Document:

Form of $2MM Offering Note and Warrant Subscription Agreement

 Exhibit 10.5 
 CALPIAN, INC. 
 NOTE AND WARRANT SUBSCRIPTION AGREEMENT

 This NOTE AND WARRANT PURCHASE AGREEMENT (“Agreement”) made as of the 31st day of December, 2010 by and between the undersigned subscriber (the
“Subscriber”) and CALPIAN, INC., a Texas corporation (the “Corporation”), having its principal office at 500 N. Akard Street, Suite 2850, Dallas, Texas 75201. 

WHEREAS, the Corporation has placed (or intends to place) up to $2,000,000 of its secured subordinated promissory notes (the
“Senior Secured Notes”) and is now offering additional Secured Subordinated Promissory Notes (the “Notes”) under an interim financing (the “Notes Offering”) pursuant to the terms of the form of Note
attached hereto as Exhibit A (the “Note Agreement”) and this Agreement; 
 WHEREAS, as an
additional inducement to enter into this Agreement, the Corporation is offering the Subscriber a warrant (“Warrant”) from the Corporation to purchase Fifteen (15) shares of the Corporation’s Common Stock for every One
Hundred Dollars ($100.00) of the principal amount invested by the Subscriber under the Note Agreement, exercisable at a price of Two Dollars ($2.00) per share, pursuant to the terms and conditions of the Warrant Agreement attached hereto as
Exhibit B (the “Warrant Agreement”); 
 WHEREAS, the Subscriber is familiar with the
Corporation and its operations and desires to purchase Notes in the Notes Offering; 
 NOW, THEREFORE, for and in
consideration of the premises and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Purchase and Sale. 
 (a) Purchase and Sale of Notes.
Subject to the terms and conditions of this Agreement, the Subscriber hereby subscribes for the dollar amount of Notes set forth on the Subscriber Signature Page to this Agreement at the face amount of the Notes purchased. 

(b) Acceptance. By signing this Agreement and delivering a copy of this Agreement to the Subscriber, the Corporation hereby
accepts the subscription of the Subscriber. 
 (c) Subscription Irrevocable. The subscription of the Subscriber is
irrevocable. 
 (d) Closing and Delivery. The closing of the transactions covered by this Agreement (the
“Closing”) shall take place at the offices of the Corporation located at 500 N. Akard Street, Suite 2850, Dallas, Texas 75201, within ten (10) days of Subscriber’s execution hereof, or at such other date as shall be mutually
agreed upon in writing by the parties, or this Agreement shall be null and void and all funds shall be returned. 

  
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 (1) At the Closing, the Subscriber will deliver to the Corporation by wire transfer or
check payable in U.S. funds to the Corporation in an amount equal to the face amount of the Notes subscribed for; 
 (2) At the
Closing, the Corporation will deliver to the Subscriber one or more fully executed Notes, in the form attached hereto as Exhibit A, in the aggregate face amount subscribed for by the Subscriber; and 

(3) At the Closing, the parties will exchange completed and fully executed copies of a Warrant, in the form attached hereto as
Exhibit B, and the Note Agreement, attached hereto as Exhibit A, subject to the terms provided in this Agreement. 
 2. Representations and Warranties of the Corporation. The Corporation hereby represents and warrants to the Subscriber that: 

(a) Incorporation. The Corporation is a corporation duly organized and validly existing and in good standing under the laws of the
Texas. 
 (b) Authorization. All corporate action on the part of the Corporation, its officers and directors necessary
for the authorization, execution, delivery and performance of all obligations of the Corporation under this Agreement and for the authorization, issuance and delivery of the Notes and Warrant being sold hereunder has been or will be taken prior to
acceptance of this Agreement, and this Agreement, when executed and delivered to the Subscriber shall constitute a binding and enforceable obligation of the Corporation. 
 (c) Validity of Securities. The Notes and Warrant to be purchased and sold under to this Agreement, when issued, sold and delivered in accordance with the terms of this Agreement for the
consideration expressed herein, will be duly and validly issued. 
 3. Representations and Warranties by the
Subscriber. The Subscriber represents and warrants, to the Corporation as follows: 
 (a) The Subscriber is acquiring
the Notes and Warrant for the Subscriber’s own account as principal, for investment and not with a view to resale or distribution of all or any part of the Notes or Warrant except in accordance with and as provided for in this Agreement.

