Document:

Form of Warrant Agreement

 Exhibit 4.1 
 CALPIAN, INC. 
 WARRANT AGREEMENT 

(2012 $3.0 Million Notes Offering) 
 THIS WARRANT AGREEMENT (this “Agreement”) is made and entered into as of August 7, 2012 between and between Calpian, Inc., a Texas corporation (the “Company”) and
                    (“Holder”). 
 R E C I T A L S 
 WHEREAS, the Company and Holder are parties
to a Note and Warrant Subscription Agreement attached hereto (the “Purchase Agreement”), of even date herewith, relating to a Secured Subordinated Promissory Note, also dated as of the date of this Agreement and attached hereto (the
“Promissory Note”); and 
 WHEREAS, the Company has agreed to grant Holder warrants
(“Warrants”) as provided in this Agreement as additional consideration in connection with the issuance of the Promissory Note; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 

A G R E E M E N T 
 1. Warrant Certificates. The Warrants shall be evidenced by warrant certificates, which shall be delivered to Holder pursuant to this Agreement (the “Warrant Certificates”) in the
forms set forth in Exhibit A attached hereto and made a part hereof, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Warrant Agreement. 

2. Right to Exercise Warrants. Each Warrant may be exercised from the date of this Agreement until five (5) years have
elapsed from the date hereof (the “Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall expire. Each Warrant shall entitle its holder to purchase from the Company the number of shares of common stock
indicated in the Warrant (each such share being an “Exercise Share”) at the per share exercise price set forth on the Warrant Certificate, subject to adjustment as set forth below (the “Exercise Price”). 

The Company shall not be required to issue fractional shares of Common Stock upon the exercise of the Warrants or to deliver Warrant
Certificates which evidence fractional 

 
shares of capital stock. In the event that a fraction of an Exercise Share would, except for the provisions of this paragraph 2, be issuable upon the exercise of a Warrant, the Company shall pay
to the holder exercising the Warrant an amount in cash equal to such fraction multiplied by the current market value of the Exercise Share, or round this issuance of common stock up to nearest whole shares, at the Company’s discretion, or the
holder may waive in writing receipt of such fractional share or the cash equivalent thereof. For purposes of this paragraph 2, the current market value shall be determined as follows: 

(a) if the Company’s shares of Common Stock (the “Shares”) are traded in the over-the-counter market and not on any
national securities exchange and not in the NASDAQ Reporting System, the average of the mean between the last bid and asked prices per share, as reported by the National Quotation Bureau, Inc., or an equivalent generally accepted reporting service,
for the last business day prior to the date on which the Warrant is exercised, or, if not so reported, the average of the closing bid and asked prices for a Share as furnished to the Company by any member of the National Association of Securities
Dealers, Inc., selected by the Company for that purpose. 
 (b) if the Shares are listed or traded on a national securities
exchange or in the NASDAQ Reporting System, the closing price on the principal national securities exchange on which they are so listed or traded or in the NASDAQ Reporting System, as the case may be, on the last business day prior to the date of
the exercise of the Warrant. The closing price referred to in this Clause (b) shall be the last reported sales price or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices, in either
case on the national securities exchange on which the Shares are then listed on in the NASDAQ Reporting System; or 
 (c) at any
time that no such closing price or closing bid and asked prices are available, as determined in any reasonable manner as may be prescribed by the Board of Directors of the Company, which determination shall be made and communicated to the Holder in
writing within seven (7) business days of Holder’s delivery of prior written notice to the Company of Holder’s desire to exercise the Warrant on a cashless basis hereunder. No more than three (3) business days
following the Holder’s receipt of such current market value determination from the Company, the Holder may elect to exercise the Warrant, in whole or in part, on a cashless basis based on the current market value as determined by the Company.

