Document:

6/5/2013

Exhibit A

 

Services Summary

 

		1.	UCI to provide emissions testing services. Ener-Core Power, Inc (ECP) would like to monitor the following emissions during
specific test activities in the ranges outlined in the table.

 

	Emission	 	Range 1	 	Range 2	 	Units	 
	O2	 	17.0 to 18.0	 	 	 	% vol	 
	CO2	 	1.8 to 1.35	 	 	 	% vol	 
	CO	 	0 - 30	 	0 - 2	 	ppmv	 
	THC	 	0 - 50	 	0 - 2	 	ppmv	 
	CH4	 	0 - 50	 	0 to 20	 	ppmv	 
	NOx	 	0 - 30	 	0 - 2	 	ppmv	 
	Total PM	 	tbd	 	tbd	 	 	 

 

		2.	UCI to provide site preparation input to support the creation of mechanical and electrical drawing. Ener-Core Power Inc (ECP)
will create drawing.

 

		3.	UCI to make available test room near test equipment for ECP to monitor tests.

 

Goods

 

		1.	UCI to provide high pressure (80psig) and low pressure (5psig) natural gas to support testing.

 

		2.	UCI to provide the necessary electricity to support testing described below.

 

Below is an outline of the timeframe goods and services will
be required.

 

FP250 installation site preparation. (4-6 weeks
in advance of Installation)

 

		1.	ECP to work with UCI staff to create engineering plans (gas, electric and shoring) for test site prior to installation. Flex
Power Generation Inc to create site drawings.

 

		2.	ECP to identify general contractor for test site modifications. Note: GC must be approved by UCI. UCI staff to co-supervise
site preparation work.

 

Unit installation (3 weeks)

 

		1.	ECP to hire general contractor to support the installation
of all FP250 equipment (labor, cranes, manlifts).

 

		2.	UCI to co-supervise site preparation.

 

9400 Toledo Way • Irvine, CA 92618
• 949.616.3300 Tel • 949.616.3399 Fax

 

    	 

    	 

    

 

6/5/2013

 

Test Plan (6 – 8 months)

 

		1.	2 weeks - ECP to perform system check out testing. UCI to provide pressured NG gas and electricity to support testing. Maximum
NG usage during start up is 4,300,000btu/hrs. Steady state operation is 3,400,000btu/hrs.

 

		2.	4 to 5 months – ECP to perform software development and component development testing. UCI to provide pressurized gas,
electricity and emissions measurement support will be needed once every month. O2 and THC measurements only will be needed five
to six times a month.

 

		3.	2 month – ECP to perform additional endurance testing and demonstrations. Electricity and emissions measurement support
will be required. Basic emissions measurements needed about once every two weeks. Emissions testing may be needed once during this
time frame.

 

Costs of Goods and Services

 

FP250 installation site preparation

 

		·	$21,049update this

 

Emission Test

 

		·	$4832 per test

 

General Use of Facilities and UCI Support for 8 months

 

		·	$62,244 or $7,780/mo

 

9400 Toledo Way • Irvine, CA 92618
• 949.616.3300 Tel • 949.616.3399 FaxExhibit 4.1

 

THIS NOTE AND THE UNDERLYING SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

 

10% CONVERTIBLE NOTE 

DUE August 28, 2015

 

	EUR € 4,000,000	August 28, 2013
	 	(Issuance Date

 

FOR
VALUE RECEIVED, Elephant Talk Communications Corp.,
a Delaware corporation (the “Company”), hereby unconditionally promises to pay to the order
of Saffelberg Investments NV, a Belgian corporation,(the “Holder”), or his assigns, the aggregate principal
sum of Four Million Euro (€ 4,000,000), together with interest on the unpaid principal balance of this Note (this “Note”)
at a rate equal to ten percent (10%) (computed on the basis of the actual number of days elapsed in a 365-day year) per annum (the
“Interest Rate”). Interest shall accrue from the date hereof and shall continue to accrue on the outstanding
principal balance of this Note until paid in full or converted. Except as expressly provided herein, all payments of principal
and interest by the Company under this Note shall be made in Euro in immediately available funds to an account specified by the
Holder.

