Document:

Exhibit 10.16 Exchange Agreement between us and Michael L. Glaser

Exhibit 10.16 Exchange Agreement between us and Michael L. Glaser

                        EXCHANGE AND CONVERSION AGREEMENT
                                     BETWEEN
                                 TELEMETRIX INC.
                                       AND
                                MICHAEL L. GLASER

THIS EXCHANGE AND CONVERSION AGREEMENT (hereinafter called this "Agreement")
made and entered into as of this 26 day of May, 2003 by and among TELEMETRIX
INC., a Delaware corporation with offices at 1225 Sage Street, Gering, Nebraska
69341 ("the Company"), and MICHAEL L. GLASER an individual residing at 2324
South Jackson Street, Denver, CO 80210 ("Glaser").

WHEREAS, the Company has been organized as a Delaware corporation for the
primary purpose of engaging in the telecommunications business; and

WHEREAS, the Company and Glaser have entered into certain loan agreements
("notes"), a schedule of which is identified as Exhibit 1 and is attached to and
made a part of this agreement; and

WHEREAS, the Company has agreed upon the terms and conditions set forth herein,
to an exchange of the notes held by Glaser for shares of the common and
preferred capital stock of the Company; and

WHEREAS, the Company and Glaser mutually desire to set forth their agreements
and understandings with respect to such exchange of notes for shares of the
common capital stock of the Company and to provide for certain rights of Glaser
in connection therewith;

NOW, THEREFORE, for and in consideration of the premises and of the mutual
agreements, provisions and covenants herein contained and the mutual benefits
derived therefrom, the parties hereto do covenant and agree as follows:

1.   Capital Structure of the Company. The Company is a Delaware corporation
     authorized by its Certificate of Incorporation, to issue 25,000,000 shares
     of Common Stock ("Common Stock"), par value $.001 per share, of which
     18,486,176 are outstanding and 5,000,000 shares of Preferred Stock, par
     value of $.001 per share, of which 0 shares are outstanding.

2.   Exchange of notes for Common Stock. As of the date of this agreement,
     Glaser shall surrender to the principal office of the Company (or such
     other office or agency of the Company as the Company may designate by
     notice in writing to the holder or holders of the Common Stock of the
     Company) all certificates representing all shares of Common Stock which
     have been issued by the Company to Michael L. Glaser, his heirs, successors
     or assigns which correspond or were issued in connection or association
     with the schedule of notes attached hereto as Exhibit 1, and shall exchange
     without further cost all notes and shares of Common Stock issued as
     consideration for any of the notes listed in Exhibit 1, as well as shares
     issued on the date of reorganization as consideration and shares issued for
     services for 886,380 shares of Common Stock of the Company and 25,114.1
     shares of Preferred Stock. This agreement does not contemplate the
     surrender of any shares of stock which are held by Glaser and which were
     not a part of any transactions between Glaser and the Company, and which
     shares are held by Glaser as either restricted or unrestricted shares of
     Common Stock.

3.   Authorization of Issuance of Preferred Stock. This exchange calls for the
     issuance of Preferred Stock. The Company shall promptly take such steps as
     may be necessary or appropriate under the laws of Delaware and the federal
     securities laws to permit the issuance of the Preferred Stock. If the
     authorization and issuance of such Preferred Stock requires an amendment to
     the Company's Certificate of Incorporation and the adoption by the
     stockholders of such amendment, the Company shall immediately initiate the
     necessary and required documents and corporate meetings. The Preferred
     Stock shall be non-voting stock.

4.   Option of Glaser for Registration or Exchange of Stock. At any time, and
     subject to the terms set forth in paragraph 5 of this document, Glaser
     shall have the right by providing written notice to the Company to have the
     Company register in accordance with Paragraph 6 hereof all or any part of
     the Common Stock owned by Glaser. if any, held by Glaser on a registration
     statement in compliance with the Securities Act of 1933 in order to permit
     the sale or distribution of such stock.

