Document:

Unassociated Document

     

    GUARANTY
      AND PLEDGE AGREEMENT

     

    GUARANTY
      AND PLEDGE AGREEMENT
      (this
“Agreement”),
      dated
      as of August 8, 2006, is by and 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 Promissory Note, dated the date hereof, between the Company and
      the Pledgees (the “Promissory
      Note”,
“Note”
      or “Notes”), the Company has agreed to repay with interest the sum of $50,000,
      pursuant to the terms and conditions of the Note. In connection therewith,
      the
      Company has agreed to issue to the Pledgees certain Common Stock purchase
      warrants to purchase up to seventy five thousand shares of common stock of
      the
      Company at an exercise price of $1.00 per share with a term of five (5) years
      from the date of issuance and to be exercisable on a cash basis only (the
“Warrant”)
      and
      the Company has agreed to provide certain piggyback registration rights to
      a
      certain portion of the shares under the Warrant (“Registration Rights
      Agreement”) (collectively, the “Transaction Documents”); and

     

    WHEREAS,
      as a material inducement to the Pledgees to enter into the Promissory Note,
      the
      Pledgees have required and the Pledgor and the Company have agreed (i) to
      guarantee, subject only to any senior rights held by Cogent Capital Group,
      LLC
      and/or Cogent Financial Management, LLC (“Cogent”) under any UCC-1 statement or
      other contractual obligation held by Cogent in connection with the Company,
      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
      and those certain loan transaction made by and between the Company and 55 South
      Investments between July 10, 2006 and July 17, 2006 (collectively the
“Obligations”)
      to the
      Pledgees, their successors, endorsees, transferees or assigns under the
      Transaction Documents (as defined in the Promissory Note) 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
      in
      Section 5 and 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 Promissory Note.

     

    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 and the Company hereby absolutely and
      irrevocably, subject to any senior rights held by Cogent Capital Group, LLC
      and/or Cogent Financial Management, LLC (“Cogent”) under any UCC-1 statement or
      other contractual obligation held by Cogent in connection with the Company,
      guarantee 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 and the Company hereby unconditionally: (i) waive 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) covenant that
      this Agreement will not be discharged except by complete performance of all
      the
      Obligations to the extent of the Collateral; (iii) agree 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) waive 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.  No
      Release.
      The
      obligations, covenants, agreements and duties of the Pledgor or the Company
      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
      by
      the Pledgees, 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 and the Company 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.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b)  To
      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.

     

    5.  Security
      Interest and Registration Rights.
      

     

    (a)  Security
      Interest. As collateral security for the punctual payment and performance,
      when
      due, by the Company of all the Obligations, the Pledgor and the Company hereby
      pledges with, hypothecates, transfers and assigns to the Pledgees: (i) FROM
      THE
      COMPANY: a total of $200,000 worth of restricted common stock of the Company
      (“Innofone Stock”); and (ii) FROM PLEDGOR: $200,000 worth of restricted common
      stock of the Company personally held by Pledgor (“Lightman Stock” together with
      the Innofone Stock, the “Collateral”).
      For
      purposes of calculating the Collateral shares, a conversion or purchase price
      of
      $1.00 per share shall be used. 

     

    (b) Registration
      Rights. The Innofone Stock and the Lightman Stock, if issued due to default
      by
      Innofone, shall carry demand registration rights in favor of the Pledgees and
      any registration fees and costs incurred therein shall be paid by
      Innofone.

     

    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, related to the common stock shares he owns specifically,
      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 and the Company agree that they will not sell, assign, transfer, pledge,
      hypothecate, encumber or otherwise dispose of the Collateral.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (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 under the Promissory Note 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

     

    (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 (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 their own names
      or to
      the names of their 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 absolute and unqualified 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.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    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.

     

    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 Pledgor
      Shares to the Pledgees pursuant to this Agreement and the ancillary agreements
      hereto and such Agreements constitute legal, valid and binding obligations
      of
      the Pledgor, enforceable in accordance with their terms.

     

    (ii)  the
      execution, delivery and performance of this Agreement, the ancillary agreements
      hereto, 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 Pledgor Shares 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 Pledgor Shares;
      and

     

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

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    (i)  the
      Company has full power and authority and legal right to pledge the Company
      Shares to the Pledgees pursuant to this Agreement and the ancillary Agreements
      hereto, and such Agreements constitute legal, valid and binding obligations
      of
      the Company, enforceable in accordance with their terms.

