Document:

SECURITY
      AGREEMENT

     

    SECURITY
      AGREEMENT (this “Agreement”),
      dated
      as of August [    ], 2005, by and among Innofone.com, Inc., a
      Nevada corporation (“Company”),
      and
      the secured parties signatory hereto and their respective endorsees, transferees
      and assigns (collectively, the “Secured
      Party”).

     

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      pursuant to a Securities Purchase Agreement, dated the date hereof, between
      Company and the Secured Party (the “Purchase
      Agreement”),
      Company has agreed to issue to the Secured Party and the Secured Party has
      agreed to purchase from Company certain of Company's 8% Callable Secured
      Convertible Notes, due three years from the date of issue (the “Notes”),
      which
      are convertible into shares of Company's Common Stock, par value $.001 per
      share
      (the “Common
      Stock”).
      In
      connection therewith, Company shall issue the Secured Party certain Common
      Stock
      purchase warrants (the “Warrants”);
      and

     

    WHEREAS,
      in order to induce the Secured Party to purchase the Notes, Company has agreed
      to execute and deliver to the Secured Party this Agreement for the benefit
      of
      the Secured Party and to grant to it a first priority security interest in
      certain property of Company to secure the prompt payment, performance and
      discharge in full of all of Company's obligations under the Notes and exercise
      and discharge in full of Company's obligations under the Warrants.

     

    NOW,
      THEREFORE, in consideration of the agreements herein contained and for other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties hereto hereby agree as follows:

     

    1. Certain
      Definitions.
      As used
      in this Agreement, the following terms shall have the meanings set forth in
      this
      Section 1. Terms used but not otherwise defined in this Agreement that are
      defined in Article 9 of the UCC (such as “general
      intangibles”
and
      “proceeds”)
      shall
      have the respective meanings given such terms in Article 9 of the
      UCC.

     

    (a) “Collateral”
means
      the collateral in which the Secured Party is granted a security interest by
      this
      Agreement and which shall include the following, whether presently owned or
      existing or hereafter acquired or coming into existence, and all additions
      and
      accessions thereto and all substitutions and replacements thereof, and all
      proceeds, products and accounts thereof, including, without limitation, all
      proceeds from the sale or transfer of the Collateral and of insurance covering
      the same and of any tort claims in connection therewith:

     

    (i) All
      Goods of the Company, including, without limitations, all machinery, equipment,
      computers, motor vehicles, trucks, tanks, boats, ships, appliances, furniture,
      special and general tools, fixtures, test and quality control devices and other
      equipment of every kind and nature and wherever situated, together with all
      documents of title and documents representing the same, all additions and
      accessions thereto, replacements therefor, all parts therefor, and all
      substitutes for any of the foregoing and all other items used and useful in
      connection with the Company's businesses and all improvements thereto
      (collectively, the “Equipment”);
      and

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii) All
      Inventory of the Company (except that the proceeds of Inventory and accounts
      receivable are specifically excluded from the definition of Collateral);
      and

     

    (iii) All
      of the Company's contract rights and general intangibles, including, without
      limitation, all partnership interests, stock or other securities, licenses,
      distribution and other agreements, computer software development rights, leases,
      franchises, customer lists, quality control procedures, grants and rights,
      goodwill, trademarks, service marks, trade styles, trade names, patents, patent
      applications, copyrights, deposit accounts, and income tax refunds
      (collectively, the “General
      Intangibles”);
      and

     

    (iv) All
      Receivables of the Company including all insurance proceeds, and rights to
      refunds or indemnification whatsoever owing, together with all instruments,
      all
      documents of title representing any of the foregoing, all rights in any
      merchandising, goods, equipment, motor vehicles and trucks which any of the
      same
      may represent, and all right, title, security and guaranties with respect to
      each Receivable, including any right of stoppage in transit; and

     

    (v) All
      of the Company's documents, instruments and chattel paper, files, records,
      books
      of account, business papers, computer programs and the products and proceeds
      of
      all of the foregoing Collateral set forth in clauses (i)-(iv)
      above.

     

    (b) “Company”
shall
      mean, collectively, Company and all of the subsidiaries of Company, a list
      of
      which is contained in
      Schedule A,
      attached hereto.

     

    (c) “Obligations”
means
      all of the Company's obligations under this Agreement and the Notes, in each
      case, whether now or hereafter existing, voluntary or involuntary, direct or
      indirect, absolute or contingent, liquidated or unliquidated, whether or not
      jointly owed with others, and whether or not from time to time decreased or
      extinguished and later decreased, created or incurred, and all or any portion
      of
      such obligations or liabilities that are paid, to the extent all or any part
      of
      such payment is avoided or recovered directly or indirectly from the Secured
      Party as a preference, fraudulent transfer or otherwise as such obligations
      may
      be amended, supplemented, converted, extended or modified from time to
      time.

     

    (d) “UCC”
means
      the Uniform Commercial Code, as currently in effect in the State of New
      York.

     

    2. Grant
      of Security Interest.
      As an
      inducement for the Secured Party to purchase the Notes and to secure the
      complete and timely payment, performance and discharge in full, as the case
      may
      be, of all of the Obligations, the Company hereby, unconditionally and
      irrevocably, pledges, grants and hypothecates to the Secured Party, a continuing
      security interest in, a continuing first lien upon, an unqualified right to
      possession and disposition of and a right of set-off against, in each case
      to
      the fullest extent permitted by law, all of the Company's right, title and
      interest of whatsoever kind and nature in and to the Collateral (the
“Security
      Interest”).
      In
      the event that the Company obtains an institutional line of credit, the Security
      Interest shall be subordinated to the security interest of the institutional
      lender.

     

    
      
         

      

      
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    3. Representations,
      Warranties, Covenants and Agreements of the Company.
      The
      Company represents and warrants to, and covenants and agrees with, the Secured
      Party as follows:

     

    (a) The
      Company has the requisite corporate power and authority to enter into this
      Agreement and otherwise to carry out its obligations thereunder. The execution,
      delivery and performance by the Company of this Agreement and the filings
      contemplated therein have been duly authorized by all necessary action on the
      part of the Company and no further action is required by the Company. This
      Agreement constitutes a legal, valid and binding obligation of the Company
      enforceable in accordance with its terms, except as enforceability may be
      limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
      affecting the enforcement of creditor's rights generally.

