Document:

REGISTRATION
      RIGHTS AGREEMENT

     

    THIS
      REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
      is
      made and entered into as of July 14, 2006 by and among INNOFONE.COM,
      INCORPORATED, a Nevada corporation (the “Company”),
      and
      the persons and entities who are signatories hereto (the “Holders”).

     

    Background

     

    WHEREAS,
      the
      Company and the Holders have entered into, among other documents, that certain
      Promissory Note, dated July 14, 2006 (the “Promissory Note”); and

     

    WHEREAS,
      pursuant
      to the Promissory Note, the Holders were issued warrants to purchase an
      aggregate of 2,000,000 shares of the Company’s Common Stock at an exercise price
      of $1.00 per common stock share (the “Warrant Shares”). The Company hereby
      intends to provide for piggyback registration rights to the Holders for up
      to
      1,000,000 shares of common stock of such Warrant Shares under terms and
      conditions stated hereunder.

     

    The
      parties agree as follows:

     

    1. Certain
      Definitions.
      As used
      herein, the following terms shall have the following respective
      meanings:

    

    "Commission"
      shall
      mean the Securities and Exchange Commission or any other Federal agency at
      the
      time administering the Securities Act.

    

    "Restricted
      Stock" shall
      mean the Warrant Shares, the certificates for which are required to bear the
      legend set forth in Section 2 hereof.

    

    “Registrant”
      shall
      mean the Company or the Public Company Successor, as applicable.

    

    "Securities
      Act" shall
      mean the Securities Act of 1933, as amended, or any similar Federal statute,
      and
      the rules and regulations of the Commission thereunder, all as the same shall
      be
      in effect at the time.

    

    2. Restrictive
      Legend.
      The
      Warrant Shares and each certificate representing such Restricted Stock and,
      except as otherwise provided in Section 3 hereof, each certificate issued upon
      exchange or transfer of any such securities shall be stamped or otherwise
      imprinted with a legend substantially in the following form:

    

    “THE
      SECURITIES WHICH ARE REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
      HYPOTHECATED OR OTHERWISE DISPOSED OF UNTIL A REGISTRATION STATEMENT WITH
      RESPECT THERETO IS DECLARED EFFECTIVE UNDER SUCH ACT, OR THE COMPANY RECEIVES
      AN
      OPINION OF COUNSEL FOR THE COMPANY THAT AN EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF SUCH ACT IS AVAILABLE.”

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3.
       Notice
      of Proposed Transfer.
      Prior
      to any proposed transfer of any Restricted Stock (other than under the
      circumstances described in Section 4 hereto, the holder thereof shall give
      written notice to the Registrant of its intention to effect such transfer.
      Each
      such notice shall describe the manner of the proposed transfer and, if requested
      by the Registrant, shall be accompanied by an opinion of counsel satisfactory
      to
      the Registrant to the effect that the proposed transfer may be effected without
      registration under the Securities Act, whereupon such holder shall be entitled
      to transfer such securities in accordance with the terms of its notice. All
      Restricted Stock transferred as above provided shall bear the legend set forth
      in Section 2, except that such securities shall not bear such legend if (i)
      such
      transfer is in accordance with the provisions of Rule 144 (or any other rule
      permitting public sale without registration under the Securities Act) or (ii)
      the opinion of counsel referred to above is to the further effect that the
      transferee and any subsequent transferee (other than an affiliate of the
      Registrant) would be entitled to transfer such securities in a public sale
      without registration under the Securities Act.

    

    4. Piggyback
      Registration for up to One Million Restricted Stock
      Shares.
      

     

