Document:

Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE U.S. STATES
OR FOREIGN NATIONS. THIS NOTE IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT
AS PERMITTED UDER THE ACT AND THE APPLICABLE U.S. STATE OR FOREIGN SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

 

LENCO
mobile, Inc.

PROMISSORY NOTE

 

	 	February _____, 2013
	Principal Amount:  $______________	Seattle, Washington

This Promissory
Note (the “Note”) is made effective as of the date set forth above (the “Effective Date”),
between Lenco Mobile Inc., a Delaware corporation (the “Company”), and the undersigned individual or entity
(“Lender”).

WHEREAS, Lender
promises to loan the Company the Principal Amount set forth above, to be received on or before the Effective Date.

WHEREAS, the Company has previously on
July 30, 2012, August 3, 2012 and August 21, 2012 issued promissory notes in the aggregate original principal amount of $3,999,600
(the “Senior Secured Notes”).

WHEREAS, the Company has obtained the
consent of a majority of the holders of the Senior Secured Notes to issue this Note as required per the terms of the Senior Secured
Notes.

NOW THEREFORE, FOR VALUE RECEIVED, the
Company promises to repay Lender in lawful money of the United States of America the Principal Amount of $_____________ plus a
Loan Fee, as set forth below in Sections 1 and 7(a).

1.     
Loan Fee. Ten percent (10%) of the Principal Amount, unless an Event of Default has occurred, in which case
the Loan Fee shall adjust according to the formula set forth in Section 7(a).

2.     
Maturity Date. The Principal Amount and Loan Fee shall be due and payable in cash denominated in U.S. dollars
on the earlier of (a) the date that is ninety (90) days following the Effective Date, and (b) the date on which the Company has
raised at least One Million Dollars ($1,000,000) through the sale of shares of Series A1 Convertible Preferred Stock in the Company
(the "Maturity Date") unless the Principal Amount has been previously been converted according to the provisions
of Section 3, below.

3.     
Conversion. Upon closing of an offering of shares of Series A1 Convertible Preferred Stock in the Company,
Lender shall have the option to convert all or any portion of the Principal Amount, the Loan Fee and any other amounts owed hereunder
into shares of Series A1 Convertible Preferred Stock for the same price and on the same terms made available to other investors
participating in the offering. Conversion of any amounts owed hereunder into Series A1 Convertible Preferred Stock shall discharge
any obligations of the Company hereunder with respect to the amounts converted.

4.     
Seniority/Negative Pledge. The indebtedness evidenced hereby is pari passu in right of repayment to
the Senior Secured Notes and senior in right of repayment to all other outstanding debt and equity held by the Company, as of the
Effective Date of this Note. The Company agrees that it shall not receive any additional funding senior to this Note without Lender’s
written consent.

 

    	 

    	 

    

5.     
Security Interest. As security for the full and prompt payment, in cash, and performance of the Company's
obligations under this Note, the Company hereby grants to Lender a security interest in all of the Collateral. As used herein,
"Collateral" means (a) all of the Company's and its wholly owned subsidiaries’ (including without limitation,
Capital Supreme (Pty) Ltd., dba Multimedia Solutions, Lenco Technology Group Ltd., and Lenco International Ltd., collectively,
the “Subsidiaries”) property and rights in and to property, including all accounts, instruments, chattel paper,
deposit accounts, documents, general intangibles, goods (including inventory, equipment and fixtures), money, letter of credit
rights, supporting obligations, intellectual property, investment property and commercial tort claims, except Excluded Assets;
(b) all products, proceeds, rents and profits of the foregoing; (c) all of the Company's and the Subsidiaries’
books and records related to any of the foregoing; and (d) all of the foregoing, whether now owned or existing or hereafter
acquired or arising or in which the Company now has or hereafter acquires any rights. "Excluded Assets" means,
with respect to each subsidiary of the Company that is not organized under the laws of the United States, more than 65% of the
issued and outstanding equity interests of such subsidiary entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2))
or such greater percentage as (A) could not reasonably be expected to cause the undistributed earnings of such subsidiary
as determined for United States federal income tax purposes to be treated as a deemed dividend to the Company and (B) could
not reasonably be expected to cause any material adverse tax consequences.