5.   Registration of Stock. If the Company shall receive from Glaser a written
     request that the Company register Common Stock under a registration
     statement in compliance with the Securities Act of 1933 as provided in
     paragraph 6 hereof, in order to permit the sale or distribution of such
     stock, the Company, as soon as practicable after giving written notice to
     Glaser (which notice shall be given by the Company within ten (10) days
     after receipt of the written request for registration from Glaser) that it
     has elected to file a registration statement for the Common Stock held by
     Glaser pursuant to this paragraph, will use its best efforts to effect such
     registration and qualify the Common Stock in such jurisdictions as may be
     requested by Glaser. Any such registration of shares requested by Glaser
     may include shares of Common Stock owned by other shareholders of the
     Company. 100,000 (One Hundred Thousand) shares in the aggregate is the
     minimum number of shares that may be included in any registration. Each
     selling shareholder shall bear a pro rata portion of all costs and expenses
     paid to third parties (other than those paid to any affiliate or subsidiary
     of the Company or any shareholder thereof) for registration and filing
     fees, printing expenses, fees and disbursements of counsel, and any
     accounting fees incident to or required by the registration or
     qualification. Underwriting discounts and commissions shall be the pro rata
     expense of each selling shareholder. The Company shall keep effective and
     maintain any such registration statement for such period and to the extent
     as Glaser may deem necessary for the purpose of selling or disposing of the
     shares, and from time to time during such period shall amend or supplement
     the prospectus used in connection therewith to the extent necessary in
     order to comply with the applicable law. The Company shall be required to
     comply with the above registration provisions only once, except that if
     Glaser receives a Warrant which it is not entitled to exercise until after
     the registration statement has become effective, then Glaser shall be
     entitled to a second registration to cover Common Stock acquired by it upon
     exercise of the Warrant an any other shares of Common Stock then still
     owned by Glaser.

     Should the Company at any time seek to register all or any part of its
     Common Stock under a registration statement in compliance with the
     Securities Act of 1933, without having been requested to do so by Glaser,
     in accordance with this paragraph, Glaser may (in addition to its
     registration rights set forth above) add any or all of such shares of the
     Company as it may own to any such registration. The Company shall bear all
     costs and expenses for registration and filing fees, printing expenses,
     fees and disbursements of all counsel and any accounting fees, including
     expenses of any special audit, incident to or required by any registration
     not requested by Glaser. Underwriting discounts and commissions shall be
     the pro rata expense of such selling shareholder.

6.   Indemnification. Prior to the effective date of any registration statement
     relating to any of the shares of Common Stock owned by Glaser, the Company
     and Glaser shall enter into an agreement providing for reciprocal
     indemnification against any losses, claims, damages or liabilities to which
     the Company or Glaser (or controlling persons thereof) may become subject
     under the Securities Act of 1933, as amended, or otherwise, in the form of
     reciprocal indemnification provisions which customarily appear in
     underwriting agreements used by reputable investment bankers.

7.   Acquisition for investment. Glaser hereby agrees that the shares of Common
     Stock are being acquired for its own account and not with a view to the
     distribution or resale thereof and the same shall not be sold or
     transferred in the absence of an effective registration statement under the
     Securities Act of 1933 unless an exemption therefrom is available.

8.   Agreements Relating to Rule 144. If and so long as the Company has
     securities registered pursuant to the Securities Act of 1933, the Company
     will (a) file reports in compliance with the Securities Exchange Act of
     1934, and (b) at its expense, forthwith upon the request of Glaser, deliver
     to Glaser a certificate, signed by the Company's principal financial
     officer, stating (i) Company's name, address and telephone number
     (including area code), (ii) the Company's Securities and Exchange
     identification number, (iii) the Company's Securities and Exchange
     Commission file number, (iv) the number of shares of stock (and other
     securities) outstanding as shown by the most recent report or statement
     published by the Company and (v) whether the Company has filed the reports
     required to be filed under the Securities Exchange Act of 1934 for a period
     of at least ninety (90) days prior to the date of such certificate and in
     addition has filed the most recent annual report required to be filed
     thereunder. If at any time, subsequent to the exchange of Glaser's notes
     for Common Stock, the Company is not required to file reports in compliance
     with either Section 13 or Section 15(d) of the Securities Exchange Act of
     1934, the Company, at its expense will, forthwith upon the written request
     of Glaser, make available adequate current public information with respect
     to the Company within the meaning of paragraph (c)(2) of Rule 144 of the
     General Rules and Regulations promulgated under the Securities Act of 1933.

