Document:

FORM
      OF PERSONAL GUARANTY
      

     

    1. Identification.

    

    This
      Guaranty (the "Guaranty"), dated as of September ___, 2007, is entered into
      by
      _____________ (“Guarantor”), for the benefit of the Collateral Agent identified
      below and the parties identified on Schedule A hereto (each a “Lender” and
      collectively, the "Lenders").

    

    2. Recitals.

    

    2.1 Guarantor
      is the ___________ and a shareholder of Pay88, Inc., a Nevada corporation (the
      “Company”). Lenders have made or will make loans to the Company (the "Loan").
      Guarantor will obtain substantial benefit from the proceeds of the
      Loan.

    

    2.2 The
      Loan
      is evidenced by certain secured promissory Notes (“Notes”) issued by the Company
      on or about September ___, 2007, pursuant to subscription agreements dated
      as of
      September ___, 2007 (each a “Subscription Agreement”).

    

    2.3 In
      consideration of the Loan made or to be made by Lenders to the Company and
      for
      other good and valuable consideration, and as security for the performance
      by
      the Company of its obligations under the Notes and as security for the repayment
      of the Loan and all other sums due from the Company to Lenders arising under
      the
      Notes, Subscription Agreement and any other agreement between or among them
      relating to the foregoing (collectively, the "Obligations"), Guarantor, for
      good
      and valuable consideration, receipt of which is acknowledged, has agreed to
      enter into this Guaranty. 

    

    2.4 The
      Lenders have appointed __________________________ as Collateral Agent pursuant
      to that certain Collateral Agent Agreement dated at or about the date of this
      Agreement (“Collateral Agent Agreement”), among the Lenders and Collateral
      Agent.

    

    3. Guaranty.

    

    3.1 Guaranty.
      Guarantor hereby unconditionally and irrevocably guarantees, the punctual
      payment, performance and observance when due, whether at stated maturity, by
      acceleration or otherwise, of all of the Obligations now or hereafter existing,
      whether for principal, interest (including, without limitation, all interest
      that accrues after the commencement of any insolvency, bankruptcy or
      reorganization of the Company, whether or not constituting an allowed claim
      in
      such proceeding), fees, commissions, expense reimbursements, liquidated damages,
      indemnifications or otherwise (such obligations, to the extent not paid by
      the
      Company being included in the “Obligations”), and agrees to pay any and all
      reasonable costs, fees and expenses (including reasonable counsel fees and
      expenses) incurred by the Lenders in enforcing any rights under the guaranty
      set
      forth herein. Without limiting the generality of the foregoing, Guarantor’s
      liability shall extend to all amounts that constitute part of the Obligations
      and would be owed by the Company to Lenders, but for the fact that they are
      unenforceable or not allowable due to the existence of an insolvency, bankruptcy
      or reorganization involving the Company.

     

    3.2 Guaranty
      Absolute.
      Guarantor guarantees that the Obligations will be paid strictly in accordance
      with the terms of the Note, regardless of any law, regulation or order now
      or
      hereafter in effect in any jurisdiction affecting any of such terms or the
      rights of the Lenders with respect thereto. The obligations of Guarantor under
      this Guaranty are independent of the Obligations, and a separate action or
      actions may be brought and prosecuted against Guarantor to enforce such
      Obligations, irrespective of whether any action is brought against the Company
      or any other Guarantor or whether the Company or any other Guarantor is joined
      in any such action or actions. The liability of Guarantor under this Guaranty
      constitutes a primary obligation, and not a contract of surety, and to the
      extent permitted by law, shall be irrevocable, absolute and unconditional
      irrespective of, and Guarantor hereby irrevocably waives any defenses it may
      now
      or hereafter have in any way relating to, any or all of the
      following:

     

    (a)
        any
      lack
      of validity or enforceability of the Notes or any agreement or instrument
      relating thereto;

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (b)
        any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the Obligations, or any other amendment or waiver of or any consent
      to
      departure from the Notes, including, without limitation, any increase in the
      Obligations resulting from the extension of additional credit to the Company
      or
      otherwise;

     

    (c)
        any
      taking, exchange, release, subordination or non-perfection of any Collateral,
      or
      any taking, release or amendment or waiver of or consent to departure from
      any
      other guaranty, for all or any of the Obligations;

     

    (d)
        any
      change, restructuring or termination of the corporate, limited liability company
      or partnership structure or existence of the Company; or

     

    (e)
        any
      other
      circumstance (including, without limitation, any statute of limitations) or
      any
      existence of or reliance on any representation by the Lenders that might
      otherwise constitute a defense available to, or a discharge of, the Company
      or
      any other guarantor or surety.