 3. Mutilated or Missing Warrant Certificates. In case any of the Warrant Certificates shall be mutilated, lost, stolen
or destroyed prior to the Expiration Date, the Company shall issue and deliver, in exchange and substitution for and upon cancellation of the mutilated Warrant Certificate, or in lieu of and in substitution for the Warrant Certificate lost, stolen
or destroyed, a new Warrant Certificate of like tenor and representing an equivalent right or interest. 
 4. Reservation of
Shares. The Company will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued 

  
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Common Stock, or its authorized and issued Common Stock held in its treasury, for the purpose of enabling it to satisfy its obligation to issue Exercise Shares upon exercise of Warrants, the full
number of Exercise Shares deliverable upon the exercise of all outstanding Warrants. 
 The Company covenants that, upon payment
of the applicable exercise price by the holder, all Exercise Shares issued upon exercise of Warrants will be validly issued, fully paid and non-assessable shares of Common Stock. 

5. Rights of Holder. The holder of a Warrant will not, by virtue of anything contained in this Warrant Agreement or otherwise,
prior to exercise of the Warrant, be entitled to any right whatsoever, either in law or equity, of a stockholder of the Company, including without limitation, the right to receive dividends or to vote or to consent or to receive notice as a
stockholder in respect of the meetings of stockholders or the election of directors of the Company of any other matter. 
 6.
Certificates to Bear Legend. The Warrants and the certificate or certificates therefore shall bear the following legend by which each holder shall be bound: 
 “THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 The Exercise Shares and the certificate or certificates evidencing any such Exercise Shares shall bear the following legend: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THE SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR PURSUANT TO
RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.” 
 Certificates for Warrants or Exercise Shares, as the case may be, without such legend shall be issued if the Warrants or Exercise Shares are sold pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the “Act”), or if the Company has received an opinion from counsel reasonably satisfactory to counsel for the Company that the legend is no longer required under the Act. 

  
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 7. Adjustment of Number of Shares and Class of Capital Stock Purchasable. The number
of Exercise Shares and class of capital stock purchasable under each Warrant are subject to adjustment from time to time as set forth in this Section 7. 
 (a) Adjustment for Change in Capital Stock. If the Company: 
  

	 	(i)	pays a dividend or makes a distribution on its Common Stock, in each case, in shares of its Common Stock; 

 

	 	(ii)	subdivides its outstanding shares of Common Stock into a greater number of shares; 

 

	 	(iii)	combines its outstanding shares of Common Stock into a smaller number of shares; or 

 

	 	(iv)	makes a distribution on its Common Stock in shares of its capital stock other than Common Stock; 

 then the number and classes of Exercise Shares purchasable upon exercise of each Warrant in effect immediately prior to such action shall be adjusted so that the holder of any Warrant thereafter exercised
may receive the number and classes of shares of capital stock of the Company which such holder would have owned immediately following such action if such holder had exercised the Warrant immediately prior to such action. 

For a dividend or distribution the adjustment shall become effective immediately after the record date for the dividend or distribution.
For a subdivision, combination or reclassification, the adjustment shall become effective immediately after the effective date of the subdivision, combination or reclassification. 

If after an adjustment the holder of a Warrant upon exercise of it may receive shares of two or more classes of capital stock of the
Company, the Board of Directors of the Company shall in good faith determine the allocation of the adjusted Exercise Price between or among the classes of capital stock. After such allocation, that portion of the Exercise Price applicable to each
share of each such class of capital stock shall thereafter be subject to adjustment on terms comparable to those applicable to the Exercise Shares in this Agreement. Notwithstanding the allocation of the Exercise Price between or among shares of
capital stock as provided by this Section 7(a), a Warrant may only be exercised in full by payment of the entire Exercise Price in effect at the time of such exercise. 
 (b) Consolidation, Merger or Sale of the Company. If the Company is a party to a consolidation, merger or transfer of assets which reclassifies or changes its outstanding Common Stock, the
successor corporation (or corporation controlling the successor corporation 