    (a) Should
      the Holders or any of them exercise and pay the exercise price for 500,000
      of
      the Warrant Shares prior to July 14, 2007 and if the Registrant at any time
      subsequent to six (6) months from execution of the Promissory Note and prior
      to
      July 14, 2007 and proposes to register any of its securities under the
      Securities Act for sale to the public, whether for its own account or for the
      account of other security holders or both (other than a registration statement
      on Form-S-4, Form S-8 or other limited purpose form and other than any
      registration statement that might be filed by the Company within six (6) months
      of the execution of the Promissory Note), then in each instance, the Registrant
      will give written notice to all holders of Restricted Stock of its intention
      so
      to do, provided,
      however, that
      for
      the purposes of this sentence, the Registrant shall treat the holders hereof
      in
      the same manner and in
      pari passu
      with all
      other holders of unregistered capital stock of the Registrant who (i) have
      registration rights with respect to such stock or (ii) presently or at any
      time
      hereafter are officers, directors, or 5% shareholders of the Registrant, or
      any
      affiliate, successor, or assign thereof. Upon the written request of any such
      holders, given within 20 days after the date of any such notice, to register
      up
      to five hundred thousand (500,000) shares only of its Restricted Stock (which
      request shall state the intended method of disposition thereof), the Registrant
      will use its best efforts to cause the Restricted Stock as to which registration
      shall have been so requested to be included in the securities to be covered
      by
      the registration statement proposed to be filed by the Registrant all to the
      extent requisite to permit the sale or other disposition by the holders (in
      accordance with its written request) of such Restricted Stock so registered.
      The
      Registrant may withdraw any such registration statement before it becomes
      effective or postpone the offering of securities contemplated by such
      registration statement without any obligation to the holders of any Restricted
      Stock. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) In
      addition to those Warrant Shares provided piggyback registration rights pursuant
      to Section 5 (a), above, should the Holders or any of them exercise and pay
      the
      exercise price for 500,000 of the Warrant Shares prior to expiration of same
      and
      if the Registrant at any time subsequent to six (6) months from execution of
      the
      Promissory Note proposes to register any of its securities under the Securities
      Act for sale to the public, whether for its own account or for the account
      of
      other security holders or both (other than a registration statement on Form-S-4,
      Form S-8 or other limited purpose form and other than any registration statement
      that might be filed by the Company within six (6) months of the execution of
      the
      Promissory Note), then in each instance, the Registrant will give written notice
      to all holders of Restricted Stock of its intention so to do, provided,
      however, that
      for
      the purposes of this sentence, the Registrant shall treat the holders hereof
      in
      the same manner and in
      pari passu
      with all
      other holders of unregistered capital stock of the Registrant who (i) have
      registration rights with respect to such stock or (ii) presently or at any
      time
      hereafter are officers, directors, or 5% shareholders of the Registrant, or
      any
      affiliate, successor, or assign thereof. Upon the written request of any such
      holders, given within 20 days after the date of any such notice, to register
      up
      to five hundred thousand (500,000) shares only of its Restricted Stock (which
      request shall state the intended method of disposition thereof), the Registrant
      will use its best efforts to cause the Restricted Stock as to which registration
      shall have been so requested to be included in the securities to be covered
      by
      the registration statement proposed to be filed by the Registrant all to the
      extent requisite to permit the sale or other disposition by the holders (in
      accordance with its written request) of such Restricted Stock so registered.
      The
      Registrant may withdraw any such registration statement before it becomes
      effective or postpone the offering of securities contemplated by such
      registration statement without any obligation to the holders of any Restricted
      Stock. 

    

    (c)
      Certain of the Warrant Shares are subject to limited rights of redemption by
      the
      Registrant of which said rights may effect and/or limit the extent of the
      registration rights stated herein.

    

    

    5. Registration
      Procedures.
      If and
      whenever the Registrant is required by the provisions of Section 4 hereof to
      use
      its best efforts to effect the registration of any shares of Restricted Stock
      under the Securities Act, the Registrant will, as expeditiously as
      possible:

    

    (a) prepare
      and file with the Commission a registration statement with respect to such
      securities and use its best efforts to cause such registration statement to
      become and remain effective for the period of the distribution contemplated
      thereby (determined as hereinafter provided),

    

    (b) prepare
      and file with the Commission such amendments and supplements to such
      registration statement and the prospectus used in connection therewith as may
      be
      necessary to keep such registration statement effective for the period specified
      in Section 5 (a) above and as to comply with the provisions of the Securities
      Act with respect to the disposition of all Restricted Stock covered by such
      registration statement in accordance with the sellers' intended method of
      disposition set forth in such registration statement for such
      period;

    

