Document:

lenco_10a2-ex0408.htm

    
      
        

      

    

    EXHIBIT
4.7

     

    NEITHER
THIS NOTE NOR ANY SHARES OF STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES
LAWS OF ANY STATE. NEITHER THIS NOTE NOR ANY SHARES OF STOCK ISSUABLE UPON
CONVERSION OF THIS NOTE MAY BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THIS NOTE
OR SHARES OF STOCK ISSUABLE UPON CONVERSION OF THIS NOTE UNDER SUCH ACT UNLESS
SUCH REGISTRATION IS NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER
THE ACT.

     

    THE ISSUE
PRICE OF THIS NOTE IS $400,000.00 (THE "ISSUE PRICE").  THE
AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS NOTE IS $60,000.00 (the "OID AMOUNT").  THE
ISSUE DATE OF THIS NOTE IS NOVEMBER 30, 2009.

     

    LENCO
MOBILE INC.

     

    Original
Issue Discount Secured Convertible Promissory Note

    
    

     

    
      	$460,000.00	November 30,
      2009

    

     

    FOR VALUE
RECEIVED, the undersigned Lenco Mobile Inc., a Delaware corporation (referred to
herein as "Borrower" or
the "Company"), promises
to pay to the order of Agile Opportunity Fund LLC, its successors or assigns
(the "Lender"), the
principal sum of Four Hundred Sixty Thousand and 00/100 Dollars ($460,000.00)
(the "Face Amount") on
November 29, 2010 (the "Maturity Date"), together with
interest on the Issue Price of this Note at a rate equal to eighteen percent
(18%) per annum calculated on the basis of a 360 day year (the "Interest
Rate").  Interest shall be payable on the last day of each
month commencing on December 31, 2009. Notwithstanding any other provision
hereof, interest paid or becoming due hereunder and any other payments hereunder
which may constitute interest shall in no event exceed the maximum rate
permitted by applicable law.

     

    Interest
and any other amounts due hereunder are payable in lawful money of the United
States of America to the Lender at the address set forth in that certain
Securities Purchase and Amendment Agreement by the Borrower, AdMax Media Inc.,
its wholly owned subsidiary, and the Lender dated as of the date hereof (the
"Securities Purchase
Agreement") and pursuant to which this Note is issued. All capitalized
terms not otherwise defined herein shall have the respective meanings as set
forth in the Securities Purchase Agreement.  This Note is secured by
the Security Agreement and the Pledge Agreement.

     

    Section
1.   Conversion.

     

    (a)   At any
time from the original issue date hereof through the date that this Note is paid
in full, Lender shall have the right, in its sole discretion, to convert the
principal balance of this Note then outstanding plus accrued but unpaid
interest, in whole or in part, into shares (each, a "Conversion Share") of Common
Stock at a conversion price equal to $3.25 per Conversion Share, subject to
adjustment as provided in Section 2 herein (the "Conversion
Price").

     

    
      
        
        

      

      
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    (b)   Lender
may convert this Note at the then applicable Conversion Price by the surrender
of this Note (properly endorsed) to the Company at the principal office of the
Borrower, together with the form of Notice of Conversion attached hereto as
Annex
A (a "Notice of
Conversion") duly completed, dated and executed, specifying therein the
Convertible Principal Balance and/or outstanding interest to be
converted.  The "Conversion Date" shall be the date that such Notice
of Conversion and this Note is duly provided to Borrower hereunder (or, at
Lender's option, the next interest payment date with respect to Lender's
conversion of any scheduled interest payment).  In the event that the
Lender shall specify a name or names other than that of the Lender to receive
any of the Conversion Shares issuable upon such exercise of the conversion
option, the Notice of Conversion also shall be accompanied by payment of all
transfer taxes payable upon the issuance of the Conversion Shares to such
specified person(s).

     

    (c)   On the
date of receipt by the Company of the duly completed, dated and executed Notice
of Conversion, this Note and applicable transfer taxes, if any, all in
accordance with Section 1(b) with respect to a conversion of any
portion of this Note, the Lender (and any person(s) receiving Conversion
Shares in lieu of the Lender) shall be deemed to have become the holder of
record for all purposes of the Conversion Shares to which such valid conversion
relates.

     

    (d)   As soon
as practicable, but not in excess of five business days, after the valid
conversion of any portion of this Note, the Company, at the Company’s expense
(including the payment by Company of any applicable issuance and similar taxes,
but excluding the transfer taxes referred to in Section 1(b)), will cause
to be issued in the name of and delivered to the Lender (and/or such other
person(s) identified in the Notice of Conversion with respect to such
conversion), certificates evidencing the number of duly authorized, validly
issued, fully paid and non-assessable Conversion Shares to which the Lender
(and/or such other person(s) identified in such Notice of Conversion, shall
be entitled to receive upon the conversion), as adjusted to reflect the effects,
if any, of the anti-dilution provisions of Section 2, such certificates to
be in such reasonable denominations as Lender may request when delivering the
Notice of Conversion.