     

    (b) The
      Company represents and warrants that it has no place of business or offices
      where its respective books of account and records are kept (other than
      temporarily at the offices of its attorneys or accountants) or places where
      Collateral is stored or located, except as set forth on
      Schedule A
      attached
      hereto;

     

    (c) The
      Company is the sole owner of the Collateral (except for non-exclusive licenses
      granted by the Company in the ordinary course of business), free and clear
      of
      any liens, security interests, encumbrances, rights or claims, and is fully
      authorized to grant the Security Interest in and to pledge the Collateral,
      except as set forth on
      Schedule C.
      There
      is not on file in any governmental or regulatory authority, agency or recording
      office an effective financing statement, security agreement, license or transfer
      or any notice of any of the foregoing (other than those that have been filed
      in
      favor of the Secured Party pursuant to this Agreement) covering or affecting
      any
      of the Collateral, except as set forth on
      Schedule C.
      So long
      as this Agreement shall be in effect, the Company shall not execute and shall
      not knowingly permit to be on file in any such office or agency any such
      financing statement or other document or instrument (except to the extent filed
      or recorded in favor of the Secured Party pursuant to the terms of this
      Agreement), except as set forth on
      Schedule C
      and the
      document necessary to perfect the security interest of the institutional lender
      referenced in Section 2 hereof.

     

    (d) No
      part of the Collateral has been judged invalid or unenforceable. No written
      claim has been received that any Collateral or the Company's use of any
      Collateral violates the rights of any third party. There has been no adverse
      decision to the Company's claim of ownership rights in or exclusive rights
      to
      use the Collateral in any jurisdiction or to the Company's right to keep and
      maintain such Collateral in full force and effect, and there is no proceeding
      involving said rights pending or, to the best knowledge of the Company,
      threatened before any court, judicial body, administrative or regulatory agency,
      arbitrator or other governmental authority.

     

    (e) The
      Company shall at all times maintain its books of account and records relating
      to
      the Collateral at its principal place of business and its Collateral at the
      locations set forth on
      Schedule A
      attached
      hereto and may not relocate such books of account and records or tangible
      Collateral unless it delivers to the Secured Party at least 30 days prior to
      such relocation (i) written notice of such relocation and the new location
      thereof (which must be within the United States) and (ii) evidence that
      appropriate financing statements and other necessary documents have been filed
      and recorded and other steps have been taken to perfect the Security Interest
      to
      create in favor of the Secured Party valid, perfected and continuing first
      priority liens in the Collateral.

     

    
      
         

      

      
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    (f) This
      Agreement creates in favor of the Secured Party a valid security interest in
      the
      Collateral securing the payment and performance of the Obligations and, upon
      making the filings described in the immediately following sentence, a perfected
      first priority security interest in such Collateral. Except for the filing
      of
      financing statements on Form-1 under the UCC with the jurisdictions indicated
      on
      Schedule B,
      attached hereto, no authorization or approval of or filing with or notice to
      any
      governmental authority or regulatory body is required either (i) for the
      grant by the Company of, or the effectiveness of, the Security Interest granted
      hereby or for the execution, delivery and performance of this Agreement by
      the
      Company or (ii) for the perfection of or exercise by the Secured Party of
      its rights and remedies hereunder.

     

    (g) On
      the date of execution of this Agreement, the Company will deliver to the Secured
      Party one or more executed UCC financing statements on Form-1 with respect
      to
      the Security Interest for filing with the jurisdictions indicated on
      Schedule B,
      attached hereto and in such other jurisdictions as may be requested by the
      Secured Party.

     

    (h) Except
      as set forth on
      Schedule C,
      the
      execution, delivery and performance of this Agreement does not conflict with
      or
      cause a breach or default, or an event that with or without the passage of
      time
      or notice, shall constitute a breach or default, under any agreement to which
      the Company is a party or by which the Company is bound. No consent (including,
      without limitation, from stock holders or creditors of the Company) is required
      for the Company to enter into and perform its obligations
      hereunder.

     

    (i) The
      Company shall at all times maintain the liens and Security Interest provided
      for
      hereunder as valid and perfected first priority liens and security interests
      in
      the Collateral in favor of the Secured Party until this Agreement and the
      Security Interest hereunder shall terminate pursuant to Section 11. The Company
      hereby agrees to defend the same against any and all persons. The Company shall
      safeguard and protect all Collateral for the account of the Secured Party.
      At
      the request of the Secured Party, the Company will sign and deliver to the
      Secured Party at any time or from time to time one or more financing statements
      pursuant to the UCC (or any other applicable statute) in form reasonably
      satisfactory to the Secured Party and will pay the cost of filing the same
      in
      all public offices wherever filing is, or is deemed by the Secured Party to
      be,
      necessary or desirable to effect the rights and obligations provided for herein.
      Without limiting the generality of the foregoing, the Company shall pay all
      fees, taxes and other amounts necessary to maintain the Collateral and the
      Security Interest hereunder, and the Company shall obtain and furnish to the
      Secured Party from time to time, upon demand, such releases and/or
      subordinations of claims and liens which may be required to maintain the
      priority of the Security Interest hereunder.

     

    (j) The
      Company will not transfer, pledge, hypothecate, encumber, license (except for
      non-exclusive licenses granted by the Company in the ordinary course of business
      and to an institutional lender as set forth in Section 2 hereof), sell or
      otherwise dispose of any of the Collateral without the prior written consent
      of
      the Secured Party.

     

    
      
         

      

      
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    (k) The
      Company shall keep and preserve its Equipment, Inventory and other tangible
      Collateral in good condition, repair and order and shall not operate or locate
      any such Collateral (or cause to be operated or located) in any area excluded
      from insurance coverage.

     

    (l) The
      Company shall, within ten (10) days of obtaining knowledge thereof, advise
      the
      Secured Party promptly, in sufficient detail, of any substantial change in
      the
      Collateral, and of the occurrence of any event which would have a material
      adverse effect on the value of the Collateral or on the Secured Party's security
      interest therein.

     

    (m) The
      Company shall promptly execute and deliver to the Secured Party such further
      deeds, mortgages, assignments, security agreements, financing statements or
      other instruments, documents, certificates and assurances and take such further
      action as the Secured Party may from time to time request and may in its sole
      discretion deem necessary to perfect, protect or enforce its security interest
      in the Collateral including, without limitation, the execution and delivery
      of a
      separate security agreement with respect to the Company's intellectual property
      (“Intellectual
      Property Security Agreement”)
      in
      which the Secured Party has been granted a security interest hereunder,
      substantially in a form acceptable to the Secured Party, which Intellectual
      Property Security Agreement, other than as stated therein, shall be subject
      to
      all of the terms and conditions hereof.

     

    (n) The
      Company shall permit the Secured Party and its representatives and agents to
      inspect the Collateral at any time, and to make copies of records pertaining
      to
      the Collateral as may be requested by the Secured Party from time to
      time.

     

    (o) The
      Company will take all steps reasonably necessary to diligently pursue and seek
      to preserve, enforce and collect any rights, claims, causes of action and
      accounts receivable in respect of the Collateral.

     

    (p) The
      Company shall promptly notify the Secured Party in sufficient detail upon
      becoming aware of any attachment, garnishment, execution or other legal process
      levied against any Collateral and of any other information received by the
      Company that may materially affect the value of the Collateral, the Security
      Interest or the rights and remedies of the Secured Party hereunder.