6.     
Events of Default. The occurrence of any of the following shall constitute an “Event of Default”
under this Note:

(a)   
Failure to Pay. The Company shall fail to pay the Principal Amount and Loan Fee on or before the Maturity Date; or

(b)  
Voluntary Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment
of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) make a general
assignment for the benefit of its or any of its creditors, (iii) be dissolved or liquidated, (iv) commence a voluntary
case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession
of its property by any official in an involuntary case or other proceeding commenced against it, or (v) take any action for
the purpose of effecting any of the foregoing; or

(c)   
Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator
or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings
seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency
or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not
be dismissed or discharged within 60 days of commencement.

7.     
Rights of Lender upon Default. Upon the occurrence or existence of any Event of Default (other than an Event
of Default described in Sections 6(b) or 6(c)) and at any time thereafter during the continuance of such Event of Default,
Lender may, by written notice to the Company, declare all outstanding obligations payable by the Company hereunder to be immediately
due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived,
anything contained herein to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in
Sections 6(b) and 6(c), immediately and without notice, all outstanding obligations payable by the Company hereunder shall
automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of
which are hereby expressly waived, anything contained herein to the contrary notwithstanding. In addition to the foregoing remedies,
upon the occurrence or existence of any Event of Default, Lender may exercise any other right power or remedy otherwise permitted
to it by law, either by suit in equity or by action at law, or both.

 

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(a)  
Increase in Loan Fee. If the loan is not repaid in full on or before the Maturity Date, the Loan Fee shall
increase by two percent (2%), and shall increase by an additional two percent (2%) for each thirty (30) day period during which
the loan continues to remain unpaid. For example, if the loan is repaid 15 days after the Maturity Date, the Loan Fee shall be
12%; if the loan is repaid 30 days after the Maturity Date, the Loan Fee shall be 12%; if the loan is repaid 40 days after the
Maturity Date, the Loan Fee shall be 14%; and if the loan is repaid 61 days after the Maturity Date, the Loan Fee shall be 16%.
There is no limit or cap on the number of increases to, or the amount of, the Loan Fee.

(b)  
Executive Salaries. If any amounts owed to Lender remain unpaid one hundred and twenty (120) days following
the Maturity Date, the Company agrees to reduce by ten percent (10%) the salaries and bonus targets of all executives at the Company
then currently designated by the Board of Directors as Section 16 officers for purposes of SEC reporting purposes.

8.     
Representations and Warranties. 

(a)   
Each party has full legal capacity, power and authority to execute and deliver this Note and to perform its obligations
hereunder.

(b)  
This Note has not been registered with any government agency or authority, and no such registration or other approval is
required in connection with the borrowings hereunder or with the execution, delivery, performance, validity or enforceability of
this Note.

(c)   
This is a valid and binding obligation, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general
principles of equity.

9.     
Successors and Assigns. Subject to the restrictions on transfer described below, the rights and obligations
of the Company and the Lender shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees
of the parties.

10.  
Entire Agreement. This Note is the final, complete and exclusive agreement of Company and Lender with regard
to the subject matter hereof and supersedes and merges all prior or contemporaneous communications and understandings between Company
and Lender with regard to the subject matter hereof.

11. 
Governing Law. This Note and all actions arising out of or in connection with this Note shall be governed
by and construed in accordance with the laws of the State of Washington, without regard to the conflicts of law provisions of the
State of Washington, or of any other state.

 

ORAL AGREEMENTS
OR ORAL COMMITMENTS TO LOAN MONEY, EXTENDED CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER
WASHINGTON LAW.

 

[Signature Page Follows]

 

 

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The Company has executed this Note as of the
date first written above.