  
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or the Company, as the case may be) shall by operation of law assume the Company’s obligations under this Agreement. Upon consummation of such transaction, the Warrants shall automatically
become exercisable for the kind and amount of securities, cash or other assets which the holder of a Warrant would have owned immediately after the consolidation, merger or transfer if the holder had exercised the Warrant immediately before the
effective date of such transaction. As a condition to the consummation of such transaction, the Company shall arrange for the person or entity obligated to issue securities or deliver cash or other assets upon exercise of the Warrant to,
concurrently with the consummation of such transaction, assume the Company’s obligations hereunder by executing an instrument so providing and further providing for adjustments which shall be as nearly equivalent as may be practical to the
adjustments provided for in this Section 7. 
 8. Successors. All the covenants and provisions of this Agreement by
or for the benefit of the Company or Holder shall bind and inure to the benefit of their respective successor and assigns hereunder. 
 9. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all proposes be deemed to be an original, and such counterparts shall together
constitute by one and the same instrument. 
 10. Notices. All notices or other communications under this Agreement shall
be in writing and shall be deemed to have been given if delivered by hand or mailed by certified mail, postage prepaid, return receipt requested, addressed as follows: if to the Company: Calpian, Inc., 500 N. Akard Street, Suite 2850, Dallas, Texas
75201, Attn: President, and if to Holder, at the address of listed on the signature page of this Agreement or the holder appearing on the books of the Company or the Company’s transfer agent, if any. 

Either the Company or the holder of a Warrant may from time to time change the address to which notices to it are to be mailed hereunder
by notice in accordance with the provisions of this Section 10. 
 11. Supplements and Amendments. Any term of this
Warrant may be waived or modified only in writing, signed by the Company and the holders of a majority of the Warrants issued to the holders of the Subordinated Notes (as defined in the Purchase Agreement), provided however that the Company may from
time to time supplement or amend this Agreement without the approval of the holder of this or any other such Warrants in order to cure any ambiguity or to be correct or supplement any provision contained herein which may be defective or inconsistent
with any other provision, or to make any other provisions in regard to matters or questions herein arising hereunder which the Company may deem necessary or desirable and which would not materially adversely affect the interest of the holder.

 12. Severability. If for any reason any provision, paragraph or term of this Agreement is held to be invalid or
unenforceable, all other valid provisions herein shall remain in full force and effect and all terms, provisions and paragraphs of this Agreement shall be deemed to be severable. 

  
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 13. Governing Law and Venue. This Agreement shall be deemed to be a contract made
under the laws of the State of Texas and for all purposes shall be governed and construed in accordance with the laws of said State. Any proceeding arising under this Agreement shall be instituted in the State of Texas. 

14. Headings. Paragraphs and subparagraph headings, used herein are included herein for convenience of reference only and shall
not affect the construction of this Agreement nor constitute a part of this Agreement for any other purpose. 
 [Signature page
follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be duly
executed, as of the date and year first above written. 
  

							
	 COMPANY:
  

CALPIAN, INC.
	  	HOLDER:
				
		 		  	By:	 	  

				
	By:	 	  
	  	Name:	 	  

				
	Name:	 	  
	  	Tax ID:	 	  

				
		 		  	Address:	 	  

		 		  		 	  

		 		  		 	  

  
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 Exhibit A 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 WARRANT TO PURCHASE SHARES 
 OF COMMON STOCK OF 

CALPIAN, INC. 
  

					
	Initial Number of Shares:	  	__________                    	  	
	Initial Exercise Price:	  	$2.00 per share	  	
	Date of Grant:	  	August 7, 2012	  	
	Expiration Date:	  	August 7, 2017	  	

 THIS CERTIFIES THAT,
                    , or any person or entity to whom the interest in this Warrant is lawfully transferred (“Holder”) is
entitled to purchase the above number (as adjusted pursuant to Section 4 hereof) of fully paid and non-assessable shares (the “Shares”) of the Common Stock (the “Common Stock”) of Calpian, Inc., a Texas
corporation (the “Company), having an Exercise Price as set forth above, subject to the provisions and upon the terms and conditions set forth herein and in the Warrant Agreement between the Company and the Holder dated as of the date
hereof (the “Warrant Agreement”). The exercise price, as adjusted from time to time as provided herein, is referred to as the “Exercise Price.” 

