Document:

Form of 16% Senior Secured Term Note

 Exhibit 10.2 
 THE SECURITY REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE (COLLECTIVELY, THE “LAWS”). THIS SECURITY MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF EITHER (I) AN EFFECTIVE REGISTRATION STATEMENT FOR THIS SECURITY UNDER THE APPLICABLE LAWS OR (II) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER IN FORM, SUBSTANCE AND SCOPE
REASONABLY ACCEPTABLE TO THE ISSUER, TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE APPLICABLE LAWS. 

DATE OF ISSUANCE:
[                    ], 2011 
 $[                    ] 

CALPIAN, INC. 
 16% SENIOR SECURED TERM NOTE 
 This 16% Senior Secured Term Note (the
“Note”) is issued by Calpian, Inc., a Texas corporation (the “Company”), pursuant to that certain Note Purchase Agreement (the “Agreement”) entered into concurrently herewith by and between the
Company and HD Special-Situations II, LP. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Agreement. 
 1. Payment Obligation. 
 (a) For value received, the Company promises to pay
to HD Special-Situations II, LP or its permitted successors and assigns (collectively, the “Holder”), (i) the principal amount of [            ] Dollars
($[            ]) (to which may be added any liquidated damages that accrue pursuant to the terms of the Agreement) and (ii) interest on the outstanding principal amount
at the rate of sixteen percent (16%) per annum (the “Rate”), payable as described below. The principal amount of this Note, together with all accrued and unpaid interest, shall be due and payable on
[    ], 2013 (the “Maturity Date”); provided, however, that: 
 (i) Upon the
Company’s written request, the Maturity Date shall be extended one time by twelve months with no additional commitment or origination fees, but only if no Event of Default (as defined below) has occurred and is continuing at the original
Maturity Date. 
 (ii) In the event of the occurrence of an Event of Default, including any Event of Default based on a failure
of the Company at any time to meet the Collateral Coverage Ratio required by the Agreement, seventy-five percent (75%) of the Company’s and any subsidiaries’ monthly Free Cash Flow (as defined below) shall be used to repay the
outstanding principal amount of this Note and any other Notes issued pursuant to the Agreement until (A) the 

 
Company has cured the Event of Default or it has been waived or (B) all amounts owed with respect to this Note and any other Notes issued pursuant to the Agreement have been paid in full.
Such payment shall be made on a monthly basis and allocated among multiple Notes prorata according to the principal amount of each Note. For purposes of the foregoing, “Free Cash Flow” shall mean the Company’s and any
subsidiaries’ EBITDA (in accordance with GAAP) during the applicable (i.e. preceding) month, minus interest, capital expenditures not to exceed $25,000 per year and cash taxes paid for that month. During such time as payments are owed by the
Company under this clause, the Company shall calculate such Free Cash Flow on a monthly basis and shall pay the amounts owed under this clause within 20 days after the end of the month for which the calculation is made. Such remedy shall be in
addition to all other rights and remedies available to the Holder under the Transaction Documents, as well as any other rights or remedies afforded by law or equity. 
 (b) Interest on this Note in the amount of [                    ] Dollars
($[            ]), representing pro-rated interest for the period from the Date of Issuance indicated above through
[                    ], shall be pre-paid by the Company upon execution hereof (which pre-payment shall be non-refundable). Thereafter,
monthly interest on the outstanding principal amount of this Note in the amount of [                    ] Dollars
($[                    ]) shall be paid in arrears on the first day of each month during the period that this Note remains outstanding
after [                    ], 2011. Accrual of interest on the outstanding principal amount of this Note shall commence on the Date of
Issuance and shall continue until full payment of the outstanding principal amount has been made or duly provided for, with the monthly interest payment specified above to be pro-rated for any partial period and any reductions in principal amount.