 (b) Immediately prior to the purchase: 
 (i) the Subscriber has such knowledge and experience in financial and business matters that the Subscriber is capable of evaluating the risks and merits of investment in the Notes; and 

  
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 (ii) the Subscriber is able to bear the economic risk of the investment (i.e., at the time
of investment the Subscriber could afford a complete loss without hardship). 
 (c) The Subscriber has been informed as to, and
is familiar with, the business activities of the Corporation. The Subscriber acknowledges that he or she or it has made the decision to invest in the Note and Warrants solely on the basis of publicly available information about the Corporation in
the Corporation’s filings with the Securities and Exchange Commission (“SEC”), copies of which may be accessed on the website of the SEC at www.SEC.gov (the “Public Information”). The Subscriber acknowledges
that and that no officer, director, broker-dealer, placement agent, finder or other person affiliated with the Corporation has given Subscriber any information or made any representations, oral or written, other than as provided in the Public
Information, on which Subscriber has relied upon in deciding to invest in the Note and Warrant, including without limitation, any information with respect to future operations of the Corporation or the economic returns which may accrue as a result
of the purchase of the Note and Warrant. The Subscriber acknowledges having been given the opportunity to review all documents material to an investment in the Notes and Warrant that the Corporation can provide without unreasonable effort or
expense. 
 (d) The Subscriber has had an opportunity to ask questions of, and receive answers from, appropriate representatives
of the Corporation, including its officers, concerning the Corporation and its business, and the terms and conditions of the Offering, and to obtain such additional information as the Subscriber deems necessary to verify the accuracy and adequacy of
the information the Subscriber has obtained. The Subscriber fully understands that this Offering has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) in reliance upon exemptions therefrom, and,
accordingly, to the extent that the Subscriber is not supplied with information which would have been contained in a registration statement filed under the Securities Act the Subscriber must rely on the Subscriber’s own access to such
information. 
 (e) The Subscriber affirms that the Subscriber is an “accredited investor” as that term is defined and
construed pursuant to Rule 501 under the Securities Act because the Subscriber is one or more of the following (check all that apply): 
  

			
	            	 	A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of this purchase exceeds $1,000,000 (excluding the value of the
Subscriber’s principal residence);
		
	            	 	A natural person who had an individual income in excess of $200,000 in each of the two most recent years (or a joint income with spouse in excess of $300,000 in each of those years)
and who reasonably expects to reach the same income level in the current year;
		
	            	 	A trust with total assets in excess of $5,000,000, not formed for the specific purpose of purchasing the Notes, and whose purchase is directed by a sophisticated person (as
described in applicable regulations promulgated under the Act);

  
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	            	 	A bank or savings and loan association;
		
	            	 	A broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended;
		
	            	 	An insurance company;
		
	            	 	An investment company registered under the Investment Company Act of 1940 or a business development company (as defined by said Act), or Small Business Investment Company licensed
by the Small Business Administration;
		
	            	 	An employee benefit plan within the meaning of Title I of ERISA and (A) the investment decision has been made by a plan fiduciary which is either a bank, savings and loan
association, insurance company or registered investment advisor, or (B) the plan has total assets in excess of $5,000,000, or (C) the Plan is a self directed plan and its investment decisions are made solely by persons who are accredited
investors;
		
	            	 	A corporation, Massachusetts or similar business trust, partnership, or organization described in 501(c)(3) of the Internal Revenue Code of 1986, as amended, and not formed for the
specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;
		
	            	 	A director or executive officer of the Corporation;
		
	            	 	An entity all of the investors in which are “accredited investors.”

