Document:

Exhibit
      10.88

    SERVICE
      AGREEMENT

    

    THIS
      AGREEMENT
      (the
“Agreement”) is made and entered into this 6th
      day of
      December, 2005, by and between
      ELITE FINANCIAL COMMUNICATIONS GROUP, LLC,
      located
      at 605 Crescent Executive Court, Suite 124, Lake Mary, Florida 32746,
      (hereinafter referred to as “ELITE”) and XFONE,
      INC., located
      at c/o Swiftnet Limited, Britannia House, 960 High Road, London N12 9RY, United
      Kingdom, (hereinafter referred to as the “Company”).

    

    WITNESSETH:

    For
      and
      in consideration of the mutual promises and covenants contained herein, the
      parties hereto agree as follows:

    

    
      	
              1)

            	
              EMPLOYMENT

            

    

    Company
      hereby hires and employs ELITE as an independent contractor, and ELITE does
      hereby accept its position as an independent contractor to the Company upon
      the
      terms and conditions hereinafter set forth.

    

    
      	
              2)

            	
              TERM

            

    

    The
      term
      of this Agreement shall be for twenty five (25) months. However, the Company
      shall retain the right to terminate this Agreement at any time and for any
      reason, at its sole discretion.

    

    
      	
              3)

            	
              DUTIES
                AND OBLIGATIONS OF ELITE

            

    

    
      	 	
              a)

            	
              ELITE
                will review and analyze various aspects of the Company’s goals and make
                recommendations on feasibility and achievement of desired
                goals.

            

    

    
      	 	
              b)

            	
              Through
                its Tele-Market Relations Group, ELITE will provide exposure to its
                network of firms and brokers that may be interested in participating
                with
                the Company, schedule and conduct the necessary due diligence, and
                obtain
                the required approvals necessary for those firms to participate.
                ELITE
                will also interview and make determinations on any brokerage or
                institutional firms referred by the Company with regard to their
                participation.

            

    

    
      	 	
              c)

            	
              At
                the Company’s request, ELITE will be available to manage any calls from
                firms, individual investors/shareholders and brokers inquiring about
                the
                Company. In addition, ELITE will assist the Company in preparing
                its
                quarterly communications relative to its financial results and coordinate
                corresponding news announcements, conference calls and simulcasts
                on the
                Internet in accordance with Regulation
                FD.

            

    

    
      	 	
              d)

            	
              ELITE
                will feature the Company on the Internet via ELITE’s home web site
                (www.efcg.net)
                within the Elite
                Financial Forum
                which will feature comprehensive information relative to the Company’s
                fundamental and technical strengths, as well as industry and corporate
                overviews; management biographies; stock trading history; market
                making
                activity; conference call/webcast archives; and other information
                meaningful to the investment community. The Forum
                will
                be updated routinely and provide for site visitors to request ongoing
                information about the Company as it is
                released.

            

    

    
      	 	
              e)

            	
              ELITE
                shall write, produce and/or assist the Company in preparing and releasing
                all news announcements. The Company shall be solely responsible for
                paying
                all fees associated with the actual release(s) through BusinessWire,
                PR
                Newswire, or any other comparable news dissemination source. ELITE
                will
                create, build and continually enhance a database of all brokers,
                investors, analysts and media contacts who have expressed an interest
                in
                receiving ongoing information on the Company and manage the ongoing
                distribution of news announcements and/or other Company approved
                communications.

            

    

    
      	 	
              f)

            	
              ELITE
                shall serve as the Company’s publicist and will strive to obtain coverage
                in both national and industry publications, in financial newsletters,
                on
                financial radio and television programming and via traditional press
                mediums. Specifically, ELITE will facilitate an ongoing outreach
                program
                to an intelligently targeted universe of media professionals. Further,
                ELITE will track published articles and provide monthly clippings
                of those
                articles/mentions featuring the
                Company.

            

    

    
      	 	
              g)

            	
              At
                the Company’s request, strive to obtain the Company analyst coverage
                and/or investment banking
                sponsorship.

            

    

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    
      	 	
              h)

            	
              ELITE
                shall arrange for a series of due diligence meetings with select
                broker/dealers, institutional investors and analysts at predetermined
                dates throughout the campaign term, while remaining compliant with
                the
                rules and regulations associated with Regulation
                FD.

            

    

    
      	 	
              i)

            	
              ELITE
                shall develop customized, high-quality, high-impact and fully integrated
                financial communications programs and platforms, and leverage our
                strategic resources to enhance general product/service marketing
                programs
                initiated by the Company. 

            

    

    
      	 	
              j)

            	
              In
                association with the Company’s management team, ELITE will coordinate a
                nationwide meeting schedule (road show) providing for one-on-one
                meetings
                with appropriate institutional investors.