     

    (ii) the
      execution, delivery and performance of this Agreement, the ancillary Agreements
      hereto, 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 Company is a
      party
      or by which the Company and the Company Shares may be bound. 

     

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

     

    (iv) all
      of
      the Company Shares will be validly issued, fully paid and non-assessable;
      and

     

    (v) the
      Company is the record holder of the Company 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 the Pledgees’ rights
      or remedies under such documents or at law or equity.

     

    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
      performance 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.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    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 5:30 p.m. (Pacific time) on a Business Day (as defined in
      the
      Promissory Note), (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 5:30 p.m. (Pacific time) on any
      date and earlier than 11:59 p.m. (Pacific 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,
                  Incorporated

              
	 	 	
                1431
                  Ocean Avenue

              
	 	 	
                Suite
                  1100

              
	 	 	
                Santa
                  Monica, CA 90401

              
	 	 	
                Attention:
                  Chief Executive Officer

              
	 	 	 
	
                If
                  to the Pledgor:

              	 	 
	 	 	
                Mr.
                  Alex Lightman c/o Innofone.com, Incorporated

              
	 	 	
                1431
                  Ocean Avenue

              
	 	 	
                Suite
                  1100

              
	 	 	
                Santa
                  Monica, CA 90401

              
	 	 	
                Attention:
                  Chief Executive Officer

              
	 	 	 
	
                If
                  to the Pledgees:

              	 	 
	 	 	
                Keiren
                  Gaffney-Weinroth and Paul Weinroth

              
	 	 	
                __________________

              
	 	 	
                __________________

              
	 	 	
                __________________

              
	 	 	
                Telephone:
                  (___) ___-___

              
	 	 	
                Facsimile:
                  (___) ___-____

              

      

    

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (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.

     

    (e)  Nevada
      to Govern.
      This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      internal laws of the State of Nevada
      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 State of Nevada,
      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,
              INCORPORATED
	 
 	 
 	 
 
	 	By:  	/s/
              Alex
              Lightman 
	 	
              
Alex
              Lightman
	 	Chief
              Executive Officer

    
      	 	 	 
	 	Pledgees:
	 
 	 
 	 
 
	 	By:  	/s/
              Keiren Gaffney-Weinroth
	 	
              
Keiren
              Gaffney-Weinroth
	 	 
	 	
              
 

    

     

    
      	 	 	 
	 	By:  	/s/
              Paul Weinroth
	 	
              
Paul
              Weinroth
	 	 
	 	
              
  

    

     

    
      	 	 	 
	 	Pledgor:
	 
 	 
 	 
 
	 	 
	 	
              
                

              

              Alex Lightman 

            

    

    
       

      
        
          	 	Amount of Shares subject to this
                  pledge:
                  200,000 from 
	 	Company; 200,000 from Alex
                  Lightman

        

      

       

     

    
      
        
        

      

      
        9Unassociated Document

    THIS
      WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
      AND MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED, TRANSFERRED OR OTHERWISE
      DISPOSED OF, UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF THE SECURITIES
      ACT
      OR AN OPINION OF COUNSEL IS OBTAINED STATING THAT SUCH DISPOSITION IS IN
      COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM SUCH
      REGISTRATION.

     

    August
      8,
      2006

     

    INNOFONE.COM,
      INCORPORATED

     

    Warrant
      for the Purchase of Shares of Common Stock

     

    For
      value
      received, this Warrant is hereby issued by Innofone.com, Incorporated, a Nevada
      corporation (the “Company”), to Keiren Gaffney-Weinroth and Paul Weinroth
      (collectively the “Holder”). Subject to the provisions of this Warrant, the
      Company hereby grants to the Holder the right to purchase from the Company
      up to
      seventy five thousand shares of common stock of the Company (75,000) fully
      paid
      and non-assessable shares of Common Stock, at an aggregate price of $75,000
      (or
      $1.00 per share) (the “Exercise Price”).

     

    The
      term
“Common Stock” means the Common Stock, par value $0.001 per share, of the
      Company. The number of shares of Common Stock to be received upon the exercise
      of this Warrant may be adjusted from time to time as hereinafter set forth.
      The
      shares of Common Stock deliverable upon such exercise, and as adjusted from
      time
      to time, are hereinafter referred to as “Warrant Stock.” 

     

    The
      Holder agrees with the Company that this Warrant is issued, and all the rights
      hereunder shall be held, subject to all of the conditions, limitations and
      provisions set forth herein.