9.   Transfer of Common Stock by Glaser. It is expected that Glaser shall and
     Glaser shall at any time be permitted without any approval, consent or
     action of the Company to, sell, transfer or assign all or any part of the
     Common Stock or other voting or non-voting equity securities of the Company
     then owned by Glaser to other individuals, corporations or other entities;
     provided, however, in the event of a sale, transfer or assignment by Glaser
     of any of its shares of Common Stock, Glaser shall, in the absence of an
     effective registration statement under the Securities Act of 1933 covering
     such shares, provide the Company with an opinion of counsel, satisfactory
     in form and substance to the Company and its counsel, to the effect that
     such sale, transfer or assignment will not require that such securities be
     registered under the Securities Act of 1933. Any such assignee, in
     proportion to its ownership of the Common Stock or other voting or
     non-voting equity securities, shall be entitled to exercise or acquire all
     of the rights or interests which may be exercised or acquired by Glaser
     pursuant to the terms of this Agreement; provided, however, that the right
     to request mandatory registration under paragraph 5 shall be exercisable
     only by the then owners of a majority interest of the Common Stock
     previously held by Glaser.

10.  Notices and Addresses. All notices or other communications in connection
     herewith shall be in writing and shall be mailed by first class or air
     mail, postage  prepaid to the following addresses and to the attention of
     the party in question:

     Michael L. Glaser
     2324 South Jackson
     Denver, CO
     80210

     Or at such other addresses as may have been furnished to the other parties
     in writing.

11.  No additional Classes of Common Stock. The Company shall not create any
     additional classes of common capital stock.

12.  Termination of Agreement. This Agreement shall terminate only upon the
     exercise by Glaser of all of its rights for registration or exchange of
     stock as set forth in paragraphs 2, 4 and 5 hereof or by the mutual written
     consent of the Company and Glaser.

13.  Amendments. This agreement may be amended only by written amendment signed
     by Glaser and the Company.

14.  Complete Agreement. This Agreement contains all of the Agreements and
     understandings between the parties here-to relative to the transaction
     contemplated herein.

15.  Choice of Law. This agreement and all matters pertaining thereto shall be
     construed under the laws of the State of Nebraska.

16.  Signatures. This Agreement may be executed in counterparts, with each such
     duly executed counterpart having the same validity, force and effect as the
     original.

17.  Facsimile. A facsimile copy of this document and any signatures shall be
     considered for all purposes and intent as legal and binding originals.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the
date first above written.

                                              Telemetrix Inc.

/s/Michael L. Glaser                          /s/Michael J. Tracy
----------------------------                  -----------------------------
Michael L. Glaser                             Michael J. Tracy, President

Telemetrix Inc.

/s/William L. Becker
----------------------------
William L. Becker, Chairman
Board of Directors

                                    Exhibit 1

                                                                   Total                03/31/2003
           Date of                      Interest                 Accrued               Share price
Note #        Loan                          Rate   Principal        Int.       Total      at $0.15
--------------------------------------------------------------------------------------------------
057     08/01/2001  Michael Glaser IRA    10.00%   55,500.00   11,655.00   67,155.00       447,700
                    Rollover
064     12/15/2001  Michael Glaser IRA    10.00%  343,488.87   72,132.66  415,621.53     2,770,810
                    Rollover
066     12/31/2001  Michael Glaser IRA    10.00%  165,375.00   34,728.75  200,103.75     1,334,025
                    Rollover
069     02/22/2002  Michael Glaser        10.00%  100,000.00   21,000.00  121,000.00       806,667
                                                              139,516.41  803,880.28     5,359,202
                                                                        Shares At Org.     550,000
                                                                        Total Shares*    5,909,202

*This number is after adjustment to the conversion value of the notes,
reflecting an interest rate of 10% on all notes, interest computed on an
annually compounded basis through March 31, 2003.Exhibit 10.17 Office Lease Agreement between Michael J. Tracy and Tracy Corporation II

Exhibit 10.17 Office Lease Agreement between Michael J. Tracy and Tracy Corporation II

                                 Lease Agreement

     This Agreement made as of November 1, 2002 by and between Michael J. Tracy,
referred to herein as LESSOR, and Tracy Corporation II, A Nebraska corporation
(TRACY), referred to herein as LESSEE:

                                   WITNESSETH:

     Whereas, Lessor and Lessee have reached an understanding with respect to
the lease by Lessee of certain real property and the improvements thereon owned
by Lessor.