1. Term. The purchase right represented by this Warrant is exercisable, in whole or in part, at any time commencing on the Date of
Grant and ending on the Expiration Date, after which time the Warrant shall be void. 
 2. Method of Exercise; Payment;
Issuance of New Warrant. Subject to Section 1 hereof, the right to purchase Shares represented by this Warrant may be exercised by Holder, in whole or in part, for the total number of Shares remaining available for exercise by the surrender
of this Warrant (with the notice of exercise form attached hereto duly completed and executed) at the principal office of the Company and by the payment to the Company, by check made payable to the Company drawn on a United States bank and for
United States funds, or by 

  
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delivery to the Company of evidence of cancellation of indebtedness of the Company to such Holder, of an amount equal to the then applicable Exercise Price per share multiplied by the number of
Shares then being purchased or by net exercise pursuant to Section 6 hereof. In the event of any exercise of the purchase right represented by this Warrant, certificates for the Shares so purchased shall be promptly delivered to Holder and,
unless this Warrant has been fully exercised or has expired, a new Warrant representing the portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be promptly delivered to Holder. 

3. Exercise Price. The Exercise Price at which this Warrant may be exercised shall be the Exercise Price, as adjusted from time to
time pursuant to Section 4 hereof. 
 4. Reclassification, Reorganization, Consolidation or Merger. In the case of
any reclassification of the Shares, or any reorganization, consolidation or merger of the Company with or into another corporation (other than a merger or reorganization with respect to which the Company is the continuing corporation and which does
not result in any reclassification of the Shares), the Company, or such successor corporation, as the case may be, shall execute a new warrant providing that the Holder shall have the right to exercise such new warrant and upon such exercise to
receive, in lieu of each Share theretofore issuable upon exercise of this Warrant, the number and kind of securities, money and property receivable upon such reclassification, reorganization, consolidation or merger by a holder of Shares for each
Share. Such new warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4 including, without limitation, adjustments to the Exercise Price and to the number
of Shares issuable upon exercise of this Warrant. The provisions of this Section 4 shall similarly apply to successive reclassifications, reorganizations, consolidations or mergers. 

5. Transferability and Negotiability of Warrant. This Warrant may not be transferred or assigned in whole or in part without
compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, if
reasonably requested by the Company). Subject to the provisions of this Section 5, title to this Warrant may be transferred in the same manner as a negotiable instrument transferable by endorsement and delivery. 

6. Net Exercise. In lieu of exercising this Warrant for cash, any time prior to the Expiration Date, the Holder may elect to
exchange this Warrant for Shares equal to the value of this Warrant by surrender of this Warrant, together with notice of such election, at the principal office of the Company, in which event the Company shall issue to the holder a number of Shares
computed using the following formula: 
  

			
	 X =
	 	 Y (A-B)

		 	A

 Where : 
 X= the number of Shares to be issued to the holder. 
 Y= the
number of Shares purchasable under this Warrant. 
 A= value per share of one Share determined in accordance
with Section 2 of the Warrant Agreement. 
 B= the Exercise Price (as adjusted). 

  
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 7. Investment Intent; Accredited Investor. Holder represents and warrants to the
Company that Holder is acquiring this Warrant for investment purposes and with no present intention of distributing or reselling the Warrants or any of the Shares issuable upon exercise of the Warrant. Holder represents that it is an
“accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act (the “Act”), and at the time that the Holder seeks to exercise all or a portion of this Warrant will execute and deliver to the
Company an Investment Representation Statement in customary form. 
 8. Miscellaneous. The Company covenants that it will
at all times reserve and keep available, solely for the purpose of issue upon the exercise hereof, a sufficient number of Shares to permit the exercise hereof in full. Such Shares, when issued in compliance with the provisions of this Warrant and
the Company’s Certificate of Formation, will be duly authorized, validly issued, fully paid and non-assessable. No Holder of this Warrant, as such, shall, prior to the exercise of this Warrant, be entitled to vote or receive dividends or be
deemed to be a stockholder of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon Holder, as such, any rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action, receive notice of meetings, receive dividends or subscription rights, or otherwise. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of
any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company at its
expense will execute and deliver, in lieu thereof, a new Warrant of like date and tenor. The terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the Holder hereof and their respective successors
and assigns. This Warrant shall be governed by and construed under the laws of the State of Texas. 
  