            

    

    
      	 	
              k)

            	
              ALL
                OF THE FOREGOING ELITE-PREPARED DOCUMENTATION CONCERNING THE COMPANY,
                INCLUDING, BUT NOT LIMITED TO, INFORMATIONAL WRITE-UPS, NEWS
                ANNOUNCEMENTS, SHAREHOLDER LETTERS, ET AL, SHALL BE PREPARED BY ELITE
                USING MATERIALS SUPPLIED TO IT BY THE COMPANY AND SHALL BE APPROVED
                BY THE
                COMPANY PRIOR TO DISSEMINATION BY
                ELITE.

            

    

    

    
      	
              4)

            	
              ELITE’S
                COMPENSATION

            

    

    
      	 	
              a)

            	
              Elite
                will be entitled to receive a monthly retainer fee of $7,000, payable
                in
                cash with the first payment due upon execution of this Agreement
                and
                subsequent payments due every month thereafter for the term of the
                Agreement. 

            

    

    
      	 	
              b)

            	
              In
                addition, Elite will be entitled to receive a value of $3,000 per
                month,
                payable in cash or restricted shares of the Company’s common stock,
                payable quarterly with the first payment due 90 days following execution
                of this Agreement and subsequent quarterly issuances due every 90
                days
                thereafter for the term of the Agreement. The price basis for each
                quarterly issuance of restricted shares shall be based on the closing
                price of the Company’s common stock on March 1, 2006, June 1, 2006 and
                September 1, 2006, December 1, 2006. In order to remove doubt, the
                Company
                shall have the sole discretion to decide whether to pay Elite in
                cash or
                in restricted shares of its common stock.

            

    

    
      	 	
              c)

            	
              ELITE
                would also be entitled to receive a warrant to purchase up to 100,000
                common shares of the Company’s common stock, exercisable as
                follows:

            

    

    
      	 	
              i)

            	
              25,000
                at $4.00 per share;

            

    

    
      	 	
              ii)

            	
              25,000
                at $4.50 per share;

            

    

    
      	 	
              iii)

            	
              25,000
                at $5.00 per share; and

            

    

    
      	 	
              iv)

            	
              25,000
                at $5.50 per share.

            

    

    
      	 	
              -

            	
              The
                warrants shall vest at a rate of 4,000 warrants each month (1,000
                of each
                category) for 25 consecutive
                months.

            

    

    
      	 	
              -

            	
              Issuance
                of the warrants shall be subject to the provisions of Section 4.14
                of the
                September 28, 2005 Securities Purchase Agreement by and between the
                Company and certain investors. 

            

    

    
      	 	
              d)

            	
              The
                Company shall agree to issue ELITE piggyback registration rights
                for the
                common shares underlying the warrants listed above, whereby these
                shares
                will be registered for resale by ELITE on the first applicable
                Registration Statement filed by the Company with the U.S. Securities
&
                Exchange Commission; said underlying common shares shall be held
                by the
                Company until such time as ELITE elects to exercise its warrants to
                purchase the common shares. The term of the warrants shall expire
                at the
                later of: (1) 36 months from the day of grant; (2) 6 months after
                the
                underlying shares are effective. In the event the Company elects
                early
                termination of this Agreement, pursuant to Section 2 herein, then
                any
                warrants that have not yet reached their vesting date will be deemed
                null
                and void. 

            

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    
      	
              5)

            	
              ELITE’S
                EXPENSES AND COSTS

            

    

    Company
      shall pay all reasonable costs and expenses incurred by ELITE, its directors,
      officers, employees and agents, in carrying out its duties and obligations
      pursuant to the provisions of this Agreement, excluding ELITE’s general and
      administrative expenses and costs, but including and not limited to the
      following costs and expenses; provided all costs and expense items in
      excess of $1.00 (One Dollar) must
      be
      approved by the Company in writing prior to ELITE’s incurrence of the
      same:

    
      	 	
              a)

            	
              Travel
                expenses, including but not limited to transportation, lodging and
                food
                expenses, when such travel is conducted on behalf of the
                Company.

            

    

    
      	 	
              b)

            	
              Seminars,
                expositions, money and investment
                conferences.

            

    

    
      	 	
              c)

            	
              Radio
                and television time and print media advertising costs, when/if
                applicable.

            

    

    
      	 	
              d)

            	
              Subcontract
                fees and costs incurred in preparation of independent third party
                research
                reports, when/if applicable.

            

    

    
      	 	
              e)

            	
              Cost
                of on-site due diligence meetings, if
                applicable.

            

    

    
      	 	
              f)

            	
              Printing
                and publication costs of brochures and marketing materials, which
                are not
                supplied by the Company.

            

    

    
      	 	
              g)

            	
              Corporate
                web site development costs.

            

    

    
      	 	
              h)

            	
              Printing
                and publication costs of Company annual reports, quarterly reports,
                and/or
                other shareholder communication collateral material, which is not
                supplied
                by the Company.