     

    This
      Guaranty shall continue to be effective or be reinstated, as the case may be,
      if
      at any time any payment of any of the Obligations is rescinded or must otherwise
      be returned by the Lenders or any other entity upon the insolvency, bankruptcy
      or reorganization of the Company or otherwise (and whether as a result of any
      demand, settlement, litigation or otherwise), all as though such payment had
      not
      been made.

     

    3.3 Waiver.
      Guarantor hereby waives promptness, diligence, notice of acceptance and any
      other notice with respect to any of the Obligations and this Guaranty and any
      requirement that the Lenders or exhaust any right or take any action against
      the
      Company or any other person or entity or any Collateral. Guarantor acknowledges
      that it will receive direct and indirect benefits from the financing
      arrangements contemplated herein and that the waiver set forth in this
Section 3.3
      is
      knowingly made in contemplation of such benefits. Guarantor hereby waives any
      right to revoke this Guaranty, and acknowledges that this Guaranty is continuing
      in nature and applies to all Obligations, whether existing now or in the
      future.

     

    3.4
      Continuing
      Guaranty; Assignments.
      This
      Guaranty is a continuing guaranty and shall (a) remain in full force and effect
      until the later of the indefeasible cash payment in full of the Obligations
      and
      all other amounts payable under this Guaranty, the Subscription Agreements
      and
      Note, (b) be binding upon Guarantor, its successors and assigns and (c) inure
      to
      the benefit of and be enforceable by the Lenders and its successors, pledgees,
      transferees and assigns. Without limiting the generality of the foregoing
      clause, (c) Lenders may pledge, assign or otherwise transfer all or any
      portion of its rights and obligations under this Guaranty (including, without
      limitation, all or any portion of its Note owing to it) to any other Person,
      and
      such other Person shall thereupon become vested with all the benefits in respect
      thereof granted such Lenders herein or otherwise.

     

    3.5
      Subrogation.
      No
      Guarantor will exercise any rights that it may now or hereafter acquire against
      the Lenders or other Guarantor (if any) that arise from the existence, payment,
      performance or enforcement of such Guarantor’s obligations under this Guaranty,
      including, without limitation, any right of subrogation, reimbursement,
      exoneration, contribution or indemnification, whether or not such claim, remedy
      or right arises in equity or under contract, statute or common law, including,
      without limitation, the right to take or receive from the Lenders or other
      Guarantor, directly or indirectly, in cash or other property or by set-off
      or in
      any other manner, payment or security solely on account of such claim, remedy
      or
      right, unless and until all of the Obligations and all other amounts payable
      under this Guaranty shall have been indefeasibly paid in full. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    3.6
      Maximum
      Obligations.
      Notwithstanding any provision herein contained to the contrary, Guarantor’s
      liability with respect to the Obligations shall be limited to an amount not
      to
      exceed, as of any date of determination, the amount that could be claimed by
      Lenders from Guarantor without rendering such claim voidable or avoidable under
      Section 548 of the Bankruptcy Code or under any applicable state Uniform
      Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute
      or
      common law.

     

    4. Miscellaneous.
      

     

    4.1 Expenses.
      Guarantor shall pay to the Lenders, on demand, the amount of any and all
      reasonable expenses, including, without limitation, attorneys' fees, legal
      expenses and brokers' fees, which the Lenders may incur in connection with
      exercise or enforcement of any the rights, remedies or powers of the Lenders
      hereunder or with respect to any or all of the Obligations.

    

    4.2 Waivers,
      Amendment and Remedies.
      No
      course of dealing by the Lenders and no failure by the Lenders to exercise,
      or
      delay by the Lenders in exercising, any right, remedy or power hereunder shall
      operate as a waiver thereof, and no single or partial exercise thereof shall
      preclude any other or further exercise thereof or the exercise of any other
      right, remedy or power of the Lenders. No amendment, modification or waiver
      of
      any provision of this Guaranty and no consent to any departure by Guarantor
      therefrom, shall, in any event, be effective unless contained in a writing
      signed by the Lenders, and then such waiver or consent shall be effective only
      in the specific instance and for the specific purpose for which given. The
      rights, remedies and powers of the Lenders, not only hereunder, but also under
      any instruments and agreements evidencing or securing the Obligations and under
      applicable law are cumulative, and may be exercised by the Lenders from time
      to
      time in such order as the Lenders may elect.