     

    (e)   If less
than the entire Convertible Principal Balance of this Note is being converted,
the Company shall execute and deliver to the Lender a new replacement Note
(dated as of the date hereof) evidencing a face amount which is the percentage
of the original Face Amount equal to the portion of the Convertible Principal
Balance that has not been so converted.

     

    Section
2.   Conversion Price
Adjustment.

     

    (a)   If the
Borrower, at any time while this Note is outstanding, (i) shall pay a stock
dividend or otherwise make a distribution or distributions on shares of its
Common Stock or any other equity or equity equivalent securities payable in
shares of Common Stock, (ii) subdivide outstanding shares of Common Stock
into a larger number of shares, (iii) combine (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares,
or (iv) issue by reclassification of shares of the Common Stock any shares
of capital stock of the Borrower, then the Conversion Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common
Stock (excluding treasury shares, if any) outstanding before such event and of
which the denominator shall be the number of shares of Common Stock (excluding
treasury shares, if any) outstanding after such event. Any adjustment made
pursuant to this paragraph shall become effective immediately after the
record date for the determination of stockholders entitled to receive such
dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or
reclassification.

     

    
      
        
        

      

      
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    (b)   In case
of any consolidation or merger of the Borrower with or into another entity or
the conveyance of all or substantially all of the assets of the Borrower to
another entity (collectively, an "Organic Change"), this Note
shall thereafter be convertible (to the extent such conversion is permitted
hereunder) into the number of shares of Common Stock or other securities or
property to which a holder of the number of shares of Common Stock of the
Borrower deliverable upon conversion of this Note would have been entitled had
this Note been converted immediately prior to such Organic Change and held until
after the closing of such Organic Change; and, in any such case, appropriate
adjustment shall be made in the application of the provisions herein set forth
with respect to the rights and interest thereafter of Lender or any subsequent
holder of this Note, to the end that the provisions set forth herein shall be
thereafter applicable, as nearly as reasonably may be, in relation to any shares
of Common Stock or other property thereafter deliverable upon the conversion of
this Note.

     

    Section
3.   Reservation of
Stock.  The
Borrower covenants that it will at all times reserve and keep available out of
its authorized and unissued shares of Common Stock solely for the purpose of
issuance upon conversion of this Note as herein provided, free from preemptive
rights or any other actual contingent purchase rights of persons other than the
Lender, not less than such number of shares of the Common Stock as shall be
issuable upon the conversion of the outstanding Face Amount of this Note and
accrued and unpaid interest hereunder.  If at any time, the Company
does not have available an amount of authorized but unissued Common Stock or
Common Stock held in treasury necessary to satisfy any conversion of all amounts
outstanding under this Note, the Company shall call and hold a special meeting
of its stockholders within 90 days of the occurrence of any shortfall in
authorized shares for the purpose of approving an increase in the number of
shares of authorized Common Stock to an amount sufficient to enable conversion
all amounts outstanding under this Note, subject in all respects to compliance
with the requirements of Section 14 of the Securities Exchange Act of 1934
to which the Borrower is subject.  The Board of Directors of the
Company shall recommend that stockholders vote in favor of increasing the number
of authorized shares of Common Stock at any such meeting.  The
Borrower covenants that all shares of Common Stock that may be issuable upon
conversion of this Note shall, upon issue, be duly and validly authorized,
issued and fully paid and nonassessable.  No consent of any other
party and no consent, license, approval or authorization of, or registration or
declaration with, any governmental authority, bureau or agency is required in
connection with the execution, delivery or performance by the Borrower, or the
validity or enforceability of this Note other than such as have been met or
obtained. The execution, delivery and performance of this Note and all other
agreements and instruments executed and delivered or to be executed and
delivered pursuant hereto or thereto or the securities issuable upon conversion
of this will not violate any provision of any existing law or regulation or any
order or decree of any court, regulatory body or administrative agency or the
certificate of incorporation or by-laws of the Borrower or any mortgage,
indenture, contract or other agreement to which the Borrower is a party or by
which the Borrower or any property or assets of the Borrower may be
bound.

     

    
      
        
        

      

      
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    Section
4.   No Fractional
Shares.  Upon
a conversion hereunder, the Borrower shall not be required to issue stock
certificates representing fractions of shares of Common Stock, and in lieu of
any fractional shares which would otherwise be issuable, the Borrower shall
issue the next highest whole number of shares of Common Stock, as the case may
be.

     

    Section
5.   Redemption.  If
at any time while this Note shall be outstanding, the Company shall consummate:
(i) the closing of a financing in excess of three million dollars
($3,000,000); or (ii) a Sale of the Company, then the Company shall deliver
a written notice to the Lender of the pending consummation of any transaction
described in clauses (i) or (ii) of this Section 5 (each, a
"Liquidity Event")
fifteen (15) days prior thereto and shall, at the sole option of the
Lender, redeem this Note in full immediately following the closing of such
Liquidity Event (the "Repayment
Date") by paying the entire outstanding Face Amount of this Note,
together with accrued interest. For the purpose of clarification, after delivery
of a notice of a Liquidity Event as provided for in this Section, the Lender
shall continue to be entitled to effectuate conversions as contemplated under
this Note until such time as the redemption under this Section is
consummated.

