Document:

EXHIBIT 4.3

 

ThIS
NOTE haS not been registered under the Securities Act of 1933. IT may not be sold, offered for sale, pledged, hypothecated, or
otherwise transferred except pursuant to an effective registration statement under the Securities Act of 1933 or an opinion of
counsel satisfactory to the Company that registration is not required under such Act.

 

LENCO MOBILE, INC.

SENIOR SECURED PROMISSORY NOTE

	$[______________]	
        July __, 2012

        Seattle, Washington

 

FOR VALUE RECEIVED, Lenco
Mobile Inc., a Delaware corporation (the "Company"), hereby promises to pay to the order of _________________
(the "Lender"), the principal sum of [_____________________] Dollars ($______), or such lesser amount
as shall then equal the outstanding principal amount hereunder, together with interest accrued on the unpaid principal amount at
the rate of 12% per annum, compounded quarterly subject to any limitations set forth in Section 2 below. Interest shall begin to
accrue on the date of this Note and shall continue to accrue on the outstanding principal amount until the entire Balance (as defined
below) is paid and shall be computed based on the actual number of days elapsed and on a year of 365 days. This Note is issued
pursuant to the terms of that certain Note Purchase and Security Agreement dated as of July __, 2012 among the Company and
each of the other parties thereto as Lenders (as amended from time to time, the "Purchase Agreement"),
and is one of the "Notes" (as defined in the Purchase Agreement). Capitalized terms not elsewhere defined herein shall
have the meanings set forth in the Purchase Agreement.

 

1.             
Payments.

 

1.1             
All Notes outstanding
under the Purchase Agreement shall rank equally without preference or priority of any kind with respect to one another, and all
payments and recoveries under the Purchase Agreement payable on account of principal and interest with respect to any of the Notes
shall be applied ratably in proportion to the Applicable Percentages. Subject to Section 1.3 of the Purchase Agreement, all payments
will be applied first to the repayment of accrued fees and expenses under this Note, then to accrued interest until
all then outstanding accrued interest has been paid in full, and then to the repayment of principal until all principal
has been paid in full.

 

1.2             
The Balance shall
be due and payable on July __, 2014. “Balance” means, at the applicable time, the sum of all then
outstanding principal of this Note, all then accrued but unpaid interest and all other amounts then accrued but unpaid under this
Note.

 

1.3             
Subject to Section
1.1 above and Section 1.3 of the Purchase Agreement, the Company may prepay this Note in whole or in part from time to time without
premium or penalty. Each partial prepayment shall be applied first to any unpaid accrued interest, second to payment
of all, if any, other amounts except principal due under or in respect of this Note, and third to repayment of the unpaid
principal amount of this Note.

 

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2.             
Interest.
All unpaid accrued interest shall be compounded on a quarterly basis such that such unpaid accrued interest shall be added to principal
at the end of each calendar quarter following the issuance date set forth above; provided, however, that the Company
will pay interest quarterly in arrears for any such calendar quarter if the Company receives a written request to such effect from
Lender that is received by the Company not less than five (5) business days prior to the end of such applicable calendar quarter.

 

3.             
Security/Seniority.
This Note is secured by the collateral described in, and pursuant to, the Purchase Agreement. Subject to Section 1.1 above and
any limitation set forth in the Purchase Agreement, all payments and amounts recovered in connection with any sale, lease or other
dispositions of Collateral under the Purchase Agreement, net of any enforcement costs, will be applied first to the repayment
of accrued fees and expenses under this Note, then to accrued interest until all then outstanding accrued interest has
been paid in full, and then to the repayment of principal until all principal has been paid in full. If after all applications
of such payments or amounts recovered have been made as provided in this paragraph, then the remaining amount of such payment
or amounts recovered in connection with sale, lease or other disposition of Collateral under the Purchase Agreement that are in
either case in excess of the aggregate balance of all outstanding Notes, shall be returned to the Company in accordance with the
provisions of the Uniform Commercial Code.

 

4.             
Event of Default.
In case of an Event of Default, Lender shall have the rights set forth in the Purchase Agreement.