 

 

	 	
        Lenco Mobile Inc.

        a Delaware corporation
	 
	 	 	 	 
	 	By: 	 	 
	 	 	 	 
	 	Name:	Chris Dukelow	 
	 	 	 	 
	 	Title:	CFO	 
	 	 	 	 
	 	Address:	2025 First Avenue, Suite 320	 
	 	 	Seattle, WA 98121	 

 

 

 

	
        Accepted and agreed:

         

         

        Lender:
	 
	 	 
	 	 
	(Signature of Lender)	 
	 	 
	Name:	 
	 	 
	Address:   	 

 

 

 

 

    	4Exhibit 10.2

 

RETENTION
BONUS AGREEMENT

THIS AGREEMENT, made and entered into
as of December 23, 2011, by and among Lenco Mobile Inc., a Delaware corporation (“Lenco”), iLoop Mobile, Inc., a Delaware
corporation (the “Company”), and Srinivas Kandikattu, an individual (“Recipient”).

W
I T N E S S E T H:

WHEREAS, pursuant to that certain Amended
and Restated Agreement and Plan of Merger dated as of December 23, 2011, as it may be amended from time to time (the “Merger
Agreement”), among Lenco, QLP Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Lenco (“Merger
Sub”), the Company and Shareholder Representative Services LLC as stockholder representative, Merger Sub will merge with
and into the Company in a transaction (the “Transaction”);

WHEREAS, this Retention Bonus Agreement
(this “Agreement”) is being executed and delivered pursuant to the Merger Agreement and will become effective as of
and contingent upon the Closing (as defined in the Merger Agreement) of the Transaction; and

WHEREAS, following consummation of the
Transaction, the Company intends to continue the employment of Recipient.

NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth, the parties agree as follows:

1.                 
Employment. Effective as of the date hereof, Recipient will continue to be employed by the Company.

2.                 
Expense Reimbursement. Recipient will be entitled to a payment of $15,090.75 on or before December 31, 2011, which
represents reimbursement of approved expenses incurred by Recipient in the ordinary course of business before the Closing of the
Transaction. Lenco and the Company acknowledge and agree that payment of such amount is not contingent upon Recipient’s continued
Service to Lenco or the Company and further acknowledge and agree that such amount shall not be treated or reported as income to
Recipient.

3.                 
Retention Bonus. Recipient will be entitled to the payments described below, which amounts will be payable in the
manner and subject to the conditions described below:

3.1 
Amount of Retention Bonus. A cash bonus of up to $287,505.01 (the “Retention Bonus”) will be payable
to Recipient subject to, and conditioned upon, the provisions of Section 3.2 below.

3.2 
Payment Terms. Payment of the Retention Bonus will be made as follows; provided, in each case and except as
set forth below, that Recipient is providing Services on each such date:

		3.2.1	Company shall pay Recipient $71,340.76 on or before December 31, 2011.

 

    	 

    	 

    

 

	 	3.2.2	Upon the earlier of (a) a Lenco financing of at least ten million dollars ($10,000,000) or (c) July 1, 2012, Company shall pay Recipient $81,255.00.
	 	 	 
	 	3.2.3	On January 1, 2013, Company shall pay Recipient $75,000.00.
	 	 	 
	 	3.2.4	Upon completion of one (1) year of Service following the Closing of the Transaction, Company shall pay Recipient $75,000.00.
	 	 	 
	 	3.2.5	Notwithstanding the foregoing, the payments under Sections 3.2.1, 3.2.2 and 3.2.3 above shall become due and immediately payable in the event Recipient is subject to an Involuntary Termination. For avoidance of doubt, no payment shall be due pursuant to Section 3.2.4 if Recipient’s employment terminates prior to the one (1) year anniversary of the Closing of the Transaction for any reason.
	 	 	 
	 	3.2.6	Upon termination for Cause, all obligations of Company to pay the Retention Bonus amounts under Sections 3.2.3 and 3.2.4 shall terminate in their entirety. 