    (c) furnish
      to each seller such number of copies of the registration statement and the
      prospectus included therein (including each preliminary prospectus) as such
      persons may reasonably request in order to facilitate the public sale or other
      disposition of the Restricted Stock covered by such registration
      statement;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (d) use
      its
      best efforts to register or qualify the Restricted Stock covered by such
      registration statement under the securities or blue sky laws of such
      jurisdictions as the sellers of Restricted Stock;

    

    (e) immediately
      notify each seller under such registration statement at any time when a
      prospectus relating thereto is required to be delivered under the Securities
      Act, of the happening of any event as a result of which the prospectus contained
      in such registration statement, as then in effect, includes an untrue statement
      of a material fact or omits to state any material fact required to be stated
      therein not misleading in the light of the circumstances then existing;
      and

    

    (f) use
      its
      best efforts to furnish, at the request of any seller, on the date that
      Restricted Stock is delivered for sale pursuant to such registration: (i) an
      opinion dated such date of counsel representing the Registrant for the purposes
      of such registration, and (ii) a letter dated such date from the independent
      public accountants retained by the Registrant.

    

    In
      connection with each registration hereunder, the selling holders of Restricted
      Stock will furnish to the Registrant in writing such information with respect
      to
      themselves and the proposed distribution by them as shall be necessary in order
      to assure compliance with Federal and applicable state securities laws or as
      the
      Registrant may reasonably request.

    

    6.
       Expenses.
      All
      expenses incurred by the Registrant in complying with Section 4 hereof,
      including, without limitation, all registration and filing fees, printing
      expenses, fees and disbursements of counsel and independent public accountants
      for the Registrant, fees of the National Association of Securities Dealers,
      Inc., fees of transfer agents and registrars, but excluding any Selling
      Expenses, are herein called "Registration
      Expenses".
      

    

    The
      Registrant will pay all Registration Expenses in connection with each
      registration statement filed pursuant to Section 4 hereof. 

    

    7.
       Indemnification.
      In the
      event of a registration of any of the Restricted Stock under the Securities
      Act
      pursuant to Section 4 hereof, the Registrant will indemnify and hold harmless
      each seller of such Restricted Stock thereunder and each underwriter of such
      Restricted Stock thereunder and each other person, if any, who controls such
      seller or underwriter within the meaning of the Securities Act, against any
      and
      all losses, claims, damages, expenses or liabilities, joint or several, to
      which
      such seller or underwriter or controlling person may become subject under the
      Securities Act or otherwise, insofar as such losses, claims, damages or
      liabilities (or actions in respect thereto arise out of or are based upon any
      untrue statement or alleged untrue statement of any material fact contained
      in
      any registration statement under which such Restricted Stock was registered
      under the Securities Act pursuant to Section 4, any preliminary prospectus
      or
      final prospectus contained therein, or any amendment or supplement thereof,
      or
      arise out of or are based upon the omission or alleged omission to state therein
      a material fact required to be stated therein or necessary to make the
      statements therein not misleading, and will reimburse each such seller, each
      such underwriter and each such controlling person for any legal or other
      expenses reasonably incurred by them in connection with investigating or
      defending any such loss, claim, damage, liability, expense or action;
provided,
      however,
      that the
      Registrant will not be liable in any such case if and to the extent that any
      such loss, claim, damage or liability arises out of or is based upon an untrue
      statement or alleged untrue statement or omission or alleged omission so made
      in
      conformity with information furnished by such seller, such underwriter or such
      controlling person in writing specifically for use in such registration
      statement or prospectus.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    In
      the
      event of a registration of any of the Restricted Stock under the Securities
      Act
      pursuant to Section 4 hereof, each seller of such Restricted Stock thereunder,
      severally and not jointly, will indemnify and hold harmless the Registrant
      and
      each person, if any, who controls the Registrant within the meaning of the
      Securities Act, each officer of the Registrant who signs the registration
      statement, each director of the Registrant, each underwriter and each person
      who
      controls any underwriter within the meaning of the Securities Act, against
      all
      losses, claims, damages, expenses or liabilities, joint or several, to which
      the
      Registrant or such officer or director or underwriter or controlling person
      may
      become subject under the Securities Act or otherwise, insofar as such losses,
      claims, damages, expenses or liabilities (or actions in respect thereof) arise
      out of or are based upon any untrue statement or alleged untrue statement of
      any
      material fact contained in the registration statement under which such
      Restricted Stock was registered under the Securities Act pursuant to Section
      4,
      any preliminary prospectus or final prospectus contained therein, or any
      amendment or supplement thereof, or arise out of or are based upon the omission
      or alleged omission to state therein a material fact required to be stated
      therein or necessary to make the statements therein not misleading, and will
      reimburse the Registrant and each such officer, director, underwriter and
      controlling person for any legal or other expenses reasonably incurred by them
      in connection with investigating or defending any such loss, claim, damage,
      liability or action, and provided,
      however,
      that
      such seller will be liable hereunder in any such case if and only to the extent
      that any such loss, claim, damage or liability arises out of or is based upon
      an
      untrue statement or alleged untrue statement or omission or alleged omission
      made in reliance upon and in conformity with information pertaining to such
      seller, as such, furnished in writing to the Registrant by such seller
      specifically for use in such registration statement or prospectus; provided,
      further, however,
      that the
      liability of each seller hereunder shall be limited to the proportion of any
      such loss, claim, damage, liability or expense which is equal to the proportion
      that the public offering price of the shares sold by such seller under such
      registration statement bears to the total public offering price of all
      securities sold thereunder, but not to exceed the proceeds received by such
      seller from the sale of Restricted Stock covered by such registration statement.
      