 

5.             
Warrant Coverage.
Subject to the terms and conditions of the Purchase Agreement, upon issuance of this Note, the Company shall also issue the Lender
a Warrant.

 

6.             
Representations
and Warranties of Holder. In order to induce the Company to enter into the Purchase Agreement and issue this Note and the
Warrant to the original Holder, the original Holder has made representations and warranties to the Company as set forth in the
Purchase Agreement.

 

7.             
General.

 

7.1             
The Company shall
pay all costs of collection, including reasonable attorneys' fees. No delay or failure on the part of Lender in exercising any
of its rights hereunder shall be deemed a waiver of such rights or any other right of Lender, nor shall any delay, omission or
waiver on any one occasion be deemed a bar to or waiver of such rights or any other right on any future occasion.

 

7.2             
The Company waives
presentment, demand, protest, notice of intention to accelerate, notice of acceleration, notice of nonpayment and all other notices
of every kind, and agrees that its liability under this Note shall not be affected by any renewal, postponement or extension in
the time of payment hereof or by any indulgence granted by any holder hereof with respect hereto, and the Company hereby consents
to any and all renewals, extensions, indulgences or changes, regardless of the number of such renewals, extensions, indulgences
or changes.

 

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7.3             
Lender may not transfer,
assign, pledge, encumber or otherwise convey an interest to part or all of this Note without the Company's consent, which consent
will not be unreasonably withheld; provided, however, that this Note may be assigned, conveyed or transferred without the prior
written consent of the Company if such assignment, conveyance or transfer is made (i) to an affiliate of Lender, (ii) for no consideration
by Lender (if Lender is a partnership or a corporation) to (A) a partner of such partnership or stockholder of such corporation,
(B) an affiliate of such partnership or corporation, (C) a retired partner of such partnership who retires after the date hereof,
(D) the estate of any deceased partner of such partnership or deceased stockholder of such corporation; or (iii) by gift, will
or intestate succession by Lender to his or her spouse or lineal descendants or ancestors or any trust for any of the foregoing;
provided, further, that in each of the foregoing cases the transferee (x) executes and delivers an acknowledgement that such transferee
agrees to be subject to, and bound by, all the terms and conditions of this Note and (y) makes the representations and warranties
to the Company that are set forth in the Purchase Agreement. Subject to the foregoing, the rights and obligations of the Company
and the Lender under this Note shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators
and transferees.

 

7.4             
This Note and all
other Notes issued under the Purchase Agreement may be amended, and any provisions under this Note and all other Notes issued under
the Purchase Agreement, may be waived by the holders of Notes and the Company as provided in Section 7.7 of the Purchase Agreement.

 

7.5.             
This Note shall
be governed by and construed in accordance with the laws of the State of Washington, without regard to the conflict of laws provisions
thereof.

 

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

  

	 	LENCO MOBILE INC.
	 	 
	 	By: 	/s/ Matthew R. Harris
	 	 	Matthew R. Harris,
Chief Executive Officer

 

 

 

 

3EXHIBIT 4.4

  

THIS WARRANT AND THE SHARES ISSUABLE
HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS
OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL
COUNSEL TO TRANSFEROR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE
OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 

WARRANT TO PURCHASE COMMON STOCK

(No. W-__)

 

	Company:	Lenco Mobile Inc., a Delaware corporation
	Number of Shares:	_____________________, subject to adjustment as set forth in Article 2.4 below
	Class of Stock:	Common Stock, $0.001 par value
	Warrant Price:	$0.10 per share, subject to adjustment as set forth in Article 2.4 below
	Issue Date:	July __, 2012
	Expiration Date:	July __, 2017
	Credit Facility:	This Warrant is issued in connection with the Note Purchase and Security Agreement dated as of July 30, 2012, by and among Lenco Mobile Inc. and the Lenders listed on the Schedule of Lenders thereto (the "Purchase Agreement").  Capitalized terms not elsewhere defined herein shall have the meanings set forth in the Purchase Agreement.