 (c) The Company may prepay all or any portion of the outstanding principal amount of this Note at any time upon 30 days prior
written notice to the Holder. If any prepayment is made within one year of the Effective Date, such prepayment shall be accompanied by a payment equal to Eighty Thousand Dollars ($80,000) for each month remaining from the date of prepayment to the
one year anniversary of the Effective Date, with a prorated payment to be made for any partial month during such period; provided, however, that the maximum payment hereunder shall not exceed Three Hundred Twenty Thousand Dollars ($320,000), and
provided further, however, that no payments to cure an Event of Default and no payments made upon acceleration of this Note upon an Event of Default shall trigger any prepayment penalty as provided in this Note. In the event that there is more than
one Note outstanding at the time of any prepayment, the amount payable pursuant to the preceding sentence shall be allocated among all of the Notes prorata according to the principal amount of each Note. Notwithstanding the foregoing, in the event
that (i) the aggregate principal amount of all Notes issued by the Company under the Agreement equals $8.0 million any time during the first seven months after the Effective Date, (ii) during such seven month period the Company requests in
writing that HD Special-Situations II, LP increase the amount to be loaned under the Agreement and HD Special-Situations II, LP does not provide such an increase (either by itself or in combination with other lenders) within 45 days after its
receipt of such written request and (iii) during such seven month period the Company prepays the entire amount owed on this Note and all other outstanding Notes, then, in such case, the prepayment shall be accompanied by a payment equal to the
interest that would have been payable on all outstanding Notes if they had an original aggregate 

 
principal amount of Eight Million Dollars ($8,000,000) during the period from the date of prepayment to the seven month anniversary of the Effective Date. For avoidance of doubt, there shall be
no prepayment penalties due or owing by the Company hereunder with respect to any prepayments made one year after the Effective Date. 
 2. Provisions as to Payment. 
 (a) Payments on this Note are payable to the
Holder in whose name this Note (or one or more successor Notes) is registered on the records of the Company regarding registration and transfer of this Note (the “Note Register”); provided, however, that the Company’s
obligation to a transferee of this Note arises only if such transfer, sale or other disposition is made in accordance with the terms and conditions of the Agreement. 
 (b) Payments on this Note are payable in immediately available funds in currency of the United States of America at the address last appearing on the Note Register of the Company as designated in writing
by the Holder hereof from time-to-time. The Company shall pay the outstanding principal amount and all accrued and unpaid interest due upon this Note on the Maturity Date (subject to any permitted extension), less any amounts required by law to be
deducted or withheld, to the Holder of this Note appearing of record as of the fifth business day (as defined in the Agreement) prior to the Maturity Date (subject to any permitted extension) and addressed to such Holder at the last address
appearing on the Note Register. The forwarding of such funds shall constitute full payment of all outstanding principal and accrued interest hereunder and shall satisfy and discharge the liability for principal and interest on this Note to the
extent of the sum represented by such payment plus any amounts so deducted or withheld. Unless otherwise expressly provided herein, all payments on this Note shall be credited first to reimburse the Holder for any cost or expense reimbursable
hereunder, then to the payment of accrued interest, and third to the payment of principal. If any payment on this Note is due on a day that is not a “business day” (as defined in the Agreement), the payment shall instead be due on the next
day that is a business day. 
 3. Transfer of Note; Opinion of Counsel; Legend. 

(a) This Note has been issued subject to investment representations of HD Special- Situations II, LP and may be transferred or exchanged
only in compliance with the 1933 Act and applicable state securities laws. Prior to presentment of this Note for transfer, the Company and any agent of the Company may treat the person in whose name this Note is duly registered on the Note Register
as the Holder hereof for the purpose of receiving payments as herein provided and for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected or bound by notice to the contrary.
Notwithstanding anything to the contrary herein or in any Transaction Document, no Holder shall transfer this Note to any person or entity that is not a “U.S. Person” (as such term is defined in Section 7701(a)(30) of the Code).

 (b) The Holder understands and acknowledges by its acceptance hereof that (i) this Note has not been, and is not being,
registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred except as provided in the 

 
Agreement and (ii) neither the Company nor any other person is under any obligation to register this Note under the 1933 Act or any state securities laws or to comply with the terms and
conditions of any exemption thereunder. By acceptance of this Note, the Holder agrees to be subject to and bound by all of the agreements between the Company and HD Special-Situations II, LP set forth in the Agreement. 

4. Obligations of the Company Herein Are Unconditional. The Company’s obligations to repay this Note at the time, place,
interest rate and in the currency hereinabove stated are absolute and unconditional. This Note and all other Notes now or hereafter issued in replacement of this Note on the same or similar terms are direct obligations of the Company. 