3.3 
Failure to Make Timely Payment. If Company fails to make timely payment of any amount due under Section 3.2, simple
interest shall accrue on such unpaid amount at 6% per annum beginning on the payment due date of such amount and ending when paid
in full. Interest shall be paid to the Recipient quarterly. The accrual and payment of such interest shall be the sole and exclusive
remedy of the Recipient for failure of the Company to make any of the payments described in Section 3.2.

3.4 
Equity in Lieu of Cash.

		3.4.1	At Recipient’s option, exercisable at any time between the date hereof and January 13, 2012, Recipient may subscribe
for a number of shares of Lenco’s Series A Convertible Preferred Stock having a value equal to or less than the aggregate
amount of payables set forth in Sections 3.2.2 and 3.23 above. Upon issuance of such shares, the corresponding amount of payables
set forth in Sections 3.2.2 and 3.2.3 will be cancelled. The issuance of such shares shall be conditioned upon Recipient and Lenco
entering into a mutually acceptable agreement with respect to the purchase of such shares.

		3.4.2	At Recipient’s option, exercisable at any time between the date hereof and January 13, 2012, Recipient may subscribe
for a number of shares of Lenco’s Series A Convertible Preferred Stock having a value equal to or less than the aggregate
amount of payables set forth in Section 3.2.4 above. Upon issuance of such shares, the corresponding amount of payables set forth
in Section 3.2.4 will be cancelled. The issuance of such shares shall be conditioned upon Recipient and Lenco entering into a mutually
acceptable agreement with respect to the purchase of such shares. Such agreement will provide that any shares issued pursuant thereto
will be subject to forfeiture in the event Recipient’s employment terminates prior to the one (1) year anniversary of the
Closing of the Transaction for any reason.

    	2

    	 

    

 

4.                 
Equity. Within thirty (30) days after the Closing of the Transaction, subject to (a) the approval of Lenco’s
Compensation Committee of its Board of Directors (the “Committee”), (b) receipt from Recipient of a completed Representation
Statement in the form attached hereto as Exhibit A and (c) if requested by Lenco, a Purchaser Representative Questionnaire
in a form provided by Lenco, Recipient will be granted a nonstatutory option to purchase 1,400,000 shares of the common stock of
Lenco (the “Option”); provided, however, that Recipient will only be eligible to receive the Option if Recipient is
providing services to Lenco as an employee, consultant or director on the date the Committee grants the Option. The Option will
be subject to the terms and conditions of the Lenco’s 2011 Nonstatutory Stock Option Plan (the “Plan”) and a
separate option agreement (the “Option Agreement”), each substantially in the forms attached hereto as Exhibit B
and Exhibit C, respectively. The exercise price per share of the Option shall be equal to the last-sale price as reported
by the OTC Bulletin Board on the last trading date preceding the date of grant. The Option will be fully vested on the date of
grant. The Option may not be exercised, transferred or sold except in accordance with the terms of the Plan and the Option Agreement
and either (a) in compliance with applicable state and federal securities laws, as determined by Lenco’s Board of Directors,
or (b) after a registration statement registering the shares subject to the Option has been filed with the Securities and Exchange
Commission and declared effective. Within 45 days after the Closing of the Transaction, Lenco shall file a registration statement
on Form S-8 that will register the shares subject to the Option and shall use reasonable efforts to maintain the effectiveness
of such registration statement for so long as the Option remains outstanding.

		5.	Certain Defined Terms.

		5.1	Cause means:

(i) any willful breach or habitual neglect of Recipient's 
duties (other than due to a Disability or death) that he is required to perform under the terms of this Agreement or any employment
agreement with the Company or Lenco;

 

(ii) any willful or intentional act of Recipient that
has the effect of injuring the reputation or business of the Company or Lenco in any material respect;

(iii) any continued or repeated absence of Recipient
from attending to the affairs of the Company, after receiving written notification from the Company of such absence, unless such
absence is (A) approved or excused by the Board of Directors of the Company or Lenco, (B) is the result of Recipient’s illness,
Disability or incapacity;

(iv) conviction of, or plea of nolo contendere
to, any felony; or

(v) personal dishonesty of Recipient involving
money or property of the Company or Lenco that results in material harm to the Company or Lenco.