 

In no event shall any
interest charged, collected or reserved under this Note exceed the maximum rate then permitted by applicable law and if any such
payment is paid by the Company, then such excess sum shall be credited by the Holder as a payment of principal.

 

1.             Definitions.
Unless the context otherwise requires, when used herein the following terms shall have the meaning indicated:

 

“Affiliate”
means with respect to any person or entity, any person or entity, which directly or indirectly, controls, is controlled by, or
is under common control with such person or entity, as the case may be.

 

“Common Stock”
means the common stock of the Company, par value $0.00001 per share.

 

“Conversion
Price” means $0.887 (which amount shall be proportionately adjusted for any stock splits, stock dividends, combinations
or similar changes to the outstanding number of shares of Common Stock).

 

    	 

    	 

    

 

“Eligible
Market” means the Principal Market, The New York Stock Exchange, Inc., The NASDAQ Global Market, The NASDAQ Capital
Market, The NASDAQ Global Select Market or the OTC Bulletin Board.

 

“Maturity
Date” means August 28, 2015.

 

“Outstanding
Balance” means all outstanding principal under the Note and any accrued and unpaid interest due thereon.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Principal
Market” means the NYSE MKT, LLC.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not
the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the
Common Stock is then traded; provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the
final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York Time).

 

2.             Transfer.
This Note is transferable and assignable by the Holder only to any Person approved, in writing, by the Company, provided,
however, no approval shall be required in connection with any transfer or assignment of this Note to an Affilate of the
Holder in compliance with applicable securities laws. The Company agrees to issue from time to time a replacement Note in the form
hereof to facilitate such transfers and assignments. In addition, after delivery of an indemnity in form and substance reasonably
satisfactory to the Company, the Company also agrees to promptly issue a replacement Note if this Note is lost, stolen, mutilated
or destroyed.

 

3.             Payment
of Principal and Interest; Prepayment.

 

(a)Payment
of Principal and Interest. Interest on this Note shall accrue from the date hereof; and the Outstanding Balance shall be
payable, in arrears, on the Maturity Date, unless prepaid pursuant to Section 3(b) hereof or earlier converted pursuant
to Section 4 hereof.

 

(b)Prepayment.
The Company may prepay all or any portion of the Outstanding Balance or accrued but unpaid interest on this Note without the prior
written consent of the Holder, provided that a 5 day prior notice will be given by the Company and a Conversion Notice shall not
have been duly delivered by the Holder before the end of that fifth day with respect to the portion of the Outstanding Balance
then being prepaid.

 

    	-2-

    	 

    

 

4.             Conversion.
This Outstanding Balance shall be convertible into shares of the Company’s common stock, par value $0.00001 per share (the
“Common Stock”), on the terms and conditions set forth in this Section 4.

 

(a)Conversion
Right. Subject to the provisions of Section 4(d), at any time or times on or after the date set out on the face
of this Note as the Issuance Date (the “Issuance Date”), the Holder shall be entitled to convert any
portion of the Principal and accrued Interest into fully paid and nonassessable shares of Common Stock in accordance with Section
4(c), at the Conversion Rate (as defined below). The Company shall not issue any fraction of a share of Common Stock upon any
conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Holder shall be entitled,
at the Holder’s option, to receive either (x) a cash payment equal to the excess of the amount of the Outstanding Balance
to be converted for such fractional share or (y) a whole share if the Holder converts an additional portion of its Outstanding
Balance so as to acquire one whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable
with respect to the issuance and delivery of Common Stock upon conversion of any Outstanding Balance.

 

(b)Conversion
Rate. The number of shares of Common Stock issuable upon conversion of the amount of Outstanding Balance to be converted
pursuant to Section 4(a) shall equal the quotient of (x) such Outstanding Balance, as converted into U.S. dollars at the
rate of exchange at which the Company is able, acting in good faith and using commercially reasonable procedures in converting
such Outstanding Balance into U.S. dollars, to purchase U.S. dollars with the such Outstanding Balance on the date of conversion
into shares of Common Stock, divided by (y) the Conversion Price (the “Conversion Rate”).