     

    Section
6.   Transferability.  This
Note and any of the rights granted hereunder are freely transferable by the
Lender, in its sole discretion, subject to federal and state securities law
restrictions, if any.

     

    Section
7.   Event of
Default.  (a) 
In the event that any one of the following events shall occur (whatever the
reason and whether it shall be voluntary or involuntary or effected by operation
of law or pursuant to any judgment, decree or order of any court, or any order,
rule or regulation of any administrative or governmental body):

     

    (i)   Any
default in the payment of the principal of, interest on or other charges in
respect of this Note or the Original Note, as and when the same shall become due
and payable (whether on a Conversion Date or the Maturity Date or by
acceleration or otherwise);

     

    (ii)   The
Borrower or AdMax shall fail to observe or perform any other material covenant,
agreement or warranty contained in, or otherwise commit any breach or default of
any provision of this Note, the Original Note or any Loan Document to which it
is a party, and such failure or breach shall continue to exist for a period of
10 days following delivery of Holder's written notice to Borrower of such
failure or breach (unless the underlying breach or default was subject to notice
and an opportunity to cure under the Loan Documents in which case no additional
notice or cure period shall be afforded);

     

    
      
        
        

      

      
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    (iii)   The
Borrower or AdMax, shall commence, or there shall be commenced against the
Borrower or AdMax any applicable bankruptcy or insolvency laws as now or
hereafter in effect or any successor thereto, or the Borrower or AdMax commences
any other proceeding under any reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency or liquidation or similar law of any
jurisdiction whether now or hereafter in effect relating to the Borrower or
AdMax or there is commenced against the Borrower or AdMax any such bankruptcy,
insolvency or other proceeding which remains undismissed for a period of 60
days; or the Borrower or AdMax is adjudicated insolvent or bankrupt; or any
order of relief or other order approving any such case or proceeding is entered;
or the Borrower or AdMax suffers any appointment of any custodian, private or
court appointed receiver or the like for it or any substantial part of its
property which continues undischarged or unstayed for a period of 60 days; or
the Borrower or AdMax makes a general assignment for the benefit of creditors;
or the Borrower or AdMax shall fail to pay or shall state that it is unable to
pay or shall be liable to pay, its debts as they become due or by any act or
failure to act expressly indicate its consent to, approval of or acquiescence in
any of the foregoing; or any corporate or other action is taken by the Borrower
or AdMax for the purpose of effecting any of the foregoing; or

     

    (iv)   The
Borrower or AdMax shall default (subject to all applicable cure periods) in any
of its secured obligations under any other note or any mortgage, credit
agreement or other facility, indenture agreement, factoring agreement or other
instrument under which there may be issued, or by which there may be secured or
evidenced any indebtedness for borrowed money or money due under any leasing or
factoring arrangement of the Borrower, whether such indebtedness now exists or
shall hereafter be created and such default shall result in such indebtedness
becoming or being declared due and payable prior to the date on which it would
otherwise become due and payable, then, in any such event, a default by Borrower
shall be deemed to occur under this Note, which, unless such default is cured
(in the case of clause (i) or (ii) of this
paragraph (a) only) by Borrower within five business days from
delivery of notice (an "Event of Default Notice") to Borrower of such default,
shall be deemed, for the purposes of this Note, to be an "Event of
Default."

     

    (b)   Following
and during continuation of an uncured Event of Default, the Interest Rate shall
increase to 24.99% per annum immediately following such Event of Default; provided, that the
Interest Rate shall thereafter automatically revert back to the prior Interest
Rate upon all Events of Default being cured to the satisfaction of Lender,
effective on the date that Lender accepts such cure.  Notwithstanding
the foregoing, in the event Borrower fails to pay all amounts due hereunder on
or before the Maturity Date, beginning on the day after the Maturity Date, the
OID Amount and the Face Amount of this Note payable by Borrower shall be
increased pro rata for each month or fraction thereof after the Maturity Date
that this Note remains unpaid. Upon the occurrence of an Event of Default
hereunder, the entire Face Amount of this Note together with any accrued but
unpaid interest shall automatically become due and payable.  The
failure of the Lender to exercise any of its rights hereunder in any particular
instance shall not constitute a waiver of the same or of any other right in that
or any subsequent instance with respect to the Lender or any subsequent
holder.  The Lender need not provide and the Borrower hereby waives
any presentment, demand, protest or other notice of any kind, and the Lender may
immediately and without expiration of any grace period enforce any and all of
its rights and remedies hereunder and all other remedies available to it under
applicable law.

     

    
      
        
        

      

      
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    Section
8.   Registration
Rights.  The
Lender is entitled to certain registration rights with respect to the Common
Stock issuable upon conversion of this Note as set forth in the Securities
Purchase Agreement.