            

    

    

    
      	
              6)

            	
              COMPANY’S
                DUTIES AND OBLIGATIONS

            

    

    Company
      shall have the following duties and obligations under this
      Agreement:

    
      	 	
              a)

            	
              Cooperate
                fully and timely with ELITE so as to enable ELITE to perform its
                obligations under this Agreement.

            

    

    
      	 	
              b)

            	
              Within
                ten (10) days of the date of execution of this Agreement to deliver
                to
                ELITE a complete due diligence package on the Company, including
                all the
                Company’s filings with the U.S. Securities and Exchange Commission within
                the last twelve months; the last six (6) months of press announcements
                on
                the Company; and all other relevant materials with respect to such
                filings, including but not limited to, corporate reports, brochures,
                and
                the like, and a list of analysts and or fund managers, who have been
                following the Company.

            

    

    
      	 	
              c)

            	
              The
                Company will act diligently and promptly in reviewing materials submitted
                to it from time to time by ELITE and inform ELITE of any inaccuracies
                contained therein prior to the dissemination of such
                materials.

            

    

    
      	 	
              d)

            	
              Promptly
                give written notice to ELITE of any change in the Company’s financial
                condition or in the nature of its business or operations which had
                or
                might have an adverse material effect on its operations, assets,
                properties or prospects of its
                business.

            

    

    
      	 	
              e)

            	
              Promptly
                pay all Company pre-approved costs and expenses incurred by ELITE
                under
                the provisions of this Agreement when presented with invoices for
                the same
                by ELITE.

            

    

    
      	 	
              f)

            	
              Give
                full disclosure of all material facts concerning the Company to ELITE
                and
                update such information on a timely
                basis.

            

    

    
      	 	
              g)

            	
              Promptly
                pay the compensation due ELITE under the provisions of this Agreement,
                and
                as defined in Section 4 and Sections 5 and 6 (if and when applicable)
                herein.

            

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    
      	
              7)

            	
              NONDISCLOSURE

            

    

    
      	 	
              a)

            	
              Except
                as may be required by law, the Company, its officers, directors,
                employees, agents and affiliates shall not disclose the contents
                and
                provisions of this Agreement to any individual or entity without
                ELITE’s
                expressed written consent subject to disclosing same further to Company
                counsel, accountants and other persons performing investment banking,
                financial, or related functions for the
                Company.

            

    

    
      	 	
              b)

            	
              Except
                as may be required by law, ELITE, its officers, directors, employees,
                agents and affiliates shall not furnish, disclose, deliver or otherwise
                make available or accessible to any third party, directly or indirectly,
                any Confidential Information of the Company without the prior written
                consent of the Company.

            

    

    

    
      	
              8)

            	
              COMPANY’S
                DEFAULT

            

    

    In
      the
      event of any default in the payment of ELITE’s compensation to be paid to it
      pursuant to this Agreement, or any other charges or expenses on the Company’s
      part to be paid or met, or any part or installment thereof, at the time and
      in
      the manner herein prescribed for the payment thereof and as when the same
      becomes due and payable, and such default shall continue for five (5) days
      after
      ELITE’s written notice thereof is received by Company; in the event of any
      default in the performance of any of the other covenants, conditions,
      restrictions, agreements, or other provisions herein contained on the part
      of
      the Company to be performed, kept, complied with or abided by, and such default
      shall continue for five (5) days after ELITE has given Company written notice
      thereof, or if a petition in bankruptcy is filed by the Company, or if the
      Company is adjudicated bankrupt, or if the Company shall compromise all its
      debts or assign over all its assets for the payment thereof, of if a receiver
      shall be appointed for the Company’s property, then upon the happening of any of
      such events, ELITE shall have the right, at its option, forthwith or thereafter
      to accelerate all compensation, costs and expenses due or coming due hereunder
      and to recover the same from the Company by suit or otherwise and further,
      to
      terminate this Agreement. The Company covenants and agrees to pay all reasonable
      attorney fees, paralegal fees, costs and expenses due of ELITE, including court
      costs, (including such attorney fees, paralegal fees, costs and expenses
      incurred on appeal) if ELITE employs an attorney to collect the aforesaid
      amounts or to enforce other rights of ELITE provided for in this Agreement
      in
      the event of any default as set forth above and ELITE prevails in such
      litigation. 

    

    
      	
              9)

            	
              COMPANY’S
                REPRESENTATIONS AND
                WARRANTIES

            

    

    The
      Company represents and warrants to ELITE for the purpose of inducing ELITE
      to
      enter into and consummate this Agreement as follows:

    
      	 	
              a)

            	
              The
                Company has the power and authority to execute, deliver and perform
                under
                this Agreement.

            

    

    
      	 	
              b)

            	
              The
                execution and delivery by the Company of this Agreement have been
                duly and
                validly authorized by all requisite action by the Company. No license,
                consent or approval of any form is required for the Company’s execution
                and delivery of this Agreement.