5. Waiver of Demand, Presentment, etc. The Company hereby expressly waives demand and presentment for payment, notice of
nonpayment, protest, notice of protest, notice of dishonor, bringing of suit and diligence in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing
hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for herein. No delay or omission of the Holder hereof in exercising any right or remedy hereunder shall constitute
a waiver of any such right or remedy. A waiver on one occasion shall not operate as a bar to, or waiver of, any such right or remedy on any future occasions. 
 6. Attorney’s Fees; Reimbursable Expenses. In the event it should become necessary to employ counsel to enforce this Note or any other document entered into by the Company in connection
herewith, the Company agrees to pay the reasonable attorneys’ fees and costs of the Holder, irrespective of whether suit is brought, including, without limitation, any and all pre-judgment and post-judgment attorneys’ fees and costs
incurred (including, without limitation, fees and costs incurred in connection with any matter arising under Title 11 of the United States Code). In addition, the Company agrees to pay for all of the Holder’s other out-of-pocket costs incurred
in connection with the enforcement of this Note or any other document entered into by the Company in connection herewith, including, without limitation, all of the Holder’s consultants’ fees, appraisers’ fees, accountants’ fees,
and trustee’s fees. 
 7. Default. If one or more of the following described “Events of Default” shall
occur: 
 (a) the Company shall fail to make timely payment of any amount then due and owing under this Note or any of the other
Transaction Documents and such failure has not been cured prior to the Company’s receipt of written notice from the Lender declaring an Event of Default; 
 (b) any of the representations or warranties made by the Company in any of the Transaction Documents, or in any certificate or other written statement heretofore or hereafter furnished by or on behalf of
the Company in connection with the execution and delivery of any of the Transaction Documents shall be false or misleading in any material respect at the time made and the Holder shall have provided written notice to the Company of the alleged
misrepresentation or breach of warranty and the same shall continue uncured for a period of 14 days after such written notice from the Holder; 

 (c) if the Company shall fail to perform or observe, in any material respect, any covenant,
term, provision, condition, agreement or obligation of the Company under any of the Transaction Documents not covered by clause (a) or (b) above and such failure shall continue uncured for a period of 30 days after written notice from the
Holder; 
 (d) the Company shall either: (i) become insolvent, (ii) admit in writing its inability to pay its debts
generally or as they become due, (iii) make an assignment for the benefit of creditors or commence proceedings for its dissolution or (iv) apply for, or consent to the appointment of, a trustee, liquidator, or receiver for all or a
substantial part of its property or business; 
 (e) a trustee, liquidator or receiver shall be appointed for the Company or for
a substantial part of its property or business without its consent and such appointment is not discharged within 60 days after such appointment; 
 (f) any governmental agency, or any court of competent jurisdiction at the instance of any governmental agency, shall assume custody or control of the whole or any substantial portion of the assets of the
Company and such custody or control shall not be released within 45 days thereafter; 
 (g) any money judgment, writ or note of
attachment, or similar process in excess of $50,000 in the aggregate (and not covered by insurance) shall be entered or filed against the Company or any of its assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of 15 days,
or in any event later than five days prior to the date of any proposed sale of assets pursuant thereto; 
 (h) bankruptcy,
reorganization, insolvency or liquidation proceedings or other proceedings under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be dismissed
within 60 days after such institution, or the Company shall by any action or answer approve of, consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in, any such proceeding;

 (i) the occurrence of any event of default or other event triggering acceleration of, or a right to accelerate, any
indebtedness by the Company or any of the Company’s subsidiaries under any note, agreement or other instrument, whether such indebtedness now exists or is hereafter created, if the principal amount of such indebtedness equals or exceeds,
individually or in the aggregate, $50,000; 
 (j) the Holder shall reasonably believe that there has been a material adverse
change in the operations, properties, management or condition (financial or otherwise) of the Company or any of its subsidiaries, or that any litigation, governmental proceeding or investigation has been commenced against the Company, any of its
subsidiaries, or any officer, director or key employee of the Company or any of its subsidiaries, which has a reasonable probability of materially adversely affecting the Company’s business, operations, assets, liabilities, results of
operations or ability to repay this Note; 
 (k) Either Harold Montgomery or Craig Jessen shall voluntarily cease to provide
full-time executive services to the Company, and the Lender, in its sole discretion, declares an Event of Default as a result thereof; 