    

    4.3 Notices.
      All
      notices or other communications given or made hereunder shall be in writing
      and
      shall be personally delivered or deemed delivered the first business day after
      being faxed (provided that a copy is delivered by first class mail) to the
      party
      to receive the same at its address set forth below or to such other address
      as
      either party shall hereafter give to the other by notice duly made under this
      Section:

    

    To
      Guarantor, to:   

    

    c/o
      Pay88, Inc.

    1053
      North Barnstead Road

    Barnstead,
      NH 03225

    Attn:
      Guo
      Fan, CEO and President

    Fax:
      (603) 776-6151

    

    With
      an
      additional copy by telecopier only to:

     

    David
      Lubin & Associates

    26
      East
      Hawthorne Avenue

    Valley
      Stream, NY 11580

    Attn:
      David Lubin, Esq.

    Fax:
      (516) 887-8250

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    To
      Lenders:

    

    To
      the
      addresses and telecopier numbers listed on Schedule A hereto

    

    If
      to the
      Company, Guarantor or Lenders

    with
      a
      copy by telecopier only to:

    

    Grushko
      & Mittman, P.C.

    551
      Fifth
      Avenue, Suite 1601

    New
      York,
      New York 10176

    Fax:
      (212) 697-3575

    

    Any
      party
      may change its address by written notice in accordance with this
      paragraph.

    

    4.4 Term;
      Binding Effect.
      This
      Guaranty shall (a) remain in full force and effect until payment and
      satisfaction in full of all of the Obligations; (b) be binding upon Guarantor
      and its successors and permitted assigns; and (c) inure to the benefit of the
      Lenders and its respective successors and assigns. Upon
      the
      payment in full of the Obligations, (i) this Guaranty shall terminate and (ii)
      the Lenders will, upon Guarantor's request and at Guarantor's expense, execute
      and deliver to Guarantor such documents as Guarantor shall reasonably request
      to
      evidence such termination, all without any representation, warranty or recourse
      whatsoever.

    

    4.5 Captions.
      The
      captions of Paragraphs, Articles and Sections in this Guaranty have been
      included for convenience of reference only, and shall not define or limit the
      provisions hereof and have no legal or other significance
      whatsoever.

    

    4.6 Governing
      Law; Venue; Severability.
      This
      Guaranty shall be governed by and construed in accordance with the laws of
      the
      State of New York without regard to principles of conflicts or choice of law.
      Any legal action or proceeding against Guarantor with respect to this Guaranty
      may be brought in the courts of the State of New York or of the United States
      for the Southern District of New York, and, by execution and delivery of this
      Guaranty, Guarantor hereby irrevocably accepts for itself and in respect of
      its
      property, generally and unconditionally, the jurisdiction of the aforesaid
      courts. Guarantor hereby irrevocably waives any objection which they may now
      or
      hereafter have to the laying of venue of any of the aforesaid actions or
      proceedings arising out of or in connection with this Guaranty brought in the
      aforesaid courts and hereby further irrevocably waives and agrees not to plead
      or claim in any such court that any such action or proceeding brought in any
      such court has been brought in an inconvenient forum. If any provision of this
      Guaranty, or the application thereof to any person or circumstance, is held
      invalid, such invalidity shall not affect any other provisions which can be
      given effect without the invalid provision or application, and to this end
      the
      provisions hereof shall be severable and the remaining, valid provisions shall
      remain of full force and effect. This
      Guaranty shall be deemed an unconditional obligation of Guarantor for the
      payment of money and, without limitation to any other remedies of Lenders,
      may
      be enforced against Guarantor by summary proceeding pursuant to New York Civil
      Procedure Law and Rules Section 3213 or any similar rule or statute in the
      jurisdiction where enforcement is sought. For purposes of such rule or statute,
      any other document or agreement to which Lenders and Guarantor are parties
      or
      which Guarantor delivered to Lenders, which may be convenient or necessary
      to
      determine Lenders’ rights hereunder or Guarantor’s obligations to Lenders are
      deemed a part of this Guaranty, whether or not such other document or agreement
      was delivered together herewith or was executed apart from this
      Guaranty.
      Each
      party hereby irrevocably waives personal service of process and consents to
      process being served in any suit, action or proceeding in connection with this
      Agreement or any other Transaction Document by mailing a copy thereof via
      registered or certified mail or overnight delivery (with evidence of delivery)
      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 other manner permitted by law.
      Guarantor irrevocably appoints the officers, directors and any agent for service
      of process of the Company as Guarantor’s true and lawful agent for service of
      process upon whom all processes of law and notices may be served and given
      in
      the manner described above; and such service and notice shall be deemed valid
      personal service and notice upon Guarantor with the same force and validity
      as
      if served upon Guarantor.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    4.7 Satisfaction
      of Obligations.
      For all
      purposes of this Guaranty, the payment in full of the Obligations shall be
      conclusively deemed to have occurred when the Obligations have been indefeasibly
      paid or all outstanding Notes have been converted to common stock pursuant
      to
      the terms of the Notes and the Subscription Agreements.