 

THIS WARRANT CERTIFIES
THAT, for good and valuable consideration, _____________________________________ (together with any successor or permitted assignee
or transferee of this Warrant or any holder of the shares issuable or issued upon exercise of this Warrant, "Holder")
is entitled to purchase the number of fully paid and nonassessable shares of the class of securities (the "Shares") of
the Company at the Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the
provisions and upon the terms and conditions set forth in this Warrant.

 

ARTICLE 1. EXERCISE.

 

1.1             
Method of Exercise.
Holder may exercise or convert this Warrant by delivering a duly executed Notice of Exercise in substantially the form attached
as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2,
Holder shall also deliver to the Company a check, wire transfer (to an account designated by the Company), or other form of payment
acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

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1.2             
Conversion Right.
In lieu of exercising this Warrant as specified in Article 1.1, Holder may from time to time convert this Warrant, in whole or
in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities
otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value
of one Share. The fair market value of a Share shall be determined pursuant to Article 1.3.

 

1.3             
Fair Market
Value. If the Shares are traded on a national stock exchange or another nationally recognized trading system, the fair market
value of each Share shall be the closing sale price of a Share reported on the trading day immediately preceding the date on which
Holder delivers its Notice of Exercise to the Company. If the Shares are not traded on a national stock or another nationally
recognized trading system, the Board of Directors of the Company shall determine fair market value in its reasonable good faith
judgment.

 

1.4             
Delivery of
Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives
payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this
Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired.

 

1.5             
Replacement
of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in
form and amount to the Company or, in the case of mutilation on surrender and cancellation of this Warrant, the Company shall
execute and deliver, in lieu of this Warrant, a new warrant of like tenor.

 

1.6             
Treatment of
Warrant Upon Acquisition of Company.

 

1.6.1             
"Acquisition".
For the purpose of this Warrant, "Acquisition" means any “Change of Control Transaction” as set forth in
the Company’s Certificate of Incorporation, as amended from time to time.

 

 1.6.2             
 Treatment of Warrant at Acquisition.

 

(A)             
In the event of an Acquisition (x)
that is not a sale of all or substantially all of the Company’s assets (an “Asset Sale”) and (y) in which the
sole consideration is cash, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise
will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the
Warrant, this Warrant will expire upon the consummation of such Acquisition. In addition to any other notices set forth herein
or required by law, the Company shall provide Holder with written notice of the proposed Acquisition (an “Acquisition Notice”)
(together with such reasonable information as Holder may request in connection with such contemplated Acquisition giving rise to
such notice), which is to be delivered to Holder not less than the earlier of: (i) five (5) business days after signing a definitive
agreement regarding the proposed Acquisition transaction; or (ii) ten (10) business days prior to the anticipated closing of the
proposed Acquisition.

 

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(B)             
In the event of an Acquisition that
is an “arms length” Asset Sale (and only its assets) to a third party that is not an Affiliate (as defined below) of
the Company (a “True Asset Sale”), either (a) Holder shall exercise its conversion or purchase right under this Warrant
and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not
to exercise the Warrant, this Warrant will continue until the Expiration Date if the Company continues as a going concern following
the closing of any such True Asset Sale. In addition to any other notices set forth herein or required by law, the Company shall
provide Holder with an Acquisition Notice relating to the foregoing (together with such reasonable information as Holder may request
in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than
the earlier of: (i) five (5) business days after signing a definitive agreement regarding the proposed Acquisition transaction;
or (ii) ten (10) business days prior to the anticipated closing of the proposed Acquisition..

 

(C)             
Upon the closing of any Acquisition
other than those particularly described in subsections (A) and (B) above, the successor entity shall assume the obligations of
this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares
issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the
Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly to reflect the consideration
to be paid to holders of the Company’s common stock in the Acquisition, and the successor entity shall be required to issue
promptly upon the consummation of such Acquisition a replacement Warrant containing substantially the same provisions as this Warrant,
but containing all appropriate changes due to such Acquisition.