									
	Holder:	    		    	Company:
			
	____________________________________________________	    		    	CALPIAN, INC.
		 		    		    	a Texas Corporation
					
	By:	 	  
	    		    	By:	 	  

					
	Name:	 	  
	    		    		 	

  
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 NOTICE OF EXERCISE 
 TO:    CALPIAN, INC. 
 1. The undersigned hereby elects to
purchase                      shares of the Common Stock of CALPIAN, INC. pursuant to the terms of the attached Warrant, and tenders herewith
payment of the purchase price of such shares in full, together with all applicable transfer taxes, if any. 
 2. The undersigned
hereby elects to purchase                      shares of the Common Stock of CALPIAN, INC. pursuant to the terms of the attached Warrant on a
net exercise basis in accordance with Section 6. 
 3. Please issue a certificate or certificates representing said shares
of the Common Stock in the name of the undersigned or in such other name as is specified below: 
  

			
		
	Name:	 	 
		
	Tax ID:	 	  

		
	Address:	 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
	Signed:	 	  

		
	Date:	 	  

  
 11Form  of 2012 $3.0 Million Note

 Exhibit 4.2 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER THAT SUCH REGISTRATION IS NOT REQUIRED. 

TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AGREEMENT (AS AMENDED FROM TIME TO TIME, THE “SUBORDINATION AGREEMENT”), DATED
                    , 2012, FOR THE BENEFIT OF HD SPECIAL-SOLUTIONS II, LP (THE “SENIOR LENDER”), THE OBLIGATIONS EVIDENCED HEREBY
ARE SUBORDINATE TO THE OBLIGATIONS (INCLUDING INTEREST) OWED BY CALPIAN, INC. TO THE SENIOR LENDER, AND EACH HOLDER HEREOF, BY ITS ACCEPTANCE HEREOF, SHALL BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT. 

CALPIAN, INC. 
 SECURED SUBORDINATED PROMISSORY NOTE 
 (2012 $3.0 Million Notes Offering)

  

			
	$            	  	 Date:
                    , 2012
 Dallas,
Texas

 FOR VALUE RECEIVED, Calpian, Inc., a Texas
corporation (“Borrower” or “Company”), hereby promises to pay to                     , an individual
(“Lender”), in lawful money of the United States of America and in immediately available funds, the principal sum of
                     Dollars ($            ) (the
“Loan”), together with accrued and unpaid interest thereon, payable on the dates and in the manner set forth below. 
 This Secured Subordinated Promissory Note (this “Note”) is executed and delivered in connection with that certain Note and Warrant Purchase Agreement by and between Borrower and Lender
(as the same may from time to time be amended, modified or supplemented), of even date herewith, attached hereto and incorporated herein by reference (the “Note and Warrant Purchase Agreement”), and is one of a series of secured
subordinated promissory notes that may be issued by the Company to multiple lenders participating in the 2012 $3.0 Million Notes Offering, as defined in the Note and Warrant Purchase Agreement. 

1. Principal Repayment. The outstanding principal amount of the Loan shall be payable in full on
                            (“Maturity Date”), subject to the terms and limitations
hereunder. The Borrower may prepay this Note in whole or in part at any time prior to the Maturity Date without the written consent of Lender, at Borrower’s sole discretion (a “Prepayment”). In the event of a Prepayment,
Borrower shall pay Lender a Prepayment penalty, which shall be added to the principal of the Note (the “Prepayment Penalty”). The Prepayment Penalty shall be the lesser of (i) twelve months of Interest, or (ii) the amount
of unpaid Interest payable under the Note if the Note were fully satisfied at the Maturity Date. Notwithstanding the foregoing, Borrower may not prepay any portion of this Note unless it prepays the same proportion of the then-outstanding principal
amount of all other Subordinated Notes (as such terms is defined in Section 10 below). If upon the Maturity Date the amount 

 
available for distribution to each holder of Subordinated Notes that are also due as of the Maturity Date is less than the amount that such holder is entitled to pursuant to such holder’s
Subordinated Note, then each holder shall receive its pro rata share pursuant to such holder’s outstanding principal amount and accrued but unpaid interest. 

2. Interest Rate. Borrower further promises to pay interest on the sum of the unpaid principal balance
of the Loan outstanding, from the date of this Note until all such principal amounts shall have been repaid in full. Interest shall be payable at the rate of Twelve Percent (12.0%) per annum, and shall be calculated on the basis of a 360-day
year (“Interest”). Interest shall be due and payable in monthly installments on or before the
5th calendar day of the following month, with any
remaining amounts payable on the Maturity Date, with the first month’s Interest installment due hereunder to be accrued and paid by Borrower to Lender with the second month’s Interest installment. 

