler’s
        Customer Interface via Téliphone web site:

      Téliphone
        will provide Wholesaler with “Call Record Details” for all units registered to
        Wholesaler via its website. Wholesaler will put up its own web site and have
        an
        interface link to Téliphone’s database.

      

      Wholesale’s
        customers will be able to access the following information within their
        Téliphone account via a web interface (or through Wholesaler’s web
        site):

       

      
        	
                *

              	
                Personal
                  call records

              
	
                *

              	
                FollowMe
                  call forwarding system

              
	
                *

              	
                Account
                  information page

              

      

      

      Marketing
        and Branding:

      

      Wholesaler
        will be entitled to brand all the Téliphone products with their own branding,
        for example:

      

      “Wholesaler
        Inc. VoIP Service”.

      

      Wholesaler
        is permitted to tell its customers that he is utilizing Téliphone’s
        network.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      
        
          

        

      Téliphone
        reserves the right to be provided a copy of all marketing and branding prior
        to
        market launch and approve or reject should the marketing be deemed inappropriate
        or not within Téliphone’s acceptable quality standards. 

      

      Approved,

      

       

      
        	 /s/
George
                Metrakos	                
                Claude Garon
	
                George
                  Metrakos

              	
                Name:
                  /s/ Claude Garon

              
	
                President

              	
                Title: 
                  President

              
	
                Téliphone
                  Inc.

              	
                Company :
                  Digital Radio Communications

              
	
                Date :
                  14/12/04

              	
                Date : 
                  14/12/04Exhibit 10.4

    Letter
      of Intent

    

    Signed
      in Montreal, Canada, on May 16, 2005-08-22

    

    

    By
      and Between:

    

    9151-4877
      Quebec Inc.
      (doing
      business under the name Dialek or NcTEL), company legally constituted, whose
      head office is located at 6, Wellington South, suite 302, in Sherbrooke, Quebec,
      J1H 5C7 Canada, hereby represented by Lukas Dufault, duly authorized as he
      so
      declares

    

    And

    

    United
      American Corporation,
      (hereby
      referred to as “UAC”) company legally constituted in the state of Florida, USA,
      having its head office at 3273 East Warm Springs Road, in Las Vegas, Nevada,
      89120 USA, hereby represented by Benoit Laliberté, duly authorized as he so
      declares

    

    And

    

    Lukas
      Dufault,
      lawyer,
      residing at 897 Henri IV street, apartment 3, in Rock Forest, Quebec, J1N 4G3,
      Canada.

    

    And

    

    Nicole
      Ranger,
      business person, residing at 814 Fabien street, in Rock Forest, Quebec, JH1N
      2J8, Canada

    

    Henceforth
      referred to as “the parties”

    

    
      
        

      

    Whereas
      Lukas
      Dufault owns 50% of the company 9151-4877 Quebec Inc. and that Nicole Ranger
      owns the other 50%.

    

    Whereas
      the
      company 9151-4877 Quebec Inc. does business under the name of Dialek
      Telecom

    

    Whereas
      the
      company 9151-4877 Quebec Inc. has a base of clients of which they are invoiced
      on a monthly basis of approximately Cdn$35,000

    

    Whereas
      of the
      Cdn$35,000 of monthly billing, the company 9151-4877 Quebec Inc. retains a
      gross
      profit (total sales of products and services less costs of goods sold) of at
      least Cdn$6,000.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Whereas
      the
      company 9151-4877 Quebec Inc. wishes to sell its client base, its accounts
      receivable, its accounts payable and its agreements between its clients and
      its
      suppliers

    

    Whereas
      Nicole
      Ranger wishes to exit from the business of 9151-4877 Quebec Inc.

    

    Whereas
      the
      parties wish to reconcile the present agreement in writing

     

    
      
        

      

    

    

    In
      consideration of all that precedes, the parties agree to the
      following:

    

    
      	1.  	
              A
                new company (hereby referred to as NewCo) should be constituted in
                Canada

            

    

    

    
      	2.  	
              The
                totality of the shares of NewCo shall be held in the following
                way:

            

    

    

    
      	a.  	
              75%
                held by UAC

            

    

    
      	b.  	
              25%
                held by Lukas Dufault of a holding company wholly owned by
                him

            

    

    

    
      	3.  	
              9151-4877
                Quebec Inc. will transfer all of its client base to
                NewCo

            

    

    

    
      	4.  	
              915104877
                Quebec Inc. will transfer the following supplier contracts to
                NewCo:

            

    

    

    
      	a.  	
              Agreement
                to resell high speed cable internet services of Videotron Ltd (for
                the
                intent to utilize it for VoIP
                services)

            

    

    
      	b.  	
              Agreements
                to resell telecommunications lines, PRI’s, DSL, long distance and toll
                free services from Charitel Inc.