 

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5.2 
Consultant means a person, excluding Employees and Directors, who performs bona fide services for the Company, Lenco,
or any parent or a subsidiary thereof as a consultant or advisor.

5.3 
Director means a member of the Board of Directors of the Company or Lenco who is not an Employee.

5.4 
Disabled means that Recipient is prevented or unable, after reasonable accommodation by the Company, from properly
performing his substantial and material duties due to a mental or physical injury or illness for a period of 120 consecutive days
(not including any vacation days) in any twelve (12) month period or for a period of 180 total days (not including any vacation
days) in any twelve (12) month period, and “Disability” has the correlative meaning.

5.5 
Employee means any individual who is a common-law employee of Lenco, the Company, or any parent or subsidiary thereof.

5.6 
Good Reason means a resignation by Recipient within 6 months after any of the following events and conditions shall
have occurred without Recipient’s express written consent and which shall not have been cured by Company or Lenco within
thirty (30) days after written notice of such event or condition has been provided by Recipient to the Company or Lenco, as applicable,
such notice to be provided by Recipient within 90 days after the applicable event or condition occurs:

(i) the material breach of this
Agreement by Company or Lenco;

(ii) a material reduction in the
Recipient’s then current salary and/or benefits, unless the salary and/or benefits of all other Recipients of the Company
are proportionately reduced at the same time;

(iii) any other action by the Company
that results in material diminution of Recipient’s status, position, authority, duties or responsibilities; and

(iv) the required relocation of
the Recipient’s principal place of business by the Company more than thirty (30) miles from its location as of the date of
this Agreement unless the Recipient has agreed to such relocation in writing.

5.7 
Involuntary Termination means Recipient’s Separation as a result of either (a) the Recipient’s Termination
Without Cause or (b) the Recipient’s resignation for Good Reason.

5.8 
Separation means a “separation from service,” as defined in the regulations under Section 409A of the
Internal Revenue Code of 1986, as amended.

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5.9   
Services means services as an Employee, Consultant or Director.

5.10  Termination Without Cause means a termination of all Recipient’s Services without Cause, provided Recipient
is willing and able to continue performing services within the meaning of Treasury Regulation 1.409A-1(n)(1).