     

    Section
9.   Notices.  Any
and all notices, requests, documents or other communications or deliveries
required or permitted to be given or delivered hereunder shall be delivered in
accordance with the notice provisions of the Securities Purchase
Agreement.

     

    Section
10.   Usury.  To
the extent it may lawfully do so, the Company hereby agrees not to insist upon
or plead or in any manner whatsoever claim, and will resist any and all efforts
to be compelled to take the benefit or advantage of, usury laws wherever
enacted, now or at any time hereafter in force, in connection with any claim,
action or proceeding that may be brought by the Lender in order to enforce any
right or remedy under any Loan Document.  Notwithstanding any
provision to the contrary contained in any Loan Document, it is expressly agreed
and provided that the total liability of the Company under the Loan Documents
for payments in the nature of interest shall not exceed the maximum lawful rate
authorized under applicable law (the "Maximum Rate"), and, without
limiting the foregoing, in no event shall any rate of interest or default
interest, or both of them, when aggregated with any other sums in the nature of
interest that the Company may be obligated to pay under the Loan Documents
exceed such Maximum Rate.  It is agreed that if the maximum contract
rate of interest allowed by law and applicable to the Loan Documents is
increased or decreased by statute or any official governmental action subsequent
to the date hereof, the new maximum contract rate of interest allowed by law
will be the Maximum Rate applicable to the Loan Documents from the effective
date forward, unless such application is precluded by applicable
law.  If under any circumstances whatsoever, interest in excess of the
Maximum Rate is paid by the Company to Lender with respect to indebtedness
evidenced by the Loan Documents, such excess shall be applied by Lender to the
unpaid principal balance of any such indebtedness or be refunded to the Company,
the manner of handling such excess to be at Lender’s election.

     

    Section
11.   Governing Law; Waiver of
Jury Trial.  This
Note and the provisions hereof are to be construed according to and are governed
by the laws of the State of New York, without regard to principles of conflicts
of laws thereof.  Borrower agrees that the New York State Supreme
Court located in the County of Nassau, State of New York shall have exclusive
jurisdiction in connection with any dispute concerning or arising out of this
Note, the Loan Documents, or otherwise relating to the parties
relationship.  In any action, lawsuit or proceeding brought to enforce
or interpret the provisions of this Note, the Loan Documents and/or arising out
of or relating to any dispute between the parties, the Lender shall be entitled
to recover all of its costs and expenses relating collection and enforcement of
this Note (including without limitation, reasonable attorney’s fees and
disbursements) in addition to any other relief to which the Lender may be
entitled.

     

    
      
        
        

      

      
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    THE
BORROWER HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR
COUNTERCLAIM, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, ARISING OUT OF
OR IN ANY WAY RELATING TO THIS NOTE.

     

    Section
12.   Successors and
Assigns.  Subject
to applicable securities laws, this Note and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the
successors of the Company and the successors and assigns of Lender.

     

    Section
13.   Reimbursement of
Expenses.  The
Company shall reimburse the Lender for any reasonable legal fees and
disbursements incurred by the Lender in enforcement of or protection of any of
its rights under this Note.

     

    Section
14.   Amendment.  This
Note may be modified or amended or the provisions hereof waived only with the
written consent of the Lender and the Company.

     

    Section
15.   Severability.  Wherever
possible, each provision of this Note shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Note
shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of
this Note.

     

     

     

     

    [Remainder
of Page Intentionally Left Blank]

     

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, the Borrower has caused this Original Issue Discount Secured
Convertible Promissory Note to be duly executed by a duly authorized officer as
of the date first above indicated.

     

    
      	 
      	
              LENCO
      MOBILE INC.

               

              By:      /s/ Michael
      Levinsohn

                  Name:
      Michael Levinsohn

                  Title:
      CEO

            

    

     

     

     

     

    
      
        
        

      

      
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ANNEX
A

     

    NOTICE OF
CONVERSION

    To Be
Executed by the Lender

    in Order
to Convert Promissory Note

     

    The
undersigned Lender hereby elects to convert $__________ principal (equal to
$______ Face Amount less, if Conversion Date is prior to Maturity Date, $____
unamortized OID Amount, capitalized terms used as defined in the Note) and
$_____ interest currently outstanding and owed under the Original Issue Discount
Secured Convertible Promissory Note issued to Agile Opportunity Fund, LLC at
a Conversion Price of $___ (the "Note") and to purchase
___________ shares of Common Stock issuable upon conversion of such Note, and
requests that certificates for such securities shall be issued in the name
of:

     

    

    _________________________________________________

    (please
print or type name and address)

     

    

    _________________________________________________

    (please
insert social security or other identifying number)

     

    and be
delivered as follows:

     

     

    _________________________________________________

    (please
print or type name and address)

     

     

    _________________________________________________

    (please
insert social security or other identifying number)

     

    

     

    Lender
Name: ______________________________________

     

    By:
______________________________________________

    Name:

    Title:

     

    Conversion
Date: ___________________________________

     

     

    
      
        
        

      

      
        -9-lenco_10a2-ex0408.htm

    
      
        

      

    

    EXHIBIT
4.8

     

    LENCO
MOBILE INC.

