Document:

EXHIBIT 10.3

                            STOCK PLEDGE AGREEMENT

      THIS STOCK PLEDGE AGREEMENT (this "Pledge Agreement") is made as of May
 5, 2006, by and between Rapid Link, Incorporated, a Delaware corporation, as
 pledgor ("Rapid Link"), and Apex Acquisitions, Inc., a Delaware corporation,
 as pledgee ("Apex").

                                   RECITALS

      A.   Pursuant to that certain Stock Purchase Agreement dated as of
 May 3, 2006, as amended by that certain Amendment No. 1 of Stock Purchase
 Agreement dated as of May 5, 2006 (the "Purchase Agreement"), by and between
 Rapid Link and Apex, as partial consideration for the sale by Apex of all of
 the issued and outstanding capital stock (the "Shares") of Telenational
 Communications, Inc., a Delaware corporation ("Telenational") to Rapid Link,
 Rapid Link issued a Secured Recourse Promissory Note in favor of Apex in the
 aggregate principal amount of $1,000,000, dated as of May 5, 2006 (the
 "Note").

      B.   Pursuant to the terms of the Purchase Agreement and the Note,
 Rapid Link is required to execute this Pledge Agreement to secure payment
 in full of all obligations under the Note, whether for principal, interest,
 fees, expenses or otherwise and to ensure compliance with the terms and
 conditions of the Purchase Agreement and this Pledge Agreement.

      C.   Defined terms which are used but not defined herein shall have the
 definitions set forth in the Purchase Agreement.

                                  AGREEMENT

      NOW, THEREFORE, in consideration of the foregoing recitals and the
 mutual covenants and conditions contained herein, the parties hereto agree
 as follows:

 1.   Grant of Security Interest in the Shares.  Rapid Link hereby grants
 to Apex a security interest in the Shares, pledges and hypothecates the
 Shares to Apex, and deposits the certificates evidencing the Shares (the
 "Certificates") with Apex as collateral security for the payment by Rapid
 Link of all obligations existing under the Note, whether for principal,
 interest, fees, expenses or otherwise.  The Certificates, together with
 one or more stock assignments duly executed in blank with signatures
 appropriately witnessed, are being delivered herewith to Apex, to be
 retained by Apex as the pledgeholder for the Shares.

 2.   Representation and Warranty of Rapid Link.  Rapid Link represents
 and warrants to Apex that the Shares are free and clear of all claims,
 mortgages, pledges, liens and other encumbrances of any nature whatsoever,
 except (a) the liens and restrictions set forth herein and in the Note and
 (b) any restrictions upon sale and distribution imposed by the Securities
 Act of 1933, as amended (the "Act"), and applicable state securities laws.

 3.   Voting of Shares.  So long as there shall exist no Event of Default
 (as defined in the Note), Rapid Link shall be entitled to exercise, as Rapid
 Link deems proper but in a manner not inconsistent with the terms hereof,
 Rapid Link's rights to voting power with respect to the Shares.  Apex, and
 not Rapid Link, shall be entitled to vote the Shares at any time that an
 Event of Default has occurred and is continuing.

 4.   Dividends.  So long as no Event of Default has occurred and is
 continuing, Rapid Link shall be entitled to receive any dividend (ordinary
 or extraordinary, whether paid in cash, stock or property) or other
 distribution with respect to the Shares.  If an Event of Default has
 occurred and is continuing, such dividend or other distribution shall be
 delivered to Apex to be held as additional collateral security under this
 Pledge Agreement.