     

    (q) All
      information heretofore, herein or hereafter supplied to the Secured Party by
      or
      on behalf of the Company with respect to the Collateral is accurate and complete
      in all material respects as of the date furnished.

     

    (r) Schedule
      A
      attached
      hereto contains a list of all of the subsidiaries of Company.

     

    4. Defaults.
      The
      following events shall be “Events
      of Default”:

     

    
      
         

      

      
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    (a) The
      occurrence of an Event of Default (as defined in the Notes) under the
      Notes;

     

    (b) Any
      representation or warranty of the Company in this Agreement or in the
      Intellectual Property Security Agreement shall prove to have been incorrect
      in
      any material respect when made;

     

    (c) The
      material failure by the Company to observe or perform any of its obligations
      hereunder or in the Intellectual Property Security Agreement for ten (10) days
      after receipt by the Company of notice of such failure from the Secured Party;
      and

     

    (d) Any
      breach of, or default under, the Warrants.

     

    5. Duty
      To Hold In Trust.
      Upon
      the occurrence of any Event of Default and at any time thereafter, the Company
      shall, upon receipt by it of any revenue, income or other sums subject to the
      Security Interest, whether payable pursuant to the Notes or otherwise, or of
      any
      check, draft, note, trade acceptance or other instrument evidencing an
      obligation to pay any such sum, hold the same in trust for the Secured Party
      and
      shall forthwith endorse and transfer any such sums or instruments, or both,
      to
      the Secured Party for application to the satisfaction of the
      Obligations.

     

    6. Rights
      and Remedies Upon Default.
      Upon
      occurrence of any Event of Default and at any time thereafter, the Secured
      Party
      shall have the right to exercise all of the remedies conferred hereunder and
      under the Notes, and the Secured Party shall have all the rights and remedies
      of
      a secured party under the UCC and/or any other applicable law (including the
      Uniform Commercial Code of any jurisdiction in which any Collateral is then
      located). Without limitation, the Secured Party shall have the following rights
      and powers:

     

    (a) The
      Secured Party shall have the right to take possession of the Collateral and,
      for
      that purpose, enter, with the aid and assistance of any person, any premises
      where the Collateral, or any part thereof, is or may be placed and remove the
      same, and the Company shall assemble the Collateral and make it available to
      the
      Secured Party at places which the Secured Party shall reasonably select, whether
      at the Company's premises or elsewhere, and make available to the Secured Party,
      without rent, all of the Company's respective premises and facilities for the
      purpose of the Secured Party taking possession of, removing or putting the
      Collateral in saleable or disposable form.

     

    (b) The
      Secured Party shall have the right to operate the business of the Company using
      the Collateral and shall have the right to assign, sell, lease or otherwise
      dispose of and deliver all or any part of the Collateral, at public or private
      sale or otherwise, either with or without special conditions or stipulations,
      for cash or on credit or for future delivery, in such parcel or parcels and
      at
      such time or times and at such place or places, and upon such terms and
      conditions as the Secured Party may deem commercially reasonable, all without
      (except as shall be required by applicable statute and cannot be waived)
      advertisement or demand upon or notice to the Company or right of redemption
      of
      the Company, which are hereby expressly waived. Upon each such sale, lease,
      assignment or other transfer of Collateral, the Secured Party may, unless
      prohibited by applicable law which cannot be waived, purchase all or any part
      of
      the Collateral being sold, free from and discharged of all trusts, claims,
      right
      of redemption and equities of the Company, which are hereby waived and
      released.

     

    
      
         

      

      
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    7. Applications
      of Proceeds.
      The
      proceeds of any such sale, lease or other disposition of the Collateral
      hereunder shall be applied first, to the expenses of retaking, holding, storing,
      processing and preparing for sale, selling, and the like (including, without
      limitation, any taxes, fees and other costs incurred in connection therewith)
      of
      the Collateral, to the reasonable attorneys' fees and expenses incurred by
      the
      Secured Party in enforcing its rights hereunder and in connection with
      collecting, storing and disposing of the Collateral, and then to satisfaction
      of
      the Obligations, and to the payment of any other amounts required by applicable
      law, after which the Secured Party shall pay to the Company any surplus
      proceeds. If, upon the sale, license or other disposition of the Collateral,
      the
      proceeds thereof are insufficient to pay all amounts to which the Secured Party
      is legally entitled, the Company will be liable for the deficiency, together
      with interest thereon, at the rate of 15% per annum (the “Default
      Rate”),
      and
      the reasonable fees of any attorneys employed by the Secured Party to collect
      such deficiency. To the extent permitted by applicable law, the Company waives
      all claims, damages and demands against the Secured Party arising out of the
      repossession, removal, retention or sale of the Collateral, unless due to the
      gross negligence or willful misconduct of the Secured Party.

     

    8. Costs
      and Expenses. The
      Company agrees to pay all out-of-pocket fees, costs and expenses incurred in
      connection with any filing required hereunder, including without limitation,
      any
      financing statements, continuation statements, partial releases and/or
      termination statements related thereto or any expenses of any searches
      reasonably required by the Secured Party. The Company shall also pay all other
      claims and charges which in the reasonable opinion of the Secured Party might
      prejudice, imperil or otherwise affect the Collateral or the Security Interest
      therein. The Company will also, upon demand, pay to the Secured Party the amount
      of any and all reasonable expenses, including the reasonable fees and expenses
      of its counsel and of any experts and agents, which the Secured Party may incur
      in connection with (i) the enforcement of this Agreement, (ii) the
      custody or preservation of, or the sale of, collection from, or other
      realization upon, any of the Collateral, or (iii) the exercise or
      enforcement of any of the rights of the Secured Party under the Notes. Until
      so
      paid, any fees payable hereunder shall be added to the principal amount of
      the
      Notes and shall bear interest at the Default Rate.

     

    9. Responsibility
      for Collateral.
      The
      Company assumes all liabilities and responsibility in connection with all
      Collateral, and the obligations of the Company hereunder or under the Notes
      and
      the Warrants shall in no way be affected or diminished by reason of the loss,
      destruction, damage or theft of any of the Collateral or its unavailability
      for
      any reason.