 (l) an Event of Default shall have occurred under any other Note; or 

(m) the occurrence of an event of default under any Existing Residual Contract, ISO Agreement, Existing Residuals Security Document,
Future Residual Contract or Future Residuals Security Document that would have a Material Adverse Effect and the same shall remain uncured after the expiration of any cure period applicable thereto; 

then, or at any time thereafter, and in each and every such case, unless such Event of Default shall have been waived in writing by the Holder (which
waiver in one instance shall not be deemed to be a waiver in another instance or for any other prior or subsequent Event of Default), at the option of the Holder and in the Holder’s sole discretion, the Holder may immediately accelerate the
maturity hereof, whereupon all principal and accrued interest hereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Company (anything herein or in
any other instrument to the contrary notwithstanding), and the Holder may immediately enforce any and all of the Holder’s rights and remedies provided herein or any other rights or remedies afforded by law or equity. Upon the occurrence and
during the continuance of an Event of Default, the Rate shall automatically increase to twenty percent (20%). 
 8.
Security. Pursuant to the Company’s Security Agreement, repayment of this Note and all other Notes issued pursuant to the Agreement are secured by a security interest in the Company’s assets as specified in that Security Agreement.
An Event of Default under the terms of this Note shall also constitute an event of default under that Security Agreement and any other agreements now or hereafter entered into by the Company to secure its payment of this Note. 

9. Enforceability; Maximum Interest Rate. 
 (a) In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if
possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Note shall not in any way be affected or impaired thereby. 

(b) Notwithstanding anything to the contrary contained in this Note, the Company shall not be obligated to pay, and the Holder shall not
be entitled to charge, collect, receive, reserve or take interest (“interest” being defined, for purposes of this paragraph, as the aggregate of all charges which constitute interest under applicable law that are contracted for, charged,
reserved, received or paid under this Note) in excess of the maximum rate allowed by applicable law (the “Maximum Lawful Rate”). During any period of time in which the Rate exceeds such Maximum Lawful Rate, interest shall accrue and
be payable only at such Maximum Lawful Rate; provided, however, that if at any time thereafter the Rate is less than the Maximum Lawful Rate, the Company shall, to the extent permitted by law, continue to pay interest to the account of the Holder at
the Maximum Lawful Rate until such time as the total interest received by the Holder is equal to the total interest which the Holder would have received had the Rate been (but for the operation of this provision) the interest rate payable.
Thereafter, the interest rate payable for the account of 

 
the Holder shall be the Rate unless and until the Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received
by the Holder exceed the amount which the Holder could lawfully have received had the interest been calculated for the term during which the Holder actually received interest from the Company at the Maximum Lawful Rate. If the Holder has received
interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance hereof or to other amounts (other than interest) payable hereunder to the Holder, and if no such principal or
other amounts are then outstanding, such excess or part thereof remaining shall be repaid by the Holder to the Company. For purposes of this Note, the term “applicable law” shall mean that law in effect from time-to-time and applicable to
the transaction between the Company and the Holder which lawfully permits the charging and collection of the highest permissible rate of interest on such transaction and this Note, including the laws of the State of California and, to the extent
controlling, laws of the United States of America. 
 10. Entire Agreement. This Note, together with the Agreement and
the other existing Transaction Documents and any exhibits or schedules attached thereto, and any addenda to any of the foregoing, constitute the full and entire understanding between the Company and the Holder with respect to the subject matter
hereof and thereof and supersede all prior negotiations, agreements and understandings, written or oral, with respect to such subject matter. No provision of this Note shall be amended, waived, discharged or terminated other than by a written
instrument signed by the Company and the Holder. 
 11. Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of California without giving effect to applicable principles of conflict of law. 
 12.
Headings. The headings in this Note are for convenience only, and shall not be used in the construction of this Note. 