            

    

    
      	c.  	
              Agreement
                to resell DSL services from
                Inter.net

            

    

    
      	d.  	
              Agreement
                to resell VoIP telecommunications services from Teliphone
                Inc.

            

    

    
      	e.  	
              Agreement
                to resell commercial services from
                Cogeco

            

    

    
      	f.  	
              All
                other previously signed agreements by 9151-4877 Quebec Inc. and which
                are
                presently being utilized by them

            

    

    

    
      	5.  	
              9151-4877
                Quebec inc. will transfer to NewCo its following resseller
                agreements:

            

    

    

    
      	a.  	
              The
                agreement of resale by the association of owners of
                Quebec

            

    

    
      	b.  	
              The
                agreement of partnership which is currently being concluded with
                the
                association of restaurateurs of
                Quebec

            

    

    
      	c.  	
              The
                agreement of resale with DBB
                Informatique

            

    

    
      	d.  	
              The
                agreement of resale with Sirius
                Informatique

            

    

    
      	e.  	
              The
                agreement of resale with Mayrand
                Telecom

            

    

    
      	f.  	
              The
                agreement of resale with Communication Nelson
                Bilodeau

            

    

    
      	g.  	
              The
                agreement of resale with Stephane
                Desbiens

            

    

    
      	h.  	
              The
                agreement of resale with Charitel
                Inc.

            

    

    
      	i.  	
              The
                agreement of resale with InfoFortin

            

    

    
      	j.  	
              All
                other agreements previously signed by NCTel and/or 9151-4877 Quebec
                Inc.
                which are presently being utilized by
                them

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
      	
              6.  

            	
              9151-4788
                Quebec inc. will transfer to NewCo the following
                assets:

            

    

    

    
      	a.  	
              18
                Wireless IP telephones

            

    

    
      	b.  	
              35
                Sipura single line devices

            

    

    
      	c.  	
              10
                Sipura 2 line devices

            

    

    
      	d.  	
              3
                Asus mini access wi-fi access
                points

            

    

    
      	e.  	
              2
                ADSL router/modems

            

    

    
      	f.  	
              The
                total of its short term assets, ie. Its cash and accounts
                receivable

            

    

    

    
      	7.  	
              9151-4877
                Quebec Inc. will conserve its banking operations until the complete
                transfer of items listed in section 6 above to NewCo. All amounts
                received
                on behalf of NewCo will likewise be transferred Newco. NewCo will
                assume
                all banking fees. NewCo will also utilize for the same period the
                merchant
                ID numbers for 9151-4877 Quebec
                Inc.

            

    

    

    
      	8.  	
              UAC
                will inject the funds and resources necessary for the operation of
                NewCo
                including but not limited to the following: a customer service department,
                a billing system, administration and accounting, service provisioning,
                collections services as well as a technical support
                department.

            

    

    

    
      	9.  	
              UAC
                will inject the funds necessary in order for NewCo to bring up to
                date its
                accounts payables to all suppliers listed in item 4
                above.

            

    

    

    
      	10.  	
              9151-4877
                Quebec Inc. will transfer its entire accounts receivables to
                NewCo.

            

    

    

    
      	11.  	
              In
                addition to the items set forth previously, UAC will pay 9151-4788
                Quebec
                Inc. the amount of Cdn$55,000 in the form of 12 equal monthly
                disbursements. This entire sum will be transferred to Nicole Ranger.
                She
                will therefore perform the
                following:

            

    

    

    
      	a.  	
              Transfer
                the total amount of her shares of 9151-4788 Quebec Inc. to
                UAC

            

    

    
      	b.  	
              To
                retain all references to this agreement, to 9151-4788 Quebec Inc.
                and
                NewCo, its suppliers, clients, and all other technical and commercial
                information as being of a confidential
                nature.