     

    1. Exercise
      of Warrant.
      (a)
      Subject to the terms and conditions set forth herein, this Warrant may be
      exercised in whole or in part, pursuant to the procedures provided below, at
      any
      time on or before the earlier of (i) 5:00 p.m., Pacific time, on the day
      occurring five (5) years from the warrant issuance date (the “Expiration Date”)
      or, if such day is a day on which banking institutions in California are
      authorized by law to close, then on the next succeeding day that shall not
      be
      such a day. The Warrant shall only be exercisable on a cash basis. To exercise
      this Warrant the Holder shall present and surrender this Warrant to the Company
      at its principal office, with the Warrant Exercise Form attached hereto duly
      executed by the Holder and accompanied by payment in cash, wire transfer or
      by
      check, payable to the order of the Company, of the aggregate Exercise Price
      for
      the total aggregate number of shares for which this Warrant is exercised. Upon
      receipt by the Company of this Warrant, together with the executed Warrant
      Exercise Form and payment of the Exercise Price for the shares to be acquired,
      in proper form for exercise, and subject to the Holder’s compliance with all
      requirements of this Warrant for the exercise hereof, the Holder shall be deemed
      to be the holder of record of the shares of Common Stock issuable upon such
      exercise, notwithstanding that the stock transfer books of the Company shall
      then be closed or that certificates representing such shares of Common Stock
      shall not then be actually delivered to the Holder; provided,
      however,
      that no
      exercise of this Warrant shall be effective, and the Company shall have no
      obligation to issue any Common Stock to the Holder upon any attempted exercise
      of this Warrant, unless the Holder shall have first delivered to the Company,
      in
      form and substance reasonably satisfactory to the Company, appropriate
      representations so as to provide the Company reasonable assurances that the
      securities issuable upon exercise may be issued without violation of the
      registration requirements of the Securities Act and applicable state securities
      laws, including without limitation representations that the Holder is familiar
      with the Company and its business and financial condition and has had an
      opportunity to ask questions and receive documents relating thereto to his
      reasonable satisfaction.

     

    2. Reservation
      of Shares.
      The
      Company will at all times reserve for issuance and delivery upon exercise of
      this Warrant all shares of Common Stock from time to time receivable upon
      exercise of this Warrant. All such shares shall be duly authorized and, when
      issued upon such exercise, shall be validly issued, fully paid and
      non-assessable and free of all preemptive rights.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Fractional
      Shares.
      No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant, but the Company shall pay the Holder an amount
      equal to the Fair Market Value (as defined below) of such fractional share
      of
      Common Stock in lieu of each fraction of a share otherwise called for upon
      any
      exercise of this Warrant.

     

    4. Redemption
      at Option of Company.
      None.

     

    5.  Registration
      Rights. The
      Holder shall have certain piggyback registration rights with respect to the
      registration of thirty seven thousand five hundred of the Warrant Shares as
      provided in that certain Registration Rights Agreement by and between the
      Company and the parties thereto. Should 37,500 of the Warrant be exercised
      within twelve (12) months of the Closing Date, then 37,500 of the Warrant Shares
      upon such exercise shall carry piggyback registration rights for the first
      registration statement filed subsequent to any registration statement filed
      in
      connection with that certain Swap as defined in the Promissory Note of same
      date
      entered by and between the parties and occurring no earlier than six (6) months
      after the Closing Date as defined therein such Promissory Note. 

     

    6. Assignment
      or Loss of Warrant.
      Subject
      to the transfer restrictions herein (including Section 9), upon surrender of
      this Warrant to the Company or at the office of its stock transfer agent, if
      any, with the Assignment Form annexed hereto duly executed and funds sufficient
      to pay any transfer tax, the Company shall, without charge, execute and deliver
      a new Warrant in the name of the assignee named in such instrument of assignment
      and this Warrant shall promptly be canceled. Upon receipt by the Company of
      evidence reasonably satisfactory to it of the loss, theft, destruction or
      mutilation of this Warrant, and of reasonably satisfactory indemnification
      by
      the Holder, and upon surrender and cancellation of this Warrant, if mutilated,
      the Company shall execute and deliver a replacement Warrant of like tenor and
      date. 

     

    7. Rights
      of the Holder.
      The
      Holder shall not, by virtue hereof, be entitled to any rights of a stockholder
      in the Company, either at law or in equity, and the rights of the Holder are
      limited to those expressed in this Warrant.