    WARRANT
(SERIES A)

     

    November 30,
2009

     

    THIS
WARRANT, AND ALL SHARES OF STOCK ISSUABLE UNDER THIS WARRANT, HAVE BEEN AND WILL
BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT").  SUCH
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT
BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE
STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM.

     

    This
Series A Warrant is issued pursuant to the Securities Purchase and Amendment
Agreement dated of even date herewith among Lenco Mobile Inc., a Delaware
corporation (the "Company"), its wholly owned
subsidiary AdMax Media Inc., a Nevada corporation and Agile Opportunity Fund,
LLC, a Delaware limited liability company (the "Securities Purchase
Agreement").  This Warrant is (i) entitled to certain
registration rights pursuant to Section 4.2 of the Securities Purchase
Agreement and (ii) subject to certain restrictions on exercise related to
beneficial ownership limitations pursuant to Section 1.5 of the Securities
Purchase Agreement.  The number of shares issuable upon exercise of
this Warrant shall be subject to adjustment in accordance with the terms
hereof.

     

    THIS
CERTIFIES THAT, for value received, AGILE OPPORTUNITY FUND, LLC (the "Investor", "Lender" or the "Holder"), or its permitted
assigns is entitled, subject to the terms and conditions of this Warrant, at any
time following the Effective Date and before 5:30 P.M.  New York City
time on the Expiration Date, to purchase from the Company, 75,000 shares of
Common Stock (such shares and all other shares issued or issuable pursuant to
this Warrant referred to hereinafter as "Warrant
Stock").  The initial "Purchase Price" per share
shall be equal to $3.25 for an aggregate Purchase Price for all Warrant Stock
equal to $243,750.

     

    1.   DEFINITIONS:  As
used in this Warrant, the following terms shall have the following respective
meanings:

     

    "Affiliate" when used with
respect to any Person, shall mean (a) any other Person which, directly or
indirectly, controls or is controlled by or is under common control with such
Person, and (b) any executive officer or director of such Person and any
executive officer, director or general partner of the other Person which
controls such Person.  For the purposes of this definition, "control"
(including the correlative meanings of the terms "controlling", "controlled by"
and "under common control with"), with respect to any Person, shall mean
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities or by contract or otherwise.

     

    "Common Stock" shall mean the
common stock, $.001 par value per share, of the Company.

     

    "Effective Date" shall mean the
date first written above.

     

    
      
        
        

      

      
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    "Expiration Date" shall mean
the five year anniversary of the Effective Date.

     

    "Fair Market Value" of a share
of Warrant Stock as of a particular date shall mean:

     

    (a)           If
traded on a securities exchange or a NASDAQ Market, the Fair Market Value shall
be deemed to be the average of the closing price of the Warrant Stock on such
exchange or market over the five (5) trading days ending on the day
immediately prior to the applicable date of valuation;

     

    (b)           If
actively traded over-the-counter, the Fair Market Value shall be deemed to be
the average of the closing bid prices over the five (5) trading days ending
on the day immediately prior to the applicable date of valuation;
and

     

    (c)           If
there is no active public market, the Fair Market Value shall be the value
thereof, as agreed upon by the Company and the Holder; provided, however, that if the
Company and the Holder cannot agree on such value, such value shall be
determined by an independent valuation firm experienced in valuing businesses
such as the Company and jointly selected in good faith by the Company and the
Holder.  Fees and expenses of the valuation firms shall be paid
equally by the Company and the Holder.

     

    "Holder" shall mean the
Investor, its successors or assigns.

     

    "Person" shall mean any
individual, corporation, partnership, limited liability company, trust or other
entity or organization, including any governmental authority or political
subdivision thereof.

     

    "Registered Holder" shall mean
any Holder in whose name this Warrant is registered upon the books and records
maintained by the Company.

     

    "SEC" shall mean the United
States Securities and Exchange Commission.

     

    "Warrant" shall mean this
Warrant and any warrant delivered in substitution or exchange therefor as
provided herein.

     

    2.   EXERCISE
OF WARRANT.

     

    2.1   Payment.  Subject to
compliance with the terms and conditions of this Warrant and applicable
securities laws, this Warrant may be exercised, in whole or in part at any time
or from time to time, from and after the Effective Date and on or before the
Expiration Date by delivery (including, without limitation, delivery by
facsimile) of the form of Notice of Exercise attached hereto as Exhibit 1
(the "Notice of
Exercise"), duly executed by the Holder, to the Company at its then
principal office, and as soon as practicable after such date,
surrendering:

     

    (a)           this
Warrant at the principal office of the Company, and

     

    (b)           payment
in cash, by check or by wire transfer of an amount equal to the product obtained
by multiplying the number of shares of Warrant Stock being purchased upon such
exercise by the then effective Purchase Price (the "Exercise
Amount").