 

(c)Optional
Conversion. To convert any or all of the Outstanding Balance into shares of Common Stock on any date (a “Conversion
Date”), the Holder shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m.,
New York time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit A (the “Conversion
Notice”) to the Company and (B) surrender this Note to a common carrier for delivery to the Company as soon as practicable
on or following such date (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction).
On or before the second (2nd) Trading Day following the date of receipt of a Conversion Notice, the Company shall transmit by e-mail
or facsimile a confirmation of receipt of such Conversion Notice to the Holder and the Company’s transfer agent (the “Transfer
Agent”). On or before the fourth (4th) Trading Day following the date of receipt of a Conversion Notice (the “Share
Delivery Date”), the Company shall issue and deliver to the address as specified in the Conversion
Notice, a certificate, registered in the name of the Holder for the number of shares of Common Stock to which the Holder shall
be entitled. If less than all of the Outstanding Balance is being converted, then the Company shall as soon as practicable and
in no event later than five (5) Trading Days after receipt of this Note and at its own expense, issue and deliver to the holder
a new Note of like tenor representing the Outstanding Balance not converted. The Person or Persons entitled to receive the shares
of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such
shares of Common Stock on the Conversion Date.

 

    	-3-

    	 

    

 

(d)Limitations
on Conversions.

 

(i)Market
Regulation. In the event stockholder approval is required for any portion of conversion of this Note, until such stockhold
approval is obtained, the Company shall not be obligated to issue any shares of Common Stock upon conversion of this Note if the
issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock which the Company may issue
upon conversion of the Notes without breaching the Company’s obligations under the rules or regulations of the Principal
Market or the SEC, as applicable. Unless and until such stockholder approval is obtained, if required, the Holder shall not convert
any portion of this Note.

 

(ii)June
2013 Financing. Notwithstanding anything in this Note to the contrary, nothing herein shall be interpeted or operate to conflict
with any provision of the financing completed by the Company in June 2013 described in the prospectus supplement filed by the Company
on June 11, 2013, with the U.S. Securities and Exchange Commission, or any of the documents executed and delivered by the Company
in connection therewith. To the extent of any conflict between the terms of this Note and the terms and conditions of such financing
or the documents executed and delivered by the Company in connection therewith, the latter shall control, and the peformance of
the former shall be suspended until such time, if any, as any such conflict has been irrevocably resolved in accrodance with Section
16 hereof.

 

5.            Representations,
Warranties and Covenants of the Company. The Company hereby represents, warrants and covenants to the Holder, which representations
and warranties are made as of the date of this Note, that:

 

(a)Organization,
Good Standing and Qualification.  The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently
conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure
to so qualify would have a material adverse effect on the business, assets (including intangible assets), liabilities, financial
condition, property or results of operations of the Company (a “Material
Adverse Effect”).

 

(b)Authorization.
The Company has all requisite corporate power and authority to execute and deliver this Note, to sell and issue this Note hereunder,
and to carry out and perform its obligations hereunder and thereunder. All corporate action on the part of the Company, its directors
and stockholders necessary for the authorization, execution, delivery and performance of this Note, except for the issuance of
the Common Stock upon conversion of this Note, by the Company, has been taken. This Note, when executed and delivered by the Company,
will constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their
respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and
other laws of general application affecting enforcement of creditors’ rights generally and as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies.

 

(c)Valid
Issuance of Common Stock. The Company shall, prior to the conversion of this Note, reserve from its authorized but unissued
shares of its capital for issuance and delivery upon the conversion of this Note, such number of shares of Common Stock (and shares
of its Common Stock for issuance upon conversion of such Common Stock). All such shares shall be duly authorized, and when issued
upon any such conversion, shall be validly issued, fully paid and non-assessable, free and clear of all liens, security interests,
charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights, except for encumbrances or
restrictions arising under federal or state securities laws.