     

    8. Adjustments.

     

    8.1 Adjustment
      for Recapitalization.
      If the
      Company shall at any time after the date hereof subdivide its outstanding shares
      of Common Stock by recapitalization, reclassification or split-up thereof,
      the
      number of shares of Common Stock subject to this Warrant immediately prior
      to
      such subdivision shall be proportionately increased, and if the Company shall
      at
      any time after the date hereof combine the outstanding shares of Common Stock
      by
      recapitalization, reclassification or combination thereof, the number of shares
      of Common Stock subject to this Warrant immediately prior to such combination
      shall be proportionately decreased. Any such adjustment and adjustment to the
      Exercise Price pursuant to this Section 8.1 shall be effective at the close
      of business on the effective date of such subdivision or
      combination.

     

    Whenever
      the number of shares of Common Stock purchasable upon the exercise of this
      Warrant is adjusted, as provided in this Section 8.1, the Exercise Price
      shall be adjusted to the nearest cent by multiplying such Exercise Price
      immediately prior to such adjustment by a fraction (x) the numerator of which
      shall be the number of shares of Common Stock purchasable upon the exercise
      immediately prior to such adjustment, and (y) the denominator of which shall
      be
      the number of shares of Common Stock so purchasable immediately
      thereafter.

     

    8.2 Adjustment
      for Reorganization, Consolidation, Merger.
      In case
      of any reorganization of the Company after the date hereof or in case after
      such
      date the Company shall consolidate with or merge into another corporation or
      convey all or substantially all of its assets to another corporation, then,
      and
      in each such case, the Holder of this Warrant upon the exercise thereof as
      provided in Section 1 at any time after the consummation of such reorganization,
      consolidation, merger or conveyance, shall be entitled to receive, in lieu
      of
      the securities and property receivable upon the exercise of this Warrant prior
      to such consummation, the securities or property to which such Holder would
      have
      been entitled upon such consummation if such Holder had exercised this Warrant
      immediately prior thereto; in each such case, the terms of this Warrant shall
      be
      applicable to the securities or property receivable upon the exercise of this
      Warrant after such consummation. 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    8.3 Certificate
      as to Adjustments.
      The
      adjustments provided in this Section 8 shall be interpreted and applied by
      the Company in such a fashion so as to reasonably preserve the applicability
      and
      benefits of this Warrant (but not to increase or diminish the benefits
      hereunder). In each case of an adjustment in the number of shares of Common
      Stock receivable on the exercise of the Warrant, the Company at its expense
      will
      promptly compute such adjustment in accordance with the terms of the Warrant
      and
      prepare a certificate executed by two executive officers of the Company setting
      forth such adjustment and showing in detail the facts upon which such adjustment
      is based. The Company will forthwith mail a copy of each such certificate to
      each Holder. 

     

    8.4 Notices
      of Record Date, Etc.
      In the
      event that:

     

    (a) the
      Company authorizes the granting to Common Stock holders of any right to
      subscribe for, purchase or otherwise acquire any shares of stock of any class
      or
      any other securities; or

     

    (b) the
      Company authorizes any capital reorganization of the Company, any
      reclassification of the capital stock of the Company, any consolidation or
      merger of the Company with or into another corporation, or any conveyance of
      all
      or substantially all of the assets of the Company to another corporation or
      entity; or 

     

    (c) the
      Company authorizes any voluntary or involuntary dissolution, liquidation or
      winding up of the Company,

     

    then,
      and
      in each such case, the Company shall mail or cause to be mailed to the holder
      of
      this Warrant at the time outstanding a notice specifying, as the case may be,
      (i) the date on which a record is to be taken for the purpose of such right,
      and
      stating the amount and character of such right, or (ii) the date on which such
      reorganization, reclassification, consolidation, merger, conveyance,
      dissolution, liquidation or winding up is to take place, and the time, if any
      is
      to be fixed, as to which the holders of record of Common Stock shall be entitled
      to exchange their shares of Common Stock for securities or other property
      deliverable upon such reorganization, reclassification, consolidation, merger,
      conveyance, dissolution, liquidation or winding up. Such notice shall be mailed
      at least twenty (20) days prior to the date therein specified.