     

    10. Security
      Interest Absolute.
      All
      rights of the Secured Party and all Obligations of the Company hereunder, shall
      be absolute and unconditional, irrespective of: (a) any lack of validity or
      enforceability of this Agreement, the Notes, the Warrants or any agreement
      entered into in connection with the foregoing, or any portion hereof or thereof;
      (b) any change in the time, manner or place of payment or performance of,
      or in any other term of, all or any of the Obligations, or any other amendment
      or waiver of or any consent to any departure from the Notes, the Warrants or
      any
      other agreement entered into in connection with the foregoing; (c)  any
      exchange, release or nonperfection of any of the Collateral, or any release
      or
      amendment or waiver of or consent to departure from any other collateral for,
      or
      any guaranty, or any other security, for all or any of the Obligations;
      (d) any action by the Secured Party to obtain, adjust, settle and cancel in
      its sole discretion any insurance claims or matters made or arising in
      connection with the Collateral; or (e) any other circumstance which might
      otherwise constitute any legal or equitable defense available to the Company,
      or
      a discharge of all or any part of the Security Interest granted hereby. Until
      the Obligations shall have been paid and performed in full, the rights of the
      Secured Party shall continue even if the Obligations are barred for any reason,
      including, without limitation, the running of the statute of limitations or
      bankruptcy. The Company expressly waives presentment, protest, notice of
      protest, demand, notice of nonpayment and demand for performance. In the event
      that at any time any transfer of any Collateral or any payment received by
      the
      Secured Party hereunder shall be deemed by final order of a court of competent
      jurisdiction to have been a voidable preference or fraudulent conveyance under
      the bankruptcy or insolvency laws of the United States, or shall be deemed
      to be
      otherwise due to any party other than the Secured Party, then, in any such
      event, the Company's obligations hereunder shall survive cancellation of this
      Agreement, and shall not be discharged or satisfied by any prior payment thereof
      and/or cancellation of this Agreement, but shall remain a valid and binding
      obligation enforceable in accordance with the terms and provisions hereof.
      The
      Company waives all right to require the Secured Party to proceed against any
      other person or to apply anyCollateral which the Secured Party may hold at
      any
      time, or to marshal assets, or to pursue any other remedy. The Company waives
      any defense arising by reason of the application of the statute of limitations
      to any obligation secured hereby.

     

    
      
         

      

      
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    11. Term
      of Agreement.
      This
      Agreement and the Security Interest shall terminate on the date on which all
      payments under the Notes have been made in full and all other Obligations have
      been paid or discharged. Upon such termination, the Secured Party, at the
      request and at the expense of the Company, will join in executing any
      termination statement with respect to any financing statement executed and
      filed
      pursuant to this Agreement.

     

    12. Power
      of Attorney; Further Assurances.

     

    (a) The
      Company authorizes the Secured Party, and does hereby make, constitute and
      appoint it, and its respective officers, agents, successors or assigns with
      full
      power of substitution, as the Company's true and lawful attorney-in-fact, with
      power, in its own name or in the name of the Company, to, after the occurrence
      and during the continuance of an Event of Default, (i) endorse any notes,
      checks, drafts, money orders, or other instruments of payment (including
      payments payable under or in respect of any policy of insurance) in respect
      of
      the Collateral that may come into possession of the Secured Party; (ii) to
      sign and endorse any UCC financing statement or any invoice, freight or express
      bill, bill of lading, storage or warehouse receipts, drafts against debtors,
      assignments, verifications and notices in connection with accounts, and other
      documents relating to the Collateral; (iii) to pay or discharge taxes,
      liens, security interests or other encumbrances at any time levied or placed
      on
      or threatened against the Collateral; (iv) to demand, collect, receipt for,
      compromise, settle and sue for monies due in respect of the Collateral; and
      (v) generally, to do, at the option of the Secured Party, and at the
      Company's expense, at any time, or from time to time, all acts and things which
      the Secured Party deems necessary to protect, preserve and realize upon the
      Collateral and the Security Interest granted therein in order to effect the
      intent of this Agreement, the Notes and the Warrants, all as fully and
      effectually as the Company might or could do; and the Company hereby ratifies
      all that said attorney shall lawfully do or cause to be done by virtue hereof.
      This power of attorney is coupled with an interest and shall be irrevocable
      for
      the term of this Agreement and thereafter as long as any of the Obligations
      shall be outstanding.

     

    (b) On
      a continuing basis, the Company will make, execute, acknowledge, deliver, file
      and record, as the case may be, in the proper filing and recording places in
      any
      jurisdiction, including, without limitation, the jurisdictions indicated
      on
      Schedule B,
      attached hereto, all such instruments, and take all such action as may
      reasonably be deemed necessary or advisable, or as reasonably requested by
      the
      Secured Party, to perfect the Security Interest granted hereunder and otherwise
      to carry out the intent and purposes of this Agreement, or for assuring and
      confirming to the Secured Party the grant or perfection of a security interest
      in all the Collateral.

     

    
      
         

      

      
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    (c) The
      Company hereby irrevocably appoints the Secured Party as the Company's
      attorney-in-fact, with full authority in the place and stead of the Company
      and
      in the name of the Company, from time to time in the Secured Party's discretion,
      to take any action and to execute any instrument which the Secured Party may
      deem necessary or advisable to accomplish the purposes of this Agreement,
      including the filing, in its sole discretion, of one or more financing or
      continuation statements and amendments thereto, relative to any of the
      Collateral without the signature of the Company where permitted by
      law.

     

    13. Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing, with copies to all the other parties hereto, and shall be deemed to
      have been duly given when (i) if delivered by hand, upon receipt,
      (ii) if sent by facsimile, upon receipt of proof of sending thereof,
      (iii) if sent by nationally recognized overnight delivery service (receipt
      requested), the next business day or (iv) if mailed by first-class
      registered or certified mail, return receipt requested, postage prepaid, four
      days after posting in the U.S. mails, in each case if delivered to the following
      addresses:

     

    
      	
              If
                to the Company: 

            	
            

    

    
       

      Innofone.com,
        Inc.

    

    3470
      Olney-Laytonsville Road, Suite 118

    Olney,
      MD
      20832

    Attention:
      Chief Executive Officer

    Telephone: 

    Facsimile:

     

    
      	
              With
                a copy to:

            	
            

    

     

    
      Gersten,
        Savage, Kaplowitz, Wolf & Marcus, LLP

    

    600
      Lexington Avenue

    New
      York,
      New York 10022

    Attention:
      Arthur S. Marcus, Esq.

    Telephone:
      (212) 752-9700

    Facsimile:
      (212) 980-5192

     

    
      
         

      

      
        9

        
          

        

      

      
         

    

     

    
      If
        to the
        Secured Party:

    

    

      AJW
        Partners, LLC

    

    AJW
      Offshore, Ltd.

    AJW
      Qualified Partners, LLC

    New
      Millennium Capital Partners II, LLC

    1044
      Northern Boulevard

    Suite
      302

    Roslyn,
      New York 11576

    Attention:
      Corey Ribotsky

    Facsimile:
      516-739-7115

     

    
      With
        a
        copy to:

       

      Ballard
        Spahr Andrews & Ingersoll, LLP

    

    1735
      Market Street, 51st
      Floor

    Philadelphia,
      Pennsylvania 19103

    Attention:
      Gerald J. Guarcini, Esq.