     

    
      
        
        

      

      
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    2.2   Net Issue
Exercise.  In lieu of the payment methods set forth in
Section 2.1(b) above, the Holder may elect to exchange all or some of
the Warrant for shares of Warrant Stock equal to the value of the amount of the
Warrant being exchanged on the date of exchange.  If the Holder elects
to exchange this Warrant as provided in this Section 2.2, the Holder shall
tender to the Company the Warrant for the amount being exchanged, along with
written notice of the Holder's election to exchange some or all of the Warrant,
and the Company shall issue to the Holder the number of shares of the Warrant
Stock computed using the following formula:

     

    X = Y (A-B)

    A

     

    Where:

     

    X = the
number of shares of Warrant Stock to be issued to the Holder;

     

    Y = the
total number of shares of Warrant Stock as to which this Warrant is being
exercised;

     

    A = the
Fair Market Value of one share of Warrant Stock; and

     

    B = the
Purchase Price of one share of Warrant Stock (as adjusted to the date of such
calculation).

     

    All
references herein to an "exercise" of the Warrant shall include an exchange
pursuant to this Section 2.2.

     

    2.3   "Easy Sale"
Exercise.  In lieu of the payment methods set forth in
Section 2.1(b) above, when permitted by law and applicable regulations
(including exchange, NASDAQ and Financial Industry Regulatory Authority ("FINRA") rules and including
that all shares so issued will be deemed to be fully paid, non-assessable and
properly listed or admitted for trading), the Holder may pay the Purchase Price
through a "same day sale" commitment from the Holder (and if applicable a
broker-dealer that is a member of FINRA (a "FINRA Dealer")), whereby the
Holder irrevocably elects to exercise this Warrant and to sell a portion of the
shares so purchased to pay for the Purchase Price and the Holder (or, if
applicable, the FINRA Dealer) commits upon sale (or, in the case of the FINRA
Dealer, upon receipt) of such shares to forward the Purchase Price directly to
the Company.

     

    2.4   Stock Certificates; Fractional
Shares.  As soon as practicable on or after any date of
exercise of this Warrant pursuant to this Section 2, the Company shall
issue and deliver to the Person or Persons entitled to receive the same a
certificate or certificates for the number of whole shares of Warrant Stock
issuable upon such exercise, together with cash in lieu of any fraction of a
share equal to such fraction of the current Fair Market Value of one whole share
of Warrant Stock as of the date of exercise of this Warrant.  No
fractional shares or scrip representing fractional shares shall be issued upon
an exercise of this Warrant.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    2.5   Partial Exercise; Effective Date of
Exercise.  In case of any partial exercise of this Warrant, the
Company shall cancel this Warrant upon surrender hereof and shall execute and
deliver a new Warrant of like tenor and date for the balance of the shares of
Warrant Stock purchasable hereunder.  This Warrant shall be deemed to
have been exercised immediately prior to the close of business on the date of
its surrender for exercise as provided above.  The Person entitled to
receive the shares of Warrant Stock issuable upon exercise of this Warrant shall
be treated for all purposes as the holder of record of such shares as of the
close of business on the date the Holder is deemed to have exercised this
Warrant.

     

    2.6   Purchase
Price Adjustment.

     

    (a)   If the
Company shall effect a subdivision of the outstanding Common Stock, the Purchase
Price then in effect immediately before such subdivision shall be
proportionately decreased.  If the Company shall combine the
outstanding shares of Common Stock, the Purchase Price then in effect
immediately before the combination shall be proportionately
increased.  If the Company shall make or issue a dividend or other
distribution payable in securities, then and in each such event provision shall
be made so that the holder of this Warrant shall receive upon exercise hereof,
in addition to the number of shares of Common Stock receivable thereupon, the
amount of securities that the holder of this Warrant would have received had
this Warrant been exercised for Common Stock on the date of such event and had
such holder thereafter during the period from the date of such event to and
including the date of exercise of this Warrant retained such securities
receivable by such holder as aforesaid during such period, giving effect to all
adjustments called for during such period under this paragraph.  If
the Company shall reclassify its Common Stock (including any reclassification in
connection with a consolidation or merger in which the Company is the surviving
corporation), then and in each such event provision shall be made so that such
holder shall receive upon exercise hereof the amount of such reclassified Common
Stock that such holder would have received had this Warrant been exercised for
Common Stock immediately prior to such reclassification and had such holder
thereafter, during the period from the date of such event to and including the
date of exercise of this Warrant, retained such reclassified Common Stock,
giving effect to all adjustments called for during such period under this
paragraph with respect to the rights of the holder of this
Warrant.