            

    

    
      	 	
              c)

            	
              No
                representation or warranty by the Company in this Agreement and no
                information in any statement, certificate, exhibit, schedule or other
                document furnished, or to be furnished by the Company to ELITE pursuant
                hereto, or in connection with the transactions contemplated hereby,
                contains or will contain any untrue statement of a material fact,
                or omits
                or will omit to state a material fact necessary to make the statements
                contained herein or therein not misleading. There is no fact which
                the
                Company has not disclosed to ELITE, in writing, or in SEC filings
                or news
                announcements, which materially adversely affects, nor, so far as
                the
                Company can now reasonably foresee, may adversely affect the business,
                operations, prospects, properties, assets, profits or condition (financial
                or otherwise) of the Company. IN NO EVENT WILL THE COMPANY BE LIABLE
                FOR
                ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES NOR FOR ANY CLAIM
                AGAINST
                ELITE BY ANY PERSON OR ENTITY ARISING FROM OR IN ANY WAY RELATED
                TO THIS
                AGREEMENT, 

            

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    
      	
              10)

            	
              ELITE’S
                DEFAULT

            

    

    In
      the
      event of any default in the performance by ELITE pursuant to this Agreement,
      at
      the sole discreation of the company, and such default shall continue for five
      (5) days after the company’s written notice thereof is received by ELITE; in the
      event of any default in the performance of any of the other covenants,
      conditions, restrictions, agreements, or other provisions herein contained
      on
      the part of ELITE to be performed, kept, complied with or abided by, and such
      default shall continue for five (5) days after Company has given ELITE written
      notice thereof, or if a petition in bankruptcy is filed by the ELITE, or if
      ELITE is adjudicated bankrupt, or if ELITE shall compromise all its debts or
      assign over all its assets for the payment thereof, of if a receiver shall
      be
      appointed for ELITE’s property, then upon the happening of any of such events,
      the Company shall have the right, at its option, forthwith or thereafter to
      get
      back all of its money from ELITE by suit or otherwise and further, to terminate
      this Agreement. ELITE covenants and agrees to pay all reasonable attorney fees,
      paralegal fees, costs and expenses due of the Company, including court costs,
      (including such attorney fees, paralegal fees, costs and expenses incurred
      on
      appeal) if the Company employs an attorney to collect the aforesaid amounts
      or
      to enforce other rights of the Company provided for in this Agreement in the
      event of any default as set forth above and the Company prevails in such
      litigation. 

    

    
      	
              11)

            	
              LIMITATION
                OF ELITE LIABILITY

            

    

    If
      ELITE
      fails to perform its services hereunder, its entire liability to the Company
      shall not exceed the lessor of (a) the amount of cash compensation ELITE has
      received from the Company under Section 4 of this Agreement or (b) the actual
      damage to the Company as a result of such non-performance. IN NO EVENT WILL
      ELITE BE LIABLE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES NOR FOR
      ANY
      CLAIM AGAINST THE COMPANY BY ANY PERSON OR ENTITY ARISING FROM OR IN ANY WAY
      RELATED TO THIS AGREEMENT, UNLESS SUCH DAMAGES RESULT FROM THE USE, BY ELITE,
      OF
      INFORMATION NOT AUTHORIZED BY THE COMPANY.

    

    
      	
              12)

            	
              MISCELLANEOUS

            

    

    
      	 	
              a)

            	
              Notices.
                Any notice or other communication required or permitted to be given
                hereunder shall be in writing and shall be deemed to have been duly
                given
                when delivered personally or sent by registered or certified mail,
                return
                receipt requested, postage prepaid to the parties hereto at their
                addresses first above written. Either party may change his or its
                address
                for the purpose of this paragraph by written notice similarly
                given.

            

    

    
      	 	
              b)

            	
              Entire
                Agreement. This Agreement represents the entire agreement between
                the
                Parties in relation to its subject matter and supersedes and voids
                all
                prior agreements between such Parties relating to such subject
                matter.

            

    

    
      	 	
              c)

            	
              Amendment
                of Agreement. This Agreement may be altered or amended, in whole
                or in
                part, only in a writing signed by both
                Parties.

            

    

    
      	 	
              d)

            	
              Waiver.
                No waiver of any breach or condition of this Agreement shall be deemed
                to
                be a waiver of any other subsequent breach or condition, whether
                of a like
                or different nature, unless such shall be signed by the person making
                such
                waiver and/or which so provides by its
                terms.

            

    

    
      	 	
              e)

            	
              Captions.
                The captions appearing in this Agreement are inserted as a matter
                of
                convenience and for reference and in no way affect this Agreement,
                define,
                limit or describe its scope or any of its
                provisions.

            

    

    
      	 	
              f)

            	
              Situs.
                This Agreement shall be governed by and construed in accordance with
                the
                laws of the State of Florida. Venue shall be located in Seminole
                County,
                Florida.

            

    

    
      	 	
              g)

            	
              Benefits.
                This Agreement shall inure to the benefit of and be binding upon
                the
                Parties hereto, their heirs, personal representatives, successors
                and
                assigns.