    Facsimile:
      215-864-8999

     

    14. Other
      Security.
      To the
      extent that the Obligations are now or hereafter secured by property other
      than
      the Collateral or by the guarantee, endorsement or property of any other person,
      firm, corporation or other entity, then the Secured Party shall have the right,
      in its sole discretion, to pursue, relinquish, subordinate, modify or take
      any
      other action with respect thereto, without in any way modifying or affecting
      any
      of the Secured Party's rights and remedies hereunder.

     

    15. Miscellaneous.

     

    (a) No
      course of dealing between the Company and the Secured Party, nor any failure
      to
      exercise, nor any delay in exercising, on the part of the Secured Party, any
      right, power or privilege hereunder or under the Notes shall operate as a waiver
      thereof; nor shall any single or partial exercise of any right, power or
      privilege hereunder or thereunder preclude any other or further exercise thereof
      or the exercise of any other right, power or privilege.

     

    (b) All
      of the rights and remedies of the Secured Party with respect to the Collateral,
      whether established hereby or by the Notes or by any other agreements,
      instruments or documents or by law shall be cumulative and may be exercised
      singly or concurrently.

     

    (c) This
      Agreement constitutes the entire agreement of the parties with respect to the
      subject matter hereof and is intended to supersede all prior negotiations,
      understandings and agreements with respect thereto. Except as specifically
      set
      forth in this Agreement, no provision of this Agreement may be modified or
      amended except by a written agreement specifically referring to this Agreement
      and signed by the parties hereto.

     

    (a) In
      the event that any provision of this Agreement is held to be invalid, prohibited
      or unenforceable in any jurisdiction for any reason, unless such provision
      is
      narrowed by judicial construction, this Agreement shall, as to such
      jurisdiction, be construed as if such invalid, prohibited or unenforceable
      provision had been more narrowly drawn so as not to be invalid, prohibited
      or
      unenforceable. If, notwithstanding the foregoing, any provision of this
      Agreement is held to be invalid, prohibited or unenforceable in any
      jurisdiction, such provision, as to such jurisdiction, shall be ineffective
      to
      the extent of such invalidity, prohibition or unenforceability without
      invalidating the remaining portion of such provision or the other provisions
      of
      this Agreement and without affecting the validity or enforceability of such
      provision or the other provisions of this Agreement in any other
      jurisdiction.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (d) No
      waiver of any breach or default or any right under this Agreement shall be
      considered valid unless in writing and signed by the party giving such waiver,
      and no such waiver shall be deemed a waiver of any subsequent breach or default
      or right, whether of the same or similar nature or otherwise.

     

    (e) This
      Agreement shall be binding upon and inure to the benefit of each party hereto
      and its successors and assigns.

     

    (f) Each
      party shall take such further action and execute and deliver such further
      documents as may be necessary or appropriate in order to carry out the
      provisions and purposes of this Agreement.

     

    (g) This
      Agreement shall be construed in accordance with the laws of the State of New
      York, except to the extent the validity, perfection or enforcement of a security
      interest hereunder in respect of any particular Collateral which are governed
      by
      a jurisdiction other than the State of New York in which case such law shall
      govern. Each of the parties hereto irrevocably submit to the exclusive
      jurisdiction of any New York State or United States Federal court sitting in
      Manhattan county over any action or proceeding arising out of or relating to
      this Agreement, and the parties hereto hereby irrevocably agree that all claims
      in respect of such action or proceeding may be heard and determined in such
      New
      York State or Federal court. The parties hereto agree that a final judgment
      in
      any such action or proceeding shall be conclusive and may be enforced in other
      jurisdictions by suit on the judgment or in any other manner provided by law.
      The parties hereto further waive any objection to venue in the State of New
      York
      and any objection to an action or proceeding in the State of New York on the
      basis of forum non conveniens.

     

    (h) EACH
      PARTY HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF
      ANY
      CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. THE SCOPE
      OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY DISPUTES THAT MAY
      BE
      FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATER OF THIS AGREEMENT,
      INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS
      AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES
      THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO A
      BUSINESS RELATIONSHIP, THAT EACH PARTY HAS ALREADY RELIED ON THIS WAIVER IN
      ENTERING INTO THIS AGREEMENT AND THAT EACH PARTY WILL CONTINUE TO RELY ON THIS
      WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY FURTHER WARRANTS AND
      REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
      SUCH PARTY HAS KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHTS TO A JURY TRIAL
      FOLLOWING SUCH CONSULTATION. THIS WAIVER IS IRREVOCABLE, MEANING THAT,
      NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IT MAY NOT BE MODIFIED EITHER
      ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
      RENEWALS AND SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF
      A
      LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY
      THE
      COURT.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (i) This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
         

      

      
        12

        
          

        

      

      
         

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Security Agreement to
      be
      duly executed on the day and year first above written.

     

     

    INNOFONE.COM,
      INC.

     

    By:
      /s/
      Alex Lightman

    Alex
      Lightman

    Chief
      Executive Officer

     

    

     

    AJW
      PARTNERS, LLC

    By:
      SMS
      Group, LLC

     

    By:
      /s/
      Corey S. Ribotsky

    Corey
      S.
      Ribotsky

    Manager

     

    

     

    AJW
      OFFSHORE, LTD.

    By:
      First
      Street Manager II, LLC

     

    By:
      /s/
      Corey S. Ribotsky

    Corey
      S.
      Ribotsky

    Manager

     

    

     

    AJW
      QUALIFIED PARTNERS, LLC

    By:
      AJW
      Manager, LLC

     

    By:
      /s/
      Corey S. Ribotsky

    Corey
      S.
      Ribotsky

    Manager

     

    

     

    NEW
      MILLENNIUM CAPITAL PARTNERS II, LLC

    By:
      First
      Street Manager II, LLC

     

    By:
      /s/
      Corey S. Ribotsky

    Corey
      S.
      Ribotsky

    Manager

     

    
      
         

      

      
        13GUARANTY
      AND PLEDGE AGREEMENT

     

    GUARANTY
      AND PLEDGE AGREEMENT
      (this
“Agreement”),
      dated
      as of August [     ], 2005, among Innofone.com, Inc., a
      Nevada corporation (the “Company”),
      Alex
      Lightman (the “Pledgor”),
      and
      the pledgees signatory hereto and their respective endorsees, transferees and
      assigns (collectively, the “Pledgees”).