    

    4.8 Counterparts/Execution.
      This
      Agreement may be executed in any number of counterparts and by the different
      signatories hereto on separate counterparts, each of which, when so executed,
      shall be deemed an original, but all such counterparts shall constitute but
      one
      and the same instrument. This Agreement may be executed by facsimile signature
      and delivered by facsimile transmission.

    

    IN
      WITNESS WHEREOF, the
      undersigned have executed and delivered this Personal Guaranty, as of the date
      first written above.

    

    “GUARANTOR”

    

     

      
        

      

    

    

    This
      Personal Guaranty Agreement may be signed by facsimile signature
      and

    delivered
      by confirmed facsimile transmission.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A TO GUARANTY

    

    
      	
              LENDER

            	 	
              PRINCIPAL
                AMOUNT OF NOTE TO BE ISSUED ON THE INITIAL CLOSING
                DATE

            	
               

            	
              PRINCIPAL
                AMOUNT OF NOTE TO BE ISSUED ON THE SECOND CLOSING
                DATE

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    
      
        
        

      

      
        6FORM
      OF LOCKUP AGREEMENT

     

    This
      AGREEMENT (the "Agreement") is made as of the ____ day of September, 2007,
      by
      ______ ("Holder"), maintaining an address at c/o Pay88,
      Inc., 1053 North Barnstead Road, Barnstead, NH 03225, telecopier:
      (603) 776-6151,
      in
      connection with his ownership of shares of Pay88, Inc.,
      a
      Nevada corporation
      (the "Company").

    

    NOW,
      THEREFORE, for good and valuable consideration, the sufficiency and receipt
      of
      which consideration are hereby acknowledged, Holder agrees as
      follows:

    

    1. Background.

    

    a.
       Holder
      is
      the beneficial owner of the amount of shares of the Common Stock, $.001 par
      value, of the Company (“Common Stock”) designated on the signature page
      hereto.

    

    b. Holder
      acknowledges that the Company has entered into or will enter into at or about
      the date hereof agreements with subscribers to the Company’s Notes, convertible
      into Common Stock and Warrants (the “Subscribers”). Holder understands that, as
      a condition to proceeding with the Offering, the Subscribers have required,
      and
      the Company has agreed to obtain on behalf of the Subscribers an agreement
      from
      the Holder to refrain from selling any securities of the Company from the date
      of the Subscription Agreement until the sooner of (i) the Registration Statement
      in connection with all of the Registrable Securities shall have been effective
      for 365 days, or (ii) the Notes are no longer outstanding. 

    

    2. Sale
      Restriction. 

    

    a. Holder
      hereby agrees that during the Restriction Period, the Holder will not sell,
      transfer or otherwise dispose of any shares of Common Stock or any options,
      warrants or other rights to purchase shares of Common Stock or any other
      security of the Company which Holder owns or has a right to acquire as of the
      date hereof (collectively, “Locked Up Securities”), other than in connection
      with an offer made to all shareholders of the Company in connection with merger,
      consolidation or similar transaction involving the Company. Holder further
      agrees that the Company is authorized to and the Company agrees to place "stop
      orders" on its books to prevent any transfer of shares of Common Stock or other
      securities of the Company held by Holder in violation of this Agreement. The
      Company agrees not to allow to occur any transaction inconsistent with this
      Agreement.

    

    b. Any
      subsequent issuance to and/or acquisition by Holder of Common Stock or options
      or instruments convertible into Common Stock will be subject to the provisions
      of this Agreement.