13. Successors. Subject to the transfer restrictions contained in the Agreement, a Holder may assign and/or participate any of its
interest in this Note to any individual or entity. Each reference herein to powers or rights of a Holder shall also be deemed a reference to the same power or right of such assignees, to the extent of the interest assigned to them. All the
covenants, agreements, representations and warranties contained in this Note shall bind the Company and the Holder and their respective administrators, distributees, successors and assigns, including any individual or entity to whom a Holder has
granted a participation interest in this Note. 
 14. No Strict Construction. The Company and HD Special-Situations II,
LP intend that this Note be deemed and construed to have been jointly prepared by them. As a result, any uncertainty or ambiguity existing herein shall not be interpreted against either of them. 

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed by its authorized persons on the Date of Issuance. 

 
			
	 CALPIAN, INC.

		
	 By:
	 	  

		 	 Harold Montgomery, Chief Executive
 Officer

		
	 By:
	 	  

		 	Harold Montgomery, SecretaryWarrant to acquire up to 804,467 shares of Common Stock

 Exhibit 10.3 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE (COLLECTIVELY, THE “LAWS”). THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF EITHER (I) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE APPLICABLE LAWS OR (II) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER IN FORM, SUBSTANCE AND
SCOPE REASONABLY ACCEPTABLE TO THE ISSUER, TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE APPLICABLE LAWS. 

CALPIAN, INC. 
 WARRANT TO PURCHASE COMMON STOCK 
  

					
	 Warrant No.         
	  		  	Number of Shares: 804,467

 Date of Issuance: April 28, 2011 
 Calpian, Inc., a Texas corporation (the
“Company”), hereby certifies that, for value received, HD Special-Situations II, LP and permitted assigns, as the registered holder hereof (the “Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company upon surrender of this Warrant to Purchase Common Stock (the “Warrant”), at any time after the date of issuance shown above (the “Date of Issuance”), but not after 5:00 P.M. California time
on the Expiration Date (as defined herein), Eight Hundred Four Thousand Four Hundred Sixty-seven (804,467) fully paid and nonassessable shares of Common Stock (as defined herein) of the Company (each a “Warrant Share” and
collectively the “Warrant Shares”) at a purchase price (the “Warrant Exercise Price”) equal to $1.00 per share. The Warrant Exercise Price shall be paid in lawful money of the United States. Both the number of
Warrant Shares purchasable hereunder and the Warrant Exercise Price are subject to adjustment as provided in Section 10 below. 
 Section 1. Definitions. 
 (a) The following terms used in this Warrant
shall have the following meanings: 
 “Common Stock” means (i) the Company’s $0.001 par value common
stock and (ii) any capital stock into which such common stock shall have been changed or any capital stock resulting from a reclassification of such common stock. 
 “Expiration Date” means the date which is five years from the Date of Issuance or, if such date falls on a Saturday, Sunday or other day on which banks are required or authorized to be
closed in the State of California (a “Holiday”), the next preceding date that is not a Holiday. 

  
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 “Market Price” means the average of the closing stock prices for the Common
Stock for the ten trading days immediately prior to the date on which a Notice of Exercise is delivered to the Company, as reported on the trading market on which the Common Stock may then be quoted, if any such trading market may exist. 

“Note Purchase Agreement” shall mean the Note Purchase Agreement dated as of the Date of Issuance, by and between the
Company and HD Special-Situations II, LP. 
 “Securities Act” means the Securities Act of 1933, as amended.

 (b) Other definitional provisions: 
 (i) Except as otherwise specified herein, all references herein (A) to the Company shall be deemed to include the Company’s successors and (B) to any applicable law shall be deemed
references to such applicable law as the same may be amended or supplemented from time to time. 
 (ii) When used in this
Warrant, unless otherwise specified in a particular instance, the words “herein,” “hereof,” and “hereunder,” and words of similar import, shall refer to this Warrant as a whole and not to any specific provision of this
Warrant, and the word “Section” shall refer to Sections of this Warrant unless otherwise specified. 
 (iii) Whenever
the context so requires, the neuter gender includes the masculine or feminine, and the singular number includes the plural, and vice versa. 
 (iv) When used in this Warrant, “transfer” shall include any disposition of this Warrant or any Warrant Shares, or of any interest in either thereof, which would constitute a sale thereof within
the meaning of the Securities Act or applicable state securities laws. 
 Section 2. Exercise of Warrant.