     

    WITNESSETH:

     

    WHEREAS,
      pursuant to a Securities Purchase Agreement, dated the date hereof, between
      Company and the Pledgees (the “Purchase
      Agreement”),
      Company has agreed to issue to the Pledgees and the Pledgees have agreed to
      purchase from Company certain of Company's 8% Callable Secured Convertible
      Notes, due three years from the date of issuance (the “Notes”),
      which
      are convertible into shares of Company's Common Stock, par value $.001 per
      share
      (the “Common
      Stock”).
      In
      connection therewith, Company shall issue the Pledgees certain Common Stock
      purchase warrants (the “Warrants”);
      and

     

    WHEREAS,
      as a material inducement to the Pledgees to enter into the Purchase Agreement,
      the Pledgees have required and the Pledgor has agreed (i) to unconditionally
      guarantee the timely and full satisfaction of all obligations of the Company,
      whether matured or unmatured, now or hereafter existing or created and becoming
      due and payable (the “Obligations”)
      to the
      Pledgees, their successors, endorsees, transferees or assigns under the
      Transaction Documents (as defined in the Purchase Agreement) to the extent
      of
      the Collateral (as defined in Section 5 hereof), and (ii) to grant to the
      Pledgees, their successors, endorsees, transferees or assigns a security
      interest in the number of shares of Common Stock currently owned by the Pledgor
      as set forth below the Pledgor's signature on the signature page hereto
      (collectively, the “Shares”),
      as
      collateral security for Obligations. Terms used and not defined herein shall
      have the meaning ascribed to them in the Purchase Agreement.

     

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

     

    1. Guaranty.
      To the
      extent of the Collateral, the Pledgor hereby absolutely, unconditionally and
      irrevocably guarantees to the Pledgees, their successors, endorsees, transferees
      and assigns the due and punctual performance and payment of the Obligations
      owing to the Pledgees, their successors, endorsees, transferees or assigns
      when
      due, all at the time and place and in the amount and manner prescribed in,
      and
      otherwise in accordance with, the Transaction Documents, regardless of any
      defense or set-off counterclaim which the Company or any other person may have
      or assert, and regardless of whether or not the Pledgees or anyone on behalf
      of
      the Pledgees shall have instituted any suit, action or proceeding or exhausted
      its remedies or taken any steps to enforce any rights against the Company or
      any
      other person to compel any such performance or observance or to collect all
      or
      part of any such amount, either pursuant to the provisions of the Transaction
      Documents or at law or in equity, and regardless of any other condition or
      contingency. The Pledgor shall have no obligation whatsoever to the Pledgees
      beyond the Collateral pledged for the Obligations set forth herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. Waiver
      of Demand.
      The
      Pledgor hereby unconditionally: (i) waives any requirement that the Pledgees,
      in
      the event of a breach in any material respect by the Company of any of its
      representations or warranties in the Transaction Documents, first make demand
      upon, or seek to enforce remedies against, the Company or any other person
      before demanding payment of enforcement hereunder; (ii) covenants that this
      Agreement will not be discharged except by complete performance of all the
      Obligations to the extent of the Collateral; (iii) agrees that this Agreement
      shall remain in full force and effect without regard to, and shall not be
      affected or impaired, without limitation, by, any invalidity, irregularity
      or
      unenforceability in whole or in part of the Transaction Documents or any
      limitation on the liability of the Company thereunder, or any limitation on
      the
      method or terms of payment thereunder which may now or hereafter be caused
      or
      imposed in any manner whatsoever; and (iv) waives diligence, presentment and
      protest with respect to, and notice of default in the performance or payment
      of
      any Obligation by the Company under or in connection with the Transaction
      Documents.

     

    3. Release.
      The
      obligations, covenants, agreements and duties of the Pledgor hereunder shall
      not
      be released, affected or impaired by any assignment or transfer, in whole or
      in
      part, of the Transaction Documents or any Obligation, although made without
      notice to or the consent of the Pledgor, or any waiver by the Pledgees, or
      by
      any other person, of the performance or observance by the Company or the Pledgor
      of any of the agreements, covenants, terms or conditions contained in the
      Transaction Documents, or any indulgence in or the extension of the time or
      renewal thereof, or the modification or amendment (whether material or
      otherwise), or the voluntary or involuntary liquidation, sale or other
      disposition of all or any portion of the stock or assets of the Company or
      the
      Pledgor, or any receivership, insolvency, bankruptcy, reorganization, or other
      similar proceedings, affecting the Company or the Pledgor or any assets of
      the
      Company or the Pledgor, or the release of any proper from any security for
      any
      Obligation, or the impairment of any such property or security, or the release
      or discharge of the Company or the Pledgor from the performance or observance
      of
      any agreement, covenant, term or condition contained in or arising out of the
      Transaction Documents by operation of law, or the merger or consolidation of
      the
      Company, or any other cause, whether similar or dissimilar to the
      foregoing.

     

    4. Subrogation.

     

    (a) Unless
      and until complete performance of all the Obligations to the extent of the
      Collateral, the Pledgor shall not be entitled to exercise any right of
      subrogation to any of the rights of the Pledgees against the Company or any
      collateral security or guaranty held by the Pledgees for the payment or
      performance of the Obligations, nor shall the Pledgor seek any reimbursement
      from the Company in respect of payments made by the Pledgor
      hereunder.

     

    (b) In
      the extent that the Pledgor shall become obligated to perform or pay any sums
      hereunder, or in the event that for any reason the Company is now or shall
      hereafter become indebted to the Pledgor, the amount of such sum shall at all
      times be subordinate as to lien, time of payment and in all other respects,
      to
      the amounts owing to the Pledgees under the Transaction Documents and the
      Pledgor shall not enforce or receive payment thereof until all Obligations
      due
      to the Pledgees under the Transaction have been performed or paid. Nothing
      herein contained is intended or shall be construed to give to the Pledgor any
      right of subrogation in or under the Transaction Documents, or any right to
      participate in any way therein, or in any right, title or interest in the assets
      of the Pledgees.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    5. Security.
      As
      collateral security for the punctual payment and performance, when due, by
      the
      Company of all the Obligations, the Pledgor hereby pledges with, hypothecates,
      transfers and assigns to the Pledgees all of the Shares and all proceeds, shares
      and other securities received, receivable or otherwise distributed in respect
      of
      or in exchange for the Shares, including, without limitation, any shares and
      other securities into which such Shares may be convertible or exchangeable
      (collectively, the “Additional
      Collateral”
and
      together with the Shares, the “Collateral”).
      Simultaneously herewith, the Pledgor shall deliver to the Pledgees the
      certificate(s) representing the Shares, stamped with a bank medallion guarantee,
      along with a stock transfer power duly executed in blank by the Pledgor, to
      be
      held by the Pledgees as security. Any Collateral received by the Pledgor on
      or
      after the date hereof shall be immediately delivered to the Pledgees together
      with any executed stock powers or other transfer documents requested by the
      Pledgees, which request may be made at any time prior to the date when the
      Obligations shall have been paid and otherwise satisfied in full.

     

    6. Voting
      Power, Dividends, Etc. and other Agreements.

     

    (a) Unless
      and until an Event of Default (as set forth in Section 7 hereof) has occurred,
      the Pledgor shall be entitled to:

     

    (i) Exercise
      all voting and/or consensual powers pertaining to the Collateral, or any part
      thereof, for all purposes;

     

    (ii) Receive
      and retain dividends paid with respect to the Collateral; and

     

    (iii) Receive
      the benefits of any income tax deductions available to the Pledgor as a
      shareholder of the Company.