 (f) The Subscriber affirms that all information that the Subscriber has provided to the Corporation either directly or indirectly, concerning the Subscriber, the Subscriber’s financial position and
the Subscriber’s knowledge of financial and business matters is accurate and complete as of the date of this Agreement. 

(g) The Subscriber fully understands and agrees that the Subscriber must bear the economic risk of the Subscriber’s investment in
the Notes and Warrant for an indefinite period of time because, among other reasons, the Notes and Warrant have not been registered under the Securities Act, and, therefore, they cannot be sold, pledged, assigned or otherwise disposed of unless they
are subsequently registered under the Securities Act or, in the opinion of counsel acceptable to the Corporation, an exemption from such registration is available. 
 (h) The Subscriber understands that no federal or state agency has passed upon the offering of the Notes or made any finding or determination as to the fairness of the offering the Notes. 

  
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 (i) The Subscriber recognizes that this investment involves a high degree of risk, and the
Subscriber has carefully considered whether an investment in the Notes and Warrant is appropriate for the Subscriber. The Subscriber understands that the Notes are Warrant are a suitable investment only for persons who have substantial financial
resources and will have no need for liquidity in their investment. 
 (j) If the subscription is being made by a person acting
in a representative or fiduciary capacity, such person has full power and authority to execute and deliver this Agreement in such capacity and on behalf of the subscribing individual, ward, partnership, trust, estate, corporation, or other entity,
has full right and power to perform pursuant to this Agreement. The undersigned, will, upon request of the Corporation, furnish the Corporation a true and correct copy of (1) if the Subscriber is a trust, the trust agreement under which it is
organized, (2) if the Subscriber is a Partnership, the partnership agreement under which it is organized, and (3) if the Subscriber is a corporation, the Articles of Incorporation and By-laws and a copy (certified by the secretary or other
authorized officer) of appropriate corporate resolutions authorizing the specific investment. If the subscription is being made by a person acting in a representative capacity, the representations and warranties contained in this Agreement,
including specifically and without limitation those provided for in paragraph 3(e), shall be deemed to have been made on behalf of the person or persons for whom the undersigned is so purchasing. 

(k) The Corporation has not provided to the Subscriber any projections of operating results, revenues, or profits for use in connection
with or reliance upon this Notes Offering. If the Subscriber has seen any such projections, the Subscriber understands and agrees that the Subscriber will not rely upon them for purposes of investing in the Notes and Warrant because, among other
reasons, the timing, sources and amount of funding to be received by the Corporation is currently uncertain and so that any projections based upon the receipt of such funding will be inherently unreliable. 

(l) Subscriber will keep confidential and not disclose any non-public information received in connection with the Note and Warrant from
the Corporation or any of its affiliates or principals, except that Subscriber may disclose such information (i) with the written consent of Corporation, (ii) to Subscriber’s affiliates and legal counsel for Subscriber and its
affiliates, (iii) to auditors, accounting firms or accountants of Subscriber and its affiliates as may be required in connection with any audit or other review of the books and records of any such entity, and (iv) to any parties as may be
required by law, government regulation or order (including without limitation, any regulation or order of an insurance regulatory agency or body), by subpoena or by any other legal, administrative or legislative process. Subscriber also acknowledges
and agrees that Subscriber is prohibited from any buying or selling of the Corporation’s securities on the basis of this material non-public information until after the information either becomes publicly available by the Corporation (such as
in a Current Report on Form 8-K or in the Corporation’s 10-Q) or ceases to be material, and in no event for at least thirty (30) days from the date hereof. 

  
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 (m) All representations and warranties set forth above or in any other written statement or
document delivered by the Subscriber in connection with the subscription shall be true and correct in all respects on and as of the date of this Agreement and as of the date of acceptance, and they shall survive acceptance and the closing and
delivery of the Notes. 
 4. Indemnification. 