    

    Promptly
      after receipt by an indemnified party hereunder of notice of the commencement
      of
      any action, such indemnified party shall, if a claim in respect thereof is
      to be
      made against the indemnifying party hereunder, notify the indemnifying party
      in
      writing thereof, but the omission so to notify the indemnifying party shall
      not
      relieve it from any liability which it may have to any indemnified party under
      this Section 7. In case any such action shall be brought against any indemnified
      party and it shall notify the indemnifying party of the announcement thereof,
      the indemnifying party shall be entitled to participate in and, to the extent
      it
      shall wish, to assume and undertake the defense thereof with counsel reasonably
      satisfactory to such indemnified party, and, after notice from the indemnifying
      party to such indemnified party of its election to assume and undertake the
      defense thereof, the indemnifying party shall not be liable to such indemnified
      party under this Section 7 for any legal expenses subsequently incurred by
      such
      indemnified party in connection with the defense thereof other than reasonable
      costs of investigation and of liaison with counsel so selected; provided,
      however,
      that, if
      the defendants in any such action include both the indemnified party and the
      indemnifying party and the indemnified party shall have reasonably concluded
      that there may be reasonable defenses available to it which are different from
      or additional to those available to the indemnifying party or if the interests
      of the indemnified party reasonably may be deemed to conflict with the interests
      of the indemnifying party, the indemnified party shall have the right to select
      a separate counsel and to assume such legal defenses and otherwise to
      participate in the defense of such action, with the expenses and fees of such
      separate counsel and other expenses related to such participation to be
      reimbursed by the indemnifying party as incurred.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Notwithstanding
      the foregoing, any indemnified party shall have the right to retain its own
      counsel in any such action, but the fees and disbursements of such counsel
      shall
      be at the expense of such indemnified party unless (i) the indemnifying party
      shall have failed to retain counsel for the indemnified person as aforesaid
      or
      (ii) the indemnifying party and such indemnified party shall have mutually
      agreed to the retention of such counsel. It is understood that the indemnifying
      party shall not, in connection with any action or related actions in the same
      jurisdiction, be liable for the fees and disbursements of more than one separate
      firm qualified in such jurisdiction to act as counsel for the indemnified party.
      The indemnifying party shall not be liable for any settlement of any proceeding
      effected without its written consent, but if settled with such consent or if
      there be a final judgment for the plaintiff, the indemnifying party agrees
      to
      indemnify the indemnified party from and against any loss or liability by reason
      of such settlement or judgment. If the indemnification provided for in the
      first
      two paragraphs of this Section 7 is unavailable to or insufficient to hold
      harmless an indemnified party under such paragraphs in respect of any losses,
      claims, damages or liabilities or actions in respect thereof referred to
      therein, then each indemnifying party shall in lieu of indemnifying such
      indemnified party contribute to the amount paid or payable by such indemnified
      party as a result of such losses, claims, damages, liabilities or actions in
      such proportion as appropriate to reflect the relative fault of the Registrant,
      on the one hand, and the sellers of such Restricted Stock, on the other, in
      connection with the statement or omissions which resulted in such losses,
      claims, damages, liabilities or actions, as well as any other relevant equitable
      considerations including the failure to give any notice under the third
      paragraph of this Section 7. The relative fault shall be determined by reference
      to, among other things, whether the untrue or alleged untrue statement of a
      material fact or the omission or alleged omission to state a material fact
      relates to information supplied by the Registrant, on the one hand, or by the
      sellers of such Restricted Stock, on the other, and to the parties' relative
      intent, knowledge, access to information and opportunity to correct or prevent
      such statement or omission.