 

    	-4-

    	 

    

 

(d)Governmental
Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority on the part of the Company is required in connection with the
consummation of the transactions contemplated by this Note, except for filings pursuant to applicable securities laws and Regulation D
of the Securities Act.

 

(e)Compliance
with Other Instruments. The Company is not in violation or default of any provisions of its certificate of incorporation
or bylaws or, to the extent that any such violation or default would have a Material Adverse Effect, of any instrument, judgment,
order, writ, decree or contract to which it is a party or by which it is bound or, to its knowledge, of any provision of federal
or state statute, rule or regulation applicable to the Company. The execution, delivery and performance of this Note, and the consummation
of the transactions contemplated hereby and thereby will not result in any such violation or be in conflict with or constitute,
with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order,
writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

 

(f)Valid
Offering. Assuming the accuracy of the representations, warranties and covenants of the Holder contained in Section
6 hereof, the offer, sale and issuance of this Note will be exempt from the registration requirements of the Securities Act.
Neither the Company nor any agent on its behalf has solicited or will solicit any offers to sell or has offered to sell or will
offer to sell all or any part of the Note to any person or persons so as to bring the sale of such Note by the Company within the
registration provisions of the Securities Act or any state securities laws.

 

6.             Representations,
Warranties and Covenants of the Holder. The Holder hereby represents, warrants and covenants to the Company, which representations
and warranties are made as of the date of this Note, that:

 

(a)Authorization.
The Holder has full power and authority to enter into this Note. This Note, when executed and delivered by the Holder, will
constitute valid and legally binding obligations of the Holder, enforceable in accordance with its terms, except as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws of general application affecting
enforcement of creditors’ rights generally and as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.

 

(b)Purchase
Entirely for Own Account. This Note is made with the Holder in reliance upon the Holder’s representation to the Company,
which by the Holder’s execution of this Note, the Holder hereby confirms, that the Common Stock that may to be acquired by
the Holder will be acquired for investment for the Holder’s own account, not as a nominee or agent, and not with a view to
the resale or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation
in, or otherwise distributing the same. By executing this Note, the Holder further represents that the Holder does not presently
have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person
or to any third person, with respect to any of Common Stock.

 

    	-5-

    	 

    

 

(c)Restricted
Common Stock. The Holder understands that the Common Stock has not been, and will not be, registered under the Securities
Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed herein. The Holder
understands that the shares of Common Stock are “restricted securities” under applicable U.S. federal and state securities
laws and that, pursuant to these laws, the Holder must hold the shares of Common Stock indefinitely unless they are registered
with the SEC Commission and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. The Holder acknowledges that the Company has no obligation to register or qualify the shares of common Stock for
resale. The Holder further acknowledges that if an exemption from registration or qualification is available, it may be conditioned
on various requirements including, but not limited to, the time and manner of sale, the holding period for the shares of Common
Stock, and on requirements relating to the Company which are outside of the Holder’s control, and which the Company is under
no obligation and may not be able to satisfy.

 

(d)Legends.
The Holder understands that the shares of Common Stock, and any securities issued in respect thereof or exchange therefor, may
bear one or all of the following legends:

 

(i)“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

(ii)Any
legend required by the Blue Sky laws of any state to the extent such laws are applicable to the shares represented by the certificate
so legended.

 

(e)Accredited
Investor.  The Holder is an accredited investor as defined in Rule 501(a) of Regulation D promulgated
under the Securities Act.

 

(f)Investment
Experience. The Holder understands that the purchase of the shares of Common Stock involves substantial risk. The
Holder has a pre-existing personal or business relationship with the Company and certain of its officers, directors or controlling
persons of a nature and duration that enables the Holder to be aware of the character, business acumen and financial circumstances
of such persons.