 (a) Subject to the terms and conditions hereof, this Warrant may be exercised by Holder, as a whole or in part (except that
this Warrant shall not be exercisable as to a fractional share), at any time prior to 5:00 p.m. California time on the Expiration Date. The rights represented by this Warrant shall be exercised by Holder by (i) delivery of a written notice in
the form attached hereto (a “Notice of Exercise”) of Holder’s election to exercise this Warrant, which notice shall specify the number of Warrant Shares to be purchased, (ii) payment to the Company of an amount equal to
the Warrant Exercise Price multiplied by the number of Warrant Shares as to which the Warrant is being exercised, plus any applicable issuance or transfer taxes, in immediately available funds (either by wire transfer or a certified or
cashier’s check drawn on a United States bank) and (iii) the surrender of this Warrant, properly endorsed, at the principal office of the Company (or at such other agency or office of the Company as the Company may designate by notice to
Holder). 
 (b) In addition, at any time prior to 5:00 p.m. on the Expiration Date, and notwithstanding anything to the contrary
contained in this Warrant, at such time as the Market Price per share of the Common Stock exceeds the Warrant Exercise Price, this Warrant may be exercised by presentation and surrender of this Warrant to the Company in a cashless exercise,

  
 2 

 
including a written calculation of the number of Warrant Shares to be issued upon such exercise in accordance with the terms hereof (a “Cashless Exercise”). In the event of a
Cashless Exercise, in lieu of paying the Warrant Exercise Price, Holder shall surrender this Warrant for, and the Company shall issue in respect thereof, the number of Warrant Shares determined by multiplying the number of Warrant Shares to which
Holder would otherwise be entitled by a fraction, the numerator of which shall be determined by subtracting the Warrant Exercise Price from the then current Market Price per share of Common Stock, and the denominator of which shall be the then
current Market Price per share of Common Stock. 
 (c) Any Warrant Shares shall be deemed to be issued to Holder, as the record
owner of such Warrant Shares, as of the date on which this Warrant shall have been surrendered, the completed Notice of Exercise shall have been delivered, and payment (or notice of an election to effect a Cashless Exercise) shall have been made for
such Warrant Shares as set forth above, irrespective of the date of delivery of such share certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are properly closed, such person
shall be deemed to have become the holder of such Warrant Shares at the opening of business on the next succeeding date on which the stock transfer books are open. For each exercise of the rights represented by this Warrant in compliance with this
Section 2, a certificate or certificates for the Warrant Shares so purchased, registered in the name of, or as directed by, Holder, shall be delivered to, or as directed by, Holder within five business days after such rights shall have been so
exercised. 
 (d) Unless this Warrant shall have expired or shall have been fully exercised, upon an exercise of this Warrant
the Company shall issue a new Warrant identical in all respects to this Warrant except that it shall represent rights to purchase the number of Warrant Shares purchasable immediately prior to such exercise, less the number of Warrant Shares with
respect to which this Warrant is exercised (or, in the case of a Cashless Exercise, the number of shares to which Holder would otherwise have been entitled). 
 (e) In the case of any dispute with respect to an exercise, the Company shall promptly issue such number of Warrant Shares as are not disputed in accordance with this Section. If such dispute only
involves the number of Warrant Shares receivable by Holder under a Cashless Exercise, the Company shall submit the disputed calculations to an independent accounting firm reasonably acceptable to Holder within 15 business days of receipt of the
Notice of Exercise. The accountant shall review the calculations and notify the Company and Holder of the results no later than 15 business days from the date it receives the disputed calculations (or such longer period as such accountant may
reasonably require). The accountant’s calculation shall be deemed conclusive absent manifest error. The Company shall then issue the appropriate number of shares of Common Stock in accordance with this Section. 

Section 3. Covenants as to Common Stock. The Company covenants and agrees that all Warrant Shares which may be issued upon
the exercise of the rights represented by this Warrant will, upon issuance, be validly issued, fully paid and nonassessable. The Company further covenants and agrees that during the period within which the rights represented by this Warrant

  
 3 

 
may be exercised, the Company shall at all times have authorized and reserved a sufficient number of shares of Common Stock to provide for the exercise of the rights then represented by this
Warrant and that the par value of said shares will at all times be less than or equal to the applicable Warrant Exercise Price. 