            

    

    
      	c.  	
              For
                a period of 3 years, from the point of signature of this agreement
                for any
                reason whatsoever, be it justified or not, to not, directly or indirectly,
                personally or through a third party, that this third party is an
                individual, of a corporation, solicit one or more clients, suppliers
                and/or partners of 9151-4788 Quebec Inc. and/or NewCo, that she may
                know
                of due to her implication in 9151-4788 Quebec Inc. or her personal
                contacts that she had with 9151-4788 Quebec Inc. or within the framework
                of her role within it.

            

    

    
      	d.  	
              To
                provide total, complete and final control of 9151-4877 Quebec Inc.
                to
                Lukas Dufault, UAC and Newco, all rights to its assets, rights and
                agreements.

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    
      	12.  	
              The
                entire operations of NewCo will be transferred to 1080 Beaver Hall
                in
                Montreal

            

    

    

    
      	13.  	
              Within
                5 days of signing this agreement, Lukas Dufault will provide a personal
                guarantee against all recourses that could occur on behalf of the
                old
                employer, shareholder, administrator, client or supplier (other than
                those
                mentioned in paragraph 4 of this agreement) or any claims against
                its
                assets being transferred to NewCo. In addition, this declaration
                will
                confirm the amounts of accounts receivable and payable being transferred,
                of actual invoice able revenues and its resulting gross
                profits.

            

    

    

    
      	14.  	
              Lukas
                Dufault will be named President and Chief Executive Officer of NewCo
                for a
                minimal 5 year term from the date of incorporation of
                NewCo.

            

    

    

    
      	15.  	
              UAC
                will name an additional administrator of its choice to the Board
                of
                Directors of NewCo prior to the closure of the
                transaction.

            

    

    

    
      	16.  	
              Lukas
                Dufault and one other person will be named as the 2 signatories of
                NewCo
                and 2 signatures will be required for all banking matters and resolutions
                of NewCo.

            

    

    

    
      	17.  	
              Lukas
                Dufault will be responsible for New Business Development , relations
                with
                suppliers as well as the management and training of NewCo’s
                resellers.

            

    

    

    
      	18.  	
              Lukas
                Dufault will be remunerated by NewCo in the following
                way:

            

    

    

    
      	a.  	
              A
                base salary of Cdn$60,000 per year, payable
                bi-weekly

            

    

    
      	b.  	
              A
                bonus of 40% of the gross margin of NewCo which surpasses the first
                Cdn$7,500 of gross margin per month. (Gross margin is calculated
                the
                following way: Total sales of NewCo minus (-) total purchases of
                goods and
                services re-sold and all other costs associated with the delivery
                of the
                products and services sold)

            

    

    
      	c.  	
              The
                cost of leasing a vehicle for Lukas Dufault will be assumed by NewCo
                to a
                maximum of Cdn$400 per month before
                tax.

            

    

    
      	d.  	
              The
                costs related to the use of the vehicle (insurance, registration,
                fuel and
                maintenance related to business use) will be assumed by
                NewCo.

            

    

    
      	e.  	
              Share
                options of the public corporation, to be determined between parties
                upon
                signing of the final contract

            

    

    

    
      	19.  	
              All
                parking fees for Lukas Dufault’s vehicle will be paid for by
                NewCo.

            

    

    

    
      	20.  	
              The
                date predicted for the start of the rights and obligations of this
                contract is May 17, 2005.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    
      	21.  	
              NewCo
                and its administrators will decide what they will do with the offices
                space belonging to them situated at 6 Wellington South street, suite
                302,
                in Sherbrooke Quebec, as soon as
                possible.

            

    

    

    The
      parties have signed this agreement on the 16th
      day of
      May, 2005:

    

    (Original
      French copy signed)

    

    /s/
      Lukas
      DuFault

    
      
        

      

    

    Lukas
      Dufault (for 9151-4788 Quebec Inc.)

     

    /s/
      Benoit Laliberte

    

      
        

      

    

    Benoit
      Laliberté for United American Corporation

    

    /s/
      Lukas
      DuFault

    
      
        

      

    

    Lukas
      Dufault for all personal garantees

    

    /s/
      Nicole Ranger

    
      
        

      

    

    Nicole
      Ranger

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