 

    	-6-

    	 

    

 

(g)No
General Solicitation.  Neither the Holder, nor any of its officers, employees, agents, directors, stockholders or
partners, has engaged the services of a broker, investment banker or finder to contact any potential investor. Except for Quercus
Management Group NV, the Holder and its officers, employees, agents, directors, stockholders or partners, have not agreed to pay
any commission, fee or other remuneration to any third party to solicit or contact any potential investor. The Holder acknowledges
that it is not acquiring the Common Stock pursuant to any general solicitation and that the Holder did not (i) receive or
review any advertisement, article, notice or other communication published in a newspaper or magazine or similar media or broadcast
over television or radio, whether closed circuit, or generally available, with respect to the Common Stock; or (ii) attend
any seminar, meeting or industry investor conference whose attendees were invited by any general solicitation or general advertising
regarding the Common Stock.

 

(h)Compliance
with Listing Standards.  The Holder acknowledges and agrees that the Company has disclosed matters relating to certain
compliance issues with the NYSE MKT LLC, as described in the Company’s Current Report on Form 8-K filed by the Company on
June 17, 2013, with the U.S. Securities and Exchange Commission. The Holder further acknowledges and agrees that the Company shall
have no liability to the Holder with respect to such matters and such matters shall in no way be deemed to limit or affect the
rights and obligations of the parties under this Note.

 

7.             Event
of Default. The occurrence of any of following events shall constitute an “Event of Default”
hereunder:

 

(a)The
failure of the Company to pay any amounts due under this Note when due, provided that such failure continues for no less than five
(5) consecutive days after the Company’s receipt of written notice of such failure from the Holder;

 

(b)Unless
waived by the Holder, the Company’s material breach of any representations or warranties of the Company under this Note,
which breach is not cured by the Company within sixty (60) days after the Company’s receipt of written notice thereof from
the Holder;

 

(c)Unless
waived by the Holder, if the Company fails to observe or perform in any material respect any of its covenants contained in this
Note and such failure continues for more than sixty (60) days after the Company’s receipt of written notice thereof from
the Holder; and

 

(d)The
filing of a petition in bankruptcy or under any similar insolvency law by the Company, the making of an assignment for the benefit
of creditors, or if any voluntary petition in bankruptcy or under any similar insolvency law is filed against the Company and such
petition is not dismissed within sixty (60) days after the filing thereof.

 

    	-7-

    	 

    

 

Upon the occurrence of any Event
of Default, the Holder may declare by written notice to the Company that the Outstanding Balance under this Note shall become immediately
due and payable. Upon the occurrence of any Event of Default, the Holder may, in addition to declaring all amounts due hereunder
to be immediately due and payable, pursue any available remedy, whether at law or in equity.

 

8.             Warrant
Coverage. Upon receipt of the loan amount in the accounts of the Company, the Company shall issue a warrant to the Holder
to purchase 2,000,000 restricted shares of Common Stock in the form attached hereto as Exhibit B.

 

9.              No
Waiver. No delay or omission on the part of the Holder in exercising any right under this Note shall operate as a waiver
of such right or of any other right of the Holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar
to or waiver of the same or any other right on any future occasion.

 

10.            Amendments
in Writing. Any term of this Note may be amended, modified or waived upon the written consent of the Company and the Holder.
No such waiver or consent in any one instance shall be construed to be a continuing waiver or a waiver in any other instance unless
it expressly so provides.

 

11.            No
Rights as a Stockholder. This Note does not by itself entitle the Holder to any voting rights or other rights as a stockholder
of the Company. In the absence of conversion of this Note, no provisions of this Note, and no enumeration herein of the rights
or privileges of the Holder, shall cause the Holder to be a stockholder of the Company for any purpose.

 

12.            Waivers.
The Company hereby forever waives presentment, demand, presentment for payment, protest, notice of protest, notice of dishonor
of this Note and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this
Note.