Section 4. Taxes. The Company shall not be required to pay any tax or taxes attributable to the initial issuance of the
Warrant Shares or any transfer involved in the issuance or delivery of any certificates for Warrant Shares in a name other than that of Holder or any permitted transferee of this Warrant. 

Section 5. Warrant Holder Not Deemed a Stockholder. No Holder of this Warrant, as such, shall be entitled to vote or receive
dividends or be deemed the holder of shares of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon Holder, as such, any of the rights of a stockholder of the Company or any right to vote, give or
withhold consent to any corporate action (whether any reorganization, issuance of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to Holder of the Warrant Shares which Holder is then entitled to receive upon the due exercise of this Warrant. Notwithstanding the foregoing, the Company shall provide Holder with copies of the same notices and other
information given to the stockholders of the Company generally, contemporaneously with the delivery thereof to the stockholders. 
 Section 6. No Limitation on Corporate Action. No provisions of this Warrant and no right or option granted or conferred hereunder shall in any way limit, affect or abridge the exercise by the
Company of any of its corporate rights or powers to recapitalize, amend its Certificate of Formation, reorganize, consolidate or merge with or into another corporation, transfer all or any part of its property or assets, or exercise any other of its
corporate rights and powers. 
 Section 7. Representations of Holder. By the acceptance of this Warrant, Holder
represents that (i) it is acquiring this Warrant and the Warrant Shares for Holder’s own account for investment and not with a view to, or for sale in connection with, any distribution thereof and (ii) it is an “accredited
investor” as such term is defined in Rule 501(a) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act. Upon exercise of this Warrant, Holder shall, if requested by the Company, confirm the foregoing
representations in writing, in a form satisfactory to the Company. If Holder cannot make such representations because they would be factually incorrect, it shall be a condition to Holder’s exercise of this Warrant that the Company receive such
other representations as the Company considers reasonably necessary to assure it that the issuance of the Warrant Shares shall not violate any federal or state securities laws. 

Section 8. Representations of the Company. The Company represents that it has the requisite power and authority to issue and
sell this Warrant and perform it obligations under this Warrant in accordance with its terms. The Company’s execution, delivery and performance of this Warrant have been duly authorized by the Company’s Board of Directors and no further

  
 4 

 
consent or authorization of the Company, its stockholders, or any other individual or entity, is required. This Warrant (i) has been duly and validly authorized, executed and delivered by
the Company and (ii) constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject as to enforceability to general principles of equity and to bankruptcy, insolvency, moratorium
and other similar laws affecting the enforcement of creditors’ rights generally. 
 Section 9. Restrictions on
Transfer. Holder understands that (i) this Warrant and the Warrant Shares have not been and are not being registered under the Securities Act or any state securities laws (other than as described in the Registration Rights Agreement entered
into concurrently herewith (the “Registration Rights Agreement”)), and may not be offered for sale, sold, assigned or transferred except as provided in the Note Purchase Agreement and the Registration Rights Agreement, and
(ii) neither the Company nor any other person is under any obligation to register such securities (other than as described in the Registration Rights Agreement) under the Securities Act or any state securities laws or to comply with the terms
and conditions of any exemption thereunder. 
 Section 10. Adjustments. 

(a) Reclassification, Reorganization and Certain Other Transactions. In case of any reclassification, capital reorganization or
other change of outstanding shares of the Common Stock, or in case of any consolidation or merger of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and which does
not result in any reclassification, capital reorganization or other change of outstanding shares of Common Stock), the Company shall cause effective provision to be made so that Holder shall have the right thereafter, by exercising this Warrant, to
purchase the kind and number of shares of stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other change, consolidation or merger by a holder of the number of shares of Common
Stock that could have been purchased upon exercise of this Warrant immediately prior to such reclassification, capital reorganization or other change, consolidation or merger. The foregoing provisions shall similarly apply to successive
reclassifications, capital reorganizations and other changes of outstanding shares of Common Stock and to successive consolidations or mergers. If the consideration received by the holders of Common Stock is other than cash, the value shall be as
determined by the Company’s Board of Directors acting in good faith. 
 (b) Dividends and Stock Splits. If and
whenever the Company shall effect a stock dividend, a stock split, a stock combination, or a reverse stock split of the Common Stock, the number of Warrant Shares purchasable hereunder and the Warrant Exercise Price shall be proportionately adjusted
in the manner determined by the Company’s Board of Directors acting in good faith. The number of shares, as so adjusted, shall be rounded to the nearest whole number and the Warrant Exercise Price shall be rounded to the nearest cent.