 5.   Apex's Duties.  So long as Apex exercises reasonable care with respect
 to the Shares in its possession, Apex shall have no liability for any loss
 or damage to such Shares, and in no event shall Apex have liability for
 any diminution in value of the Shares occasioned by economic or market
 conditions or events.  Apex shall be deemed to have exercised reasonable
 care within the meaning of the preceding sentence if the Shares in its
 possession are accorded treatment substantially equal to that which Apex
 accords its own property, it being understood that Apex shall not have any
 responsibility under this Pledge Agreement for (a) ascertaining or taking
 action with respect to calls, conversions, exchanges, maturities, tenders or
 other matters relating to the Shares, whether or not Apex has or is deemed
 to have knowledge of such matters, or (b) taking any necessary steps to
 preserve rights against any person or entity with respect to the Shares.

 6.   Release from Pledge.  No Shares may be transferred, unless Rapid Link
 has made payment to Apex of all unpaid obligations existing under the Note
 (whether or not then due and payable), whether for principal, interest,
 fees, expenses or otherwise.  Upon receipt by Apex of the payment as
 required by this section, the Shares shall be released from this Pledge
 Agreement.

 7.   Sale of Collateral.  Upon the occurrence of any Event of Default,
 Apex shall have all the rights and remedies of a secured party under the
 applicable Uniform Commercial Code and also may, without notice, except as
 specified below, at its option, sell all or any part of the Shares, for
 cash, note or other property upon credit for future delivery or upon such
 other terms as Apex may deem commercially reasonable.  Upon such sale, Apex,
 unless prohibited by a provision of any applicable statute, may purchase all
 or any part of the Shares being sold, free from and discharged of all
 trusts, claims, rights of redemption and equities of Rapid Link.  If the
 proceeds of any sale of the Shares shall be insufficient to pay all amounts
 due under the Note and satisfy the obligations of Rapid Link under this
 Pledge Agreement, including collection costs and expenses of such sale,
 Rapid Link shall remain obligated and liable for any deficiency with respect
 thereto.  If, at any time when Apex shall determine to exercise its rights
 to sell all or any part of the Shares pursuant to this Section 7, such
 Shares, or the part thereof to be sold, shall not be effectively registered
 under the Act as then in effect or any similar statute then in force,
 subject to the provisions of Section 8 hereof, Apex, in its sole and
 absolute discretion, is hereby expressly authorized to sell such Shares,
 or any part thereof, by private sale in such manner and under such
 circumstances as Apex may deem necessary or advisable in order that such
 sale may be effectuated legally without such registration.  Without limiting
 the generality of the foregoing, Apex, in its sole and absolute discretion,
 may approach and negotiate with a restricted number of potential purchasers
 to effectuate such sale or restrict such sale to a purchaser or purchasers
 who shall represent and agree that such purchaser or purchasers are
 purchasing for its or their own account, for investment only, and not with
 a view to the distribution or sale of such Shares or any part thereof.  Any
 sale conducted in the manner described in the foregoing sentence shall be
 deemed to be a sale conducted in a commercially reasonable manner within
 the meaning of the applicable Uniform Commercial Code, and Rapid Link hereby
 consents and agrees that Apex shall incur no responsibility or liability for
 selling all or any part of the Shares at a price which is not unreasonably
 low, notwithstanding the possibility that a substantially higher price might
 be realized if the sale were public.  Apex shall not be obligated to make
 any sale of the Shares regardless of notice of sale having been given.  Apex
 may adjourn any public or private sale from time to time by announcement at
 the time and place fixed therefor, and any such sale may, without further
 notice, be made at the time and place to which it was so adjourned.

 8.   Redemption of Collateral.  Notwithstanding any other provision of this
 Pledge Agreement, upon the occurrence of an Event of Default, Apex shall
 give Rapid Link written notice of the time and place of any public sale or
 of the time on or after which any private sale or other transfer is to be
 made at least ten days before the date fixed for any public sale or before
 the day on or after which any private sale or other transfer is to be made.
 Rapid Link agrees that, to the extent notice of sale shall be required by
 law, such ten days' notice shall constitute reasonable notification.  This
 notice shall also specify the aggregate outstanding monetary obligations of
 the Rapid Link to Apex at the date of such notice (the "Total Obligation").
 At any time during such ten-day period, Rapid Link shall have the right to
 make a payment by certified or bank cashier's check of an amount equal to
 the Total Obligation.