As used herein “Affiliate”
shall mean any person or entity that owns or controls directly or indirectly ten (10) percent or more of the voting power of Company,
any person or entity that controls or is controlled by or is under common control with such persons or entities, and each of such
person’s or entity’s officers, directors, or partners, as applicable.

 

1.7             
Charges, Taxes
and Expenses. Issuance of certificates for Shares upon the exercise or conversion of this Warrant shall be made without charge
to Holder for any Federal, state, local or other documentary stamp tax or other incidental expense with respect to the issuance
of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the
name of Holder. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involving
the issue and delivery of Shares in any name other than that of Holder or any affiliate of Holder.

 

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1.8             
Authorized Shares.
The Company covenants that during the period that this Warrant remains outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Shares upon the exercise or conversion of this Warrant.
The Company further covenants that the issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for the Shares upon the exercise
or conversion of this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Shares
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the trading
market upon which the Common Stock may be listed, quoted or traded.

 

ARTICLE 2. ADJUSTMENTS TO THE SHARES.

 

2.1             
Stock Dividends,
Splits, Etc. If the Company declares or pays a dividend on the Shares payable in common stock or other securities, then upon
exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of
securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend occurred.
If the Company subdivides the Shares by reclassification or otherwise into a greater number of shares or takes any other action
which increase the amount of stock into which the Shares are convertible, the number of shares purchasable hereunder shall be
proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased
and the number of Shares shall be proportionately decreased.

 

2.2             
Reclassification,
Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution, or other event not covered by Article
1.6 or Article 2.1 that results in a change of the number and/or class of the securities issuable upon exercise or conversion
of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities
and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification,
exchange, substitution, or other event. The Company or its successor shall promptly issue to Holder an amendment to this Warrant
setting forth the number and kind of such new securities or other property issuable upon exercise or conversion of this Warrant
as a result of such reclassification, exchange, substitution or other event that results in a change of the number and/or class
of securities issuable upon exercise or conversion of this Warrant. The amendment to this Warrant shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without
limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant.
The provisions of this Article 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events.

 

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2.3             
Adjustment for
Dilutive Issuance. The Warrant Price and the number of Shares issuable upon exercise of this Warrant shall be subject to adjustment,
if at all, from time to time in the manner set forth in Company’s Certificate of Incorporation as if the Shares were issued
and outstanding on and as of the date of any such required adjustment. Any provisions set forth for the Shares in Company’s
Certificate of Incorporation relating to the above in effect as of the date hereof may not be amended, modified or waived, without
the prior written consent of Holder unless such amendment, modification or waiver affects the rights associated with the Shares
in the same manner as such amendment, modification or waiver affects the rights associated with all other shares of the same series
and class as the Shares.

 

2.4             
Adjustment for Issuance of New Securities
and Indebtedness. The Warrant Price and the number of Shares issuable upon exercise of this Warrant shall be subject to further
adjustment as follows: In the event that the Company issues New Securities or incurs any Indebtedness, other than Permitted Indebtedness,
prior to the earlier to occur of (A) the termination of Holder’s Note or (B) the effective termination date of the obligations
set forth in Section 3 of the Purchase Agreement, (a) the number of Shares issuable upon exercise of this Warrant shall be automatically
adjusted to be equal to (x) the Number of Shares set forth in the preamble above (y) multiplied by two (2) and (b) the Warrant
Price shall be automatically adjusted to be equal to (x) the Warrant Price set forth in the preamble above (y) divided by two
(2). Such adjustments shall only occur once prior to the Expiration Date and shall only apply to the first issuance of New Securities
or the first incurrence of Indebtedness, other than Permitted Indebtedness, as the case may be, following the effective date of
this Warrant.

 

2.5             
No Impairment. Except to the
extent waived or consented to by Holder, the Company shall not, by amendment of its Certificate of Incorporation or through a
reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the
Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all
such action as may be necessary or appropriate to protect Holder's rights under this Article against impairment.