 Section 11. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen or destroyed, the
Company shall, on receipt of an indemnification undertaking reasonably satisfactory to the Company, issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen or destroyed. In the event Holder asserts such loss, theft or
destruction of this Warrant, the Company may require Holder to post a bond issued by a surety reasonably satisfactory to the Company with respect to the issuance of such new Warrant. 

  
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 Section 12. Notices. Any and all communications required or permitted to be
provided hereunder shall be in writing and shall be deemed given and effective as provided in the Note Purchase Agreement. The addresses for such communications shall be as provided in the Note Purchase Agreement or such other addresses as may most
recently have been designated in writing. 
 Section 13. Miscellaneous. This Warrant and any term hereof may be
changed, waived, discharged, or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. This Warrant shall be governed by and interpreted under the laws of
the State of California, without regard to the principles of conflict of laws. Headings are for convenience only and shall not affect the meaning or construction of any of the provisions hereof. This Warrant shall be binding upon the Company and its
successors and assigns and shall inure to the benefit of the Holder and its permitted successors and assigns. 

Section 14. Attorney’s Fees. If Holder or the Company shall bring any action for relief against the other arising out of
or in connection with this Warrant, in addition to all other remedies to which the prevailing party may be entitled, the losing party shall be required to pay to the prevailing party a reasonable sum for attorney’s fees and costs incurred in
bringing or defending such action and/or enforcing any judgment granted therein, all of which shall be deemed to have accrued upon the commencement of such action and shall be paid whether or not such action is prosecuted to judgment. Any judgment
or order entered in such action shall contain a specific provision providing for the recovery of attorney’s fees and costs incurred in enforcing such judgment. For the purposes of this Section, attorney’s fees shall include, without
limitation, fees incurred with respect to the following: (i) post-judgment motions, (ii) contempt proceedings, (iii) garnishment, levy and debtor and third party debtor and third party examinations, (iv) discovery and
(v) bankruptcy litigation. 
 Section 15. Effect of Expiration Date. This Warrant, in all events, shall be
wholly void and of no effect after 5:00 p.m. California time on the Expiration Date, except that notwithstanding any other provisions hereof, the provisions of Sections 9 and 14 shall continue in full force and effect after such date as to any
Warrant Shares or other securities issued upon the exercise of this Warrant. 
 IN WITNESS WHEREOF, the Company has caused this
Warrant to be duly executed by its duly authorized officers as of the Date of Issuance. 
  

	
	 CALPIAN, INC.

	
	 By: /s/Harold Montgomery, Chief Executive Officer

	
	 By: /s/Harold Montgomery, Secretary

  
 6 

 NOTICE OF EXERCISE FORM 

CALPIAN, INC. 
 The undersigned hereby exercises the right to purchase the number of Warrant Shares covered by the Warrant attached hereto as specified below according to the conditions thereof and herewith makes payment
of $              (unless effected by a Cashless Exercise in accordance with the terms of the Warrant), which constitutes the aggregate Warrant Exercise Price of such Warrant Shares
pursuant to the terms and conditions of the Warrant. 
 (i) The undersigned agrees not to offer, sell, transfer or otherwise
dispose of any Common Stock obtained upon exercise of the Warrant except under circumstances that will not result in a violation of the 1933 Act or applicable state securities laws. 

(ii) The undersigned requests that the stock certificates for the Warrant Shares be issued, and a Warrant representing any unexercised
portion hereof be issued, pursuant to the terms of the Warrant in the name of Holder and delivered to the undersigned at the address set forth below. 
 Dated:                      ,         .

  

			
	HOLDER:	 	 

  

			
	By:	 	 
	Title:	 	  

		 	
	Address:	 	

  

	
	
	 
	
	 
	
	 

 Number of Warrant Shares being purchased:
                     

  
 7

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