     

    8.5 No
      Impairment.
      The
      Company will not, by any voluntary action, avoid or seek to avoid the observance
      or performance of any of the terms to be observed or performed hereunder by
      the
      Company, but will at all times in good faith assist in the carrying out of
      all
      the provisions of this Section 10 and in the taking of all such action as may
      be
      necessary or appropriate in order to protect the rights of the Holder of this
      Warrant against impairment.

     

    9. Transfer
      to Comply with the Securities Act.
      This
      Warrant and any Warrant Stock may not be sold, transferred, pledged,
      hypothecated or otherwise disposed of except as follows: (a) to a person who,
      in
      the opinion of counsel to the Company, is a person to whom this Warrant or
      the
      Warrant Stock may legally be transferred without registration and without the
      delivery of a current prospectus under the Securities Act with respect thereto
      and then only against receipt of an agreement of such person to comply with
      the
      provisions of this Section 9 with respect to any resale or other
      disposition of such securities; or (b) to any person upon delivery of a
      prospectus then meeting the requirements of the Securities Act relating to
      such
      securities and the offering thereof for such sale or disposition, and thereafter
      to all successive assignees. 

     

    10. Legend.
      Unless
      the shares of Warrant Stock have been registered under the Securities Act,
      upon
      exercise of any of the Warrants and the issuance of any of the shares of Warrant
      Stock, all certificates representing shares shall bear on the face thereof
      substantially the following legend:

     

    The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended, and may not be sold, offered for sale,
      assigned, transferred or otherwise disposed of, unless registered pursuant
      to
      the provisions of that Act or unless an opinion of counsel to the Corporation
      is
      obtained stating that such disposition is in compliance with an available
      exemption from such registration.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    11. Notices.
      All
      notices required hereunder shall be in writing and shall be deemed given when
      telegraphed, delivered personally or within two days after mailing when mailed
      by certified or registered mail, return receipt requested, to the Company or
      the
      Holder, as the case may be, for whom such notice is intended, if to the Holder,
      at the address of such party shown on the books of the Company, or if to the
      Company, at the address set forth on the signature page hereof, Attn: President,
      or at such other address of which the Company or the Holder has been advised
      by
      notice hereunder.

     

    12. Applicable
      Law.
      The
      Warrant is issued under and shall for all purposes be governed by and construed
      in accordance with the laws of the State of Nevada, without regard to the
      conflict of laws provisions of such State.

     

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be signed on its behalf,
      in its corporate name, by its duly authorized officer, all as of the day and
      year first above written.

    
      	 	 	 
	 	INNOFONE.COM,
              INCORPORATED
	 
 	 
 	 
 
	 	By:  	/s/
              Alex
              Lightman
	 	
              
Name:
              Alex Lightman
	 	 
	 	Title: Chief Executive
              Officer and
              President

    

     

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    WARRANT
      EXERCISE FORM

     

    The
      undersigned hereby irrevocably elects to (i) exercise the within Warrant to
      purchase __________ shares of the Common Stock of Innofone.com, Incorporated,
      a
      Nevada corporation, pursuant to the provisions of Section 1 of the attached
      Warrant, and hereby makes payment of $__________ in payment therefore. The
      undersigned’s execution of this form constitutes the undersigned’s agreement to
      all the terms of the Warrant and to comply therewith.

     

    
      	 	 	 
	 	
              
Signature
	 	Print
              Name:

    

     

    
      	 	 	 
	 	 	 
	 	
              
Signature,
              if jointly held
	 	 
	 	Print Name:
	 	 
	 	 
	 	
              
Date

    

     

    

    

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
      FORM

     

    For
      VALUE
      RECEIVED____________________ (“Assignor”) hereby sells, assigns and
      transfers unto __________________________ (“Assignee”) all of Assignor's right,
      title and interest in, to and under this Warrant issued by Innofone.com,
      Incorporated dated _____________.

     

    DATED: 
______________________

    
       

      
        	 	 	ASSIGNOR:
	 
 	 
 	 
 
	 	  	 
	 	
                
Signature
	 	Print
                Name:

      

       

    

    
      	 	 	 
	 	  	 
	 	
              
Signature,
              if jointly held
	 	Print
              Name:
	 	 
	 	ASSIGNEE: 

    

     

    The
      undersigned agrees to all of the terms of the Warrant and to comply
      therewith.

    
      	 	 	 
	 	  	 
	 	
              
Signature
	 	Print
              Name:
	 	 
	 	 
	 	
              
Signature,
              if jointly held
	 	Print
              Name:

    

     

     

    
      
        
        

      

      
        -6-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]