            

    

    
      	 	
              h)

            	
              Severability.
                If any provision of this Agreement shall be held to be invalid or
                unenforceable, such invalidity or unenforceability shall attach only
                to
                such provision and shall not in any way render invalid or unenforceable
                any other provisions of this Agreement, and this Agreement shall
                be
                carried out as if such invalid or unenforceable provision were not
                contained herein.

            

    

    
      	 	
              i)

            	
              Arbitration.
                Any controversy, dispute or claim arising out of or relating to this
                Agreement or the breach thereof shall be settled by arbitration.
                Arbitration proceedings shall be conducted in accordance with the
                rules
                then prevailing of the American Arbitration Association or any successor.
                The award of the Arbitration shall be binding on the Parties. Judgment
                may
                be entered upon an arbitration award or in a court of competent
                jurisdiction and confirmed by such court. Venue for arbitration
                proceedings shall be located in Seminole County, Florida. The costs
                of
                arbitration, reasonable attorney’s fees of the Parties, together with all
                other expenses, shall be paid as provided in the Arbitration
                award.

            

    

    
      	 	
              j)

            	
              Currency.
                In all instances, references to monies used in this Agreement shall
                be
                deemed to be United States dollars.

            

    

    
      	 	
              k)

            	
              Multiple
                Counterparts. This Agreement may be executed in any number of
                counterparts, each of which shall be deemed an original, and all
                of such
                counterparts shall constitute one (1)
                instrument.

            

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Parties have executed this Agreement on the day and year
      as
      follows:

    

    CONFIRMED
      AND AGREED ON THIS 6
      DAY OF
DECEMBER,
      2005.

     

    
      	 ELITE
              FINANCIAL COMMUNICATIONS GROUP, LLC	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Dodi
              B. Handy	 	 	/s/ Christina
              Mattaliano
	
              
Dodi
              B. Handy	 	 	
              
Christina
              Mattaliano
	ELITE
              Officer	 	 	Witness

    

     

    

    CONFIRMED
      AND AGREED ON THIS 6
      DAY OF
DECEMBER,
      2005.

     

    
       

      
        	XFONE,
                INC.	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Guy
                Nissenson 	 	 	/s/ Wade
                Spooner
	
                
Guy
                Nissenson 	 	 	
                
Wade
                Spooner
	Duly
                Authorized 	 	 	Witness

      
        
           

        

        
          -6-Unassociated Document

    Exhibit
      10.89

    This
      document was entered into in Hebrew 

    and
      has
      been translated into English for purposes of this filing

    

    Agreement
      for Market Making in Securities

    

    Made
      and
      entered into on July 31, 2006

    

    Between:

    Excellence
      Nessuah Stock Exchange Services Ltd.

    From
      7
      Jabotinski St., Ramat Gan,

    Who
      shall
      be referred to hereinafter solely for the purpose of brevity as the "Market
      Maker"

    On
      the
      one hand

    

    And:

    Xfone,
      Inc.

    Whose
      address for the sole purpose of this agreement shall be

    P.O.
      Box
      7616, Petah Tikva 49170,

    Who
      shall
      be referred to hereinafter solely for the purpose of brevity as the
      "Corporation"

    On
      the
      other hand

    

    Whereas the
      Corporation has registered its securities by way of "Dual Listing" in the
      Tel-Aviv Stock Exchange Ltd. (hereinafter: the "Stock
      Exchange")
      pursuant to the provisions of chapter E3 of the Securities
      Act 1968
      (hereinafter: the "Securities
      Act");
      and

     

    Whereas the
      Corporation is interested in the services of the Market Maker in order to
      execute market making in the securities detailed in section 4 of this agreement
      (hereinafter: the "Securities"),
      all
      subject to the provisions of this agreement, the provisions of the Stock
      Exchange bylaws (hereinafter: the "Stock
      Exchange Bylaws"),
      the
      Stock Exchange guidelines and the resolutions of the board of directors of
      the
      Stock Exchange (hereinafter collectively, solely for the purpose of brevity:
      the
      "Stock
      Exchange Guidelines")
      in the
      matter of the Marker Maker, as updated from time to time, and subject to the
      Securities Act and the provisions of the Securities Authority and the provisions
      of any other law which applies and which shall apply to the activity of the
      market making; and

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    Whereas the
      Market Maker represents that it is a member of the Stock Exchange (hereinafter:
      a "Stock
      Exchange Member"),
      and
      that it had received the approval of the Stock Exchange to act as a "Market
      Maker", and also that it is capable of carrying out its duty as a securities
      "Market Maker", and it hereby undertakes to perform its duty as a "Market
      Maker"; and

     

    Whereas the
      Market Maker undertakes to act in order to receive the approval of the Stock
      Exchange for its activity as a "Market Maker" pursuant to the provisions of
      this
      agreement,

     

    Therefore
      it is declared, stipulated and agreed between the parties as
      follows:

     

    1. General

    
      	 	
              1.1

            	
              The
                preface to this agreement, including all representations detailed
                therein,
                is an inseparable part of this
                agreement.