     

    (b) The
      Pledgor agrees that it will not sell, assign, transfer, pledge, hypothecate,
      encumber or otherwise dispose of the Collateral.

     

    (c) The
      Pledgor and the Company jointly and severally agree to pay all costs including
      all reasonable attorneys' fees and disbursements incurred by the Pledgees in
      enforcing this Agreement in accordance with its terms.

     

    7. Default
      and Remedies.

     

    (a) For
      the purposes of this Agreement, “Event
      of Default”
shall
      mean:

     

    (i) default
      in or under any of the Obligations after the expiration, without cure, of any
      applicable cure period;

     

    (ii) a
      material breach in any material respect by the Company of any of its
      representations or warranties in the Transaction Documents; or

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    (iii) a
      material breach in any material respect by the Pledgor of any of its
      representations or warranties in this Agreement.

     

    (b) the
      Pledgees shall have the following rights upon any Event of Default:

     

    (i) the
      rights and remedies provided by the Uniform Commercial Code as adopted by the
      State of New York (the “UCC”)
      (as
      said law may at any time be amended);

     

    (ii) the
      right to receive and retain all dividends, payments and other distributions
      of
      any kind upon any or all of the Collateral;

     

    (iii) the
      right to cause any or all of the Collateral to be transferred to its own name
      or
      to the name of its designee and have such transfer recorded in any place or
      places deemed appropriate by the Pledgees; and

     

    (iv) the
      right to sell, at a public or private sale, the Collateral or any part thereof
      for cash, upon credit or for future delivery, and at such price or prices in
      accordance with the UCC (as such law may be amended from time to time). Upon
      any
      such sale the Pledgees shall have the right to deliver, assign and transfer
      to
      the purchaser thereof the Collateral so sold. The Pledgees shall give the
      Pledgor not less than ten (10) days' written notice of its intention to make
      any
      such sale. Any such sale, shall be held at such time or times during ordinary
      business hours and at such place or places as the Pledgees may fix in the notice
      of such sale. The Pledgees may adjourn or cancel any sale or cause the same
      to
      be adjourned from time to time by announcement at the time and place fixed
      for
      the sale, and such sale may be made at any time or place to which the same
      may
      be so adjourned. In case of any sale of all or any part of the Collateral upon
      terms calling for payments in the future, any Collateral so sold may be retained
      by the Pledgees until the selling price is paid by the purchaser thereof, but
      the Pledgees shall incur no liability in the case of the failure of such
      purchaser to take up and pay for the Collateral so sold and, in the case of
      such
      failure, such Collateral may again be sold upon like notice. The Pledgees,
      however, instead of exercising the power of sale herein conferred upon them,
      may
      proceed by a suit or suits at law or in equity to foreclose the security
      interest and sell the Collateral, or any portion thereof, under a judgment
      or
      decree of a court or courts of competent jurisdiction, the Pledgor having been
      given due notice of all such action. The Pledgees shall incur no liability
      as a
      result of a sale of the Collateral or any part thereof. All proceeds of any
      such
      sale, after deducting the reasonable expenses and reasonable attorneys' fees
      incurred in connection with such sale, shall be applied in reduction of the
      Obligations, and the remainder, if any, shall be paid to the
      Pledgor.

     

    8. Application
      of Proceeds; Release.
      The
      proceeds of any sale or enforcement of or against all or any part of the
      Collateral, and any other cash or collateral at the time held by the Pledgees
      hereunder, shall be applied by the Pledgees first to the payment of the
      reasonable costs of any such sale or enforcement, then to reimburse the Pledgees
      for any damages, costs or expenses incurred by the Pledgees as a result of
      an
      Event of Default, then to the payment of the principal amount or stated valued
      (as applicable) of, and interest or dividends (as applicable) and any other
      payments due in respect of, the Obligations. The remainder, if any, shall be
      paid to the Pledgor. As used in this Agreement, “proceeds”
shall
      mean cash, securities and other property realized in respect of, and
      distributions in kind of, the Collateral, including any thereof received under
      any reorganization, liquidation or adjustment of debt of any issuer of
      securities included in the Collateral.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    9. Representations
      and Warranties.

     

    (a) The
      Pledgor hereby represents and warrants to the Pledgees that:

     

    (i) the
      Pledgor has full power and authority and legal right to pledge the Collateral
      to
      the Pledgees pursuant to this Agreement and this Agreement constitutes a legal,
      valid and binding obligation of the Pledgor, enforceable in accordance with
      its
      terms.

     

    (ii) the
      execution, delivery and performance of this Agreement and other instruments
      contemplated herein will not violate any provision of any order or decree of
      any
      court or governmental instrumentality or of any mortgage, indenture, contract
      or
      other agreement to which the Pledgor is a party or by which the Pledgor and
      the
      Collateral may be bound, and will not result in the creation or imposition
      of
      any lien, charge or encumbrance on, or security interest in, any of the
      Pledgor's properties pursuant to the provisions of such mortgage, indenture,
      contract or other agreement.

     

    (iii) the
      Pledgor is the sole record and beneficial owner of all of the Shares;
      and

     

    (iv) the
      Pledgor owns the Collateral free and clear of all Liens.

     

    (b) The
      Company represents and warrants to the Pledgees that:

     

    (i) it
      has no knowledge that any of the representations or warranties of the Pledgor
      herein are incorrect or false in any material respect;

     

    (ii) all
      of the Shares were validly issued, fully paid and non-assessable;
      and

     

    (iii) the
      Pledgor is the record holder of the Shares.

     

    10. No
      Waiver; No Election of Remedies.
      No
      failure on the part of the Pledgees to exercise, and no delay in exercising,
      any
      right, power or remedy hereunder shall operate as a waiver thereof; nor shall
      any single or partial exercise by the Pledgees of any right, power or remedy
      preclude any other or further exercise thereof or the exercise of any other
      right, power or remedy. The remedies herein provided are cumulative and are
      not
      exclusive of any remedies provided by law. In addition, the exercise of any
      right or remedy of the Pledgees at law or equity or under this Agreement or
      any
      of the documents shall not be deemed to be an election of Pledgee's rights
      or
      remedies under such documents or at law or equity.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    11. Termination.
      This
      Agreement shall terminate on the date on which all Obligations have been
      performed, satisfied, paid or discharged in full.

     

    12. Further
      Assurances.
      The
      parties hereto agree that, from time to time upon the written request of any
      party hereto, they will execute and deliver such further documents and do such
      other acts and things as such party may reasonably request in order fully to
      effect the purposes of this Agreement. The Pledgees acknowledge that they are
      aware that Pledgor shall have no obligations whatsoever to the Pledgees beyond
      the Collateral pledged for the Obligations set forth herein, and no request
      for
      further assurance may or shall increase such Obligations.