 

2.6             
Fractional Shares. No fractional
Shares shall be issuable upon exercise or conversion of this Warrant and the number of Shares to be issued shall be rounded down
to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company
shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by
the fair market value of a full Share.

 

2.7             
Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, the Company shall promptly notify Holder in writing, and, at
the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer,
Controller or Principal Accounting Officer setting forth such adjustment and the facts upon which such adjustment is based. The
Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price and number of Shares in effect
upon the date thereof and the series of adjustments leading to such Warrant Price.

 

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2.8             
Calculations. All calculations
under Article 1.6 and this Article 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.

 

ARTICLE 3. REPRESENTATIONS AND COVENANTS
OF THE COMPANY.

 

3.1             
Representations and Warranties.
The Company represents and warrants to Holder that all Shares which are issuable upon the exercise or conversion of this Warrant
pursuant to the terms hereof, shall, upon issuance, be duly authorized, validly issued, and upon payment of the aggregate Warrant
Price (but only if exercised pursuant to Article 1.1 hereof), fully paid and nonassessable, and free of any liens and encumbrances
except for restrictions on transfer provided for herein or under applicable federal and state securities laws.

 

3.2             
Notice of Certain Events.
If the Company proposes at any time (a) to declare any dividend or distribution upon any of its common stock, whether in cash,
property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for sale any shares of the Company’s
capital stock (or other securities convertible into such capital stock) requiring stockholder approval other than pursuant to the
Company's stock option or other compensatory plans; (c) to effect any reclassification or recapitalization of any of its capital
stock; or (d) to merge or consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially
all of its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder:
(1) at least 10 business days prior written notice of the date on which a record will be taken for such dividend, distribution,
or subscription rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining
rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and (2) in the case of the matters referred
to in (c) and (d) above at least 10 business days prior written notice of the date when the same will take place (and specifying
the date on which the holders of common stock will be entitled to exchange their common stock for securities or other property
deliverable upon the occurrence of such event); provided that, the failure to give any such notice or any defect therein shall
not affect the validity of the proceedings, actions or events described in subsections (a)-(d) above. The Company will also provide
information requested by Holder reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.

 

ARTICLE 4. REPRESENTATIONS, WARRANTIES
OF HOLDER. Holder represents and warrants to the Company as follows:

 

4.1             
Purchase for Own Account. This
Warrant and the securities to be acquired upon exercise of this Warrant by Holder will be acquired for investment for Holder’s
account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder
also represents that Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

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4.2             
Disclosure of Information. Holder
has received or has had full access to all the information it considers necessary or appropriate to make an informed investment
decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity
to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its
underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire
it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3             
Investment Experience. Holder
understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as
an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such
Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or
business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying
securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors
or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial
circumstances of such persons.

 

4.4             
Accredited
Investor Status. Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Act.

 

4.5             
The Act. Holder
understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance
upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder’s
investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise or conversion
hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities
laws, or unless exemption from such registration and qualification are otherwise available.

 

ARTICLE 5. MISCELLANEOUS.

 

5.1             
Term. This
Warrant is exercisable in whole or in part at any time and from time to time on or before the Expiration Date. 

 

5.2             
Legends.This Warrant
and the Shares shall be imprinted with a legend in substantially the following form:

 

THIS WARRANT AND THE SHARES ISSUABLE
HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS
OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 OF THE WARRANT, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL
COUNSEL TO THE TRANSFEROR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE
OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 

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5.3             
Compliance with Securities Laws
on Transfer. This Warrant and the Shares issued upon exercise of 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,
as reasonably requested by the Company).

 

5.4             
Transfer Procedure.
Subject to the provisions of Article 4.5 and Article 5, Holder may transfer all or part of this Warrant or any Shares issued upon
exercise of this Warrant to any transferee, provided, however, that prior to any such transfer, Holder (i) delivers to the Company
written notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the
proposed transferee, (ii) complies with the provisions of Article 4.5 and Article 5.3 hereof, including by delivery to the Company
of such legal opinions and representation letters of the transferor and transferee as the Company may reasonably require if and
as consistent with Article 5.3, and (iii) if transferring this Warrant, surrenders this Warrant to the Company for reissuance
to the transferee(s) (and Holder, if applicable).