     Now, therefore, in consideration of the foregoing premises and the mutual
covenants hereinafter set forth, it is agreed as follows:

     1.  LEASE. Lessor hereby leases to Lessee and Lessee leases from Lessor on
the terms and conditions set forth herein, that portion of the building and
improvements and land used by Lessee in the conduct of business (herein after
referred to as the Premises) as reflected on Exhibit A, attached, hereto and
incorporated herein by this reference.

     2.  TERM. The term of this lease shall be for five (5) years commencing
November 1, 2002 and expiring October 31, 2007.

     3.  RENT. LESSEE shall pay to LESSOR as rent the amounts of $2,500.00 per
month in advance,  payable on or before the fifth (5th) day of each month of the
term as rental for the property described on the attached Exhibit A.

     4.  UTILITIES. TRACY will pay prior to delinquency all charges for utilities
servicing the Premises.

     5.  TAXES. TRACY shall pay all real estate taxes on the premises prior to
delinquency. LESSEE shall pay prior to delinquency any personal property tax
attributable to personal property owned by each and located on the Premises.

     6.  INSURANCE. LESSEE shall procure and keep in force at their expense fire
and extended coverage insurance covering the Premises together with public
liability insurance, all coverages to be in amounts as agreed to by the parties.
LESSOR shall be named as an additional insured on all of such insurance
policies. LESSEE shall be shown as a named insured under such policy. LESSEE
shall separately procure and keep in force at their expense any insurance
covering their respective items of personal property located on the Premises. In
any event, LESSEE will indemnify LESSOR and hold him harmless from and in
connection with any liability, cost or expense arising from or in any way
connected with the activities of the respective LESSEE on the Premises.

     7.  REPAIRS AND MAINTENANCE.
          a.   LESSEE shall at their expense be responsible for repairs and
               replacements in connection with the structural components of the
               Premises including roof, floor, walls, doors and glass, heating
               and air-conditioning systems, plumbing system including plumbing
               fixtures, and electrical system. In the event of need of repairs
               or replacements hereunder, LESSEE shall notify LESSOR thereof,
               and LESSOR shall promptly cause repairs and/or replacements, as
               appropriate, to be accomplished. Any proceeds from the fire and
               extended coverage insurance occasioned by an occurrence covered
               by such insurance shall be used to make such repairs and
               replacements.
          b.   LESSEE shall maintain their respective portions of the Premises
               in a clean and orderly state, free of junk and debris.

     8.  REMODELING AND ALTERATIONS. LESSEE may not make any alterations on the
Premises or remodel the same without the express written consent of LESSOR. Any
alterations or remodeling shall be and remain a part of the Premises at the
termination of this lease.

     9.  ASSIGNMENT AND SUBLEASING. LESSEE may not assign or sublease all or any
portion of the Premises without the express written consent of LESSOR.

     10. DEFAULT.  In the event of any default or breach hereunder by any party,
any one or more parties not defaulting shall give notice thereof to the
defaulting party, which shall have fifteen (15) days to cure the default. If the
default is not cured within such period, then any of the parties not defaulting
may pursue any remedy available at law or in equity. Failure of any of the
non-defaulting parties to give such notice will not be deemed to be a waiver of
any continuing or subsequent default or breech.

     11. NOTICES.  All notices provided for herein shall be in writing and shall
be given via mailing by United States first class mail, certified, postage
prepaid, and properly addressed to the last-known address of the recipient.

     12. AMEDMENT OR MODIFICATION. This agreement may be amended or modified
only by a document executed by both parties.

     IN WITNESS WHEREOF, the parties have executed this agreement as of the day
and year, first above written.

                                         Michael J. Tracy, LESSOR

                                         TRACY CORPORATION II
                                         A Nebraska Corporation,

                                         By
                                           ---------------------------------
                                         President, LESSEE

                                    EXHIBIT A
                                    ---------

Lot 6, Block 1, Pioneer Plaza Addition to the City of Gering, Nebraska.

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