 9.   Termination.  This Pledge Agreement shall terminate only upon payment
 to Apex of all unpaid obligations existing under the Note, whether for
 principal, interest, fees, expenses or otherwise.  Upon termination of
 this Pledge Agreement, Rapid Link shall be entitled to the return of the
 Certificates then held by Apex and any other collateral security then held
 by the Apex pursuant to Section 4 of this Pledge Agreement.

 10.  Cumulation of Remedies; Waiver of Rights.  The remedies provided herein
 in favor of Apex shall not be deemed exclusive but shall be cumulative and
 shall be in addition to all of the remedies in favor of Apex existing at
 law or in equity.  Nothing in this Pledge Agreement shall require Apex to
 proceed against or exhaust its remedies against the Shares before proceeding
 against Rapid Link or executing against any other security or collateral
 securing performance of Rapid Link's obligations to Apex under the Note or
 this Pledge Agreement.  No delay on the part of Apex in exercising any of
 its options, powers or rights, or the partial or single exercise thereof,
 shall constitute a waiver thereof.

 11.  Execution of Endorsements, Assignments, Etc.  Upon the occurrence and
 during the continuation of an Event of Default, Apex shall have the right
 for and in the name, place and stead of Rapid Link to execute endorsements,
 assignments or other instruments of conveyance or transfer with respect to
 all or any of the Shares and any other shares of the capital stock of
 Telenational or other property which is held by Apex as collateral security
 pursuant to this Pledge Agreement.

 12.  Miscellaneous.

      (a)  Further Assurances; Changes in Capitalization.  Each party hereto
 agrees to perform any further acts and execute and deliver any documents
 which may be reasonably necessary to carry out the intent of this Pledge
 Agreement.  The provisions of this Pledge Agreement shall apply to any and
 all stock or other securities of Telenational or any successor or assign
 of Telenational, which may be issued in respect of, in exchange for or
 in substitution of, the Shares by reason of any split, reverse split,
 recapitalization, reclassification, combination, merger, consolidation or
 otherwise, and such Shares or other securities shall be encompassed within
 the term "Shares" for purposes of this Pledge Agreement and Apex shall have
 a security interest in all such securities on the same terms set forth in
 this Pledge Agreement.

      (b)  Notice.  Except as otherwise provided herein, all notices,
 requests, demands and other communications under this Pledge Agreement shall
 be in writing, and if by telecopy, shall be deemed to have been validly
 served, given or delivered when sent, or if by personal delivery or
 messenger or courier service, or by registered or certified mail, shall be
 deemed to have been validly served, given or delivered upon actual delivery,
 at the following addresses and facsimile numbers (or such other addresses
 and facsimile numbers a party may designate for itself by like notice):

  If to Rapid Link:  Rapid Link, Incorporated
                     17383 Sunset Boulevard, Suite 350
                     Los Angeles, California 90272
                     Attention: John Jenkins, Chief Executive Officer
                     Telecopy: (310) 573-7067

        If to Apex:  Apex Acquisitions, Inc.
                     P.O. Box 8658
                     52 Marks Lane
                     Breckenridge, Colorado 80424
                     Attention: Christopher Canfield, Chief Executive Officer
                     Telecopy: (402) 392-7545

      (c)  Amendments.  This Pledge Agreement may be amended only by a
 written agreement executed by the parties hereto.

      (d)  Governing Law.  This Pledge Agreement shall be governed by and
 construed in accordance with the laws of the State of Delaware.

      (e)  Disputes.  In the event of any dispute between the parties arising
 out of this Pledge Agreement, the prevailing party shall be entitled to
 recover from the non-prevailing party the reasonable expenses of the
 prevailing party including, without limitation, reasonable attorneys' fees
 and costs.