 

5.5             
No Stockholder Rights. Nothing contained in this Warrant shall be construed as conferring upon Holder hereof the
right to vote, to consent, or to receive notice as a stockholder of the Company or any other matters or any rights whatsoever as
a stockholder of the Company, except as expressly provided in this Warrant. No dividends or interest shall be payable or accrued
in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent
that, this Warrant shall have been exercised.

 

5.6             
Notices. All notices and other communications from the Company to Holder, or vice versa, shall be deemed delivered
and effective when given personally or mailed by Federal Express, UPS or similar courier service, first-class registered or certified
mail, postage prepaid, at such address as may have been furnished to the Company or Holder, as the case may (or on the first business
day after transmission by facsimile) be, in writing by the Company or such Holder from time to time. Effective upon receipt of
the fully executed Warrant and the initial transfer described in Article 5.4 above, all notices to Holder shall be as set forth
in Schedule of Lenders attached to the Purchase Agreement until the Company receives notice of a change of address in connection
with a transfer or otherwise:

 

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Notice to the Company shall be addressed
as follows until Holder receives notice of a change in address:

 

Lenco Mobile Inc.

2025 First Avenue,
Suite 520

Seattle, Washington
98121

Attention: Chief Financial
Officer

 

5.6             
Waiver. This Warrant
and all other Warrants issued under the Purchase Agreement may be amended, and any provisions under this Warrant and all other
Warrants issued under the Purchase Agreement, may be waived by the holders of the Notes and the Company as provided in Section
7.7 of the Purchase Agreement. Any such amendment or waiver shall be effective against the Holder.

 

5.7             
Attorneys’ Fees. In the
event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute
shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees.

 

5.8             
Automatic Conversion upon Expiration.
In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise
hereof) as determined in accordance with Article 1.3 above is greater than the Warrant Price in effect on such date, then this
Warrant shall automatically be deemed on and as of such date to be converted pursuant to Article 1.2 above as to all Shares (or
such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver
a book entry statement or certificate representing the Shares (or such other securities) issued upon such conversion to Holder.

 

5.9             
Counterparts.
This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. Headings used
in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed part of this Warrant.

 

5.10             
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Washington,
without giving effect to its principles regarding conflicts of law.

 

[Signature Page Follows]

 

    	9

    	 

    
 

“COMPANY”

 

LENCO MOBILE INC.

 

By:__________________________________

 

Print Name:____________________________

 

Title:_________________________________

 

 

 

 

“HOLDER”

(use if an individual)

 

_____________________________________

 

Print Name:____________________________

 

 

 

“HOLDER”

(use if an entity)

 

_____________________________________

(print name of entity)

 

By:__________________________________

 

Print Name:____________________________

 

Title:_________________________________

 

 

    	10

    	 

    
  

APPENDIX 1

 

 

NOTICE OF EXERCISE

 

 

1.             
Holder elects to purchase ___________
shares of the Common Stock of Lenco Mobile Inc. (the “Company”) pursuant to the terms of the attached Warrant, and
tenders payment of the purchase price of the shares in full.

 

[or]

 

1.             
Holder elects to convert the
attached Warrant into Shares in the manner specified in the Warrant. This conversion is exercised for _____________________ of
the Shares covered by the Warrant.

 

[Strike paragraph that
does not apply.]

 

2.             
Please issue a book entry statement
or certificate or certificates representing the shares in the name specified below:

 

___________________________________________

Holder’s
Name

___________________________________________

 

___________________________________________

(Address)

 

3.             
By its execution below and for
the benefit of the Company, Holder hereby restates each of the representations and warranties in Article 4 of the Warrant as of
the date hereof.

 

	 	
        HOLDER:

         

        _____________________________

         

         

        By:__________________________

         

        Name:________________________

         

        Title:_________________________

         

        (Date):________________________

        

 

 

11

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