    

    The
      Registrant and the sellers of Restricted Stock agree that it would not be just
      and equitable if contribution pursuant to this Section 7 were determined by
      pro
      rata
      allocation (even if all of the sellers of Restricted Stock were treated as
      one
      entity for such purpose) or by any other method of allocation which does not
      take account of the equitable considerations referred to in the immediately
      preceding paragraph. The amount paid or payable by an indemnified party as
      a
      result of the losses, claims, damages, liabilities or action in respect thereof,
      referred to in the immediately preceding paragraph shall be deemed to include,
      subject to the limitations set forth above, any legal or other expenses
      reasonably incurred by such indemnified party in connection with investigating
      or defending any such action or claim. Notwithstanding the provisions of this
      and the immediately preceding paragraph, the sellers of such Restricted Stock
      shall not be required to contribute any amount in excess of the amount, if
      any,
      by which the total price at which the Restricted Stock sold by each of them
      was
      offered to the public exceeds the amount of any damages which they would have
      otherwise been required to pay by reason of such untrue or alleged untrue
      statement of omission. No person guilty of fraudulent misrepresentation (within
      the meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any person who is not guilty of such fraudulent
      misrepresentation. The indemnification of underwriters provided for in this
      Section 7 shall be on such other terms and conditions as are at the time
      customary and reasonably required by such underwriters. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    8. Rule
      144 Reporting.
      From
      and after the date hereof, the Registrant agrees with the holders of Restricted
      Stock as follows:

    

    (a) The
      Registrant shall make and keep public information available as those terms
      are
      understood and defined in Rule 144 under the Securities Act, at all times from
      and after 90 days following the effective date of the first registration of
      the
      Registrant under the Securities Act of an offering of its common stock to the
      general public.

    

    (b) The
      Registrant shall file with the Commission in a timely manner all reports and
      other documents as the Commission may prescribe under Section 13(a) or 15(d)
      of
      the Securities Exchange Ac of 1934, as amended (the “Exchange
      Act”)
      at any
      time after the Registrant has become subject to such reporting requirements
      of
      the Exchange Act.

    

    (c) The
      Registrant shall furnish to such holder of Restricted Stock forthwith upon
      request (i) a written statement by the Registrant as to its compliance with
      the
      reporting requirements of Rule 144 (at any time from and after 90 days following
      the effective date of the first registration statement of the Registrant for
      an
      offering of its common stock to the general public), and of the Securities
      Act
      and the Exchange Act (at any time after it has become subject to such reporting
      requirements), (ii) a copy of the most recent annual or quarterly report of
      the
      Registrant and (iii) such other reports and documents so filed as a holder
      may
      reasonably request to avail itself of any rule or regulation of the Commission
      allowing a holder of Restricted Stock to sell any such securities without
      registration.

    

    9. Miscellaneous.

    

    (a)
       The
      rights arising under Section 4 shall terminate on the fifth anniversary of
      this
      Agreement, or if earlier, when (i) the holder of the Restricted Stock is no
      longer an "affiliate" as used in Rule 144 and (ii) the holder of the Restricted
      Stock is permitted to sell all Restricted Stock then held by it pursuant to
      Rule
      144(k).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b) All
      covenants and agreements contained in this Agreement by or on behalf of any
      of
      the parties hereto shall bind and inure to the benefit of the respective
      successors and assigns of the parties hereto whether so expressed or not.
      Without limiting the generality of the foregoing, the registration rights
      conferred herein on the holders of Restricted Stock shall inure to the benefit
      of any and all subsequent permitted holders from time to time of the Restricted
      Stock for so long as the certificates representing the Restricted Stock shall
      be
      required to bear the legend specified in Section 2 hereof.