    

    c. Notwithstanding
      the foregoing restrictions on transfer, the Holder may, at any time and from
      time to time during the Restriction Period, transfer the Common Stock (i) as
      bona fide gifts or transfers by will or intestacy, (ii) to any trust for the
      direct or indirect benefit of the undersigned or the immediate family of the
      Holder, provided that any such transfer shall not involve a disposition for
      value, (iii) to a partnership which is the general partner of a partnership
      of
      which the Holder is a general partner, provided, that, in the case of any gift
      or transfer described in clauses (i), (ii) or (iii), each donee or transferee
      agrees in writing to be bound by the terms and conditions contained herein
      in
      the same manner as such terms and conditions apply to the undersigned, and
      (iv)
      up to five percent (5%) per year of the Holder’s Common Stock component of the
      Locked Up Securities as of the Initial Closing Date, in free market sales not
      subject to further restrictions on sale but not more than one such percent
      during any thirty day period. For purposes hereof, "immediate family" means
      any
      relationship by blood, marriage or adoption, not more remote than first
      cousin.

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    3. Miscellaneous.

    

    a. At
      any
      time, and from time to time, after the signing of this Agreement Holder will
      execute such additional instruments and take such action as may be reasonably
      requested by the Subscribers to carry out the intent and purposes of this
      Agreement.

    

    b. This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York without regard to principles of conflicts of laws. Any action
      brought by either party against the other concerning the transactions
      contemplated by this Agreement shall be brought only in the state courts of
      New
      York or in the federal courts located in the state of New York. The parties
      to
      this Agreement hereby irrevocably waive any objection to jurisdiction and venue
      of any action instituted hereunder and shall not assert any defense based on
      lack of jurisdiction or venue or based upon forum
      non conveniens.
      The
      parties executing this Agreement and other agreements referred to herein or
      delivered in connection herewith agree to submit to the in personam jurisdiction
      of such courts and hereby irrevocably waive trial by jury.
      The
      prevailing party shall be entitled to recover from the other party its
      reasonable attorney's fees and costs. In the event that any provision of this
      Agreement or any other agreement delivered in connection herewith is invalid
      or
      unenforceable under any applicable statute or rule of law, then such provision
      shall be deemed inoperative to the extent that it may conflict therewith and
      shall be deemed modified to conform with such statute or rule of law. Any such
      provision which may prove invalid or unenforceable under any law shall not
      affect the validity or enforceability of any other provision of any agreement.
      Notices hereunder shall be given in the same manner as set forth in the
      Subscription Agreement. Each party hereby irrevocably waives personal service
      of
      process and consents to process being served in any suit, action or proceeding
      in connection with this Agreement or any other Transaction Document by mailing
      a
      copy thereof via registered or certified mail or overnight delivery (with
      evidence of delivery) 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 other manner
      permitted by law. Holder irrevocably appoints each of the officers and directors
      of and agents for service of process for the Company, its true and lawful agent
      for service of process upon whom all processes of law and notices may be served
      and given in the manner described above; and such service and notice shall
      be
      deemed valid personal service and notice upon Holder with the same force and
      validity as if served upon Holder.

    

    c. The
      restrictions on transfer described in this Agreement are in addition to and
      cumulative with any other restrictions on transfer otherwise agreed to by the
      Holder or to which the Holder is subject to by applicable law.

    

    d. This
      Agreement shall be binding upon Holder, its legal representatives, successors
      and assigns.

    

    e. This
      Agreement may be signed and delivered by facsimile and such facsimile signed
      and
      delivered shall be enforceable.

    

    f. The
      Company agrees not to take any action or allow any act to be taken which would
      be inconsistent with this Agreement.

    

    g. The
      Holder acknowledges that this Lockup Agreement is being entered into for the
      benefit of the Subscribers identified in the Subscription Agreement dated
      September ____, 2007 among the Company and the Subscribers, may be enforced
      by
      the Subscribers and may not be amended without the consent of the Subscriber,
      which may be withheld for any reason.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    h. Upper
      case terms employed herein and not otherwise defined shall have the meanings
      given such terms in the Subscription Agreement.

    

    IN
      WITNESS WHEREOF, and intending to be legally bound hereby, Holder has executed
      this Agreement as of the day and year first above written.

     

    
      	 	 	 	HOLDER:
	 	 	 	 
	 	 	 	 
	
            	 	 	
            
	
            	 	 	
              
(Signature
              of Holder)

    

    
      	
            	 	 	
            
	 	 	 	 
	
            	 	 	
              
(Print
              Name of Holder)

      
        	
              	 	 	
              
	 	 	 	 
	
              	 	 	
                
                  

                

                Number of Shares of Common Stock

                Beneficially Owned

              

         

      

    

    
      	 	 	 
	 	COMPANY:
	 	 
	 	PAY88, INC.
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

            

    

     

    
      
        
        

      

      
        3

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