(a) Indemnification by Subscriber for misrepresentations. The Subscriber hereby agrees to indemnify and hold harmless the
Corporation and the directors, officers and professional advisors of the Corporation, from and against any and all loss, damage, cost, liability or expense, including reasonable attorney’s fees, due to or arising out of any misrepresentation or
breach of any representation, warranty or covenant of the Subscriber at the time of this Agreement, and from any representation or warranty of the Subscriber becoming false or misleading prior to acceptance of the subscription by the Corporation
unless the Subscriber shall have given written notice to the Corporation of such change prior to acceptance. 
 (b)
Indemnification by Subscriber for meritless claims. The Subscriber hereby agrees to indemnify and hold harmless the Corporation and its directors, officers and professional advisors from and against any and all loss, damage, liability, cost
and expense, including reasonable attorney’s fees, incurred in connection with defending any claim brought for or on behalf of the Subscriber with respect to investment in the Notes if judgment is rendered by a court of competent jurisdiction
in favor of such indemnified party against the Subscriber with respect to the matters referred to above. 
 (c) The foregoing
indemnifications shall survive any sale or transfer, or attempted sale or transfer, of the Subscriber’s Notes. Notwithstanding the foregoing indemnifications, the Subscriber does not thereby or in any other manner waive any rights granted to
the Subscriber under federal, state, or provincial securities laws and regulations. 
 5. Notes and Warrant to be
Legended. A restrictive legend in substantially the following form will be imprinted on the Notes and Warrant and stop transfer orders or other appropriate instructions to such effect will be maintained against the transfer of the Notes or
Warrant on the transfer records of the Corporation or its transfer agent: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR “BLUE SKY” LAWS, AND MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, OR OTHERWISE DISPOSED OF UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF
SUCH ACT AND BLUE SKY LAWS OR AN EXEMPTION THEREFROM IS AVAILABLE AS ESTABLISHED BY A WRITTEN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY. 

  
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 The transfer the Notes and Warrant will only be effected in accordance with the foregoing legend.

 7. Miscellaneous. 
 (a) Applicable Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Texas. 
 (b) State in which Offered. The Notes are offered to and will be purchased by the Subscriber in the State of Texas. 
 (c) Binding Effect. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their successors, legal representatives and assigns.

 (d) No Assignments. The Subscriber agrees that except as provided herein neither the Subscriber nor the
Subscriber’s legal representatives will sell, assign, encumber or transfer, in any manner whatsoever, this Agreement or its rights under this Agreement. 
 (e) Entire Agreement. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes any prior understandings, oral or written.

 (f) Modification. Any terms of this Agreement may be waived or modified only in writing, signed by the Corporation and
holders of a majority in principal amount of all Notes issued by the Corporation in the Notes Offering, which waivers or modifications shall equally modify all Note and Warrant Purchase Agreements entered into in connection with the Notes Offering.

 (g) Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively
given upon personal delivery or three (3) days after deposit in the United States Post Office, by registered or certified mail, addressed to a party at its address hereinafter shown below or at such other address as such party may designate by
ten (10) days advance written notice to the other party. 
 (h) Counterparts. This Agreement may be executed in one
or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one counterpart has been signed by each party and delivered to the other party, it being understood that each of the parties need not
sign the same counterpart. 

  
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 IN WITNESS WHEREOF, the Corporation has executed this Note and Warrant Subscription
Agreement as of the day and year first above written. 
  

			
	 CALPIAN, INC.

		
	By:	 	  

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement for $             of Notes of the
Corporation on the          day of                     , 2010. 