      (f)  Entire Agreement.  This Pledge Agreement constitutes the entire
 agreement and understanding among the parties pertaining to the subject
 matter hereof and supersedes any and all prior agreements, whether written
 or oral, relating hereto.

      (g)  Successors and Assigns.  Unless specifically provided herein to
 the contrary, neither party hereto may assign any or all of its rights or
 obligations, or delegate any or all of its duties under this Pledge
 Agreement without the prior written consent of the other party.  Upon an
 assignment of any or all of a party's rights or obligations, or a delegation
 of any or all of its duties under this Pledge Agreement in accordance with
 the terms of this Pledge Agreement, this Pledge Agreement shall inure to
 the benefit of, and be binding upon, such party's respective affiliates,
 successors or assigns in the same manner and to the same extent as if
 such affiliates, successors or assigns were original parties hereto.

      (h)  Counterparts.  This Pledge Agreement may be executed in one or
 more counterparts, each of which shall be deemed an original and both of
 which, when taken together, shall constitute one and the same Pledge
 Agreement.

                          [Signatures on next page]

      IN WITNESS WHEREOF, the parties hereto have duly executed this Pledge
 Agreement as of the day and year first above written.

                          "RAPID LINK"

                          Rapid Link, Incorporated
                          a Delaware corporation

                          By:
                          ---------------------------------------------------
                               John Jenkins, Chief Executive Officer

                          "APEX"

                          Apex Acquisitions, Inc.,
                          a Delaware corporation

                          By:
                          ---------------------------------------------------
                               Christopher Canfield, Chief Executive OfficerEXHIBIT 10.4

 THIS SECURED RECOURSE PROMISSORY NOTE IS A FULL RECOURSE NOTE AND PAYMENT OF
 PRINCIPAL AND ACCRUED INTEREST IS SECURED BY A PLEDGE OF THE SHARES (AS
 DEFINED BELOW).

                       SECURED RECOURSE PROMISSORY NOTE

 $1,000,000                                                       May 5, 2006

      FOR VALUE RECEIVED, the undersigned Rapid Link, Incorporated, a
 Delaware corporation ("Borrower") hereby promises to pay to the order of
 Apex Acquisitions, Inc., a Delaware corporation ("Payee"), the principal sum
 of $1,000,000 together with interest on the unpaid balance of such principal
 amount from the date hereof at a rate of interest equal to eight percent per
 annum (this "Promissory Note").  The principal balance of, and all accrued
 and unpaid interest on, this Promissory Note shall be due and payable in
 full by Borrower on the earlier to occur of (i) that date which is 18 months
 from the date hereof, or (ii) upon the Borrower's closing of an equity
 funding or debt financing with gross proceeds to the Borrower of at least
 $2,000,000.

      Payments of principal and interest on this Promissory Note shall be
 made in legal tender of the United States of America and shall be made at
 such place as Payee shall have designated to Borrower.  If the date set for
 any payment of principal or interest on this Promissory Note is a Saturday,
 Sunday or legal holiday, then such payment shall be due on the next
 succeeding business day.

      As of the date hereof, Borrower has purchased all of the issued and
 outstanding shares of common stock of the Payee, par value $0.0001 per
 share (the "Shares") pursuant to the terms of that certain Stock Purchase
 Agreement dated as of May 3, 2006, as amended by that certain Amendment No.
 1 of Stock Purchase Agreement dated as of May 5, 2006, by and between Payee
 and Borrower (the "Purchase Agreement").  Payment of this Promissory Note
 shall be secured by all of the Shares as provided in that certain Stock
 Pledge Agreement of even date herewith by and between Payee and Borrower
 (the "Pledge Agreement").

      The principal balance of, and accrued and unpaid interest on, this
 Promissory Note may be prepaid at any time, in whole or in part, without
 premium or penalty.  Any such prepayment shall be first applied to the
 payment of any accrued and unpaid interest and then to the unpaid balance
 of the principal amount.