            

    

    
      	 	
              1.2

            	
              The
                appendices to this agreement are an inseparable part thereof and
                all
                matters stated therein shall be deemed to be terms of this
                agreement.

            

    

     

    2. Representations
      of the Corporation

    
      	 	
              2.1

            	
              The
                Corporation represents and confirms, that all the documents which
                are
                necessary pursuant to its incorporation documents and the provisions
                of
                any law for it to enter this agreement pursuant to its terms have
                been
                received, and that there is no legal or other preclusion to it entering
                into this agreement pursuant to its
                terms.

            

    

    
      	 	
              2.2

            	
              The
                Corporation knows that the Stock Exchange will advertise the name
                of the
                Market Maker in the Securities as well as information with respect
                to the
                actions of the Market Maker as specified in the Stock Exchange
                Bylaws.

            

    

    
      	 	
              2.3

            	
              The
                Corporation knows and it agrees that within its activity as a "Market
                Maker" the Market Maker shall not be entitled to receive, directly
                or
                indirectly, instruction in connection with the purchase or sale of
                the
                Securities, and in particular instructions originated in the Corporation
                or in a controlling person thereof, and the Corporation undertakes
                to
                guide and update its controlling persons with this
                provision.

            

    

     

    3. Representations
      of the Market Maker

    
      	 	
              3.1

            	
              The
                Market Maker represents and confirms, that all the documents which
                are
                necessary pursuant to its incorporation documents and the provisions
                of
                any law for it to enter this agreement pursuant to its terms have
                been
                received, and that there is no legal or other preclusion to it entering
                into this agreement pursuant to its
                terms.

            

    

    
      	 	
              3.2

            	
              The
                Market Maker represents that the Stock Exchange Bylaws and the Stock
                Exchange Guidelines dealing with market making are well known to
                it, and
                the Market Maker represents and undertakes to act according to the
                Provisions of the Stock Exchange Bylaws and the Stock Exchange Guidelines,
                as updated from time to time.

            

    

    
      	 	
              3.3

            	
              The
                Market Maker represents and undertakes that it will not act as a
                market
                maker in the securities of a corporation of control thereof or of
                any
                corporation that is controlled by it or is at the ownership of a
                person
                controlling it. 

            

    

    
      	 	
              3.4

            	
              The
                Market Maker represents that it intends to contact and that it has
                contacted additional corporations for the performance of market making
                activities in their securities.

            

    

    
      	 	
              3.5

            	
              The
                Market Maker knows and it agrees that the Corporation is in no way
                responsible for the actions of market making by the Market Maker,
                and that
                the Market Maker shall not be entitled to any indemnification from
                the
                Corporation for the Securities' market making as mentioned herein
                and/or
                due to any loss and/or damage incurred by the Market Maker as a result
                of
                its execution of this agreement and/or as a result of the market
                making in
                the Securities.

            

    

    
      	 	
              3.6

            	
              The
                Market Maker hereby undertakes to present the the Corporation with
                any
                report issued by the Stock Exchange with respect to its activity
                in
                accordance with the Stock Exchange Bylaws and/or the Stock Exchange
                Guidelines, promptly upon the issuance of the report by the Stock
                Exchange
                and its receipt by the Market
                Maker.

            

    

    
      	 	
              3.7

            	
              The
                Market Maker hereby undertakes to present the the Corporation once
                per
                quarter with a report issued by it, which will concentrate all data
                with
                respect to the activity of the Securities' market making, in a layout
                to
                be agreed upon between the Market Maker and the Corporation.
                

            

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    4. Classification
      of the Securities

    The
      Market Maker shall act as "Market Maker" in the following
      securities:

    
      	 	
              4.1

            	
              Name
                of the stock: Xfone

            

    

    
      	 	
              4.2

            	
              Stock
                number: 1098169

            

    

    
      	 	
              4.3

            	
              Symbol:
                אקספ (XFN)

            

    

     

    5. The
      Market Making

    
      	 	
              5.1

            	
              The
                Market Maker represents and undertakes that it will perform orders
                of
                purchase and sale of the Securities solely for the purpose of market
                making for its own account (hereinafter: "Nostro
                Account").

            

    

    
      	 	
              5.2

            	
              The
                Market Maker undertakes to issue, subject to the Stock Exchange Bylaws
                and
                the Stock Exchange Guidelines, during the Stock Exchange trade, sale
                and/or purchase orders for an amount of securities that will not
                fall
                short of the minimal amount to be determined by the Stock Exchange
                Bylaws
                and/or the Stock Exchange Guidelines in price spreads that will not
                exceed
                the maximum spread between such purchase orders and such sale orders
                in
                the Securities, all as shall be determined in the Stock Exchange
                Bylaws
                and the Stock Exchange Guidelines.