 

									
		  		 	   Subscriber’s (and Joint Subscriber’s) Name(s) and

  Residence Address (Please Print or Type)

			
	  
	  		 	  

	  Signature of Subscriber	  		 	  

		  		 	  

		  		 	  

		  		 	  Telephone:
                                         
                   
	  
	  		 	
	  Taxpayer ID/Social Security No. of Subscriber	  		 	   Mailing address
     (if Different From Residence)

		  		 	  

	  
	  		 	  

	  Signature of Joint Subscriber (if any)	  		 	  

			
		  		 	  Telephone:
                                         
                   
			
	  
	  		 	   Purchaser Representative (if any)

	  Taxpayer ID/Social Security No. of Joint Subscriber	  		 	
				
		  		  		 	  

	
	  Please indicate manner in which Notes are to be held:
					
	                    	  	Community Property*	  		 	                    	  	Subchapter S Corporation**
	                    	  	Joint Tenancy*	  		 	                    	  	Partnership**
	                    	  	Tenancy in Common*	  		 	                    	  	Trust
	                    	  	Separate Property	  		 	                    	  	Corporation**
	                    	  	Individual Ownership	  		 	                    	  	Other (Please Indicate)         

  

	**	If other than calendar year, please state fiscal year end:
                                        

  
 8Form of $2MM Offering Note

 Exhibit 10.6 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER THAT SUCH REGISTRATION IS NOT REQUIRED. 
 CALPIAN, INC. 
 SECURED SUBORDINATED PROMISSORY NOTE

  

			
	
$                    
	  	Date:                     
		  	                    ,

Texas 
 FOR
VALUE RECEIVED, Calpian, Inc., a Texas corporation (“Borrower” or “Company”), hereby promises to pay to
                                        ,
a                                         
(“Lender”), in lawful money of the United States of America and in immediately available funds, the principal sum of
                     Thousand Dollars
($                    .00) (the “Loan”), together with accrued and unpaid interest thereon, payable on the dates and in the
manner set forth below. 
 This Secured Subordinated Promissory Note (the “Note”) is executed and delivered in
connection with that certain Note and Warrant Purchase Agreement by and between Borrower and Lender (as the same may from time to time be amended, modified or supplemented), of even date herewith, attached hereto and incorporated herein by reference
(the “Note and Warrant Purchase Agreement”), and is one of a series of secured subordinated promissory notes that may be issued by the Company to multiple lenders participating in the Notes Offering, as defined in the Note and
Warrant Purchase Agreement. 
 1. Principal Repayment. The outstanding principal amount of the Loan shall be
payable in full two (2) years from the date first written above (“Maturity Date”), subject to the terms and limitations hereunder. The Borrower may prepay this Note in whole or in part at any time prior to the Maturity Date
without the written consent of Lender, at Borrower’s sole discretion (a “Prepayment”). In the event of a Prepayment, Borrower shall pay Lender a Prepayment penalty, which shall be added to the principal of the Note (the
“Prepayment Penalty”). The Prepayment Penalty shall be the lesser of (i) twelve months of Interest, or (ii) the amount of unpaid Interest payable under the Note if the Note were fully satisfied at the Maturity Date. 

 2. Interest Rate. Borrower further promises to pay interest on the sum of the unpaid
principal balance of the Loan outstanding, from the date of this Note until all such principal amounts shall have been repaid in full. Interest shall be payable at the rate of Twelve Percent (12%) per annum, and shall be calculated on
the basis of a 360-day year (“Interest”). Interest shall be due and payable in monthly installments on or before the 5th calendar day of the following month, with any remaining amounts payable on the Maturity Date, with the first
month’s Interest installment due hereunder to be accrued and paid by Borrower to Lender with the second month’s Interest installment. 
 3. Place of Payment. All amounts of interest and principal payable hereunder shall be payable to Lender at the address it specifies to Borrower in writing. 

4. Application of Payments. Any payments on this Note shall be applied first to accrued interest, and thereafter to the
outstanding principal balance hereof. 