 

13.            Governing
Law; Jurisdiction; Venue. This Note, and all matters arising directly and indirectly herefrom (the “Covered
Matters”), shall be governed in all respects by the laws of the State of New York as such laws are applied to agreements
between parties in New York. The Company irrevocably submits to the personal jurisdiction of the courts of the State of New York
and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment
relating to or arising out of the Covered Matters. Service of process on the Company in connection with any such suit, action or
proceeding may be served on the Company anywhere in the world by the same methods as are specified for the giving of notices under
this Note. The Company irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to
the laying of venue in such court. The Company irrevocably waives any objection to the laying of venue of any such suit, action
or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum.

 

14.            Costs.
In the event any party is required to engage the services of any attorneys for the purpose of enforcing this Note, or any provision
thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this Note, including
attorneys’ fees.

 

    	-8-

    	 

    

 

15.           Notices.
All notices and other communications given or made pursuant to this Note shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five days after having
been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent
to the Holder at the address set forth on the books and records of the Company or at such other place as may be designated by the
Holder in writing to the Company, and to the Company at 9705 N. Broadway Ext. Ste. 200, 2nd Floor, Oklahoma City, OK
73114, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with
this Section 15. If notice is given to the Company, a copy, which itself shall not constitute notice, shall also be sent
to Lowenstein Sandler LLP, 1251 Avenue of the Americas, 17th Floor, New York, NY 10020, Attention: Steven E. Siesser, Esq.

 

16.           Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
In the event that any provision hereof shall be interpreted to violate or conflict with any provision of any other agreement to
which the Company is party or or any rule or regulation to which the Company is subject, the Company and the Holder shall cooperate
in good faith to renegotiate such provision in order to make such changes as may be reasonably required to reflect the mutual intent
of the parties as memorialized in this Note, without such violation or conflict, and whereby the economic terms will be comparable.

 

17.            Successors
and Assigns. This Note shall be binding upon the successors or assigns of the Company and shall inure to the benefit of
the successors and assigns of the Holder.

 

[Signature Page Follows]

 

    	-9-

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Note effective as of the date first above written.

 

	ELEPHANT TALK COMMUNICATIONS CORP.	 
	 	 	 
	 	 	 
	By:  	 	 
	 	Name:
    Steven van der Velden	 
	 	Title:  President and Chief Executive Officer	 
	 	 	 

  

HOLDER:

 

_____________________________

Saffelberg Investments NV

  

	Address:	Oplombeekstraat 6	 
	 	1755 Gooik	 
	 	Belgium	 
	 	 	 
	Email:	 	 
	Fax:	 	 
	 	 	 

  

 

 

 

 

[Signature Page to Elephant Talk Communications
Corp. Convertible Note]

 

    	 

    	 

    

 

Exhibit A

 

ELEPHANT TALK COMMUNICATIONS CORP.

CONVERSION NOTICE

 

Reference
is made to that certain Convertible Note (the “Note”) issued to the undersigned by Elephant Talk Communications
Corp. (the “Company”). In accordance with and pursuant to the Note, the undersigned hereby elects to convert
the Outstanding Balance (as defined in the Note) of the Note indicated below into shares of Common Stock no par value per
share (the “Common Stock”) of the Company, as of the date specified below.

 

	Date of Conversion:	 
	Aggregate amount of the Outstanding Balance to be converted:	 
	Please confirm the following information:
	Conversion Price:	 
	Number of shares of Common Stock to be issued:	 
	Please issue the Common Stock into which the Note is being converted in the following name and to the following address:
	Issue to:	 
	 	 
	 	 
	Facsimile Number:	 
	E-mail:	 
	By:	 
	Title:	 
	Dated:	 
	Account Number:	 
	  (if electronic book entry transfer)	 
	Transaction Code Number:	 
	  (if electronic book entry transfer)	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Conversion Notice and hereby directs Continental Stock Transfer & Trust Company to issue the above indicated
number of shares of Common Stock.

 

	ELEPHANT TALK COMMUNICATIONS CORP.	 
	 	 	 
	 	 	 
	By:  	 	 
	 	Name:
    Steven van der Velden	 
	 	Title:  President and Chief Executive Officer	 
	 	 	 

 

 

    	 

    	 

    

 

Exhibit B

 

FORM OF WARRANT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]