            

    

    
      	 	
              5.3

            	
              Without
                derogating from the generality of the aforementioned in the above
                section
                5.2, as for this date and as long as it is not otherwise determined
                by the
                Stock Exchange, the Market Maker undertakes to act according to the
                resolution of the board of directors of the Stock Exchange to the
                extent
                that it relates to and is suitable for the Security the subject of
                this
                agreement mutatis
                mutandis.
                A
                copy of the resolution of the board of directors of the Stock Exchange
                (update No. 39) is attached to this agreement as an inseparable part
                thereof, and marked as "A"
                (hereinafter: "Appendix
                A").

            

    

    
      	 	
              5.4

            	
              Notwithstanding
                the aforementioned in above sections 5.2 and 5.3, the Market Maker
                undertakes to issue, subject to the Stock Exchange Bylaws and Stock
                Exchange Guidelines, during the trade on the Stock Exchange, orders
                for
                the purchase and/or sale of an amount of Securities not to be less
                than
                the higher of: (a) a minimal amount to be set in the Stock Exchange
                Bylaws
                and Stock Exchange Guidelines or (b) a total sum of NIS 15,000, in
                price
                spreads not to exceed the lower of: (a) 4% between such purchase
                orders
                and such sale orders in securities or (b) the maximum spread between
                such
                purchase orders and such sale orders in securities as shall be set
                in the
                Stock Exchange Bylaws and Stock Exchange
                Guidelines.

            

    

     

    6. The
      Term of this Agreement

    
      	 	
              6.1

            	
              The
                Market Maker herby undertakes to act as a market maker in the Securities
                for a minimum period of time not to be shorter than one year, as
                set forth
                in the Stock Exchange Bylaws and Stock Exchange Guidelines, and
                consequently, the term of the agreement is hereby set between the
                parties
                for a period of one year, starting on the day on which the Market
                Maker
                receives the approval of the Stock Exchange to act according to this
                agreement.

            

    

    
      	 	
              6.2

            	
              It
                is agreed between the parties that if the Corporation is interested
                in
                continuing the contract with the Market Maker for an additional term
                following the end of the term of the agreement set in the above section
                6.1, it shall notify the Market Maker in writing at least 30 days
                prior to
                the termination of the term of the
                agreement.

            

    

    
      	 	
              6.3

            	
              Notwithstanding
                the aforementioned in the above sections 6.1 and 6.2, this agreement
                shall
                be deemed void on the accrual of one or more of the events detailed
                hereinafter:

            

    

    
      	 	
              6.3.1

            	
              The
                delisting of the Securities from trade on the Stock
                Exchange.

            

    

    
      	 	
              6.3.2

            	
              The
                cessation of the activity of the Market Maker by the Stock Exchange
                for
                any reason. 

            

    

    
      	 	
              6.3.3

            	
              The
                appointment of a receiver or a liquidator for the
                Corporation.

            

    

    
      	 	
              6.4

            	
              Notwithstanding
                the aforementioned in the above sections 6.1 and 6.2, it is hereby
                agreed
                that if any provisions are set in the Stock Exchange Bylaws and/or
                the
                Stock Exchange Guidelines and/or any other law, so that such provisions
                harm any right of the Corporation, the Corporation shall then be
                entitled
                to bring this agreement to an immediate
                termination.

            

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    7. Discounts
      on Commissions for the "Market Maker"

    
      	 	
              7.1

            	
              The
                Market Maker shall incur all costs of the commissions for execution
                of
                purchase and sale orders.

            

    

    
      	 	
              7.2

            	
              The
                Corporation knows that the Stock Exchange and/or a Stock Exchange
                Member
                may offer the Market Maker discounts on the commissions charged for
                the
                actions carried out in the market making Account or exemption of
                such
                commissions, as shall be determined by the Stock Exchange Bylaws
                and/or
                the Stock Exchange Guidelines, and subject to the discretion of the
                Stock
                Exchange Member. It is hereby agreed that any refund and discount
                on such
                commissions, should they be granted, shall belong exclusively to
                the
                Market Maker.

            

    

     

    8. The
      Transaction Account

    The
      Market Maker shall conduct all the transactions the subject matter of this
      agreement through a separate and special account, which shall be established
      by
      it and on its name for the activity of the Market Maker solely in connection
      with the Securities.

     

    
      	
              9.

            	
              Borrowing
                Securities for the Purpose of Conducting Activity of Market
                Making

            

    

    It
      is
      hereby agreed among the parties to this agreement that the market making in
      the
      Securities by the Market Maker shall not be carried out by way of borrowing
      securities from the Corporation and/or the controlling persons in the
      Corporation and/or any other entity, and the Market Maker hereby undertakes
      that
      the Securities through which the market making shall be carried out as set
      forth
      in this agreement shall be exclusively out of the Market Maker's Nostro
      Account.