  
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 5. Use of Proceeds. The proceeds from this Note shall be used by Borrower for
the purpose of acquiring residual payment portfolios (the “Purpose”). 
 6. Secured Obligation.
Subject to limitations under this Note as described in Section 8 below, Borrower hereby grants to Lender a first priority lien and security interest in, to and under all of the following assets of the Company (collectively, the
“Collateral”): 
 (a) all accounts, accounts receivable, contract rights, general intangibles, chattel paper,
notes, drafts, acceptances, and all other debts, obligations and liabilities in whatever form owing to Company from any person, firm, corporation or other legal entity whether now existing or hereafter arising or acquired; 

(b) all now owned or hereafter acquired and wherever located goods, merchandise and other personal property which are held for sale or
lease or to be furnished under contracts of service or held as raw materials, work in process or finished goods and supplies or materials used or consumed in Company’s business or used in connection with the manufacture, packing, shipping,
advertising or furnishing of such goods; 
 (c) all now existing or hereafter acquired machinery, equipment, furniture and
fixtures, including spare parts, replacements, substitutions, additions or accessions thereto, wherever located; 
 (d) all
documents, policies and certificates of insurance and chooses in action, whether now or hereafter existing; 
 (e) all
instruments, securities and cash owned by Company or in which Company has an interest, which now or hereafter are at any time in possession or control of Lender or in transit by mail or carrier to or from Lender or in the possession of any third
party acting on Lender’s behalf, without regard to whether Lender received the same in pledge, for safekeeping, as agent for collection or transmission or otherwise or whether Lender has conditionally released the same; 

(f) all books, records, ledger sheets and other records relating to the foregoing; 

(g) all customer lists, purchase orders, contract rights, trademarks, trade names, copyrights, patents, processes, and all applications
therefor, know-how, trade secrets, confidential information, goodwill, assumed names, and all other intellectual property; and 

(h) all proceeds, products, offspring, rents and profits of the foregoing, including, without limitation, proceeds of insurance.

 7. Other Liens. As of the date hereof, there are no other liens, claims, security interests or other
encumbrances (“Liens”) attaching to the Collateral except for those in favor of this Note and other notes entered into under the Note and Warrant Purchase Agreement, and those in favor of holders of secured subordinated promissory
notes, principal amount of up to $2 million, issued (or to be issued) by the Company that are senior to this Note (the “Senior Secured Notes”). 

  
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 At request of Lender, Borrower will join with Lender in executing one or more financing
statements pursuant to the Uniform Commercial Code (the “Code”) in form satisfactory to Lender. Borrower hereby authorizes Lender to file a financing statement signed only by Lender in all places where necessary to perfect
Lender’s security interest in the Collateral in all jurisdictions where such authorization is permitted by the Code. Borrower further agrees to immediately prepare all such financing statements and submit said statement to Lender. Without
limiting the foregoing Borrower agrees that whenever the Code requires Borrower to sign a financing statement for filing purposes, Borrower hereby appoints Lender or any of Lender’s representatives as Borrower’s attorney and agent, with
full power of substitution, to sign or endorse Borrower’s name on any such financing statement or other document and authorizes Lender to file such a financing statement in all places where necessary to perfect Lender’s security interest
in the Collateral. A carbon, photographic or other reproduction of this Note or of a financing statement is sufficient as a financing statement. Upon full payment of all obligations under this Note, the Lien or charge created hereby or resulting
herefrom, shall cease to exist and Lender shall file all termination statements requested by Borrower necessary to accomplish this purpose. 
 8. Subordination. Notwithstanding the foregoing, the Borrower agrees, and the Lender by its acceptance hereof likewise agrees, that the Note is subordinated to the Senior Secured Notes and
may be subordinated by the Borrower to Qualified Senior Indebtedness according to the terms outlined below. Lender agrees to enter into a subordination agreement for Qualified Senior Indebtedness according to standard industry terms and conditions.
As used herein, “Qualified Senior Indebtedness” shall mean all indebtedness of the Borrower for money borrowed from any bank or other non-affiliated financial institution or investment group (including any indebtedness to any
assignees thereof) whether now existing or hereafter arising, without limit as to amount, including, without limitation, all principal and interest (including such interest as may accrue after the initiation of bankruptcy proceedings), and all
premiums, fees and expenses owing by the Borrower to any such parties in respect of Qualified Senior Indebtedness. 
 9.
Events of Default; Acceleration. If one or more of the following occurs (each an “Event of Default”): 
 (a) The Borrower shall be involved in financial difficulties as evidenced: (i) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect;
(ii) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief
therein provided, or by its failing to controvert timely the material allegations of any such petition; (iii) by the entry of an order for relief in any involuntary case commenced under said Title 11; (iv) by the entry of an order by a
court of competent jurisdiction (A) by finding it to be bankrupt or insolvent, (B) ordering or approving its liquidation, reorganization or any modification or alteration of the rights of its creditors, or (C) assuming custody of, or
appointing a receiver or other custodian for all or a substantial part of its property and such order shall not be vacated or stayed on appeal or otherwise stayed within 120 days; (v) by the filing of a petition against the Borrower under said
Title 11 which shall not be vacated within 120 days; or (vi) by its making an assignment for the benefit of, its creditors, or appointing or consenting to the appointment of a receiver or other custodian for all or a substantial part of its
property; 
 (b) The Borrower shall sell substantially all of its assets to an unaffiliated third party in one or more of
a series of related transactions; 
 (c) the Borrower shall fail to make a payment of any installment of the outstanding
principal or interest amount of this Note (whether by acceleration or otherwise) which failure or breach shall not be cured within 30 days after written notice thereof from the holder of this Note to the Borrower; or 