6.                  
Release. In consideration of and in return for the promises and covenants undertaken herein by Lenco, and for other
good and valuable consideration, receipt of which is hereby acknowledged, Recipient does hereby acknowledge full and complete satisfaction
of and does hereby release, absolve and discharge the Company and Lenco and each of the Company and Lenco’s parents, subsidiaries,
related companies and business concerns, past and present, and each of them, as well as each of their and each of the Company and
Lenco's partners, trustees, directors, officers, agents, attorneys, servants and employees, past and present, and each of them
(hereinafter collectively referred to as "Releasees") from any and all claims, demands, liens, agreements, contracts,
covenants, actions, suits, causes of action, grievances, wages, vacation payments, severance payments, obligations, commissions,
overtime payments, debts, profit sharing claims, expenses, damages, judgments, orders and liabilities of whatever kind or nature
in state or federal law, equity or otherwise, whether known or unknown to Recipient (collectively, the "Claims") which
the Recipient now owns or holds or has at any time owned or held as against Releasees, or any of them, including specifically but
not exclusively and without limiting the generality of the foregoing, any and all Claims, known or unknown, suspected or unsuspected
by the Recipient, other than Claims Recipient may have under this Agreement. This includes, but is in no way limited to any claim
under Title VII of the Civil Rights Act of 1964; Age Discrimination in Employment Act of 1967, as amended (“ADEA”);
Employee Retirement Income Security Act of 1974 (“ERISA”); Americans with Disabilities Act; California Fair Employment
and Housing Act, Gov. Code §§12940 et seq.; California Labor Code; or any other federal, state, or local law, regulation,
or ordinance, or public policy, or contract, tort or retaliation claim, including claims for retaliation based on the filing of
a worker's compensation claim, or any claim arising under common law, or any other action, whether cognizable in law or in equity,
based upon any conduct up to and including the date of this Agreement. Also without limiting the generality of the foregoing, Recipient
specifically releases the Releasees from any claim for attorneys' fees, expenses and costs. EMPLOYEE ALSO SPECIFICALLY AGREES AND
ACKNOWLEDGES THAT EMPLOYEE IS WAIVING ANY RIGHT TO RECOVERY BASED ON STATE OR FEDERAL AGE, RACE, COLOR, NATIONAL ORIGIN, PREGNANCY,
SEX, MARITAL STATUS, RELIGION, VETERAN STATUS, DISABILITY, SEXUAL ORIENTATION, MEDICAL CONDITION OR OTHER ANTI-DISCRIMINATION LAWS,
INCLUDING, WITHOUT LIMITATION, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE AMERICANS
WITH DISABILITIES ACT AND THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, OR BASED ON THE FAMILY AND MEDICAL LEAVE ACT, THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT, THE WORKER ADJUSTMENT AND RETRAINING ACT, THE FAIR LABOR STANDARDS ACT AND THE CALIFORNIA LABOR
CODE, ALL AS AMENDED, WHETHER SUCH CLAIM BE BASED UPON AN ACTION FILED BY EMPLOYEE OR BY A GOVERNMENTAL AGENCY. This release does
not include claims that cannot be released as a matter of law, and notwithstanding any provision herein to the contrary, does not
apply to claims Recipient may have with respect to his or her rights pursuant to this Agreement. 

 

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7.                 
Recipient understands and agrees that this release extends to all claims of every nature, known or unknown, suspected or
unsuspected, past or present, and that any and all rights granted to Recipient under Section 1542 of the California Civil Code
or any analogous federal law or regulation are hereby expressly waived. Said Section 1542 of the California Civil Code reads as
follows:

A general release does not extend to claims which the creditor
does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have
materially affected his or her settlement with the debtor.

8.                 
Recipient understands and agrees that, by signing this Agreement, Recipient is waiving any and all rights or claims that
Recipient may have against the Releasees (including, but not limited to, any rights or claims arising under the ADEA) which have
arisen on or before the date of execution of this Agreement. Recipient further understands and agrees that:

(i) In return for entering into
this Agreement, Recipient will receive consideration beyond that to which Recipient was already entitled to receive before entering
into this Agreement;

(ii) Recipient is hereby advised
in writing to consult with an attorney before signing this Agreement, and Recipient acknowledges that whether or not Recipient
has chosen to do so is Recipient's voluntary and fully informed decision;

(iii) Recipient is hereby informed
that Recipient has twenty-one (21) days to consider this Agreement;

(iv) Recipient is hereby informed
that Recipient has seven (7) days following the date of signing of this Agreement in which to revoke this Agreement. Recipient
can revoke the Agreement by sending notice of my revocation to the attention of Tom Banks, Chief Financial Officer, for Lenco Mobile
Inc. at 345 Chapala Street, Santa Barbara, CA 93101. If Recipient does not send such written notice of revocation via U. S. Mail
postmarked within 7 days, this Agreement shall become effective and irrevocable at 12:01 a.m. on the eighth (8th) day
after Recipient signs it ("Effective Date");

(v) If Recipient does not consider
this Agreement for the full 21-day period, but instead signs and returns it earlier, Recipient has done so voluntarily with the
full understanding that Recipient waived Recipient's right to the full 21-day period.