     

    (b)   In case
of any consolidation or merger of the Company with or into another corporation
or the conveyance of all or substantially all of the assets of the Company to
another corporation, this Warrant shall thereafter be exercisable (to the extent
such exercise is permitted hereunder) into the number of shares of stock or
other securities or property to which a holder of the number of shares of Common
Stock of the Company deliverable upon exercise of this Warrant would have been
entitled upon such consolidation, merger or conveyance; and, in any such case,
appropriate adjustment shall be made in the application of the provisions herein
set forth with respect to the rights and interest thereafter of the holder of
this Warrant, to the end that the provisions set forth herein shall be
thereafter applicable, as nearly as reasonably may be, in relation to any shares
of stock or other property thereafter deliverable upon the exercise of the this
Warrant.

     

    3.   VALID
ISSUANCE; TAXES.

     

    All
shares of Warrant Stock issued upon the exercise of this Warrant shall be
validly issued, fully paid and non-assessable; provided that the Company shall
pay all taxes and other governmental charges that may be imposed in respect of
the issue or delivery thereof.  The Company shall not be required to
pay any tax or other charge imposed in connection with any transfer involved in
the issuance of any certificate for shares of Warrant Stock in any name other
than that of the Registered Holder of this Warrant, and in such case the Company
shall not be required to issue or deliver any stock certificate or security
until such tax or other charge has been paid, or it has been established to the
Company's reasonable satisfaction that no tax or other charge is
due.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    4.   LOSS
OR MUTILATION.

     

    Upon
receipt of evidence reasonably satisfactory to the Company of the ownership of
and the loss, theft, destruction or mutilation of this Warrant, and of indemnity
reasonably satisfactory to it, and (in the case of mutilation) upon surrender
and cancellation of this Warrant, the Company shall execute and deliver in lieu
thereof a new Warrant of like tenor as the lost, stolen, destroyed or mutilated
Warrant.

     

    5.   RESERVATION
OF WARRANT STOCK.

     

    The
Company hereby covenants that at all times there shall be reserved for issuance
and delivery upon exercise of this Warrant such number of shares of Warrant
Stock, Common Stock or other shares of capital stock of the Company as are from
time to time issuable upon exercise of this Warrant and, from time to time, will
take all steps necessary to amend its Certificate of Incorporation to
provide sufficient reserves of shares of Warrant Stock issuable upon exercise of
this Warrant.  All such shares shall be duly authorized, and when
issued upon such exercise, 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 encumbrances or restrictions arising under federal or state
securities laws.  Issuance of this Warrant shall constitute full
authority to the Company's officers who are charged with the duty of executing
stock certificates to execute and issue the necessary certificates for shares of
Warrant Stock upon the exercise of this Warrant.

     

    6.   RESTRICTIONS
ON TRANSFER.

     

    The
Holder, by acceptance hereof, agrees that, absent an effective registration
statement filed with the SEC under the Act covering the disposition or sale of
this Warrant or the Warrant Stock issued or issuable upon exercise hereof, as
the case may be, and registration or qualification under applicable state
securities laws, such Holder will not sell, transfer, pledge, or hypothecate any
or all such Warrants or Warrant Stock, as the case may be, unless the Company
has received an opinion of counsel, in form and substance reasonably
satisfactory to the Company, to the effect that such registration is not
required in connection with such disposition.

     

    7.   NOTICE.

     

    Any
notices required or permitted to be given under the terms of this Warrant shall
be sent by certified mail (return receipt requested) or delivered personally or
by courier (including a recognized overnight delivery service) or by facsimile
and shall be effective five days after being placed in the mail, if mailed by
regular United States mail, or upon receipt, if delivered personally or by
courier (including a recognized overnight delivery service) or by facsimile, in
each case addressed to a party.  The addresses for such communications
shall be:

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    If to the
Holder:           
Agile Opportunity Fund, LLC

    1175 Walt
Whitman Road, Suite 100A

    Melville,
NY 11747

    Attn:  David
Propis

    Facsimile:
(631) 424-9010

     

    With a
copy to (which shall not constitute notice):

     

    Westerman
Ball Ederer Miller & Sharfstein, LLP

    170 Old
Country Road

    Mineola,
NY 11501

    Attn:  Alan
C. Ederer, Esq.

    Facsimile:  (516)
622-9212

     

    If to the
Company:       Lenco
Mobile Inc.

    345
Chapala St.

    Santa
Barbara, CA 93101

    Attn:  President

    Facsimile:
(805) 456-0405

     

    With a
copy to (which shall not constitute notice):

     

    Sheppard,
Mullin, Richter & Hampton, LLP

    12275 El
Camino Real, Suite 200

    San
Diego, CA 92130

    Attn.:  James
A.  Mercer III

    Facsimile:  (858)
523-6705

     

    8.   HEADINGS;
SECTION REFERENCE.

     

    The
headings in this Warrant are for purposes of convenience in reference only, and
shall not be deemed to constitute a part hereof.  All
Section references herein are references, to Sections of this Warrant
unless specified otherwise.