  
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 (d) if the proceeds of the loan evidenced by this Note have been used other than for
the Purpose. 
 then, and in any such event, and at any time thereafter, if any Event of Default shall be continuing, subject to Section 8,
at the option of the holder of this Note upon written notice to the Borrower, the outstanding principal of any and all accrued but unpaid interest in respect of this Note shall be immediately due and payable upon delivery of such written notice,
without presentment, demand, protest or any other notice of any kind being required, all of which are hereby expressly waived by the Borrower. 
 10. Due Authorization. The Borrower has the full power and authority to execute and deliver this Note and to consummate the transactions contemplated on its part hereby and thereby. The
execution, delivery (or filing or adoption, as the case may be), and performance by the Borrower of this Note have been duly authorized by the Borrower. This Note is a valid and binding agreement of the Borrower, enforceable against the Borrower in
accordance with its terms, except as limited by bankruptcy, insolvency and other laws affecting the enforcement of creditors’ rights generally and by equitable principles in any action (legal or equitable) and by public policy. 

11. Modification. This Note is being issued as one of a series of notes issued by the Borrower under the Notes Offering
described in the Note and Warrant Purchase Agreement and any of the terms of this Note (including, without limitation, the Maturity Date, the rate of interest, and the subordination features) may be waived or modified only in writing, signed by the
Borrower and holders of a majority in principal amount of all Notes issued by the Borrower in such Notes Offering described under the Note and Warrant Purchase Agreement. 
 12. Governing Law. This Note shall be governed by, and construed and enforced in accordance with, the laws of the State of Texas, excluding conflict of laws principles that would cause the
application of laws of any other jurisdiction. Any action brought to enforce or interpret this Note shall be brought in the courts located in Dallas County, Texas. 

15. Transfers, Successors and Assigns. The provisions of this Note shall inure to the benefit of and be binding on any
successor to Borrower and shall extend to any holder hereof; provided, however, that the Lender may not, without the prior written consent of Borrower (such consent not to be unreasonably withheld and such consent not to be required if an Event of
Default exists), assign, transfer or negotiate this Note to any Person. Any such transfer or assignment must be in full compliance with applicable securities laws. 
 [Remainder of Page Blank] 

  
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 IN WITNESS WHEREOF, the Borrower and the Lender have duly executed this Secured
Convertible Promissory Note as of the date first written above. 
  

									
	BORROWER:	 		 	LENDER:
			
	CALPIAN, INC.	 		 	  

					
	By:	 	  
	 		 	By:	 	  

									
	Harold Montgomery	 		 		 	
	Chief Executive Officer	 		 	Name:	 	  

									
					
		 		 		 	Title:	 	  

									
					
		 		 		 	Address:	 	  

				
		 		 		 	  

  
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