 

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9.                 
This Agreement is intended to comply with the requirements of section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”). In the event this Agreement or any benefit paid to Recipient hereunder is deemed to be subject to section
409A of the of the Code (“Code Section 409A”), Recipient consents to the Company adopting such conforming amendments
as the Company deems necessary, in good faith and in its reasonable discretion, to comply with Code Section 409A and avoid the
imposition of taxes under Code Section 409A. Each payment made pursuant to any provision of this Agreement shall be considered
a separate payment and not one of a series of payments for purposes of Code Section 409A. While it is intended that all payments
and benefits provided under this Agreement to Recipient will be exempt from or comply with Code Section 409A, the Company makes
no representation or covenant to ensure that the payments under this Agreement are exempt from or compliant with Code Section 409A.
The Company will have no liability to Recipient or any other party if a payment or benefit under this Agreement is challenged by
any taxing authority or is ultimately determined not to be exempt or compliant. The Recipient further understands and agrees that
the Recipient will be entirely responsible for any and all taxes on any benefits payable to the Recipient as a result of this Agreement.
In addition, if upon Recipient’s “separation from service” within the meaning of Code Section 409A, he is then
a “specified employee” (as defined in Code Section 409A), then solely to the extent necessary to comply with Code Section
409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified deferred
compensation” subject to Code Section 409A payable as a result of and within six (6) months following such “separation
from service” under this Agreement until the earlier of (i) the first business day of the seventh month following the Recipient’s
“separation from service,” or (ii) ten (10) days after the Company receives written notification of the Recipient’s
death. Any such delayed payments shall be made without interest.

10.             
Taxes. Payments made pursuant to this Agreement will be subject to normal withholding or other payroll taxes.

11.             
Successor, Assignment. This Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective heirs, successors and assigns. This Agreement is personal between the parties and except as expressly contemplated herein,
neither may assign rights nor attempt to delegate duties hereunder without the prior written consent of the other.

12.             
Effect of Waiver. The waiver by either party of a breach of any provision of this Agreement will not operate, or
be construed, as a waiver of any subsequent breach thereof, whether or not of a like kind or nature.

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13.             
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall
be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by cable, telecopy, facsimile, telegram
or telex or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following
addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 13):

	
        If to Lenco:

        

        Lenco Mobile Inc.

        345 Chapala Street

        Santa Barbara, California 93101

        Email: thomas.banks@lencomobile.com

        Attention: Chief Financial Officer

         
	 
	
        If to Company:

        

        iLoop Mobile, Inc.

        25 Metro Drive, Suite 210

        San Jose, Ca 95110

        Facsimile No.: (408) 824-1398

        Attention: Chief Executive Officer

         
	 
	
        If to Recipient:

         

        _____________________

        _____________________

        _____________________

         
	 

14.             
Severability. Should any particular term or provision of this Agreement be held to be unenforceable or in conflict
with any applicable law, the validity of the remaining portions or provisions hereof will not be affected thereby but will be enforced
according to their terms.

15.             
Governing law. This Agreement will be construed in accordance with the law of the State of Delaware, without regard
to the conflicts provisions thereof.

16.             
Employment Rights. Nothing herein contained shall obligate the Company or any subsidiary
of the Company to continue Recipient’s employment for any particular period or on any particular basis of compensation.

[signature page
follows]

 

    	8

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed in duplicate and their signatures affixed hereto as of the day and year first above written.

 

	 	Lenco Mobile Inc.	 
	 	 	 	 
	 	By: 	 	 
	 	Name:	 	 
	 	Title: 	 	 

 

 

	 	iLoop Mobile, Inc.	 
	 	 	 	 
	 	By: 	 	 
	 	Name:	Matthew Harris	 
	 	Title: 	Chief Executive Officer 	 

 

 

	 	Recipient	 
	 	 	 	 
	 	By: 	 	 
	 	Name:	Srinivas Kandikattu	 
	 	: 	 	 

 

 

 

    	9

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