     

    9.   LAW
GOVERNING.

     

    This
Warrant shall be governed by and construed in accordance with the laws of the
State of New York without regard to the conflict of laws
provisions.  The parties agree that the New York State Supreme Court
located in the County of Nassau, State of New York shall have exclusive
jurisdiction in connection with any dispute concerning or arising out of this
Warrant, or otherwise relating to the parties relationship.  In any
action, lawsuit or proceeding brought to enforce or interpret the provisions of
this Warrant and/or arising out of or relating to any dispute between the
parties, the prevailing party with respect to each specific issue in a matter
shall be entitled to recover all of his or its costs and expenses relating to
such issue (including without limitation, reasonable attorney's fees and
disbursements) in addition to any other relief to which such party may be
entitled.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    10.   NO
IMPAIRMENT.

     

    The
Company will not, by amendment of its Certificate of Incorporation or
bylaws, or through reorganization, consolidation, merger, dissolution, issue or
sale of securities, sale of assets or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Registered Holder of this Warrant against
impairment.  Without limiting the generality of the foregoing, the
Company: (a) will not increase the par value of any shares of stock
issuable upon the exercise of this Warrant above the amount payable therefor
upon such exercise and (b) will take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable shares of Warrant Stock upon exercise of this
Warrant.

     

    11.   SEVERABILITY.

     

    If any
term, provision, covenant or restriction of this Warrant is held by a court of
competent jurisdiction to be invalid, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions of this Warrant shall remain
in full force and effect and shall in no way be affected, impaired or
invalidated.

     

    12.   COUNTERPARTS.

     

    For the
convenience of the parties, any number of counterparts of this Warrant may be
executed by the parties hereto and each such executed counterpart shall be, and
shall be deemed to be, an original instrument.

     

    13.   NO
INCONSISTENT AGREEMENTS.

     

    The
Company will not on or after the date of this Warrant enter into any agreement
with respect to its securities which is inconsistent with the rights granted to
the Holder or otherwise conflicts with the provisions hereof.

     

    14.   SATURDAYS,
SUNDAYS AND HOLIDAYS.

     

    If the
Expiration Date falls on a Saturday, Sunday or legal holiday, the Expiration
Date shall automatically be extended until 5:30 P.M.  the next
business day.

     

    15.   FACSIMILE
SIGNATURE.

     

    In the
event that any signature is delivered by facsimile transmission, PDF, electronic
signature or other similar electronic means, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such signature page were an
original thereof.

     

     

    [Remainder
of Page Intentionally Left Blank; Signature Page Follows]

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned duly authorized representative of the Company
has executed this Warrant as of the day and date first written
above.

     

    
    

     

    
      	 	
              LENCO
      MOBILE INC.

              

               

              By:  /s/ Michael
      Levinsohn                                                        

              Name:  Michael
      Levinsohn                                                        

              Title:  CEO     

            

    

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

                                                       

    EXHIBIT
1

     

    NOTICE
OF EXERCISE

     

    (To
be executed upon exercise of Warrant)

     

    The
undersigned hereby irrevocably elects to exercise the right of purchase
represented by the within Warrant Certificate of Lenco Mobile
Inc.  for ___ shares of Warrant Stock:

     

    
      	
              1.

            	
              Tenders
      herewith payment of the exercise price in full in the form of cash or a
      certified or official bank check in same-day funds in the amount of
      $_______ for __________ such
securities.

            

    

     

    
      	
              2.

            	
              Elects
      the Net Issue Exercise option pursuant to Section 2.2 of the Warrant,
      and accordingly requests delivery of a net of _________ of such
      securities, according to the following
  calculation:

            

    

     

    X = Y
(A-B)                                           (       )=
(    )
[(           ) -
(         )]

    A                                                 (_______)

     

    Where:

     

    X = the
number of shares of Warrant Stock to be issued to the Holder;

     

    Y = the
total number of shares of Warrant Stock as to which this Warrant is being
exercised;

     

    A = the
Fair Market Value of one share of the Warrant Stock; and

     

    B = the
Purchase Price of one share of Warrant Stock.

     

    
      	
              3.

            	
              Elects
      the Easy Sale Exercise option pursuant to Section 2.3 of the Warrant,
      and accordingly requests delivery of a net of ________ of such securities
      to the brokerage firm identified below and attaches the agreement of said
      firm to pay to the Company out of the proceeds of sale the purchase price
      of the Warrant Shares.

            

    

     

    Unless
Easy Sale Exercise is elected above, in which case the Warrant Shares shall be
issued to the Warrant Holder's account at said brokerage firm, please issue a
certificate or certificates for such securities in the name of, and pay any cash
for any fractional share to (please print name, address and social security
number):

     

    Name:
_________________________________

    Address:
_______________________________

    Signature:
______________________________

    Date:
__________________________________

     

    Note:  The
above signature should correspond exactly with the name on the first page of
this Warrant Certificate or with the name of the assignee appearing in the
assignment form below.

     

    If said
number of shares shall not be all the shares purchasable under the within
Warrant Certificate, a new Warrant Certificate is to be issued in the name of
said undersigned for the balance remaining of the shares purchasable thereunder
rounded up to the next higher whole number of shares.

     

    
      
        
        

      

      
        -1-

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