3. Place of Payment. All amounts of interest and principal payable hereunder shall be payable to Lender at the address it
specifies to Borrower in writing. 
 4. Application of Payments. Any payments on this Note shall be applied first
to accrued interest, and thereafter to the outstanding principal balance hereof. 
 5. Secured Obligation. Subject
to limitations under this Note as described in Section 7 below, Borrower hereby grants to Lender a lien and security interest in, to and under all of the following assets of the Company (collectively, the “Collateral”):

 (a) all accounts, accounts receivable, contract rights, general intangibles, chattel paper, notes, drafts, acceptances, and
all other debts, obligations and liabilities in whatever form owing to Company from any person, firm, corporation or other legal entity (“Person”) whether now existing or hereafter arising or acquired; 

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

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

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

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

 6. Other Liens. As of the date hereof, there are no other liens, claims, security interests or other
encumbrances (“Liens”) attaching to the Collateral, except for the liens in favor of the other holders of the Subordinated Notes and liens in favor of HD Special-Solutions II, LP and/or its affiliated entities. 

At request of Lender, Borrower will join with Lender in executing one or more financing statements pursuant to the Uniform Commercial
Code (the “Code”) in form satisfactory to Lender. Borrower hereby authorizes Lender to file a financing statement signed only by Lender in all places where necessary to perfect Lender’s security interest in the Collateral in
all jurisdictions where such authorization is permitted by the Code. Borrower further agrees to immediately prepare all such financing statements and submit said statement to Lender. Without limiting the foregoing Borrower agrees that whenever the
Code requires Borrower to sign a financing statement for filing purposes, Borrower hereby appoints Lender or any of Lender’s representatives as Borrower’s attorney and agent, with full power of substitution, to sign or endorse
Borrower’s name on any such financing statement or other document and authorizes Lender to file such a financing statement in all places where necessary to perfect Lender’s security interest in the Collateral. A carbon, photographic or
other reproduction of this Note or of a financing statement is sufficient as a financing statement. Upon full payment of all obligations under this Note, the Lien or charge created hereby or resulting herefrom, shall cease to exist and Lender shall
file all termination statements requested by Borrower necessary to accomplish this purpose. 
 7. Subordination.
Notwithstanding the foregoing, the Borrower agrees, and the Lender by its acceptance hereof likewise agrees, that the Note may be subordinated by the Borrower to Qualified Senior Indebtedness according to the terms outlined below. Lender agrees
to enter into a subordination agreement for Qualified Senior Indebtedness according to standard industry terms and conditions. As used herein, “Qualified Senior Indebtedness” shall mean all indebtedness of the Borrower for money
borrowed from any bank or other non-affiliated financial institution or investment group (including any indebtedness to any assignees thereof) whether now existing or hereafter arising, without limit as to amount, including, without limitation, all
principal and interest (including such interest as may accrue after the initiation of bankruptcy proceedings), and all premiums, fees and expenses owing by the Borrower to any such parties in respect of Qualified Senior Indebtedness, so long as the
such Qualified Senior Indebtedness carries (i) an aggregated interest rate of Ten Percent (10%) or less, aggregating all premiums, interest rates, fees, and expenses, and (ii) warrant coverage (if any) of no greater than 10% of the
amount of Qualified Senior Indebtedness, a warrant term of not to exceed three years, and an exercise price of such warrants of no less than $1.00 per share of Common Stock. Without limiting the generality of the foregoing, Qualified Senior
Indebtedness shall include all principal and accrued and unpaid interest outstanding from time to time under that certain $8.0 million senior secured credit facility obtained by the Company from HD Special-Situations II, LP. 