      Upon the occurrence and during the continuation of any Event of Default
 (as defined below), Payee may, at its sole discretion, upon written notice
 to Borrower, declare immediately due and payable the entire unpaid principal
 amount of this Note, together with accrued and unpaid interest thereon;
 provided, however, that in the case of any Event of Default described in
 clause (f) or clause (g) below with respect to Borrower, no such notice
 shall be required.  Each of the following constitutes an "Event of Default":

           (a)  Borrower shall fail to make complete payment of any
      installment of accrued interest under this Promissory Note within ten
      days of the date such installment of accrued interest is due;

           (b)  Borrower shall fail to make complete payment of principal
      when due under this Promissory Note within ten days of the date such
      payment is due;

           (c)  Borrower (i) becomes insolvent or generally fails to pay, or
      admits in writing its inability to pay, its debts as they become due,
      (ii) voluntarily commences any proceeding or files any petition under
      any bankruptcy, insolvency or similar law seeking reorganization or
      the appointment of a receiver, trustee, custodian or liquidator for
      Borrower or a substantial portion of its property, assets or business,
      or to effect a plan or other arrangement with its creditors, (iii)
      files any answer admitting the jurisdiction of the court and the
      material allegations of an involuntary petition filed against
      Borrower in any bankruptcy, insolvency or similar proceeding, (iv) is
      adjudicated bankrupt, or (v) makes a general assignment for the benefit
      of creditors of, or appoints a receiver, trustee, custodian or
      liquidator for a substantial portion of, its property, assets or
      business; or

           (d)  Both (i) involuntary proceedings or an involuntary petition
      shall be commenced or filed against Borrower under any bankruptcy,
      insolvency or similar law or seeking the appointment of a receiver,
      trustee, custodian or liquidator for Borrower or a substantial part of
      Borrower's property, assets or business, or any writ, judgment, warrant
      of attachment, execution or similar process shall be issued or levied
      against a substantial part of Borrower's property, assets or business
      and (ii) such proceedings or petition shall not be dismissed, or such
      writ, judgment, warrant or attachment, execution or similar process
      shall not be released, vacated or fully bonded, within 60 days after
      commencement, filing or levy, as the case may be, or any order for
      relief shall be entered in any such proceeding.

      The failure of Payee to accelerate this Promissory Note shall not
 constitute a waiver of any of Payee's rights under this Promissory Note
 as long as Borrower's default under this Promissory Note continues.

      The provisions of this Promissory Note shall be governed by and
 construed in accordance with the laws of the State of Delaware without
 regard to the conflicts of law rules thereof.  In the event that Payee is
 required to take any action to collect or otherwise enforce payment of this
 Promissory Note, Borrower agrees to pay such reasonable attorneys' fees,
 court costs and other expenses as Payee may incur as a result thereof,
 whether or not suit is commenced.

      The terms and provisions of this Promissory Note shall be binding upon
 the parties hereto and their respective successors and assigns and shall
 inure to the benefit of the parties hereto and the successors and assigns of
 Payee and any assignee or transferee of this Promissory Note.  In the event
 of such transfer or assignment, the rights and privileges conferred upon
 Payee shall automatically extend to and be vested in such assignee or
 transferee, all subject to the terms and conditions hereof.  Borrower's
 obligations, rights or any interest hereunder may not be delegated or
 assigned without the written consent of Payee.

      All notices, requests, demands or other communications under this
 Promissory Note shall be delivered in accordance with the provisions of
 Section 12(b) of the Pledge Agreement to the addresses set forth therein.

      IN WITNESS WHEREOF, this Promissory Note has been duly executed and
 delivered by Borrower on the date first above written.

                               BORROWER:

                               Rapid Link, Incorporated,
                               a Delaware corporation

                               By:
                                   ------------------------------------------
                                   John Jenkins, Chief Executive Officer

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