    

    (c) All
      notices, requests, consents and other communications hereunder shall be in
      writing and shall be mailed by generally recognized overnight courier, postage
      prepaid, to the holder of the Restricted Stock at its, his, or her address
      set
      forth in the records of the Registrant and to the Registrant at its principal
      place of business or, in any case, at such other address or addresses as shall
      have been furnished in writing to the Registrant (in the case of a holder of
      Restricted Stock) or to the holders of Restricted Stock (in the case of the
      Registrant).

    

    (d) This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Nevada.

    

    (e) EACH
      PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR
      PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
      CONTEMPLATED HEREBY MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEVADA OR
      OF
      THE UNITED STATES OF AMERICA FOR THE STATE OF NEVADA AND HEREBY EXPRESSLY
      SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES
      THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT
      THE
      SUCH COURTS ARE AN INCONVENIENT FORUM. EACH PARTY HEREBY IRREVOCABLY CONSENTS
      TO
      THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT,
      ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED
      MAIL, POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN SECTION 9(C)], SUCH SERVICE
      TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING.

    

    (f) This
      Agreement and the Warrant constitute the entire agreement of the parties with
      respect to the subject matter hereof and may not be modified or amended except
      in writing.

    

    (g) This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original, but all of which together shall constitute one and the same
      instrument.

    

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      of page left intentionally blank]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Registration Rights Agreement as of the date
      and year first written above.

     

    

     

    INNOFONE.COM,
      INCORPORATED

    

     

    By:
      _____________________________________

    Alex
      Lightman

    Chief
      Executive Officer

    

     

    55
      SOUTH INVESTMENTS 

    By:
      ___________

     

    By:
      _____________________________________

    _______________GUARANTY
      AND PLEDGE AGREEMENT

     

    GUARANTY
      AND PLEDGE AGREEMENT
      (this
“Agreement”),
      dated
      as of July 14, 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”).

     

    W
      I T
      N E S S E T H:

     

    WHEREAS,
      pursuant to a Promissory Note, dated the same 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 $500,000,
      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 two million 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 and along with certain
      limited rights of redemption of the Company (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
      (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 and junior in class 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 $2,000,000 worth of restricted common stock of the Company
      (“Innofone Stock”); and (ii) FROM PLEDGOR: $2,000,000 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

            
	 	 
	
              With
                copies to:

            	
              Casale
                Alliance, LLP

            
	 	
              1158
                26th
                Street, Ste 325

            
	 	
              Santa
                Monica, CA 90401

            
	 	
              Attention:   
                Gerard N. Casale, Jr.

            
	 	
              Telephone:  (213)
                341-1664

            
	 	
              Facsimile:    
                (310) 919-2810

            
	 	 
	
              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:

            	
              55
                South Investments

            
	 	 
	 	
              Attention:
                Mr. Tony Reed

            
	 	
              16217
                Kittridge Street

            
	 	
              Van
                Nuys, CA 91406

            
	 	
              Telephone: 
                (818) 902-5544

            
	 	
              Facsimile:    
                (818) 786-4271

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (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.

     

    (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:
                _______________________________________

              Alex
                Lightman

            
	 	
              Chief
                Executive Officer

            
	 	 
	 	 
	 	
              Pledgees:

            
	 	 
	 	
              __________________________________________

            
	 	
              By: 
                Tony Reed - General Partner

            
	 	
              FOR:
                55 South Investments

            
	 	 
	 	 
	 	
              Pledgor:

            
	 	 
	 	
              __________________________________________

            
	 	
              Alex
                Lightman

            

    

    

    

    

    
      	 	
              Amount
                of Shares subject to this pledge: 2,000,000 from Company; 2,000,000
                from
                Alex Lightman

            

    

    

    

    
      
         

      

      
        9

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