  
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 8. Events of Default; Acceleration. If one or more of the following occurs
(each an “Event of Default”): 
 (a) The Borrower shall be involved in financial difficulties as
evidenced: (i) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect; (ii) by its filing an answer or other pleading admitting or failing to deny the material allegations of a
petition filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition;
(iii) by the entry of an order for relief in any involuntary case commenced under said Title 11; (iv) by the entry of an order by a court of competent jurisdiction (A) by finding it to be bankrupt or insolvent, (B) ordering or
approving its liquidation, reorganization or any modification or alteration of the rights of its creditors, or (C) assuming custody of, or appointing a receiver or other custodian for all or a substantial part of its property and such order
shall not be vacated or stayed on appeal or otherwise stayed within 120 days; (v) by the filing of a petition against the Borrower under said Title 11 which shall not be vacated within 120 days; or (vi) by its making an assignment for the
benefit of, its creditors, or appointing or consenting to the appointment of a receiver or other custodian for all or a substantial part of its property; 
 (b) The Borrower shall sell substantially all of its assets to an unaffiliated third party in one or more of a series of related transactions; 

(c) the Borrower shall fail to make a payment of any installment of the outstanding principal or interest amount of this Note
(whether by acceleration or otherwise) which failure or breach shall not be cured within 30 days after written notice thereof from the holder of this Note to the Borrower; or 
 (d) if the proceeds of the loan evidenced by this Note have been used other than for a purpose set forth in Section 3(c) of the Note and Warrant Purchase Agreement. 

then, and in any such event, and at any time thereafter, if any Event of Default shall be continuing, subject to Section 7, at the option of the
holder of this Note upon written notice to the Borrower, the outstanding principal of any and all accrued but unpaid interest in respect of this Note shall be immediately due and payable upon delivery of such written notice, without presentment,
demand, protest or any other notice of any kind being required, all of which are hereby expressly waived by the Borrower. 

9. Due Authorization. The Borrower has the full power and authority to execute and deliver this Note and to consummate the
transactions contemplated on its part hereby and thereby. The execution, delivery (or filing or adoption, as the case may be), and performance by the Borrower of this Note have been duly authorized by the Borrower. This Note is a valid and binding
agreement of the Borrower, enforceable against the Borrower in accordance with its terms, except as limited by bankruptcy, insolvency and other laws affecting the enforcement of creditors’ rights generally and by equitable principles in any
action (legal or equitable) and by public policy. 

  
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 10. Modification. Any of the terms of this Note (including, without
limitation, the Maturity Date, the rate of interest, and the subordination features) may be waived or modified only in writing, signed by the Borrower and the holders of a majority in principal amount of all Subordinated Notes then outstanding
(defined as the $2,000,000 aggregate principal amount of the Company’s secured subordinated promissory notes issued in 2010 and 2011, the up to $2,000,000 aggregate principal amount of the Company’s secured subordinated promissory notes
issued in 2010, 2011 and 2012 and issuable after the date hereof, and the up to $3,000,000 aggregate principal amount of the Company’s secured subordinated promissory notes to be issued pursuant to the 2012 $3.0 Million Notes Offering).

 11. Governing Law. This Note shall be governed by, and construed and enforced in accordance with, the laws of
the State of Texas, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. Any action brought to enforce or interpret this Note shall be brought in the courts located in Dallas County, Texas.

 12. Transfers, Successors and Assigns. The provisions of this Note shall inure to the benefit of and be binding
on any successor to Borrower and shall extend to any holder hereof; provided, however, that the Lender may not, without the prior written consent of Borrower (such consent not to be unreasonably withheld and such consent not to be required if an
Event of Default exists), assign, transfer or negotiate this Note to any Person. Any such transfer or assignment must be in full compliance with applicable securities laws. 
 13. Disposition of Collateral. Notwithstanding the order of filing of any UCC-1 Financing Statements, the holder of this Note agrees and acknowledges that the proceeds from any sale,
disposition or other realization upon all or any part of the Collateral shall be distributed to the holders of all Subordinated Notes in an amount equal to the then unpaid obligations under such Subordinated Notes, with each holder receiving its pro
rata share based upon the then outstanding principal amount of its Subordinated Note; with any excess then being distributed to the Company in accordance with the Code or as a court of competent jurisdiction may direct. 

[Remainder of Page Blank] 

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

							
	BORROWER:	 		 		 	LENDER:
				
	CALPIAN, INC.	 		 		 	
				
	By:                            
                                         
    	 		 		 	___________________________________                        
            
	Harold Montgomery	 		 		 	
	Chief Executive Officer	 		 		 	Address:
                                         
                               

  
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