     

    10. Consideration

    
      	 	
              10.1

            	
              In
                consideration for the activity of the Market Maker as detailed in
                this
                agreement the Corporation shall pay the Market Maker for every month,
                during which the Market Maker shall provide market making services
                to the
                Corporation, starting from the month in which this activity shall
                be
                approved by the Stock Exchange, a monthly fee payable in NIS, of
                a sum
                equal to US$1,500 plus all legally applicable value added tax
                (hereinafter: the "Consideration").
                The Consideration shall be calculated according to the official US
                dollar
                exchange rate as published by the Bank of Israel for the day of actual
                payment, and shall be paid to the Market Maker on the fifth day of
                each
                calendar month in consideration of the previous month. The Corporation
                shall pay the Consideration into the account of the Market Maker,
                such
                details shall be provided to the Corporation in advance in
                writing.

            

    

    
      	 	
              10.2

            	
              The
                Corporation shall pay the Market Maker the Consideration payments
                in an
                orderly and timely manner and without any connection to the volume
                of the
                Market Maker's activity, so long as it complies with all provisions
                of the
                Stock Exchange Bylaws, the Stock Exchange Guidelines and this
                agreement.

            

    

    
      	 	
              10.3

            	
              For
                the avoidance of doubt it is hereby clarified that the Corporation
                shall
                not incur any payment and/or fee and/or expense etc. in connection
                with
                the market making by the Market Maker as set forth in this
                agreement.

            

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    11. Approvals
      and Reports

    
      	 	
              11.1

            	
              The
                agreement is subject to the approval of the Stock Exchange and shall
                enter
                into effect after receiving such approval of the Stock
                Exchange.

            

    

    
      	 	
              11.2

            	
              Upon
                the execution of this agreement and subject to the approval of its
                institutions, the Corporation shall deliver an immediate report if
                and to
                the extent that such report is required pursuant to the laws which
                apply
                to the Corporation.

            

    

    
      	 	
              11.3

            	
              Promptly
                after the execution of this agreement the Market Maker shall file
                with the
                Stock Exchange an application to act as a market maker in the Securities
                as set forth in the Stock Exchange Bylaws and the Stock Exchange
                Guidelines. The Market Maker shall transfer to the Corporation a
                copy of
                the said Stock Exchange approval upon receiving
                it.

            

    

     

    12. Applicability
      of Provisions of Any Law

    
      	 	
              12.1

            	
              The
                parties hereby confirm and agree that the provisions of the Securities
                Act
                and all regulations promulgated thereunder, as well as all the provisions
                of any other law which applies to the Corporation shall apply to
                this
                agreement to the extent that they concern the provisions of this
                agreement, the execution and the performance thereof. Furthermore,
                the
                provisions of the Stock Exchange Bylaws and the Stock Exchange Guidelines,
                as they are in effect today and as shall be updated from time to
                time,
                shall apply to this agreement.

            

    

    
      	 	
              12.2

            	
              The
                law applying to this agreement shall be Israeli law, and the exclusive
                venue for any matter arising from and connected to this agreement
                shall be
                the court of jurisdiction in Tel
                Aviv.

            

    

     

    13. Modification
      to the Terms of the Agreement

    No
      modification and/or addition to the provisions of this agreement shall have
      effect unless it is made in writing, signed by the parties, and has received
      all
      necessary approvals pursuant to the provisions of any law. Amendments to law
      and/or Stock Exchange Bylaws and/or Stock Exchange Guidelines shall
      automatically apply to the terms and conditions of this agreement.

     

    14. The
      Rights and Obligations of the Market Maker

    The
      rights and obligations of the Market Maker pursuant to this agreement are not
      transferable by the Market Maker and do not inure to any third parties.

     

    15. Confidentiality

    The
      parties undertake to keep the details of this agreement confidential. This
      undertaking shall not apply with respect to information which is required to
      be
      disclosed or advertised pursuant to law or to information which is public
      knowledge, or has become public knowledge, not through the breach of this
      agreement by the disclosing party. 

     

    16. Notices

    The
      addresses of the parties to this agreement are as specified in the preface
      to
      this agreement, or as amended by written notice to be delivered by registered
      mail from one party to the other. Any notice, which a party to this agreement
      shall send to the other party shall be deemed as if it was delivered by the
      end
      of 3 business days from its delivery, if it was delivered by registered mail;
      by
      the first business day after its transmission, if it was transmitted by
      facsimile; and at the time of delivery, if delivered by hand, provided that
      confirmation of delivery is given by the addressee. 

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

    In
      witness thereof:

    
      	 	 	 	 
	/s/ Zion
              Baker 	 	 	/s/ Guy
              Nissenson
	
              
Zion
              Baker	 	 	
              
Guy
              Nissenson
	
              Name

              Excellence
                Nessuah 

              Stock
                Exchange Services Ltd.

            	 	 	Xfone,
              Inc.

     

    
      
        
        

      

      
        -6-

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