     

    13. Miscellaneous.

     

    (a) Modification.
      This
      Agreement contains the entire understanding between the parties with respect
      to
      the subject matter hereof and specifically incorporates all prior oral and
      written agreements relating to the subject matter hereof. No portion or
      provision of this Agreement may be changed, modified, amended, waived,
      supplemented, discharged, canceled or terminated orally or by any course of
      dealing, or in any manner other than by an agreement in writing, signed by
      the
      party to be charged.

     

    (b) Notice.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (i) the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile telephone number specified in this
      Section prior to 6:30 p.m. (New York City time) on a Business Day (as defined
      in
      the Purchase Agreement), (ii) the Business Day after the date of transmission,
      if such notice or communication is delivered via facsimile at the facsimile
      telephone number specified in this Agreement later than 6:30 p.m. (New York
      City
      time) on any date and earlier than 11:59 p.m. (New York City time) on such
      date,
      (iii) the Business Day following the date of mailing, if sent by nationally
      recognized overnight courier services, or (iv) upon actual receipt by the party
      to whom such notice is required to be given. The address for such notices and
      communications shall be as follows:

     

    
      	
              If
                to the Company: 

            
	 
	
              
                Innofone.com,
                  Inc.
3470 Olney-Laytonsville Road, Suite 118

              Olney,
                MD 20832

              Attention:
                Chief Executive Officer

              Telephone: 

              Facsimile:

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    

    
      	
              With
                copies to:

            
	 
	
              
                Gersten,
                  Savage, Kaplowitz, Wolf & Marcus, LLP
600 Lexington
                Avenue

              New
                York, New York 10022

              Attention:
                Arthur S. Marcus, Esq.

              Telephone:
                (212) 752-9700

              Facsimile:
                (212) 980-5192

            

    

    

    
    

    
      	
              If
                to the Pledgor:

            
	 
	
              
                Frederic
                  Richardson
c/o Innofone.com, Inc.

              3470
                Olney-Laytonsville Road, Suite 118

              Olney,
                MD 20832

              Attention:
                Chief Executive Officer

              Telephone: 

              Facsimile:

            

    

     

    
      	
              If
                to the Pledgees:

            
	 
	
              
                AJW
                  Partners, LLC
AJW Offshore, Ltd.

              AJW
                Qualified Partners, LLC

              New
                Millennium Capital Partners II, LLC

              1044
                Northern Boulevard

              Suite
                302

              Roslyn,
                New York 11576

              Facsimile
                No.: (516) 739-7115

              Attention:
                Corey S. Ribotsky

            

    

    

    
    

    
      	
              With
                copies to: 

            
	 
	
              
                Ballard
                  Spahr Andrews & Ingersoll, LLP

                1735
                  Market Street, 51st
                  Fl.

              

              Philadelphia,
                PA 19103

              Facsimile
                No.: (215) 864-8999

              Attention:
                Gerald J. Guarcini, Esquire

            

    

    

    
    

    (a) Invalidity.
      If any
      part of this Agreement is contrary to, prohibited by, or deemed invalid under
      applicable laws or regulations, such provision shall be inapplicable and deemed
      omitted to the extent so contrary, prohibited or invalid, but the remainder
      hereof shall not be invalidated thereby and shall be given effect so far as
      possible.

     

    (c) Benefit
      of Agreement.
      This
      Agreement shall be binding upon and inure to the parties hereto and their
      respective successors and assigns.

     

    (d) Mutual
      Agreement.
      This
      Agreement embodies the arm's length negotiation and mutual agreement between
      the
      parties hereto and shall not be construed against either party as having been
      drafted by it.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (e) New
      York Law to Govern.
      This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      internal laws of the State of New York without regard to the principals of
      conflicts of law thereof. Each party hereby irrevocably submits to the exclusive
      jurisdiction of the state and Federal courts sitting in the city of New York,
      borough of Manhattan, for the adjudication of any dispute hereunder or in
      connection herewith or with any transaction contemplated hereby or discussed
      herein, and hereby irrevocably waives, and agrees not to assert in any suit,
      action or proceeding, any claim that it is not personally subject to the
      jurisdiction of any such court or that such suit, action or proceeding is
      improper. Each party hereby irrevocably waives personal service of process
      and
      consents to process being served in any such suit, action or proceeding by
      mailing a copy thereof to such party at the address in effect for notices to
      it
      under this agreement and agrees that such service shall constitute good and
      sufficient service of process and notice thereof. Nothing contained herein
      shall
      be deemed to limit in any way any right to serve process in any manner permitted
      by law.

     

     

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Guaranty and Pledge
      Agreement to be duly executed by their respective authorized persons as of
      the
      date first indicated above.

     

    
      	
              INNOFONE.COM,
                INC.

            	 	 	 
	 	 	 	 
	/s/ Alex
              Lightman	 	 	 
	
              
Alex
              Lightman	 	 	
            
	Chief
              Executive
              Officer	 	 	 

    

     

    
      	
              Pledgees:

            	 	 	 
	 	 	 	 
	
              AJW
                PARTNERS, LLC

              By: SMS
                Group, LLC

            	 	 	 
	 	 	 	 
	/s/ Corey
              S.
              Ribotsky	 	 	 
	
              
Corey
              S. Ribotsky	 	 	
            
	
              Manager

            	 	 	 

    

     

    
      	
              AJW
                OFFSHORE, LTD.

              By:
                First Street Manager II, LLC

            	 	 	 
	 	 	 	 
	/s/ Corey
              S.
              Ribotsky	 	 	 
	
              
Corey
              S. Ribotsky	 	 	
            
	
              Manager

            	 	 	 

    

     

    
      	
              AJW
                QUALIFIED PARTNERS, LLC

              By:
                AJW Manager, LLC

            	 	 	 
	 	 	 	 
	/s/ Corey
              S.
              Ribotsky	 	 	 
	
              
Corey
              S. Ribotsky	 	 	
            
	
              Manager

            	 	 	 

    

    

      
        	
                NEW
                  MILLENNIUM CAPITAL PARTNERS II, LLC

                By:
                  First Street Manager II, LLC

              	 	 	 
	 	 	 	 
	/s/ Corey
                S.
                Ribotsky	 	 	 
	
                
Corey
                S. Ribotsky	 	 	
              
	
                Manager

              	 	 	 

      

    

     

    [Signatures
      Continued on Following Page]

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    
       

      
        	
                Pledgor:

              	 	 	 
	 	 	 	 
	/s/ Alex
                Lightman	 	 	 
	
                
Alex
                Lightman	 	 	
              
	
                 

              	 	 	 

      

    Number
      of
      Shares subject to this pledge: 3,000,000

    

    Date
      such
      Shares were acquired:_____________________

     

    
      
        
        

      

      
        10

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